PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS

a) Provisions are recognized when the entity has a present obligation (legal or constructive) as a result of a
past event, it is probable that the Entity will be required to settle the obligation, and a reliable estimate can
be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation.

b) Contingent Assets and Contingent liabilities are disclosed by way of notes.

14. TAX EXPENSES:

Provisions for income tax liability is made on operational income as per special provisions relating to shipping
companies under the Income Tax Act,1961 on the basis of deemed tonnage income of the company. Provision for
Income tax on non-operational income is made as per the provisions of the Income Tax Act 1961

^{For and on behalf of Board of Di rectors} As per our Report of Even Date

For Rao & Kumar & Co
Chartered Accountants

^-sd- :^sd- , „ Firm Regn. No. 003089S

(Capt.S.Divakar)

(Dr. Madhaiyaan Angamuthu, IAS) Managing Director &

Chairman CEO (A/c)

:sd:

(CA.Guruprasad)

-sd- -sd- Partner

(K.Rajesh) (P.Chandra Kalabhinetri) Membership no. 215652

Chief Financial Officer(CFO) Company Secretary uDiN:

Place : Visakhapatnam
Date : 25-05-2023