3.1 During the year, the Company identified certain errors in the computation of depreciation on Property, Plant and Equipment relating to earlier periods. The errors resulted in a short provision of depreciation of ?3.75 lakhs in respect of certain assets and an excess provision of depreciation of ?12.67 lakhs in respect of certain other assets. The net impact of the above errors is an excess depreciation provision of ?8.92 lakhs. Consequently, the carrying amount of Property, Plant and Equipment was understated and retained earnings were understated by ?8.92 lakhs, before considering the related tax impact. The Company has corrected the above prior period error retrospectively in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Accordingly, the comparative financial information has been restated, wherever applicable.

3.2 The members in its Extra Ordinary General Meeting held on July 31, 2025 have accorded approval for the sale of 180 cents of land situated at Sy. No. 11/19 Chamancheri Vengalam, Calicut - 673 303 with building thereon in open bid with the condition that the successful bidder has to lease the said building to the company. The outcome of the transaction is known once the bid is completed and the working of the Company and continue as a going concern is based on the said bid.

3.3 Export packing credit limit of Rs. 13 Crores secured by first charge on all the goods to be exported and the whole of the company's stock of marine products and also charge by way of hypothecation on land, building, machineries and equipments, and also personal guarantee of Mr. K C Babu. Repayable on demand . The Ineterest on the facility is 9.95% on annual basis.

3.4 FDBP discounted as on 31.3.2026 amounting to Rs. 481.89/- lakhs (previous year Rs.215.11/-lakhs) - under FUDP/FDBP has been secured against document of title to goods, evidencing export against LC and also by way of hypothecation of land, building, machineries and equipments, and also personal guarantee of Mr. K C Babu. Repayable on demand .This amount has been deducted from trade receivable to arrive at the net realisable amount from trade receivables. The interest rate is 9.95% on this facility.

13.1 Terms/rights attached to Equity shares

The Company has one classe of equity shares having a par value of ? 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend (if any) proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

15.1 Export packing credit limit of Rs. 13 Crores secured by first charge on all the goods to be exported and the whole of the company's stock of marine products and also charge by way of hypothecation on land, building, machineries and equipments, and also personal guarantee of Mr. K C Babu. Repayable on demand . The Ineterest on the facility is 9.95% on annual basis.

15.2 FDBP discounted as on 31.3.2026 amounting to Rs. 481.89/- lakhs (previous year Rs.215.11/-lakhs) - under FUDP/FDBP has been secured against document of title to goods, evidencing export against LC and also by way of hypothecation of land, building, machineries and equipments, and also personal guarantee of Mr. K C Babu. Repayable on demand .This amount has been deducted from trade receivable to arrive at the net realisable amount from trade receivables. The interest rate is 9.95% on this facility.

15.3 Loan from/ Liability to others represent amount payable to Erstwhile Director of the company incurred at the time when he was a Director of the company. As per clause 2(1)( C ) (viii) of Companies (Acceptance of Deposits) Rules, 2014, the said amout is outside the purview of definition of "Deposits" and therefore provisions of Section 74 of Companies Act 2013 is not applicable.

Dues to Micro, Small and medium enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. Trade payables are non interest bearing and are normally settled in 30 to 60 days in the normal course . No interet has been paid or prorvided as per the terms agreed with the parties and interest if any to be provided under the MSMED act is not material.

Defined Benefit Plan -Gratuity

The Company provides for gratuity, a defined benefit gratuity plan covering eligible employees. Obligation with regard to the gratuity plan is determined by an independent actuarial valuation on the reporting date. The liability for the same is not funded against plan assets.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the standalone balance sheet for gratuity benefit:

Other Disclosures:

Description of Asset Liability Matching (ALM) Policy:

As the plan is unfunded, an ALM policy is not applicable.

Description of funding arrangements and funding policy that affect: future contributions The plan is unfunded and the status is unlikely to change over the next fewyears.

Maturity Profile:

The weighted average duration of the obligation is 3.5 years (March 31, 2025: 3.5 years) as at the valuation date 29 Segment Reporting

The company has only one segment. The company's opertion predominently related to processing and exporting of marine products and has disclosed exports as its primary segment. Since the income on account of other activities are only incidental to the main business of seafood export and does not individually contribute to 10% or more of the total revenue receipts as per IND AS - 108, separate segment reporting is not applicable. Local turnover is not significant in total turnover.Segment has been identified in time with IND AS 108 on Segment Reporting. Operation of the company is at present only in India within a single geographical segment.

31 Fair Values

31.1 Classification of financial assets at amortised cost

The Company classifies its financial assets at amortised cost only if both of the following criteria are met:

i) the asset is held within a business model whose objective is to collect the contractual cash flows, and

ii) the contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial assets classified at amortised cost comprise trade receivables, loans and security deposits

31.2 Classification of financial assets at fair value through profit or loss

The Company classifies the following financial assets at fair value through profit or loss (FVTPL):

i) debt investments (preference shares and mutual funds) that do not qualify for measurement at either amortised cost or FVOCI, and

ii) equity investments for which the entity has not elected to recognise fair value gains and losses through OCI.

31.4 The management assessed that fair value of cash and cash equivalents, trade receivables, other financial assets, trade payables and other financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments

31.5 Long-term receivables / advances given are evaluated by the Company based on parameters such as interest rates and individual creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

31.6 The fair value of loans and borrowings is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. The same would be sensitive to a reasonably possible change in the forecast cash flows or the discount rate. There are no unobservable inputs that impact fair value.

32 Financial risk management objectives and policies

The Company’s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk, raw material procurment risk, biological risk. The Company’s senior management has the overall responsibility for establishing and governing the Company’s risk management framework. The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks and mitigating actions are also placed before the Audit Committee of the Company.

32.1 Liquidity Risk

The Company manages liquidity risk by maintaining sufficient cash and cash equivalents including bank deposits and availability of funding through an adequate amount of committed credit facilities to meet the obligations when due. Management monitors rolling forecasts of liquidity position and cash and cash equivalents on the basis of expected cash flows. In addition, liquidity management also involves projecting cash flows considering level of liquid assets necessary to meet obligations by matching the maturity profiles of financial assets & liabilities and monitoring balance sheet liquidity ratios. The Company manages liquidity risk by maintaining adequate cash & credit lines and continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

The contractual maturity analysis presented above has been prepared based on the remaining contractual maturities of financial liabilities as at the reporting date in accordance with the requirements of Ind AS 107.

As at the reporting date, the contractual cash outflows due within one year exceed the expected cash inflows from financial assets. This is primarily due to the classification of working capital borrowings, which are contractually repayable within one year. However, these borrowings represent revolving working capital facilities that have historically been renewed by the lending banks upon expiry, subject to compliance with the terms and conditions of the respective sanction arrangements.

The management expects that these facilities will continue to be available in the ordinary course of business and, accordingly, does not anticipate any material liquidity constraints in meeting its obligations as they fall due. The Company continuously monitors its liquidity position and maintains adequate banking arrangements and other financing sources to ensure the availability of sufficient funds to meet its operational and financial commitments.

32.2 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of following: interest rate risk, foreign currency risk and commodity price risk. Financial instruments affected by market risk include loans, borrowings, trade payables and deposits.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s bank borrowing which are at floating interest rates

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency risks arising from exposures to US Dollars denominated receivables The Company manages this foreign currency risk by using discounting under foreign currency facility sanctioned from the bank.

32.3 Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) .

Trade Receivables

Customer credit risk is managed by the Company’s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date . The Company creates allowance based on lifetime expected credit loss based on a provision matrix after considering adjustment under credit insurance. The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several locations and operate in largely independent markets

32.4 Raw Material Procurment Risk

The Company procures raw materials, comprising marine products such as fish, shrimp and other seafood, from approved suppliers, fishermen, aquaculture farms, landing centres and other authorised procurement agencies based on business requirements and prevailing market conditions.

Raw materials are procured after carrying out quality inspections and acceptance procedures in accordance with the Company's quality standards and applicable statutory and regulatory requirements prescribed by the Export Inspection Council (EIC), Marine Products Export Development Authority (MPEDA), Food Safety and Standards Authority of India (FSSAI), and the import regulations of the respective destination countries, wherever applicable.

The purchase price of raw materials is generally determined based on prevailing market prices, species, size, grade, quality, seasonal availability, and other commercial considerations. Procurement is supported by appropriate purchase documentation and authorised approvals in accordance with the Company's internal control procedures.

Raw materials accepted on procurement are recognised as inventories at cost. Cost comprises the purchase price and other directly attributable costs incurred in bringing the inventories to the processing facility, including transportation, handling, unloading and other incidental procurement expenses, to the extent attributable. Inventory is subsequently measured in accordance with the Company's accounting policy on inventories.

The Company maintains appropriate controls over supplier approval, quality testing, traceability, quantity verification and procurement authorisation to ensure that only acceptable raw materials are processed for export or domestic sale.

Where raw materials do not meet the prescribed quality standards or contractual specifications, such materials are rejected, returned to the supplier, or appropriately valued after considering their estimated net realisable value, in accordance with the applicable accounting framework.

The Company regularly reviews procurement prices, quality parameters and inventory realisable values considering the highly perishable nature of seafood products. Appropriate write-downs are recognised where the net realisable value of inventories is lower than their cost in accordance with Ind AS 2 Inventories

32.5 Biological Risk

The Company recognises that its operations are exposed to biological risks arising from diseases in aquaculture, marine pollution, contamination, harmful algal blooms, climate-related events, and other biological or environmental factors that may adversely affect the availability, quality, safety and marketability of raw materials.

To mitigate these risks, the Company procures raw materials only from approved suppliers, farms, landing centres and procurement agencies that comply with applicable statutory and regulatory requirements. The Company maintains a supplier approval and periodic evaluation process based on quality standards, compliance history and traceability requirements.

The Company implements appropriate quality assurance and food safety systems, including inspection, sampling and laboratory testing of raw materials and finished products, wherever applicable, to ensure compliance with the standards prescribed by the Export Inspection Council (EIC), Marine Products Export Development Authority (MPEDA), Food Safety and Standards Authority of India (FSSAI), importing country regulations, and customer specifications.

The Company maintains traceability systems to identify the origin and movement of raw materials and finished products throughout the procurement, processing and distribution chain, enabling timely corrective actions, including product withdrawal or recall where necessary.

Management continuously monitors developments relating to disease outbreaks, environmental conditions, and regulatory notifications that may affect the procurement or export of seafood products. Appropriate procurement strategies, supplier diversification and operational measures are adopted, wherever practicable, to minimise disruptions to production and fulfilment of customer commitments.

The Company periodically evaluates the recoverability and net realisable value of inventories that may be affected by biological contamination, spoilage or other biological events. Where required, inventories are written down to their net realisable value and appropriate provisions are recognised in accordance with the applicable financial reporting framework.

The effectiveness of the Company's biological risk management framework is reviewed periodically by management, and significant biological events having a material impact on the Company's operations or financial position are disclosed in the financial statements, where required, in accordance with the applicable accounting standards and statutory requirements.

34 During the year, the Company has reclassified an unsecured interest-free loan amounting to ?59.50.00 lakhs from Non-Current Financial Liabilities to Current Financial Liabilities based on the revised assessment of the contractual terms and repayment obligations as at the reporting date. The reclassification has been made to appropriately reflect the expected timing of settlement of the liability in accordance with the requirements of Ind AS 1, Presentation of Financial Statements. This reclassification has no impact on the total liabilities, equity, profit for the year, earnings per share or cash flows of the Company.

35 During the year, the Company identified an error in the initial measurement of a security deposit received amounting to ?50.00 lakhs. In the previous period, the security deposit had not been accounted for at fair value as required under Ind AS 109, Financial Instruments. The Company has reassessed the measurement of the security deposit and corrected the error in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Accordingly, the comparative figures have been restated, wherever applicable, to reflect the impact of the correction. The correction resulted in an adjustment to the carrying amount of the security deposit and the corresponding net impact on retained earnings to extent of ? 0.33 lakhs. The correction has no impact on the Company's cash flows.

37 Audit Trail

As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014, for the financial year commencing April 1, 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used accounting software for maintaining its books of account that has a feature of recording an audit trail (edit log).Further, the Company uses a separate software for recording inventory transactions, in which the audit trail (edit log) feature has yet to be enabled or maintained.

38 Other Statutory Informations

38.1 Details of Benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

38.2 Borrowing secured against current assets

The Company has borrowings from banks and financial institution on the basis of security of current assets. There are certain difference in the quarterly returns or statements of current assets filed by the Company during the year with banks and financial institution.

38.3 Willful defaulter

The Company has not been declared willful defaulter by any bank or financial institution or other lender.

38.4 Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

38.5 Compliance with number of layers of companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies (Restriction on number of Layers) Rules, 2017.

38.6 Compliance with approved scheme of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

38.7 The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

38.8 The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding party) with the understanding (whether recorded in writing or otherwise) that the company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

38.9 Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

38.10 Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

38.11 Valuation of property, plant and equipment, right of use assets, intangible assets and investment property

The Company has not revalued its property, plant and equipment (including right of use assets), intangible assets and investment property during the current or previous year.

38.12 Core Investment Company

The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India. It does not have any CICs, which are part of the Company.

38.13 Title deeds of immovable properties

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), are held in the name of the Company.

38.14 Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

38.15 Utilisation of borrowings availed from banks and financial institution

The borrowings obtained by the Company from banks and financial institution have been applied for the purposes for which such loans were taken.

39 The Company has a system of periodic physical verification of Inventory, Property, Plant and Equipment and capital stores in a phased manner to cover all items over a period. Adjustment differences, if any, is carried out on completion of reconciliation.

40 The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

41 Some balances of trade and other receivables, trade and other payables and loans are subject to confirmation/reconciliation. Adjustments, if any, will be accounted for on confirmation/reconciliation of the same, which will not have a material impact.

42 The Company has assessed the possible effect that may result from US Tariffs and Russia-Ukraine War, which is not significant on the carrying amounts of Property, Plant and Equipment, Inventories, Receivables and Other Current Assets. In the opinion of the management, the carrying amount of these assets will be recovered.

43 Figures in parenthesis as given in these notes to financial statements relate to previous years. Previous year figures have been regrouped wherever required.

44 The financial statements were approved for issue by the Board of Directors on May 30, 2026