CONTINGENT LIABILITIES AND PROVISIONS

Provisions involving a substantial degree of estimation in
measurement are recognised when there is present obligation
as a result of past events and it is probable there will be an
outflow of resources. Provisions are determined based on
management estimates required to settle the obligation at the
balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current management estimate.
Contingent liabilities are not recognised but are disclosed in the
financial statements. Contingent assets are neither recognised
nor disclosed in the financial statements.

^Security Details
HDFC Bank Ltd: Pilot boat

Primarily secured by the hypothecation of some Pilot Boats/Fire Tender Equipment, together with the accompanying Deed of
Covenants.

Escrow of receivables for the boat from resepective ports.

Defaults - NIL

HDFC Bank Ltd: Term Loan

Primarily secured by the hypothecation of Vessel purchase, together with the accoumpanying Deed of Covenants
Escrow of receivables - Propotionate portion to be routed through HDFC BANK.

Personal Guarantee from Directors
Defaults - NIL

ICICI Bank: Term Loan

Primarily secured by exclusive charge on movable fixed asset (Emerald vessel and patrol boat) and receivables of existing
vessel (Celestial Vessel) and movable fixed asset (Emerald vessel and patrol boat).

Collaterally secured by the house belongs to directors
Personal Guarantee from Directors
Defaults - NIL

27 STATEMENT OF EMPLOYEE BENEFIT EXPENSE - GRATUITY

Gratuity - The Present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method.
This method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit
separately to build up the final obligation.

Interest cost: It is the increase in the Plan liability over the accounting period resulting from the operation of the actuarial
assumption of the interest rate.

Current Service Cost: is the discounted present value of the benefits from the Plan's benefit formula attributable to the
services rendered by employees during the accounting period.

Actuarial Gain or Loss: occurs when the experience of the Plan differs from that anticipated from the actuarial assumptions. It
could also occur due to changes made in the actuarial assumptions.

29 Additional Regulatory Information:

(i) There are no Immovable properties whose title deeds are not held in the name of the Company.

(ii) The Company has not revalued its Property, Plant and Equipment during the reporting years.

(iii) Loans and Advances granted to Promoters, Directors, KMP and Related Parties:

There are no Loans and Advances in the nature of loans that are granted to promoters, directors, KMP's and the related
parties either severally or jointly with any other person, that are repayable on demand.

(iv) There are no proceedings initiated or pending against the Parent for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988).

(v) The company has borrowing from the banks on the basis of security of current assets, and the quarterly returns or
statements of current assets filed by the Company with the banks are in agreement with the books of accounts.

(vi) The company is not declared as wilful defaulter by any bank or financial institution or other lender.

(vii) The Company has not entered into any transactions with companies struck off under section 248 of the Companies Act,
2013.

(viii) There are no charges or satisfactions yet to be registered with the Registrar of Companies beyond the statutory period.

(ix) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.

(x) The Company has neither traded nor invested in Crypto currency or Virtual Currency during the financial year.

(xi) No Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013.

(xii) Utilisation of Borrowed funds and share premium:

A. 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 (whether recorded in writing or otherwise) that the Intermediary shall

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

B. 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

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

30 Previous year's figures have been regrouped wherever necessary to conform to the current year's classification.

As per our report of even date attached For and on behalf of the Board of Directors of

ABS MARINE SERVICES LIMITED

For N.C. Rajagopal & CO P B Narayanan Jeevan Krishnan

Chartered Accountants Managing Director Director

FRN:003398S DIN:00205686 DIN:07983977

Arjun S V V Ananthanarayanan Ganesh Saikrisshna

Partner Chief Financial Officer Company Secretary

Membership No: 230448 Membership Number: A72209

Place : Chennai

Date : May 26, 2025