(I) Rights, preferences and restrictions attached to equity shares

The Company has issued only one class of shares referred to as equity shares having a par value of R 10. Each holder of equity shares is entitled to one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting except, in the case of interim dividend. The equity shares are not repayable except, in the case of a buy-back, reduction of capital or winding up. In the event of liquidation of the Company, members of the Company holding equity shares are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(II) In last 5 years no classes of shares has been issued or bought back by the Company nor have any bonus issues been made by the Company.

Nature of reserves Capital reserve:

Capital reserve includes profit on forfeiture of shares.

Capital redemption reserve:

Capital redemption reserve is created out of profits on redemption of preference share capital.

Securities premium reserve:

Amount received on issue of shares in excess of the par value has been classified as securities premium.

General reserve:

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

Retained earnings:

The amount that can be distributed by the Company as dividends to its equity shareholders is determined considering the requirements of the Companies Act, 2013.

32 EMPLOYEE BENEFIT PLANS

a) Defined Contribution plans Provident Fund ::

The Company makes contributions to Provident Fund which is defined contribution plan for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The fund is administered by the Trustees. The contributions payable by the Company are at rates specified in the rules of the schemes. The Company has recognised amount in the statement of profit and loss under the head “Employee Benefit Expenses” as mentioned in the following table.

Superannuation Fund :

All eligible employees are entitled to benefits under superannuation, a defined contribution plan. The company makes yearly contribution until retirement or resignation of the employee. The company recognises such contributions an expense. The Company has no further obligation beyond yearly contribution

b) Defined benefit plan

The Company makes annual contributions to the Chowgule Steamships Limited Shore Employees Gratuity Fund (Income tax approved irrevocable trust), which in-turn, has taken group gratuity cum Life assurance scheme of the Life Insurance Corporation of India, which is a funded defined benefit plan for qualifying employees. This scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment as per the Company's gratuity scheme. Vesting occurs upon completion of five years of service.

The Company offers its employees defined benefit plan in the form of a gratuity scheme (a lump sum amount). For gratuity scheme the Company contributes funds to Gratuity Trust, which is irrevocable. Commitments are actuarially determined at year-end. The actuarial valuation is done based on “Projected Unit Credit” method. These plans typically expose the Company to actuarial risk such as: investment risk, interest rate risk, longevity risk and salary risk

Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create plan deficit.

Interest risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially off set by an increase in the plan assets.

Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

Foot notes:

a) The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

b) The estimate of future salary increase considered, takes into account the inflation, seniority, promotion, increments and other relevant factors, such as supply and demand in the employment market.

c) The fair value of the plan assets are based on the LIC Fund balance position as at the Balance Sheet date. The composition and the categories of plan assets are unavailable with the Company.

d) The expected rate of return on plan assets is based on the average long-term rate of return expected on investment of funds during the estimated term of obligation.

34 SEGMENT REPORTING

The Company treats 'Shipping' as single reportable segment. All other activities of the company revolve around its main business. Therefore there are no separate reportable segment. Given the nature of the business there are no geographic segments.

36 FINANCIAL INSTRUMENTS 36.1 Capital Management

The company manages its capital to ensure that the company will be able to continue as a going concern while maximising the return to stakeholder through the optimisation of the debt and equity balance. The capital structure of the company consists of net debt (borrowings and off set by cash and bank balance) and total equity of the company. The Company's Board of directors review the capital structure of the company on an annual basis. As part of the review, the audit committee considers the cost of capital and the risks associated with each class of capital. The gearing ratio at March 31, 2026 is 0 (2025: 0) (see below).

36.3 Financial Risk Management Objectives

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the operations. The Company's principal financial assets include loans, trade and other receivables, and cash and cash equivalents that generates directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks. It is the Company's policy that no trading in derivatives for speculative purposes is undertaken.

36.4 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 three types of risk: foreign currency risk, interest rate risk and other price risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Financial instruments affected by market risk include loans and borrowings, deposits, trade and other receivables and investments.

36.5 Foreign currency risk

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company's exposure to currency risk relates primarily to the Company's operating activities and lendings when transactions are denominated in a different currency from the Company's functional currency. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies. The Company's policy is not to hedge transactions and to buy and sell currency at spot rate where applicable.

Sensitiv'ty analysis

The Group has not disclosed foreign currency sensitivity analysis. Since the exposure is not significant.

36.6 Interest risk

Interest risk is the risk that the fair value or future cash flows of the financial instruments will fluctuate because of the changes in the market rate risk, the Company performs a comprehensive corporate interest rate risk management. The Company is not exposed to significant interest rate risk as at the respective reporting dates.

The Company's exposure to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section.

36.7 Price risk

The Company is affected by the price volatility. The Company's operating activities comprise of employment of ships on time charter contracts. Due to the cyclical nature of shipping industry, the revenue from shipping operations are subjected to price risk. To mitigate the impact of price risk the Company adopts mixture of short, medium and long term employment contract for its fleet.

36.8 Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers taking into account the financial conditions, current economic trends and analysis of historical bad debts and ageing of accounts receivable.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an on-going basis throughout each reporting period. To assess whether there is significant increase in credit risk the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date on initial recognition. Financial assets are written off when there is no reasonable expectation of recovery. When loans or receivables have been written off, the company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in statement of profit and loss. The Companies operations involves employment of the vessels on time charter contracts where receivables are collected periodically in advance and therefore credit risk is minimal.

36.9 Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short-term, medium - term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

36.9.1 Expected maturity for non-derivative financial liability

The following table details the company's remaining contractual maturity for the non-derivative financial liabilities with agreed repayment periods. The table has been drawn up based on the undiscounted cash flow of financial liabilities based on the earliest date on which the company may be required to pay. The table includes both interest and principal cash flows.

Notice of the completion of the liquidation was filed at the Guernsey Registry on the same day & CSOL's status was changed to "Voluntary winding up-Part2".

Provided no objections are received, CSOL shall be automatically dissolved from the register upon the passing of 3 months of this date, being 13th June, 2025. As No Objections were received by the Registry, CSOL dissolved on 16/06/2025 (Refer to note no 4).

41 The Previous year's figures have been re-classified, re-grouped and re-arranged wherever necessary.

42 The Previous year's figures have been rounded off to the nearest Lakhs.

43 The preparation of financial statements is in conformity with IndAS and requires that the management of the company makes estimates and assumptions that affect the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as at the date of financial statements.

44 CONFIRMATION OF CURRENT LIABILITIES AND CURRENT ASSETS

i) The Balances pertaining to the Current Liabilities and Current Assets are subject to confirmation. No independent confirmation of balances of the items under the Current Liabilities and Current Assets have been obtained and consequential impact on the Balance Sheet and Profit and Loss Statement /Account, if any, could not be ascertained.

ii) In the opinion of the Management / Board of Directors, the Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of the business. Hence, no further adjustments are required to be made.

iii) However, if on later confirmation and reconciliation, any major differences are located, the consequential impact, if any, on the Balance Sheet and Profit and Loss Statement /Account, if any, could not be ascertained.

45 TRADE PAYABLES

i) The Company has taken steps to identify suppliers who qualify under the definition of Micro and Small enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006 .

ii) The Company has taken note of the intimation received from certain suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and where the intimation is not received, the suppliers are considered to be suppliers other than the Micro and Small enterprises.

iii) Accordingly, where no intimation has been received from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006, disclosures relating to amounts unpaid as at the year end, if any, have not been furnished .

iv) In the opinion of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, is not expected to be material.

46 BENAMI PROPERTY

There are no proceedings initiated or pending against the company for holding any benamy property under the Benami Transactions Prohibition Act, 1988 and the rules made thereunder.

47 WILFUL DEFAULTER

The Company has not been declared a wilful defaulter by any bank or financials institution or other lender

48 STRUCK OFF COMPANIES

The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

49 REGISTRATION OF CHARGES

The Company has certain open charges against the loans which have been repaid in the previous years. The necessary compliances with respect to release of charge from bankers and corresponding updation with ROC is in process.

50 LAYERS

The Company has complied with the number of the layers prescribed under clause 87 of the section 2 of the Companies Act, 2013 read with Companies (restriction on number of layers) rules, 2017.

51 SCHEME OF ARRANGEMENTS

There is no scheme of Arrangements approved for the company in terms of section 230 to 237 of the Companies Act, 2013.

52 INTERMEDIARY

i) The Company has not advanced or loaned or invested any funds through the intermediary for the ultimate beneficiary.

ii) The Company has not received any fund to be advanced or loaned or invested for advancing or lending or investing as an intermediary for the ultimate beneficiary.

53 UNDISCLOSED INCOME

The Company does not have any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year.

54 CRYPTO CURRENCY

The Company has neither traded not invested in crypto currency or virtual currency during the financial year.