c) Rights, entitlement and obligations of different classes of equity shares:

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. Each shareholder is eligible for one vote per share held.

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

d) Buy Back of shares or shares allotted by way of bonus shares:

The Company has not made any buy-back, nor there has been an issue of shares by way of bonus share nor issue of share pursuant to contract without payment being received / paid in cash for the period of five years immediately preceding the balance sheet date.

Note 1 * Working Capital Loan taken from State Bank of India is secured by principal security of hypothecation charge on the company’s entire receivables and collateral security of : 1) extension of mortgage on the registered office premises 2) Exclusive 1st charge over vessels of the company i.e. M.V Royal Gandak, MV Krishna, MV Royal Gomati by way of hypothecation 3) Personal guarantee of chairman & Managing Director.

Note 2 This loan taken under Gauranteed Emergancy Credit Line scheme. As per scheme it is to augument net working capital, meet operation liabilities, restart business and overcome the stress faced by business due to covid-19 crisis. Tenor of the loan is 60 months including moratorium of 24 months. Repayment will be in 36 eqaul monthly installments of Rs. 372222.22 with first installment commencing in July 2024 and last installment falling due in June 2027.

Basic EPS amounts are calculated by dividing the profit for the year attributable to shareholders by the weighted average number of shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable to shareholders by the weighted average number of shares outstanding during the year plus the weighted average number of shares that would be issued on conversion of all the dilutive potential shares into share capital.

30 Commitments and contingencies

a) a) On account of guarantees executed by the company's bankers for Rs. 51.13 Lakhs ( FY 22-23: 41.13 lakhs), which is partly secured by the Margin Money amounting to Rs. 36.18 lakhs (FY 22-23: Rs. 17.69 lakhs) retained by the Bank.

b) t here is ongoing appeal for service Tax for FY 2009-2017 amounting to Rs. 1093.49 lakhs (for Various issues) with Appellate Tribunal, and for FY 2017-18 GST appeal is filled with Deputy commissioner for dispute in Input Tax Credit amount is 14.13 Lakhs.

Based on management's best estimate and basis expert opinion obtained by the Company, no provisions have been made for above claims during the year. The Company will continue to monitor developments to identify significant uncertainties and change in estimates, if any, in future period.

31 Related Party Disclosures

In accordance with the requirements of IND AS 24, on related party disclosures, name of the related party, related party relationship, transactions and outstanding balances including commitments where control exists and with whom transactions have taken place during reported periods, are:

I The other current assets in Note No. 8 includes Rs. 645.23 lacs of interest subsidy receivable from Central Government Inland Waterways Authority. To recover the same the petition is pending before the Allahabad High Court. The amount outstanding is considered good by the management..

II In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realisation in the ordinary course of the business at least equal to the amount at which they are stated in the balance sheet.

III The company is engaged only in the business of shipping and as such there is no separate reportable segment as per

Indian Accounting Standard 108.

IV The company has not identified amount payable to Micro,Small and Medium Enterprise, as defined in the Micro, Small, Medium Enterprises Development Act, 2006, to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

V Company has not earned any income in foreign exchnage

VI Company has average loss in past three years. So Corporate Social Responsibility as per section 135 of Companies

Act, 2013 not applicable.

VII The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

a) Fair value for financial investments are valued using Net Assets Methods as per the latest available balance sheets of the investee companies.

B Measurement of fair values

“The section explains the judgement and estimates made in determining the fair values of the financial instruments that are:

a) recognised and measured at fair value

b) measured at amortised cost and for which fair values are disclosed in the financial statements.”

To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level is mentioned below:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

TTransfers between Level 1, Level 2 and Level 3

There were no transfers between Level 1, Level 2 or Level 3 during the year ended 31 March 2024 and 31 March 2023. Determination of fair values

Fair values of financial assets and liabilities have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

i) The fair value of mutual funds are based on price quotations at reporting date.

ii) The fair values of other current financial assets and financial liabilities are considered to be equivalent to their carrying values.

34 Financial instruments - risk management

The Company has exposure to the following risks arising from financial instruments: credit risk (refer note (b) below); liquidity

risk (refer note (c) below); market risk (refer note (d) below).

(a) Risk management framework

The Company's board of directors (hereinafter referred to as "the Board") has overall responsibility for the establishment and oversight of 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 appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.

The Board oversees how management monitors compliance with the Company's risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Board is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the Board.

(b) Credit risk

(i) Credit risk is the risk of financial loss to the Company, if a customer to a financial instrument fails to meet its contractual obligations. Company's exposure to credit risk primarily arises on account of its Trade receivables. Trade receivables consist of a large number of customers spread across diverse geographical areas. A default on a trade receivable is considered when the customer fails to make contractual payments within the credit period. This credit period has been determined by considering the business environment in which the Company operates. The Company considers dealing with creditworthy customers and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The credit risk due to above is periodically monitored.

(ii) Provision for expected credit losses : The Company provides for expected credit loss on trade receivables. The model uses historical credit loss experience for trade receivables i.e. this model uses aging analysis of trade receivables as at the reporting date and is based on the number of days that a trade receivables is past due. The ageing has been done for bracket of last 3 years. Further, customers declaring bankruptcy or failing to engage in repayment plan with the Company, 100% provisioning is made i.e. such customers do not form part of this impairment exercise and provided for separately.

ii) Cash and cash equivalents

The Company holds cash and cash equivalents of Rs. 36.40 lacs at 31 March 2024 (31 March 2023: Rs.36.69 lacs). The cash and cash equivalents are mainly held with banks which are highly regulated. The Company considers that its cash and cash equivalents have low credit risk based on the external credit ratings of counterparties..

iii) Other financial assets

The Company considers that its other financial assets which mainly represents unbilled revenue with its tenants and have low credit risk based on its nature and other security available.

(c) Liquidity risk

i) Prudent liquidity risk management refers to the management of the Company's short term and long term funding and liquidity management requirements. The Company’s treasury maintains flexibility in funding by maintaining availability of funds under committed credit lines. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

ii) (ii) Maturities of financial liabilities

The tables below analyse the Company’s non-derivative financial liabilities into relevant maturity groupings based on their contractual maturities.

(C) Market risk

Market risk is the risk that changes in market indicators such foreign exchange rates, interest rates and commodity prices will affect the Company’s income or the value of its financial instruments. The Company’s activities mainly expose it to risks arising from changes in freight/charter hire rates.

(i) Freight/Charter hire risk

(a) Foreign currency risk exposure:

Shipping industry is governed by various national and international economic and geopolitical developments. Local and international demand and supply determine freight and charter hire rates.

Fair value sensitivity for fixed-rate instrument

‘The company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Hence, there is no exposure as at the reporting date to the statement of profit or loss.

(iii) Price risk

Price risk is the risk of fluctuations in the values of assets and liabilities as a result of changes in the market price of investments. The Company has no material exposure to equity securities price risk and is not exposed to commodity price risk.

35 Capital management

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

The Company monitors capital on the basis of the debt equity ratio. This ratio is calculated as debt divided by total equity. Debt is calculated as Long Term Borrowings (including current portion of Long Term borrowings as shown in the Balance Sheet).

The Company's adjusted net debt to equity ratio is analysed as follows:

36 Employee Benefit Plans

The Company provides the Group Gratuity Scheme under defined benefit plans for qualifying employees. The gratuity is payable to all eligible employee on retirement , subject to completion of five years of the continuous employee, death or termination of employee that is based on last drawn salary and tenure of employment. Liabilities in gratuity plan are determined by actuarial valuation on the balance sheet date.

39 Additional regulatory information required by Schedule III of Companies Act, 20131 Details of Benami property:

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

2 Utilisation of borrowed funds and share premium:

A) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) 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

b) 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 Group shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

3 Compliance with number of layers of companies:

The company has complied with the number of layers prescribed under the Companies Act, 2013.

4 Compliance with approved scheme(s) of arrangements:

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

5 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.

6 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

7 Valuation of Property,Plant and Equipment :

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

8 Willful Defaulter :

The company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium there of or other lender inaccordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

9 Details of Transaction with Struck of Companies :

The Company has not identified transaction with struck off companies

40 Approval of Financial Statement

The Financial Statements have been approved by the Board of Directors at their Meeting held on May 21, 2024.

41 Previous Year Figures

The figures of previous year have been regrouped or rearranged wherever necessary to conform to current year’s presentation as per Schedule III (Division II) to the Companies Act 2013.