(s) Provisions and Contingent Liabilities :

Provisions are recognised in the financial statement in respect of present obligations (legal or constructive) as a result of past events if it is
probable that the Company will be required to settle the obligation, and which can be reliably estimated. Provisions are measured at the best
estimate of the consideration required to settle the present obligation at the Balance Sheet date. In case of onerous contract present obligations
arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Company has a
contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received
under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling
it and any compensation or penalties arising from failure to fulfil it, if applicable. The cost of fulfilling a contract comprises the costs that relate
directly to the contract. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract and an allocation
of other costs that relate directly to fulfilling contracts.

Contingent liabilities are not recognised but disclosed unless the probability of an outflow of resources is remote. Contingent assets are disclosed
whereinflow of economic benefits is probable.

(t) Earnings Per Share :

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted
average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period
is adjusted for events, such as bonus issue, bonus element in a rights issue and shares split that have changed the number of equity shares
outstanding, without a corresponding change in resources. For the purpose of calculating Diluted Earnings per share, the net profit or loss for
the period attributable to the equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

(u) Government Grants :

Government grants are not recognised until there is a reasonable assurance that the Company will comply with the conditions attached to them
and that the grants will be received. Government grants are recognised in the Statement of Profit and Loss on a systematic basis over the periods
in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Government grants used to
acquire non-current asset are recognised as deferred revenue in the Balance Sheet and transferred to the Statement of Profit and Loss on a
systematic basis overthe useful lives of the related assets.

Applicability of new and revised Ind AS :

Impact of the initial application of new and amended Ind ASs that are effective in the current year that begins on or after April 01, 2024 :

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from timeto time. Forthe year ended March 31, 2025, MCA has notified Ind AS 117'lnsurance Contracts'and amendments
to Ind AS116'Leases', relating to sale and leasebacktransactions, applicable to the Company w.e.f. April 01,2024. The Company has reviewed the new
pronouncements and based on its evaluation has determined that it does not have anysignificant impact in its financial statements.

New and amended standards issued but not yet effective :

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting
Standards) Rules as issued from time to time. MCA has notified amendments to the existing standard Ind AS 21 'The Effects of changes in Foreign
Exchange rates' applicable to the Company w.e.f. April 01, 2025, to address concerns about currency exchangeability and provide guidance on
estimating spot exchange rates when a currency is not exchangeable. There is no significantimpact on the Companyinthe current year.

Notes :

(i) 24.60% 4,45,00,000 cumulative redeemable preference shares issued by a subsidiary company, Greatship (India) Limited, are redeemable at a
premium of' 30.90 per share in four equal annual tranches from April 01, 2025 to April 01, 2028, as per the terms of issue (modified from time to
timelof these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be in part or
in full subject to a minimum of 25,00,000 shares at a time. In case of early redemption, the premium on redemption would be determined at such
time so as to provide an effective yield to maturity of 7.00% p.a. to the Company. The cumulative redeemable preference shares do not contain
any equity component.

(ii) 22.50% 6,06,24,000 cumulative redeemable preference shares issued by a subsidiary company, Greatship (India) Limited, are redeemable at a
premium of' 20.00 per share in four equal annual tranches from April 01, 2025 to April 01, 2028, as per the terms of issue (modified from time to
timelof these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be in part or in
full subject toaminimumof 25,00,000 shares at atime. The cumulative redeemable preference shares do not containany equity component.

B. Nature of Reserves :

(i) Capital Reserve : Capital Reserve was created on cancellation of convertible warrants during the yearended March 31, 2009.

(ii) General Reserve : General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes and for
transferfrom TonnageTax Reserve.

(iii) Capital Redemption Reserve : As per the Companies Act, 2013, Capital Redemption Reserve is created when the Company purchases its
own shares out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is transferred to capital
redemption reserve. The reserve is utilised in accordance with the provisions of Section 69 of the Companies Act, 2013.

(iv) Tonnage Tax Reserve : Tonnage Tax Reserve is created as per the provisions of the Section 115VT of the Income-tax Act, 1961, whereby a
minimum of 20% of book profits from the tonnage tax activities is to be utilised for acquiring new ships within 8 years.

(v) Retained Earnings : Retained Earnings are the profits that the Company has earned till date, less any transfers to reserves and dividend
distributions to the shareholders.

The Board of Directors has -

- paid the fourth interim dividend for financial year 2023-24 of' 10.80 per equity share of' 10/- each during the year. The outgo on this
account was '154.19 crores.

- for nine months period ended December 31, 2024, declared and paid three interim dividends totalling to ' 24.30 per equity share of
'10/- each. The total outgo onthis account was' 346.92 crores.

- declared fourth interim dividend for financial year 2024-25 of '5.40 per equity share of' 10/- each. The outgo on this account will be
'77.09 crores.

The total dividend declared for financial year 2024-25 aggregates to '29.70 per equity share. The total outgo on this account will be'424.01
crores.

Retained Earnings comprise of gain on remeasurement of defined employee benefit plans amounting to ' 7.13 crores (Previous Year :
' 6.30 crores) and loss on fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss
amounting to '3.34 crores(Previous Year:' 8.03 crores).

(vi) Cash Flow Hedging Reserve : The Cash Flow Hedging Reserve is the cumulative effective portion of gains or losses arising on changes in fair
values of designated portion of hedging instruments entered into for cash flow hedges. The gains or losses arising thereon are transferred
tothe Statement of Profit and Loss when hedged transaction affects the profit orloss.

Notes :

(i) 8.85% 3000 Secured Redeemable Non-Convertible Debentures of ' 10,00,000 each, redeemable on April 12, 2028, 8.05% 1500 Secured
Redeemable Non-Convertible Debentures of'10,00,000 each and 8.05% 1500 Secured Redeemable Non-Convertible Debentures of'10,00,000
each, redeemable on November 02,2028 are secured by exclusive charge on specified ships with 1.20 times cover on the market value of ships and
additional security by way of mortgage on certain immovable property of the Company. During the year, 8.05% 1500 Secured Redeemable Non¬
Convertible Debentures of' 10,00,000 each were redeemed onAugust31,2024andthe corresponding chargeonthesame has been satisfied.

(ii) Foreign currency USD loans availed from banks carried interest rates of overnight SOFR/LIBOR plus 152 to 156 bps. The principal repayments
were due quarterly or half-yearly. These loans were secured by mortgage of specific ships of the Company. During the year, the Company has fully
repaid the aforesaid foreign currency loans.

* The Company has reversed provision fortax relating to earlieryears based onthe favourable orders received, time barred assessments, etc.

The Company has opted for computation of its income from shipping activities under Tonnage Tax Scheme as per Section 115VA of the Income-tax Act,
1961. Thus, income from the business of operating ships is assessed on the basis of the Deemed Tonnage Income of the Company and no deferred tax
is applicable to suchincome asthere are no temporary differences.

The Company, with effect from financial year 2019-20, has chosen to exercise the option of lower tax rate of 25.17% (inclusive of surcharge and cess)
under Section 115BAA of the Income-tax Act, 1961 as introduced byThe Taxation Laws (Amendment)Ordinance, 2019.

The contingent liability includes liability for matters arising out of disallowance under Section 14A of the Income-tax Act, 1961 upto assessment year
2020-21. Similar claims have been made bytheCompanyfor subsequent assessment years forwhich assessments are pending.

The contingent liabilities include the liability pertaining to the disallowance under Section 14A of the Income-tax Act, 1961 upto assessment year
2020-21. The Tribunal has decided this issue in favour of the Company upto assessment year 2015-16. Post assessment year 2020-21 there is no such
disallowance possible in the hands of the Company.

(ii) General description of Denned Contribution Plans :

Superannuation Fund :

In addition to gratuity benefits, employees have the option to become a member of the Superannuation Fund Trust set up by the Company
and receive benefits thereunder. It is a defined contribution plan. The Company makes contributions to the trust in respect of the said
employees until their retirement or resignation. The Company recognises such contributions as an expense when incurred. The Company
has no further obligation beyond its contribution.

National Pension Scheme (NPS) :

NPS is an additional option for offering retirement benefits to the employees. NPS is designed on defined contribution basis wherein the
Company contributes tothe employees account.

There is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the
contributions made and the income generated from the investment of such wealth. The Company recognises such contributions as an
expense when incurred. The Company has no furtherobligation beyond its contribution.

Seamen's Provident Fund :

The Company's contribution towards Provident Fund in respect of seamen i.e. crew who sail on Company's ships is paid to the Seamen's
Provident FundaspertheNational Maritime Board Agreement bindingonthe Company.

Seamen's Annuity Fund :

The Company's contribution towards Annuityin respect of seamen is paid to the Seamen's Annuity Fund as perthe National Maritime Board
Agreement binding onthe Company.

Seamen's Rehabilitation Fund :

The Company's contribution towards rehabilitation in respect of seamen is paid to the National Maritime Board Rehabilitation and Welfare
Trust as perthe National Maritime Board Agreement binding on the Company.

Seamen's Gratuity Fund :

The Company's contribution towards Gratuity in respect of seamen is paid to the Seafarer's Welfare Fund Society as perthe National Maritime
Board Agreement binding on the Company.

B. Defined Benefit Plans and Other Long-Term Benefits :

(i) Valuations in respect of Gratuity, Pension Plan for eligible Whole-time Directors and Retired Directors/Spouses, Post Retirement Medical
Benefit Scheme and Compensated Absences have been carried out by an independent actuary as at the Balance Sheet date as per the
Projected Unit Credit method, based on the following assumptions :

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the
reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the
change in assumptions would occurinisolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected
unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation as recognised in
the Balance Sheet.

There was nochangeinthe methods and assumptions used inpreparingthe sensitivity analysis from prioryears.

(x) General description of Defined Benefit Plans :

Gratuity Plan :

Gratuity is payable to all eligible employees of the Company on superannuation, death, permanent disablement or resignation in terms of the
provisions of the Payment of Gratuity Act or as per the Company's scheme whichever is more beneficial. Benefit would be paid at the time of
separation based on the last drawn basic salary.

The defined benefit plan is administered by a separate fund that is legally separated from the Company. The Company's investment strategy
in respect of its funded plan is implemented within the framework of the applicable statutory requirements.

The plan exposes the Companyto anumberof actuarial risks such asinvestment risk, interest rate risk, longevity riskand salaryrisk.

- Investment/lnterest Rate Risk

The Company is exposed to investment/interest rate risk if the return on the invested fund falls below the discount rate used to arrive
at present value of the benefit.

- LongevityRisk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating
from the employerforany reason.

- SalaryRisk

The Company is exposed to higher liability if the future salaries rise morethan assumption of salary escalation.

The Company does an Asset - Liability matching study each year in which the consequences of the strategic investment policies are analysed
in terms of risk and return profiles.

Retirement Benefit Scheme including Pension Plan :

Underthe Company's Retirement Benefit Scheme forthe eligible Whole-time Directors, all the eligible Whole-time Directors are entitled to
the benefits of the scheme only after attaining the age of 62 years, except for retirement due to physical disability or death while in office, in
which case, the benefits shall start on his retirement due to such physical disability or death. The benefits are in the form of monthly pension
@ 50% of his eligible salary subject to maximum of' 1.25 crores p.a. during his lifetime. If he predeceases the spouse, she will be paid
monthly pension @ 50% of eligible pension during her lifetime. Benefits include reimbursement of medical expenses for self and spouse,
overseas medical treatment upto ' 0.50 crore for self/spouse, office space including office facilities in the Company's office premises.
Benefits also include use of Company's car including reimbursement of driver's salary and other related expenses during his lifetime and in
the event of his demise, his spouse will be entitled to avail the said benefit during her lifetime.

Post Retirement Medical Benefit Scheme for Executive Directors and Senior Management Employees:

As per the Company's Post Retirement Medical Benefit Scheme for Executive Directors and Senior Management Employees ('Scheme'),
selected employees who fulfil the conditions for eligibility and entitlement as prescribed in the Scheme shall be eligible for the benefits of the
Scheme upon retirement. The benefits are in the form of reimbursement/payment of hospitalisation (including domiciliary hospitalisation)
expenses incurred in India or abroad for the selected employee and his/her spouse for life, pre and post hospitalisation expenses and annual
preventive health check-up package, subject to the annual limit not exceeding ' 0.50 crore. If either of the selected employee or his/her
spouse passed away, the limit will continue for eligible survivor. Selected employee, who has been Executive Director of the Company, will
alsobe entitled to reimbursement ofallother medical expenses for himself/herself and his/herspouse.

Compensated Absences :

All eligible union grade employees had an option to freeze the accumulated leave balance as on June 30, 2008. Such frozen accumulated
leave balance will be encashed as perthe last drawn basic salary at the time of superannuation, death, permanent disablement, resignation
or promotionto the non-union category.

With effect from April 01, 2012, all eligible non-union employees have an option to freeze their leave accumulation days on 30th June every
year and such frozen accumulated leave balance will be encashed as perthe basic salary for the month of June of the relevant year for which
leave was frozen at the time of superannuation, death, permanent disablement or resignation.

For all union and non-union grade employees, maximum leave that can be carried forward is 15 days.

The leave overand above 15 days is encashed and paidto employees onanannual basis.

Provident Fund :

Eligible employees of the Company receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and
the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary.
The Company contributes a portion to the Provident Fund Trust and the remaining portion is contributed to the government administered
pension fund. The trust invests in specific designated instruments as permitted by Indian law. The rate at which the annual interest is payable
to the beneficiaries by the trust is being administered by the Government. The Company has anobligationto make good the shortfall, ifany.

Valuations in respect of Provident Fund have been carried out by an independent actuary as at the Balance Sheet date as perthe Deterministic
Cashflow Approach based on the following assumptions :

* Amounts pertaining to points above are excluding interest and penalty.

Notes :

(i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective
proceedings as it is determinable onlyon receipt ofjudgements/decisions pending with various forums/authorities.

(ii) The Company does not expect any reimbursements in respect of the above contingent liabilities.

(iii) The Company's pending litigations comprise of claims pertaining to proceedings pending with Income Tax, Custom, Sales Tax/VAT, Service Tax,
Goods and Service Tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided
for where provisions were required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not
expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

Note 38 : Financial Instruments

A. Capital Management :

The Company's capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the

Company.

The capital structure of the Company consists of net debt (borrowings as detailed in Note 16 and offset by cash and bank balances and current

investments) and total equity of the Company.

The Companyis not subject to any externallyimposed capital requirements.

C. Fair Value Hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and
consists of the following three levels :

> Level 1 - Inputs are quoted prices(unadjusted)inactive markets foridentical assets or liabilities.

> Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).

> Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model
based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based
on available market data.

Valuation technique and key inputs :

Investments in mutual funds are valued at the net asset value of the respective units. Derivative instruments are fair valued at the discounted cash
flows. Future cash flows are estimated based on forward exchange/interest rates and contract forward/interest rates discounted at a rate that reflects
the credit risk of various counterparties.

D. Derivative Financial Instruments and Risk Management :

The Company uses foreign exchange forward contracts and interest rate swaps to hedge its exposure to the movements in foreign exchange and
interest rates. The use of these reduces the risk to the Company arising out of movement in exchange and interest rates. The Company does not use
foreign exchange forward contracts and interest rate swaps for trading purpose. The Company has also entered into cross currency swaps to swap its
INR borrowings into US dollars to mitigate the exchange risk arising out of foreign currency receivables. The interest rate swap component in the cross
currency swap reduces the effective interest costs to the Company. The Company also uses commodity futures contracts for hedging the exposure
to bunkerprice risk.

The interest rate swaps are entered to hedge interest payments from floating to fixed on borrowings. The bunker swaps are entered to hedge
the bunker price risk. Fair value gains/(losses) on the interest rate swap contracts and bunker swap contracts recognised in Cash Flow Hedging
Reserve are transferred to the Statement of Profit and Loss as part of interest expense and fuel oil and water expense on settlement. The fair
valueon reporting date is reported under"Other Financial Assets"and "Other Financial Liabilities".

The hedging loss recognised in other comprehensive income during the year is ' 1.05 crores (Previous Year: gain of' 16.19 crores) and gain of
?21.49 crores(Previous Year: gain of' 12.10 crores) has been reclassified to Statement of Profit and Loss.

During the current year, the Company has cancelled the interest rate swaps on account of prepayment of underlying foreign currency borrowings
and the corresponding balance in hedging reserve pertaining to interest rate swaps has been recycled to Statement of Profit and Loss. The
impact of the aforementioned resulted ingainof '15.07 crores, which has been recognised in"0ther Expenses".

(ii) Interest rate risk :

The Company has mix of fixed and floating rate loans and generally uses Interest rate swaps as cash flow hedges of future interest payments,
which have economic effect of converting the borrowings from floating to fixed interest rate loans. Underthe Interest rate swaps, the Company
agrees with other parties to exchange, at specified intervals, the difference between fixed contract rates and floating rate interest amounts
calculated by reference to the agreed notional principal amounts.

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are
principally denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Company hedges its US dollar interest rate
risk through interest rate swaps to reduce the floating interest rate risk. The Company has exposure to interest rate risk, arising principally on
changes in base lending rate and LIBOR/SOFR rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and
floating rate borrowings, and bythe use of interest rate swap contracts.

Sensitivity analysis :

The sensitivity analysis has been determined based on the exposure to interest rates for unhedged floating rate liabilities. A 0.50% decrease
in interest rates and other variables held constant, would have led to approximately gain of ' 0.47 crore (Previous Year : ' 0.68 crore) in the
Statement of Profit and Loss. A 0.50% increaseininterest rate would have led to an equal but opposite effect.

(iii) Price risk :

The Company is mainly exposed to the price risk due to its investment in debt mutual funds. The price risk arises due to uncertainties about the
future market values of these investments.

Sensitivity analysis :

A 1% increase in prices would have led to approximately an additional gain of' 19.92 crores (Previous Year: ' 16.24 crores) in the Statement of
Profit and Loss. A1% decreasein prices would have led to an equal but opposite effect.

(iv) Credit risk management :

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. The major
class of financial asset of the Company is trade receivables. For credit exposures to customer, the management assesses the credit quality of the
customer, taking into account its financial position, past experience and otherfactors.

As the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount
of that class of financial instruments presented on the statement of financial position.

Cash and Cash Equivalents, derivatives and mutual fund investments :

Credit risk on cash and cash equivalents is limited as the Company invests in deposits with banks with high credit ratings assigned by international
and domestic credit rating agencies. Investments primarily include investments in liquid mutual funds units from reputed funds. For derivative
and financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks having high credit ratings assigned
by credit rating agencies.

Trade receivables :

Trade receivables balance at the end of the year comprises of 1 customer(Previous Year: 1 customer) which individually represent 61.57% (as at
March 31, 2024 : 44.62%) of Trade Receivables balance. Apart from this, the entity does not have significant credit risk exposure to any single
customer. Concentration of credit risk related to the aforesaid customer did not exceed 20 per cent of gross monetary assets at anytime during
the year. Trade receivables consist of a large number of various types of customers, spread across geographical areas. Credit risk arising from
trade receivables is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk
management. Ongoing credit evaluation is performed onthese trade receivables and where appropriate, allowance for losses are provided.

Note :

The Company's operations include deployment of vessels on time charter basis for short-term. The operation and maintenance of the vessels given
on time charter, whichincludes specialised activities, is responsibility of the Companyunderthe contract. Accordingly, the Company deploys trained
and skilled crew to run the vessels for providing logistics services or for shipment of cargo, and ensures maintenance of these assets including dry
docking.asperapplicable regulatory standards. The charterer does not deploy its crew forthese activities. The time charter rate negotiated with the
charterer for provision of services which, inter-alia, involves all the above activities is a lumpsum day rate as per the industry practice, and hence, it is
not possible to segregate any lease component embedded inthetime charter rate forthe purposes of thelnd AS 116, 'Leases'.

Note 44 : Other Statutory Information

(i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any
benami property.

(ii) The Company has not taken any loans from banks or financial institutions against security of current assets and is not required to file quarterly
returns orstatements.

(iii) The Companyis not declared wilful defaulter by bank orfinancial institution or lender during the year.

(iv) The Company does not have anytransactions with companies struck off.

(v) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies beyond the statutory
period.

(vi) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with the
ComoaniesIRestriction on number of Lavers) Rules, 2017.

(vii) The Company has used the borrowings frombanksand financial institutions forthe specific purpose forwhich theywere obtained.

(viii) 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 ortheliketooronbehalfoftheultimate beneficiaries.

(ix) 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 orotherwiselthat theCompanyshall:

(a) 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

(b) provide any guarantee, security orthelikeonbehalfofthe ultimate beneficiaries.

(x) The Company does not have any such 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).

(xi) The Company has not traded orinvestedin Crypto currency orVirtual currency duringthe financial year.

Note 45 : Asset classified as held for sale

During the previous year, the Company had contracted to sell its 2004 built Medium Range Product Tanker named 'Jag Pahel'which got delivered in
first quarter of the financial year 2024-25.

Note 46 : Audit trail

The Companyhas used accounting software systems formaintaining its books of account forthe financial year ended March 31, 2025. These systems
have a feature for recording an audit trail (edit log), and the same has operated throughout the year for all relevant transactions recorded in the
software systems, except forthe payroll-related accounting system, where the audit trail was not enabled at the database level to log direct changes.

Further, no instance of tampering with the audit trail feature was noted, and the audit trail has been preserved by the Company in accordance with
statutory requirements for record retention, with respect to accounting software systems, forthe period forwhich the audit trail feature was operating.