Notes to Accounts of Duke Offshore Ltd.

Mar 31, 2025

A. Defined Contribution

For the company an amount of 1.47lakh (31st March, 2025:0.18 lakh) contributed to
provident funds, ESIC and other funds is recognised by as an expense and included in
"Contribution to Provident & Other Funds" under "Employee benefits expense" in the
Consolidated Statement of Profit and Loss

B. Defined Benefits

The following table''s summaries the components of net benefit expense recognised in the
Statement of Profit and Loss and the funded status and amounts recognised in the
balance sheet

Note 25: Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to
correspond with the current year''s classification / disclosure.

Note 26: Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006

The company has no information as to whether any of its suppliers have been registered
under the ''The Micro, Small and Medium Enterprises Development Act, 2006'' and therefor
the amount due to such suppliers has not been identified.

Note 27: Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided
to the Chief Operating Decision Maker ("CODM”) of the Company. The CODM, who is
responsible for allocating resources and assessing performance of the operating segments,
has been identified as the Managing Director of the Company. The Company operates only
in one Business Segment i.e. offshore business and the activities incidental thereto within
India, hence does not have any reportable Segments as per Indian Accounting Standard 108
"Operating Segments”.

Note 28: Leases

Rental Charges of Rs. 7.07 Lakhs pertains to either short term lease or low value assets
and hence not considered for Right-of-Use assets.

Note 30: Fair Value Hierarchy and Measurements

The management assessed that cash and cash equivalents, trade receivables, trade payable,
short term borrowings, bank overdrafts

and other current liabilities approximate their carrying amounts largely due to the short-term
maturities of these instruments and are thus measured at amortised cost

Note 31 - Capital Management and Financial Risk Management Strategies
Capital Management

The Company being in a capital-intensive industry, its objective is to maintain a strong credit
rating healthy and establish a capital structure that would maximise the return to stakeholders
through optimum mix of debt and equity

The Company’s capital requirement is mainly to fund its capacity expansion, repayment of
principal and interest on its borrowings and strategic acquisitions. The principal source of
funding of the Company has been, and is expected to continue to be, cash generated from its
operations supplemented by funding from bank borrowings and the capital markets. The
Company is not subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its
debt profile, reduce interest cost and align maturity profile of its debt commensurate with life of
the asset and closely monitors its judicious allocation amongst competing capital expansion
projects and strategic acquisitions, to capture market opportunities at minimum risk.

Financial Risk Management

The Company’s business activities expose it to a variety of financial risks, namely liquidity risk,
market risks and credit risk. The Company’s senior management has the overall responsibility
for the establishment and oversight of the Company’s risk management framework.

i) Price Risk

Price is negotiated in advance with the customers for a considerable time span, to provide
marine support as per their requirements. The rate is fixed for per operational day and can
fluctuate because of breakdowns.

ii) (a)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 long-term debt obligations
with floating interest rates. The risk is managed by the Company by maintaining an appropriate
mix between fixed and floating rate borrowings.

(b) Interest Rate Sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates
for non-derivative instruments at the end of the reporting period. For floating rate liabilities, the
analysis is prepared assuming the amount of the liability outstanding at the end of the reporting
period was outstanding for the whole year. A 50-basis point increase or decrease is used when
reporting interest rate risk internally to key management personnel and represents
management’s assessment of the reasonably possible change in interest rates.

The following table provides a break-up of the Company’s fixed and floating rate borrowings

iii) Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the Company. The Company has adopted a policy of only dealing
with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a
means of mitigating the risk of financial loss from defaults. The Company’s exposure and the
credit ratings of its counterparties are continuously monitored.

iv) Liquidity Risk

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 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.

---

Mar 31, 2024

Note 27: Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker ("CODM") of the Company. The CODM, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the Managing
Director of the Company. The Company operates only in one Business Segment i.e. offshore business and
the activities incidental thereto within India, hence does not have any reportable Segments as per Indian
Accounting Standard 108 "Operating Segments".

Note 28: Leases

Rental Charges of Rs. 7.70 Lakhs pertains to either short term lease or low value assets and hence not
considered for Right-of-Use assets.

Note 29 - Additional Regulatory Information required by Schedule III

a) 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.

b) Borrowing secured against current assets

The Company does not have borrowing from banks on the basis of current assets.

c) Wilful Defaulter

The Company has not been declared wilful defaulter by any bank or financial
institutions or government or any government authority.

d) Relationship with struck off Companies

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

e) Compliance with number of layer of Companies

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

f) Compliance with approved scheme(s) of arrangements

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

g) Utilisation of Borrowed funds and Share premium

No funds have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds by the Company to or in any other person
or entity, including foreign entities ("Intermediaries") with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall lend or invest in party
identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not
received any fund from any party (Funding Party) with the understanding that the Company
shall whether, directly or indirectly lend or invest in other persons or entities identified by
or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

h) 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.

i) Details of Crypto currency of virtual currency

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

j) Valuation of PP&E, intangible asset and investment property

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

k) Title deeds of immovable properties not held in name of the company

The title deeds of all the immovable properties are held in the name of the
Company.

l) 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.

m) Core Investment Company (CIC)

The Company is not a CIC and the Company is not part of any group.

Note 31 - Capital Management and Financial Risk Management Strategies

Capital

Management

The Company being in a capital-intensive industry, its objective is to maintain a strong credit rating
healthy and establish a capital structure that would maximise the return to stakeholders through
optimum mix of debt and equity

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal
and interest on its borrowings and strategic acquisitions. The principal source of funding of the
Company has been, and is expected to continue to be, cash generated from its operations
supplemented by funding from bank borrowings and the capital markets. The Company is not
subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt
profile, reduce interest cost and align maturity profile of its debt commensurate with life of the
asset and closely monitors its judicious allocation amongst competing capital expansion projects
and strategic acquisitions, to capture market opportunities at minimum risk.

Financial Risk Management

The Company''s business activities expose it to a variety of financial risks, namely liquidity risk,
market risks and credit risk. The Company''s senior management has the overall responsibility for
the establishment and oversight of the Company''s risk management framework.

i) Price Risk

Price is negotiated in advance with the customers for a considerable time span, to provide marine
support as per their requirements. The rate is fixed for per operational day and can fluctuate
because of breakdowns.

ii) (a)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 long-term debt obligations
with floating interest rates. The risk is managed by the Company by maintaining an appropriate
mix between fixed and floating rate borrowings.

(b) Interest Rate Sensitivity

The sensitivity analyses below have been determined based on the exposure to interest rates for
non-derivative instruments at the end of the reporting period. For floating rate liabilities, the
analysis is prepared assuming the amount of the liability outstanding at the end of the reporting
period was outstanding for the whole year. A 50-basis point increase or decrease is used when
reporting interest rate risk internally to key management personnel and represents management''s
assessment of the reasonably possible change in interest rates.
The following table provides a break-up of the Company''s fixed and floating rate borrowings

iii) Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting
in financial loss to the Company. The Company has adopted a policy of only dealing with
creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of
mitigating the risk of financial loss from defaults. The Company''s exposure and the credit ratings
of its counterparties are continuously monitored.

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 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.

Note 30: Fair Value Hierarchy and
Measurements

The management assessed that cash and cash equivalents, trade receivables,
trade payable, short term borrowings, bank overdrafts and other current
liabilities approximate their carrying amounts largely due to the short term
maturities of these instruments and are thus measured at amortised cost.

---

Mar 31, 2016

1. Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention except for categories of fixed assets which are revalued.

2. Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

3. Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

4. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

5. Depreciation

Depreciation is provided on the straight-line method based on the estimated useful life of the assets as prescribed in Schedule II of the Companies Act, 2013. Depreciation on additions to fixed assets is charged on pro-rata basis in the year of purchase.

6. Revenue Recognition

Income/Expenditure is accounted for on accrual basis. Revenue from chartering of vessels is accounted on accrual basis. Dividend income is recognized when right to receive is established. Interest income is accounted on accrual basis.

7. Fixed Assets

Fixed assets are carried at cost less accumulated depreciation/amortization and impairment losses, if any. The cost of fixed assets comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, other incidental expenses and interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use.

8. Foreign Currency Transactions

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates prevailing on the date of the transaction or at rates that closely approximate the rate at the date of the transaction.

9. Investments

Long-term investments (excluding investment properties), are carried individually at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. Current investments are carried individually, at the lower of cost and fair value.

10. Employee Benefits

Employee benefits include Provident Fund and long term service awards. In case of Provident Fund the contributions are made to the Regional Provident Fund Office.

11. Earnings per share.

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the number of equity shares outstanding at the end of the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares.

12. Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.

Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets are recognized for timing differences of items other than unabsorbed depreciation and carry forward losses only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. However, if there is unabsorbed depreciation and carry forward of losses, deferred tax assets are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize the assets. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each balance sheet date for their reliability.

13. Impairment of Assets

The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognized, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognized for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognized in the Statement of Profit and Loss, except in case of revalued assets.

14. Provision for Contingencies

A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent assets are not recognized in the financial statements.

The company has not recognized Rs. 14,52,975/- which is due to Income Tax department for the F.Y 2002-03 as company has sought waiver of these penal interest from the office of Income Tax Appellate Tribunal Range 10(1), Mumbai.

15 : Deferred tax liabilities (Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognized in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implication attributed to the timing differences that results between the profits offered for the Income Tax and the Profit as per Financial Statements.

The Deferred Tax Assets and Liabilities are measured as per the tax rates / laws that have been enacted by the Balance Sheet Date.

---

Mar 31, 2015

II Schedules Forming part of Notes on Accounts

Note 1: Deferred tax liabilities (Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as perthe Financial Statements.

The Deferred Tax Assets and Liabilities are measured as perthe tax rates / laws that have been enacted by the Balance Sheet Date.

Note: 2 Related Party Disclosures Key Management Personnel (KMP)

Sr. No. Name Designation

1 Mr. Avik G. Duke Chairman & Managing Director

2 Mr. Suresh Pawar Director

3 Mr. Pramod Patekar Independent Director

4 Cmde. Alan Quadras Independent Director

5 Mrs. Harshika Kataria Independent Director

6 Mr. Sujay N. Kanatawala Independent Director

Transactions with related parties during the year. Disclosure in respect of transactions that are more than 10% of the same type with related parties during the year.

---

Mar 31, 2014

Note 1 : Deferred tax liabilities (Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as per the Financial Statements.

The Deferred Tax Assets and Liabilities are measured as per the tax rates / laws that have been enacted by the Balance Sheet Date.

Transactions with related parties during the year: Disclosure in respect of transactions that are more than 10% of the same type with related parties during the year.

---

Mar 31, 2012

These financial statements have been prepared in accordance with the Accounting Standards as prescribed by the Institute of Chartered Accountants of India and referred to in section 211(3) (c) of the Companies Act 1956. Significant accounting policies adopted in the presentation of the accounts are:

CHANGE IN ACCOUNTING POLICY

During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for the preparation and presentation of its financial statement. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statement. However, it has significant impact on presentation and disclosure made in financial statement. The company has also reclassified the previous year figures in accordance with the requirement applicable in the current year.

Note 1: Deferred tax liabilities(Net)

In compliance Accounting Standard - 22 issued by the Institute of Chartered Accountants of India, the company has recognised in these Financial Statements Deferred Tax Assets and Liabilities for future Tax implications attributable to the timing differences that result between the profits offered for the Income Tax and Profit as per the Financial Statements.

Note 2: Other Current Liabilities

* Refund of Application Money Received for allotment of shares is due to one of the shareholder Rs. 6,000/-

---

Mar 31, 2010

1. CONFIRMATION

Some of the Balances in respect of amounts receivable and payable to certain parties are subject to conformation and reconciliation thereof from the respective parties.

2. OUTSTANDING PAYMENT TO MICRO & SMALL ENTERPRISES:

The Company initiated the process of identifying Micro Small and Medium Enterprises (MSME) by requesting vendors for confirmation to the letters circularized by it. As no response have been received up to now, from the vendors to whom request were made, it is considered that there are no dues/ payments to SMEs for the current year. Accordingly, disclosure as envisaged in part I of Schedule VI of the Companies Act,1956 is not applicable which has been relied upon by the auditors.

3. CONTINGENT LIABILITY AND OTHER COMMITMENT:

a) Claim against the company not acknowledged as debts Rs. 14,52,975/- (P.Y. Rs. 27,49,462/-) consist of Income Tax Dues for the financial year 2002-03, for which the Company has sought waiver of the penal interest from the office of Chief Commissioner of Income Tax Range 10 (1), Mumbai.

b) The Company has not made Compliance of AS-15 issued by the ICAI with regard to provision for Gratuity amounting to Rs. 17,50,000/- dues payable to employees as the same is accounted as and when due for payment. Accordingly the profit of the company to that extent has been overstated and liability was understated.

4. RELATED PARTY DISCLOSURE

(A) Key Management Personnel

(i) Mr. George Duke- CEO

(ii) Mr. Avik Duke - Managing Director

(iii) Mr. Suresh Pawar - Director

(iv) Mr. Prood Patehekar - Independent Director

(iii) CMDE. Alan - Independent Director

5. DEFERRED TAX ASSET/(LIABLITY)

In compliance with Accounting Standard-22 issued by the Institute of Chartered Accountants of India, the company has recognized in these Financial Statements Deferred tax Assets/Liabilities for future tax implications attributable to the timing differences that result between the profits offered for the Income Tax and the profit as per the financial statements.

Signatures to Schedule 1 to 15 forming an integral part of Balance Sheet and Profit & Loss Account for the Year ended March 31, 2010. As per our Report of even date attached