13 Provisions and Contingent Liabilities

a) Provisions

Provisions are recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure
required to settle the present obligation at the Balance sheet date and are not discounted to its present value.

b) Contingent Liabilities

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

14 Accounting for Taxes of Income
Current Taxes

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with Income
Tax Act 1961. Deferred income tax reflects the impact of current year timing differences between taxable income that originates in one period and are capable of
reversal in one or more subsequent periods

Deferred Taxes

Deferred tax is recognised 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 substantially enacted as at the
reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses
are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for
timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be
realised. 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 realisability.

15 Foreign Currency Transaction
Initial Recognition

Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency
and the foreign currency at the date of the transaction.

Conversion

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign
currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation
denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

Exchange Differences

Exchange differences arising on the settlement of monetary items or on reporting such monetary items of company at rates different from those at which they were
initially recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they arise.

16 Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise of cash at bank and in hand and short-term investments with an original maturity of twelve months or less.
Earmarked balances with bank, margin money or security against borrowings, guarantees and other commitments, if any shall be treated separately from cash and
cash equivalent

17 Earnings Per Share

The Company reports basic and diluted Earnings per Share (EPS) in accordance with Accounting Standard 20 'Earning

per Share”. Basic EPS is computed by dividing the net profit or loss attributable to the equity shareholders for the year by the weighted average number of equity
shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss attributed to the equity shareholders for the year by weighted average
number of equity shares outstanding during the year as adjusted for the effects of all potential equity share, except where the result is antidilutive.

a. Secured Loans from Banks and Financial Institutions includes:

(i) Rs. 579.76 lakhs (P.Y Rs. Nil) Loan against property from Indusind Bank carries interest ranging from 9.43% p.a. The loan is secured against Office Premises. These
Loans are repayable in 15 to 124 monthly installments.

(ii) Rs. Nil (P.Y 641.50 lakhs) Loan against property from ICICI Bank & Kotak Bank has been fully repaid during the year.

(iii) Rs. 165.25 lakhs (P.Y 293.99 lakhs) working capital term loans from Indusind Bank carries interest ranging from 9.25% to 10.73% p.a. The Loan has First and exclusive
charge on Current Assets of the Company. These Loans are repayable in 36 to 60 monthly instalments.

(iv) Rs. 88.07 lakhs (P.Y. 118.48 lakhs) vehicle loans from Banks carries interest ranging from 7.02% to 9.55% p.a. The Loan is secured against Hypothecation of Vehicles.
These Loans are repayable in 36 to 60 monthly instalments.

(v) Rs. 21.85 lakhs (P.Y 27.12 lakhs) vehicle loan from Kotak Mahindra Prime Limited carries interest @ 8.29% p.a. The Loan is secured against Hypothecation of Vehicles.
The loan is repayable in 60 monthly instalments.

b. Unsecured Loans from Banks includes:

(i) Rs. 184.00 lakhs (P.Y 42.21 lakhs) business loans from Banks carries interest ranging from 14.12% to 15.15%p.a. These Loans are repayable in 24 to 36 monthly
instalments.

(i) Rs. 284.00 lakhs (P.Y Nil) business loans from Financial Institutions carries interest ranging from 15% to 16.50%p.a. These Loans are repayable in 36 monthly
instalments.

c. Loan from others

Rs.133.82 lakhs (P.Y 219.37 lakhs) loan from Directors are interest free loans and are repayable after March 31,2025.

Note 30 : Disclosure pursuant to “Employee Benefit Expenses"

A. Defined benefit Obligation - Gratuity (funded)

The Group has a funded defined benefit gratuity plan and is governed by the Payment of Gratuity Act, 1972. Under the Act employee who
has completed five years of service is entitled to specific benefit The level of benefits provided depends on the member's length of service
and salary at retirement age

The following tables summarise the components of net benefit expense recognised in the summary statement of profit or loss and the
funded status and amounts recognised in the statement of assets and liabilities for the respective plans:

Note 32 - Current Assets And Loans And Advances

In the opinion of the Board the Current Assets and Loans and Advances are realisable in the ordinary course of business at least equal to the amount at
which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary

Note 33 - Segment Reporting

In accordance with the requirements of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the
Company's business consists of one reportable business segment The only segment of the Company is freight forwarder, hence no separate
disclosures pertaining to attributable revenues, profits, assets, liabilities, capital employed are given.

Note 34 - Related Party Disclosure as per AS 18
Key Management Personnel

Mr. Roshan Rohira - Director

Mr. Samuel Muliyil - Director

Mr. Cletus D'souza - Chief Financial Officer

Mr. Vinay Karkera - Company Secretary

Wholly owned Subsidiary Company

Cargosol Shipping Agency Private Limited

Associate Company

Cargosol LLC

Relatives of Key Management Personnel

Mrs. Bhagyashree Rohira
Mrs. Stalgy Muliyil

Enterprises in which Key Management personnel and relatives of Key Management personnel have significant influence

Reindeer Trading Private Limited
Beyond Solution

Notes:

1) The list of related parties above has been limited to entities with which transactions have taken place during the year.

2) Related party transactions have been disclosed till the time the relationship existed.

Note 36 - Additional Regulatory Information Required By Schedule III To The Companies Act, 2013

1 The Company does not have any benami property held in its name. 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.

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

3 The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read
with the Companies (Restriction on number of layers) Rules, 2017.

4 The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 (as amended) or section 560 of
the Companies Act, 1956

5 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.

6 The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether
recorded in writing or otherwise) that the Company shall:

(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 or the like on behalf of the ultimate beneficiaries.

7 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.

8 The Company has not traded or invested in crypto currency or virtual currency during the year

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

10 The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

Note 37 - Disclosures with regards to section 186 of the Companies Act, 2013

The Company has not given any loans or advances in the nature of loans to promoters, directors, KMPs and/ or related parties (as defined under
Companies Act, 2013), either severally or jointly with any other person, that are repayable on demand, or without specifying any terms or period of
repayment.

Note 38 - Code On Social Security, 2020

The Code on Social Security, 2020 ('Code') has been notified in the Official Gazette on 29th September, 2020.The Code is not yet effective and related
rules are yet to be notified. Impact if any cf the change will be assessed and recognized in the period in which said Code becomes effective and the
rules framed thereunder are notified.

Note 39 - Significant Events After The Reporting Peiiud

There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in the relevant Notes.

Note 40 - Previous Year's Figures

The previous year figures have also been reclassified to conform to current year’s classification wherever applicable.

In terms of our report of even date

For C A S & CO. For and on behalf of the Board of Directors

Chartered Accountants Cargosol Logistics Limited

F. R. N. 111075W

Sajjan Kanodia Roshan Rohira Samuel Muliyil

Partner Director Director

M. No.048047 DIN No.: 01608551 DIN No.: 01608626

Cletus D'souza Vinay Karkera

Chief Financial Officer Company Secretary

M. No. A63357

Place : Mumbai Place : Mumbai

Date: 29th May 2024 Date: 29th May 2024 C