ABS Marine Services Ltd Auditor Reports

ABS Marine Services Limited

(Formerly Known as ABS Marine Services Private Limited)

To,

The Board of Directors

ABS Marine Services Limited

(Formerly Known as ABS Marine Services Private Limited)

NO.15,Valliammal Road, Vepery, Chennai,

Tamil Nadu - 600007. Dear Sirs,

1. We have examined the attached Restated Standalone Financial )nformation of ABS Marine Services Limited (Formerly known as ABS Marine Servicee Private Limited.) (the "Company") comprising the Restated Standalone Statement of Assets and Liabilities as at March 31 2024, March 31 2023 and 2022, the Restated Standalone Statements of Profit and Loss and the Restated Standalone Cash Flow Statement for the period/years ended March 31, 2024, March 31 2023 and 2022 the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively referred to as, the "Restated Standalone Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 30" April 2024 for the purpose of inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/Prospectus prepared by the Company in connection with its proposed Initial Public OPer of equity shares ("IPO") on Emerge P/afform a/ /\faf7ona/ Stonh Exchange of India Limited ("HSE").

i›e? eatatul summary Statement have been prepared in tcrms oftho requirements of:

1. Section 26 of Part I of Chapter III of the Companies Act. 2013 (thn "Act") man with Rules 4 to 6 of Companies (Prospectus and Allotment of Securities) Rules, 2014 ("the Rules");
2. The Securrties and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("ICDR Regulations"); and

The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the institute of Chartered Accountants of India (*ICA!"), as amended from time to time (the "Guidance Note").

2. The Companys Board of Directors is responsible for the preparation of the Restated Standalone Financial Information for the purpose of inclusion in the Draft Red Herring Prospectus/Red Herring Prospectus/Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, Chennai, and the Stock Exchange in connection with the proposed IPO. The Restated Standalone Financial Information has been prepared by the management of the Company on the basis of preparation stated in Annexure 4to the Restated Standalone Financial Information. The responsibilities of the Board of Directors of the Company include designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.
3. We have examined such Restated Standalone Financial Information taking into consideration:
1. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter in connection with the proposed IPO of equity shares of ABS Marine Services Limited (the "issuer Company") on Emerge platform of NSE;
2. The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;
3. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Standalone Financial Information; and
4. The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.
4. These Restated Standalone Financial Information have been compiled by the management from:
1. Audited special purpose interim financial statements of the Company for the period ended on March 31, 2nr4 prepared in accordance with Accounting Standard as prescribed under section 133 of the Act read with Companies (Accounting Standards) Rules as amended, and other accounting principles generally accepted in India, which has been approved by the Board of Directors at their meeting held on 30" April, 2024
2. Audited Standalone Financial Statements of the Company for the years ended on March 31?^t 2023 and 2022 prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on September 4^t, 2023, September 30^, 2022.

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5. For the purpose of our examination, we have relied on:
1. Aud"itors Report issued by us dated 30" April, 2024 and on the Standalone Financial Statement of the Company for the period ended on March 31, 2024, and
2. Auditors Report issued by us dated September 4", 2023, and September 30*, 2022 on the standalone financial statements of the Company as at and for the years ended March 31, 2023, and 2022, respectively as referred in Paragraph 4(b) above.
6. There were no qualifications in the Audit Reports issued by us as at and for the years ended on March 31, 2024, 2023 and 2022 which would require adjustments in this Restated Standalone Financial Information of the Company.
7. Based on our examination and according to the information and explanations given to us, we report that:
1. The Restated Standalone Summary Statements have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;
2. The Restated Standalone Summary Statements do not require any adjustments for the matter(s) giving rise to modifications mentioned in paragraph 6 above.
3. The Restated Standalone Summary Statements have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.
4. The Restated Standalone Summary Statements have been made after incorporating adjustments for prior period and other material amounts in lhe respective financial years to which they relate, if any;
5. There was no change in accounting policies, which need to be adjusted in the Restated Standalone Summary Statement. The details of Prior period Adjustments are given in Annexure 5 of the Restated Standalone Financial Statements.
6. From Financial Years 2020-21 to 2023-24, the Company has not declared and paid any dividend.
8. We have also examined tile fulluwiiig utl›er financial Information relating to the Company prepared by tho Management and as approved by the Boatd uf Diruc:furs ef the Company and annexed to this report relating to the Company as at and for the period/years ended on March 31, 2024, March 31, 2023 and 2022 proposed to be included in the Draft Red Herring Prospectus / Red Herring Prospectus/Prospectus.

Annexure	Particulars
1	Standalone Financial Statement of Assets & Liabilities as Restated
2	Standalone Financial Statement of Profit & Loss as Restated
3	Standalone Financial Statement of Cash Flow as Restated
4	Significant Accounting Policy and Notes to the Restated Standalone Summary Statements
5	Adjustments made in Restated Standalone Financial Statements / Regrouping Notes
1	Statement of Share Capital as restated
7	Statement of Reserves & Surplus as Restated
8	Statement of Long-Term Borrowings as Restated
9	Statement of Deferred Tax Liabilities/Asset as Restated
10	Statement of Other Long-Term Liabilities as Restated
11	Statement of Long-Term Provisions as Restated
12	Statement of Short-Term Borrowings as Restated
13	Statement of Trade Payable as Restated
14	Statement of Other Current Liabilities as Restated
15	Statement of Short-Term Provisions as Restated
16	Statement of Property, Plant & Equipment and Depreciation as Restated
17	Statement of Non-Current Investments as Restated
18	Statement of Long-Term Loans and Advances as Restated
19	Statement of Other Non-Current Assets as Restated
20	Statement of Current Investments as Restated
21	Statement of Trade Receivables as Restated
22	Statement of Cash & Bank Balances as Restated
23	Statement of Short-Term Loans and Advances
24	Statement of Revenue from Operations as Restated
25	Statement of Other Income as Restated
26	Statement of Direct Expenses as Restated
27	Statement of Employees Benefit Expenses as Restated
28	Statement of Finance Costs as restated
29	Statement of Depreciation & Amortisation Expenses as Restated
30	Statement of Admin & Other Expenses as Restated
31	Statement of Summary of Accounting Ratios as Restated
32	Statement of Tax Shelter as Restated
33	statement of Related Parties Transaction as Restated
34	Statement of Employee Benefit Expense - Gratuity as Restated
35	Statement of Contingent Liability as Restated
36	Additional Disclosures with respect to Amendments to Schedule III as Restated
37	Statement of Capitalisation Statement as Restated

RF-4

9. We, Mls. N.C. Rajagopal & Co, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India ("ICAI") and hold a valid peer review certificate issued by the "Peer Review Board" of the ICAI.
10. The Restated Standalone Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Special Purpose Standalone Financial Statements and Audited Standalone Financial Statements mentioned in paragraph 5 above.
11. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit reports issued by us, nor should this report be construed as a new opinion on any of the financial statements referred to herein.
12. We have no responsibility to update our report for events and circumstances occurring after the date of the report.
13. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/Prospectus to be filed with Securities and Exchange Board of India, the stock exchanges and Registrar of Companies, Chennai in connection with the proposed iPO. Our report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For N.C. Rajagopal & Co., Chartered Accountants Firm Reg No: 003398S

Mem No. : 230448

UDIN : 24230448BKDGXL3501

Place : Chennai Date : 30-04-2024