1. Contingent liability not provided for:

2. On account of guarantees executed by the company’s Bankers for Rs. 312.64 lacs (previous year Rs.178.83 lacs), which is partly secured by the Margin Money amounting to Rs. 52.60 lacs (previous year Rs. 19.35 lacs) retained by the Bank.

3. Claim against the Company not acknowledged as debts Rs.30.37 Lacs (previous year Rs. 30.37 lacs)

4. Debtors include Rs. 22.67 lacs (Previous year Rs. 22.67 lacs) in respect of cases which are under arbitration/ dispute. In the opinion of the management they said debts are considered good.

5. The other current assets in Note No.16 includes Rs. 645.23 lacs (Previous year 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,

6. During the year, the company had Specified Bank Notes (SBNs) or other denomination notes as defined in the MCA notification, G.S.R. 308 (E), dated March 30, 2017. The details of SBNs held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination - wise SBNs and other notes as per the notification are as follows:

7. In the opinion of the Board, Current Assets, Loans, Advances and Deposit have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

8. The company is engaged only in the business of shipping and as such there is no separate reportable segment as per Accounting Standard 17.

9. There are no Micro, Small and Medium Enterprises, 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.

10. The company’s two Subsidiary Company namely SKS Waterways Ltd and Royal Logistics (Ship) Ltd has not yet started operation hence the consolidated financial statement of the Shahi Shipping Limited and its subsidiaries SKS Waterways Ltd & Royal Logistics (Ship) Ltd has not been prepared.