To

The Members,

The Board of Directors hereby submits the 40^th Annual Report of business and operation of the Company SEACOAST SHIPPING SERVICES LIMITED, along with audited financial statement for year ended March 31, 2023.

For the year ended 31^st March, 2023, your Company has reported total revenue and net profit after taxation of Rs. 429,57,77,481/- and Rs. 14,28,13,214/-respectively as compared to last year's total revenue and net profit Rs. 127,80,55,780/- and Rs. 2,55,49,318/- respectively.

Your Directors do not recommend any dividend on equity share for the period ended 31st March, 2022 considering the current position of the Company.

There are no changes in the nature of business during the year.

The Company has transferred Rs. 14,28,13,214/- to reserves.

During the year Authorized Capital of the Company was Rs. 68,00,00,000/- (Rupees Sixty Eight Crores) having face value of Rs. 1 Each.

During the year in accordance with the provisions in the Articles of Association of the Company and subject to such approvals, consents, permissions and sanctions as may be considered necessary from appropriate Authorities and subject to such terms and conditions, the consent of the members of the Company be and is hereby accorded for the increase in Authorised Share Capital of the Company from Rs. 35,00,00,000/- (Rupees Thirty Five Crore only) divided into Equity Share Capital of 35,00,00,000 (Thirty Five Crore ) Equity Shares of Face Value Rs. 1/- (Rupees One only) to Rs. 68,00,00,000/- (Rupees Sixty Eight Crore only) divided into 68,00,00,000 (Sixty Eight Crore only) Equity Shares of Rs. 1/- (Rupees One only) each ranking pari-passu with the existing shares in all respects and the Clause V of the Memorandum of Association and Article of Association of the Company be altered accordingly.

V. The Authorised Share Capital of the Company is Rs. 68,00,00,000/- (Rupees Sixty Eight Crores only) divided into 68,00,00,000 (Sixty Eight Crores) Number of Equity Shares of Rs. 1/- (Rupees One only) each."

During the year company has do the following amendment in Memorandum of Association (MOA) and Articles of Association (AOA).

1. Company has also changed the Capital Clause with the approval of shareholder in Annual General Meeting held on September 22, 2022

Authorised Share Capital of the Company from Rs. 35,00,00,000/- (Rupees Thirty Five Crore only) divided into Equity Share Capital of 35,00,00,000 (Thirty Five Crore ) Equity Shares of Face Value Rs. 1/- (Rupees One only) to Rs. 68,00,00,000/- (Rupees Sixty Eight Crore only) divided into 68,00,00,000 (Sixty Eight Crore only) Equity Shares of Rs. 1/- (Rupees One only) each ranking pari-passu with the existing shares in all respects and the Clause V of the Memorandum of Association and Article of Association of the Company be altered accordingly.

V. The Authorised Share Capital of the Company is Rs. 68,00,00,000/- (Rupees Sixty Eight Crores only) divided into 68,00,00,000 (Sixty Eight Crores) Number of Equity Shares of Rs. 1/- (Rupees One only) each.

2. Company has also changed the Addition in Object Clause with the approval of shareholder in Extra Ordinary General Meeting held on December 12, 2022.

To insert the following as new clause Clause III (A) 4

To carry on any in India or elsewhere the business to manufacture, buy, sell, import, export, develop, process, market, supply and to act as agent, distributor, stockist, wholesales, dealers, retailer or marketers or otherwise to deal in all types, tastes, uses, descriptions of agro products, such as fertilizers, manures, plant or animal foods, pesticides, including insecticides, herbicides or eedicides and fungicides and all types of rice, maize, milo, seeds, cotton seeds, soyabeans, groundnuts, castors, lineseeds, sunflower, coconut, rapeseed, almond, sesamam, mustard, sea seed, grapeseed and to carry on all activities to develop Agricultural and forest resources based industrial and also plant grow, cultivate, product and raise plantations of various agriculture corps, forest and other plantation, horticultural crops, green house, net house, medical and aromatic plants in their own farms and/or taken on lease. To Carry on the business as manufacture, importer and exporter, whole seller, retailer and dealers of all type of agricultural and other commodities.

During the year under review, the Board of Directors duly met 10 (Ten) times. The Board meeting dates were 13.04.2022, 25.05.2022, 02.06.2022, 03.08.2022, 18.08.2022, 10.10.2022, 20.10.2022, 17.11.2022, 02.02.2023, 03.03.2023.

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is hereby confirmed that:

i) That in the preparation of the annual accounts for the financial year ended 31st March 2023, as per the applicable accounting standards have been followed and that there were no material departures;

ii) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of the affairs of the company at the end of the financial year and of the profit of the company for the year under review;

iii) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting a fraud and other irregularity.

iv) That the Directors have prepared the annual accounts for the year ended 31^st March 2023 on a "going concern basis."

v) That the Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;

vi) That the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that systems were adequate and operating effectively.

During the year under review the Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

The Company does not have any Subsidiary or Joint Venture or Associate Company.

During the year Board of Directors of the Company comprises of Six Directors including a Woman Director, of which two are Executive Directors, one Non-executive Director and two Independent Director.

Directors Retiring by Rotation:

In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Sameer Amit Shah, Executive Director of the Company, liable to retire by rotation at the ensuing Annual General Meeting and being eligible have offered himself for re-appointment. The Board of Directors recommend his re-appointment and the matter is being placed for seeking approval of members at the ensuing Annual General Meeting of the Company.

Appointment of Directors:-

Board of Director appointed Mr. Viren Makwana (Non-executive, Independent) Director as on 04.04.2023 and Mrs. Shivangi Gajjar (Non-executive, Independent) as on 14.04.2023 and regularize after the approval of shareholder in annual general meeting to be held on 28.09.2023.

Resignation of Directors:-

Mr. Apurvkumar Patel was resigned from the Post of Independent Director of the Company w.e.f. 04.04.2023. Mr. Sushil R. Sanjot was resigned from the Post of Independent Director of the Company w.e.f. 14.04.2023.

Appointment and Resignation of Key Managerial Personnel other than Directors:-

Mr. Pawansut Swami was resigned from the post of Company Secretary cum Compliance officer of the Company w.e.f. 01.05.2023.

Mr. Vinay Kumar Jain is appointed as a Company Secretary cum Compliance officer of the Company w.e.f. 02.05.2023.

Mr. Dhruvalkumar Natubhai Patel was resigned from the post of Chief Financial Officer w.e.f. 03.03.2023.

Mr. Manishkumar R. Shah is appointed as Chief Financial officer of the Company w.e.f. 03.03.2023.

In accordance with the Companies Act, 2013 and Listing Regulations, the Company has following Committees in place:

? Audit Committee

? Nomination and Remuneration Committee ? Stakeholders Relationship Committee ? Corporate Governance Committee

All the issue Equity Shares (53,86,80,000 Equity Shares) of the Company are listed on Bombay Stock Exchange Limited (BSE) and Calcutta Stock Exchange Limited (CSE).

During the year the registered office of the company not changed.

Your Company has formed the CSR Committee as per the requirement of the Companies Act, 2013. On recommendation of CSR Committee, the Board of Directors' of your Company has approved the CSR Policy which is available on the website of your Company at www.seacoastltd.com. The brief outline of the Corporate Social Responsibility (CSR) Policy of your Company and the initiatives undertaken by your Company on CSR activities during the year are set out in Annexure A of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

During the year transaction with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 are attached with Financial Statement of the Company.

Your Company has implemented adequate procedures and internal controls which provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements. The Company also ensures that internal controls are operating effectively.

The Company has put in place a ‘Whistle Blower Policy' in compliance with the provisions the Companies

Act, 2013, other applicable laws and in accordance with principles of good corporate governance.

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 1992, as amended from time to time, the code of conduct for prevention of insider trading and the code for corporate disclosures ("Code"), as approved by the Board from time to time, are in force by the Company. The objective of this Code is to protect the interest of shareholders at large, to prevent misuse of any price sensitive information and to prevent any insider trading activity by dealing in shares of the Company by its Directors, designated employees and other employees.

The Company also adopts the concept of Trading Window Closure, to prevent its Directors, Officers, designated employees and other employees from trading in the securities of the Company at the time when there is unpublished price sensitive information.

The Company has in place to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company. The Company's internal control systems are commensurate with the nature of its business and the size and complexity.

Your Company has adopt the policy for the preservation of Documents and Archival of Documents to ensure that all the necessary documents and records of the Company are adequately protected and preserved as per the Statutory requirements.

Your Company has adopted the policy of code of Conduct to maintain standard of business conduct and ensure compliance with legal requirements.

Your Company has adopt the determination of Materiality disclosure to ensure that the information disclosed by the Company is timely transparent and continuous.

The Company has always believed in providing a safe and harassment free workplace for every individual working in its premises through various interventions and practices. The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal), Act 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

During the year ended 31st March, 2023, company has given Loans, Guarantees and/or made any Investments covered under the provisions of Section 186 of the Companies Act, 2013. Detail description mentioned in to the Auditors report and Balance Sheet of the Company.

There have been no Material Commitments, affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the Financial Statement Related and the date of the report.

No such Orders have been passed by the Regulators/Court or Tribunals which can impact the going concern status and Company's operation in future.

No Employee of the Company draws remuneration in excess of limit prescribed under Section 197 read with Rule, 5 of The Companies Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure I".

As required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a detailed report on Corporate Governance is attached to this report as ANNEXURE IV. The certificate from auditor confirming compliance with the conditions of corporate governance is also attached to the Corporate Governance Report.

Management Discussion Analysis Report as required under Regulation 34(2)(e) of Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is part of this report annexed herewith as "Annexure II".

a) Conservation of energy:

Since the company does not carry on any manufacturing Activities, the provision regarding this disclosure is not Applicable

b) Technology absorption:

There is no specific area in which company has carried out any Research & Development. No technology has been imported as the company does not carry on any manufacturing activity

Pursuant to provisions of Section 139 of the Companies Act read with the Companies (Audit & Auditors) Rules, 2014, M/s V S S B & Associates, Chartered Accountants, appointed as Statutory Auditors of the Company. The Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Report given by M/s V S S B & Associates, Chartered Accountants for the Financial Year 2022-2023 forms part of the Annual Report. The Notes on Financial Statements referred to in the Auditors' Report are self-explanatory and do not call for any further comments. There are no audit qualifications, reservations or adverse remarks from the Statutory Auditors during the year under review.

Pursuant to provisions of section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s Dharti Patel, Practicing Company Secretaries, to undertake Secretarial Audit of the Company for the financial year ended on March 31, 2023. The Secretarial Audit Report is attached herewith as Annexure "III"

The explanations /comments made by the Board relating to the qualifications, reservations or adverse remarks made by the Secretarial Auditor are as follows:

Board Reply:- On appointment of requisite number of Independent Directors, constitution of the Committee was regularized w.e.f. 02^nd June 2022.

During the year company has not appointed Internal Auditor.

The Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit and Nomination and Remuneration Committee. A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment safeguarding the interest of the Company etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that they meet the criteria of independence laid down in the Companies Act, 2013 and Listing Regulations.

Your company made addition in the object clause during the financial year 2022-23, with the approval of shareholder in Extra Ordinary General Meeting held on December 12, 2022.

The Company is presently engaged in the business of shipping and logistic services. With an immaculate foundation in logistic, the Company has managed to expand its outreach and build a strong foundation with other industries. Our experience in dealing with agro cargo, has allowed us to build our own network and managed to diversify in an agro industry which may be conveniently and advantageously combined with existing business of shipping and logistic services.

The company has adopted a remuneration policy of directors and senior management personnel, detailing inter alia the procedure for director appointment and remuneration including the criteria for determining qualification.

The policy ensures that (a) the level and composition of remuneration is reasonable and sufficient to attract , retain, and motivate the directors of the quality require to run the company successfully ; (b) relationship of remuneration to the performance is clear and meets appropriate performance benchmarks; and (c) remuneration to directors and key managerial personnel and senior management involves a balance fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the company and its goal. The policy has been approved by the nomination and remuneration committee and the board. The remuneration policy document as approved by the board is uploaded on the company's website www.seacoastsltd.com.

Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134(3) of the Act read with Rule 8(3) of The Companies (Accounts) Rules, 2014 to the extent the transactions took place on those items during the year. There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Executives, Staff Members and Workers of the Company.

The Director concludes this Report by placing on record their gratitude to all shareholders, bankers and Govt. authorities for their continued support.

THE ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

1. A brief outline of the Company's CSR policy, including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs :

Seacoast Shipping Services Limited has always been at forefront of Voluntary CSR. The provisions of the Companies Act, 2013 have made it imperative to institutionalize the CSR activities. The objective of your Company's CSR policy is to lay down the guiding principles for proper functioning of CSR activities to attain sustainable development of the society around the area of operations of the Company. Your Company's social responsibility policy focuses on using the capabilities of business to improve lives and contribute to sustainable living, through contributions to local communities and society at large.

CSR Policy of the Company is available on the Company's website (weblink http://seacoastltd.com/wp-content/uploads/2023/02/Corporate-Social-Responsibility-Policy.pdf)

2. The Composition of the CSR Committee:

The Board of Directors of your Company has constituted the Corporate Social Responsibility Committee of Directors. CSR Committee is formed as per the applicable laws of the Companies Act, 2013 and the Committee is responsible for the implementation/monitoring and review of the policy and various projects/activities undertaken under the policy.

The Members of the CSR committee are:

a. Jaydeep Bakul Shah Chairperson Non Executive Independent Director b. Shivangi Gajjar Member - Non Executive Independent Director c. Viren Makwana Member - Non Executive Independent Director

3. Average Net Profit of the Company for last three financial years: INR 648.21 Lakhs calculated as per CSR Rules.

4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): INR 12.96 Lakhs

5. Details of CSR Spent during the financial year.

a. Total Amount to be spent for the financial year : INR 12.96 Lakhs b. Amount unspent, if any : Nil c. Manner in which amount spent during the financial year: Donation to Charitable Trust.

6. In case the Company has failed to spend the two per cent of the average net profit of the last three financial years or any part thereof, the company shall provide the reasons for not spending the amount in its Board's Report ; N.A.

7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the company.

The Company recognizes its obligations to act responsibly, ethically and with integrity in its dealings with employees, community, customers and the environment as a whole. We know that corporate responsibility is essential to our current and future success as a business. The Company believes it has the greatest opportunity to drive values through CSR initiatives in areas pertaining to Health, Education, Environmental sustainability, Rural development and has committed to improving the quality of life in communities in many years.

In the FY 2022-23, in compliance with its CSR Policy and objectives thereof, the company focused its activities through charitable trust to health care.The CSR Committee confirms that the implementation and monitoring of the CSR Policy, is in compliance with CSR objectives and Policy of the Company.

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY:

IV. SHAREHOLDING PATTERN (Equity Share capital Break up as % to total Equity)

# Percentage Calculated as per the Share capital as on beginning of the Financial Year.

*Percentage Calculated as per the Share Capital As on beginning of the Financial Year

Indebtedness of the Company including interest outstanding/accrued but not due for payment

*Mr. Apurvkur Patel resigned as on 04.04.2023 whereas ** Mr. Sushil R Sanjot resigned as on 14.04.2023. c. Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD:

* Mr. Pawansut Swami resigned as on 02.05.2023 from the post of company secretary.

XI. PENALTIES/PUNISHMENT/COMPPOUNDING OF OFFENCES = NIL

Place: Ahmedabad By Order of the Board Date: 05/09/2023 For, Seacoast Shipping Services Limited Sd/- Manishkumar R. Shah Chairman cum Managing Director DIN: 01936791