THE MEMBERS,
 
 The Directors are pleased to present their report as under:
 
 FINANCIAL RESULTS:
 
                                                     (Rs. in Crores)
 
                                           Year ended      Year ended
 
                                       March 31, 2011  March 31, 2010
 
 Income from operations                        166.49          181.48
 
 Other Operating Income                          3.68               —
 
 Other Income                                    2.52            7.19
 
 Gross Income                                  172.69          188.67
 
 Expenses for the period                        74.37           80.40
 
 Operating Profit for the year                  98.32          108.27
 
 Interest & Finance charges                     24.56           30.89
 
 Profit Before Depreciation                     73.76           77.38
 
 Depreciation                                   34.33           34.09
 
 Profit Before Tax                              39.43           43.29
 
 Provision for Taxation
 
 - Current Tax                                   0.46            2.38
 
 Tax for earlier year written back              (1.09)          (0.08)
 
 Net Profit After Tax                           40.06           40.99
 
 Cash Profit                                    74.39           75.08
 
 FINANCIAL HIGHLIGHTS:
 
 Income from Operation (including other operating income) for the year
 ended on 31.03.2011 stood at Rs. 170.17 crores, as against Rs. 181.48
 crores for the previous year. The other Income for the year stood at
 Rs. 2.52 crores aggregating the total income to Rs. 172.69 crores. The
 reduced operational income was on account of sale of vessel,
 M.V.Everest in the last quarter of the previous year. Hence, there were
 no earnings from her for the entire year.
 
 The Net Profit for the year ended 31.03.2011 stood at Rs. 40.06 crores
 as against Rs. 40.99 crores for the previous year in spite of a
 reduction of operating income of approx. 5%.
 
 The Company continues its efforts to reduce its interest burden by
 replacing high cost debt with lower cost debt. As a result of this and
 the regular pay back of debt, interest and finance charges have reduced
 by approx. 20%.
 
 The Company continues to follow Accounting Standard 30 ''AS-30 Financial
 Instrument: (Recognition & Measurement)''.
 
 OPERATIONS:
 
 During the year under review, the Company sold its second hand Platform
 Supply Vessel ''M.V. Mana''. Further the Board of Directors have resolved
 to sell two of the Company''s AHTSVs., viz., ''M.V.Garware-l'' & ''M.V.
 Garware-V, in view of their age and since employment prospects for
 these vessels are reducing.
 
 The Company''s wholly owned subsidiary in The Netherlands took delivery
 of one Large Platform Supply Vessel, ''M.V.Beaucephalus'' in December,
 2010. The vessel has been awarded a contract for 4 year   4 year
 (option) in Brazil in May, 2011.
 
 The Company''s Platform Supply Vessel, ''M.V.Kailash'' has recently been
 awarded a 4 year contract by Petrobras (Brazil).  The vessel should
 commence contract in the latter part of August/early September, 2011,
 after the required modification as per needs of Petrobras and
 mobilization is completed.
 
 DIVIDEND:
 
 During the year under review, the Company has declared and paid three
 Interim Dividends aggregating to 19%.
 
 Your Directors, subject to the Shareholders'' approval, are pleased to
 recommend a final dividend of 5%, for the year under review. Thus, the
 total Dividend for the year under review is 24%, as against 23% for the
 previous year. The final dividend will be paid to the Shareholders,
 whose names appear on the Register of Members as on 27th September,
 2011.
 
 The total cash outflow on account of Dividend and Tax thereon
 (including Interim Dividends) amounts to Rs. 6.66 crores (previous year
 Rs. 6.40 crores).
 
 FUTURE OUTLOOK:
 
 Price of oil has increased and stabilized during the year under review.
 This has led to an increase in E & P activities (with oil at around 
 - 0) and the outlook appears bright on a global basis - in spite of
 economic problems in Europe & USA.
 
 Presently most of the Company''s new vessels (owned & Bareboat) are on
 long term contracts and we hope that those vessels come off contract in
 the next 12 months will be redeployed on long term jobs. The Company is
 actively looking to expanding its fleet in India as well as in The
 Netherlands subsidiary.
 
 CHANGE OF NAME OF THE COMPANY:
 
 Pursuant to the Shareholders approval and approval by the Registrar of
 Companies, Maharashtra, the Company''s name was changed from ''Garware
 Offshore Services Limited'' to ''Global Offshore Services Limited'' w.e.f.
 11.01.2011. However, duly signed and sealed fresh incorporation of
 Certificate upon change of name of the Company was received by the
 Company on 3,d March, 2011.
 
 WHOLLY OWNED SUBSIDIARIES (WOS):
 
 During the year under review, the Company established a Wholly Owned
 Subsidiary in The Netherlands, viz., Global Offshore Services B.V.,
 (GOSBV). GOSBV has taken delivery of ''M.V. Beaucephalus''. The vessel is
 presently working in Brazil with Petrobras, on a 4 year firm contract.
 Since the vessel commenced this contract only in June, 2011, its
 performance will only be reflected in the current year.
 
 The Company''s subsidiary, viz., Garware Offshore International Services
 Pte Ltd., (GOISPL) in Singapore made a loss during the year under
 review, in view of the fact that the Accommodation Work Barge remained
 unemployed for several months. However, in November, 2010, the Barge
 has gone on a 5 year contract with Singapore based charterers and is
 presently located in Nigeria.
 
 GOISPL added a Platform Supply Vessel on a Bare Boat basis to its
 fleet. This Platform Supply Vessel is presently working on a long term
 contract in the North Sea.
 
 The Accounts of the WOS based in Singapore and The Netherlands are
 prepared in accordance with the respective local regulations.
 
 In view of general exemption granted by Ministry of Corporate Affairs
 vide Circular No.51/12/2007-CL-lll dated 8.2.2011, the annual accounts
 of subsidiary companies and the related information required to be
 enclosed under the provisions of Section 212 of the Companies Act are
 not enclosed.
 
 The Company undertakes that such information shall be made available to
 the shareholders of the holding and subsidiary companies and shall also
 be kept for inspection at the Registered Office of the Company. The
 Company shall furnish free of cost hard copy of the same to any
 shareholder on demand.
 
 LISTING FEES TO STOCK EXCHANGES:
 
 The Company has paid the Listing Fees for the year 2011-12 to Bombay
 Stock Exchange Ltd. and The National Stock Exchange of India Ltd.
 
 RESPONSIBILITY STATEMENT:
 
 The Directors confirm:
 
 a) That in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed and that no material departures
 (save and except as stated in the Directors'' Report) have been made
 from the same.
 
 b) That they have selected such Accounting Policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the State of Affairs of
 the Company at the end of the year and the Profit of the Company for
 that year ended as on 31.03.2011.
 
 c) That they have taken proper and sufficient care for the maintenance
 of adequate accounting records in accordance with provision of the
 Companies Act, 1956, for safe-guarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 d) That they have prepared the Annual Accounts on a going concern
 basis.
 
 INSURANCE :
 
 All the Vessels owned and operated by the Company have been insured for
 Hull & Machinery, War Risks and Protection & Indemnity (P & I) claims.
 The vessels that transit through the Gulf of Suez and Malacca Straits
 are also insured for piracy, kidnapping and ransom. The crew on all the
 vessels are also covered under (P & I) insurance.
 
 FIXED DEPOSITS:
 
 During the year under review the Company has not accepted any deposits
 from the Public and Shareholders.
 
 DIRECTORATE:
 
 Mr. S.S.Aggarwal & Mr.J.C.Chopra, Directors of the Company retire by
 rotation and being eligible, offers themselves for re- appointment.
 Members are requested to re-elect them.
 
 Members are also requested to approve revision in the salary of Mr.
 A.B. Garware and Mr. A.A.Garware Directors.
 
 AUDITORS:
 
 You are requested to re-appoint Statutory Auditors, Messrs. Raman S.
 Shah & Associates, Chartered Accountants for the current year and to
 fix their remuneration.
 
 The Company has obtained a Certificate from Auditors certifying that
 their re-appointment, if made at the ensuing Annual General Meeting
 shall be within the limits prescribed under Section 224 (1-B) of the
 Companies Act, 1956.
 
 PERSONNEL:
 
 The relations with all Employees of the Company, both Shore and
 Floating Staff have been extremely cordial. Your Directors wish to
 express their appreciation of the services, rendered by the devoted
 Employees.
 
 PARTICULARS OF EMPLOYEES:
 
 Statement of Particulars of Employees as required by the Provisions of
 Section 217(2A) of The Companies Act, 1956 read with Companies
 (Particulars of Employees) Rules, 1975 as amended and forming part of
 the Directors'' Report is annexed here to as Annexure ''I''.
 
 DEMATERIALISATION OF SHARES:
 
 The Company''s shares continue to be traded in Electronic Form.
 
 CORPORATE GOVERNANCE:
 
 A separate report on Corporate Governance along with the Auditors''
 Certificate on its compliance is given in a separate Annexure.
 
 ACKNOWLEDGEMENT:
 
 The Board wish to thank the Office of Directorate General of Shipping,
 Mercantile Marine Department, Shipping Master, IRS, DNV, ABS, State
 Bank of India, DVB Bank, DnB Nor Bank, State Bank of Travancore, United
 Bank of India and INSA for their continued support and co-operation
 during the year.
 
                                               On Behalf of the Board
 
 Place : Mumbai                                         ASHOK GARWARE
 
 Date  : 30,th July, 2011                                    CHAIRMAN