(1) The name of the Company was changed from Garware Offshore Services
 Limited to Global Offshore Services Limited w.e.f. 11th January, 2011.
 
 (2) Contingent Liabilities :
 
 Particulars                                As on 31st 
                                           March, 2011     As on 31st 
                                                          March, 2010
 
                                         (In Rs. Lacs)  (In Rs. Lacs)
 
 Guarantees given by the Banks
 
 [Counter Guarantees given by the Company]    2,126.89      23,235.40
 
 TOTAL                                        2,126.89      23,235.40
 
 The Company has given a guarantee on behalf of its wholly owned
 subsidiary for the difference, if any, between the Bareboat Charter
 payable to the owner of one Accommodation barge and one Anchor Handling
 Tug-cum Supply Vessel, and the market value of the said assets. The
 company does not expect any liability on this account.
 
 The Company has given a guarantee on behalf of its Wholly Owned
 Subsidiary based in Singapore for USD 75 million in favour of Northern
 Star Shipping Pte. Ltd., for the bareboat charter of one Platform
 Supply Vessel. This guarantee covers the difference between market
 value and the charter obligations of the Company''s Wholly Owned
 Subsidiary.  The Company does not expect any liability whatsoever on
 this account.
 
 The Company has given a guarantee of USD 55 million to Axis Bank,
 Singapore on behalf of Wholly Owned Subsidiary based in Netherlands.
 This amount relates to the debt raised by the Company''s Wholly Owned
 Subsidiary in order to acquire the vessel, M.V.Beaucephalus. Since the
 market value of the vessel is substantially higher than the total debt
 outstanding and since the vessel is on long term contract with
 Petrobras, Brazil, the Company does not expect any liability whatsoever
 on this account.
 
 (3) Assets offered as securities to banks & financial institution :
 
 A) Term loans for acquisition of vessels
 
 (1) Outstanding loan of US$ 13.47 million from State Bank of India is
 secured by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 1.47 million.
 
 (2) Outstanding loan of US$ 14.06 million from State Bank of India is
 secured by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 1.52 million.
 
 (3) Outstanding loan of US$ 8.17 million from DVB Group Merchant Bank
 is secured by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 0.92 million.
 
 (4) Outstanding loan of US$ 7.71 million from DVB Group Merchant Bank
 is secured by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 0.83 million.
 
 (5) Outstanding loan of US$ 11.46 million from State Bank of India is
 secured by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 0.96 million.
 
 (6) Outstanding loan of US$ 16.39 million from DNB NOR Bank is secured
 by way of first charge of the vessel acquired.
 
 Amount repayable within a year US$ 1.64 million.
 
 B) Other Term Loans
 
 (1) Outstanding Corporate loan of US$ 1.69 million from State Bank of
 Travancore, is secured by way of second charge on one of the Company''s
 AHTSV.
 
 Amount repayable within a year US$ 0.93 million.
 
 (2) Outstanding Corporate loan of US$ 1.10 million from State Bank of
 Travancore, is secured by way of first charge on one of the Company''s
 AHTSV.
 
 Amount repayable within a year US$ 1.10 million.
 
 (3) Outstanding Corporate loan of US$ 3.87 million from State Bank of
 Travancore, is secured by way of extension of first charge on one of
 the Company''s AHTSV, extension of second charge on one of the Company''s
 AHTSV and extension of second charge on Office premises.
 
 Amount repayable within a year US$ 0.73 million.
 
 (4) Outstanding Corporate loan of US$ 2.22 million from State Bank of
 Travancore, is secured by way of extension of first charge on one of
 the Company''s AHTSV, extension of second charge on one of the Company''s
 AHTSV, extension of second charge on Office premises and exclusive
 charge on receivables from the operation of one of the Company''s AHTSV.
 
 Amount repayable within a year US$ 0.52 million.
 
 (5) Outstanding Corporate loan of US$ 0.38 million from United Bank of
 India, which is secured by way of receivables from the operation of one
 of the Company''s PSV and extension of charge on one of Company''s AHTSV.
 
 Amount repayable within a year US$ 0.38 million.
 
 (6) Outstanding Corporate loan of US$ 1.62 million from United Bank of
 India, which is secured by way of receivables from the operation of one
 of the Company''s PSV and extension of charge on one of Company''s AHTSV.
 
 Amount repayable within a year US$ 1.38 million.
 
 (7) Outstanding loan of Rs. 539.13 lacs from United Bank of India,
 which is secured by way of charge on the property / office premises
 acquired as also charge on one of the AHTSV of the Company.
 
 Amount repayable within a year Rs. 160.38 lacs.
 
 (8) Outstanding loan of Rs. 312.53 lacs from Ratnakar Bank, which is
 secured by way of charge on one of the AHTSV of the Company.
 
 Amount repayable within a year Rs. 125.00 lacs.
 
 C) Car Finance Loans
 
 Car ioans availed by the Company from ICICI Bank are secured against
 respective motor cars against which the finances are availed.
 
 Amount repayable within a year Rs. 9.03 lacs.
 
 D) Working Capital Facilities
 
 (!) Working Capital Facility from United Bank of India is secured by
 hypothecation of Book Debts and Tangible Assets such as stocks, stores
 and spares on board the vessel as also against collateral security by
 way of first mortgage on one AHTSV of the Company. Part of this
 facility is now denominated in US$.
 
 (2) Working Capital Facility from State Bank of Travancore is secured
 by pari passu first charge on all current assets including stores &
 spares, fuel, oil and book debts ( Excluding receivables from two of
 the Company''s PSV). Part of this facility is now denominated in US$.
 
 (C) Other Long Term Benefits
 
 The charge recognised in the Profit & Loss Account for Leave Encashment
 for the year is Rs. 7.86 Lacs ( Previous Year 12.81 Lacs) and the
 closing liability is Rs. 24.78 Lacs ( Previous Year Rs. 24.87 Lacs )
 
 (5) Current Liabilities :
 
 As per the information available with the Company, there are no Micro
 and Medium Enterprises, as defined in the Micro small, Medium
 Enterprise 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.
 
 (6) Amount Due from wholly owned subsidiaries :
 
 Garware Offshore International Services Pte. Ltd.
 
 Sundry Debtors - Rs. 106.34 Lacs, (previous year Rs. 1,116.88 Lacs.)
 
 Advances - Rs. 0.44 lacs (Previous year Rs. 0.45 lacs )
 
 Global Offshore Services B. V.
 
 Sundry Debtors - Rs. 6.21 Lacs (Previous year Nil )
 
 (7) Garware Nylons Limited has been ordered to be wound up by the
 Bombay High Court and Bombay High Court has appointed Official
 Liquidator on 18th December, 1998. No provision for diminution in the
 value of investment of 35,050 equity shares valued at Rs.6.01 lacs has
 been made in the books.
 
 (12) Related Party Disclosure :
 
 a) List of Related Parties :
 
 Subsidiary Companies
 
 Garware Offshore International Services Pte. Ltd, Singapore
 
 Global Offshore Services B.V.,Netherlands
 
 Other related parties with whom transactions have taken place during
 the year,
 
 Key Management Personnel
 
 Ashok B. Garware - Executive Chairman
 
 Aditya A. Garware - Vice Chairman and Managing Director
 
 (13) The previous year figures have been regrouped whenever necessary
 to confirm to current years classification.
 
 (14) Segment Reporting :
 
 The Company is engaged in only one type of business i.e. charter of
 offshore support vessels and there are no separate reportable segment
 as per Accounting Standards AS-17 Segment Reporting.