(a) Accounting Convention :
 
 The financial statements are prepared under the historical cost
 convention, in accordance with Generally Accepted Accounting Principles
 in India, the Accounting Standards notifed by the Companies (Accounting
 Standards) Rules, 2006 and the provisions of the Companies Act, 1956
 
 (b) Use of Estimates:
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles requires the management to make
 estimates and assumptions that affect the reported balances of assets
 and liabilities as of the date of the financial statements and reported
 amounts of income and expenses during the period. Management believes
 that the estimates used in the preparation of financial statements are
 prudent and reasonable. Actual results could differ from the estimates.
 
 (c) Fixed Assets :
 
 Fixed assets are stated at cost less accumulated depreciation. Cost
 includes expenses related to acquisition and financing costs on
 borrowings during construction period. Exchange differences on
 repayment are recognised in the Profit and Loss Account and year end
 translation of foreign currency liabilities relating to acquisition of
 assets are recognized in the Hedge Reserve.
 
 (d) Investments :
 
 i.  Investments are classifed into long-term and current investments.
 
 ii.  Long-term investments are carried at cost. Provision for
 diminution, if any, in the value of each long-term investment is made
 to recognise a decline, other than of a temporary nature.
 
 iii.  Current investments are stated at lower of cost and fair value
 and the resultant decline, if any, is charged to revenue.
 
 (e) Inventories :
 
 i.  Inventories of fuel oil are valued at cost on first in first out
 basis.  ii.  Inventories of spares, stores & consumables on board the
 vessels are valued at weighted average cost method.
 
 (f) Borrowing cost:
 
 Borrowing costs that are directly attributable to the acquisition /
 construction of the qualifying fixed assets are capitalized as a part of
 the respective asset, upto the date of acquisition / completion of
 construction.
 
 (g) Revenue recognition:
 
 Charter hire earnings are recognized on accrual basis.
 
 Revenue from long term turnkey offshore projects is recognized on the
 percentage of completion basis, based on costs incurred and the
 expected costs to completion.
 
 (h) Operating expenses:
 
 Operating expenses and standing charges are charged to revenue on
 accrual basis.
 
 (i) Employee benefits:
 
 (i) Short-term Employee benefits:
 
 All employee benefits payable wholly within twelve months of rendering
 the service are classifed as short term employee benefits. Benefits such
 as salaries, performance incentives, etc. are recognized as an expense
 at the undiscounted amount in the Profit and Loss Account of the year in
 which the employee renders the related service.
 
 (ii) Post Employment Benefits:
 
 Defined Contribution Plan
 
 Retirement benefits in the Provident Fund, Family Pension Fund and
 Superannuation Scheme, which are defined contribution schemes, are
 charged to the Profit and Loss account of the year when the
 contributions accrue.
 
 Defined Benefit Plan
 
 The liability for Gratuity, a defined benefit obligation, is accrued and
 provided for on the basis of actuarial valuation as at the Balance
 Sheet date.
 
 Other Long Term Benefits
 
 Long term compensated absences & Pension benefits are provided on the
 basis of an actuarial valuation as at the Balance Sheet date. Actuarial
 gains and losses comprising of experience adjustments and the effects
 of changes in actuarial assumptions are recognized in the Profit and
 Loss account for the year as income or expense.
 
 (j) Depreciation:
 
 (i) fileet :
 
 Depreciation on new built vessels is provided on the straight line
 method at the rates prescribed in Schedule XIV to the Companies Act,
 1956. In case of second hand acquisitions, depreciation is provided on
 the straight line method, so as to write off the cost over the
 estimated useful life, as technically evaluated by the management /
 consultants at the time of acquisition (20 to 27 years), or at the
 rates prescribed in Schedule XIV to the Companies Act, 1956, whichever
 is higher.
 
 (ii) Rigs :
 
 Rigs are depreciated on the straight line method so as to write off the
 original cost over the estimated useful life of 7/10 years.
 
 (iii) Barge :
 
 The Barge is depreciated on the straight line method so as to write off
 the original cost over the estimated useful life of 7/10 years.
 
 (iv) Properties :
 
 filats and Office premises are depreciated on the written down value
 method, at the rates prescribed in Schedule XIV to the Companies Act,
 1956.
 
 (v) Other Assets :
 
 On the straight line method so as to write off the original cost of the
 asset over the estimated useful life as under:
 
 Computers - 3 years
 
 Vehicles - 4 years
 
 Furniture & Fixtures,
 
 Office Equipment, etc - 5 years
 
 (k) Asset Impairment:
 
 The carrying amounts of the Company''s tangible and intangible assets
 are reviewed at each balance sheet date to determine whether there is
 any indication of impairment. If any such indication exists, the
 asset''s recoverable amounts are estimated in order to determine the
 extent of impairment loss, if any. An impairment loss is recognized
 whenever the carrying amounts of an asset exceed its recovered amount.
 The impairment loss, if any, is recognized in the statement of Profit
 and Loss in the period in which impairment take place.
 
 Where an impairment loss subsequently reverses, the carrying amount of
 the assets is increased to the revised estimate of its recoverable
 amount, however subject to the increased carrying amount not exceeding
 the carrying amount that would have been determined (net of
 amortization of depreciation) had no impairment loss been recognized
 for the asset in prior accounting period.
 
 (l) Foreign Exchange Transactions:
 
 (i) Transactions in foreign currency are recorded at standard exchange
 rates determined monthly. Monetary assets and liabilities other than
 foreign currency borrowings denominated in foreign currency, remaining
 unsettled at the period end are translated at closing rates. The
 difference in translation of these monetary assets and liabilities and
 realised gains and losses on foreign currency transactions is
 recognised in the Profit and Loss Account.
 
 (ii) The Company designates borrowing in foreign currency as hedge
 instrument to hedge its foreign currency risk of its firm commitment and
 highly probable or forecasted revenue transaction to be accounted as
 cash fow hedge. The unrealized exchange gains or losses on transaction
 foreign currency borrowing which qualify as effective hedge are
 recognized in the Hedge Reserve Account.
 
 (iii) Forward exchange contracts, other than those entered into to
 hedge foreign currency risk of firm commitments or highly probable
 forecast transactions, are translated at period end exchange rates.
 Premium or discount on such forward exchange contracts is amortised as
 income or expenses over the life of the contracts.
 
 (iv) Exchange differences in respect of forward exchange contracts
 entered into by the Company to hedge foreign currency risk of firm
 commitments or highly probable forecast transactions are accounted for
 on settlement.
 
 (v) Realised gain or losses on cancellation of forward exchange
 contracts are recognised in the Profit and Loss Account of the period in
 which they are cancelled.
 
 (vi) Foreign currency derivative contracts which are embedded in the
 loan agreements and form an integral part of the agreement are
 translated at closing rates and the resultant gains or losses are
 recognized in the Profit and Loss account along with the revaluation
 gains or losses of the hedged loans. The unrealised gains or losses
 arising on revaluation of other foreign currency swaps and options are
 carried forward under Loans and Advances or Other Liabilities until
 settlement in line with the underlying hedged assets / liabilities.
 
 (m) Special Survey Expenses:
 
 The Company capitalises expenses incurred at the time of five yearly
 special surveys and / or life enhancement programmes by which class
 certificates / operating licences are renewed.
 
 (n) Provision for Taxation:
 
 Tax expense comprises of current, deferred tax and fringe benefit tax.
 
 (i) Provision for current income-tax and fringe benefit tax is made on
 the basis of the assessable income under the Income- tax Act, 1961.
 Income from shipping activities is assessed on the basis of deemed
 tonnage income of the Company.
 
 (ii) Deferred income-tax is recognised on timing differences, between
 taxable income and accounting income which originate in one period and
 are capable of reversal in one or more subsequent periods only in
 respect of the non- shipping activities of the Company. The tax effect
 is calculated on the accumulated timing differences at the year end
 based on tax rates and laws, enacted or substantially enacted as of the
 balance sheet date.
 
 (o) Provisions and Contingent Liabilities:
 
 Provisions are recognised in the accounts in respect of present
 probable obligations, the amount of which can be reliably estimated.
 
 Contingent Liabilities are disclosed in respect of possible obligations
 that arise from past events but their existence is confirmed by the
 occurrence or non occurrence of one or more uncertain future events not
 wholly within the control of the Company.
 
 (p) Segment Reporting:
 
 The Company is mainly engaged in offshore business and there are no
 separate reportable segments as per Accounting Standard (AS) 17.