(a) Change in accounting policy
 
 Presentation and disclosure of financial statements
 
 During the year ended 31 March 2012, the revised Schedule VI notified
 under the Companies Act 1956, has become applicable to the company, for
 preparation and presentation of its financial statements. Except
 accounting for dividend on investments in subsidiary companies (see
 below), the adoption of revised Schedule VI does not impact recognition
 and measurement principles followed for preparation of financial
 statements. However, it has significant impact on presentation and
 disclosures made in the financial statements. The company has also
 reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 
 Dividend on investment in subsidiary companies
 
 Till the year ended 31 March 2011, the company, in accordance with the
 pre-revised Schedule VI requirement, was recognizing dividend declared
 by subsidiary companies after the reporting date in the current year''s
 statement of profit and loss if such dividend pertained to the period
 ending on or before the reporting date. The revised Schedule VI,
 applicable for financial years commencing on or after 1 April 2011,
 does not contain this requirement. Hence, to comply with AS 9 Revenue
 Recognition, the company has changed its accounting policy for
 recognition of dividend income from subsidiary companies. In accordance
 with the revised policy, the company recognizes dividend as income only
 when the right to receive the same is established by the reporting
 date.
 
 (b) Use of Estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 period.  Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 (c) Tangible Fixed Assets
 
 Fixed assets are stated at cost, net of accumulated depreciation and
 impairment losses if any. Cost comprises the purchase price and any
 attributable cost of bringing the asset to its working condition for
 its intended use. Gains or losses arising from derecognition of fixed
 assets are measured as the difference between the net disposal proceeds
 and the carrying amount of the asset and are recognized in the
 statement of profit and loss when the asset is derecognized.
 
 Assets held for disposal are stated at lower of their net book value or
 net realisable value and are shown separately in financial statements.
 
 (d) Depreciation on tangible fixed assets
 
 Depreciation is provided using the Straight Line Method as per the
 useful lives of the assets estimated by the management, which is higher
 than at the rates prescribed under schedule XIV of the Companies Act,
 1956.
 
 Machinery/ insurance spares are depreciated over the balance useful
 life of the respective asset or the mother vessel, whichever is lower.
 Fixed assets individually costing less than Rs. 5 thousand are fully
 depreciated in the year of purchase.
 
 (e) Intangible assets
 
 Computer software is capitalised and amortised on a straight-line basis
 over its useful life, which is estimated as five years.
 
 (f) Impairment of tangible and intangible assets
 
 The carrying amounts of all assets are reviewed at each balance sheet
 date, if there is any indication of impairment based on internal /
 external factors, whether they are recorded in excess of their
 recoverable amounts, and where carrying values exceed this estimated
 recoverable amount, assets are written down to their recoverable
 amount. The recoverable amount is the greater of the asset''s net
 selling price and value in use. In assessing value in use, the
 estimated future cash flows are discounted to their present value using
 a pre-tax discount rate that reflects current market assessments of the
 time value of money and the risks specific to the asset. In determining
 net selling price, recent market transactions are taken into account,
 if available. If no such transactions can be identified, an appropriate
 valuation model is used.
 
 (g) Investments
 
 Investments which are readily realisable and intended to be held for
 not more than a year are classified as current investments. All other
 investments are classified as long-term investments. Current
 investments are carried at lower of cost and fair value determined on
 an individual investment basis. Long-term investments are carried at
 cost. However, provision for diminution in value is made to recognise a
 decline other than temporary in the value of the investments.
 
 (h) Inventories
 
 Inventories consist of stores and consumables for use in running of
 fleets. These are valued at lower of cost and net realizable value.
 Cost is determined on weighted average basis. Inventory items
 individually costing less than Rs 5 thousand are charged to consumption.
 
 (i) Cash and cash equivalents
 
 Cash and cash equivalents in cash flow statement comprise cash in hand
 and at bank in current and foreign currency accounts. Term deposits
 having maturity of three months or less are considered as cash
 equivalents.
 
 (j) Retirement and other employee benefits
 
 i.  Retirement benefits in the form of Provident Fund are a defined
 contribution scheme and the contributions are charged to the Statement
 of Profit and Loss for the year when the contributions to the
 respective funds are due.  There are no other obligations other than
 the contribution payable to the respective fund.
 
 ii.  Contribution to Superannuation Fund, a defined contribution
 scheme, is made to the Life Insurance Corporation of India, as per the
 arrangement with them, and the contributions are charged to the
 Statement of Profit and Loss for the year when the contributions to the
 respective funds are due.
 
 iii. Gratuity, a defined benefit scheme is covered by a Group Gratuity
 cum Life Assurance Policy with Life Insurance Corporation of India
 (LIC). Annual contribution to the fund as determined by LIC is
 expensed in the year of contribution. The shortfall between the
 accumulated funds available with LIC and liability as determined on the
 basis of an actuarial valuation is provided for as at the year-end. The
 actuarial valuation is done as per projected unit credit method.
 Actuarial gains/losses are immediately taken to statement of profit and
 loss as per projected unit credit method and are not deferred.
 
 iv.  Short term compensated absences are provided for based on
 estimates.
 
 v.  The company treats accumulated leave expected to be carried forward
 beyond twelve months, as long-term employee benefit for measurement
 purposes. Such long-term compensated absences are provided for based on
 the actuarial valuation using the projected unit credit method at the
 year-end. Actuarial gains/losses are immediately taken to the statement
 of profit and loss and are not deferred.
 
 (k) Foreign Currency transactions
 
 i.  Initial recognition
 
 Foreign currency transactions are recorded in the reporting currency by
 applying, to the foreign currency amount, the exchange rate between the
 reporting currency and the foreign currency at the date of the
 transaction.
 
 ii.  Conversion
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction.
 
 iii. Exchange differences
 
 Exchange differences arising on the settlement of monetary items at
 rates different from those at which they were initially recorded during
 the period, or reported in previous financial statements, are
 recognised as income or as expenses in the period in which they arise.
 
 iv.  Forward Exchange Contracts not intended for trading or speculation
 purposes
 
 The premium or discount arising at the inception of forward exchange
 contracts is amortised as expense or income over the life of the
 contract. Exchange differences on such contracts are recognised in the
 statement of profit and loss in the period in which the exchange rates
 change. Any profit or loss arising on cancellation or renewal of
 forward exchange contract is recognised as income or as expense for the
 period.
 
 (l) Income Tax
 
 Tax expense comprises of Current Tax. Current Income tax liability on
 shipping income is determined based on the net tonnage of each of its
 vessels, in accordance with section 115VT of the Income Tax Act, 1961.
 Income other than shipping income is taxed in accordance with the other
 provisions of the Income Tax Act, 1961. Further, with the applicability
 of above section, there is no timing difference between taxable and
 book profit. Therefore, there is no deferred tax.
 
 (m) Revenue Recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 i.  Charter hire income
 
 Charter hire income comprises income from charter hire of multi-support
 vessels and income from supply of marine and diving crew and services.
 Charter hire revenues are recognised at contracted rates over the
 charter period.  Revenues from supply of crew and services are
 classified as other operating revenue and recognised on rendering of
 the service, based on day rate charges as per the terms of the
 agreements.
 
 ii.  Interest
 
 Revenue is recognized on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 iii. Claims
 
 Claims are accounted when it is reasonably certain that the ultimate
 collections will be received.
 
 iv.  Rental income
 
 Rental income is accrued on time basis, by reference to agreements
 entered.
 
 (n) Operating lease
 
 Leases where the leaser effectively retains substantially all the risks
 and benefits of the ownership of the lease term, are classified as
 operating leases. Operating lease payments are recognised as an expense
 in the Profit and Loss Account on a straight line basis over the lease
 term.
 
 (o) Provisions
 
 A provision is recognised when the Company has a present obligation as
 a result of past event and it is probable that an outflow of resources
 embodying economic benefits, will be required to settle the obligation,
 in respect of which a reliable estimate can be made. Provisions are not
 discounted to its present value and are determined based on best
 estimate required to settle the obligation at the balance sheet date.
 These are reviewed at each balance sheet date and adjusted to reflect
 the current best estimates.
 
 (p) Segment Reporting
 
 i.  Primary Business Segments
 
 The Company is primarily engaged in a single segment business of
 providing support services including marine, construction and diving
 services to offshore oilfields in India and abroad, and accordingly,
 this is the only primary reportable segment.
 
 ii.  Secondary Geographical Segments
 
 Secondary segmental reporting is based on geographical location of the
 client. The geographical segment has been disclosed based on revenues
 within India and revenues outside India.
 
 (q) Earnings per Share
 
 Basic earnings per share are calculated by dividing the net profit for
 the period attributable to equity shareholders by the weighted average
 number of equity shares outstanding during the period. For the purpose
 of calculating diluted earnings per share, the net profit for the
 period attributable to equity shareholders and the weighted average
 number of shares outstanding during the period are adjusted for the
 effects of diluted potential equity shares, if any. The Company does
 not have any diluted equity shares as at the period end.
 
 (r) Contingent liabilities
 
 A contingent liability is a possible obligation that arises from past
 events whose existence will be confirmed by the occurrence or
 non-occurrence of one or more uncertain future events beyond the
 control of the company or a present obligation that is not recognized
 because it is not probable that an outflow of resources will be
 required to settle the obligation. A contingent liability also arises
 in extremely rare cases where there is a liability that cannot be
 recognized because it cannot be measured reliably. The company does not
 recognize a contingent liability but discloses its existence in the
 financial statements.
 
 (b) Terms/rights attached to equity shares
 
 The company has only one class of equity shares having par value of Rs 10
 per share. Each holder of equity shares is entitled to one vote per
 share. The company declares and pays dividends in Indian rupees. The
 dividend proposed by the Board of Directors is subject to the approval
 of the shareholders in the ensuing
 
 General Meeting.
 
 In the event of liquidation of the company, the holders of equity
 shares will be entitled to receive remaining assets of the company,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 shareholders.