1. The above unaudited financial results for the quarter ended March 31, 2009 were taken on record at the Board meeting of the Company held on April 29, 2009.

2. The Board of Directors has declared second interim dividend @ 7% for the FY 2008-09. The total interim dividend declared for the FY 2008-09 is 13%.

3. During the quarter under review, the Company has taken the delivery of its new Platform Supply Vessel (PSV) M V Makalu on March 06, 2009.

The Company has also taken delivery of its new Anchor Handling Tug cum Supply Vessel (AHTSV) M V Mahananda on March 23, 2009.

4. The Company has borrowings and revenue streams in foreign currency, which provides an inherent hedge against exchange rate fluctuations. The Company follows AS 30 - Financial Instruments; Recognition and Measurement.

As a result, the net unrealized exchange difference on foreign currency borrowings aggregating to Rs 1,934.37 lacs and Rs 8,178.05 lacs for the current quarter and the twelve months ended on March 31, 2009, respectively has been recognized directly in Hedge Reserve. The charge on account of exchange difference is lower by Rs 1,934.37 lacs and Rs 8,178.05 lacs for the current quarter and twelve months ended March 31, 2009, respectively. Consequently, the previous period and previous year figures are not comparable.

5. The Company does not have any foreign exchange derivatives exposure.

6. The Company is engaged in only one type of business i.e. charter of offshore support vessels. Hence there are no separate reportable segments as per Accounting Standard 17.

7. The figures for the corresponding quarter of the previous year are regrouped / reclassified wherever necessary to make them comparable with that of the quarter under review.

Aditya A Garware
Vice Chairman & Managing Director