1. These results reviewed by the Audit committee; were taken on record by the Board of Directors at its meeting held on May 19, 2009. 2. The Company has opted for accounting the exchange differences arising on long term foreign currency monetary items in line with the notification of Ministry of Company Affairs on Accounting Standard AS 11 dtd March 31, 2009, consequently: a) Losses arising from the effect of changes in foreign exchange rates on foreign currency loans relating to acquisition of depreciable capital assets, amounting to Rs. 21,832.90 Lacs for the year ended March 31, 2009, are added to the cost of such assets. Consequent to the change, the depreciation for the year is higher by Rs 832.28 Lacs and the profit for the year and reserves are higher by Rs. 20,398.66 Lacs. The corresponding foreign exchange gains of Rs. 4,991.38 Lacs (net of depreciation of Rs 295.37 Laos) for the year ended March 31, 2008, have been reversed from the General Reserve and deducted from the cost of such assets. b) Losses arising from the effect of change in foreign exchange rates on foreign currency loan not relating to acquisition of depreciable capital assets amounting to Rs 144.12 Lacs for FY 2008-09 and gain of Rs 90.97 Lacs for the 2007-08, are transferred to Foreign Currency Monetary item Translation Difference Account. Rs 81.95 Lacs has been amortised during the year. 3 Out of the total outstanding loans given to subsidiaries amounting to USD 115.08 mio, Company has considered loans of USD 84.8 mio as long term loans. Gains of Rs. 6571.15 lacs on restatement of these foreign currency long term loans, given to non integral foreign operations is, following applicable provisions of AS 11, accumulated in foreign currency fluctuation reserve in Reserves and Surplus. On disposal of the Investment, the corresponding balance in the said reserve will be transferred to profit and loss account. Due to this, the profits for the year are understated by the said amount. 4 During the quarter: a) The Company took delivery of its new built 350 ft jack up-rig through its wholly owned subsidiary in Singapore on March 11, 2009 which was deployed Immediately. The full year effect of operations of Rig will reflect from current year. b) A Singapore based fellow subsidiary of the Company contracted to acquire a panamax vessel of 73625 DWT delivery of which is scheduled by the end of May 2009. Though presently the vessel is on time charter with the Company; the same will add to owned tonnage of the group. c) One of the subsidiaries of the Company, Mercator Petroleum Pvt Ltd signed an agreement for exploration of two oil blocks in Cambay basin in Western India. 5. The Board of Directors has recommended a dividend of Re. 0.50 ( 50%) per equity share of Re.1 each fully paid up for the year ended March 31, 2009. 6. There is no reportable segment pursuant to Accounting Standard-17 Segment reporting as notified by Companies (Accounting Standards) Rules 2006. 7. Figures of the previous period / year have been rearranged / regrouped wherever necessary. A J Agarwal Managing Director