1. The above result have been reviewed by the Audit Committee and have been adopted by the Board at its meeting held on May 14,2009. The Board has recommend, a dividend of Rs.3.00 per equity share of Rs.10.00 each. This will result in an outflow of Rs 286.95 lacs towards dividend and Rs.48.77 lacs towards tax on dividend.

2. The Board of Directors have also recommended issue of bonus shares in the proportion of 2 new equity share for every 5 equity shares held on a record data to be determined by the Board of Directors.

3. Other expenditure includes bad debts written off of Rs 13,06.75 lacs during the fourth quarter (Q4 2008- Rs. 3,84.02 lacs) and Rs 39,64.42 lacs (2008 - Rs 593.63 lacs) for the year ended March 31, 2009.

4. Earnings per share for the previous period has been recast as per provisions of Accounting Standard 20.

5. As the Company has only one business segment, namely Offshore Services, the segment reporting requirement is not applicable.

6. Prior period figures have been reclassified as necessary for comparative purpose only.

Rear Admiral Kirpal Singh
Executive Chairman