Around this time, last year I shared with you the planned progress of
your Company and I am happy to report that it is progressing well.
Our Sale Revenue |br the year improved by t35S2% white the Net Profit
increased by 60.32% over the previous year.This year your Company has
declared 25% as dividend on the enhanced Share Capital.
Your Company, through its wholly owned subsidiary set up in Mauritius
have signed a Contract with M/s. Shoft Engineers Pvt. Ltd. for
construction of one 275 Men DP2 Accommodation/ Crane Barge.The
construction of two work boats cum supply vessels by M/s. Alcock
Ashdown (Gujarat) Ltd. is progressing well, however there may be some
delay in their delivery due to delay in delivery of certain
equipments.The said vessels and Barge are likely to be delivered during
March 2008 and December 2008 respectively.
Your Company is also in the process of acquiring a 450 ton Kobelco 7450
Crane for an approximate cost of US$2.75 million for installation on
the construction barge. Until such time the barge is ready, the said
crane will be used in the ongoing turnkey jobs of the Company.
In view of the acute shortage of qualified divers,diving technicians
and ROV personnel not only in lndia,but worldwide your Company is in
discussion with Government of India and the Norwegian Government to set
up a state of the art Institute for research activities and promoting
the development of Underwater and Deepwater Technology in India.
In August 2006, your Company had acquired 100% stake in Procyon
Offshore Services Pvt. Ltd.This wholly owned subsidiary has done
reasonably well and expects to perform well in the coming years due to
increase in charter rates. Procyon has also plans to strengthen its
Your Company also plans to set up a Shipbuilding, Ship Repair cum
Fabrication Yard at Jafrabad, Gujarat.The Gujarat Maritime Board has
approved our proposal;formal communication is expected soon.
As you are aware that your Company had issued US$15 million Foreign
Currency Convertible Bonds (FCCBs) on December 22, 2005, we are pleased
to inform you that your Company has received a Conversion Notice from
the Bondholders, M/s.Clearwater Capital Partners for the conversion
3000 Bonds of US$1000/-each. Hence, your Company would be allotting
6,04,933 Equity Shares of Rs.10/-each at a premium of Rs.215/-pershare.
As you are also aware that your Company is presently operating from its
offices at Nariman Point,Bandra and Vashi(Navi Mumbai) and in order to
bring all the divisions under one roof and also to cater to the current
and future expansion, your Company will soon be shifting to its new
office at its leased premises at CBD, Belapur (Navi Mumbai).
Your Company has made steady progress towards filling the absence of an
Indian marine construction contractor. Once the new built vessels join
the Companys fleet, the Company will have completed the first phase in
its march towards this goal. Your Company will enter into strategic
alliances with overseas companies having offshore pipe laying and heavy
lift capability so that the combined resources of these alliances can
undertake the full range of offshore construction work.
I am happy to inform you that the Ex. CMD of Tata Consultancy Services
Ltd. and Founder of Indian Software Industry Dr. Faqir Chand Kohli has
joined the Board of your Company. This is yet another milestone towards
the induction of professionalism in the working of your Company.
I take this opportunity to convey my appreciation to our very committed
and loyal employees who have been responsible for the Companys growth.
It is due to their efforts that your Company has built up a reputation
of reliability, diligence and dependability.
Date : July 16,2007