The Company has acquired one High Bollard Pull Anchor Handling Towing and Supply (AHTS) Vessel viz M.V.Suvarna on 27th March, 2008.

During the year the Company has declared and paid two interim dividends each of Rs.1.50 per share on equity share of Rs.10.00 each aggregating to Rs.4,498.84 lakhs and paid dividend distribution tax of Rs.764.58 lakhs thereon. The Directors have recommended a final dividend of Rs 2.00 per equity share taking the total dividend on equity shares to Rs.5.00 per share (previous year Rs.4.50 per share). The total equity dividend for the year amounts to Rs. 7,498.99 lakhs (previous year Rs.6,049.58 lakhs) and dividend distribution tax thereon for the year amounts to Rs.1,274.46 lakhs (previous year Rs.912.05 lakhs)

Revised Accounting Standard 11 (AS 11) issued by Ministry of Corporate Affairs vide Notification dated 7th December 2006, has become a part of Company's Accounting Standard Rules 2006. This has been made applicable with effect from 1st April 2007. Accordingly, exchange differences arising out of repayment and revaluation of foreign currency loans taken for acquisition of ships from abroad are required to be recognised as income through Profit and Loss account statement in the period in which they arise. Until last year, differences in exchange rate on repayment and revaluation of such foreign currency loans were required to be adjusted to carrying cost of the ships and amortised by way of depreciation. This has resulted in increase in depreciation charge for the year ended 31st March, 2008 by Rs 902.34 lakhs.

The Company has not entered in any derivative transactions by way of currency and/or interest rate swap and there are no forward cover contracts outstanding as on 31st March, 2008.

In the opinion of the management, considering the wide fluctuations in US Dollar to Indian Rupee exchange rate parity which may prevail at the time of repayment of foreign currency loans taken for acquisition of ships, and as a matter of prudence and abundant caution, a provision of Rs 5,000 lakhs is made.

Consequent to the adoption of Accounting Standard 15 "Employee Benefits" AS-15 (Revised) issued by The Institute of Chartered Accountants of India, becoming effective from April 1, 2007, the Company has revised its accounting policy in respect of employee benefits. Additional liability for the period prior to 1st April, 2007 of Rs 28.82 lakhs has been adjusted against the General Reserve.

Provision for taxation is made taking into consideration special provisions relating to income of shipping companies as provided under chapter XII-G and other applicable provisions under the Income-tax Act, 1961.

There were 3 investor complaints pending as on 31st December, 2007. 38 investor complaints were received during the quarter and 37 complaints were disposed off during the quarter. Hence 4 complaints remained unresolved on 31st March, 2008.