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Notes to Accounts of Global Offshore Services Ltd.

Mar 31, 2014

A. Contingent Liabilities :

Particulars 31st March, 2014 31st March, 2013 Rs. In Lacs Rs. In Lacs

Guarantees given by the Banks 1,227.89 18,290.68 ( Counter Guarantees given by the Company)

Total 1,227.89 18,290.68

The Company has given Guarantees to Banks on behalf of its Subsidiary for outstanding installments of loans.

The Company has given Guarantees to Vessel Owners against the Bare Boat Charter of vessels by its subsidiary - the financial effect of which can not be determined/estimated.

B. Segment Reporting :

The Company is engaged in only one type of business i.e. charter of offshore support vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".

C. Garware Nylons Limited has been ordered to be wound up by the Bombay High Court and Bombay High Court has appointed Offi cial Liquidator on 18th December, 1998. During the year the value of investment of 35,050 equity shares valued at Rs.6.01 lacs has been written off in the books.

D. Previous year''s figures have been regrouped / reclassified, to correspond with the current year''s classifi cation / disclosure.


Mar 31, 2013

A) Other Long Term Benefi ts

The charge recognised in the Profi t & Loss Account for Leave Encashment for the year is Rs. 6.83 Lacs ( Previous Year 133.74 Lacs) and the closing liability is Rs. 16.77 Lacs ( Previous Year Rs. 30.71 Lacs )

B. Contingent Liabilities :

Particulars

For the Year Ended For the Year Ended 31st March, 2013 31st March, 2012 Rs. In Lacs Rs. In Lacs

Guarantees given by the Banks 18,290.68 2,006.41 (Counter Guarantees given by the Company)

Total 18,290.68 2,006.41

The Company has given Guarantees to Banks on behalf of its Subsidiary for outstanding installments of loa The Company has given Guarantees to Vessel Owners against the Bare Boat Charter of vessels by its subsidiary - the fi nancial effect of which cannot be determined/estimated.

C. Segment Reporting :

The Company is engaged in only one type of business i.e. charter of offshore support vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".

D. Garware Nylons Limited has been ordered to be wound up by the Bombay High Court and Bombay High Court has appointed Offi cial Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 35,050 equity shares valued at Rs.6.01 lacs has been made in the books.

E. Previous year''s fi gures have been regrouped / reclassifi ed, to correspond with the current year''s.


Mar 31, 2012

Note No. 1 :

Share application money pending allotment

The Company had issued and allotted on a preferential basis 4,69,700 share warrants of Rs. 10/- each at issue price of Rs. 121/- per warrant (Including premium of Rs, 111/-). The same are to be converted into equity shares within 18 months from the date of allotment and have lock-in period of 3 years. Out of these 2,28,000 fully paid share warrants were converted into equity shares as per the terms of the issue. The Company has received Rs. 150.09 lacs against the issue price of Rs. 121/- in respect of balance 2,41,700 share warrants.

2.1 Term loans for acquisition of vessels

Six term loans are secured by way of first charge on the respective vessels (3 AHTSVs and 3 PSVs).

2.2 Other Term Loans

1. Foreign Currency Loans :

a. One Corporate term loan from a bank is secured by way of second charge on one vessel (AHTSV) of the Company.

b. Two Corporate term loans from a bank are secured by way of receivables from the operations of two vessels (PSV) of the Company respectively and extension of first charge on Company's office premises.

c. One Corporate term loan from a bank is secured by way of extention of second charge of one vessel (AHTSV) of the Company and second charge on Company's office premises.

2. Rupee Loans :

a. One Corporate Rupee term loan from a bank is secured by way of first charge on one vessel (AHTSV) of the Company.

b. One term loan from a bank for acquisition of office premises is secured by way of first charge of the said premises.

c. Overall limit from a bank is secured by way of extention of first charge on office premises.

2.3 Car Finance Loans

Car loans availed by the Company from banks are secured against respective motor cars against which the finances are availed.

3.1 Working Capital Facility from United Bank of India is secured by hypothecation of Book Debts and Tangible Assets such as stocks, stores and spares on board the vessel as also against collateral security by way of first mortgage on one AHTSV of the Company and extension of first charge on office premises.

3.2 Working Capital Facility from State Bank of Travancore is secured by pari passu first charge on all current assets including stores, spares and book debts ( excluding receivables from two of the Company's PSV).

4.1 As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro, small, Medium Enterprise Development Act, 2006 to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

A. Related Party Disclosure

a) Subsidiary Companies

Garware Offshore International Services Pte. Ltd., Singapore ( Wholly Owned Subsidiary) Global Offshore Services B.V.,Netherlands ( Wholly Owned Subsidiary)

Other related parties with whom transactions have taken place during the year.

Key Management Personnel

Ashok B. Garware - Executive Chairman

Aditya A. Garware - Vice Chairman and Managing Director

(B) Other Long Term Benefits

The charge recognised in the Profit & Loss Account for Leave Encashment for the year is Rs. 133.74 Lacs ( Previous Year 7.86 Lacs) and the closing liability is Rs. 30.71 Lacs ( Previous Year Rs. 24.78 Lacs )

C. Contingent Liabilities :

31st March, 2012 31st March, 2011 Rs. In Lacs Rs. In Lacs

Guarantees given by the Banks 2,006.41 2,126.89 (Counter Guarantees given by the Company)

Total 2,006.41 2,126.89

The Company has given a guarantee on behalf of its wholly owned subsidiary for the difference, if any, between the Bareboat Charter payable to the owner of one Accommodation barge and one Anchor Handling T ug-cum Supply Vessel and the market value of the said assets. In view of the fact that the Accommodation barge is on long term contract, the Company expects no liability on this account. With regard to the Anchor Handling Tug-cum Supply Vessel, the same has now been acquired by Company's subsidiary in the Netherlands. Therefore the guarantee is no longer valid.

The Company has given a guarantee on behalf of its Wholly Owned Subsidiary based in Singapore for USD 35 million in favour of Northern Star Shipping Pte. Ltd., for the bareboat charter of one Platform Supply Vessel. This guarantee covers the difference between market value and the charter obligations of the Company's Wholly Owned Subsidiary. In view of the fact that the vessel is on long term contract and it's market value is substantially higher than the Bareboat charter exposure, the Company does not expect any liability whatsoever on this account.

The Company has given a guarantee of USD 55 million to Axis Bank, Singapore on behalf of Wholly Owned Subsidiary based in Netherlands. This amount relates to the debt raised by the Company's Wholly Owned Subsidiary in order to acquire the vessel, M.V.Beaucephalus. Since the market value of the vessel is substantially higher than the total debt outstanding and since the vessel is on long term contract with Petrobras, the Company does not expect any liability whatsoever on this account.

D. Segment Reporting :

The Company is engaged in only one type of business i.e. charter of offshore support vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".

E. Garware Nylons Limited has been ordered to be wound up by the Bombay High Court and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 35,050 equity shares valued at Rs.6.01 lacs has been made in the books.

F. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statement. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have accordingly been regrouped / reclassified, to correspond with the current year's classification / disclosure.


Mar 31, 2011

(1) The name of the Company was changed from Garware Offshore Services Limited to Global Offshore Services Limited w.e.f. 11th January, 2011.

(2) Contingent Liabilities :

Particulars As on 31st March, 2011 As on 31st March, 2010

(In Rs. Lacs) (In Rs. Lacs)

Guarantees given by the Banks

[Counter Guarantees given by the Company] 2,126.89 23,235.40

TOTAL 2,126.89 23,235.40

The Company has given a guarantee on behalf of its wholly owned subsidiary for the difference, if any, between the Bareboat Charter payable to the owner of one Accommodation barge and one Anchor Handling Tug-cum Supply Vessel, and the market value of the said assets. The company does not expect any liability on this account.

The Company has given a guarantee on behalf of its Wholly Owned Subsidiary based in Singapore for USD 75 million in favour of Northern Star Shipping Pte. Ltd., for the bareboat charter of one Platform Supply Vessel. This guarantee covers the difference between market value and the charter obligations of the Company's Wholly Owned Subsidiary. The Company does not expect any liability whatsoever on this account.

The Company has given a guarantee of USD 55 million to Axis Bank, Singapore on behalf of Wholly Owned Subsidiary based in Netherlands. This amount relates to the debt raised by the Company's Wholly Owned Subsidiary in order to acquire the vessel, M.V.Beaucephalus. Since the market value of the vessel is substantially higher than the total debt outstanding and since the vessel is on long term contract with Petrobras, Brazil, the Company does not expect any liability whatsoever on this account.

(3) Assets offered as securities to banks & financial institution :

A) Term loans for acquisition of vessels

(1) Outstanding loan of US$ 13.47 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.47 million.

(2) Outstanding loan of US$ 14.06 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.52 million.

(3) Outstanding loan of US$ 8.17 million from DVB Group Merchant Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 0.92 million.

(4) Outstanding loan of US$ 7.71 million from DVB Group Merchant Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 0.83 million.

(5) Outstanding loan of US$ 11.46 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 0.96 million.

(6) Outstanding loan of US$ 16.39 million from DNB NOR Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.64 million.

B) Other Term Loans

(1) Outstanding Corporate loan of US$ 1.69 million from State Bank of Travancore, is secured by way of second charge on one of the Company's AHTSV.

Amount repayable within a year US$ 0.93 million.

(2) Outstanding Corporate loan of US$ 1.10 million from State Bank of Travancore, is secured by way of first charge on one of the Company's AHTSV.

Amount repayable within a year US$ 1.10 million.

(3) Outstanding Corporate loan of US$ 3.87 million from State Bank of Travancore, is secured by way of extension of first charge on one of the Company's AHTSV, extension of second charge on one of the Company's AHTSV and extension of second charge on Office premises.

Amount repayable within a year US$ 0.73 million.

(4) Outstanding Corporate loan of US$ 2.22 million from State Bank of Travancore, is secured by way of extension of first charge on one of the Company's AHTSV, extension of second charge on one of the Company's AHTSV, extension of second charge on Office premises and exclusive charge on receivables from the operation of one of the Company's AHTSV.

Amount repayable within a year US$ 0.52 million.

(5) Outstanding Corporate loan of US$ 0.38 million from United Bank of India, which is secured by way of receivables from the operation of one of the Company's PSV and extension of charge on one of Company's AHTSV.

Amount repayable within a year US$ 0.38 million.

(6) Outstanding Corporate loan of US$ 1.62 million from United Bank of India, which is secured by way of receivables from the operation of one of the Company's PSV and extension of charge on one of Company's AHTSV.

Amount repayable within a year US$ 1.38 million.

(7) Outstanding loan of Rs. 539.13 lacs from United Bank of India, which is secured by way of charge on the property / office premises acquired as also charge on one of the AHTSV of the Company.

Amount repayable within a year Rs. 160.38 lacs.

(8) Outstanding loan of Rs. 312.53 lacs from Ratnakar Bank, which is secured by way of charge on one of the AHTSV of the Company.

Amount repayable within a year Rs. 125.00 lacs.

C) Car Finance Loans

Car ioans availed by the Company from ICICI Bank are secured against respective motor cars against which the finances are availed.

Amount repayable within a year Rs. 9.03 lacs.

D) Working Capital Facilities

(!) Working Capital Facility from United Bank of India is secured by hypothecation of Book Debts and Tangible Assets such as stocks, stores and spares on board the vessel as also against collateral security by way of first mortgage on one AHTSV of the Company. Part of this facility is now denominated in US$.

(2) Working Capital Facility from State Bank of Travancore is secured by pari passu first charge on all current assets including stores & spares, fuel, oil and book debts ( Excluding receivables from two of the Company's PSV). Part of this facility is now denominated in US$.

(C) Other Long Term Benefits

The charge recognised in the Profit & Loss Account for Leave Encashment for the year is Rs. 7.86 Lacs ( Previous Year 12.81 Lacs) and the closing liability is Rs. 24.78 Lacs ( Previous Year Rs. 24.87 Lacs )

(5) Current Liabilities :

As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro small, Medium Enterprise Development Act 2006 to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

(6) Amount Due from wholly owned subsidiaries :

Garware Offshore International Services Pte. Ltd.

Sundry Debtors - Rs. 106.34 Lacs, (previous year Rs. 1,116.88 Lacs.)

Advances - Rs. 0.44 lacs (Previous year Rs. 0.45 lacs )

Global Offshore Services B. V.

Sundry Debtors - Rs. 6.21 Lacs (Previous year Nil )

(7) Garware Nylons Limited has been ordered to be wound up by the Bombay High Court and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 35,050 equity shares valued at Rs.6.01 lacs has been made in the books.

(12) Related Party Disclosure :

a) List of Related Parties :

Subsidiary Companies

Garware Offshore International Services Pte. Ltd, Singapore

Global Offshore Services B.V.,Netherlands

Other related parties with whom transactions have taken place during the year,

Key Management Personnel

Ashok B. Garware - Executive Chairman

Aditya A. Garware - Vice Chairman and Managing Director

(13) The previous year figures have been regrouped whenever necessary to confirm to current years classification.

(14) Segment Reporting :

The Company is engaged in only one type of business i.e. charter of offshore support vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".


Mar 31, 2010

(1) Contingent Liabilities :

Particulars As on 31st March, 2010 As on 31st March, 2009 (In Rs. Lacs) (In Rs. Lacs)

(a) Guarantees given by the Banks [Counter Guarantees given by the Company] 23,235.40 1,906.60

(b) Corporate Guarantee on behalf of other Company [No such guarantee has devolved on the Company] 0.00 232.84

TOTAL 23,235.40 2,139.44

The Company has given a guarantee on behalf of its wholly owned subsidiary for the difference, if any, between the Bareboat Charter payable to the owner of one Accommodation barge and one Anchor Handling Tug-cum Supply Vessel, and the market value of the said assets. The company does not expect any liability on this account.

(2) Assets offered as securities to banks & financial institution :

A) Term loans for acquisition of vessels

(a) Outstanding term loan of US $ 14.94 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.47 million.

(b) Outstanding term loan of US $ 15.58 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.52 million.

(c) Outstanding term loan of US $ 9.25 million from DVB Group Merchant Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.23 million.

(d) Outstanding term loan of US $ 20.23 million from DVB Group Merchant Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.99 million.

(e) Outstanding term loan of US $ 8.80 million from DVB Group Merchant Bank is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.11 million.

(f) Outstanding term loan of US $ 12.18 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 0.72 million.

(g) Outstanding term loan of US $ 8.22 million from State Bank of Hyderabad is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 0.98 million.

(h) Outstanding term loan of US $ 8.38 million from State Bank of India is secured by way of first charge of the vessel acquired.

Amount repayable within a year US$ 1.00 million.

B) Other Term Loans

(a) Outstanding Corporate Term loan of US$ 2.70 million from State Bank of Travancore, is secured by way of second charge on one of the Companys AHTSV.

Amount repayable within a year US$ 1.01 million.

(b) Outstanding Corporate Term loan of US$ 2.00 million from State Bank of Travancore, is secured by way of first charge on one of the Companys AHTSV.

Amount repayable within a year US$ 0.90 million.

(c) Outstanding Corporate Term loan of US$ 1.88 million from United Bank of India, which is secured by way of receivables from the operation of one of the Companys PSV and extension of charge on one of Companys AHTSV.

Amount repayable within a year US$ 1.50 million.

(d) Outstanding Corporate Term loan of US$ 3.00 million from United Bank of India, which is secured by way of receivables from the operation of one of the Companys PSV and extension of charge on one of Companys AHTSV.

Amount repayable within a year US$ 1.38 million.

(e) Outstanding term loan of Rs. 728.67 lacs from United Bank of India, which is secured by way of charge on the property / office premises acquired as also charge on one of the AHTSV of the Company.

Amount repayable within a year Rs. 174.96 lacs.

(f) Outstanding term loan of Rs. 437.53 lacs from Ratnakar Bank, which is secured by way of charge on one of the AHTSV of the Company.

Amount repayable within a year Rs. 125.00 lacs.

C) Car Finance Loans

Car finances availed by the Company from ICICI Bank is secured against respective motor cars against which the finances are availed.

Amount repayable within a year Rs. 15.15 lacs.

D) Working Capital Facilities

(a) Working Capital Facility from United Bank of India is secured by hypothecation of Book Debts and Tangible Assets such as stocks, stores and spares on board the vessel as also against collateral security by way of first mortgage on one AHTSV of the Company.

(b) Working Capital Facility from State Bank of Travancore is secured by pari passu first charge on all current assets including stores & spares, fuel, oil and book debts ( Excluding receivables from one of the Companys PSV).

(C) Other Long Term Benefits

The charge recognised in the Profit & Loss Account for Leave Encashment for the year is Rs. 12.81 Lacs (Previous Year 56.00 Lacs) and the closing liability is Rs. 24.87 Lacs (Previous Year Rs. 27.33 Lacs)

(3) Change In Accounting Policy :

During the current year the company changed its policy for providing for Depreciation on the assets (other than on fleet). Hitherto depreciation had been provided on the written down value method at the rates and in the maner specified in Schedule XIV to the Companies Act 1956. From the current year, on all assets (other than fleet) acquired from 1 st January, 2004 onwards depreciation has been provided on the straight line method as under :

(i) On Motor Vehicles - At 25% p.a.

(ii) On Residual Assets - At the SLM rates provided under Schedule XIV of Companies Act 1956.

As a consequence of this change a net amount of Rs. 27.21 Lacs has been charged to the current year Profit and Loss Account, being the additional depreciation to be provided upto 31st March, 2009 to give effect to this change.

(4) Capital Commitment :

Estimated amount of contracts remaining to be executed on account of capital expenses is Rs. 27,290.00 Lacs, against which an advance of Rs. 1,763.28 Lacs has been paid.

(5) Current Liabilities :

As per the information available with the Company, there are no Micro and Medium Enterprises, as defined in the Micro small, Medium Enterprise Development Act 2006 to whom the Company owes on account of principal amount together with the interest and accordingly no additional disclosures have been made.

(6) Amount Due from a wholly owned subsidiary :

(a) Sundry Debtors includes Rs. 1,116.88 Lacs (previous year Rs. 642.09 Lacs)

(b) Short term loan Rs. 1,109.12 Lacs (previous year Rs. 0.45 Lacs)

(7) Garware Nylons Limited has been ordered to be wound up by the Bombay High Court and Bombay High Court has appointed Official Liquidator on 18th December, 1998. No provision for diminution in the value of investment of 35,050 equity shares valued at Rs. 6.01 Lacs has been made in the books.

(8) Related Party Disclosure :

a) List of Related Parties :

Subsidiary Companies

Garware Offshore International Services Pte. Ltd, Singapore

Other related parties with whom transactions have taken place during the year.

Key Management Personnel

Ashok B. Garware - Executive Chairman

Aditya A. Garware - Vice Chairman and Managing Director

(9) The previous year figures have been regrouped whenever ncecessary to confirm to current years classification.

(10) Segment Reporting :

The Company is engaged in only one type of business i.e. charter of offshore support vessels and there are no separate reportable segment as per Accounting Standards AS-17 "Segment Reporting".

 
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