- The Company's objects is Engaged in the business of ship repairs.

- The company undertook to set up comprehensive docking facilities for dry dock as well as alongside repairs of a wide variety of ships and other vessels. It would have two floating dry ducks of 14 000 and 2 400 tonnes lifting capacity respectively. For repairing ships upto 40 000 dead weight tonnes (DWT).

- A Jetty for alongside repair of ships upto 40 000 DWT was also to be port of the complex. These were to be supported by general engineering and heavy duty work shops being established adjacent to the location of floating dry docks. The dock would have facilities to carry out major repairs especially in the areas of painting steel fabrication engine overhaul and electrical repairs. The main plant and equipment consisting of two floating dry docks along with certain ancilliary equipments were to be supplied by Keppel. The company enjoys the status of a 100% export oriented unit and hence other equipments were to be procurred on a global basis in consultation with Keppel. The project is to be located at the Chemmai Port.

- The Company entered into an agreement with Keppel Industries (HK) Pte Ltd. Hongkong for supply of technical know-how including drawings layout plans for procurement of machinery etc.

1992 - 2 04 600 shares allotted to subscribers to the Memorandum of Association of the company promoters directors their friends etc. During 1989 the company issued 267 95 400 No. of equity shares of Rs.10 each for cash at par of which the fully were reserved and allotted on a firm basis: - (1) 60 45 400 shares to promoters directors etc:

- (2) 10 00 000 shares to NRIs; - (3) 67 50 000 shares to foreign collaboration viz. Keppel Corporation Ltd. Singapore of the balance the fully were reserved for allotment a preferential basis: - (1) 5 00 000 shares to UTI (all were taken up);

- (2) 5 00 000 shares to Canbank Mutual Fund (all were taken up); 13 50 000 shares to employees (none were taken up); - (3) 30 50 000 shares to NRIs on repatriation basis (only 4 71 500 shares taken up). Balance 76 00 000 shares only 39 28 500 shares not taken up under preferential issue allotted to the public (only 61 01 900 shares taken up by the public. 54 26 610 shares were under written. 25 34 150 No. of equity shares allotted on conversion of loans.

1995 - However due to certain adverse factors the company suffered an under-recovery of expenses. The prime reason for this shortfall was reported to be devaluation of rupee and ship repair rates being under pressure due to global competition. During the year the company repaired 6 foreign vessels and 27 Indian vessels.