ABG SHIP YARD: CMP: 601 52 Week High: 649 (as of 19th Sept 2007) 52 Week Low: 208

(as of 12th Dec 2006) Month Ago: 498 (Change % 20.61) Week Ago: 619 (change percentage -2.91) 24-Aug-2007 Business Profile ABG Shipyard is primarily engaged in manufacturing ships for commercial and government clients. The promoters of the company acquired the company in 1989 and it was subsequently incorporated as a public company in 1995. Since then, ABG has delivered 88 ships of different variety, namely bulk carriers, deck barges, interceptor boats, anchor handling supply ships, diving support ships, tugs and offshore vessels. ABG also derives some revenues from ship repairs and construction of windmill towers. The shipyard has the capacity to construct ships up to 20,000 DWT to domestic and international ship owners. During the past decade, ABG has constructed and delivered eighty-eight vessels including specialized and sophisticated vessels like interceptor boats, self-loading and discharging bulk cement carriers, floating cranes, articouple tugs and flotilla, split barges, bulk carriers, newsprint carriers, offshore supply vessels, dynamic positioning ships, anchor handling tug supply vessels, multi-purpose support vessel, diving support vessels, for leading Indian & foreign companies. The company plans to setup its second shipyard at Dahej in Gujarat at a cost of Rs 4 billion. It will have an ability to build 8 vessels simultaneously on modular basis up to 120,000 DWT. It will include two dry-docks which will accommodate bulk carriers up to 120,000 DWT. It will also will build two 18,800 DWT geared bulk carriers for Finland`s ESL Shipping OY. The value of each vessel, which will be 155.4 metres long with the breadth being 25.20 metres, is $30.8 million. Financials A B G Shipyard registered a 6.68% growth in net profits to Rs 329.87 million for the quarter ended March, 2007 from Rs 309.21 million for the quarter ended March, 2006. Net sales rose 0.15% to Rs 1,930.69 million for the quarter ended March, 2007 compared with Rs 1,927.83 million for the quarter ended March, 2006. Total income rose 0.50% to Rs 1,959.72 million for the quarter ended March, 2007, from Rs 1,949.98 million for the quarter ended March, 2006. The earnings per share (EPS) of the company stood at Rs 6.48 in the quarter ended March, 2007.

Recent Developments 20-AUG-07 ABG Shipyard, delivered two vessels to Lamnalco Group, UAE and Deep Sea Supply, Norway. 24-JUL-07 ABG Shipyard secured a major order for construction of 12 vessels of approximately 32,000 DWT, for a total price of USD 360 million ( Rs 14.60 billion) from Precious Shipping Public Co., Thailand, as a part of its ship acquisition programme. 11-APR-07 India's largest private sector yard. ABG Shipyard. announced an order for four bulk carriers of 54,000 dwt' worth usd 139million.

Western India ship Yard: CMP: 23.90 52 Week High: 23.90 (as of 20th Sept 2007) 52 Week Low: 4.50 (as of 7th Nov 2006) Month Ago: 19.10 (Change % 25.13) Week Ago: 18.90 (change percentage 26.46) Western India Shipyard (WISL) was incorporated in the Union Territory of Delhi May 1, 1992. WISL is a composite ship and rig repair facility in the private sector. The company has the most advanced multi-dimensional and multi-purpose yard offering modern, streamlined, sophisticated ship and rig repair facilities and services. WISL is strategically located at Goa along the west coast of India. The construction of the `Jock Up Barge` namely, PMC-1 of the value of about Rs 188.1 million by the company for PMC Projects (India), is proceeding smoothly and the vessel is expected to be delivered sometime in Jan-Feb. 2007. The operations of the company`s floating dry-dock of 20,000 TLC capacity was suspended during the period from Jan. 21, 2006 to Feb. 10, 2006 to carry out mandatory repairs for the purpose of maintaining its statutory classification certificates. This had a material impact on the company`s operation and performance for the year ended Mar. 31, 2006. Financials The company reported a loss of Rs 21.36 million for the quarter ended Sep. 2006 as against the loss of Rs 24.94 million during the corresponding quarter in the previous year. Sales for this period increased 11.76% to Rs 141.50 million from Rs 126.61 million. WISL, for the year ended Mar. 2006, had reported a 10.70% increase in sales to Rs 427.93 million as against Rs 386.56 million for year ended Mar. 2005. The company incurred a loss of Rs 233.68 million in FY06 as against a loss of Rs 244.22 million in FY05. Recent Developments The company wins a major contract from PMC Projects (India), a Adani Group Company, for the construction of `Multi Utility Craft` valuing about Rs 35 million, under the India Flag. The company wins 3 minor and medium size orders for repairing of 3 vessels namely MV Swatirani, MT Maratha and Pyari Amma valuing Rs 70.00 million totally. Future Plans WISL plans for the improvement of systems and ship repair methodology. It also plans to improve interaction with research agencies involved with ship repair and rig repair technology.

ABG Shipyard to pilot Western India recovery MUMBAI (Reuters) - ABG Shipyard Ltd expects to hold about 51 percent stake in Western India Shipyard Ltd after the conclusion of a revival plan, a senior official said on Thursday. Shares in both companies rose on the news with Western India Shipyard opening up 5 percent, its maximum limit, at 18.90 rupees. ABG Shipyard shares rose 3.45 percent to 619.85 rupees in the Mumbai market. ABG Shipyard will infuse 250 million rupees in cash immediately, to help the Goa-based Western India Shipyard, owner of the largest repair yard on India's western coast, to resurrect its business and repair facilities, Chief Financial Officer D. Datar told Reuters. In addition to this, ABG would help Western India raise 1.2 billion rupees in debt, he said."It makes a lot of synergies and good sense to have such a facility on the west coast", Datar said. The proposal, subject to approvals, includes options for restructuring of the share capital of Western India and one-time settlement of debt.The company has a debt of 2.5 billion rupees that would shrink to 1.2 billion rupees after write-offs, he said. There will be no open offer for Western India shareholders since the takeover follows a court directive.Media reports suggested rivals Bharati Shipyard, Larsen & Toubro and Dempo group were interested in buying into the company. Western India, with ship repair orders worth 150-200 million rupees, posted a net loss of 28.6 million rupees on net sales of 107.2 million rupees in the quarter to June. "We foresee a great opportunity in the rig and ship repairing business in the coming years ...We see a win-win situation for both the companies through the scheme of arrangement on restructuring of WISL," Mananging Director Rishi Agarwal, said in a statement. Seaborne freight markets are into the fourth year of a boom, riding robust economic growth of China and India, and there is a scramble to order new ships and replace old fleets. India is expected to gain from rising shipbuilding orders, analyst and industry experts said."We believe India is all set to gain market share in the shipbuiliding industry on the back of its cost competitiveness and locational advantage," Angel Broking said in a report earlier this year. ABG Shipyard, which bought unlisted Vipul Shipyard in May on India's west coast, has also submitted bids for state-run Alcock Ashdown (Gujarat) Ltd