This is plate 8 from James Wales' 'Bombay Views'. The series was painted for Sir Charles Malet (1752-1815), the British Resident of Poona, who Wales met in Bombay in 1791.
The view shows the islands of Bombay, part of the village of Mazagaon, and the Mahratta mountains in the background. The top of Belvidere House and Cross Island are on the left; to the right is Fort George. Ships are pictured at anchor in the harbour. Across the water is Chaul and the Kanheri.