MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	CONTAINER CORPORATION OF INDIA LIMITED
Registered Office :	Concor Bhawan, C-3, Mathura Road, Opposite Apollo Hospital, New Delhi-110076
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.1988
Com. Reg. No.:	55-30915
Capital Investment / Paid-up Capital :	Rs.1299.800 Millions
CIN No.: [Company Identification No.]	L63011DL1988GOI030915
TAN No.: [Tax Deduction & Collection Account No.]	DELC06471D
PAN No.: [Permanent Account No.]	C68CI0844
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain. The Company also provides logistics support for India’s international and domestic containerization, and trade. Its core business includes three distinct activities, that of a carrier, a terminal operator and a warehouse operator.
No. of Employees :	1147 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 190000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Concor Bhawan, C-3, Mathura Road, Opposite Apollo Hospital, New Delhi-110076, India
Tel. No.:	91-11-41673093/ 94/ 95/ 96
Fax No.:	91-11-41673112
E-Mail :	co@concorindia.com co.pro@concorindia.com co.feedback@concorindia.com
Website :	http://www.concorindia.com
Regional Offices:	Located At: · Kolkata · Nagpur · New Delhi · Noida · Ahmedabad · Chennai · Secunderabad · Mumbai

DIRECTORS

As on 31.03.2011

Name :	Mr. Vinay Mittal
Designation :	Chairman (Non-Executive)
Name :	Mr. Anil Kumar Gupta
Designation :	Managing Director
Name :	Mr. Harpreet Singh
Designation :	Director (Projects and Services)
Name :	Mr. Yash Vardhan
Designation :	Director (Intl. Marketing and Opn.)
Name :	Mrs. P. Alli Rani
Designation :	Director (Finance)
Name :	Mr. S.K. Das
Designation :	Director
Name :	Dr. (Professor) A. K. Bandyopadhyay
Designation :	Director
Name :	Dr. (Professor) Kausik Gupta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Harish Chandra
Designation :	Group General Manager (Finance and Company Secretary)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	81,999,802	63.09
Sub Total	81,999,802	63.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	81,999,802	63.09
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1,867,414	1.44
Financial Institutions / Banks	7,547,465	5.81
Foreign Institutional Investors	34,421,459	26.48
Sub Total	43,836,338	33.72
(2) Non-Institutions
Bodies Corporate	2,930,699	2.25
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	801,751	0.62
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	339,860	0.26
Any Others (Specify)	74,344	0.06
Clearing Members	3,001	-
Trusts	4,831	-
Non Resident Indians	39,419	0.03
Hindu Undivided Families	27,093	0.02
Sub Total	4,146,654	3.19
Total Public shareholding (B)	47,982,992	36.91
Total (A)+(B)	129,982,794	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	129,982,794	-

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain. The Company also provides logistics support for India’s international and domestic containerization, and trade. Its core business includes three distinct activities, that of a carrier, a terminal operator and a warehouse operator.
Products :	v Transportation of containers v Handling of containers v Parking of containers

GENERAL INFORMATION

No. of Employees :	1147 [Approximately]
Bankers :	· Axis Bank Limited · Bank of India · Canara Bank · Citi Bank · Corporation Bank · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · Indian Bank · Jammu and Kashmir Bank · Punjab National Bank · Punjab and Sind Bank · Standard Chartered Bank · Syndicate Bank · State Bank of India · State Bank of Patiala · Union Bank of India · YES Bank Limited

Banking Relations :	--
Statutory Auditors :
Name :	Kumar Chopra and Associates Chartered Accountants
Address :	New Delhi, India
Joint Ventures:	· Star Track Terminals Private Limited · Trident Terminals Private Limited · Albatross CFS Private Limited · Gateway Terminals India Private Limited · JWG-Air Cargo Complex (A business arrangement) (#) · Himalayan Terminals Private Limited (Foreign Joint Venture) · CMA-CGM Logistics Park (Dadri) Private Limited · HALCON (A business arrangement) · India Gateway Terminal Private Limited · Integrated Infra Log Private Limited (*) · Infinite Logistics Solutions Private Limited · Hind CONCOR Terminals (Dadri) Private Limited · Container Gateway Limited · Allcargo Logistics Park Private Limited · CONYK Cartrac Private Limited Note: · (#) Business arrangement stands terminated on 14th January, 2011. · (*) Consequent upon striking off the company’s name from ROC, investment in JV Company has been written off.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
129982794	Equity Shares	Rs.10/- each	Rs.1299.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1299.800	1299.800	1299.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48478.300	42064.200	36322.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49778.100	43364.000	37622.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		2285.600	2109.000	1937.600
TOTAL		52063.700	45473.000	39559.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23270.200	21638.600	19489.700
Capital work-in-progress		3191.400	2064.300	2458.900
INVESTMENT		2439.600	2405.400	2030.800
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.600	69.900	50.800
	Sundry Debtors	172.700	176.400	157.200
	Cash & Bank Balances	22956.800	19895.100	17657.200
	Other Current Assets	734.800	784.000	771.200
	Loans & Advances	4742.700	4798.400	3163.200
Total Current Assets		28669.600	25723.800	21799.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2217.100	2995.300	2465.700
	Other Current Liabilities	1749.300	1904.100	2358.200
	Provisions	1540.700	1459.700	1395.400
Total Current Liabilities		5507.100	6359.100	6219.300
Net Current Assets		23162.500	19364.700	15580.300
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		52063.700	45473.000	39559.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38281.200	37056.800	34171.600
		Other Income	2020.600	1800.500	2110.900
		TOTAL	40301.800	38857.300	36282.500
Less	EXPENSES
		Terminal and Other Service Charges	26124.200	25174.000	22653.500
		Employees Remuneration and Benefits	874.300	838.600	808.400
		Administrative and Other Expenses	1268.300	1427.800	1399.100
		TOTAL	28266.800	27440.400	24861.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12035.000	11416.900	11421.500
Less/ Add	DEPRECIATION/ AMORTISATION		1452.300	1351.000	1159.100
	PROFIT BEFORE TAX		10582.700	10065.900	10262.400
Less	TAX		1797.700	2199.200	2347.300
	PROFIT AFTER TAX		8785.000	7866.700	7915.100
Add / Less	PRIOR PERIOD ADJUSTMENTS (NET)		0.100	4.900	2.100
	TAX ADJUSTMENTS FOR EARLIER YEARS (NET)		(25.600)	(4.700)	(5.200)
Less	APPROPRIATIONS
		Interim Dividend Paid	974.900	779.900	779.900
		Proposed Final Dividend	1039.900	1039.900	1039.900
		Corporate Dividend Tax	330.600	305.200	309.300
		Transfer to General Reserve	875.900	786.700	791.200
	BALANCE CARRIED TO THE B/S		5538.200	4955.200	4991.700
	IMPORTS
		Stores & Spares	2.612	2.315	NA
		Capital Goods	493.534	566.149	NA
		Others	1.438	0.000	NA
	TOTAL IMPORTS		497.584	568.464	NA
	Earnings Per Share (Rs.)		67.39	60.52	60.87

QUARTERLY RESULTS

PARTICULARS	30.06.2011
Type	1^st Quarter
Net Sales	3736.100
Total Expenditure	3481.600
PBIDT (Excl OI)	254.500
Other Income	5.400
Operating Profit	259.900
Interest	100.100
PBDT	159.800
Depreciation	98.400
Profit Before Tax	61.400
Tax	12.900
Profit After Tax	48.500
Net Profit	48.500

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.80	20.25	21.82
Net Profit Margin (PBT/Sales)	(%)	27.64	27.16	30.03
Return on Total Assets (PBT/Total Assets}	(%)	20.37	21.25	24.85
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.27
Debt Equity Ratio (Total Liability/Networth)		0.11	0.15	0.17
Current Ratio (Current Asset/Current Liability)		5.21	4.05	3.51

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

Subject was set up in March of the year 1988 and commenced operation from November of the year 1989 taking over the existing network of 7 Inland Container Depots (ICDs) from the Indian Railways to profitably satisfy the customer's needs for high- quality, cost-effective logistics services. From its humble beginning, it is now an undisputed market leader having the largest network of 57 ICDs/ CFSs in India offering scheduled and on demand rapid rail and road services between the hinderland and ports, and between major metros. In addition to providing inland transport by rail for containers, it has also expanded to cover management of Ports, air cargo complexes and establishing cold-chain. It has and will continue to play the role of promoting containerization of India by virtue of its modern rail wagon fleet, customer friendly commercial practices and extensively used Information Technology. The company developed multimodal logistics support for India's International and Domestic containerization and trade. CONCOR's core business is characterised by three distinct activities, that of a carrier, a terminal operator, and a warehouse operator. CONCOR had been certified to ISO/IEC 27001: 2005 standard for establishing and maintaining Information Security Management System (ISMS) for its IT functionality.  

Subject had commissioned seven container transfer/handling facilities during the year 1990. In addition to three ICDs at Ahmedabad, Pune and Hyderabad, two full-fledged Container Freight Stations (CFSs) were commissioned at Moradabad and Panipat as cargo consolidation and clearance centres with linkage to the OCD at New Delhi. The Company had commissioned Port Side Container Terminal (PSCT) at Todiarpet in March of the year 1991, situated in the vicinity of Chennai Harbor. A similar terminal was commissioned at Wadi Bunder in close proximity of Mumbai Port in April of the year 1991. In 1992-93, the company achieved the first ever movement of refrigerated cargo containers by rail. Company had introduced this service to give a boost to export frozen and chilled products. Company commissioned Inland Containers Depots at Tughalakabad in Delhi and Whitefield in Bangalore during the year 1993. In addition, the first phase of expansion and upgradation of ICD a Tondiarpet in Chennai was commissioned and completed during the same period. During the year 1994, the company made a small footstep as a Multi modal transport operator and also as a consultancy organization for multi-modalism. The Government of India disinvested 20% of its equity shares in the company.  

A new CFS was commissioned in 1995 at New Mulund (Mumbai) and a new export warehouse of the company also started at ICD, Sabarmati. In the same year company obtained approval from World Bank to increase the quantity of wagons to be procured in the second Tranche from 750 to 1500. Scheduled reefer services between ICD Thughlakabad during the year 1996 and also in the same period the Muboni Port was introduced. The new ICDs were commissioned at Agra in November of the year 1996, linked with ports directly by road ICD Tughlakabad by rail and another ICDs were commissioned at Nagpur in January of the year1997, a rail linked with the twin ports of Mumbai and SNPT. In January of the year 1997, the 'CONTRACK' services were launched by the company offering movement of piecemeal domestic cargo in containers through specialized, scheduled and reliable container-rail services.  

Two new ICDs of the company were commissioned, one at Moradabad in February of the year 1998 and the other at Malanpur/ Gwalior in June of the year 1998. Second bonded warehouse was commissioned at ICD/Whitefield. The Company had launched a daily service between Chennai port and Whitefield ICD, Bangalore in the year 1999. During the year 2000, company had fashioned a separate domestic division to give a major heighten to the company's growing interest in domestic container movement. The Company had introduced an express parcel service vans between Chennai and Delhi. Private sector warehousing company, Continental Warehousing Corporation had entered into a strategic alliance with company in the identical year 2000 for handling domestic cargo. The Company had launched a fixed-day fixed-time weekly freight service between Shalimar (Howrah) and Mumbai and Shalimar and Ahmedabad with transshipment at Nagpur during the year 2001.  

Subject had introduced Asia's biggest ICD at Dadri in the year 2003. In the same year the company made a tie up with Kolkata Port Trust to provide services to shippers to transport containers using sea rail-mode between Nepal and Kolkata Dock Systems (KDS). During the year 2004, CONCOR inked pact with Transworld to set up CFS at Dadri, forged alliance with APL for box freight station at Dadri complex and also inked pact with APEDA for movement of perishable goods. A joint venture for Management and operations of Rail Container Terminal in Birgunj (Nepal) was also finalized in form of M/s Himalayan Terminals and its was commissioned during July of the year 2004. During the year 2004-05, the company had commissioned four Rubber Tyred Gantry Cranes (RTG's), two at ICD/Dadri and other two at ICD/ Dandharikalan (Ludhiana). Gateway Terminal India (Private) Limited, a joint venture company of Maersk and the company formed an arm for the construction of 3rd container terminal at JN Port, it was commenced construction work during the year 2005-06. Company and GDL had collectively signed agreement during the year 2005 for providing train services to transport EXIM container traffic. The Company had inked a MoU with Baxi Group in the year 2006. During October of the year 2007, Company develop an inland container depot (ICD) at Baddi in Himachal Pradesh to facilitate the exporters of the Baddi-Barotiwala-Nalagarh region. It will help industrialists of the region in saving the freight charges. The Company has diversified into back-end retail in January of the year 2008 and is in close final negotiation with Bharti-Wal-Mart to procure and supply fruit to the retailer. Company will add eight new rail-linked inland container depots (ICDs) with an investment of Rs 3.2 billion by the end of next fiscal. The Company will have 65 depots, up from 57 at present. The new depots were announced at Railway Budget 2008.  

The Company is expanding the presence of the company in all the segments of the transport value chain in the Exim as well as Domestic segment. Possibilities are to be explored for strategic alliances, both for optimal utilization of infrastructure as well as expansion into other segments of the value chain. 

FINANCIAL HIGHLIGHTS

The operating turnover of the company registered a growth of 3.30% during the year, increasing from Rs.37056.800 Millions in the previous year to Rs.38281.200 Millions. Total expenditure increased by 3.22%, from Rs.28791.400 Millions in 2009-10 to Rs.29719.100 Millions in 2010-11. The profit before tax worked out to Rs.10582.700 Millions, higher by 5.13% over 2009-10. After making provisions for Income Tax, prior period/tax adjustments, the Net Profit available for appropriations stands at Rs.8759.500 Millions, which is 11.35% higher than last year. This increase in Profit After Tax (PAT) is essentially due to strict expenditure control and innovative practices adopted by the Company.

SPECIAL ACHIEVEMENTS

1. Hon’ble Prime Minister of India Mr. Manmohan Singh conferred upon CONCOR the MOU Excellence Certificate for 2008-09 for excellent achievement in MOU targets on 15th December, 2010 at New Delhi

2. CONCOR received the 1st Northern India Multimodal Logistics Awards for ICD and Rail Operator of the Year during Conquest -2011 International Conference and EXPO held at New Delhi during January 2011.

3. M/s. CARE (Credit Analysis and Research Limited) has reaffirmed the credit rating of CARE AAA (Is) {Triple A (Issuer)}to CONCOR. The symbols of CARE AAA (Is) are considered to be of the best credit quality, offering highest safety for timely servicing of debt obligations.

4. As per ET survey of listed companies in India for 2009-10, CONCOR has been ranked No.161 in top 500 companies of India in terms of turnover and No.85 in terms of net profit respectively. In Transport and Logistics sector, CONCOR has been ranked No.3 in terms of turnover, and No.1 in terms of net profit.

5. CONCOR received the first ever award called All India Maritime and Logistics Awards, 2010 (MALA) for “Inland Container Depot Operator of the year” from Exim India and Fairplay Exposition Group. The award was conferred during a function held in Mumbai.

6. CONCOR’s Inland Container Depot (ICD), Dadri has been selected for Annual Indian Maritime Awards 2010 for “ICD of the year” for high level of the reliability in customer service during the year 2009-10.

7. The company has been selected for conferring of Rolta Corporate Awards 2010 by Dun and Bradstreet for being the best Indian company under the “Transport and Logistics” sector. The award will be conferred on CONCOR in the last week of April in Mumbai. Dun and Bradstreet has also ranked CONCOR among the India’s Top 500 Companies with ranking of No. 133 in total income, No. 65 in Net Profit listing and No. 79 in Net Worth listing.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

The Indian Multimodal scene has witnessed the advent of multiple container train operators since 2006. Presently, there are 15 container train operators (besides CONCOR) who have signed Concession Agreements with Indian Railways for running of Container Trains for a period of 20 years, extendable by another 10 years. Almost all the 15 players have commenced their train services. Some of these players have set up their own terminal facilities also. While the operations of the new entrants to the business started in a limited way by two operators in April, 2007, the number has now grown to 15 excluding CONCOR and the volumes being transported by these operators have continuously grown with the induction of new rakes. These operators have been using Goods Sheds/terminals of Indian Railways as well, for their operations. With the emergence of a number of new ports, viz., Mundra, Pipavav, Vizag, Tuticorin, Vallarpadam and a few other ports on the west cost, the hinterland connectivity in the country is expected to increase resulting in increased levels of hinterland penetration of container traffic in the years to come.

With the changed external business environment, the company placed emphasis on providing total logistics and transport solutions to its customers by exploring the possibilities of expanding the presence of the company in all the segments of the transport value chain in the EXIM as well as Domestic segments. Possibilities have been explored for strategic alliances, both for the optimal utilization of infrastructure as well as for expansion into other segments of the value chain.

EXIM AND DOMESTIC BUSINESS

The unprecedented recession in the world economy had impacted the EXIM business of the country during last two fiscals. 2010-11 witnessed a change with overall EXIM traffic reaching a level of 20,18,551 TEUs (in 2010- 2011) as compared to 18,82,277 TEUs handled the last financial year, which was 7.24% higher than the last year’s performance. This increase in the EXIM business of CONCOR was inspite of gradual induction of rolling stock by other train operators. With continuance of the recessionary trend and the stiff competition from the other train operators, it will be a challenge to retain their share and growth. In order to attract more volumes, the company will continue to match and strive to surpass the services offered by other operators in terms of quality of services and pricing.

Domestic booking was affected by introduction of commodity-specific rail haulage structure by Indian Railways in December, 2010. Total traffic in this segment during 2010-11 was 5,43,746 TEUs, as against 5,38,970 TEUs handled in 2009-10, reflecting a marginal growth of 0.89%. Nevertheless, as a result of judicious pricing and distribution, the revenue in Domestic segment witnessed a modest growth of 3.65% in the year 2010-11 as compared to the previous year.

With the sustained efforts of the Management and Staff of the Company, the performance achievements during the year under review on all the Performance Parameters have matched the ambitious targets set in the Memorandum of Understanding (MoU) signed with the Government. The Company expects to achieve “Very Good” MoU rating for the year 2010-11.

OUTLOOK

CONCOR’s total throughput for the year 2010 – 2011 was 25,62,297 TEUs as against 24,21,247 TEUs handled during last fiscal, reflecting a growth of 5.83%. This helped the company cross the milestone of handling over 2.5 million TEUs during a single fiscal, the only hinterland logistic operator in India to do so. In tonnage terms, this resulted in their handling an all time high figure of 27.75 million tons of containerized cargo.

Component wise, the overall growth of 5.83% was made possible on account of segmental growth of 7.24% in the

EXIM throughput. This has been on account of slight improvement in the international scenario which helped us in

taking the increase upto 7.24% from the meager level of growth of over 1.47% recorded during 2009-10. However, there was a slump in domestic growth which was confined to meager increase of 0.89% in 2010-11, as against a very healthy growth of over 18.9% recorded during 2009-10. While this dip was essentially a result of some changes in policies relating to rating of some commodities, the company has already started initiating a slew of measures to give impetus to the domestic segment.

Overall, the throughput grew by 5.83% during 2010-11 as against 4.9% growth recorded during fiscal 2009-10.

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Buildings

v Railway Sliding

v Plant and Machinery

v Containers

v Electrical Fittings

v Computers

v Furniture and Fixtures

v Office Equipments

v Telephone Systems

v Air Conditioner

v Vehicles

v Capital Expenditure

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Outstanding Letters of Credit and bank guarantees	395.600	443.000
Bank guarantees/bid bonds for joint ventures	1263.200	1679.200
Claims against the Company not acknowledged as debt, net of advances/payments under protest, arbitration, court orders, etc. [include claims of Rs.3566.800 millions (previous year: Rs.3119.200 millions) pending in arbitration/courts pursuant to arbitration awards] Contingent liabilities are disclosed to the extent of claims received and include an amount of Rs.116.100 millions (previous year: Rs.105.600 Millions), which may be reimbursable to the company. Any further interest demand on the basic claim is not considered where legal cases are pending, as the claim itself is not certain. No provision has been made for the contingent liabilities stated above, as on the basis of information available, careful evaluation of facts and past experience of legal aspects of the matters involved, it is not probable that an outflow of future economic benefits will take place.	7695.000	7203.800
Total	9353.800	9326.000

Note:

1. As per assessment orders under section 143(3) of the Income Tax Act, 1961, the Assessing Officer (AO) disallowed certain claims of the company, mainly deduction under section 80IA in respect of Rail System for assessment years 2003-04 to 2007-08 and Inland Ports (ICDs/CFSs) for assessment years 2003-04 to 2008-09 and raised demands of tax and interest totaling to Rs.4233.000 millions. In appeal, for AY 2003-04 to 2007-08, CIT (A) allowed claim u/s 80IA towards Rail System, whereas, for Inland Ports, the claim has been disallowed. On this matter, the decision of CIT (A) has been upheld by ITAT for AY 2003-04 to 2005- 06 and the company has already filed appeal(s) against the orders of ITAT in Hon'ble Delhi High Court. On the similar issue for AY 2006-07 and 2007-08, the decision of AO has been upheld by CIT (A) and the company has now filed appeal(s) against the orders of CIT (A) in Hon'ble ITAT. Appeal for AY 2008-09 is pending with CIT (A). The Hon'ble Committee on Disputes (COD) has granted permission to the company for persuing appeal on the matter of ICD deduction u/s 80IA before the Hon'ble Delhi High Court for AY 2003-04 to 2005-06, while the department's application seeking permission to persue appeal on the matter of rail system deduction u/s 80IA before the Hon'ble Delhi High Court for AY 2003-04 to 2005-06 has been rejected.

2. CIT (A) upheld the orders of AO imposing and thereby recovering penalty of Rs.267.000 millions against the company’s claim of deduction in respect of Inland Ports for AY 2003-04 to 2005-06. Appeal(s) filed with the Hon’ble ITAT against the above orders of CIT (A) have been decided in company’s favour vide orders dated 17th June, 2011. On the similar issue for AY 2006-07 and 2007-08, AO has imposed/recovered a penalty of Rs.419.400 millions against which the company has filed an appeal with CIT (A).

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30^TH JUNE, 2011

Rs. in Millions

PARTICULAR	THREE MONTHS ENDED
	30.06.2011
Income from operations	9490.349
Expenditure
Staff Cost	228.924
Depreciation	402.322
Other Expenditure	0.000
Rail Freight Expenses	5390.174
Others	1274.723
Total Expenditure	7296.143
Profit from operations before other income, interest and exceptional Items	2194.206
Other income	588.444
Profit before interest and exceptional Items	2782.650
Interest	0.000
Profit after Interest but before Exceptional Items	2782.650
Exceptional Items	0.000
Profit (+)/Loss(-) from Oridinary Activities before tax	2782.650
Tax expense
Current tax	417.244
Deferred tax	23.875
Net Profit (+)/Loss(-) from Ordinary Activities after tax	2341.531
Prior period adjustments	0.022
Net Profit (+) / Loss (-) for the year period	2341.509
Paid up equity share capital (Face value of Rs.10/- per share)	1299.828
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--
Earning per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	18.01
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	18.01
Public shareholding
Number of shares	47982992
Percentage of shareholding	36.91
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	81999802
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	63.09

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Rs. in Millions

PARTICULAR	THREE MONTHS ENDED
	30.06.2011
SEGMENT REVENUE
Exim	7709.953
Domestic	1780.396
Total	9490.349
Less: Inter segment revenue	0.000
Net sales/ income from operations	9490.349
SEGMENT RESULTS
Profit before tax and interest from
Exim	2146.930
Domestic	142.894
Total	2289.824
Less: Other un-allocable expenditure	--
Net off Unallocable income	492.804
Total profit before tax	2782.628
CAPITAL EMPLOYED
Segment Assets – Segment Liabilities
Exim	15108.501
Domestic	5192.470
Capital employed in segments	20300.971
Add: Unallocable corporate assets less corporate liabilities	28388.479
Total	48689.450

WEBSITE DETAILS:

BACKGROUND:

CONCOR - The Multimodal Logistics Professionals

Ever since globalization transformed the transport sector, national boundaries have become permeable to penetration by trade, creating the need for flexible transport solutions. Inter modalism and containerization were the by-products of this era and were poised to meta morphosize transport of "general cargo", moving it 'seamlessly' through sea and land arteries. Forty years ago, the physical process of exporting or importing goods was arduous. Goods needed to be transported by lorry to the port, unloaded into a warehouse and then reloaded into the ship 'piece by piece'.

Malcolm McLean's idea of containerization changed the basics of cargo transport by standardizing the dimensions of the container and simultaneously improving the productivity of ports by mechanizing handling of container-carrying 'cellular' ships and reducing their handling to a few hours only. Unitisation helped elimination of multiple handling of cargo and made transfers quick, cheap and easy. As containerization came to stand for 'cargo care', it grew by leaps and bounds the world over.

Indian Railway's strategic initiative to containerize cargo transport put India on the multi-modal map for the first time in 1966. Given the continental distances in India (almost 3000 km from North to South and East to West), rail transport could be the cheaper option for all cargo over medium and long distances, especially if the cost of inter-modal transfers could be reduced. Containerized multi-modal door-to-door transport provided the ideal solution to this problem. It was this idea that saw the Indian Railways entering the market for moving door-to-door domestic cargo in special DSO containers starting in 1966.

Though the first ISO marine container had been handled in India at Cochin as early as 1973, it was in 1981 that the first ISO container was moved inland by the Indian Railways to India's first Inland Container Depot (ICD) at Bangalore, also managed by the Indian Railways.

Expansion of the network to 7 ICDs by 1988 saw increase in the handling of containers, and along the way, a strong view had emerged that there was a need to set up a separate pro-active organization for promoting and managing the growth of containerization in India.

BUSINESS DESCRIPTION:

Subject is an India-based company. It is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain. The Company also provides logistics support for India’s international and domestic containerization, and trade. Its core business includes three distinct activities, that of a carrier, a terminal operator and a warehouse operator. The Company also operates a network to a total of 59 terminals, of which 49 are export-import container depots, and 10 domestic container depots. The Company's terminals provide a spectrum of facilities in terms of warehousing, container parking, repair facilities, and even office complexes. It also uses terminal network to plan hub and spoke movements that allow single customers to move cargo to multiple locations at a single time. For the nine months ended 31 December 2010, Container Corporation of India Limited's revenues increased 3% to RS29.53B. Net income increased 4% to RS6.29B.Revenues reflect an increase in income from exim and domestic business segment. Net income also benefited from increase in profit from operation. The company is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain.

PRESS RELEASES:

PLANS FOR A SHIP REPAIR COMPLEX FOR WILLINGDON

04 October 2011

KOCHI, Oct. 4 -- Foreseeing a steady flow of business in the ship repair sector, the Cochin Port Trust has been mooting a proposal to set up a Ship and Container repair complex at Willingdon Island in Kochi. The ambitious proposal has been included in the master plan for development of the port.

"The binding requirements of periodic repairs of commercial ships ensure a steady revenue. Due to erosion and other factors, ships require periodic inspection and maintenance of hull and machinery. Kochi has certain advantages when it comes to ship repair. Apart from being a major port, Kochi has the advantage of proximity to the International East West shipping routes.

The port offers potential traffic of vessels ranging from barges to Panamax bulk carriers," pointed out officials. Being in close proximity with the International Container Transshipment Terminal (ICTT) offers an added potential for the container repair yard.

As per the layout proposed in the master plan, an area of 45 acres east of Mattanchery channel including the existing dry dock and ship repair facility has been allotted for the purpose. The new facility will be developed with minimum dislocation of the existing workshop and repair yard. The proposal suggests setting up of a dry dock which will be able to service commercial vessels, offshore supply and service vessels, Coast Guard and Naval ships, port service vessels and dredgers. The dry dock should have a capacity to dock 30 to 40 vessels annually. Services including under water hull inspection, cleaning and painting of hull will be carried out here.

The container repair yard is planned to cater to the needs of shipping lines calling at ICTT and Container Corporation of India. The proposed yard, to come up at 4.85 acres of land, will be able to repair 1000 TEUs at any point of time. The yard will be close to the repair workshop.

The presence of Cochin Shipyard, one of the major ship building facility in the country offers significant advantage in terms of presence of ancillary industries for the proposed yard.

Also the Sethusamudram project has the potential to increase traffic of coastal vessels, said Port Trust officials. Published by HT Syndication with permission from New Indian Express.

FIRST TRAIN FROM TUTICORIN REACHES VALLARPADAM

22 September 2011

KOCHI, Sept. 22 -- The first train carrying export containers from Inland Container Depot (ICD), Tuticorin, reached the International Container Transshipment Terminal (ICTT) at Vallarpadam on Wednesday.

The train from Tuticorin came with 90 TEUs export containers to be loaded to ships Lal Bahadur Shasthri and OEL Dubai berthed at ICTT. Service from

Tuticorin gains significance in the backdrop of a move for introducing count restriction

At Tuticorin Container Terminal affecting transshipments via sea to Tuticorin to and from the ICTT. Apart from this, there are four weekly services from Bangalore ICD.

"Container Corporation of India (CONCOR), which operates the train services has been very aggressively supporting the trade. When other ports like Chennai and Tuticorin are facing various issues including congestion, the ICTT has been able to maintain very high productivity of approx 30 moves per hour per crane and an average turnaround of 45 minutes for the trucks arriving at the Terminal," said DP World authorities who operates the ICTT

They claimed that the EXIM trade in the hinterland previously using Chennai and Tuticorin have now started diverting their volumes to ICTT Vallarpadam due to delay and subsequent cost escalation being faced at other ports.

There has been a considerable increase in the volume of cargo sent to the ICTT from Bangalore ICD in the last ouple of months. From one train a week with a volume of approx150-200 TEUs per month, the number of train services have increased to 3 fixed day trains per week with an additional train on an adhoc basis which altogether bringing over 1200 TEUs per month. Published by HT Syndication with permission from New Indian Express.

HAL BEGINS CARGO SERVICES AT NASHIK AIRPORT

21 September 2011

New Delhi, Sept. 21 -- The state-run defence aircraft maker Hindustan Aeronautics (HAL) today announced the launch of commercial air cargo operations from its Nashik airport and said it expects to open regular passenger services shortly, primarily flight diversions from Mumbai.The cargo services is being managed by Halcon, a joint working group between HAL, state-run Container Corporation (Concor) and Clarion Solutions, part of the leading shipping and logistics major, Transworld Group.

"Through Halcon, we are pleased to announce the commencement of air cargo services from our Ojhar airport in Nashik. The airport is well equipped and capable of handling AN-124s (the heaviest transport aircraft in the world)."We have invested nearly Rs 700.000 Millions to upgrade the existing infrastructure like creating additional parking space and medical facilities," HAL Managing Director PV Deshmukh said here."

Being strategically located and having state-of-the- art infrastructure, the Ojhar airport will definitely have an edge, in view of the congestion that every airline faces today at Mumbai airport for night parking, landing and cargo movement," he said. Clarion Solutions will be the cargo terminal operator, the three companies said here today, adding they will work on a revenue sharing basis.

The airport has one of the longest runways, 3,100 m, which will be soon upgraded to 4,000 m, Deshmukh said.He said HAL has applied for DGCA permission to seek flight diversions from the Mumbai airport, which are now being handled at the Ahmadabad airport. Published by HT Syndication with permission from Bureaucracy Today.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.77.42
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.