MIRA INFORM REPORT
|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHIPPING CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Shipping House, 245, |
|
|
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|
Country : |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
24.03.1950 |
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|
|
|
Com. Reg. No.: |
11-008033 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4658.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L63030MH1950GOI00008033 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Providing All Types of Ship Owner, Operator Services, Cargo Liner,
Container Services, etc. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 269300000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India Company It is a well established and reputed company having a fine track record.
Company has recorded loss during 2012. However, financial position of the
company is good. The creditors and the lender can be confident of their
exposures in the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. Since it is a government company. The company can be considered good
for any business dealings. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA – [Issuer] |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
July 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative. [91-22-22026666]
LOCATIONS
|
Registered Office : |
Shipping House, 245, |
|
Tel. No.: |
91-22-22853556 / 22772163 / 22822041 / 22772168 / 22026666 / 22023463 |
|
Fax No.: |
91-22-228754790 / 22833772 / 22026905 |
|
E-Mail : |
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|
Website : |
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|
Regional Office
– Chennai : |
" Jawahar Building", 17, Rajaji Salai, Chennai -
600 001, Tamilnadu, India |
|
Tel. No.: |
91 044 25231401 ( 10 lines) |
|
Fax No.: |
91 044 25231218 |
|
|
|
|
Regional
Office - New Delhi : |
"Chandralok",
1st Floor, 36, Janpath, New Delhi - 110 001, India |
|
Tel. No.: |
91 11 23322627/
23322604 / 23322675 |
|
Fax No.: |
91 11 3713755 |
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|
|
|
Regional
Office - Kolkata : |
"Shipping House", 13, Strand Road, P.O. Box
No.2653, Kolkata - 700 001, India |
|
Tel. No.: |
91 33 22482354 (18
Lines) |
|
Fax No.: |
91 33 22480377/22482035 |
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|
|
|
Regional
Office - Port Blair : |
Gati Coast-to-Coast building, No 99, Jawaharlal Nehru
Road, Delanipur, Post Box No 310, Port Blair, Andaman Islands, Pin No. 744
102 |
|
Tel. No.: |
91-3192-233590 / 233347 |
|
Fax No.: |
91-3192-233778 |
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|
|
|
Technical and Offshore Division : |
Shipping House, 4th Floor, 245, Madame Cama Road , Mumbai 400 021, Maharashtra, India Tel. No.: 91-22-25701430 E-Mail : ec.rao@sci.co.in Fax No.: 91-22-25700824 250, Sudam Kalu Ahire Marg , Worli, Mumbai 400 02, Tel. No.: 91-22-24937484 E-Mail : jvs.rao@sci.co.in
Fax No.:
91-22-24914728 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. S. Hajara |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vijay Chhibber |
|
Designation : |
Government Director |
|
|
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|
Name : |
Mr. M.C. Jauhari |
|
Designation : |
Government
Director |
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|
|
|
Name : |
Mr. J. N. Das |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.04.1954 |
|
Qualification : |
|
|
Date of Appointment : |
24.12.2007 |
|
|
|
|
Name : |
Rear Admiral
(Retd.) T.S. Ganeshan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kailash Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1952 |
|
Qualification : |
|
|
Date of Appointment : |
20.07.2006 |
|
|
|
|
Name : |
Prof. Sushil Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.07.1951 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
|
|
|
Name : |
Mr. B. K. Mandal |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.05.1954 |
|
Qualification : |
|
|
Date of Appointment : |
11.11.2005 |
|
|
|
|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.11.1952 |
|
Qualification : |
|
|
Date of Appointment : |
13.08.2007 |
|
|
|
|
Name : |
Mr. S.K. Roongta
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Ramanathan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.04.1949 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
|
|
|
Name : |
Mr. U. Sundararajan |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.06.1942 |
|
Qualification : |
Cost Accountant |
|
Date of Appointment : |
11.08.2010 |
|
|
|
|
Name : |
Mr. S. C. Tripathi |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.01.1946 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
|
|
|
Name : |
Mr. Arun Kumar Verma |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.06.1951 |
|
Qualification : |
|
|
Date of Appointment : |
11.08.2010 |
|
|
|
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Capt. Sunil Thapar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dipankar Haldar |
|
Designation : |
SVP (Legal Affairs) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3057 |
0.00 |
|
|
296939920 |
63.75 |
|
|
296942977 |
63.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
296942977 |
63.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
125179 |
0.03 |
|
|
10290717 |
2.21 |
|
|
79744068 |
17.12 |
|
|
6908673 |
1.48 |
|
|
97068637 |
20.84 |
|
|
|
|
|
|
15685144 |
3.37 |
|
|
|
|
|
|
42080099 |
9.03 |
|
|
9908958 |
2.13 |
|
|
4113195 |
0.88 |
|
|
5250 |
0.00 |
|
|
3719698 |
0.80 |
|
|
388147 |
0.08 |
|
|
100 |
0.00 |
|
|
71787396 |
15.41 |
|
Total Public shareholding (B) |
168856033 |
36.25 |
|
Total (A)+(B) |
465799010 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
465799010 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
President of India |
29,69,39,920 |
63.75 |
|
2 |
Sabyasachi Hajara |
1,507 |
0.00 |
|
3 |
Vijay Chhibbar |
1,515 |
0.00 |
|
4 |
Rajeev Gupta |
30 |
0.00 |
|
5 |
Bidyut Kanti Mandal |
1 |
0.00 |
|
6 |
Sunil Virendra Thapar |
1 |
0.00 |
|
7 |
Jnanendra Nath Das |
1 |
0.00 |
|
8 |
Kailash Gupta |
1 |
0.00 |
|
9 |
Arun Kumar Gupta |
1 |
0.00 |
|
|
Total |
29,69,42,977 |
63.75 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Life Insurance Corporation of India |
65801520 |
14.13 |
|
2 |
General Insurance Corporation of India |
5246302 |
1.13 |
|
3 |
New India Assurance Company Limited |
4958095 |
1.06 |
|
|
Total |
76005917 |
16.32 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND
HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Life Insurance Corporation of India |
65801520 |
14.13 |
|
|
Total |
65801520 |
14.13 |
BUSINESS DETAILS
|
Line of Business : |
Providing All Types of Ship Owner, Operator Services, Cargo Liner,
Container Services, etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.S.D. and Associates Chartered Accountant |
|
Address : |
Jaipur, Rajasthan, India |
|
|
|
|
Name : |
Sarda and Pareek Chartered Accountant |
|
Address : |
Mumbai, |
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
465799010 |
Equity Shares |
Rs.10/- each
|
Rs.4658.000
Millions |
NOTES:
Details of shareholders
holdings more than 5% shares
|
Name of
Shareholder |
Number of shares held |
Percentage of Holding |
|
President of India |
296939920 |
63.75 |
|
Life Insurance Corporation of India |
65801520 |
14.13 |
Rights / Preference
/ Restriction attached to Equity Shares
The Company has only one class of Equity shares having par value of Rs.
10. Each shareholder of equity shares is
entitled to one vote per share. In the event of liquidation of the
Company, the holder of equity shares will be
entitled to receive the remaining assets of the company after
distribution of all preferential allotment in proportion
to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4658.000 |
4658.000 |
4234.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
62685.200 |
67023.100 |
59135.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67343.200 |
71681.100 |
63370.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55257.800 |
40563.000 |
26968.600 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
55257.800 |
40563.000 |
26968.600 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
122601.000 |
112244.100 |
90338.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
89127.500 |
73691.800 |
45068.100 |
|
|
Capital work-in-progress |
3619.900 |
3290.500 |
0.000 |
|
|
Assets under Construction |
0.000 |
0.000 |
18547.000 |
|
|
|
|
|
|
|
|
Assets held for disposal |
0.000 |
0.200 |
0.200 |
|
|
INVESTMENT |
2746.700 |
2926.700 |
1666.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1774.500
|
1465.000 |
832.100 |
|
|
Sundry Debtors |
7859.300
|
3807.300 |
3380.600 |
|
|
Cash & Bank Balances |
14424.100
|
24667.200 |
24064.600 |
|
|
Deposit with public financial institutions |
0.000
|
0.000 |
2700.000 |
|
|
Other Current Assets |
1809.100
|
2147.600 |
1391.200 |
|
|
Amounts advanced to joint venture companies |
0.000
|
0.000 |
2348.300
|
|
|
Loans & Advances |
18953.900
|
18204.300 |
3198.500 |
|
Total
Current Assets |
44820.900
|
50291.400 |
37915.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6037.600
|
6357.400 |
7177.600 |
|
|
Other Current Liabilities |
10234.000
|
8928.000 |
2274.800 |
|
|
Provisions |
1442.400
|
2671.100 |
3406.200 |
|
Total
Current Liabilities |
17714.000
|
17956.500 |
12858.600 |
|
|
Net Current Assets |
27106.900
|
32334.900 |
25056.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
122601.000 |
112244.100 |
90338.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations |
38208.000 |
|
|
|
|
|
Other Operating Revenue |
467.500 |
512.000 |
34631.200 |
|
|
|
Other Income |
5996.300 |
3953.500 |
3734.000 |
|
|
|
TOTAL |
44671.800 |
39899.900 |
38365.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Services Rendered |
33284.400 |
|
|
|
|
|
Employees Benefit Expenses |
4141.300 |
4304.000 |
29877.200 |
|
|
|
Other expenses |
1016.100 |
1462.600 |
|
|
|
|
Prior Period Items |
(330.000) |
(297.500) |
|
|
|
|
TOTAL |
38111.800 |
28013.600 |
29877.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6560.000 |
11886.300 |
8488.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3873.000 |
668.900 |
525.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2687.000 |
11217.400 |
7962.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6087.200 |
4651.000 |
3801.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
ITEMS RELATING TO EARLIER YEARS AND EXCEPTIONAL ITEMS |
0.000 |
0.000 |
4161.600 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENTS |
0.000 |
0.000 |
(63.600) |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISIONS/SUNDRY
CREDIT BALANCES WRITTEN BACK |
0.000 |
0.000 |
661.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(3400.200) |
6566.400 |
4759.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
881.900 |
892.900 |
990.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(4282.100) |
5673.500 |
3769.100 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED TO
TONNAGE TAX RESERVE U/S 115VT OF INCOME TAX ACT |
NA |
NA |
800.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
5113.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Staff Welfare
Fund |
NA |
NA |
10.000 |
|
|
|
Corporate Social
Responsibility Reserve |
NA |
NA |
37.700 |
|
|
|
General Reserve |
NA |
NA |
400.000 |
|
|
|
Proposed
Dividend |
NA |
NA |
2117.300 |
|
|
|
Tax on Proposed
Dividend |
NA |
NA |
351.600 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
5166.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9.19) |
13.01 |
8.90 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
12200.200 |
10286.500 |
10316.800 |
|
Total Expenditure |
1,0575.800 |
10490.400 |
8919.700 |
|
PBIDT (Excl OI) |
1624.400 |
(203.900) |
1397.100 |
|
Other Income |
777.000 |
890.900 |
272.100 |
|
Operating Profit |
2401.400 |
687.000 |
1669.200 |
|
Interest |
1103.800 |
299.900 |
466.200 |
|
PBDT |
1297.600 |
387.100 |
1203.000 |
|
Depreciation |
1683.300 |
1964.900 |
1933.200 |
|
Profit Before Tax |
(385.700) |
(1577.800) |
(730.200) |
|
Tax |
163.000 |
237.000 |
22.400 |
|
Profit After Tax |
(548.700) |
(1814.800) |
(752.600) |
|
Extraordinary Items |
0.000 |
4787.400 |
0.000 |
|
Net Profit |
(548.700) |
2972.600 |
(752.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.59)
|
14.22 |
9.82
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.79)
|
18.27 |
13.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.54)
|
5.30 |
5.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.09 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.82
|
0.57 |
0.43
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
2.80 |
2.95
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
|
|
|
|
- Total outstanding dues of micro enterprises and small enterprises |
9.400 |
91.700 |
18.500 |
|
- Total dues of creditors other than micro enterprises and small
enterprises |
6028.200 |
6265.700 |
7159.100 |
|
TOTAL
|
6037.600 |
6357.400 |
7177.600 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
APPROPRIATIONS:
The working results
of the Company
for the year 2011-2012 after considering prior period adjustments show a loss
of Rs. 4282.100 Millions. After adjusting a sum of Rs. 5904.200 Millions (being
balance profit and loss account brought forward from the previous year), the
amount available for disposal works out to Rs.1622.100 Millions. The Directors
propose to make an appropriation of Rs. 5.000 Millions towards Staff Welfare
Fund from this amount. After the proposed appropriation, the sum available is
Rs. 1617.100 Millions which is being carried forward to next year’s accounts.
BRIEF ANALYSIS OF FINANCIAL PERFORMANCE:
The financial
performance of the Company was impacted by the adverse freight markets during
the year. There has been an increase in the gross earnings due to induction of ten
new vessels during the year even though freight rates were depressed. However,
the same have been offset primarily by an increase in fuel prices. Further the
Company has also reported finance cost at Rs. 3873.000 Millions during the year
which includes Rs. 2967.300 Millions on account of exchange loss arising out of
revaluation of the foreign currency loans as a result of the depreciation of
the Indian rupee to the US Dollar. This exchange loss has been considered as
finance cost as per the requirement of the relevant accounting standard. The
actual interest outgo in the current year was only Rs. 905.700 Millions as
against Rs. 639.400 Millions in the earlier year.
FLEET POSITION DURING THE YEAR:
During the year,
fourteen vessels aggregating 570,443 dwt. tonnage were disposed of whereas
eleven vessels comprising of seven new building bulk carriers and four new
building offshore vessels total aggregating to 406,927 dwt. were delivered.
Thus, the overall fleet position, which was 79 ships at the beginning of the
year, closed at 76 ships at the end of the year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
WORLD SCENARIO - ECONOMY AND SEABORNE TRADE:
The global GDP
growth contracted to 3.8% in 2011, down from 5.2% growth witnessed in 2010
mainly as a result of the ongoing European debt crisis and the sluggish growth
of US economy. Some of the other factors that led to this contraction in growth
were the shrinking Japanese economy and slower economic growth in China and
‘Other Developing Asia’ with the Indian economy slowing down due to fall in
Industrial production.
SEABORNE TRADE, FLEET AND MARKET:
In the ‘Dry Bulk’
segment, global trade was nearly 4 billion tonnes in 2011, growing at a much
slower pace of 6.4% compared to a robust 12% growth seen in 2010. The growth
was mainly on account of Chinese dry bulk imports which increased by 11%, with
imports into the ‘Developing Asia’ region and Europe growing by 9% each. In
contrast, Japanese imports shrank from their previous year’s level. In terms of
commodities, global iron ore trade rose by 7.5% in 2011 while the steam coal
and steel products trades grew by 12% and 7% respectively. Grain imports growth
slowed down considerably while the Met coal trade actually contracted from its
previous year’s volume. On the supply side, the ‘Dry bulk and combi’ fleet
registered a substantial growth of 14.8% in 2011, which was more than double
the growth in trade. With these unfavourable market conditions, the Dry bulk
shipping market witnessed very depressed rates in 2011, falling far below their
2010 averages.
In the ‘Crude Oil’
segment, global imports in 2011 were nearly 2 billion tonnes, remaining at
almost the same level as in 2010. China’s seaborne crude imports grew by a
moderate 3.8% in 2011 as growth in pipeline imports from Russia had a negative
impact on seaborne trade. While ‘Other Asia’ also registered a growth in
imports, several other major countries / regions namely North America, Europe
and Japan witnessed a fall in their respective crude imports. On the supply
side, the Crude tanker fleet grew by 6.5% in 2011. As a result of much higher
fleet growth as against negligible increase in trade, Crude tanker rates were
very depressed, with earnings in 2011 being lowest in 30 years after accounting
for inflation.
In the ‘Products’
segment, imports in 2011 were around 0.9 billion tonnes, registering a small
increase of 2.3% over the previous year’s volumes. The Product tanker fleet
expanded by around 3%. The rates for Product tankers of medium range size
improved in 2011 over their 2010 averages, while for the larger sizes the rates
fell from their previous year’s levels.
The Container
trade in 2011 was around 141 million TEUs with its growth slowing down to 6.3%
compared to the previous year’s level of 10.7%. Much of the trade slowdown is
attributed to slower demand in the leading Western economies that affected the
growth in Chinese exports, which fell sharply by nearly 10% from their 2010
level. With declining growth in trade coupled with continuing expansion of the
fleet, which grew by 7.5% in 2011, the freight rates eventually fell to the
lows of 2009 by end 2011.
INDIAN SCENARIO:
As per RBI,
India’s GDP growth in 2011-12 declined to around 6.5% from 8.4% in 2010-11.
‘Agriculture’ sector growth in 2011-12 was the lowest at 2.5%, ‘Industry’
sector at 3.9% and ‘Services’ sector at 9.4%. (As per Central Statistical
Office, (CSO) Advance estimate of National Income GDP growth rate has been
pegged at 6.9%). According to sources from Ministry of Commerce, the
provisional data shows India’s exports in value terms rose by 21% to US$ 303.7
billion in 2011-12, while imports rose by 32.1% to US$ 488.6 billion. As per
Indian Port Association (IPA), the quantum of Cargo Traffic at India’s 12 major
ports declined by 1.7% in 2011-12 i.e. from around 570 million tonnes in
2010-11 to 560 million tonnes in 2011-12. The largest commodity group
comprising the total traffic was POL with around 32% share, followed by
Container traffic (22%), ‘Other cargo’ (18%), Iron ore (11%), Thermal Coal
(9%), Coking coal (5%) and Fertilizers - Finished and Raw (3%). The decline in
traffic was mainly due to a huge drop of 22% in the traffic at Mormugao,
followed by a 9% drop each in traffic at ‘Kolkata and Haldia’ combined and
Chennai. In terms of commodities, the decline was mainly on account of a 30%
drop in Iron ore exports, followed by 4% decline in Coking coal imports and
nearly 1.5% decline in Finished fertilizers.
The minor ports in
India registered a robust double digit growth of 17% in cargo traffic in
2011-12, handling around 370 million tonnes with a share of nearly 40% of the
930 million tonnes total cargo handled by both major and non-major (minor)
ports. In contrast, the traffic in major ports, accounting for the remaining
60% share of total traffic, witnessed a marginal reduction from its previous
year’s volume.
OUTLOOK:
In the Dry Bulk
segment, as a result of considerably lower rate of growth in trade compared to
the rapid increase in the fleet, the freight rates are estimated to remain very
weak till mid 2013. The recovery in rates is expected thereafter through to
2015 with the rates firming up subsequently. As the Crude tanker fleet
continues to grow at a fairly rapid pace vis-a-vis the trade growth, the spot
rates are likely to remain very weak over next two years. One-year Time Charter
rates for Product tankers in the medium range size are expected to increase
modestly during 2012 whereas for the larger sizes they are expected to decline
slightly. Subsequently, the rates in both size ranges are expected to rise
steadily. In the Container segment spot rates in the premier trade routes
registered a recovery in January 2012. Carriers operating on the Asia-Europe
route as well as on other routes successfully implemented rate increases in the
first half of 2012. However, the rates are expected to fall back in the last
quarter of 2012 before starting recovery in 2013.
SEGMENTWISE
PERFORMANCE:
CRUDE OIL TANKERS:
During the tough
shipping market situation in financial year 2011-12, the Company performed
relatively better than the overall shipping industry, but as new tonnage has
been inducted in last two years, the capital expenditure increased
significantly, severely affecting the profit. M/s. Hindustan Petroleum
Corporation Limited (HPCL) and M/s Bharat Petroleum Corporation Limited (BPCL)
continue to have COA arrangements with SCI for their crude transportation. In
addition, the Company entered into short-term COAs with Chennai Petroleum Corp.
Limited (CPCL) and Reliance Industries during the year.
SHIP-TO-SHIP (STS) LIGHTERAGE OPERATIONS:
During 2011-2012,
SCI’s Lighterage Cell carried out 118 STS Lighterage operations on behalf of
Oil Industries at various locations East and West coast of India and for Goa
Maritime Private Limited (GMPL) at Goa (Panaji Port). Transfer of 1.923 MMT of
crude Oil and 4.5 MMT iron ore carried out with above operations.
In addition to
above Lighterage Cell conducted 28 SBM Mooring operations of storage Tankers at
Mumbai High, Satellite and D1 oil fields. A total of 1.94 TMT crude handled by
Mooring operations.
OUTLOOK:
Due to hefty order
book, especially of crude tankers, the supply of tonnage could negate the rise
in expected demand, widening further the already existing supply-demand gap.
Although the demand for crude tankers is expected to rise, the supply of new
tonnage will dampen the overall sentiment and pull down freight rates. On the
other hand, product tankers should be able to perform better due to less order
book and more demand worldwide. New additions of refining capacities in the
Arabian Gulf and in Asia (especially India) will also result in greater demand
for product tankers.
There are many
risks facing the global economy in the next financial year, like the
possibility of a financial meltdown in the EU, with some countries abandoning
the Eurozone and there could be a possibility of a severe downturn. The other
risk in the segment is the sanction on Iran which will have potential
implications. The Company is also strengthening the LNG transportation segment.
Being the only Indian Company having experience in LNG transportation and the
potential of LNG imports with increasing re-gasification plants in East coast
and West coast of India, SCI is well placed to take advantage of the future in
this segment.
JOINT VENTURE
COMPANIES:
IRANO-HIND SHIPPING COMPANY (IHSC):
The performance of
Irano Hind Shipping Company remains a matter of concern. During the Iranian year
ended 19th March 2012 (Iranian year 1390) company earned net profit after tax
of Iranian Riyals 430,026 Millions (US$ 35.08 Millions). The consolidated net
loss of the joint venture company and its subsidiaries for the Iranian year
ended 19th March 2012 stood at Iranian Riyals 14928 Millions (US$ 1.22
Million). The fleet owned by the joint venture company together with its
subsidiaries as at 19th March 2012 stood at seven ships with an aggregate of
0.66 million dwt. The Joint Venture Company had recommended issue of bonus
shares of Iranian Riyals 120 Billion in the 36th General Assembly meeting held
on 21.07.2010 increasing share capital of the company from Iranian Riyals 350
Billion to Iranian Riyals 470 Billion and actual increase was effected in the current
year (Year ended 19th March, 2012) after obtaining approvals from competent
authorities. US and European Union authorities in addition to United Nations
Security Council, have imposed sanctions, whereby IHSC and its subsidiaries,
cannot deal in US Dollars or Euros. PandI Cover is also not available from the
Insurance Companies which are dealing in US Dollars / Euros. The IHSC and group
companies have been given “notice of acceleration” by two bankers (DVB Bank and
Commerze bank) requiring repayment of all term loan (approx US$ 88 Million)
along with pending interest immediately. The matter is receiving the attention
at proper level in the Government, as the Company has substantial interest in
the joint venture and step down subsidiaries.
SCI’S JOINT VENTURE IN LNG (LIQUEFIED NATURAL GAS)
VESSELS:
INDIA LNG TRANSPORT COMPANY NO. 1 and 2 LIMITED:
As on 31st March
2012, both vessels, SS Disha and SS Raahi have carried about 307 cargoes and
277 cargoes of LNG each from the inception of the two Joint Venture Companies
(JVC) in May, 2001, namely India LNG Transport Companies No. 1 and 2 Limited
The vessels have delivered 77 cargoes equivalent to 5.01 MMTPA in the financial
year 2011-12. The Company had extended Shareholders’ loan to the two companies
and during the year 2011-12 the joint venture company has repaid an amount of
US$ 3.31 million towards Shareholders’ loan and US$ 1.52 million as interest on
Shareholders’ loan, to the company. The outstanding amount of Shareholders’
loan as on 31st March 2012 is US$ 24.15 million. The Company is managing these
2 LNG tankers independently from 24.12.08 for SS Raahi and 29.12.08 for SS
Disha. The Company has been paid US$ 1.23 million towards Management Fee and
Accounting fee during the year 2011-12 by the joint venture company.
INDIA LNG TRANSPORT COMPANY NO 3 LIMITED:
The third JVC,
India LNG Transport Company No. 3 Limited, set up to service the Dahej
Expansion Project was formed on 21.02.2006. Pursuant to the execution of the
TCA (Time Charter Agreement) and other related project agreements viz. SBC
(Ship Building Contract) etc., the Loan Agreement was executed on 19.12.2006 by
the JVC for a loan of US$ 178.29 million. The outstanding Shareholders’ loan by
the Company as on 31st March 2011 is US$ 22.62 million. The LNG tanker, M.T.
Aseem, was delivered on 16th November, 2009 and transports 2.5 million tons per
annum of LNG from Ras Gas, Qatar to Dahej for Petronet LNG Limited’s expansion
project. As on 31st March 2012, M.T. Aseem has carried about 86 cargoes of LNG
from the inception. The vessel has delivered 39 cargoes in the financial year
2011-12. The Company is manning the tanker from inception i.e. delivery of the
tanker with its officers and crew and has been paid US$ 66,990/- towards
Manning fee during the year 2011-12.
JOINT VENTURE COMPANY CHEMICAL CARRIERS (M/S. SCI
FORBES LIMITED):
The Company had
entered into a Joint Venture with M/s Forbes and Company Limited and M/s.
Sterling Investment Private Limited and the JVC was incorporated on 18.07.2006,
as “M/s. SCI Forbes Limited”. The Joint Venture Company owns and operates four
chemical tankers of 13000 dwt each. All the four vessel of SCI Forbes are being
operated in Womar Pool. The global downturn has impacted the chemical
transportation business and SCI Forbes operations were also affected. The
depressed market scenario is expected to prevail for some more time. In the
light of the aforesaid scenario, negotiations were held with Lenders to soften
the loan terms. Based on the negotiations, the financiers agreed to suspend the
standby charter requirement from Promoters w.e.f 01.07.2011.
Further, on
30.08.2011 the cash collateral of US $ 26 m was also released by financiers for
pre paying the shipping loan. It may be noted that the interest rate on loan
has been increased from 75 bps to 110 bps above Libor rate as long as the stand
by charter is suspended.
JOINT VENTURE COMPANY (M/S. SAIL SCI SHIPPING
PRIVATE LIMITED):
SAIL SCI SHIPPING
PRIVATE LIMITED (SSSPL) is a JVC between SCI and SAIL. SSSPL was incorporated
on 19th May, 2010. SSSPL is in process of acquiring bulk carriers for
commencing its operations and accordingly tenders were floated for the same.
During 2011-12 the prices of vessels declined globally. Taking the advantage of
declining prices, the SSSPL Board is contemplating acquisition of larger size
bulk carriers.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
i. Claim against the company not acknowledged as debts - |
|
|
|
A. Claim made by
M/s. Chokhani International Limited towards dry dock expenses pending before
High Court, Chennai |
422.500 |
400.600 |
|
B. Forfeiture of
Earnest Money Deposit, Cargo Loss, Freight, Demurrage, Slot Payments, Fuel
Cost, other operational claims and Custom duty disputed demand. (As certified
by the Management) |
820.400 |
921.700 |
|
C. Disputed demand of Statutory Dues (As certified by the Management) |
1239.200 |
917.500 |
|
a) Income Tax |
587.400 |
917.500 |
|
b) Service Tax* |
651.800 |
0.000 |
|
ii. Guarantees given by the Banks |
|
|
|
A. On behalf of the Company |
343.600 |
189.200 |
|
B. On behalf of the Joint Venture to the extent of the Company’s share |
366.100 |
320.000 |
|
iii. Undertaking cum Indemnity given by Company |
100.000 |
100.000 |
|
iv. Cargo Claims covered by P&I Club |
6.600 |
2.000 |
|
v. Bonds / Undertakings given by the Company to Customs Authorities |
868.600 |
1014.000 |
|
vi. Corporate Guarantees / Undertakings |
|
|
|
Others |
561.700 |
502.300 |
NOTES:
*Service tax
department issued show cause notices to the Company proposing to impose levy of
service tax under the category of “Storage and Warehousing Service” aggregating
to (a) Rs. 267.900 Millions (Prev. Yr. Rs. 267.900 Millions) for the period
from 01/10/2002 to 31/12/2007 (b) Rs. 75.400 Millions (Prev. Yr. Rs. 75.400
Millions) for the period from 01/01/2008 to 31/01/2009 and (c) Rs. 40.500
Millions (Prev. Yr. Rs. 40.500 Millions) for the period from 01/02/2009 to
30/09/2009 (d) Rs. 27.400 Millions (Prev. Yr. Nil) for the period from
01/10/2009 to 31/03/2010 (e) Rs. 66.000 Millions (Prev. Yr. Nil) for the FY
2010-11 and also interest and penalty alleging that Company has provided
storage & warehousing services to Oil & Natural Gas Corporation (ONGC)
in respect of vessels given to ONGC under Time Charter arrangement.
Though order dated
13.02.2012 has recently been passed with reference to show cause notice for the
period from
01/10/2002 to 31/12/2007
partly confirming the levy of Service Tax, according to the management, service
tax is not leviable for such chartering arrangement under the category of
“Storage and warehousing Service” and therefore SCI has challenged the
applicability of service tax under this category and has not accepted any
liability towards service tax on this account.
FIXED ASSETS:
- Fleet
- Ownership containers
- Freehold land
- Buildings
- Ownership flats and residential
buildings
- Furniture, fittings and equipments etc
- Motor vehicles
- Computer software
UNAUDITED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
10109.700 |
10259.100 |
31918.300 |
|
|
Other Operating Income |
207.100 |
1086.100 |
918.800 |
|
|
Profit on Sale of Ships |
0.000 |
607.000 |
1036.700 |
|
|
Total Income From Operations (Net) |
10316.800 |
11952.200 |
33873.800 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Employee Cost (ashore & floating) |
1245.600 |
1158.600 |
3595.700 |
|
|
Bunker |
3655.200 |
3740.500 |
11867.100 |
|
|
Port dues |
881.200 |
1002.900 |
2926.000 |
|
|
Cargo Handling Expenses |
147.400 |
341.100 |
1366.800 |
|
|
Repairs & Maintenance |
664.400 |
656.600 |
1981.000 |
|
|
Charter Hire |
1001.000 |
1423.000 |
3692.800 |
|
|
Provisions |
27.400 |
213.800 |
288.300 |
|
|
Depreciation |
1933.200 |
1964.900 |
5581.400 |
|
|
Other Expenditure |
1297.500 |
1953.900 |
3243.100 |
|
|
Total Expenses |
10852.900 |
12455.300 |
34542.200 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(536.100) |
(503.100) |
(668.400) |
|
|
|
|
|
|
|
4. |
Interest
Income |
258.000 |
259.000 |
836.500 |
|
|
|
|
|
|
|
|
Other
Income |
14.100 |
24.900 |
66.800 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(264.000) |
(219.200) |
234.900 |
|
|
|
|
|
|
|
6. |
Interest |
466.200 |
299.900 |
1108.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(730.200) |
(519.100) |
(873.600) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(730.200) |
(519.100) |
(873.600) |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
Provision
for taxation |
22.400 |
237.000 |
422.400 |
|
|
Excess
provision written back |
0.000 |
0.000 |
0.000 |
|
|
Total |
22.400 |
237.000 |
422.400 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(752.600) |
(756.100) |
(1296.000) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
(3728.700) |
(2967.300) |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
(752.600) |
2972.600 |
1671.300 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
4658.000 |
4658.000 |
4658.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(1.62) |
(1.62) |
(2.78) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(1.62) |
6.38 |
3.59 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
16885603 |
16885603 |
168856033 |
|
|
-
Percentage of Shareholding |
36.25 |
36.25 |
36.25 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
296942977 |
296942977 |
296942977 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
63.75 |
63.75 |
63.75 |
|
Particulars |
3 Months ended 31.12.2012 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
0 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
||
|
|
|
|
|
|
|
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Liner Segment |
2796.600 |
3693.300 |
8987.200 |
|
|
|
Bulk Segment |
6392.300 |
7213.400 |
21903.000 |
|
|
|
Others |
1127.900 |
1045.500 |
2983.600 |
|
|
|
Total |
10316.800 |
11952.200 |
33873.800 |
|
|
|
Unallocated Revenue |
14.100 |
3753.600 |
3034.100 |
|
|
|
Total |
10330.900 |
15705.800 |
36907.900 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Profit/(Loss) before Tax and Interest |
|
|
|
|
|
|
Liner Segment |
141.000 |
316.300 |
52.300 |
|
|
|
Bulk Segment |
(1104.400) |
(1262.300) |
(1865.700) |
|
|
|
Others |
427.700 |
447.800 |
1143.400 |
|
|
|
Total |
(535.700) |
(498.200) |
(670.000) |
|
|
|
Less: Unallocated Expenditure (Net of Income) |
(13.700) |
(20.000) |
(68.400) |
|
|
|
Profit before Interest and Tax |
(522.000) |
(478.200) |
(601.600) |
|
|
|
Less: Interest Expenses |
466.200 |
299.900 |
1108.500 |
|
|
|
Add: Interest Income |
258.000 |
259.000 |
836.500 |
|
|
|
Profit before
Tax |
(730.200) |
(519.100) |
(873.600) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Liner Segment |
8661.900 |
8458.500 |
8661.900 |
|
|
|
Bulk Segment |
107004.200 |
101599.800 |
107004.200 |
|
|
|
Others |
14204.100 |
12170.500 |
14204.100 |
|
|
|
Total Capital Employed
in Segments |
129870.200 |
122228.800 |
129870.200 |
|
|
|
Unallocable Capital Employed |
16149.700 |
8775.900 |
16149.700 |
|
|
|
Total Capital
Employed in Company |
146019.900 |
131004.700 |
146019.900 |
NOTES:
1. The above
results were reviewed by the Audit Committee in its meeting held on 13.02.2013
and approved by the Board of Directors on 14.02.2013.
2. Segment
Results:
a. Segment definitions:
Liner segment includes break-bulk and container transport. Bulk segment
includes tankers (both crude and product), dry bulk carriers, gas carriers and
phosphoric acid carriers. Others include offshore vessels, passenger vessels
and services and ships managed on behalf of other organizations. Unallocable
items and interest income/expenses are disclosed separately.
b. All
assets/liabilities and revenue items are allocated vessel wise wherever
possible. Assets/liabilities and revenue items that cannot be allocated vessel
wise are allocated on the basis of unit cum GRT method i.e. 50% allocated on
the basis of units and balance 50% on the basis of adjusted GRT. For vessels
which are bigger than 20000 GRT, GRT is adjusted to one third of GRT or 20000
GRT, whichever is more.
c. The components
of capital employed that cannot be directly identified are allocated on the
basis of GRT method.
3. The details of foreign exchange loss/gain for the period are as
under:
|
|
Capitalized to
cost of vessels |
Charged to
interest expense in
accordance with ASI 10 to
AS – 16 “Borrowing cost” |
Included in
“Other expenditure”/”Other income” |
|
For the quarter ended 31st December
2012 |
2548.400
millions (loss) |
Nil |
127.700 millions
(gain) |
|
For the quarter ended 30th September,
2012 |
4602.000
millions (gain) |
761.400 millions
(gain) |
877.000 millions
(loss) |
|
For the nine months ended 31st December, 2012 |
3529.300
millions (loss) |
Nil |
241.300 millions
(loss) |
|
For the nine months ended |
6947.200
millions (loss) |
2094.300
millions (loss) |
2645.700
millions (gain) |
|
For the year ended 31st March 2012 |
3766.400
millions (loss) |
2967.300
millions (loss) |
1344.400
millions (gain) |
4. Ministry of Corporate
Affairs, Government of India through Circular dated August 09, 2012 has
clarified that para 6 of Accounting Standard (AS) 11 and para 4 (e) of AS 16
shall not apply to a Company which is applying para 46‐A of AS 11. Consequently, exchange differences, arising on
settlement/translation of foreign currency loans to the extent regarded as an
adjustment to interest costs as per para 4 (e) of AS 16 and charged to
statement of Profit and Loss, have now been adjusted in the cost of related
assets. As a result, profit for the nine months ended December 31, 2012 and
Fixed Assets as on December 31, 2012 is higher by Rs. 2840.500 Millions and
depreciation is higher by Rs.127.400 Millions. There is no impact on the profit
for the quarter ended 31st December, 2012.
5. Other
Expenditure for the quarter ended 31st December, 2012 includes prior period
expenditure of Rs. 389.500 Millions. Prior period income of Rs. 669.200
Millions for the nine months ended 31st December, 2012 has been included in
“Other income”.
6. During the
quarter ended 31st December, 2012, the Company took delivery of one Crude Oil
Tanker M.T. Desh Shobha of DWT 81,334, two Panamax Bulk Carrier M.V. Vishva
Vijay and M.V Vishva Preeti of DWT 44010 and 44007 respectively, one Platform
Supply Vessel M.V. SCI Yamuna of DWT 2633 and one Kamsarmax Bulk Carrier Vishva
Jyoti of DWT 44864
7. The auditors in
their limited review report for the quarter ended 31st December, 2012 have
brought out that;
a. Reconciliation
of agents' accounts resulted in prior period expenses of Rs. 493.000 Millions
booked under various heads of expenditure which remains unverified.
b. The accuracy of
exchange gain / loss in respect of customer reconciliation / advances received
from customers / trade payables, booking of freight income on ad hoc basis of
Rs. 599.600 Millions, recognized on revaluation as per accounting standard‐11 remains unverifiable and remains unascertainable.
c. Failure to
correct major weaknesses in the internal control systems in relation to the
various subsystems used by the Corporation for timely and proper recording of
the transactions relating to the expense and revenue.
d. Non‐provision on account of credit notes/bad and doubtful debts on sundry
debtors resulting from reconciliation matters.
e. Incorrect
capitalization of m.t. Desh Shobha resulting in understatement of Depreciation
and understatement of liability to Joint Venture Company, the effect of which
is unascertainable. The management’s views on the abovementioned points are as
below:
a. The prior
period expenses of Rs. 493.000 Millions have been booked based on documents
which were available for verification
b. Due to non‐availability of the invoicing system for a short period, the income of
Rs. 599.600 Millions was booked manually applying the exchange rate as on 31st
December, 2012. There is no material impact on exchange gain/ loss due to this.
c. To address
weaknesses in internal control systems if any, management has initiated action
to carry out system audit.
d. Reconciliation
of sundry debtors is in progress.
e. Capitalization
of the ship has been done as per the price in the contract entered into with
the shipyard. The settlement with the joint venture company for installments
paid earlier against the vessel will be addressed at the time of dissolution of
the joint venture company which is expected shortly.
8. The figures of
the previous year/ period have been regrouped or rearranged wherever necessary
/ practicable to conform to current year / period’s transactions.
PRESS RELEASES:
The Shipping Corporation of India Limited (SCI) accepted delivery of 120 T. Bollard Pull capacity Anchor Handling, Towing and Supply (AHTS) vessel “m.v. SCI Urja” today, 25th February, 2013.
The vessel is the last of the two new building 120 Tonne Bollard Pull capacity AHTS ordered by SCI with Cochin Shipyard Limited. The first vessel viz. “SCI Ahimsa” was delivered on 07.08.2012. Orders for these vessels were placed during June, 2009. With delivery of this vessel, SCI continues its foray into the larger capacity offshore services sector.
The vessel has a gross tonnage of 2,067 tonnes and deadweight of 2002.68 tonnes. The vessel has been classed with IRS, equipped with Dynamic Positioning-I (DP-I) system, Reverse Osmosis Plant, Firefighting (FIFI) equipment and UKOOA (C) compliance and has been built to comply with the latest and most stringent international regulations. This vessel will be able to offer the essential support and services for growth of the Indian Offshore industry.
In the offshore sector, SCI presently has a fleet of 15 vessels of which 7 vessels were acquired during the eighties. These vessels have been dedicatedly serving the oil exploration and production sector in India for past more than 25 years. As a National carrier, SCI has been aiming to increase its presence in India’s offshore sector. The services of these vessels would be crucial to the E and P operators in the Indian Offshore sector. Apart from serving the nation’s interest, the vessel would also strengthen SCI’s fleet base, as well as help SCI to establish itself as major E and P logistic service provider.
With the addition of this vessel, SCI’s fleet strength stands at 80 vessels of 5.91 million dwt. Acquisition of this vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. The Company has 16 vessels on order at present at various shipyards.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.54.22 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.