MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	SHIPPING CORPORATION OF INDIA LIMITED
Registered Office :	Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.1950
Com. Reg. No.:	11-008033
Capital Investment / Paid-up Capital :	Rs.4658.000 Millions
CIN No.: [Company Identification No.]	L63030MH1950GOI008033
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Providing Services of Bulk Carriers, Crude Oil Tankers, Product Tankers, Container Vessels, Passenger-cum-Cargo Vessels, Phosphoric Acid / Chemical Carriers, LPG / Ammonia Carriers and Offshore Supply Vessels.
No. of Employees :	2899 (Approximately)

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 264600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a Government of India Company. It is a well established and reputed company having fine track record. The company is continuously incurring losses from its operations. However, the company receives good support from Government. The creditors and 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.

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	ICRA (AA-) Issuer Rating
Rating Explanation	High degree of safety it carry very low credit risk.
Date	July 31, 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

MANAGEMENT NON-COOPERATIVE [91-22-22853556]

LOCATIONS

Registered Office :	Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22853556/ 22772163/ 22822041/ 22772168/ 22026666/ 22023463
Fax No.:	91-22-22833772/ 22026905
E-Mail :	dipankar.haldar@sci.co.in arun.gupta@sci.co.in k.devdas@sci.o.in
Website :	www.shipindia.com
Regional Office – Chennai :	" Jawahar Building", 17, Rajaji Salai, Chennai - 600001, Tamilnadu, India
Tel. No.:	91-44-25231401 (10 lines)
Fax No.:	91-44-25231218
Regional Office - New Delhi :	"Chandralok", 1st Floor, 36, Janpath, New Delhi - 110001, India
Tel. No.:	91-11-23322627/ 23322604/ 23322675
Fax No.:	91-11-23713755
Regional Office - Kolkata :	"Shipping House", 13, Strand Road, P.O. Box No.2653, Kolkata - 700001, India
Tel. No.:	91-33-22482354 (18 Lines)
Fax No.:	91-33-22480377/ 22482035
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
Technical and Offshore Division :	Shipping House, 4^th Floor, 245, Madame Cama Road, Mumbai - 400021, 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 - 400002, Maharashtra, India Tel. No.: 91-22-24937484 E-Mail : jvs.rao@sci.co.in Fax No.: 91-22-24914728

DIRECTORS

AS ON 31.03.2013

Name :	Mr. B. K. Mandal
Designation :	Director
Date of Birth/Age :	09.05.1954
Qualification :	B. Com (Hons) Post Graduate Diploma in Management (MBA) from IIM, Ahmedabad FICWA
Date of Appointment :	11.11.2005
Name :	Dr. (Ms.) T. Kumar
Designation :	Government Director
Name :	Mr. M.C. Jauhari
Designation :	Government Director
Name :	Mr. J. N. Das
Designation :	Director
Date of Birth/Age :	24.04.1954
Qualification :	Graduation from Directorate of Marine Engineering Training (DMET) 1^st Class Engineer (MOTOR) Certificate of Competency from MOT Member of Institute of Engineers (MIE, India) Fellow of Institute of Marine Engineers (F.I.M.E) – India
Date of Appointment :	24.12.2007
Name :	Mr. Arun Kumar Gupta
Designation :	Director
Date of Birth/Age :	26.12.1955
Qualifications :	· Marine Engineer from Marine Engineering Training College, Kolkata Member of Institute of Engineers Fellow Member of Institute of Marine Engineers Fellow Member of Narottam Morarjee Institute of Shipping
Expertise in Specific functional areas :	Vast experience and knowledge in shipping management and technical execution of projects.
Date of Appointment :	25.10.2010
Name :	Mr. S.K. Roongta
Designation :	Director
Name :	Capt. B. B. Sinha
Designation :	Director
Date of Birth/Age :	01.01.1958
Qualifications :	· Diploma in Shipping Management Master (FG) Life Member Company of Master Mariners
Expertise in Specific functional areas :	Vast experience and knowledge in Shipping management, Bulk carrier, tankers, chemicals, LPG and LNG operations.
Date of Appointment :	01.01.2013
Name :	Capt. Sunil Thapar
Designation :	Director
Date of Birth/Age :	08.09.1955
Qualifications :	· Master (FG) Certificate of Competency Masters in Shipping Management from World Maritime University Life Member of Company of Master Mariners“
Expertise in Specific functional areas :	Vast shipping experience and commercial and technical knowledge of Bulk carriers, Tankers, Containers and Liners and Offshore vessels
Date of Appointment :	11.01.2011
Name :	Mr. Dipankar Haldar
Designation :	Executive Director (Legal Affairs)

KEY EXECUTIVES

Name :	Mr. Dipankar Haldar
Designation :	Executive Director (Legal Affairs) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3057	0.00
Central Government / State Government(s)	296939920	63.75
Sub Total	296942977	63.75
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	296942977	63.75
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	369166	0.08
Financial Institutions / Banks	10335315	2.22
Insurance Companies	79739447	17.12
Foreign Institutional Investors	6902934	1.48
Sub Total	97346862	20.90
(2) Non-Institutions
Bodies Corporate	14323801	3.08
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	41883451	8.99
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	11169352	2.40
Any Others (Specify)	4132567	0.89
Overseas Corporate Bodies	5250	0.00
Non Resident Indians	3737220	0.80
Trusts	389997	0.08
Foreign Nationals / OCB	100	0.00
Sub Total	71509171	15.35
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	465799010	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of
1	President of India	296939920	63.75
2	Vijay Chhibbar	1515	0.00
3	Sabyasachi Hajara	1507	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	296942977	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. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	Life Insurance Corporation of India	65796899	14.13
2	General Insurance Corporation of India	5246302	1.13
3	New India Assurance Company Limited	4958095	1.06
	Total	76001296	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. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as %
1	Life Insurance Corporation of India	65796899	14.13
	Total	65796899	14.13

BUSINESS DETAILS

Line of Business :

Providing Services of Bulk Carriers, Crude Oil Tankers, Product Tankers, Container Vessels, Passenger-cum-Cargo Vessels, Phosphoric Acid / Chemical Carriers, LPG / Ammonia Carriers and Offshore Supply Vessels.

GENERAL INFORMATION

No. of Employees :

2899 (Approximately)

Bankers :

· State Bank of India

Oriental Bank of Commerce

Bank of Maharashtra

United Bank of India

Sbicap Trustee Company Limited

Sumitomo Mitsui Banking Corporation

Standard Chartered Bank

Dvb Group Merchant Bank (Asia) Limited

State Bank of India Overseas Branch Mumbai

Bnp Paribas

Nordea Bank Finland Plc Singapore Branch

The Bank of Nova Scotia Asia Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Indian Banks (in INR)	5015.000	3577.800
Indian Banks (in foreign currency)	14333.300	3431.700
Foreign Banks (In Foreign Currency)	48878.100	48248.300
Total	68226.400	55257.800
LONG-TERM BORROWINGS A. Secured by Fleet having Net block of Rs.12650.400 Millions (Prev. Yr. Rs.2897.400 Millions) Pending creation of security for loan of Rs.4410.000 Millions (Prev. Yr. Rs.2800.000 Millions) B. Secured by Fleet having Net block of Rs.13414.900 Millions (Prev. Yr. Rs.5509.300 Millions) Secured by Vessel under construction Rs.1496.200 Millions (Prev. Yr. Nil) C. Secured by Fleet having Net block of Rs.85358.200 Millions (Prev. Yr. Rs.73245.900 Millions) Secured by Vessel under construction Rs.3478.200 Millions (Prev. Yr. Rs.3586.300 Millions) Pending creation of security for loan Nil (Prev. Yr. Rs.1089.300 Millions)

Banking Relations :	--
Auditors 1 :
Name :	P.S.D. and Associates Chartered Accountants
Address :	Jaipur, Rajasthan, India
Auditors 2 :
Name :	Sarda and Pareek Chartered Accountants
Address :	Mumbai, Maharashtra, India
Joint Venture Companies :	· Irano Hind Shipping Company Limited India LNG Transport Company (No. 1) Limited India LNG Transport Company (No. 2) Limited India LNG Transport Company (No. 3) Limited SCI Forbes Limited SAIL SCI Shipping Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

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

During the last five years immediately preceding the balance sheet date, the company has issued, 141151215 as bonus shares in the year 2008-09 by capitalization of General Reserve.

C. Reconciliation of No. of Shares (Opening and Closing)

Opening Balance	465799010
Add : Bonus Shares Issued During the Year
Add : Shares Issued on Follow on Public Offer
Closing Balance	465799010

D. Details of shareholders holdings more than 5% shares

Name of Shareholder	No. 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 ` 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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4658.000	4658.000	4658.000
(b) Reserves & Surplus	61503.500	62685.200	67023.100
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	66161.500	67343.200	71681.100
(3) Non-Current Liabilities
(a) long-term borrowings	68226.400	55257.800	40563.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	84.100	100.200	143.700
(d) long-term provisions	1089.900	774.400	781.500
Total Non-current Liabilities (3)	69400.400	56132.400	41488.200
(4) Current Liabilities
(a) Short term borrowings	4570.400	0.000	0.000
(b) Trade payables	8035.800	6037.600	6357.400
(c) Other current liabilities	12032.300	10200.300	8784.300
(d) Short-term provisions	761.600	668.000	1889.600
Total Current Liabilities (4)	25400.100	16905.900	17031.300
TOTAL	160962.000	140381.500	130200.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	115065.100	88716.000	73162.900
(ii) Intangible Assets	332.700	411.500	528.900
(iii) Assets Retired from Active use (Prev. Yr. 0.010 Million)	4.700	0.000	0.200
(iv) Capital work-in-progress	1894.500	3619.900	3290.500
(v) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.700	1923.600	1923.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16718.500	17050.100	16859.500
(e) Other Non-current assets	51.100	50.000	50.800
Total Non-Current Assets	134068.300	111771.100	95816.400
(2) Current assets
(a) Current investments	1176.900	823.100	1003.100
(b) Inventories	1834.600	1774.500	1465.000
(c) Trade receivables	8864.100	7859.300	3807.300
(d) Cash and cash equivalents	12647.800	14424.100	24667.200
(e) Short-term loans and advances	1546.800	1970.300	1344.800
(f) Other current assets	823.500	1759.100	2096.800
Total Current Assets	26893.700	28610.400	34384.200
TOTAL	160962.000	140381.500	130200.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	41525.100	38208.000	35434.400
		Other Operating Revenue	455.300	467.500	512.000
		Other Income	2362.200	5993.600	3953.500
		TOTAL	44342.600	44669.100	39899.900
Less	EXPENSES
		Cost of Services Rendered	32736.600	33284.400	22544.500
		Employees Benefit Expenses	4442.600	4138.600	4304.000
		Other expenses	2241.700	1016.100	1462.600
		TOTAL	39420.900	38439.100	28311.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		4921.700	6230.000	11588.800
Less	FINANCIAL EXPENSES		1618.200	3873.000	668.900
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3303.500	2357.000	10919.900
Less/ Add	DEPRECIATION/ AMORTISATION		7605.200	6087.200	4651.000
	PROFIT/ (LOSS) BEFORE PRIOR PERIOD, EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX		(4301.700)	(3730.200)	6268.900
	INCOME / (EXPENSES) PERTAINING TO PRIOR YEARS (NET)		619.800	330.000	297.500
	PROFIT/ (LOSS) BEFORE EXTRAORDINARY ITEMS AND TAX		(3681.900)	(3400.200)	6566.400
	EXTRAORDINARY ITEMS		2997.400	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(684.500)	(3400.200)	6566.400
Less	TAX		458.600	881.900	892.900
	PROFIT/ (LOSS) AFTER TAX (G-H)		(1143.100)	(4282.100)	5673.500
	Earnings/ (Loss) Per Share (Rs.)
	Basic		(2.45)	(9.19)	13.01
	Diluted		(8.89)	(9.19)	13.01

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Type	1^st Quarter
Net Sales	9590.400
Total Expenditure	8324.700
PBIDT (Excl OI)	1265.700
Other Income	453.200
Operating Profit	1718.900
Interest	498.200
Exceptional Items	0.000
PBDT	1220.700
Depreciation	2047.700
Profit Before Tax	(827.000)
Tax	160.000
Provisions and contingencies	0.000
Profit After Tax	(987.000)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(987.000)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.58)	(9.59)	14.22
Net Profit Margin (PBT/Sales)	(%)	(1.65)	(8.90)	18.53
Return on Total Assets (PBT/Total Assets}	(%)	(0.43)	(2.52)	5.25
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.05)	0.09
Debt Equity Ratio (Total Debt/Networth)		1.10	0.82	0.57
Current Ratio (Current Asset/Current Liability)		1.06	1.69	2.02

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current maturities of Long term Borrowings
Indian Banks (in INR)	172.900	283.900	1073.100
Indian Banks (in foreign currency)	561.700	527.900
Foreign Banks (In Foreign Currency)	8113.000	7159.500	5515.200
Total	8847.600	7971.300	6588.300

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	Yes
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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Lodging No: ADMSL/786/2013 Filing Date: 06.09.2013

Petitioner: M/S. STADT MARBURG T & H SCHIFFAHRTS Respondent: THE SHIPPING CORPORATION OF INDIA LIMITED

Petn.Adv: BIMAL RAJASEKHAR

District: OUTSIDE MAHARASTRA

Bench: SINGLE

Status: PRE-ADMISSION Category: ADMIRALTY SUITS

Act: CODE OF CIVIL PROCEDURE 1908

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

PRESENTATION DATE: 19.09.2013

Lodging No: WPL/2369/2013 Filing Date: 19.09.2013

Petitioner: M/S. NADELLA CORPORATION Respondent: THE SHIPPING CORPORATION OF INDIA LIMITED

Petn.Adv: M/S. DSK LEGAL (ADV. FOR PETITIONER) Resp. Adv.: M/S. M.V. KINI AND COMPANY

District: MUMBAI

Bench: DIVISION

Status: PRE-ADMISSION Category: WRIT PETITION (OTHERS)

Next Date: 22.11.2013 Stage: FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS]

Coram: HON’BLE SHRI JUSTIC S.J. VAZIFDAR

HON’BLE SHRI JUSTIC K.R. SRIRAM

Last Date: 17.10.2013 Stage: FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS]

Last Coram: HON’BLE SHRI JUSTIC S.J. VAZIFDAR

HON’BLE SHRI JUSTIC K.R. SRIRAM

Act: Constitution of India Under Section: 226

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10433212	20/06/2013	4,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B78036290
2	10425970	27/03/2013	9,627,822,000.00	SUMITOMO MITSUI BANKING CORPORATION	1-2-3 OTEMACHI, CHIYODA-KU, TOKYO, - 1000004, JAPAN	B75214072
3	10410389	18/01/2013	1,550,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B70244173
4	10395793	20/05/2013 *	5,232,000,000.00	STANDARD CHARTERED BANK	5TH FLOOR, 1 BASINGHALL AVENUE,, LONDON, - EC2V5DD, UNITED KINGDOM	B75814806
5	10393562	13/12/2012	1,892,240,000.00	DVB GROUP MERCHANT BANK (ASIA) LIMITED	77 ROBINSON ROAD, #30-02, SINGAPORE, - 068896, SINGAPORE	B64735004
6	10393653	04/04/2013 *	4,734,400,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B75186965
7	10371433	24/09/2013 *	5,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B85810117
8	10356280	14/05/2012	5,156,160,000.00	STANDARD CHARTERED BANK	5TH FLOOR, 1 BASINGHALL AVENUE, LONDON, - EC2V5DD, UNITED KINGDOM	B39831540
9	10353925	02/05/2012	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B39022793
10	10349788	03/04/2012	2,185,932,420.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B37623238
11	10346759	26/03/2012	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B36718336
12	10348794	19/03/2012	1,765,958,400.00	BNP PARIBAS	63/F, TWO INTERNATIONAL FINANCE CENTER, 8 FINANCE STREET, CENTRAL, HONG KONG, - 999077, HONG KONG	B37300217
13	10334163	18/01/2012	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B31515570
14	10326349	16/12/2011	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B29048105
15	10320601	15/11/2011	2,185,932,420.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B26590620
16	10318415	01/11/2011	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B25611781
17	10316278	14/10/2011	1,765,958,400.00	BNP PARIBAS	63/ F, TWO INTERNATIONAL FINANCE CENTER, 8 FINANCE STREET, CENTRAL, HONG KONG, - 999077, HONG KONG	B24794257
18	10305993	06/08/2013 *	2,222,529,600.00	NORDEA BANK FINLAND PLC SINGAPORE BRANCH	3 ANSON ROAD, #22-01 SPRINGLEAF TOWER, SINGAPORE, - 079909, SINGAPORE	B83792408
19	10309332	09/09/2011	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B22186183
20	10302619	17/05/2013 *	1,584,005,760.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	B75656231
21	10285896	28/04/2011	9,547,536,000.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B12410395
22	10276048	11/03/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B09144841
23	10276049	11/03/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B09145335
24	10276051	11/03/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B09146051
25	10274162	08/03/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B08369373
26	10268265	01/02/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B06085062
27	10264915	11/01/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B04704052
28	10264904	05/01/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B04699823
29	10264925	05/01/2011	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	B04709960
30	10252357	02/11/2010	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	A98985617
31	10252028	22/10/2010	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	A98615529
32	10245610	21/10/2010	11,508,370,911.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A96617410
33	10242110	05/10/2010	11,596,078,724.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A95483145
34	10242754	27/09/2010	11,698,614,958.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A95769832
35	10243932	20/09/2010	15,796,608,000.00	BNP PARIBAS	16, BOULEVARD DES ITALIENS, 75009, PARIS, PARIS, - 75009, FRANCE	A96306188
36	10286434	15/09/2010	12,039,853,038.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	B03688801
37	10242761	14/09/2010	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A95592887
38	10237791	05/08/2010	11,998,521,909.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A91172130
39	10231847	23/07/2010	12,085,113,956.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A89847321
40	10237610	05/07/2010	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A90353194
41	10223518	26/05/2010	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A86647021
42	10225177	17/05/2010	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A86292059
43	10215012	26/04/2010	11,502,490,030.00	STATE BANK OF INDIA OVERSEAS BRANCH MUMBAI	THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	A84365071
44	10210898	06/08/2013 *	4,714,015,581.00	NORDEA BANK FINLAND PLC SINGAPORE BRANCH	3 ANSON ROAD, #22-01 SPRINGLEAF TOWER, SINGAPORE, - 079909, SINGAPORE	B83775031
45	10200721	01/02/2010	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A78268034
46	10196168	27/01/2010	3,428,691,200.00	KFW	PALMENGARTENSTRASSE 5-9,, D60325,, FRANKFURT AM MAIN, - 00, GERMANY	A77258218
47	10202575	16/01/2010	1,210,000,000.00	UNITED BANK OF INDIA	OVERSEAS BRANCH, UNITED BANK OF INDIA BUILDING, 1ST FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A79100350
48	10187320	26/11/2009	3,428,691,200.00	KFW	PALMENGARTENSRTRASSE 5-9,, D60325,, FRANKFURT AMMAIN, - 00, GERMANY	A73758880
49	10180899	10/10/2009	3,428,691,200.00	KFW	PALMENGARTENSRTRASSE 5-9, D60325, FRANKFURT AM MAIN, - 00, GERMANY	A70772892
50	10181715	11/09/2009	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A71230437
51	10181714	04/09/2009	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A71224828
52	10156725	30/03/2009	1,785,600,000.00	BNP PARIBAS	63/F, TWO INTERNATIONAL FINANCE CENTRE,, 8 FINANCE STREET, CENTRAL HONG KONG, - 000000, HONG KONG	A61783163
53	10145525	29/01/2009	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, # 20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A57534562
54	10138727	29/12/2008	20,071,485,327.36	MIZUHO CORPORATE BANK LIMITED	168 ROBINSON ROAD, #13-00 CAPITAL TOWER, SINGAPORE, - 068912, SINGAPORE	A54775887
55	10146831	24/12/2008	1,749,888,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	A56317092
56	10138728	24/12/2008	20,536,869,888.00	MIZUHO CORPORATE BANK LIMITED	168 ROBINSON ROAD, #13-00 CAPITAL TOWER, SINGAPORE, - 068912, SINGAPORE	A54776091
57	10136370	29/10/2008	5,060,720,000.00	NORDEA BANK FINLAND PLC (SINGAPORE BRANCH)	3 ANSON ROAD, # 22-01, SPRINGLEAF TOWER, SINGAPORE, - 079909, SINGAPORE	A52276268
58	10129460	31/12/2009 *	4,591,570,858.00	BNP PARIBAS CORPORATE & INVESTMENT BANKING	37, PLACE DU MARCHE SAINT HONORE, ACI: CHDSEA1, PARIS, - 75031, FRANCE	A77451466
59	10090306	08/02/2008	2,892,800,000.00	KFW	PALMENGARTENSTRASSE 5-9, D60325, FRANKFURT AM MAIN, - 000000, GEORGIA	A33387507
60	10002607	21/07/2009 *	4,647,600,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, SHIPPING DIVISION, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A67635375
61	10003933	30/03/2006	4,611,968,400.00	NORDEA BANK FINLAND PLCSINGAPORE BRANCH	3 ANSON ROAD, 22-01SPRINGLEAF TOWER, SINGAPORE, - 079909, NAMIBIA	A00773754
62	90242757	17/08/2005	104,320,000.00	AUSTEALIA AND NEWZEAIAND BANK	IONDON, LONDON, UNITED KINGDOM	-
63	90242630	25/01/2005	104,320,000.00	AUSTEALIA AND NEWZEAIAND BANK	IONDON, LONDON, UNITED KINGDOM	-
64	90244042	08/07/2004	104,320,000.00	ANZ INVESTMENT BANK	MINERVA TOWER; MONTAGUECLOSE, ENGLEND, , UNITED KINGDOM	-
65	90244356	17/03/2004	2,000,000,000.00	ORIENTAL BANK OF COMMERCE	CORPORATE GROUP FINANCE BRANCH; CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
66	90244346	20/08/2003	28,608,000.00	THEROYAL BANK O SCOTLAND	SHIPING BUSSINES CENTRE; 5-10 GREAT TOWERSTREET, LONDON, DELHI, INDIA	-
67	90244340	19/05/2003	8,485,448.00	STATE BANK OF INDIA	OVERSEAS BRANCH; CUFFEPARADE, MUMBAI, MAHARASHTRA, INDIA	-
68	90242424	31/03/2003	1,950,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH; WORLD TRADE CENTER; CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
69	90244329	14/11/2002	1,200,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHII BUILDING; NARIMON POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
70	90242332	07/09/2001	400,000,000.00	THE STATE BANK OF INDIA	SPECIAL COOPERATEBRANCH; WORLD TRADECENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
71	90242317	09/02/2001	28,608,000.00	THE ROYALBANK OF SCOTLAND	SHIPPING BUSINESS CENTRE; 5-10 GREAT TOWER STREET, LONDON,	-
72	90242292	03/10/2000	1,200,000,000.00	CENTRAL BANK OF INDIA	COOPERATE FINANCE BRANCH; 1ST FLOOR MMO BUILDING, MUMBAI, DELHI - 400023, INDIA	-
73	90244298	19/09/2000	32,300,000.00	PRESIDENT OF INDIA	DELHI, INDIA	-
74	90244289	31/03/2000	6,076,300,000.00	THE STATE BANK OF INDIA	OVERSEAS BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
75	90244284	27/01/2000	36,000,000.00	PRESIDENT OFINDIA	NEWDELHI, INDIA	-
76	90244281	02/12/1999	1,551,000,000.00	STATE BANK OF INDIA	TOKYA, JAPAN	-
77	90244267	19/06/1998	134,000,000.00	PRESIDENT OF INDIA	DELHI, MAHARASHTRA, INDIA	-
78	90244259	12/09/1997	51,200,000.00	PRESIDENT OF INDIA	DELHI, INDIA	-
79	90242116	07/02/1997 *	50,000,000.00	THE BANK NOVASCOTIA ASIA LIMITED	10; COLLYRE QUAY; N0. 15-01/04; OCENA BUILDING, SINGAPORE, - 049315, SINGAPORE	-
80	90244253	15/11/1996	58,579,000.00	PRESIDENT OF INDIA	DELHI, INDIA	-
81	90244249	17/01/1996	1,718,400,000.00	THE INDL. DEVLOPMENT BANK OF INDIA	IDBI TOWER; CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	-
82	90244244	09/11/1995 *	30,000,000.00	THEBANK OF NOVASCOTIA ASIA LIMITED	10; COLLYER QUAN; OCEAN BUILDING, SINGAPORE, - 049315, SINGAPORE	-
83	90244240	05/05/1995	59,900,000.00	PRESIDENT OFINDIA	DELHI, INDIA	-
84	90244239	10/04/1995	117,374,000.00	THE SHIPPING DEVLOPMENT FUNDCOMMITTEE	C/O. MINISTRY OF SHIPPING AND TRANSPORT, NEW DELHI INDIA	-
85	90244238	14/03/1995	20,642,000.00	THE STATE BANK OF INDIA	OVERSEAS BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
86	90244237	30/09/1994	424,000.00	THEROYAL BANK OF SCOTLAND	36; ST. ANDREW SQUARE;, ENDIBURGH, , UNITED KINGDOM	-
87	90244236	31/08/1994	1,716,750,000.00	BANK OF NOVA SCOTIA ASIA LIMITED	10; COLLYER QUAY; OCEAN BUILDING;, SINGAPORE, - 0104, SINGAPORE	-
88	90244235	01/08/1994	551,250,000.00	BANK OF NOVA SCOTIA ASIA LIMITED SINGAPORE	10 COLLYER QUAY; NO. 15-01/04 OCEAN BUILDING, SINGAPORE, - 01104, SINGAPORE	-
89	90244234	19/07/1994	50,000,000.00	BANK OF NOVA SCOTIA ASIA LTYD.	10; COLLYER QUAN; OCEAN BUILDING, SINGAPORE, - 01104, SINGAPORE	-
90	90244233	26/03/1994	914,000,000.00	PRESIDENT OF INDIA	DELHI, DELHI, DELHI, INDIA	-
91	90244231	26/04/1985 *	57,107,000.00	THE SHIPPING DEVLOPMENT FUNDCOMMITTEE	C/O. MINISTREY OF SHIPPING AND TRANSPORT, NEW DELHI, INDIA	-
92	90244230	22/09/2000 *	665,100,000.00	PRESIDEENT OF INDIA	ACTING THROUGH THE MOST, GOVT OF INDIA, DELHI, INDIA	-
93	90244207	23/07/1991	614,694,000.00	PRESIDENT OF INDIA	ACTING AS MOST, GOVT OF INDIA, DELHI, INDIA	-
94	90244202	13/01/1991	181,149,000.00	PRESIDEENT OF INDIA	ACTING THROUGH THE MOST, GOVT OF INDIA, DELHI, INDIA	-
95	90244191	16/05/1990	171,800,000.00	PRESIDENT OF INDIA	ACTING THROUGH THE MINISTRY OF SURFACE TRANSPORT, GOVT OF INDIA, NEW DELHI, INDIA	-
96	90244186	27/09/1989	6,775,000.00	PRESIDENT OFINDIA	ACTING THROUGH THE MOST, GOVERMENT OFINDIA, DELHI, INDIA	-
97	90241891	27/09/1989	18,948,000.00	PRESIDENT OF INDIA	ACTING AS MOST, GOVT OF INDIA, DELHI, INDIA	-
98	90244180	19/01/1989	66,204,000.00	PRESIDENT OF INDIA	ACTING THROUGH MOST, GOVT OF INDIA, DELHI, INDIA	-
99	90241879	19/01/1989	193,701,000.00	PRESIDENT OF INDIA	ACTING AS MOST, GOVT OF INDIA, MAHARASHTRA, INDIA	-
100	90244170	21/01/1985 *	38,088,000.00	THE SHIPPINF DEVLOPMENT FUND COMMITTEE	C/O. MINISTRY OF SHIPPING AND TRASPORT, NEW DELHI, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans from Banks Repayable on demand	4570.400	0.000
Total	4570.400	0.000

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 operating earnings due to induction of twelve new vessels during the year though freight rates were depressed. The Company also had extraordinary income of Rs.3000.000 Millions being the reversal of borrowing cost (arising on account of exchange loss arising out of revaluation of the foreign currency loans) of earlier years. However, the same has been offset primarily by increase in depreciation, creation of provision for diminution in value of investments and higher interest cost due to the new vessels inducted.

MANAGEMENT DISCUSSION AND ANALYSIS

SEABORNE TRADE OUTLOOK

The Shipping industry by nature is a cyclical industry. It is also a truly global industry. Therefore the events happening in the global economy have direct impact on the health of the industry.

GLOBAL GDP

The Global GDP growth has been hovering near 3% in 2012 from 3.8% of 2011 and expected to remain around 3% in 2013. The drivers of world economic growth like China and India have slowed down substantially in 2012 and India’s GDP growth has recorded its 10 year low of 5% in 2012-13. North America’s GDP in 2012 and 2011 were 2.2% and 2.0% respectively where as Europe GDP was 0% in 2012 against 2.0% in 2011. The projected global economic scenario does not give any rosy picture compared to the past. The global GDP growth deeply affects the international trade (export and imports) and in turn affects the shipping industry as about 80% of the international trade by volume is carried out by shipping.

OVER SUPPLY OF TONNAGE

The present recessionary trend in the shipping industry is further caused by the glut of the vessel across all segments of shipping. Though fresh ordering of the ships has been coming down in general and the number of scrapping has also gone up, it will take some more time for the industry to see the demand and supply equilibrium of ships.

SEGMENT–WISE FLEET and MARKET STUDY

A) CRUDE OIL and PRODUCT TANKERS

The global imports of Crude Oil remained at 2 billion tonnes almost at the same level of previous year. It is forecasted that the imports will remain almost static for the next 5 years. US domestic output is increasing and causing sharp drop in Crude imports and the same trend is expected to continue in the future. In anticipation of rising shale oil production if US lifts its ban on crude oil exports, there will be a shift in the global trade pattern. Product imports also fell down from 887 million tonnes in 2011 to 863 million tonnes during last year. There were deliveries of 28.5 mn dwt and 3.9 mn dwt for crude oil tanker and product tankers in 2012. For Crude oil tankers, the deliveries expected are 23 mn dwt and 15.6 mn dwt in 2013 and 2014 respectively. For Product Tanker, the respective figures are 4.8 mn dwt each. Taking into account the scrapping and new orders, the year on year growth will reduce for crude and product segments altogether from 3.9% in 2012 to 2.9 % and 1.6% in 2013 and 2014 respectively. Overall during the course of 2012, the tanker new building prices plummeted by 5-10%. For Crude oil tankers the tonne-mile demand fell by striking 5% compared to the year earlier level. For the current year in volume terms as well as in tonnes-mile demand, the fall is expected to continue. For Product tankers the tonnes-mile demand was up by 6% over the previous year and recent upward trend is likely to continue with emphasizing import gains in European, Chinese and Asia Pacific offsetting decline of North American and Japanese imports. The Spot rate of TD3 route of AG/East for VLCC was US$22,000/day in 2012. The future market in this segment seems to be in the range of US$10,000 to US$15,000/day. One Year TC rate for VLCC was about US$ 20,000/day in 2012 which is also not likely to change much in next 2 years. The Suezmax rate on West Africa/US route was in the range of $ 13,000/day in 2012 which is not expected to improve in next 2 years. One year TC rate for Suezmax was $16,300/day and seems to remain at same level for next 2 years. For Aframax, the spot rate on Caribs/US route was US$ 12,600/day which is expected to remain around the same level in 2013. Taking a look on Product tankers, LR1 Spot rates on AG/East was US$ 10,900/day in 2012 and expected to be US$15,300/day in 2013. One year TC rate for LR1 was $ 13,500/day and expected to be $14,500/day in 2013 and 2014. In MR tankers on Caribs/US route the spot rate was also in tandem from US$ 10,800/day to US$ 11,800/day. One Year TC rate for MR was 13,000/day and expected to be around $ 13,500/day for next 2 years.

The VLCCs were mainly employed on Voyage Charter during FY 2012-13 and had been performing spot voyages, except MT Desh Ujaala which was on time charter with Indian Oil (IOCL) for about 2 months of the financial year and thereafter on Voyage Charter. The Suezmax tankers were deployed with Indian oil industry and performed COA voyages, except occasionally performing spot voyages for Indian and foreign charterers. The COA earnings are based on AFRA which has been low. The company also acquired a new Suezmax tanker MT Desh Shobha during this period.

The LR-II tankers, M.T. Motilal Nehru and M.T. Jawaharlal Nehru are single hull and non-coiled tankers suitable for coastal crude oil movement only. There is no market average available for single hull tankers. The earnings compare well for this financial year compared to last year. The tankers in the Swaraj Series and Tagore Series were all well employed with Indian charterers and their earnings compare well with the market average.

The tankers in the Swarna series, i.e., 2 MR and 2 LR-II tankers were gainfully deployed in pool and their earnings compare well with the market. MT Swarna Pushp was employed with Indian charterers for the last quarter. Earnings of the coiled / double hull Aframax tankers compares well with the market mainly on the back of triangulation voyages which minimize ballast voyages. The Aframaxes mainly performed India centric / Far East / Red Sea voyages.

Out of the six LR-I tankers, four tankers performed coastal movements for transportation of crude oil. One LR-I tanker was deployed under clean trade and another LR-I was deployed in spot market. The average earnings have been marginally higher on y-o-y basis, and also were higher compared with the market average.

The MR tanker, M.T. C V Raman was deployed solely under coastal trade during the 1st quarter and there was a decrease in earnings y-o-y basis, and the vessel was scrapped during July 2012.

The tanker, M.T. Maharshi Karve which was an old tanker of more than 30 years was deployed on time charter to ONGC for storage duties at the same levels of earning as last year. This tanker was scrapped during July 2012.

LPG Carriers

The LPG carriers were pre-dominantly deployed under time charter to IOCL at prevailing market rate and are expected to continue to be with them for this year.

Acid Carrier

No market estimates are available for tankers with tanks of rubber line coating. The lone Acid carrier, MT Palanimalai was deployed on spot voyages and performed a few voyages on COA during the 4th quarter. The earnings have been marginally higher as compared to last financial year due to a buoyant market.

LNG Transportation

With India gearing up to build pipeline and delivery infrastructure of LNG, this sector could revolutionize the future of Indian energy needs. The company is the first and only Indian shipping line engaged in transportation of LNG. SCI is a major shareholder in 3 LNG tankers through joint venture partnership on a long-term charter. SCI is also keen to participate in transportation of LNG of various upcoming new projects for securing the shipping requirements through past experience of operating and managing LNG vessels.

The company has signed an MOU with Gas Authority of India Limited (GAIL) to cooperate for transportation of about 5.8 million metric tons of LNG from Sabine Pass, USA and Cove Point LNG liquification project at Lusby in the state of Maryland, USA. As per the MOU, SCI will assist GAIL in the process of tendering and post fixture management of 8 to 10 LNG tankers and will have a step-in-right for participating in the shipping project with up to 26% equity stake.

GAIL is India’s leading company in the natural gas segment with an extensive infrastructure in the entire natural gas value chain and is the key market player in natural gas in India, with a pipeline network of over 7,500 km. The company is the only Indian shipping Company with expertise in LNG Shipping and provides complete range of services including ship management, crew management and marine operation. The Company has identified LNG shipping as a key growth area and with the participation in the shipping requirement for GAIL’s project, it will have a sizeable stake holding in shipping of LNG which is projected to be an environmentally friendly source of energy.

RGPPL TERMINAL MANAGEMENT

The company has been awarded a 3 years Ports and Marine Services Contract on cost plus basis by Ratnagiri Gas and Power Private Limited. (RGPPL) on 01.02.2012 for operating their LNG Jetty at Dabhol. The contract value is approximately Rs. 1500.000 Millions. RGPPL was incorporated under the Companies Act, 1956 on 8th July, 2005 and is promoted by NTPC Limited and GAIL (India) Limited, each of them holding 32.86 percent equity. RGPPL owns an Integrated Power generation of about 1970 MW and re-gasified LNG facility of 5 million MT per annum at Dabhol.

The commissioning of the plant was completed on 10.01.2013 with LNGC “Pioneer”. Four more spot cargoes were received till 30.04.2013. The berthing and unberthing operations for all the vessels called at Dabhol were carried out safely and satisfactorily by the company.

B) DRY BULK

The benchmark BDI has been on a steep fall from 1424 during 2011-12 to 900 in 2012-13. The global imports of Dry bulk stood at 4.25 billion tonnes and grew by 5.6% over previous year. The dry bulk global import is expected to grow on an average at the same rate for next 3 years. The Steam Coal imports at 1,394 mn tonnes and Iron Ore imports at 1,121 mn tonnes have taken lead followed by Met coal and Grain imports at 255mn tonnes and 358 mn tones respectively. The other minor bulks have contributed towards the rest. Due to high International iron ore prices from September, 2012, Chinese iron ore import has been on a continuous fall till 2013 first quarter. In tonne-mile terms, the imports have risen slightly over the previous year as short-haul Indian supplies continue to fall. Chinese Met coal imports increased during 1st quarter of 2013 and Australia and Canada were leading suppliers to China in this segment. In the period ahead, steam coal holds the brightest outlook as new demand from coal fired power plants in India and China will increasingly source imported coal from Australia and Indonesia. India was the 2nd largest importer of steam coal in 2012 after Japan and is expected to overtake Japan in 2013 with about 12% increase in imports from 106 million tones in 2012 to 120 million tonnes in 2013. It is expected that all of the major coal-exporting countries such as Indonesia, Australia, Colombia, South Africa, Russia and US will increase their supplies in next 5 years and Australian supplies will further strengthen. The deliveries of dry bulk ships during 2012 were 98.4 mn dwt and fleet size jumped from 591.3 mn dwt mark to 665.3mn dwt crossing 600 mn dwt mark. It is also expected that at y-o-y growth rate of 7%, the fleet will also surpass 700mn dwt mark in this year itself taking into account scrapping and new order booking during this period. Thereafter, it is expected that y-o-y growth rate would be close to 4%. Over the year, the popular post-Panamax segment (80-110,000 dwt) saw the steepest increase, where the fleet grew by a whopping 28% to 71 million dwt, owing the huge delivery schedule in this modern class, while the smaller and increasingly out-dated Panamax class (60- 80,000 dwt) saw a small increase of about 2%, and the Handymax and Capesize fleets grew by about 18% and 8% respectively. There was no change in Handysize fleet over the year, with the high number of demolitions almost matching the deliveries.

The Company owns 3 older Handymax bulk carriers (average age 15 yrs) of around 45,000 dwt, 8 modern Supramax dry carriers of around 57,000 dwt (which includes 1 newly delivered unit in FY12-13) and 5 modern Panamax / Kamsarmax dry carriers of around 80-82,000 dwt as on 31st March, 2013. During the financial year the company scrapped 2 older Handymax dry carriers (Daewoo Series). This has resulted in a significant improvement in the average age of dry bulk carriers in the fleet.

The dry bulk market endured the worst earnings in a 25 year period in 2012. The company too continued to face tough times to fix profitable voyages for the bulk carriers owing to the market conditions. The newer vessels could be employed all round the year, but could not contribute to the bottom line owing to low freight earnings. Added to worsening macro conditions, the completion of their COA with SAIL in the year deprived us of the comfort of captive cargoes. SAIL is more interested in spot market deals rather than long term COA arrangements. This meant the newer vessels had to be employed in the spot market which exposed us to the falling spot market rates. Normally, the charterers favour spot charter when charter market remains very low.

C) LINER and PASSENGER SERVICES

The global containerized trade touched 2.6% growth rate in 2012 and is expected to rise to 4.8% in 2013 and 8.6% in 2014. Charter markets suffered as charter demand contracted and idle capacity increased towards end-2012. New building prices fell by almost 17% as shipbuilders cut prices to lure in investors. Liner operators resorted to capacity-trimming measures related to new building deferrals, scrapping, disposal of charter capacity, repositioning of tonnage to other routes, slow steaming and idling of liner capacity. Adoption of capacity management tactics and multiple general rate increases in premier lanes helped propel spot freight rates. The weekly publication of the Shanghai Freight Index (SCFI) has been providing a unique tool to Liner operators in terms of gauging their immediate impact on the spot market and time their actions. This helps them in adapting and tuning to changing market development. The fleet growth was 5.6% in 2012 and expected to rise to 7.1% in the current year.

As per IPA, container throughput at India’s major ports stayed flat in FY 2012-13 as compared to the previous year. Throughput at the 12 state-owned ports which accounted for majority of India’s exports and imports of containerized goods was 7.7 million TEUs and about 120 million tonnes in terms of tonnage. JNPT handled 4.32 million TEUs accounting for around 55% of the country’s total containerized traffic. Chennai, the second-largest container gateway handled 20% of the country’s total containerized traffic. The quantum of Cargo Traffic at major ports declined by 2.5% in 2012-13 at 546 mn tonnes from 560 mn tonnes in 2011-12. The largest commodity group comprising the total traffic was POL with around 34% share followed by Container Traffic 22%, Other Cargo 20%, Iron Ore 5%, Coal 16% and Fertilizers Finished and Raw 3% respectively.

The decline in traffic was mainly due to a huge drop of 55% in the traffic at Mormugao followed by a 13% drop in traffic at Visakhapatnam and a decrease of 8% and 4% in Kolkata and Chennai respectively. In terms of commodities, the decline was mainly on account of a 55% contraction of iron-ore shipments followed by a 27% decline in fertilizers. In contrast, non-major ports in India registered a growth of 10.3% in cargo traffic in 2012-13 handling around 390 mn tonnes with a share of nearly 42% of the 935 mn tonnes total cargo handled by major and non-major ports. Non-major ports of Gujarat has contributed almost 3/4th share in cargo handled at non-major ports.

The Company continues to be the only Indian mainline carrier providing services from India to some of the major global destinations including Far East / China, Europe, Middle-East / West Asia Gulf, East Africa etc. The Company also caters to the US market. However, several international container majors continue to pose severe competition, offering direct services or calling Indian ports en route on the main East-West trade lane.

Container Services

Indian Subcontinent Europe Service (ISES)

The UK-C Cellular Container Service commenced in 1994 with the Company as a single operator operating 3 vessels with 1800 TEU capacity which was later upgraded to a fixed day weekly service with three partners operating 7 vessels of same capacity. The service, from May 2009, is being operated in consortia comprising of two partners with eight vessels of which three vessels have been contributed by the Company. The service is operated on a round voyage of 56 days. The IMED service which had commenced in 2010 has been merged into the ISE service and Mediterranean ports are being catered to through transshipment at Gio Tauro by ISE vessels.

IPak Service

In a slot swap arrangement between SCI and MSC, SCI has been allotted 400 TEUs slots by MSC which operates IPak Service in exchange for similar slot allotted to MSC on the ISE service.

Far Eastern Sector

India / Far East Cellular Service (INDFEX 1)

This service commenced in June, 2001 with 5 vessels and was upgraded in September 2012 by replacing a 3500 TEU vessel by a 4400 TEU vessel and the additional capacity has been slot swapped with Zim Line and STX Line in exchange for an increased capacity in the China-India service operated by them. The service is presently operated as a weekly direct service from India’s West Coast to Central China, Korea, Hong Kong, Singapore and Malaysia on a round voyage schedule of 35 days. The service also links North Chinese ports through feeder service from the Korean port (Busan).

India / Far East Cellular Service-2 (INDFEX 2)

This service which had commenced in June 2002, connecting East coast of India to Shanghai in Central China, Korea, Hong Kong, Singapore and also linked North Chinese ports through feeder service from Korea was operated as a weekly direct service with 5 vessels having round voyage duration of 35 days. The service was suspended due to adverse market condition.

SCI Middle East India Liner Express (SMILE) Service

The Company commenced this independent weekly service in March 2008 to the Gulf with its 3 owned vessels on a round voyage schedule of 21 days. The service is presently being operated with 2 owned vessels and also caters to the coastal trade between Mundra to Cochin and Tuticorin. Asia - East Africa Service (AEF service)

In view of the developments taking place in the East Africa region (Kenya, Tanzania) where trade potential is very high, the Company commenced the AEF Service with 5 vessels w.e.f. 18th April, 2012 deploying 1 owned vessel in consortium with Evergreen Lines deploying 3 vessels and Xpress Lines (Seacon) 1 vessel. The service has a sailing frequency of 7 days with a round voyage duration of 35 days. The East Africa Service from the Indian Sub-Continent to East Africa (ISEAFR SERVICE) which was being operated on a Slot-Swap basis with MSC was suspended.

Feeder Operations

The Company makes feeder arrangements with ‘Common Carriers’ between various destinations on the Indian subcontinent.

Slot swap arrangements

The Company has entered into slot swap arrangements with ZimLine and STX Line on their China-India service to have more extensive coverage of China market.

Break-Bulk Services

The Company arranges carriage of break bulk cargoes on space charter basis from various regions across the globe including USA and Far East for imports on account of the Government departments / PSUs and other commercial organisations which includes Shipments of Over-Dimensional Cargoes (ODC) / Project cargoes / Heavy Lift cargoes / IMO Class I Cargoes etc. and also containers.

Coastal Operations

Domestic Passenger-Cum-Cargo Service

In addition to International operations, the Company with its one owned Passenger-cum-Cargo vessel and 10 managed vessels operates domestic passenger and cargo transportation services between the Mainland and the Andaman and Nicobar (A and N) group of islands and inter-island, on behalf of the Government of India.

Other Coastal Services

The Company also manages / mans certain other types of (Coastal) Research vessels on behalf of Government agencies / departments viz. 3 vessels owned by Geological Survey of India under Ministry of Mines and one vessel of National Centre for Antarctic and Ocean Research, one vessel of Centre of Marine Living Resources and Ecology and three vessels of National Institute of Ocean Technology under Ministry of Earth Sciences.

D) TECHNICAL and OFFSHORE SERVICES

OSVs owned by SCI

All 9 OSVs owned by the company, acquired in 1984-85, are on 5-years charter contract with ONGC w.e.f. 2007-08. Out of these 9 OSVs, m.v. C.P. Srivastava, m.v. Capt. F.M. Juvale, m.v.SCI-02, m.v.Feroze Gandhi, m.v. SCI-01 and m.v. SCI-04 have successfully completed their 5-years charter with ONGC. Out of these, m.v. SCI 01 and m.v. SCI 04 are disposed off. Further, m.v.SCI 05 is laid up for disposal and balance OSVs are operating in spot market.

New Offshore Acquisitions:

In the previous year (2011-12), the company had taken delivery of 4 Nos. new vessels and disposed off 1 vessel. During the current year (2012-13), the Company has taken over deliveries of 3 Nos. 120T Bollard Pull (BP) AHTSVs and 2 Nos. 3000 DWT Platform Supply Vessels (PSVs). With addition of these 5 Nos. vessels and disposal of 2 Nos. old vessels, the Company’s offshore fleet has reached to total of 16 vessels. With the addition of new vessels, the Company could increase its clientele base by doing offshore business with many operators outside its traditional customer, viz; ONGC. The services were provided to: British Gas Exploration and Production India Limited (BGEPIL), Transocean Drilling Services Private Limited (TDSPL), Adani Welspun Exploration Limited (AWEL), Resolve Fire and Salvage India Limited, Supreme Hydro Engineering Private Limited. ABAN Offshore, Norscot Drilling Services Private Limited, Vision Project Technologies Limited., KNK Ship Management, Greatship India Private Limited, EMAS Offshore Pte. Limited, Deepwater Drilling Services Private Limited, Focus Energy Limited, Boskalis International BV, Swiber Offshore, Tag Offshore, National Petroleum Construction Company Abu Dhabi (NPCC) etc.

O and M of ONGC owned vessels

Samudrika series OSVs:

The company has continued to Operate, Man and Manage ONGC’s 15 Nos. SAMUDRIKA series Offshore Supply Vessels on nomination basis under ‘cost plus’ arrangement. The existing contract was valid till 15.05.2013 and thereafter it was proposed to extend till the disposal of the vessels

Specialized vessels:

The Company has continued the Operation and Maintenance management (O and M) of ONGC’s two Multi Support Vessels (MSVs) (“Samudra Sevak” and “ Samudra Prabha”) and one Geotechnical Vessel (“Samudra Sarvekshak”) on nomination basis under ‘Cost plus’ arrangement. The existing contracts expired on 23.03.2013, which are now extended upto 23.03.2014 and 31.03.2014 respectively.

The Company has also continued the Operation and Maintenance management (O and M) of ONGC’s Well Stimulation Vessel (WSV) “Samudra Nidhi” on ‘cost plus basis’ since the vessels delivery. The present contract is expiring on 31.03.2014.

Emergency Towing Vessel (ETV) 2012:

On request of Directorate General of Shipping (DGS), this year also the Company had In-Chartered one Emergency Towing Vessel (ETV) for safety and security on the Indian Coast for about 210 days. During this period the ETV had offered its services to “M.V. Nahide M.” (vessel was disabled due to failure of engines), “M.V. Amsterdam Bridge” (a container vessel, met with fire accident), “M.T. Pratibha Cauvery” (vessel grounded off at Chennai in cyclone).

TECHNICAL CONSULTANCY SERVICES

During the year the Company continued to provide technical consultancy services to A and N Administration, UTL Administration, UTL Tourism Dept., Directorate of Light Houses and Light ships, Geological Survey of India, National Institute of Oceanography, National Centre for Antarctic and Ocean Research and other Government Departments for their various ship acquisition / retrofit projects.

AWARDS AND ACCOLADES:

The pioneering works of the company in Human Resource have been acknowledged in the 7th Employer Branding Awards held by the World HRD Congress. The company has been conferred the following awards during the year:

“General Awards for Excellence in Training”

“Best of Best Award for Excellence in Training”

“7th Best Employer of the Year Award”

JOINT VENTURE COMPANIES

IRANO- HIND SHIPPING COMPANY

The joint venture company in Iran is operating under challenging circumstances and during the Iranian year ended 20.03.2013 (Iranian year 1391) company (standalone results) incurred net loss of Iranian Riyals 160,083 Millions (USD 13.057 Millions) (Previous year (adjusted and restated) Net Profit after tax of Iranian Riyals 244,095 Millions equal to USD 23.552 Millions).

The consolidated net loss of the joint venture company and its subsidiaries for the Iranian year ended 20.03.2013 stood at Iranian Riyals 328762 Millions (USD 26.815 Million) (Loss for previous year (adjusted and restated) Iran Riyals 39581 equal to USD 3.819 Millions) The fleet owned by the joint venture company together with its subsidiaries as at 20.03.2013 stood at six vessels with an aggregate of 0.501 million dwt. (Previous year 7 vessels - 0.66 mill DWT). Current equity capital of IHSC stood at Iranian Riyals 470 Billion. (previous year Iranian Riyals 470 Billions)

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. P and I Cover is also not available from the Insurance Companies which are dealing in US Dollars / Euros.

Government of India in meeting of cabinet held on 02.04.2013 approved the proposal for Dissolution of IHSC.

SCI’s Joint Venture in LNG (Liquefied Natural Gas) vessels

INDIA LNG TRANSPORT COMPANY NO 1 AND 2 LIMITED

As on 31st March, 2013, both vessels, SS Disha and SS Raahi have carried about 346 cargoes and 313 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 75 cargoes equivalent to 4.94 MMTPA in the financial year 2012-13.

The company had extended Shareholders’ loan to the two companies and during the year 2012-13 the joint venture company has repaid an amount of US$ 0.15 million towards Shareholders loan and US$ 0.62 million as interest on Shareholders’ loan, to the company. As per provisions under the Loan Agreement, the distribution of Shareholders Loan and interest to the shareholders is withheld until re-financing of the syndicate loan to the lenders. The process of re-financing the syndicate loan has been initiated and would be completed before March 2014. The outstanding amount of Shareholders’ loan as on 31st March, 2013 is US$ 25.23 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$ 1.31 million towards Management Fee and Accounting fee during the year 2012-13 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. The vessel has delivered 37 cargoes in the financial year 2012-13. As on 31st March, 2013, M.T. Aseem has carried about 123 cargoes of LNG from the inception. During the year 2012-13, the Joint venture company has repaid an amount of US $ 0.65 million towards interest during the year 2012-13. AS on 31st March, 2013, the outstanding Shareholders’ loan with the JVC is US$ 23.49 million. The company has taken over the management of Aseem from 27th March, 2013, 2 years ahead of the period provided in the Time charter Agreement. This would be the third LNG Tanker managed by the company and SCI will receive a management fee of US $ 600,000/- per year for this vessel.

JOINT VENTURE COMPANY (SCI FORBES LIMITED):

SCI Forbes Limited is a Joint Venture Company (JVC) between SCI and Forbes and Company Limited / Sterling Investments Private Limited SCI Forbes Limited owns and operates four chemical tankers of about 13000 dwt which were delivered in August 2009, October 2009, March 2010 and May 2010 respectively. The global economic downturn has impacted the shipping industry. SCI Forbes operations too were hampered as the charter rates and value of vessels steeply decreased. The company has made provision for diminutions in Investment in the Joint Venture to the tune of Rs 450.000 Millions. SCI Board during its meeting held on 14.02.2013 reviewed various options available to SCI and decided to exit from the JVC.

JOINT VENTURE COMPANY (SAIL SCI SHIPPING COMPANY PRIVATE LIMITED):

SAIL SCI Shipping Private Limited (SSSPL) is a JVC between SCI and SAIL. The JVC was incorporated with primary objective of providing various shipping related services to SAIL for importing coking coal and other bulk material from various countries to feed its steel plants located in India. The JVC was incorporated on 19th May, 2010. Currently, SSSPL is deliberating on acquisition of a suitable bulk carrier, which will cater to SAIL’s cargo. Acquisition of Capesize Bulk carrier is under consideration.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

PART I		Amount in Millions
SR NO	PARTICULARS	QUARTER ENDED 30.06.2013
		(UNAUDITED)
1 a)	Net Sales/Income from Operations	9176.500
b)	Other Operating Income	413.900
c)	Profit on Sale of Ships	170.900
	Total Income	9761.300
2	Expenditure -
a	Cost of Materials Consumed	NA
b	Purchases of stock - in - trade	NA
	Changes in inventories of finished goods, work-in-progress and stock-in- trade	NA
d	Employee Cost (ashore & floating)	1259.900
e	Bunker	3268.200
f	Port dues	891.400
g	Cargo Handling Expenses	516.400
h	Repairs & Maintenance	536.400
i	Charter Hire	764.200
j	Provisions	15.100
k	Depreciation	2047.700
l	Other Expenditure	1073.100
m	Total	10372.400
3	Profit / (Loss) from Operations before Other Income, finance costs & Exceptional Items (1-2)	(611.100)
4 a)	Interest Income	270.900
b)	Other Income	11.400
c)	Total	282.300
5	Profit / (Loss) before finance cost and Exceptional Items(3+4)	(328.800)
6	Finance Costs	498.200
7	Profit / (Loss) from ordinary activities after finance cost but before Exceptional Items (5-6)	(827.000)
8	Exceptional Items	-
9	Profit / (Loss) from Ordinary Activities before Tax (7-8)	(827.000)
10	Tax Expense
a)	Provision for Taxation	160.000
b)	Excess Provision Written Back	-
c)	Total	160.000
11	Net Profit / (Loss) from Ordinary Activities after Tax (9-10)	(987.000)
12	Extra Ordinary Items	-
13	Net Profit/ (Loss) for the period (11-12)	(987.000)
14	Paid Up Equity Share Capital (Face value Rs.10 each)	4658.000
15	Reserves excluding Revaluation Reserves
16	Earning per Share (in Rs.)
	a) Basic and diluted EPS before Extraordinary Items	(2.12)
	b) Basic and diluted EPS after Extraordinary Items	(2.12)

part ii

A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- No. of Shares	168856033
	- % of Shareholding	36.25
2	Promoters and promoters group Shareholding a) Pledged / Encumbered
	- No. of Shares	NIL
	- % of Shares ( as a % of a total shareholding of promoter and promoter group)	NIL
	- % of Shares ( as a % of a total share capital of the company)	NIL
	b) Non- Encumbered
	- No. of Shares	296942977
	- % of Shares ( as a % of a total shareholding of promoter and promoter group)	100
	- % of Shares ( as a % of a total share capital of the company)	63.75

	Particulars	3 Months ended 30.06.2013
B	INVESTORS COMPLAINTS [Nos.] Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter	0 2 2 0

SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

SR NO	PARTICULARS	QUARTER ENDED 30.06.2013
1	Segment Revenue i. Liner Segment ii. Bulk Segment iii. Others	2431.100 6306.400 1023.800
	Total Unallocated Revenue	9761.300 11.400
	Total	9772.700
2	Segment Results Profit/(Loss) before Tax and Interest i. Liner Segment ii. Bulk Segment iii. Others	(49.500) (1018.900) 462.100
	Total Less: Unallocated Expenditure (Net of Income)	(606.300) (6.600)
	Profit before Interest and Tax Less: Interest Expenses Add: Interest Income	(599.700) 498.200 270.900
	Profit before Tax	(827.000)
3	Capital Employed i. Liner Segment ii. Bulk Segment iii. Others	10069.800 110774.600 14772.400
	Total Capital Employed in Segments	135616.800
	Unallocable Capital Employed	4517.600
	Total Capital Employed in Company	140134.400

Notes:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 8^th August, 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 organisations. 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 & 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 is as under:

	Capitalised 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 30^th June 2013	7965.700 Millions (loss)	NIL	283.700 Millions (gain)
For the quarter ended 31^st March, 2013	456.700 Millions (gain)	NIL	4.900 Millions (loss)
For the year ended 31^st March, 2013	7465.400 Millions (loss)	NIL	236.500 Millions (loss)
For the quarter ended 30^th June 2012	5582.900 Millions (loss)	761.400 Millions (loss)	507.900 Millions (gain)

4. During the quarter ended 30^th June, 2013, the Company took delivery of one Kamsarmax Bulk Carrier M.V Vishva Chetna DWT 81734.

5. During the quarter ended 30^th June, 2013, the Company sold one AHTSV (Anchor handling towing cum supply vessel) SCI-05 DWT 1818 and one bulk carrier M.V. Lok Pratap DWT 26718.

6. The auditors in their audit report for the year ended 31^st March, 2013 have brought out that;

a. The accuracy of exchange gain / loss in respect of customer reconciliation / advances received from customers / trade payables recognized on revaluation as per accounting standard-11- "The effects of changes in foreign exchange rates" remains unverifiable and unascertainable.

b. Failure to correct material weaknesses in the internal control systems in relation to timely and proper recording of the transactions relating to the expenses and revenue in the various operational softwares, subsystems used by the Corporation.

The management's views on the abovementioned points are as below:

a. The company has developed software to match the collectibles and collections related to customers. Substantial progress has been achieved in this regard upto 30^th June 2013.

In case of vendors, the expenditure incurred by the agents are prefunded through Proforma Disbursement Account after scrutiny of the prefunding claims. The final claims for the expenditure booked by the agent are received through Final Disbursement Account which are verified after the physical documents are received from the agent. This process takes time due to the nature of the business.

We do not expect any material impact on the profit/loss due to this.

b. SCI has a worldwide network of agents through which it conducts its business. The expenses and revenue booked in the subsystems are accounted for on a real time basis. Though all efforts are made to ensure timely recording of transactions, due to the nature of the business, the final disbursement accounts of agents are received after a time gap of 1-2 months which is normal in the shipping industry. Provisions are made for all expenses for which prefunding has been made to agents pending the receipt of the actual invoices from the agent.

We do not expect any material impact on the profit/loss due to this.

7. The figures of the previous year/ period have been regrouped or rearranged wherever necessary / practicable to conform to current year / period's transactions.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
i Claim against the company not acknowledged as debts -
A Claim made by M/s. Chokhani International Ltd. towards dry dock expenses pending before High Court, Chennai	422.500	422.500
B Cargo Loss, Freight, Demurrage, Slot Payments, Fuel Cost, other operational claims and Custom duty disputed demand. (As certified by the Management)	589.000	820.400
C Disputed demand of Statutory Dues (As certified by the Management)	1356.600	1239.200
a) Income Tax	802.700	587.400
b) Service Tax	553.900	651.800
ii Guarantees given by the Banks
A on behalf of the Company	345.300	343.600
B on behalf of the Joint Venture to the extent of the Company’s share.	389.600	366.100
iii Undertaking cum Indemnity given by Company	100.000	100.000
iv Cargo Claims not covered by P&I Club	8.900	6.600
v Bonds / Undertakings given by the Company to Customs Authorities	2333.000	868.600
vi Corporate Guarantees / Undertakings
A In respect of Joint Ventures	Not Ascertainable	Not Ascertainable
B Others	640.500	561.700

FIXED ASSETS:

· Fleet

Ownership Containers

Freehold Land

Buildings

Ownership Flats and Residential Buildings

Furniture, Fittings and Equipments etc.

Motor Vehicles

PRESS RELEASE

SHIPPING CORPORATION SELLS OSV SCI-06 SHIP

Sep 28, 2013

Shipping Corporation of India has sold its ship - OSV 'SCI-06

Shipping Corporation of India Limited has informed BSE that the Company has sold its ship - OSV 'SCI-06" and delivered to its buyer on September 26, 2013.

SHIPPING CORPORATION SELLS PRODUCT TANKER M.T. R.N. TAGORE

Oct 12, 2013

Shipping Corporation of India has sold its ship - Product Tanker m.t. R.N. Tagore and delivered to its buyer on October 09, 2013.

Shipping Corporation of India Limited has informed BSE that SCI has sold its ship - Product Tanker "m.t. R.N. Tagore” and delivered to its buyer on October 09, 2013.

SHIPPING CORPORATION SELLS BULK CARRIER M.V. MAHARASHTRA

Oct 12, 2013

Shipping Corporation of India has sold its ship - Bulk carrier

Shipping Corporation of India Limited has informed BSE that SCI has sold its ship - Bulk carrier "m.v. Maharashtra" and delivered to its buyer on October 10, 2013.

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 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. 61.46
UK Pound	1	Rs. 98.99
Euro	1	Rs. 84.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

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	YES
--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
DEFAULTERS
--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	--

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.