MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	SHIPPING CORPORATION OF INDIA LIMITED
Registered Office :	Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
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 :	Information declined 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

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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Issuer Rating (AA-) (Reaffirmed outlook revised to stable from negative)
Rating Explanation	High degree of safety and very low credit risk
Date	September 2014

Rating Agency Name	ICRA
Rating	Short Term DE/BT Programme ( A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	September 2014

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 31-03-2014.

INFORMATION DENIED

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 31.03.2014

Name :	Mr. A. K. Gupta
Designation :	Chairman and Managing Director with additional Charge of Director (Technical and Offshore Services) and Director (Finance)
Name :	Dr. (Ms.) T. Kumar
Designation :	Government Director
Name :	Mr. M.C. Jauhari
Designation :	Government Director
Name :	Rear Admiral (Retd.) T.S. Ganeshan
Designation :	Director
Date of Birth/Age :	07.06.1949
Date of Appointment:	12.11.2013
Qualifications :	B. E. (Electrical)
Expertise in Specific functional areas :	Vast experience in naval shipbuilding and management of Public Sector Undertaking.
Name :	Mr. Ashish Makhija
Designation :	Director
Date of Birth/Age :	15.04.1966
Date of Appointment:	26.05.2014
Qualifications :	· LL.M. from Kurukshetra University, Haryana · Fellow member of the Institute of Chartered Accountants of India (FCA) · Fellow Member of the Institute of Cost Accountants of India (FCMA) · Master of Laws with Distinction Honor from Thomas Jefferson School of Law, California, USA
Expertise in Specific functional areas :	Over 25 years of experience in corporate law, bankruptcy, anti-money laundering, litigation, risk management, corporate governance.
Name :	Capt. S. Narula
Designation :	Director
Date of Birth/Age :	14.07.1957
Date of Appointment:	07.07.2014
Qualifications :	Master Mariner
Expertise in Specific functional areas :	More than 35 years of Maritime Experience both afloat and ashore. More than 7 years command experience on several types of ships including Tankers, Bulk Carriers, Cargo ships and Container ships.
Name :	Mr. Arun Ramanathan
Designation :	Director
Date of Birth/Age :	25.04.1949
Date of Appointment:	12.11.2013
Qualifications :	· M.Sc. Nuclear Physics (Andhra University) · MBA (Financial Management) – Madras University · M.Phil. in Development Economics (Cambridge University) · AICWA
Expertise in Specific functional areas :	Vast experience in general and financial administration in Government and Public Sector.
Name :	Mr. R. Santhanam
Designation :	Director
Date of Birth/Age :	03.12.1947
Date of Appointment:	26.05.2014
Qualifications :	Post graduate degrees in Chemistry, Public Administration and Economics from the University of Madras and in Business Administration from the University of Hull, U.K.
Expertise in Specific functional areas :	Served as Secretary to Government of Tamil Nadu in the Departments of Transport, Food and Cooperation, Planning & Development, Commercial Taxes and Finance.
Name :	Capt. B. B. Sinha
Designation :	Director
Date of Birth/Age :	01.01.1958
Date of Appointment :	01.01.2013
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.
Name :	Mr. N. C. Sridharan
Designation :	Director
Date of Birth/Age :	13.05.1951
Date of Appointment :	26.05.2014
Qualifications :	· Science Graduate · Member of Institute of Chartered Accountants of India · Member of Institute of Company Secretaries of India
Expertise in Specific functional areas :	25 years of experience handling all areas of Corporate Finance, Treasury, Project Finance, Accounts, Direct and indirect taxation, Auditing, Costing, Budgeting, Administration, materials & stores and Secretarial Leg
Name :	Capt. Sunil Thapar
Designation :	Director
Date of Birth/Age :	08.09.1955
Date of Appointment :	11.01.2011
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
Name :	Mr. P. Umashankar
Designation :	Director
Date of Birth/Age :	07.06.1953
Date of Appointment :	26.05.2014
Qualifications :	· Master’s degree in Mathematics from IIT, Madras · Master’s degree in Social Policy and Planning in Developing Countries from London School of Economics
Expertise in Specific functional areas :	More than 3 decades of leadership experience in Government spanning revenue, law and order, rural infrastructure, finance, housing and urban development, industries, municipal affairs and relief.
Name :	Prof. Gopal V.
Designation :	Director
Date of Birth/Age :	01.06.1960
Date of Appointment :	26.05.2014
Qualifications :	· Production engineering from College of Engineering, Guindy · Fellow Programme in Management with specialization in Finance and Control and Minor as MIS from Indian Institute of Management, Calcutta · Qualified Cost Accountant · Qualified Company Secretary
Expertise in Specific functional areas :	Vast experience in all areas of finance and accounts, cost management, strategic management, etc.
Name :	Mr. Arun Kumar Verma
Designation :	Director
Date of Birth/Age :	28.06.1951
Date of Appointment :	12.11.2013
Qualifications :	· B. Com. (Hons.) · LL.B. · DISA (ICA) · Fellow Member of Institute of Chartered Accountants of India
Expertise in Specific functional areas :	Vast experience in areas concerning Accounts, Audit, Finance and Law.
Name :	Dipankar Haldar
Designation :	Executive Director (Legal Affairs) and Company Secretary
Name :	Mr. Anand P.D.
Designation :	Executive Director
Name :	Mr. Barman P.K.
Designation :	Executive Director

KEY EXECUTIVES

As on 01.08.2014

Name :	Dipankar Haldar
Designation :	Executive Director (Legal Affairs) and Company Secretary
Name :	Capt. Barai A.K.
Designation :	Senior Vice Presidents
Name :	Capt. Borkar M.R.
Designation :	Senior Vice Presidents
Name :	Dr. Devadas K.
Designation :	Senior Vice Presidents
Name :	Mr. Ghatak Manabendra
Designation :	Senior Vice Presidents
Name :	Capt. Gupta kaushalendra
Designation :	Senior Vice Presidents
Name :	Ms. Jejurikar U.D.
Designation :	Senior Vice Presidents
Name :	Mr. Joardar D.
Designation :	Senior Vice Presidents
Name :	Mr. Kher S.V.
Designation :	Senior Vice Presidents
Name :	Mr. Maji S.K.
Designation :	Senior Vice Presidents
Name :	Mr. Mandal S.
Designation :	Senior Vice Presidents
Name :	Capt. Mathews Philip
Designation :	Senior Vice Presidents
Name :	Mr. Meshram B. V.
Designation :	Senior Vice Presidents
Name :	Capt. Miranda K. J.
Designation :	Senior Vice Presidents
Name :	Mr. Mitra P.K.
Designation :	Senior Vice Presidents
Name :	Mr. Patel A.V.
Designation :	Senior Vice Presidents
Name :	Mr. Sadawarti S. G.
Designation :	Senior Vice Presidents
Name :	Mr. Saraiya N.R.
Designation :	Senior Vice Presidents
Name :	Capt. Sasikumar S.
Designation :	Senior Vice Presidents
Name :	Capt. Srivastava C.M.
Designation :	Senior Vice Presidents
Name :	Capt. Tandon R.K.
Designation :	Senior Vice Presidents
Name :	Mr. Ubale A.L.
Designation :	Senior Vice Presidents

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(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	8700	0.00
Financial Institutions / Banks	7570491	1.63
Insurance Companies	79739447	17.12
Foreign Institutional Investors	7599506	1.63
Sub Total	94918144	20.38
(2) Non-Institutions
Bodies Corporate	14554436	3.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	42683023	9.16
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	12265443	2.63
Any Others (Specify)	4434987	0.95
Overseas Corporate Bodies	5250	0.00
Non Resident Indians	4030940	0.87
Trusts	398697	0.09
Foreign Nationals / OCB	100	0.00
Sub Total	73937889	15.87
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	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

SI.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	President of India	29,69,39,920	63.75
2	Vijay Chhibbar	1,515	0.00
3	Sabyasachi Hajara	1,507	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	Bipin Bihari Sinha	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. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	65796899	14.13
2	General Insurance Corporation of India	5246302	1.13
3	New India Assurance Company Ltd	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 % of Total No. of Shares
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 :

Information declined by the management.

Bankers :

· Mizuho Bank (USA)

· State Bank of India

· Standard Chartered Bank

· DVB Group Merchant Bank (Asia) Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans From Banks
In INR	430.600	5015.000
In foreign currency	65276.800	63211.400
SHORT TERM BORROWINGS
Loans from Banks Repayable on demand	3281.400	0.000
Total	68988.800	68226.400

Long Term Borrowings:

A. Secured by Fleet having Net block of Rs.1266.400 Millions (Prev. Yr. Rs. 12650.400 Millions) Pending creation of security for loan of Nil (Prev. Yr. Rs. 4410.000 Millions)

B. Secured by Fleet having Net block of Rs.112183.800 Millions (Prev. Yr. Rs. 98773.100 Millions) Secured by Vessel under construction Rs. 6712.100 Millions (Prev. Yr. Rs. 4974.400 Millions)

C. Maturity Profile

	1-2 Years	2-3 Years	3-4 Years	Beyond 4 Years
Secured Loans	11608.700	11621.100	11341.100	31136.500

Short Term Borrowing :

Secured against term deposit with the bank.

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 Co. (No. 1) Limited · India LNG Transport Co. (No. 2) Limited · India LNG Transport Co. (No. 3) Limited · India LNG Transport Co. (No. 4) Limited · SCI Forbes Limited · SAIL SCI Shipping Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

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. 4657.990 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 capitalisation of General Reserve.

Reconciliation of No. of Shares (Opening and Closing)

	31.03.2014
Opening Balance	465799010
Add:Bonus Shares Issued During the Year	0
Add:Shares Issued on Follow on Public Offer	0
Closing Balance	465799041.2314

D Details of shareholders holdings more than 5% shares

S. No.	Name of Shareholder	No. of shares held		Percentage of Holding
1	President of India	296939920	63.75	63.75
2	Life Insurance Corporation of India	65801520	14.13	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	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4658.000	4658.000	4658.000
(b) Reserves & Surplus	58740.200	61503.500	62685.200
(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)	63398.200	66161.500	67343.200
(3) Non-Current Liabilities
(a) long-term borrowings	65707.400	68226.400	55257.800
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	82.300	84.100	100.200
(d) long-term provisions	1242.800	1089.900	774.400
Total Non-current Liabilities (3)	67032.500	69400.400	56132.400
(4) Current Liabilities
(a) Short term borrowings	5845.400	4570.400	0.000
(b) Trade payables	10774.900	8035.800	6037.600
(c) Other current liabilities	15023.700	11963.700	10200.300
(d) Short-term provisions	473.000	761.600	668.000
Total Current Liabilities (4)	32117.000	25331.500	16905.900
TOTAL	162547.700	160893.400	140381.500
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119107.400	115065.100	88716.000
(ii) Intangible Assets	235.800	332.700	411.500
Assets Retired from active use	4.100	4.700	0.000
(iii) Capital work-in-progress	628.800	1894.500	3619.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	130.600	1.700	1923.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9879.300	16718.500	17050.100
(e) Other Non-current assets	44.600	51.100	50.000
Total Non-Current Assets	130030.600	134068.300	111771.100
(2) Current assets
(a) Current investments	1004.300	1176.900	823.100
(b) Inventories	1904.500	1834.600	1774.500
(c) Trade receivables	10202.000	8864.100	7859.300
(d) Cash and cash equivalents	10189.300	12647.800	14424.100
(e) Short-term loans and advances	7658.100	1472.700	1970.300
(f) Other current assets	1558.900	829.000	1759.100
Total Current Assets	32517.100	26825.100	28610.400
TOTAL	162547.700	160893.400	140381.500

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	41551.700	41536.200	38208.000
	Other Operating Revenue	766.300	420.700	467.500
	Other Income	3072.000	2388.500	5993.600
	TOTAL (A)	45390.000	44345.400	44669.100
Less	EXPENSES
	Cost of Materials Consumed	31123.400	32739.100	33284.400
	Employees benefits expense	4146.500	4450.700	4138.600
	Income / (Expenses) pertaining to Prior Years	529.100	(619.800)	(330.000)
	Extra Ordinary Items	0.000	(2997.400)	0.000
	Other expenses	1163.100	2233.900	1016.100
	TOTAL (B)	36962.100	35806.500	38109.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	8427.900	8538.900	6560.000
Less	FINANCIAL EXPENSES (D)	2077.400	1618.200	3873.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6350.500	6920.700	2687.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8564.400	7605.200	6087.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2213.900)	(684.500)	(3400.200)
Less	TAX (H)	532.700	458.600	881.900
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(2746.600)	(1143.100)	(4282.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	462.000	1605.100	5887.200
	Balance Carried to the B/S (J+K+L-M)	(2284.600)	462.000	1605.100
	Earnings / (Loss) Per Share (Rs.)
	Basic	(5.90)	(2.45)	(9.19)
	Diluted	(5.90)	(8.89)	(9.19)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(6.05)	(2.58)	(9.59)
Net Profit Margin (PBT/Sales)	(%)	(5.33)	(1.65)	(8.90)
Return on Total Assets (PBT/Total Assets}	(%)	(1.37)	(0.43)	(2.52)
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.01)	(0.05)
Debt Equity Ratio (Total Debt /Networth)		1.13	1.10	0.82
Current Ratio (Current Asset/Current Liability)		1.01	1.06	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4658.000	4658.000	4658.000
Reserves & Surplus	62685.200	61503.500	58740.200
Net worth	67343.200	66161.500	63398.200
long-term borrowings	55257.800	68226.400	65707.400
Short term borrowings	0.000	4570.400	5845.400
Total borrowings	55257.800	72796.800	71552.800
Debt/Equity ratio	0.821	1.100	1.129

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	38208.000	41536.200	41551.700
		8.711	0.037

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	38208.000	41536.200	41551.700
Profit	(4282.100)	(1143.100)	(2746.600)
	(11.21%)	(2.75%)	(6.61%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE

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	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	No

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	SL/2816/2012	Failing Date:-	19/12/2012	Reg. No.:-	S/26/2013	Reg. Date:-	10/01/2013
Petitioner:-	SYMCOM IMPEX PRIVATE LIMITED		Respondent:-	THE SHIPPING CORPORATION OF INDIA LIMITED
Petn.Adv:-	SHASHANK N. FADIA (0)		Resp. Adv.:	A. MEHTA LALJEE AND COMPANY (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	OTHER MONEY SUITS
Status:-	Pre-Admission		Stage:-	FOR DIRECTION
Last Date:-	23/07/2013
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act. :	Code of Civil Procedure 1908

BRIEF ANALYSIS OF FINANCIAL PERFORMANCE:

At an overall level SCI has incurred a loss of Rs. 2746.600 Millions in the current year as against loss of Rs. 1143.100 Millions in the preceding year. The financial performance of The Company continued to be impacted by the low levels of freight rates during the year. The Company rescinded nine shipbuilding contracts during the year due to default by the shipyard and this has resulted in foreign exchange gain and interest income upside to the Company by about Rs. 6.600 Millions. However operationally, SCI has improved its performance as can be seen from the fact that Their loss before items relating to earlier years, exceptional items and tax has reduced from Rs. 43.000 Millions to Rs. 16.800 Millions. It may also be observed that the preceding year had a write back of Rs. 30.000 Millions of borrowing cost.

MANAGEMENT DISCUSSION AND ANALYSIS

The overall scenario under which the Shipping industry operated and which impacted the various segments is discussed below.

INDUSTRY STRUCTURE AND DEVELOPMENTS

World Scenario – Economy & Seaborne Trade

The worldwide GDP grew by an average of 2.9% in 2013, with GDP expanding at 3% annual pace in the second half of 2013 as compared to 2% growth at the start of 2013. However this was far too low compared with the 5% growth witnessed in 2010 and during that of the boom years of the mid 2000s. China remained the driving force of the world wide economy, accounting for about half of the gains in global GDP during the second half of 2013. Outside China, the emerging economies of Asia showed faster growth in the second half led by South Korea and India. In 2014, world economy is expected to improve with expected GDP growth of 3.7% in 2014. The improvement in foreign trade is likely to depend on world’s two largest economies, the US and China.

Seaborne Trade, Fleet & Market

The dry bulk market after having declined for two years finally turned the corner in 2013 with rates and prices both moving up over the course of the year. The gains were especially strong in the second half of the year, boosted by a robust iron ore trade and grain trade volumes. This was combined with a marked deceleration in fleet growth during 2013, which increased fleet utilization rate to nearly 90%, its highest level since 2010. Most of the gains in demand during 2013 came from the iron ore, grain, steam, coal, and bauxite/alumina trades. China was the key driver of the increase in demand. Chinese steel production was especially robust in 2013, rising by 8%. For the year as a whole, Chinese iron ore imports rose by 10%. Another major source of dry bulk trade growth was the grain trade which rose by 14% during the third quarter of 2013. Most of this increase was due to major jump in US grain shipments to China, 50% growth from previous year’s low. Global steam coal trade grew by only 6%, down from 11% growth in 2012. This was due to slow Chinese coal demand. In addition to the major bulk trade increases, the second half of 2013 saw a significant jump in Chinese bauxite imports, as inventories were built up prior to the implementation of ban on Indonesian exports, which took effect in January 2013.

Globally, the oil trade (i.e ‘Crude Oil’ and ‘Products’ segments) growth declined marginally by 0.1% as compared to last year. In the ‘oil’ trade segment, the global ‘Crude oil’ imports was almost 2 billion tons, declining by 2% compared to their 2012 level whereas global ‘Products’ imports were 0.92 billion tons, increasing by 4.4 %. The tanker fleet expanded by 2.8% in 2013 as compared to 3.9% during the previous year. Overall for most crude tankers, 2013 was not a good year. VLCC and Suezmax spot rates declined relative to 2012. Though Aframax spot rates moved up modestly, Aframax period charter rates fell relative to their 2012 level. Although some crude tanker secondhand values, most notably VLCCs, did move up in the third quarter, most prices remained below their early 2012 levels and very close to their 10 year lows. As regards to Product Tanker market, rates and prices for an MR tanker moved higher over the course of 2013. Compared to the end of 2012, one-year TC rates for these vessels were up 15% by the end of 2013, while secondhand values rose by 25%. Robust trade growth in refined products and restrained fleet growth enabled the market to move higher throughout the year.

Global containerized growth in 2013 was significantly low at 151 million TEUs. Trade gained 4% on 2012 TEU volumes, an improvement on the 2.5% growth recorded in the year before, but a substantially lower pace than the historical average of 7.3% p.a. After a slow growth initially in 2013, containerized trade growth gained substantial momentum over the course of the year. The improvement was attributed to a recovery in intra –Asia trade demand and to a turnaround in European imports.

Indian Scenario

As per Central Statistical Organization (CSO), Indian economy grew by 4.7% in 2013-14, shade below the original estimate of 4.9% but slightly above the 4.5% growth in 2012-13. The economy posting two consecutive years of below 5% growth is the lowest performance of Asia’s third-largest economy in over two decades. The farm sector grew an annual 4.7% compared with a 4.5% expansion in the year earlier period. The power sector also posted a growth rising an annual 5.9% in 2013-14 compared with a 2.3% growth in 2012-13. The manufacturing sector continued to remain under stress, declining 0.7% year-on-year in 2013-14 compared with 1.1% growth in 2012-13. The mining sector fell 1.4% year-on-year in 2013-14 compared with a decline of an annual 2.2% in the year earlier period.

According to sources from Ministry of Commerce, India’s overall shipments increased 3.98% at US $312.5 billion in 2013-14 as compared to US $300.6 billion in 2012-13 but missed the export target of US $325 billion for 2013-14. Sluggish demand in major markets coupled with loss of preferential access in Europe and quality issues with drugs lead to lower exports in 2013-14. As per Indian Port Association (IPA), the volume of cargo handled by India’s 12 state-owned ports grew by a modest 1.78% in the year ended 31 March, reversing two consecutive years of decline, mainly on the back of higher coal shipments. The 12 ports handled a combined 555.500 million tons (mt) of various commodities such as crude oil, petroleum products, iron ore, coal, container cargo and fertilizers in fiscal year 2013-14. Thermal coal loadings grew 22.09% to 71.6 mt from 58.6 mt a year earlier as power stations imported more coal. Major ports loaded just 24.7 mt of iron ore, compared with 28.5 mt a year earlier. This was due to ban on exports from Karnataka, which accounted for a quarter of the nation’s iron ore annual exports. Fertilizer loadings declined 17.57% to 6.1 mt from 7.4 mt a year earlier.

OUTLOOK

As the global economy improves, it is expected that oil trade demand (both crude and product) will pick up in 2014, while fleet growth remains modest. This would allow the tanker market to remain buoyant over the coming year with rates and prices for both crude and product tankers moving up, on average compared to 2013. Most indicators are likely to stabilize in 2015 and from 2016-18, crude tanker indicators would hold steady over this period, while product tanker rates and prices are expected to fall back significantly due to excessive fleet growth.

OUTLOOK

The Company’s container services did not register positive results in 2013-14, due to low freight rates. In light of a stronger global economic growth predicted as compared to the previous year and the consequent positive market sentiments generated, the freight rates in most sectors / services are expected to improve provided the rate restoration and market discipline holds steady. However geopolitical risks in recent months such as Ukraine, the China-Vietnam conflict in the South China Sea and political unrest in Thailand, and in North and West Africa and elsewhere, could steer global growth away from a promising outlook. Overall, considering the above mentioned projections, only a marginal improvement in the revenue of The Company’s container segment could be expected in 2014.

The Company has obtained Freight Forwarding and Multimodal Transport Operator (MTO) licences and continues to use its vast experience and large agency network to render 3PL (Third Party Logistics) services to the customers. This helps The Company to retain the clients while generating additional revenue. The prospects of Break bulk services provided by The Company continue to be reasonably bright in respect of the independent “Space Charter” arrangements being made by SCI for carriage of import cargoes from various locations worldwide. The Company will continue to operate Coastal and Passenger Services successfully by deploying its owned/managed vessels for the Andaman & Nicobar Administration, Geological Survey of India (Ministry of Mines), Ministry of Earth Sciences (Dept. of Ocean Development).

Awards / Accolades

On 05th November’ 2013 at 14:38 IST, India’s maiden interplanetary mission, ISRO’s MARS ORBITER PSLV C25, rocketed towards Mars from Sriharikota in Andhra Pradesh, creating history for India. Two of Their Offshore vessels, “m.v. SCI Nalanda” and “m.v. SCI Yamuna” were chartered by Indian Space Research Organization (ISRO) w.e.f. 01st August, 2013 for a period of approx. 5 months for the prestigious mission. These vessels played a significant role in the collection of data and tracking of satellite after the rockets’ launch on 05.11.2013. The two offshore vessels had sailed from Visakhapatnam on 15.09.2013 to Fiji

Islands after installation of satellite tracking and communication equipment by ISRO, DRDO and Indian Navy. These two ships also carried Scientists from ISRO, DRDO and Indian Navy personnel on-board for this special mission.

The efforts made by the ship staff of m.v. SCI Yamuna & m.v. SCI Nalanda and Their SCI Offshore team who worked relentlessly supporting India’s ‘Mars Orbiter Mission’ launch was well appreciated and compliments poured in from Director ISRO and ISTRAC SDSC-SHAR, terming the scientific data collections from Their vessel as ‘marvellous, unbelievable and undreamt support’. This is also The Company’s first ever contribution towards India’s adventure into the outer space.

The Technical and Offshore Services Division continued to reap in profits from offshore operations touching three digit figures in the year 2013-14.

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10510574	03/07/2014	13,844,019,000.00	MIZUHO BANK (USA)	1251 Avenue of the Americas, New York, - 10020, UNITED STATES OF AMERICA	C12478350
2	10494962	22/05/2014	125,402,914.00	SUMITOMO MITSUI BANKING CORPORATION	1-1-2, MARUNOUCHI, CHIYODA-KU, TOKYO, - 1000005,  JAPAN	C04612198
3	10475399	12/02/2014 *	1,490,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	C00769919
4	10474583	02/12/2013	1,260,000,000.00	BNP PARIBAS	16, Boulevard desItaliens, Paris, - 75009, FRAN  CE	B95078499
5	10433212	20/06/2013	4,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	B78036290
6	10425970	27/03/2013	9,627,822,000.00	SUMITOMO MITSUI BANKING CORPORATION	1-2-3 Otemachi, Chiyoda-Ku, Tokyo, - 1000004, JAPAN	B75214072
7	10410389	18/01/2013	1,550,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	B70244173
8	10395793	27/11/2013 *	5,232,000,000.00	STANDARD CHARTERED BANK	5th Floor, 1 Basinghall Avenue, London, - EC2V5D  D, UNITED KINGDOM	B90815473
9	10393562	13/12/2012	1,892,240,000.00	DVB GROUP MERCHANT BANK (ASIA) LIMITED	77 Robinson Road, #30-02, Singapore, - 068896, S  INGAPORE	B64735004
10	10393653	04/04/2013 *	4,734,400,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	B75186965

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans from Banks Repayable on demand	2564.000	4570.400
Total	2564.000	4570.400

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (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	444.300	422.500
B. Cargo Loss, Freight, Demurrage, Slot Payments, Fuel Cost, other Operational claims and Custom duty disputed demand. (As certified by the Management)	592.700	589.00
C. Disputed demand of Statutory Dues	1875.300	1356.600
(As certified by the Management) a) Income Tax & Sales Tax	1851.600	802.700
b) Service Tax	23.700	553.900
ii) Guarantees given by the Banks
A. on behalf of the Company	421.600	345.300
B. on behalf of the Joint Venture to the extent of the Company’s share	645.800	389.600
iii) Undertaking cum Indemnity given by Company	100.000	100.000
iv) Cargo Claims covered by P&I Club	34.600	8.900
v) Bonds/Undertakings given by the Company to Customs Authorities	1767.700	2333.000
vi) Corporate Guarantees/Undertakings
A. In respect of Joint Ventures	Not Ascertainable	Not Ascertainable
B. Others	545.700	640.500

FIXED ASSETS

· Freehold land

· Buildings

· Ownership Flats and Residential Buildings

· Furniture Fittings and Equipments

· Motor Vehicles

· Computer Softwear

PRESS RELEASE

SCI, GAIL in talks for $3-bn LNG ships' deal

SCI Director (liner and passenger services) Sarveen Narula said the shipper will have an option to pick up 25 percent stake once a joint venture company is formed for the purpose and talks are held through respective ministries.

Shipping Corporation of India   (SCI) and GAIL   (India) Limited are currently in discussion to forge a tie-up under which the latter will acquire nine liquefied natural gas (LNG) ships for almost USD 3 billion and the former will operate these, a senior official of the shipping firm said.

SCI Director (liner and passenger services) Sarveen Narula said the shipper will have an option to pick up 25 percent stake once a joint venture company is formed for the purpose and talks are held through respective ministries.

“We are trying to buy nine LNG ships, not through SCI but through GAIL. SCI will run those ships in partnership with GAIL. We are actively working with GAIL in selection of (other) partners. We may have the right to take up to 25 per cent of the stake in that (venture),” Narula said.

“The memorandum of understanding (MoU) is being finalised. We are already been in talks with them...very soon it will be done. It is being brokered through the government,” he added.

SCI is currently running four LNG ships through joint venture companies with Japanese partners, among others, in which the Indian public sector undertaking holds 26 per cent stake.

“That is why we are tying up with GAIL. We will have the technical expertise. The funding will be though GAIL. So this becomes a new business for us. Each ship would cost around USD 300-350 million,” Narula said when asked about the capital requirement for buying the vessels.

He spoke on the sidelines of the flagging off ceremony of SCI’s direct container services to Yangon from Krishnapatnam port container terminal on October 3. The shipping company has already approached the central government seeking permission to start a foreign subsidiary in Singapore for LNG shipping to India, he said.

Also read:  Russia's Rosneft offers stake in an oilfield to ONGC Videsh

According to the latest annual report of GAIL, the total Indian LNG imports required to meet the demand-domestic supply gap was 29.56 million standard cubic metres per day (mscmd) in 2008, which further rose to 48.8 mscmd in 2013.

GAIL has imported 25 LNG cargoes (equivalent to approximately 1.50 million tonnes per annum of LNG) during the last financial year from various international sources on short term as well as spot basis to meet immediate domestic gas requirement.

SCI currently has an MoU with GAIL for transporting LNG from the US to India in 2016-17 wherein it has step-in right up to 26 percent and also providing technical consultancy.

According to the 2013-14 annual report of SCI, India was the fifth largest importer of LNG in 2013 accounting for 5.5 per cent of the total trade. Domestic natural gas supply is expected to grow at 5.6 per cent over FY13-15, while gas demand is expected to grow at 18 per cent thereby causing a demand-supply mismatch.

Narula further said another focused area for the company would be providing services to oil and gas companies in offshore activities.

Currently, SCI has been offering services to ONGC   and is looking for opportunities in other parts of the world, he added.

Shipping Corp stock price

On October 29, 2014, at 11:01 hrs Shipping Corporation of India was quoting at Rs 57.80, up Rs 0.85, or 1.49 percent. The 52-week high of the share was Rs 73.25 and the 52-week low was Rs 34.05.

The latest book value of the company is Rs 136.11 per share. At current value, the price-to-book value of the company was 0.42.

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. 61.35
UK Pound	1	Rs. 98.93
Euro	1	Rs. 77.92

INFORMATION DETAILS

Information Gathered by :	GYA
Analysis Done by :	DIV
Report Prepared by :	TRU

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.