MIRA INFORM REPORT

Report No. :	355847
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	THE SHIPPING CORPORATION OF INDIA LIMITED
Registered Office :	Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-22853556
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.03.1950
Com. Reg. No.:	11-008033
Capital Investment / Paid-up Capital :	Rs.4657.990 Million
CIN No.: [Company Identification No.]	L63030MH1950GOI008033
IEC No.:	0388075970
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT1542F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject owns, operates and manages a fleet of bulk carriers, international container service, liquid/dry bulk service, tankers, passenger vessels and offshore supply vessels. The Company's fleet transports primarily crude oil. (From Indirect Source)
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 :	Clear
Comments :	Subject is a Government of India Company. It is well established company incorporated in the year 1950. The company possesses strong revenue base marked by fair profit margin. It has been successful in wiping off its previous year loss. Rating also takes into consideration the company’s long track record in shipping business and decent net worth of the company. Trade relations are reported as fair. Business is active. Payments terms are regular and as per commitments. In view of Government Company with long history of business operations, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Issue Rating = “Ir AA-“
Rating Explanation	High degree of safety and very low credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Short term debt 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Harjeet Kaur Joshi
Designation :	Chief Financial Officer
Contact No.:	91-22-22853556
Date :	19.12.2015

LOCATIONS

Registered Office :	Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22853556 / 22026666
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
Technical and Offshore Division 1:	5th floor, Shipping House, 245, Madame Cama Road  Mumbai 400 021, Maharashtra, India
Tel. No.:	91-22-2202 6666 / 22-2277 2164/ 65
Fax No.:	91-22-2285 4790
E-Mail :	k.devdas@sci.co.in
Technical and Offshore Division 2 :	17th floor, Shipping house, Mumbai, Maharashtra, India
Tel. No.:	91-22-2283 2082 / 22-2277 2542
E-Mail :	vikram.dingley@sci.co.in
Technical and Offshore Division 3 :	4th floor, Shipping house, Mumbai, Maharashtra, India
Tel. No.:	91-22-2282 1497 / 22-2277 2131
E-Mail :	ak.panja@sci.co.in

DIRECTORS

As on 31.03.2015

Name :	Mr. Kelath Devadas
Designation :	Whole-Time Director
Address :	A-43 Twin Towers Premises CHS, Off Veer Savarkar Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India
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 :	26.09.2014
DIN No.:	06887951
Name :	Harjeet Kaur Joshi
Designation :	Whole-Time Director
Address :	C-4/ 64, Ongc Colony, Bandra Reclamation,, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	05.02.2015
DIN No.:	07085755
Name :	Mr. Arun Kumar Gupta
Designation :	Managing Director
Address :	34, Chitrakoot, Altamount Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	25.10.2010
DIN No.:	03310218
Name :	Mr. Shrikant Vasant Kher
Designation :	Additional Director
Address :	E-3, Satya Premises CHS, Gokhale Road, Naupada, Thana West - 400602, Maharashtra, India
Date of Appointment :	01.10.2015
DIN No.:	07286348
Name :	Bipin Bihari Sinha
Designation :	Whole-Time Director
Address :	22/24, Vijay Apartment, 16, Carmichael Road, Mumbai - 400026, Maharashtra, India
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
DIN No.:	06477074
Name :	Mr. Sarveen Narula
Designation :	Whole-Time Director
Address :	93, Cuffe Parade, 116 Satnam Apartments, Colaba, Mumbai - 400005, Maharashtra, India
Qualification :	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.
Date of Appointment :	07.07.2014
DIN No.:	06903085
Name :	Mr. Sanjeev Ranjan
Designation :	Nominee Director
Address :	Agartala Circuit House, Agartala - 799001, Tripura, India
Date of Appointment :	21.09.2015
DIN No.:	02977371
Name :	Mr. Barun Mitra
Designation :	Nominee Director
Address :	D1/33,, Rabindra Nagar, New Delhi - 110003, India
Date of Appointment :	21.01.2015
DIN No.:	07012558

KEY EXECUTIVES

Name :	Mr. Harjeet Kaur Joshi
Designation :	Chief Financial Officer
Address :	C-4/ 64, Ongc Colony, Bandra Reclamation,, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Appointment :	05.02.2015
PAN No.:	ABAPJ7871R
Name :	Mr. Dipankar Haldar
Designation :	Secretary
Address :	Flat 1103, Kanchan Tower Plot - 9, Sector-25, Nerul, Navi Mumbai, Mumbai - 400706, Maharashtra, India
Date of Appointment :	01.11.2001
PAN NO.:	ABHPH2605J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

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
Central Government / State Government(s)	296942977	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	3066394	0.66
Financial Institutions / Banks	6976393	1.50
Insurance Companies	79739447	17.12
Foreign Institutional Investors	11261991	2.42
Any Others (Specify)	732282	0.16
Others	732282	0.16
Sub Total	101776507	21.85
(2) Non-Institutions
Bodies Corporate	11866918	2.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	38085247	8.18
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	13064116	2.80
Any Others (Specify)	4063245	0.87
Trusts	482565	0.10
Non Resident Indians	3575330	0.77
Overseas Corporate Bodies	5250	0.00
Others	100	0.00
Sub Total	67079526	14.40
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)	0	0.00
(2)	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

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	President of India	29,69,42,977	63.75	63.75
	Total	29,69,42,977	63.75	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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	65796899	14.13	14.13
2	General Insurance Corporation of India	5246302	1.13	1.13
3	The New India Assurance Company Limited	4958095	1.06	1.06
	Total	76001296	16.32	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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Life Insurance Corporation of India	65796899	14.13	14.13
	Total	65796899	14.13	14.13

BUSINESS DETAILS

Line of Business :	Subject owns, operates and manages a fleet of bulk carriers, international container service, liquid/dry bulk service, tankers, passenger vessels and offshore supply vessels. The Company's fleet transports primarily crude oil. (From Indirect Source)
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Banks
In Rupees	257.500	430.600
In Foreign currency	55441.900	65276.800
Short-term borrowings
- from Banks repayable on demand*	350.000	3281.400
Total	56049.400	68988.800
Short-term borrowings *Secured against term deposit with the bank.

Statutory Auditors 1 :
Name :	GMJ and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Statutory Auditors 2 :
Name :	MKPS and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
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 India LNG Transport Company (No. 4) Limited SCI Forbes Limited ( till 02.07.2014) SAIL SCI Shipping Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs. 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
465799010	Equity Shares	Rs.10/- each	Rs. 4658.000 Million

Reconciliation of Equity Shares

Particular	As at 31st March, 2015
	No. of shares	Amount in Rs. Million
Opening Balance	465799010	4657.990
Add : Bonus Shares Issued during the Year	--	--
Less : Shares bought back	--	--
Closing Balance	465799010	4657.990

Details of shareholders holding more than 5% shares

Name of Shareholder	As at 31st March, 2015
	No. of shares	% of Holding
President of India	296939920	63.75
Life Insurance Corporation of India	65796899	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. The dividend whenever proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Company is a standalone company and does not have any holding company.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4658.000	4658.000	4658.000
(b) Reserves & Surplus	60678.000	58740.200	61503.500
(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)	65336.000	63398.200	66161.500
(3) Non-Current Liabilities
(a) long-term borrowings	55699.400	65707.400	68226.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.100	3.600	84.100
(d) long-term provisions	1379.700	1242.700	1089.900
Total Non-current Liabilities (3)	57083.200	66953.700	69400.400
(4) Current Liabilities
(a) Short term borrowings	350.000	5845.400	4570.400
(b) Trade payables	12574.200	13193.100	8035.800
(c) Other current liabilities	16279.700	15451.900	11963.700
(d) Short-term provisions	425.700	473.100	761.600
Total Current Liabilities (4)	29629.600	34963.500	25331.500
TOTAL	152048.800	165315.400	160893.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114323.700	119111.500	115065.100
(ii) Intangible Assets	120.900	235.800	332.700
(iii) Capital work-in-progress	4909.300	628.800	1894.500
(iv) Intangible assets under development	0.000	0.000	4.700
(v) Assets Retired from Active use	0.000	0.000	1.700
(b) Non-current Investments	130.600	130.600	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4447.200	15913.400	16718.500
(e) Other Non-current assets	121.500	44.600	51.100
Total Non-Current Assets	124053.200	136064.700	134068.300
(2) Current assets
(a) Current investments	770.800	1004.300	1176.900
(b) Inventories	919.300	1904.500	1834.600
(c) Trade receivables	7878.200	10599.900	8864.100
(d) Cash and cash equivalents	12561.600	10189.300	12647.800
(e) Short-term loans and advances	4840.600	3993.800	1472.700
(f) Other current assets	1025.100	1558.900	829.000
Total Current Assets	27995.600	29250.700	26825.100
TOTAL	152048.800	165315.400	160893.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	41864.400	42318.000	41956.900
		Other Income	4011.700	3072.000	2388.500
		TOTAL (A)	45876.100	45390.000	44345.400
Less	EXPENSES
		Cost of Materials Consumed	27941.600	31123.400	32739.100
		Employees benefits expense	4136.300	4110.600	4450.700
		Other expenses	1405.000	1215.800	2233.900
		Income / (Expenses) pertaining to Prior Period	0.000	0.000	-2997.400
		Extraordinary Item	137.100	529.100	-619.800
		TOTAL (B)	33620.000	36978.900	35806.500
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		12256.100	8411.100	8538.900
Less	FINANCIAL EXPENSES (D)		1793.300	2060.600	1618.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10462.800	6350.500	6920.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7701.500	8564.400	7605.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2761.300	(2213.900)	(684.500)
Less	TAX (H)		752.000	532.700	458.600
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2009.300	(2746.600)	(1143.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2284.600)	462.000	1617.100
Less	APPROPRIATIONS
		Depreciation Adjustment	56.800	0.000	0.000
		Tonnage Tax Reserve	5.000	0.000	0.000
		Staff Welfare Fund	10.100	0.000	12.000
	BALANCE CARRIED TO THE B/S		(347.200)	(2284.600)	462.000
	Earnings / (Loss) Per Share (Rs.)
	Basic and Diluted (including extraordinary items)		4.31	(5.90)	(2.45)
	Basic and Diluted (excluding extraordinary items net of Tax)		4.31	(5.90)	(8.89)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	12282.100	11016.700	8847.600
Cash generated from operations	21904.000	9688.000	8266.300
Net Cash from Operating Activities	20995.800	8382.100	8086.900

QUARTERLY RESULTS

Particulars	30.06.2015 (Unaudited)	30.09.2015 (Unaudited)
	1^st Quarter	2^nd Quarter
Net Sales	10564.600	10850.200
Total Expenditure	7306.200	7722.300
PBIDT (Excl OI)	3258.400	3127.900
Other Income	338.700	535.500
Operating Profit	3597.100	3663.400
Interest	401.500	410.100
Exceptional Items	NA	NA
PBDT	3195.600	3253.300
Depreciation	1400.200	1451.200
Profit Before Tax	1795.400	1802.100
Tax	160.000	190.000
Provisions and contingencies	NA	NA
Profit After Tax	1635.400	1612.100
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	1635.400	1612.100

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.80	(6.49)	(2.72)
Operating Profit Margin (PBIDT/Sales)	(%)	29.28	19.88	20.35
Return on Total Assets (PBT/Total Assets}	(%)	1.88	(1.35)	(0.43)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.03)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		1.05	1.30	1.23
Current Ratio (Current Asset/Current Liability)		0.94	0.84	1.06

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.98.35/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	4658.000	4658.000	4658.000
Reserves & Surplus	61503.500	58740.200	60678.000
Net worth	66161.500	63398.200	65336.000
long-term borrowings	68226.400	65707.400	55699.400
Short term borrowings	4570.400	5845.400	350.000
Current maturities of long-term debts	8847.600	11016.700	12282.100
Total borrowings	81644.400	82569.500	68331.500
Debt/Equity ratio	1.234	1.302	1.046

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	41956.900	42318.000	41864.400
		0.861	(1.072)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	41956.900	42318.000	41864.400
Profit	(1143.100)	(2746.600)	2009.300
	(2.72%)	(6.49%)	4.80%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY
CASE DETAILS BENCH: BOMBAY
Presentation Date:- 10.08.2015
Stamp No.: CAFST/22534/2015	Filing Date: 19.08.2015
Stamp No.: FAST/22532/20145 Main Matter
Petitioner: THE BOARD OF TRUSTEES OF THE PORT OF BOMBAY			Respondent: THE SHIPPING CORPORATION OF INDIA LIMITED
Petn. Adv: MOTIWALLA AND COMPANY
District: MUMBAI
Bench: SINGLE Status: Pre-Admission Last Date:- 26.08.2015 Last Coram:- REGISTRAR(JUDICIAL)		Category: CONDONATION OF DELAY Stage:-
Act: C.P.C. (Non-Interlocutory Order)		Under Section:- 96

FINANCIALS:

They have finally steadied the ship and turned around to report a net profit of Rs. 2009.300 Million for the year ended 31st March 2015. This is against a net loss of Rs. 2746.600 Million in the previous year. It is heartening to note that all the three business segments of SCI have reported profits in the last quarter and also on annual basis. The losses due to unprecedented downturn in the dry bulk markets have been partially offset by the rally in the tanker market since early 2015.

While the net income from operations has almost remained flat, the appreciable decrease in various expenses, impact of judicious cancellation of new ship building orders, rally in tanker freights (basically attributed to fall in crude prices) and sale of old vessels have contributed to the positive results. The overall financial health of the company has improved, their borrowings are reduced, lenders are more comfortable and their creditability in the market is maintained.

OPERATIONS:

The United States, once the largest importer of Crude Oil from the middle-eastern markets has over the years turned into a net exporter due to the shale revolution in the North American continent. This has drastically changed the dynamics of the crude tanker trade. Led by Saudi Arabia, the OPEC countries have maintained their production levels despite the fall in crude oil prices, triggering a price war with non-OPEC nations. Surprisingly the entire production and the surplus are being absorbed by the market. It is now understood that a part of the output is going towards built up of strategic petroleum reserves of various countries and also towards floating storage. Cost of storage of oil, even though minuscule has played its part in the marginal recovery in tanker trade. Saudi Arabia is in a transition phase in becoming the world’s largest refiner. China is now the larger importer of crude oil and even India’s appetite for import of crude is ever increasing. As a result of all above, there was an unseasonal sunshine in the tanker market since beginning of 2015 and SCI was able to take advantage of the rally. The successful conclusion of talks between Iran and P5+1 nations and the resultant thawing of relations between Iran & the West, has created positive signals. However, it may take some more time for the Iranian oil to start flowing into the market. The impact of the ban slapped on 100+ VLCCs by Nigeria’s state oil company NNPC is significant however its influence on the rates is yet to be ascertained.

The dry bulk trade has indeed tested the nerves of most players in the industry. The Baltic Dry Index (BDI) had touched an all time low of 509 on 18th February, 2015 and continues to hover around 1000 levels. At this rate the owners / operators of dry bulk carriers can’t even breakeven their daily standing charges. Already a record number of 71 Capesize bulk carriers have been sold for scrap this year. Still, some companies with deep pockets continue to take deliveries of VLOC / Valemaxes. However, overall efforts are there to cut capacity in this segment but seeing the order book in the pipeline a revival in the dry bulk market is not expected in the near future

‘Economies of scale to survive’ says the industry and container trade is no different. There was a time when SCI’s

4400 TEU vessels were called large vessels. Now, a couple of 19,000 TEU vessels are trading in the market. The container business across the world is dominated by a few players due to which they are in a position to dictate terms for doing business. SCI is dependent on her agents and consortium partners for the container trade. However SCI has been able to prevail upon their consortium partners for restructuring and rationalization of port calls. SCI has imposed tighter controls over agents, reduced container inventories and cut down on various cargo handling expenses. These efforts, though small, have significantly contributed to the overall results. The merger of two big Chinese players and devaluation of the Yuan is likely to play a major role in the days to come.

SCI’s Offshore has been the consistent horse, giving steady and firm revenues over the years. This year was no different. SCI aims to expand in this segment; however they need to tread cautiously. The offshore market is a little depressed due to fall in crude oil prices and the resultant slowdown in E and P activities.

Appropriations:

The working results for the company for the year 2014-15 after considering prior period adjustments show a profit of Rs. 2009.300 Million. An amount of Rs. 5.000 Million has been transferred to Tonnage Tax Reserve u/s 115VT of the Income Tax Act, 1961. Further an amount of Rs. 56.800 Million has been debited on account of depreciation adjustment (Refer Note 38) The Directors propose to make appropriations of Rs. 10.100 Million for FY 2014-15 under Staff Welfare Fund. After adjusting an opening debit balance of Rs. 2284.600 Million (being balance profit and loss account brought forward from previous year), there is a debit balance in Profit and Loss A/c of Rs. 347.200 Million.

Brief Analysis of Financial Performance:

SCI has reported a profit of Rs. 2009.300 Million for the financial year 2014-15 after incurring losses for three consecutive financial years. All the segments (Liner, Bulk & Technical and Offshore) have reported profit before Tax and Interest. The tanker market has shown some improvement which has partly offset the losses of the bulk carrier. The judicious cancellation of contracts and control of costs especially the Cargo Handling Expenses and Repairs and Maintenance expenses coupled with lower bunker prices have positively impacted the results.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

WORLD SCENARIO

The world GDP grew by an average of 3.3% in 2014, with growth estimates for 2015 and 2016 at 3.5% and 3.8% respectively. The year 2014 witnessed uneven global recovery on the back of falling oil and commodity prices, and strengthening of the US Dollar in particular while geopolitical tensions weighed heavily on the downside risk limiting upside prospects. The US in particular gained from lower commodity prices and currency gains while Europe and Japan continued to struggle with deflationary pressures. China fared well in the process of managing the slowdown, while unable to settle on an equilibrium growth rate commensurate with central planning and private investment. The prospects for the year 2015, rests largely on the developing Asian economies, mainly China and India. The growth pattern in Europe is expected to be volatile. Global GDP

According to IMF, Global GDP growth has been 3.3% in 2014 and expected to be around 3.5% in 2015. The decline in commodity prices especially crude oil is expected to boost world GDP by shifting ‘real income’ from producing to consuming nations such as the US, China and India. The US economy is riding on the advantages of a strong currency and lower commodity prices, where growth is expected to exceed 3% in 2015-16.

Amongst the emerging economies the growth is projected to be broadly stable at 4.5% - 4.7%, although China continues to face hurdles in stimulating domestic demand with lagging export opportunities and is expected to grow at 6.8%. On the other hand India is expected to surpass China with a growth rate of 7.5% driven mainly by a stable and pro reform Government and radical policy changes.

IMF’s World Economic Outlook states that global output will expand by 3.5% in 2015 and increase further to 3.8% in 2016, as against 3.4% in 2014.The economy of developed nations is expected to improve by 2.4% in 2015 and 2016. The report forecasts global trade to grow from 3.4% in 2014 to 3.7% and 4.7% in 2015 and 2016 respectively, on the back of increasing demand from developing economies for commodities and demand stability from developed economies, although growth is expected to be moderate and uneven in distribution amongst individual countries.

The global GDP growth directly 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.

Seaborne Trade, Fleet and Market

Globally, the oil trade (i.e ‘Crude Oil’ and ‘Products’ segments) growth rose marginally by 0.7% compared to 1.4% growth in 2013. In the ‘oil’ trade segment, the global ‘Crude oil’ imports was almost stagnant at 2.10 billion tons, whereas global ‘Products’ imports were 0.92 billion tons, increasing by 4.4%. The tanker fleet expanded by 1.4% in 2014 as compared to 2.5% during the previous year. Overall for most crude tanker owners, 2014 was an optimistic year with earnings across segments at levels above operating costs for most of the year.

The dry bulk trade increased by more than 8% in volume over the course of the year but oversupply of tonnage continued to plague the markets and earnings. Although time charter rates improved on the backdrop of falling commodity prices leading to long hauls, the spot and trip charter rates remained low and volatile due to local over supply of tonnage. The deceleration in fleet growth continued to about 5.3% from 5.6% in 2013 but the fleet growth is expected to clock an average 5% annually for the next couple of years limiting the prospects for a reversal in the supply demand gap. Most of the gains in demand during 2014 came from the iron ore, and coal trades. China followed by developing nations such as India was the key driver of the increase in demand.

The container trade in 2014 was around 159 million TEUs registering an improvement in growth at 4.9% over 2013 as compared to 4.2% in year 2013 and 2.5% in 2012. The improvement was mainly attributed to resurgence of European import growth and a strong expansion in US imports propelled by a fast expanding economy and retail demand. The Chinese containers exports to Europe and US posted strongest gains since 2010 though the overall export growth stagnated near 6% mark. Fleet growth remained steady in 2014 despite rising new building volumes, due to moderation of delivery slippages and disposals having remained high, keeping fleet expansion under control.

iv] OUTLOOK

As the prospects for global economy point to improved growth at about 3.5%-3.8% in 2015-16, oil trade demand (both crude and product) will gain support from low oil prices and changing trade patterns are expected to absorb the modest growth in fleet lending support to positive earnings. 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 2014. 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 may come under some pressure due to excessive fleet growth. In the dry bulk segment freight rates are expected to undergo severe volatility over the course of next five years. More specifically, freight rates for Cape, Panamax, and small bulkers are projected to increase in 2015 before coming down in 2016-18 due to surge in the fleet growth.

In the container segment, freight rates in the east-west, north-south and intra-area markets averaged 1% lower in 2014 than 2013 levels, and despite losing some ground towards the year-end, freight rates remained at or slightly below earlier levels. This was a positive development considering that the fuel prices averaged much lower than prices prevailing a year before, allowing for a significant cushion. Improving market sentiments based on the forecast of an improving economy in Europe and robust trade growth to US would help in strengthening the resolve of liner companies to push for rate restoration in 2015. Cementing of the operating positions and services of the four major alliances in the east-west trades early 2015 is expected to lead to market discipline returning in the premier markets with fewer incidents of rate undercutting and a more orderly approach towards rate restoration. Charter market fundamentals are also expected to improve steadily in 2015 with a further upgrade predicted in 2016.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance of the tanker segment has been largely influenced by earnings on the VLCC, Suezmax and Aframax segments where SCI has had a mix of cross trade charters, Contract of Affreightments and Time charter businesses to effectively hedge employment and earnings risks. One the smaller segment product carriers and LR I dirty carriers; the employment was mainly to meet the domestic product and indigenous crude movements on long term contracts and time charter business. The mix of employment types and geographical concentration in niche coastal business segments has ensured returns in line with market trends.

The dry bulk segment was subject to severe tonnage over capacity worldwide and loss of key cargoes such as Iron ore from India resulting in non profitable ballast voyage legs thereby reducing earnings. Very few profitable trades emerged during the year under consideration and the situation is expected to remain depressed with earnings remaining under pressure.

LINER AND PASSENGER SERVICES

LINER SERVICES

World Scenario

The liner industry presented a mixed bag of operating results for the calendar year 2014 with the operating earnings weakening towards the year end due to softening of freight rates and volumes in the last quarter of the year 2014. The sharp decline in bunker prices and a strong dollar helped support the liner shipping lines. For the year as a whole, however, improvement in operating performance took place averaging 1% below year-earlier levels which was the first positive annual performance since 2010. This was attributed mainly to increasing cost savings as a result of lower unit costs as the industry continued to optimize its trading networks and upsize its fleet to larger, fuel-efficient vessels.

The vessel utilization in both Asia-Europe West Bound (WB) and in the Transpacific East Bound (EB) arterial lanes, moved higher as compared to the previous year as robust trade growth exceeded capacity gains. Cascading of smaller vessels to other routes alleviated the burden of new building additions and slow-steaming helped to accommodate the extra capacity. Rates in the North-South lanes however slid as capacity gains overtook demand growth though the intra-Asia rates remained at par with 2013 averages. Fleet growth remained steady in 2014 and despite rising new building volumes, container-capable fleet growth remained at 5.3% similar to 5.2% pace in 2013 with disposal at 2013-high levels which kept fleet expansion under control.

b) Indian Scenario

The volume of export and import containers handled at major ports in India rose by 6.71 percent in 2014-15 from the year ago levels and total cargo tonnage inched up 4.65 percent, according to the tentative estimates of Indian Ports Association. Cumulative yearly traffic totaled nearly 8 million TEUs in April 2014 through March 2015 period, up from 7.46 million TEUs in the previous year. Jawaharlal Nehru port, India’s busiest container gateway located near Mumbai, handled 4.47 million TEUs and 63.80 million tons of cargo in the year 2014-15 as compared to 4.16 million TEUs and 62.33 million tons in 2013 registering a 7.5 percent increase in TEUs handled even as congestion continued to trouble the port.

OUTLOOK

An improving global economy and accelerating trade growth especially in the North American and European markets is expected to lead to better fleet utilization, liner profitability and charter rates in 2015. The freight rate restoration would depend upon the market discipline observed by the shipping lines by avoiding undercutting and the temptation of speeding up the fleet regardless of the low fuel prices which could aggravate the capacity surplus, coupled with an orderly introduction of new tonnage. Continued strong growth in containerized trade is expected for Asia-Europe West Bound and Transpacific East Bound trade routes though the North-South markets may remain suppressed this year. Intra-Asia markets are expected to continue to accelerate in 2015-16. Liner fleet utilization is likely to level off in 2015 but is expected to grow strong in 2016-17 as market fundamentals are set to improve.

TECHNICAL AND OFFSHORE SERVICES

World scenario

The offshore support vessels industry is dependent on utilization of rigs, oil fields and other crude oil E and P activity, which in turn depends upon strategic decisions of energy security by oil and gas producers, shifts in Government policies and long term crude oil price trends. The world’s primary energy consumption is projected to grow at an average of 1.4% p.a. with major part of the growth is in non-OECD countries, with Asian countries like China and India accounting for nearly half the growth. During FY 2014-15, Brent crude price touched a low of US$45/barrel in March 2015, after a fall in price from US$ 105/bbl in FY 13-14. It can be observed from the rig data that out of the total available rigs worldwide only about 70% were operational during FY 14-15. In line with the same, the worldwide AHTS utilization declined from 75% at the start of FY14-15 to 67% during end of FY 14-15 and PSV utilization declined from 85% at the start of FY14-15 to 75% during end of FY 14-15.

As on July 2015, only about 65% of total available rigs worldwide are operational. In absence of rigs in operation and due to oversupply of offshore vessels in world market the freight / charter hire market for offshore vessels has also been under pressure.

Indian scenario

Historically, India’s domestic production of oil and gas has fallen short of its burgeoning energy requirements, compelling their country to rely on imports. India’s crude oil imports bill forms one-third of the total value of imports, thereby widening India’s current account deficit. The declining international Brent Curde Oil price during 2014-15, has reduced the burden of importing crude oil by over 35% in terms of value in their country.

The global decline in prices of crude oil has however not significantly impacted the performance of Indian E and P industry, and the activities of this sector during 2014-15 have been more or less similar to that of the previous year. In order to ensure energy security and attract investments in E and P, the Indian Government had initiated New Exploration Licensing Policy (NELP). In the first nine rounds of NELP (NELP-I to NELP-IX), the Government awarded 254 E and P blocks, of which 140 were offshore/deep water blocks. In the tenth round of NELP, 46 blocks shall be offered, of which 29 are offshore blocks.

It may be noted that the average utilization of the OSVs in India during 2014-15 was in range of 85%~95%. Further, 89% Indian offshore fleet has been active during the financial year 2014-15.

Outlook

World Outlook

The world energy consumption is expected to continue to increase over the coming decades. The crude oil prices are showing downward trend and are expected to remain under pressure during FY 2015-16. The excessive oil supplies from Saudi Arabia have impacted the crude oil prices. Further, as per industry reports, Iran is expected to start their oil production by November 2015 which may create pressure on global crude oil prices.

Considering the sluggish demand and the present over supply of crude oil, the exploration activities are not expected to be pickup during next one to two years. As a consequence demand for rigs is projected to decline which may directly affect the requirements of offshore vessels to some extent. Accordingly the international freight / charter hire market for offshore vessels is expected to be under pressure for at least next 1-2 years.

Indian Outlook

As stated earlier, India’s domestic production of hydrocarbon products falls far short of meeting the ever-rising energy demand and thus India would continue to import crude oil to bridge the demand and supply gap. Although the reduction of global crude oil prices would have positive impact on growing Indian economy, self reliance on crude oil production is necessary to insulate India against unforeseen market volatility as well as from energy security point of view.

Nevertheless the Indian Government has been taking steps to boost the domestic E and P sector as around 56% of India’s oil reserves and 66% of natural gas reserves are in offshore blocks. According to industry experts, increasing number of finds coupled with higher acreage being made available for exploration under NELP would drive domestic E and P activities in the long term. According to industry body PHD Chamber of Commerce and Ernst and Young, India’s national oil companies are likely to spend about Rs. 1,250 billion on exploration and production during 2015-17. PSU oil companies like ONGC, IOC are planning to invest around Rs. 760000.000 Million on the project expansion during 2015-16, up 5 per cent over the previous fiscal year. In the backdrop as above, SCI expects that the domestic demand for offshore vessels would continue to be stable in India.

The competitive market environment has however provided an opportunity to invest into the offshore fleet as the new building/ resale prices of vessels have softened. The situation is also favorable for venturing into specialized segments like well stimulation which command higher charter rates by acquiring/ converting suitable offshore vessels. SCI has been closely monitoring the developments in the offshore segment and plans to take advantage of suitable opportunities for increasing its market share as well as to diversify its activities in this segment.

The market scenario of offshore vessel segment in India has been very competitive in recent years as many foreign flag offshore vessels are entering Indian market. However, the Indian flagged vessels get protection against the foreign flagged vessels in terms of Right of First Refusal, with which most of these vessels are assured of employment in the Indian oil fields. SCI with a fleet of modern and fuel efficient offshore vessels is well equipped to take on the competition in the offshore segment.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
-from Banks repayable on demand	0.000	2564.000
Total	0.000	2564.000

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, U  NITED 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, FRANCE	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, SINGAPORE	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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2015

(Rs. In Million)

		Particulars		Three Months Ended			Six Months Ended
				30.09.2015	30.06.2015		30.09.2015
				(Unaudited)	(Unaudited)		(Unaudited)
1		Income from Operations
		a. Income from Operation		10771.800	10457.700		21229.500
		b. Other Operating Income		78.400	107.200		185.600
		c. Profit on Sales of Ships		0.000	0.000		0.000
		Total Income from Operations		10850.200	10564.900		21415.100
2		Expenditure
		Employees Cost (Shore and Floating)		1166.200	1029.400		2195.600
		Bunker		1896.200	1811.100		3707.300
		Port dues		739.900	914.900		1654.800
		Cargo Handling Expenses		477.100	354.100		831.200
		Repairs and Maintenance		762.600	588.800		1351.400
		Charter Hire		1577.300	1388.800		2966.100
		Provisions		67.200	15.100		82.300
		Depreciation		1451.200	1400.200		2851.400
		Other Expenses		1035.800	1204.300		2240.100
		Total Expenses		9173.500	8706.700		17880.200
3		Profit/ (Loss) from operations before other income and finance costs and Exceptional Items		1676.700	1858.200		3534.900
4		Interest Income		269.200	317.800		587.000
		Other Income		266.300	20.900		287.200
5		Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items		2212.200	2196.900		4409.100
6		Finance Costs		410.100	401.500		811.600
7		Profit/ (Loss) before tax		1802.100	1795.400		3597.500
8		Tax Expense		0.000	0.000		0.000
9		Net Profit for the period (9-10)		1802.100	1795.400		3597.500
10		Paid up Equity Share Capital (Face Value of Re.10/- Each)		4658.000	4658.000		4658.000
11		Reserves excluding Revaluation Reserves
12		Earnings Per Share (Rs.)
		Basic EPS for the period (Not Annualised)		3.46	3.51		6.97
		Diluted EPS for the period (Not Annualised)		3.46	3.51		6.97
PART - II SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2015
	A	PARTICULARS OF SHAREHOLDING
	1	Public shareholding
		a.	Number of shares	168856033		168856033		168856033
		b.	Percentage of shareholding	36.25%		36.25%		36.25%
	2	Promoters and promoter group shareholding
		a.	Pledged/Encumbered
		Number of shares (in Crore)		--		--		--
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--		--		--
			Percentage of shares (as a % of the total share capital of the Company)	--		--		--
		b.	Non-encumbered
		Number of shares		296942977		296942977		296942977
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%		100.00%		100.00%
			Percentage of shares (as a % of the total share capital of the Company)	63.75%		63.75%		63.75%

	Particulars	Quarter ended 30.09.2015
B	Investor Complaints
	Pending at the beginning of the quarter	0
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	0

STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2015

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4658.000
(b) Reserves & Surplus	63921.800
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	68579.800
(3) Non-Current Liabilities
(a) long-term borrowings	52108.800
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	1.600
(d) long-term provisions	1448.900
Total Non-current Liabilities (3)	53559.300
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	9351.300
(c) Other current liabilities	19812.500
(d) Short-term provisions	446.000
Total Current Liabilities (4)	29609.800
TOTAL	151748.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119761.800
(ii) Intangible Assets	60.800
(iii) Capital work-in-progress	37.200
(iv) Intangible assets under development	0.000
(b) Non-current Investments	273.800
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	4455.600
(e) Other Non-current assets	118.800
Total Non-Current Assets	124708.000
(2) Current assets
(a) Current investments	2193.100
(b) Inventories	840.400
(c) Trade receivables	8141.900
(d) Cash and cash equivalents	10854.300
(e) Short-term loans and advances	3613.300
(f) Other current assets	1397.900
Total Current Assets	27040.900
TOTAL	151748.900

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30^TH SEPTEMBER 2015

Particulars	quarter ended 30.09.2015	quarter ended 30.06.2015	Half year ended 30.09.2015
Particulars
Segment Revenue
a)Liner Segment	1372.300	1658.000	3030.300
b) Bulk Segment	8504.500	8055.900	16560.400
c) Technical and Offshore Segment	920.900	835.000	1755.900
d) Others	52.500	16.000	68.500
Total	10850.200	10564.900	21415.100
Less: Unallocated Revenue	266.300	20.900	287.200
Total	11116.500	10585.800	21702.300
Segment Results
Profit/(Loss) before Tax .Exceptional items and Interest
from each segment
a)Liner Segment	(323.600)	(206.700)	(530.300)
b) Bulk Segment	1595.300	1779.600	3374.900
c) Technical and Offshore Segment	359.000	286.400	645.400
d) Others	47.800	9.000	56.800
Total	1678.500	1868.300	3546.800
Less: Unallocated Revenue (Net of Expenditure)	264.500	10.800	275.300
Profit before interest and tax	1943.000	1879.100	3822.100
Less: Interest Expenses	410.100	401.500	811.600
Add: Interest Income	269.200	317.800	587.000
Profit before Tax	1802.100	1795.400	3597.500
Capital Employed
(Segment assets - Segment Liabilities)
a)Liner Segment	(472.300)	2728.200	(472.300)
b) Bulk Segment	106523.800	102964.200	106523.800
c) Technical and Offshore Segment	12441.000	13202.200	12441.000
d) Others	(3.800)	(9.100)	(3.800)
Total Capital Employed in Segment	118488.700	118885.500	118488.700
Unallocated Capital Employed	3613.100	2241.600	3613.100
Total Capital Employed in Company	122101.800	121127.100	122101.800

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Contingent Liabilities and Commitments (to the extent not provided for)
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	466.200	444.300
B Cargo Loss, Freight, Demurrage, Slot Payments, Fuel Cost, other operational claims and Custom duty disputed demand. (As certified by the Management)	508.300	592.700
C Disputed demand of Statutory Dues (As certified by the Management)	1897.200	1851.800
a) Income Tax & Sales Tax	1897.000	1851.200
b) Service Tax	0.200	0.200
ii Guarantees given by the Banks
on behalf of the Company	474.500	421.600
on behalf of the Joint Venture to the extent of the Company’s share.	673.500	645.800
iii Undertaking cum Indemnity given by Company	0.000	100.000
iv Cargo Claims covered by P&I Club	839.600	34.600
v Bonds/Undertakings given by the Company to Customs Authorities.	2563.500	1767.700
vi Corporate Guarantees/Undertakings
A In respect of Joint Ventures	Not Ascertained	Not Ascertained
B Others	582.000	545.700
Total	9902.000	8255.600

FIXED ASSETS

• Fleet
• Ownership
• Containers
• Freehold Land
• Buildings
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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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	AMT
Report Prepared by :	SUJ / JTY K

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	8
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.