MIRA INFORM REPORT

Report No. :	327914
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	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) :	31.03.2014
Date of Incorporation :	24.03.1950
Com. Reg. No.:	11-008033
Capital Investment / Paid-up Capital :	Rs. 4658.000 Million
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 (65)

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. Financial position of the company is sound. The company also receives strong operational and financial 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.

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 31-03-2013.

INFORMATION DENIED BY

Name :	Ms. Shilpa
Designation :	Deputy General Manager
Contact No.:	91-22-22026666
Date :	16.06.2015

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 :	http://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 :	Ms. Shilpa
Designation :	Deputy General Manager
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 31.03.2015

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
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	83700	0.02
Financial Institutions / Banks	7095881	1.52
Insurance Companies	79739447	17.12
Foreign Institutional Investors	9003798	1.93
Any Others (Specify)	136754	0.03
Foreign Portolio Investor ( Corporate)	136754	0.03
Sub Total	96059580	20.62
(2) Non-Institutions
Bodies Corporate	12642163	2.71
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	42454021	9.11
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	13371141	2.87
Any Others (Specify)	4329128	0.93
Overseas Corporate Bodies	5250	0.00
Non Resident Indians	3893513	0.84
Trusts	430265	0.09
Foreign Nationals / OCB	100	0.00
Sub Total	72796453	15.63
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

Sl. 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.
Products / Services :	Bulk Carriers Crude Oil Tankers Product Tankers Container Vessels Passenger-cum-Cargo Vessels Phosphoric Acid / Chemical Carriers LPG / Ammonia Carriers Offshore Supply Vessels
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

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	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans From Banks
In INR		430.600
In foreign currency		65276.800
SHORT TERM BORROWINGS
Loans from Banks Repayable on demand		3281.400
Total	NA	68988.800

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 (As on 31.03.2014) :	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 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
465799010	Equity Shares	Rs.10/- each	Rs. 4657.990 Million

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 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	82.300	84.100
(d) long-term provisions	1379.700	1242.800	1089.900
Total Non-current Liabilities (3)	57083.200	67032.500	69400.400
(4) Current Liabilities
(a) Short term borrowings	350.000	5845.400	4570.400
(b) Trade payables	12574.200	10774.900	8035.800
(c) Other current liabilities	16279.700	15023.700	11963.700
(d) Short-term provisions	425.700	473.000	761.600
Total Current Liabilities (4)	29629.600	32117.000	25331.500
TOTAL	152048.800	162547.700	160893.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114323.700	119107.400	115065.100
(ii) Intangible Assets	120.900	235.800	332.700
Assets Retired from active use	0.000	4.100	4.700
(iii) Capital work-in-progress	4909.300	628.800	1894.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	130.600	130.600	1.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4447.200	9879.300	16718.500
(e) Other Non-current assets	121.500	44.600	51.100
Total Non-Current Assets	124053.200	130030.600	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	10202.000	8864.100
(d) Cash and cash equivalents	12561.600	10189.300	12647.800
(e) Short-term loans and advances	4840.600	7658.100	1472.700
(f) Other current assets	1025.100	1558.900	829.000
Total Current Assets	27995.600	32517.100	26825.100
TOTAL	152048.800	162547.700	160893.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	43109.700	41551.700	41536.200
	Other Operating Revenue	0.000	766.300	420.700
	Other Income	2766.500	3072.000	2388.500
	TOTAL (A)	45876.200	45390.000	44345.400
Less	EXPENSES
	Cost of Materials Consumed	--	31123.400	32739.100
	Employees benefits expense	4136.300	4146.500	4450.700
	Income / (Expenses) pertaining to Prior Years	--	529.100	(619.800)
	Extra Ordinary Items	--	0.000	(2997.400)
	Bunker	11842.000	--	--
	Port dues	3606.600	--	--
	Cargo handling Expenses	1641.800	--	--
	Respires and Maintenance	2594.700	--	--
	Charter Hire	4737.200	--	--
	Provisions	581.000	--	--
	Other expenses	4480.500	1163.100	2233.900
	TOTAL (B)	33620.100	36962.100	35806.500
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	12256.100	8427.900	8538.900
Less	FINANCIAL EXPENSES (D)	1793.200	2077.400	1618.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	10462.900	6350.500	6920.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)	7701.600	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 (J)	(2284.600)	462.000	1605.100
	Balance Carried to the B/S (I+J)	(275.300)	(2284.600)	462.000
	Earnings / (Loss) Per Share (Rs.)
	Basic	4.31	(5.90)	(2.45)
	Diluted	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	NA	11016.700	8847.600
Cash generated from operations	NA	9704.800	8266.300

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.66	(6.61)	(2.75)
Operating Profit Margin (PBIDT/Sales)	(%)	28.43	20.28	20.56
Return on Total Assets (PBT/Total Assets}	(%)	1.88	(1.37)	(0.43)
Return on Investment (ROI) (PBT/Networth)		0.04	(0.03)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.86	1.30	1.23
Current Ratio (Current Asset/Current Liability)		0.94	1.01	1.06

STOCK PRICES

Face Value	Rs. 10.00/-
Market value	Rs. 47.00/-

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
Share Application money pending allotment	0.000	0.000	0.000
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 Debt	8847.600	11016.700	0.000
Total borrowings	81644.400	82569.500	56049.400
Debt/Equity ratio	1.234	1.302	0.858

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	41536.200	41551.700	43109.700
		0.037	3.750

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	41536.200	41551.700	43109.700
Profit	(1143.100)	(2746.600)	2009.300
	(2.75%)	(6.61%)	4.66%

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
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

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, 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, - EC2V5DD, 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

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loans from Banks Repayable on demand	NA	2564.000
Total	NA	2564.000

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2014 (Rs. In Million)
i) Claim against the company not acknowledged as debts –
Claim made by M/s. Chokhani International Ltd. towards dry dock Expenses pending before High Court, Chennai		444.300
Cargo Loss, Freight, Demurrage, Slot Payments, Fuel Cost, other Operational claims and Custom duty disputed demand. (As certified by the Management)		592.700
Disputed demand of Statutory Dues		1875.300
(As certified by the Management) a) Income Tax & Sales Tax		1851.600
b) Service Tax		23.700
ii) Guarantees given by the Banks	NA
on behalf of the Company		421.600
on behalf of the Joint Venture to the extent of the Company’s share		645.800
iii) Undertaking cum Indemnity given by Company		100.000
iv) Cargo Claims covered by P&I Club		34.600
v) Bonds/Undertakings given by the Company to Customs Authorities		1767.700
vi) Corporate Guarantees/Undertakings
In respect of Joint Ventures		Not Ascertainable
Others		545.700

FIXED ASSETS (As on 31.03.2014)

• 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. 64.15
UK Pound	1	Rs. 100.04
Euro	1	Rs. 72.27

INFORMATION DETAILS

Information Gathered by :	DIP
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	8
--PROFITABILIRY	1~10	7
--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		65

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.