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MIRA INFORM REPORT
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Report No. : |
495864 |
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Report Date : |
07.03.2017 |
IDENTIFICATION DETAILS
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Name : |
THE SHIPPING CORPORATION OF INDIA LIMITED |
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Registered
Office : |
Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra |
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Tel. No.: |
91-22-22026666 / 22772000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
24.03.1950 |
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Com. Reg. No.: |
11-008033 |
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Capital
Investment / Paid-up Capital : |
INR 4658.000 Million |
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CIN No.: [Company Identification
No.] |
L63030MH1950GOI008033 |
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IEC No.: [Import-Export Code No.] |
0388075970 |
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PAN No.: [Permanent Account No.] |
AAACT1542F |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into following business
segments: Liner Liner segment includes break-bulk, container
transport, passenger vessels & research vessels managed on behalf of
other organisations. Bulk Bulk Carriers include dry
bulk carriers. Tanker Tankers segment includes both crude and product
carriers, gas carriers, phosphoric acid carriers. T&OS Technical & Offshore services segment
includes company owned offshore vessels, offshore vessels managed on behalf
of other organisations and income from technical consultancy. Others Others segment include income earned from
Maritime Training Institute. (Registered Activity) |
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|
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No. of Employees
: |
2315 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Shipping Corporation of India Limited is a Government of India Public Sector Enterprise. It was incorporated in the year 1950. The Shipping Corporation of India Limited is the only Indian shipping Company operating in break-bulk services, international container services, liquid/dry bulk services, offshore services and passenger services. It also manages a large number of vessels on behalf of various government departments and organizations. As per the quarterly financial records of December 2017, the company has achieved sales turnover of INR 8795.6 million along with net profit margin of 3.93%. For the financial year ended 2017, the company has reported a decline in its revenue as compared to the previous year but has managed to maintain fair profitability margin of 3.93%. The company possesses sound financial profile marked by robust networth base along with comfortable debt level. Rating also takes into consideration the company’s long track record in shipping business and strong competitive position in the domestic market. The company has its share price trading at around INR 71.25 on BSE as on March 5, 2018 as against the Face Value (FV) of INR 10. Trade relations are fair. Business is active. Payment seems to be regular. 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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.:91-22-22853556)
LOCATIONS
|
Registered Office
/Bulk Carrier and Tankers Division / Vigilance Division: |
Shipping House, 245, Madame Cama Road, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22853556 / 22026666 / 22021286 |
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Fax No.: |
91-22-22833772/ 22026905 |
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E-Mail : |
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Website : |
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Technical and
Offshore Division 1: |
5th Floor, Shipping House, 245, Madame Cama Road, Mumbai - 400 021, Maharashtra, India |
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Tel. No.: |
91-22-2202 6666 / 22-2277 2164/ 65 |
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Fax No.: |
91-22-2285 4790 |
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E-Mail : |
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Personnel and
Administration Division: |
17th Floor, Shipping House, Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-2283 2082 / 22-2277 2542 |
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E-Mail : |
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Finance Division: |
10th Floor, Shipping House Nariman Point, Mumbai- 400021, Maharashtra, India |
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Liner and Passenger
Services Division: |
Shipping House, 11th Floor, 13th Floor, 14th Floor and 15th Floor, Mumbai – 400021, Maharashtra, India |
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Branch Office 1: |
Shipping House 13, Strand Road, Kolkata -700001, West Bengal, India |
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Branch Office 2: |
Jawahar Tower, (1st floor) CPT Township, Haldia - Midnapore (East) -721 607, West Bengal, India |
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Branch Office 3: |
" Jawahar Building" 17, Rajaji Salai Chennai -600001, Tamilnadu, India |
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Branch Office 4: |
Gati Coast-to-Coast Building, No 99 Jawaharlal Nehru Road Delanipur, Post Box No. 310, Port Blair Andaman Islands 744 102 |
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Branch Office 5: |
Chandralok Building, 01st floor, 36- Janpath, New Delhi- 110001, India |
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Branch Office 6: |
509 Suite, 5th Floor 1 Alie Street London E18DE |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Anoop Kumar Sharma |
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Designation : |
Managing Director |
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Address : |
2104 A, Oberoi Gardens, Thakur Village, Near Mahindra and Mahindra, Kandiwali (East), Mumbai- 400101 , Maharashtra, India |
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Date of Appointment : |
12.09.2016 |
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DIN No.: |
03531392 |
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Name : |
Ms. Harjeet Kaur Joshi |
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Designation : |
Whole-Time Director |
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Address : |
C-4/ 64, Ongc Colony, Bandra Reclamation, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
22.09.2015 |
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DIN No.: |
07085755 |
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Name : |
Mr. Shrikant Vasant Kher |
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Designation : |
Whole-Time Director |
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Address : |
E-3, Satya Premises CHS, Gokhale Road, Naupada, Thana West - 400602, Maharashtra, India |
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Date of Appointment : |
01.10.2015 |
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DIN No.: |
07286348 |
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Name : |
Mr. Gautam Sinha |
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Designation : |
Additional Director |
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Address : |
Director's Residence, II Kashipur Bazpur Road, Udham Singh Nagar Kashipur 244713, Uttarakhand, India |
|
Date of Appointment : |
29.09.2017 |
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DIN No.: |
02480182 |
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Name : |
Mr. Raj Kishore Tewari |
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Designation : |
Additional Director |
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Address : |
703, Devika Apartment, Vaishali, Ghaziabad- 201001, Uttar Pradesh, India |
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Date of Appointment : |
29.09.2017 |
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DIN No.: |
07056080 |
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|
Name : |
Satinder Pal Singh |
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Designation : |
Nominee Director |
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Address : |
Quarter No. 503, Type 5B, MS Block, Bapu Dham, Sardar Patel Marg, New Delhi- 110003, India |
|
Date of Appointment : |
28.08.2017 |
|
DIN No.: |
07490296 |
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|
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Name : |
Mr. Arun Balakrishnan |
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Designation : |
Director |
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Address : |
Flat No. 2102, Sobha Petunia Veerana Palaya, Opposite Lumbini Gardens, Bangalore – 560045, Karnataka, India |
|
Date of Appointment : |
30.03.2016 |
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DIN No.: |
00130241 |
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Name : |
Sukamal Chandra Basu |
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Designation : |
Director |
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Address : |
Dl-126/6 Sector-II, Salt Lake Kolkata – 700091, West Bengal, India |
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Date of Appointment : |
26.05.2016 |
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DIN No.: |
01735626 |
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|
Name : |
Leena Nandan |
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Designation : |
Nominee Director |
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Address : |
A-2,Tower-8, New Moti Bagh New Delhi -110021, India |
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Date of Appointment : |
03.08.2017 |
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DIN No.: |
07491926 |
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Name : |
Mr. Rajesh Sood |
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Designation : |
Additional Director |
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Address : |
Flat No. 163, Casablanca Apartments, 16 Floor, Cuffe Parade, Mumbai -400005, Maharashtra, India |
|
Date of Appointment : |
29.12.2017 |
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DIN No.: |
07958667 |
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|
|
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Name : |
Sangeeta Anil Sharma |
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Designation : |
Additional Director |
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Address : |
C-603, Army Welfare Society, Dara Enclave, Plot No.6, Sector-9, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
29.12.2017 |
|
DIN No.: |
07969443 |
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Name : |
Kanagasabapathi Gounder Palanisamy |
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Designation : |
Additional Director |
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Address : |
403,Surya Apartments, Bharathi Colony, Peelamedu Coimbatore- 641004, Tamilnadu, India |
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Date of Appointment : |
20.11.2017 |
|
DIN No.: |
07986023 |
KEY EXECUTIVES
|
Name : |
Harjeet Kaur Joshi |
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Designation : |
Chief Finance Officer |
|
Address : |
C-4/ 64, Ongc Colony, Bandra Reclamation, Bandra
(West), Mumbai -400050, Maharashtra, India |
|
Date of Appointment : |
05.02.2015 |
|
PAN No.: |
ABAPJ7871R |
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|
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Name : |
Mr. Dipankar Haldar |
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Designation : |
Company Secretary |
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Address : |
Flat 1103, Kanchan Tower Plot - 9 Sector-25,
Nerul, Navi Mumbai- 400706, Maharashtra, India |
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Date of Appointment : |
01.11.2001 |
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PAN No.: |
ABHPH2605J |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
(A) Promoter & Promoter Group |
296942977 |
63.75 |
|
|
(B) Public |
168856033 |
36.25 |
|
|
Grand Total |
465799010 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
|
||
|
Central Government/ State Government(s) |
296942977 |
63.75 |
|
|
PRESIDENT OF INDIA |
296942977 |
63.75 |
|
|
Sub Total A1 |
296942977 |
63.75 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
296942977 |
63.75 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % o |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
406500 |
0.09 |
|
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Foreign Portfolio Investors |
10438526 |
2.24 |
|
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Financial Institutions/ Banks |
7077476 |
1.52 |
|
|
Insurance Companies |
78775197 |
16.91 |
|
|
LIFE INSURANCE CORPORATON OF INDIA |
65796899 |
14.13 |
|
|
THE NEW INDIA ASSURANCE COMPANY LIMITED |
4958095 |
1.06 |
|
|
Any Other (specify) |
5803325 |
1.25 |
|
|
Sub Total B1 |
102501024 |
22.01 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/
President of India |
21762 |
0.00 |
|
|
Sub Total B2 |
21762 |
0.00 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
36341403 |
7.80 |
|
|
Individual share capital in excess of INR 0.200
million |
9329571 |
2.00 |
|
|
NBFCs registered with RBI |
44932 |
0.01 |
|
|
Any Other (specify) |
20617341 |
4.43 |
|
|
Bodies Corporate |
14769183 |
3.17 |
|
|
Clearing Members |
3065033 |
0.66 |
|
|
NRI – Non- Repat |
272708 |
0.06 |
|
|
NRI |
2192077 |
0.47 |
|
|
NRI – Repat |
36746 |
0.01 |
|
|
Trusts |
281594 |
0.06 |
|
|
Sub Total B3 |
66333247 |
14.24 |
|
|
B=B1+B2+B3 |
168856033 |
36.25 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into following business
segments: Liner Liner segment includes break-bulk, container
transport, passenger vessels & research vessels managed on behalf of
other organisations. Bulk Bulk Carriers include dry
bulk carriers. Tanker Tankers segment includes both crude and product
carriers, gas carriers, phosphoric acid carriers. T&OS Technical & Offshore services segment
includes company owned offshore vessels, offshore vessels managed on behalf
of other organisations and income from technical consultancy. Others Others segment include income earned from
Maritime Training Institute. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2315 (Approximately) |
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Bankers : |
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Facilities : |
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Statutory auditors
1: |
|
|
Name : |
GMJ and Company Chartered Accountants |
|
Address : |
3rd and 4th Floor, B Wing, Vasstu Darshan, Azad
Road, Andheri (East), Mumbai-400069, Maharashtra India |
|
|
|
|
Statutory Auditors
2 |
G.D. Apte and Company Chartered Accountants |
|
Address : |
Office No.83-87, 8th Floor, Mittal Tower, B Wing, Nariman
Point, Mumbai-400021, Maharashtra India |
|
|
|
|
Secretarial Auditor |
Upendra Shukla Practicing Company Secretary |
|
|
|
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Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
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|
Subsidiaries : |
|
|
|
|
|
Joint
Venture Companies |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
465799010 |
Equity Shares |
INR 10/- each |
INR 4658.000
Million |
|
|
|
|
|
Reconciliation of
number of Shares
|
Particular |
As
at 31st March, 2017 |
|
|
|
No.
of shares |
Amount
in INR Million |
|
Equity
Shares : Balance
as at the beginning of the year |
465799010 |
4657.990 |
|
Add : Bonus Shares
Issued during the Year |
-- |
-- |
|
Less : Shares bought back during
the year |
-- |
-- |
|
Balance
as at the end of the year |
465799010 |
4657.990 |
Details of
shareholders holding more than 5% shares
|
Name of Shareholder |
As at 31st March, 2017 |
|
|
|
No. of shares |
% of Holding |
|
President of India |
296939920 |
63.75 |
|
Life Insurance Corporation of India |
65796899 |
14.13 |
|
|
362739876 |
77.88 |
c) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared, no shares have been issued for consideration other than cash, no shares have been issued as bonus shares & no shares have been bought back.
d) Rights/Preference/Restriction
attached to Equity Shares
The Company has only one class of Equity shares
having par value of INR 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.
e) The Company does not have
holding company.
f) There are no shares
reserved for issue under option and contract/ commitment for the sale of
shares/ disinvestment.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4658.000 |
4658.000 |
4658.000 |
|
(b) Reserves & Surplus |
64015.800 |
62576.800 |
60678.000 |
|
(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) |
68673.800 |
67234.800 |
65336.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30776.300 |
45561.900 |
55699.400 |
|
(b) Deferred tax liabilities (Net) |
3436.200 |
3516.300 |
0.000 |
|
(c) Other long term
liabilities |
3.800 |
0.900 |
4.100 |
|
(d) long-term
provisions |
857.400 |
1455.900 |
1379.700 |
|
Total Non-current
Liabilities (3) |
35073.700 |
50535.000 |
57083.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9742.000 |
0.000 |
350.000 |
|
(b) Trade
payables |
158.500 |
51.500 |
9769.500 |
|
(c) Other
current liabilities |
30910.900 |
28879.900 |
16321.700 |
|
(d) Short-term
provisions |
96.800 |
464.000 |
425.700 |
|
Total Current
Liabilities (4) |
40908.200 |
29395.400 |
26866.900 |
|
|
|
|
|
|
TOTAL |
144655.700 |
147165.200 |
149286.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
114106.200 |
118267.500 |
114323.700 |
|
(ii) Intangible
Assets |
0.600 |
4.600 |
120.900 |
|
(iii)
Capital work-in-progress |
273.300 |
0.000 |
4909.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
746.300 |
282.700 |
129.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
149.000 |
152.300 |
5132.100 |
|
(e) Other
Non-current assets |
2101.900 |
1660.700 |
121.500 |
|
Total Non-Current
Assets |
117377.300 |
120367.800 |
124737.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
374.600 |
771.800 |
|
(b)
Inventories |
1152.100 |
855.800 |
919.300 |
|
(c) Trade
receivables |
6587.100 |
6818.300 |
7878.200 |
|
(d) Cash
and cash equivalents |
13756.600 |
12854.600 |
12561.600 |
|
(e)
Short-term loans and advances |
2673.800 |
2887.800 |
1393.000 |
|
(f) Other
current assets |
3108.800 |
3006.300 |
1025.100 |
|
Total
Current Assets |
27278.400 |
26797.400 |
24549.000 |
|
|
|
|
|
|
TOTAL |
144655.700 |
147165.200 |
149286.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
34468.700 |
40498.800 |
41864.400 |
|
|
Other Income |
1452.300 |
1647.900 |
4011.700 |
|
|
TOTAL |
35921.000 |
42146.700 |
45876.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost
of Service Rendered |
21412.900 |
20987.600 |
27932.400 |
|
|
Employees benefits
expense |
4576.500 |
4870.000 |
4136.300 |
|
|
Other expenses |
777.000 |
1253.700 |
1413.500 |
|
|
Income/Expenses
pertaining to prior period |
|
|
137.100 |
|
|
TOTAL |
26766.400 |
27111.300 |
33619.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
9154.600 |
15035.400 |
12256.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1721.500 |
1718.700 |
1794.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
7433.100 |
13316.700 |
10462.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5660.700 |
5422.500 |
7701.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1772.400 |
7894.200 |
2761.300 |
|
|
|
|
|
|
|
Less |
TAX |
417.200 |
361.400 |
752.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1355.200 |
7532.800 |
2009.300 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
35557.600 |
37715.700 |
41037.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.91 |
16.17 |
4.31 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
14404.600 |
12885.700 |
12282.100 |
|
Cash generated from operations |
7457.400 |
15729.800 |
21904.700 |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
6820.000 |
14900.400 |
20996.50 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8647.800 |
8082.200 |
8795.600 |
|
Total Expenditure |
6987.100 |
6829.300 |
6903.100 |
|
PBIDT (Excl OI) |
1892.500 |
1252.900 |
1660.700 |
|
Other Income |
1101.000 |
166.400 |
360.900 |
|
Operating Profit |
2993.500 |
1419.300 |
2021.600 |
|
Interest |
445.100 |
473.700 |
409.500 |
|
Exceptional Items |
0.000 |
NA |
NA |
|
PBDT |
1576.500 |
945.600 |
2584.000 |
|
Depreciation |
1493.700 |
1527.400 |
1552.300 |
|
Profit Before Tax |
82.800 |
(581.800) |
1031.700 |
|
Tax |
150.000 |
180.000 |
210.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(67.200) |
(761.800) |
821.700 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(67.200) |
(761.800) |
821.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
69.75 |
61.45 |
68.69 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.23 |
5.94 |
5.31 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
2.70 |
0.90 |
127.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
7.95 |
17.57 |
13.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.08 |
0.13 |
0.10 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.60 |
0.60 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.80 |
0.87 |
1.05 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.60 |
0.44 |
0.41 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.67 |
1.76 |
1.83 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5.32 |
8.75 |
6.83 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.93 |
18.60 |
4.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.94 |
5.12 |
1.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.97 |
11.20 |
3.08 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.67 |
0.91 |
0.91 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.64 |
0.88 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.47 |
0.46 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
11.79 |
12.55 |
14.67 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.67 |
0.91 |
0.91 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 71.25 |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
4658.000 |
4658.000 |
4658.000 |
|
Reserves & Surplus |
60678.000 |
62576.800 |
64015.800 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
65336.000 |
67234.800 |
68673.800 |
|
|
|
|
|
|
long-term borrowings |
55699.400 |
45561.900 |
30776.300 |
|
Short term borrowings |
350.000 |
0.000 |
9742.000 |
|
Current maturities of
long-term debts |
12282.100 |
12885.700 |
14404.600 |
|
Total
borrowings |
68331.500 |
58447.600 |
54922.900 |
|
Debt/Equity
ratio |
1.046 |
0.869 |
0.800 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
41864.400 |
40498.800 |
34468.700 |
|
|
|
(3.262) |
(14.890) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
41537.500 |
40498.800 |
34468.700 |
|
Profit |
2009.300 |
7532.800 |
1355.200 |
|
|
4.84% |
18.60% |
3.93% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4658.000 |
4658.000 |
|
(b) Reserves &
Surplus |
|
64629.300 |
62717.800 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
69287.300 |
67375.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
30776.300 |
45561.900 |
|
(b) Deferred tax liabilities
(Net) |
|
3436.200 |
3516.300 |
|
(c) Other long term
liabilities |
|
3.800 |
0.900 |
|
(d) long-term provisions |
|
857.400 |
1455.900 |
|
Total Non-current
Liabilities (3) |
|
35073.700 |
50535.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9742.000 |
0.000 |
|
(b) Trade payables |
|
158.500 |
51.500 |
|
(c) Other current
liabilities |
|
30910.900 |
28879.900 |
|
(d) Short-term provisions |
|
96.800 |
464.000 |
|
Total Current Liabilities
(4) |
|
40908.200 |
29395.400 |
|
|
|
|
|
|
TOTAL |
|
145269.200 |
147306.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
114106.200 |
118267.500 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
273.300 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
9.900 |
9.900 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
149.000 |
152.300 |
|
(e) Other Non-current
assets |
|
3452.800 |
2079.100 |
|
Total Non-Current Assets |
|
117991.200 |
120508.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
374.600 |
|
(b) Inventories |
|
1152.100 |
855.800 |
|
(c) Trade receivables |
|
6587.100 |
6818.300 |
|
(d) Cash and cash
equivalents |
|
13757.100 |
12854.600 |
|
(e) Short-term loans and
advances |
|
2673.800 |
2887.800 |
|
(f) Other current assets |
|
3107.900 |
3006.300 |
|
Total Current Assets |
|
27278.000 |
26797.400 |
|
|
|
|
|
|
TOTAL |
|
145269.200 |
147306.200 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
34468.700 |
40498.800 |
|
|
Other Income |
|
1452.300 |
1647.900 |
|
|
TOTAL |
|
35921.000 |
42146.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of services rendered |
|
21412.900 |
20987.600 |
|
|
Employees benefits
expense |
|
4576.500 |
4870.000 |
|
|
Other expenses |
|
777.800 |
1253.400 |
|
|
Share of net profit of
associates and joint ventures accounted for using equity method |
|
(401.800) |
(283.400) |
|
|
TOTAL |
|
26365.400 |
26827.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
9555.600 |
15319.100 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1721.500 |
1718.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
7834.100 |
13600.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
5660.700 |
5422.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2173.400 |
8177.900 |
|
|
|
|
|
|
|
Less |
TAX |
|
417.200 |
361.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1756.200 |
7816.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
3.77 |
16.78 |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
|
CASE DETAILS BENCH: BOMBAY |
|
|
Presentation
Date:- 31/01/2018 |
|
|
|
|
|
Stamp. No.:- FAST/22532/2015 Reg. Date :- 18/03/2017 |
|
|
Main
Matter
|
|
|
Petitioner: THE BOARD OF TRUSTEES OF THE PORT OF MUMBAI |
Respondent: THE SHIPPING
CORPORATION OF INDIA LIMITED |
|
Petn. Adv : mptiwalla and company (222) District: MUMBAI Bench: SINGLE Status: PRE-ADMISSION
Category: FOR SUBSTITUTION
Next
Date:01/08/2018 Coram
:ACCOURDING TO SITTING LIST |
|
|
Act:
C.P.C.- (Non-Interlocutory Order) |
|
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
CORPORATE
INFORMATION
Subject is involved in
business of transporting goods and passengers. SCI’s owned fleet includes Bulk carriers,
Crude oil tankers, Product tankers, Container vessels, Passenger-cum-Cargo
vessels, Phosphoric Acid / Chemical carriers, LPG / Ammonia carriers and
Offshore Supply Vessels. In addition, SCI manages a large number of vessels on
behalf of various government departments and organizations. The registered
office of the Company is located at Shipping House, 245, Madame Cama Road,
Nariman Point, Mumbai - 400 021. These Financial Statements are approved for
issue by the board of directors on 27th May 2017.
MANAGEMENT
DISCUSSION AND ANALYSIS
The
overall scenario under which the Shipping Industry operated and which impacted
the various segments is discussed below:
INDUSTRY
STRUCTURE AND DEVELOPMENTS
World
Scenario
The world GDP grew by an
average of 3.1% in 2016, by the amount as that of 2015. The growth estimates
for 2017 and 2018 are at 3.5% and 3.6% respectively. Even though the first half
of 2016 had shown more of the same trends as those in 2015, the global activity
woke up from its slumber in the second half of 2016. There were multiple
guiding events for the same such as optimistic financial markets, strong
domestic demand in European economies such as Germany, Spain and particularly
UK owing to its referendum swaying towards exit from the European Union. In US
also, there was an encouraging increase in demand, which owed to its strong
push in production, led by buoyant economic predictions by financial markets.
Some have predicted this upward trend as a result of cyclical uplift, while
others are attributing the same to the organic demand naturally trying to
bounce back from a few previous sluggish quarters. This somewhat surprising
trend of developed countries showing strong demand growth was further
reinforced by Japan, which showed busy economic activity during the year,
resulting in high positivity in its overall exports.
Global
GDP
According to IMF, Global GDP growth rate of 3.1% in 2016 was expected to be around 3.4% in 2017. The US economy was expected to pick up pace due to surge in domestic demand and re-shaping of the policy by the new government with more focus on organic growth. The growth in US is expected to be 2.3% in 2017. Meanwhile, Europe and other advanced economies are expected to continue the existing pattern of moderate recovery. In the EMDE (Emerging Markets and Developing Economies) area, the growth is projected to be 4.5%, an optimistic looking number, when taken into consideration that for the previous year, actual numbers were quite lackluster as compared with forecasts. China is predicted to exhibit a slightly downward GDP growth trend over the next few years. Having noted this, the prediction must also be looked at with cautious skepticism since the raw material prices are recovering in China, indicating increased utilization of industrial capacity
and higher real estate
investment. For the immediate next year however, Chinese economy is expected to
pretty much stand its ground, with GDP growth being projected at 6.6%. On the
other hand, India is expected to again surpass China in GDP growth with an
estimated growth rate of 7.2% for 2017, driven mainly by a stable government
and lower oil import costs. IMF’s World Economic Outlook states that global
output will expand by 3.5% in 2017 and slightly increase thereafter to 3.6% in
2018, as against 3.1% in 2016. The report forecasts global trade to grow from
2.2% in 2016 to 3.8% and 3.9% in 2017 and 2018 respectively, owing to
significant trade growth in both Advanced Economies and Emerging Markets.
Advanced economies are undergoing a policy change towards organic growth and
strong adherence towards bounded domestic trade, cases in point being US policy
shift under the new government and the BREXIT referendum. 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.
iii)
Seaborne Trade, Fleet & Market
Globally, the oil trade
(i.e ‘Crude Oil’ and ‘Products’ segments) exhibited a growth of 4.17% compared
to 2.92% growth in 2015. Within the seaborne trade development of oil, the
‘Crude oil’ trade increased by 4.50% with total figure at 2,042 million tonnes
in 2016, whereas ‘Products’ trade was at 879 million tons in 2016, increasing
by 3.41%. The crude and product tanker fleets expanded by 5.89% and 5.97%
respectively in 2016, as compared to 1.29% and 6.80% during the previous year.
There has been sharp decline in tanker charter rates. Owing to the large number
of deliveries, the resultant overcapacity will continue to give a strong
bearish outlook to the tanker markets. The dry bulk trade showed moderate
growth of 2.08% in volume over the course of the year 2016, and the forecasts
are cautious but optimistic due to reports of shrinking oversupply of tonnage.
Because of this, Drewry has revised their forecasts to a higher freight levels
and has opined that dry bulk markets will grow steadily due to shrinking
oversupply and increased dry cargo imports from major stakeholders. The total
dry bulk fleet growth rate was about 1.55% in 2016, down from 2.78% in 2015.
The shrinking oversupply of tonnage bodes well for the market and charter rates
are likely to see moderate upturn in short term and medium term, provided cargo
growth is maintained. With an improving global economy and the accelerating
trade growth, the gap between demand and
supply of container capable fleet is expected to come closer in 2017, as global
containerized trade volumes rebound to about 4% growth while capacity expansion
moderates to 5%. Accordingly, the liner markets are enjoying a reprieve from
early 2017 and it is expected that the trend continues through next quarters of
2017 as well when the trade growth is expected to outpace corresponding fleet
expansion. Major arterial trades are expected to see higher fleet utilization
climbing to 90% once the market fundamentals improve in the second quarter of
2017 which will also allow for rate improvements. Liner idle capacity is
expected to be limited, as liner operators compete for market share ahead of
the reshaping of global alliances by mid-2017. Slow-steaming practices are
expected to remain firmly in place with slow-steaming capacity absorbing 10% of
the cellular fleet capacity providing a respite to the market. With market
fundamentals expected to improve further in 2017, liner fleet utilization is
projected to climb to about 81% in 2017 and 80% in 2018 prior to moderating to
79% in 2019-2020 as the cyclical upturn in trade growth abates and fleet growth
accelerates.
Indian
Scenario
As per Central Statistics
Office (CSO), Indian economy grew by a robust 7.1% (estimated) in 2016-17,
compared to 7.9% growth in 2015-16. The growth numbers have suffered a dip due
to the hiccup caused by several factors. The oil prices have remained fairly
constant. Thus it can be said that there have been no major factors rendering
upwards swing in the GDP. As per IMF Economic Outlook, India has maintained the
lead on China in GDP growth this year also. The agriculture/farming sector
gathered pace with growth at annual 4.1% compared with a 1.2% expansion in the
earlier period. The power and utility sectors also posted a growth at annual
5.0% in 2016- 17 (April to November). According to sources from Ministry of
Commerce, India’s exports in value terms increased by 7.92% to US$ 276.28
billion in 2016-17, while imports remained fairly constant with 0.87% to US$
384.32 billion. As per Press Information Bureau and Indian Port Association
(IPA), the quantum of Cargo Traffic at India’s 13 major ports rose by 5.2% in
first two quarters of 2016-17 i.e. from around 299.5 million tons in
April-September 2015 to 315.4 million tons in April-September 2016. The largest
commodity group in the total traffic was P.O.L.(Petroleum, Oil and Lubricants)
with around 37.1% share, followed by Coal at 23.4% and Container traffic at
19.6%, ‘Other Cargo’ (11.9%), Fertilizers and Iron Ore 2.5% and 5.6%
respectively. This improvement of performance is the result of many measures
initiated by the Ministry of Shipping to improve the performance of the ports
viz; mechanization of the terminals, improving the TAT (turn-around time),
quick evacuation of cargo, thrust on coastal transportation, expansion of
infrastructure and skill development of employees. On the other hand, the
existing non-major ports, especially private ports, continue to grow due to
factors such as a diversified cargo portfolio, superior operating efficiency
and infrastructure and the presence of captive cargo streams.
Outlook
The prospects for global economy
point to a reasonable growth at about 3.5%-3.6% in 2017-18. The diminishing
crude oil trade prompted by OPEC production cuts might be a matter of concern
though, US, the largest importer of crude oil in the world, is likely to
increase its crude oil production. This will create a demand vacuum for the
crude oil tonnage, which is set to have cascading effects worldwide. On the
other hand, a lot of deliveries have taken place in 2016 and a large number of
deliveries are lined up in 2017 also. Thus the oversupply situation is liable
to rise. Rising refinery capacity in the Middle East may also adversely affect
the exports from the region, thereby reducing the tonnage demand. The increased
amount of scrapping, if it happens on the back of Ballast water management
(BWM) system may be the only silver lining for tanker charter rates. Also, out
of the 3 main crude import regions viz; US, Europe and Asia. Asia will be the
main import zone generating crude demand, while US and Europe’s net imports are
set to decline or remain stagnant. This may create overpopulated Asian tanker
market and thus churn the rates southward. In the product tanker markets,
freight rates were supported by a higher product demand in 2016, particularly
in the refineries in the northwest Asia region. In US also, increased demand
for Naptha supported the Product tanker charter rates. However in 2017,
forecasts indicate that there will be overstocks of products and refinery runs
are also predicted to decrease due to lesser margins. Moreover, significant
amounts of product tanker deliveries will keep the charter rates constant or at
slightly depressed levels. In the dry bulk market, charter rates are looking up
after a long duration of lows. The increased rates are just above opex levels
and do not cover the capex. China is again becoming a major player in the coal
imports, due to
increase in its steel production and the relative cheapness of imported
coal over domestic coal. Also, US might bring about some positive news for the
coal trading dry bulk ships because the new government seems to have set more
focus on coal based production. Reeling from the impact of consistently low
markets, the dry bulk orderbook remains very low and thus oversupply situation
is gradually diffusing. Considering all this, Drewry has revised the dry bulk
charter rates for the next 3 years to optimistic levels, basis sustained growth
in trade volume.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G69119261 |
100138182 |
SBICAP TRUSTEE COMPANY
LIMITED |
21/07/2017 |
- |
- |
4950000000.0 |
202, MAKER TOWER ECUFFE
PARADE MUMBAI-400005 MAHARASHTRA INDIA |
|
2 |
G54465919 |
100124882 |
EXPORT-IMPORT BANK OF
INDIA |
23/06/2017 |
- |
- |
4863750000.0 |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRECOMPLEX, CUFFE PARADE MUMBAI-400005 MAHARASHTRA
INDIA |
|
3 |
G43078872 |
100095375 |
SBICAP TRUSTEE COMPANY
LIMITED |
16/03/2017 |
- |
- |
1600000000.0 |
202, MAKER TOWER ECUFFE
PARADE MUMBAI-400005 MAHARASHTRA INDIA |
|
4 |
G39027073 |
100085181 |
SUMITOMO MITSUI BANKING
CORPORATION |
07/12/2016 |
- |
- |
12745460000.0 |
1-1-2, MARUNOUCHI,
CHIYODA-KUTOKYONA100-0005 JP |
|
5 |
C12478350 |
10510574 |
MIZUHO BANK (USA) |
03/07/2014 |
- |
- |
13844019000.0 |
1251 AVENUE OF THE
AMERICA SNEW YORKNA10020US |
|
6 |
C04612198 |
10494962 |
SUMITOMO MITSUI BANKING
CORPORATION |
22/05/2014 |
- |
- |
125402914.0 |
1-1-2, MARUNOUCHICHIYODA-KUTOKYONA
1000005JP |
|
7 |
C00769919 |
10475399 |
STATE BANK OF INDIA |
09/12/2013 |
12/02/2014 |
- |
1490000000.0 |
OVERSEAS BRANCHWORLD
TRADE CENTRE, CUFFE PARADE MUMBAI-400005 MAHARASHTRA INDIA |
|
8 |
B95078499 |
10474583 |
BNP PARIBAS |
02/12/2013 |
- |
- |
1260000000.0 |
16, BOULEVARD DES
ITALIENS,PARISNA75009FR |
|
9 |
B75214072 |
10425970 |
Sumitomo Mitsui Banking
Corporation |
27/03/2013 |
- |
- |
9627822000.0 |
1-2-3
OTEMACHICHIYODA-KUTOKYONA1000004JP |
|
10 |
B70244173 |
10410389 |
SBICAP TRUSTEE COMPANY
LIMITED |
18/01/2013 |
- |
- |
1550000000.0 |
202, MAKER TOWER, 'E',
CUFFE PARADE,COLABAMUMBAIMH400005IN |
STAMEN
OF STANDALONE UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2017
|
Particulars |
Quarter Ended |
9 Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1 |
Income |
|
|
|
|
|
Revenue from operations |
8795.600 |
8082.200 |
25525.600 |
|
|
Other income |
1101.000 |
166.400 |
1628.300 |
|
|
Total Income from Operations (net) |
9896.600 |
8248.600 |
27153.900 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
Cost of services rendered |
5442.600 |
5265.100 |
16229.900 |
|
|
Employee benefits expense |
1157.300 |
1170.500 |
3481.900 |
|
|
Depreciation and amortisation expense |
1552.300 |
1527.400 |
4573.400 |
|
|
Finance Cost |
409.500 |
473.700 |
1328.300 |
|
|
Other expenses |
303.200 |
393.700 |
1007.700 |
|
|
Total Expenses |
8864.900 |
8830.400 |
26621.200 |
|
|
|
|
|
|
|
3 |
Profit/(Loss) from Operations before exceptional Items and Tax |
1031.700 |
(581.800) |
532.700 |
|
4 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
5 |
Profit/(Loss) before tax |
1031.700 |
(581.800) |
532.700 |
|
6 |
Tax expense |
|
|
|
|
a) Current Tax |
210.000 |
180.000 |
540.000 |
|
|
b) Deferred Tax |
0.000 |
0.000 |
0.000 |
|
|
|
Income Tax expense |
210.000 |
180.000 |
540.000 |
|
7 |
Net Profit/(Loss) for the period |
821.700 |
(761.800) |
(7.300) |
|
8 |
Other Comprehensive Income |
20.900 |
20.900 |
62.800 |
|
9 |
Total Other Comprehensive Income for the period |
842.600 |
(740.900) |
(55.500) |
|
10 |
Paid – up Equity Share Capital
(Face Value INR 10) |
4658.000 |
4658.000 |
4658.000 |
|
11 |
Earning Per Share for the
Period of INR 10/- each |
|
|
|
|
Basic |
1.76 |
(1.64) |
(0.02) |
|
|
Diluted |
1.76 |
(1.64) |
(0.02) |
|
SEGMENT WISE REVENUE, RESULTS ASSETS AND
LIABILITIES
(INR In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
A |
Segment Revenue |
|
|
|
|
|
a) Liner |
1535.100 |
1632.000 |
4837.600 |
|
|
b) Bulk Carrier |
1144.000 |
935.900 |
2962.300 |
|
|
c) Tanker |
5588.400 |
5021.000 |
16079.700 |
|
|
d) Technical and Offshore |
456.700 |
470.600 |
1497.500 |
|
|
e) Others |
71.400 |
22.700 |
148.500 |
|
|
Total |
8795.600 |
8082.200 |
25525.600 |
|
|
Unallocated Revenue |
812.100 |
(43.200) |
949.500 |
|
|
Total
|
9607.700 |
8039.000 |
26475.100 |
|
|
|
|
|
|
|
B |
Segment Results |
|
|
|
|
|
Profit/(Loss) (Before Tax
and Interest) For each Segment |
|
|
|
|
|
a) Liner |
10.300 |
46.200 |
203.100 |
|
|
b) Bulk Carrier |
207.200 |
(217.200) |
(311.000) |
|
|
c) Tanker |
45.300 |
(101.600) |
247.200 |
|
|
d) Technical and Offshore |
(13.600) |
(6.400) |
(16.700) |
|
|
e) Others |
64.500 |
7.500 |
111.200 |
|
|
Total |
313.700 |
(271.500) |
233.800 |
|
|
Add: Unallocated Income
(Net of expenditure) |
838.600 |
(46.100) |
948.400 |
|
|
Profit
before interest and tax |
1152.300 |
(317.600) |
1182.200 |
|
|
Less: Interest Expenses |
409.500 |
473.700 |
1328.300 |
|
|
Add: Interest Income |
288.900 |
209.500 |
678.800 |
|
|
Total
Profit Loss Before Taxation |
1031.700 |
(581.800) |
532.700 |
|
|
|
|
|
|
|
C |
Segment Assets |
|
|
|
|
|
a) Liner |
7902.200 |
6678.900 |
7902.200 |
|
|
b) Bulk Carrier |
18185.400 |
17708.300 |
18185.400 |
|
|
c) Tanker |
68036.200 |
68248.400 |
68036.200 |
|
|
d) Technical and Offshore |
15663.600 |
15347.700 |
15663.600 |
|
|
e) Others |
82.800 |
81.800 |
82.800 |
|
|
Total
Segment Assets |
109870.200 |
108065.100 |
109870.200 |
|
|
Unallocated Assets |
35566.000 |
35673.900 |
35566.000 |
|
|
Total
Assets |
145436.200 |
143739.000 |
145436.200 |
|
|
|
|
|
|
|
D |
Segment
Liabilities |
|
|
|
|
|
a) Liner |
9645.800 |
8505.400 |
9645.800 |
|
|
b) Bulk Carrier |
2153.900 |
1938.000 |
2153.900 |
|
|
c) Tanker |
8426.400 |
9299.600 |
8426.400 |
|
|
d) Technical and Offshore |
2351.300 |
3666.100 |
2351.300 |
|
|
e) Others |
25.800 |
95.50.0 |
25.800 |
|
|
Total
Segment Liabilities |
22603.200 |
23504.600 |
22603.200 |
|
|
Unallocated Liabilities |
54003.600 |
52240.500 |
54003.600 |
|
|
Total
Liabilities |
76606.800 |
75745.100 |
76606.800 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims
against the company not acknowledged as debts |
|
|
|
A.
Legal cases towards Claim against Dry Dock |
510.000 |
488.100 |
|
B.
Cargo loss, Freight, Demurrage, Slot payments, Fuel cost other operational
claims and custom duty disputed demab |
1998.600 |
3052.300 |
|
C.
Disputed demand of Statutory Dues a)
Income Tax & Sales Tax b)
Service Tax |
1930.600 16305.600 |
1930.600 9710.800 |
|
Guarantees
given by the Banks On
behalf of the company On
behalf of Joint Venture to the extent of the company’s share |
335.200 619.700 |
490.700 718.300 |
|
Undertaking
cum Indemnity given by Company |
Nil |
Nil |
|
Cargo
claims covered by P&I Club |
7.800 |
477.900 |
|
Bonds/Undertakings
given by the Company to Customs Authorities |
2875.600 |
2834.100 |
|
Corporate
Guarantees/Undertakings In
respect of Joint ventures Others |
Not Ascertained 361.600 |
Not Ascertained 395.700 |
|
Total |
|
|
FIXED ASSETS
- Fleet
- Ownership
- Containers
- Freehold Land
- Buildings
- Ownership Flats and Residential
- Fleet Drydock
- Buildings
- Furniture, Fittings and Equipment’s
- Moter Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.10 |
|
|
1 |
INR 79.59 |
|
Euro |
1 |
INR 90.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.