Utile record per Shipping Corporation of India

La compagnia di navigazione Shipping Corporation of India (SCI) ha concluso l'anno finanziario 2003-2004, terminato lo scorso 31 marzo, con un utile netto record di 6,27 miliardi di rupie (136,5 milioni di dollari), con una progressione del 128,2% rispetto all'esercizio precedente. Il ricavo operativo è ammontato a 31,00 miliardi di rupie (+30,4%).

Durante l'esercizio 2003-2004 la compagnia indiana ha preso in consegna tre petroliere Aframax e una Suezmax, incrementando la consistenza della propria flotta a 87 navi per una capacità complessiva di 4,62 milioni di tonnellate di portata lorda. Inoltre nello scorso gennaio SCI ha preso in consegna la prima nave per gas naturale liquefatto dell'India, in comproprietà con altri partner. Nello scorso maggio la compagnia ha immesso nella propria flotta un'ulteriore petroliera Suezmax.

Shipping Corporation of India ha intenzione di investire ulteriori 450 milioni di dollari nell'acquisizione di 10 navi, che saranno prese in consegna nei prossimi due anni.

Shipping Corporation of India
Audited financial results of SCI for the year 2003-2004
(Source: SCI)

SR NO	PARTICULARS	Nine Months Ended 31.12.2003	Quarter ended on 31.03.2004	Quarter ended on 31.03.2003	Audited Figures for 2003-04	Audited Figures for 2002-03
1	Net Sales/Income from Operations	223534	86500	69097	310034	237651
2	Other Income	3779	2858	861	6637	6999
	Total Income	227313	89358	69958	316671	244650
3	Total Expenditure -	160980	56837	52473	217817	198615
a	Increase/Decrease in Stock in Trade	NA	NA	NA	NA	NA
b	Consumption of Raw Materials	NA	NA	NA	NA	NA
c	Staff Cost (ashore & floating)	26053	3890	6320	29943	32763
d	Bunker	23350	8618	9070	31968	28115
e	Port dues	18147	7365	6651	25512	22244
f	Cargo Handling Expenses	26126	9440	10466	35566	39018
g	Repairs & Maintenance	21180	5206	3170	26386	23578
h	Charter Hire	21791	9619	5291	31410	18649
i	Provisions	1924	1608	516	3532	2481
j	Other Expenditure	22409	11091	10989	33500	31767
4	Interest (Net)	2551	-3047	-689	-496	1377
5	Depreciation	20990	7009	7109	27999	25776
6	Profit before Tax (1+2-3-4-5)	42792	28559	11065	71351	18882
7	Deferred Tax Provision	3807	2444	97	6251	227
8	Provision for Taxation	2000	401	-1781	2401	-8823
9	Net Profit after Tax (6-7-8)	36985	25714	12749	62699	27478
10	Paid Up Equity Share Capital	28230	28230	28230	28230	28230
11	Reserves excluding Revaluation Reserves	-	-	-	211470	202959
12	Earning per Share (in Rs.)	13.1013107	9.108749557	4.5161176	22.21006	9.733617
13	Aggregate of Non-Promoter Shareholding
	- No. of Shares	56110200	56110200	56110200	56110200	56110200
	- % of Shareholding	19.88	19.88	19.88	19.88	19.88

NA indicates Not Applicable
Segment-wise Revenue, Results and Capital Employed (Unaudited)

Amount in Rs.Lakhs
Sr No	Particulars	Quarter Ended 31.03.2004 (Unaudited)	Quarter Ended 31.03.2003 (Unaudited)	Year Ended 31.03.2004 (Unaudited)	Year Ended 31.03.2003 (Unaudited)
1	Segment Revenue
	i. Liner Segment	16981	15696	72806	67481
	ii. Bulk Segment	67393	48922	229288	164926
	iii. Others	4984	5340	14577	12243
	Total	89358	69958	316671	244650
2	Segment Results
	Profit/(Loss) before Tax and Interest
	i. Liner Segment	-2476	-3179	-696	-3824
	ii. Bulk Segment	25462	10127	63381	17670
	iii. Others	6463	5005	14238	9863
	Total	29449	11953	76923	23709
	Less: Interest (Gross)	890	888	5572	4827
	Total Profit before Tax	28559	11065	71351	18882
3	Capital Employed
	i. Liner Segment			26844	27513
	ii. Bulk Segment			269793	205811
	iii. Others			0	0
	Total Capital Employed in Segments			296637	233324
	Unallocable Corporate Assets less Corporate Liabilities (see Note No.3)			68352	60031
	Total Capital Employed in Company			364989	293355
	with other income (norton lilliy etc.)

Notes :
1) The above results were taken on record by the Board of Directors at its meeting held on 30-06-2004.
2) Segment definitions - Liner segment includes breakbulk and container transport. Bulk segment includes tankers (both crude and product), dry bulk carriers, gas carriers and phosphoric acid carriers. Others include offshore vessels, passenger vessels and services and ships managed on behalf of other organisations as well as Treasury and Corporate operations.
3) The Capital Employed indicated under the segments represents the components directly identifiable to the particular segment. The un-allocable capital employed includes other fixed assets (excluding vessels), investments and working capital which cannot be identified to any of the reportable segments as the same are common for all segments.
4) In accordance with the requirement under Accounting Standard AS 22 relating to accounting for deferred taxation, there is deferred tax liability of Rs. 62.51 crores for the year ended March 31, 2004 .
5) In terms of amended clause 41 of the Listing Agreement, the Status of Investors' Complaints for the quarter ended 31^st March, 2004 :- Opening Balance - 06, New ' 29, Disposal ' 08, Closing Balance ' 27. Out of the balance 27 complaints as of 31-03-2004 , 22 complaints have since been resolved and therefore, only 5 complaints are pending as of date.
6) The Board of Directors at its meeting held on 03-10-2003 had declared a special interim dividend of 170% on the paid up equity capital of the Company i.e. Rs. 17.00 per share. The payment of dividend absorbed Rs. 480 crores. The payment of tax on dividend absorbed Rs. 61 crores. The Dividend was paid out of the General Reserves.
7) The observations of the Auditors on the accounts for the year ended 31.3.2004 are in regard to,
(i) Segment reporting
(ii) Physical verification of the assets and reconciliation of the same and
(iii) Strengthening of system for reconciliation of stores and spares in transit.
and Management's responses on the above are hereunder:
(i) Segment results are based on Management Estimates. In order to have auditable segmented data, the Management has initiated a plan which includes computerization of its accounting data that will generate the requisite information/ data.
(ii) Inventory of physical assets as of 31.03.2004 has been completed and the reconciliation thereof is in progress.
(iii) The system for reconciliation of stores and spares in transit has been strengthened and considerable progress has been made in this regard.
8) The audited accounts are subject to review by the Comptroller and Auditor General of India under section 619(4) of the Companies Act, 1956.
9) The figures of previous year have been regrouped or rearranged wherever necessary/practicable to conform to current year's presentation)