Your Directors are pleased to present the 65th Annual Report on the business
and operations of your Company and Audited Accounts for the financial year ended March 31,
The financial results of the Company (standalone) for the financial year ended March
31, 2013 are presented below:
||Rs in crores
|Profit before tax
|Less : Tax Expenses
|Profit for the period
|Add : Profit as per last Balance Sheet
|-Transfer to Tonnage tax reserve
|-Transfer to General reserve
|-Transfer to Debenture redemption reserve
|-Interim Dividend on Equity Shares
|-Proposed Dividend on Equity Shares
|-Dividend Distribution Tax
|Balance Carried Forward
DIVIDEND ON EQUITY SHARES
During the year, your Directors declared and paid interim dividend of Rs 3/- per share
resulting in an outflow of Rs 53.11 crores (inclusive of tax on dividend). Your Directors
recommend a final dividend of Rs 4.50/- per share resulting in an outflow of Rs 70.79
crores (inclusive of tax on dividend). The dividend will be paid after your approval at
the ensuing Annual General Meeting. The aggregate outflow on account of the equity
dividend for the year would be Rs 123.90 crores of (inclusive of tax on dividend). This
represents a payout ratio of 84.71% (previous year 79.51%).
ALLOTMENT OF FURTHER SHARES
During the year, the Company allotted 32,400 Equity Shares of Rs 10 each pursuant to
the order received from The Special Court (Trial of Offences relating to Transactions in
Securities) Act, 1992 which were held in abeyance. With this, the paid up Share Capital of
the Company stands increased to Rs 152,32,20,840 divided into 15,23,22,084 Equity Shares
of Rs 10/- each.
MANAGEMENT DISCUSSION AND ANALYSIS
In FY 12-13, the Company recorded total income of Rs 2033.79 crores (Previous year Rs
2011.92 crores) and earned a PBIDT of Rs 729.71 crores (previous year Rs 781.26 crores).
MARKET TREND AND ANALYSIS
Tanker average time charter equivalent earnings over the year ($ per day)
The crude tanker market remained depressed throughout FY 12-13. A sharp drop in tonnage
demand coupled with steady fleet addition kept the charter rates under pressure. Shutdown
of a major refinery in Venezuela (in Q2 FY 12-13) and continued decline in the US imports
added to the woes resulting in lower fleet utilization. Some improvement in the crude
tanker rates was witnessed in HY2 FY 12-13 on back of seasonal winter demand and increase
in the Middle East exports. But this was short lived and the charter rates slid back to
lower base. Compared to crude segment, the product tanker market remained relatively firm.
Disruption of refineries on the US east coast due to Hurricane Sandy, improved demand from
the Asian economies and emergence of new trade routes of distillates from US to South
American countries like Peru & Chile kept the product tanker charter rates stable. But
any meaningful improvement in the charter rates was dismissed by the excessive fleet
supply in the market.
At the end of the FY 12-13, the world tanker fleet increased by 3.9% to 498.8 mn dwt as
against 480.1 mn dwt at the end of FY 11-12.
The tanker business accounted for around 82% of the Company`s net revenues and 95% of
the operating profits.
In FY 12-13, around 50% of the tanker earnings were derived from the period market.
Crude tankers, inclusive of `spot` and `period`, earned an average TCY of $17,700/day
(previous year $19,000/day). Product carriers, inclusive of `spot` and `period`, earned an
average TCY of $15,000/day (previous year $15,300/day).
TANKER FLEET CHANGES
As of 31st March 2013, the tanker fleet of your Company stood at 23 tankers
aggregating 1.86 mn dwt, with an average age of 10.43 years as against 24 tankers
aggregating 1.88 mn dwt with an average age of 9.36 years as on 31st March
During the year, your Company took delivery of:
- Very Large Gas Carrier (VLGC) `Jag Vidhi` in Aug-12
During the year, your Company sold & delivered the following tankers:
- New Building Very Large Crude Carrier (VLCC) `Vasant J Sheth` in May-12
- Medium Range Product Carrier `Jag Pradip` in Jun-12
- LPG Carrier `Jag Viraj` in Jun-12
During the year, your Company contracted to sell its 1988 built General Purpose (GP)
product carrier `Jag Parwar` with delivery in Q1 FY 13-14. Subsequently the Company
delivered the vessel to the buyers in Q1 FY 13-14.
During FY 12-13, your Company placed an order for one Medium Range product carrier
which will be delivered in Q4FY14-15.
Subsequent to the year, your Company contracted to sell its 1999 built Aframax crude
carrier `Jag Leela`. The vessel will be delivered to the buyers in H1FY 13-14.
OUTLOOK FOR THE TANKER MARKET
In view of the sluggish global macroeconomic environment, IEA has forecast oil demand
growth of only 0.9% to 90.6 mn bpd. Muted demand from the EU countries and declining US
oil imports are the key factors causing lower growth. With US turning out to be net
exporter of distillates, the product tanker market has already started to witness a
structural change in the trade pattern and the same impact is expected to continue going
forward. Even though some positive signals like increase in scrapping activities are seen,
excessive supply coupled with uncertain oil demand will keep the tanker markets volatile.
The global tanker orderbook stands at about 53.9 mn dwt or 10.8% of the fleet at the
end of March 2013.
DRY BULK BUSINESS
MARKET TREND AND ANALYSIS
Dry bulk average time charter equivalent earnings over the year ($ per day)
Echoing the previous financial year, FY 12-13 also registered a steady supply of new
vessels in the market which reflected in the subdued charter rates for dry bulk vessels.
Although steady expansion in the demand was witnessed across all major commodities,
excessive new fleet growth kept a lid on any potential improvement in the freight rates.
Citing difficult operating environment, scrapping too picked up and a record 32.08 mn dwt
got scrapped in FY 12-13.
At the end of the FY 12-13, the world dry bulk fleet increased by 9.2% to 690.5 mn dwt
as against 632.3 mn dwt at the end of FY 11-12.
The dry bulk fleet contributed around 18% of the Company`s net revenues and 5% of the
In FY 12-13 the average TCY for dry bulk vessels, inclusive of `spot` and `period`, was
approximately $9,800/day as compared to $15,500/day in the previous year.
DRY BULK FLEET CHANGES
As of 31st March 2013, the dry bulk fleet of your Company stood at 9 vessels
aggregating 0.67 mn dwt, with an average age of 8.04 years as compared to 10 vessels
aggregating 0.74 mn dwt with an average age of 7.9 years on 31st March 2012.
During the year, your Company sold & delivered:
- Panamax bulk carrier `Jag Arnav` in Mar-13
Subsequent to the year, the Company contracted to sell its 1997 built Handymax dry bulk
carrier `Jay Ravi`. The vessel will be delivered to the buyers in Q1 FY 13-14.
OUTLOOK FOR THE DRY BULK MARKET
Amidst the situation of new fleet overhang, the global commodity demand is expected to
show some improvement in CY2013. Asian economies, largely China & India, will be the
key for this commodity growth. However, any disruption in the demand from China can have a
serious impact on the dry bulk trade. Going forward, slowing down of new deliveries in
combination with world trade recovery should help in reducing the demand supply mismatch
in this segment.
The global dry bulk orderbook stands at about 127.3 mn dwt or 18.4% of the fleet at the
end of March 2013.
During FY 12-13 second-hand values for modern crude tankers witnessed a drop of about
10-15% while product tanker witnessed a drop of about 5% vis-a-vis start of financial
year. Second-hand values of modern dry bulk carriers dropped by about 10-15% during the
same period. New building prices dropped by about 5-10% for crude tankers. However, new
building prices for product tankers more or less remained same during the financial year.
New building prices for dry bulk carriers witnessed a drop of about 5% for the same
RISKS AND CONCERNS
Economic risk: Shipping is a global business whose performance is closely linked to the
state of the global economy. Therefore, the earnings of your Company could be impacted
negatively if the global economic situation does not improve over the longer term.
Volatility : Over and above the economic risks the shipping industry is impacted by
numerous short term and regional factors, like political fallouts, weather changes etc.
This results in great amount of volatility in the freight market, which in turn impacts
your Company`s earnings.
Your Company has attempted to hedge some of this risk by entering into time charters
for part of its fleet.
Shipboard personnel : Indian officers continue to be in great demand all over the
world. Given the unfavorable tax status conferred on a seafarer sailing on Indian-flagged
vessels, it is becoming increasingly difficult for your Company to source officers capable
of meeting the modern day challenges of worldwide trading. This is more relevant for
tanker personnel and may become a hindrance to growth.
OPEC action : If the OPEC decides to cut output, this combined with inventories and
increased new building deliveries, could negatively impact the demand for tankers.
European financial crisis : The on-going European financial crisis can further depress
the already subdued demand in the Euro zone.
Chinese economy : As we have seen in the recent past that China has been the main
driving factor of the shipping demand; in case there is a major downward shift in the
Chinese economy, this along with increased new building deliveries could have negative
impact on shipping.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements have been prepared by your Company in accordance
with Generally Accepted Accounting Principles in India, the Accounting Standards issued by
The Institute of Chartered Accountants of India and the provisions of the Companies Act,
1956 to the extent applicable. The audited Consolidated Financial Statements together with
Auditors` Report thereon form part of the Annual Report.
The group recorded a consolidated net profit of Rs 537.76 crores for the year under
review as compared to Rs 316.55 crores for the previous year. The net worth of the group
as on March 31, 2013 was Rs 6341.76 crores as compared to Rs 5995.93 crores for the
Greatship (India) Limited
Greatship (India) Limited (GIL) has successfully completed 7 years of operations. The
Company, one of India`s largest offshore oilfield services provider, has recorded steady
financial performance for this year, as in the last 6 years.
GIL has recorded a profit after tax of Rs 166.33 crores on a standalone basis and Rs
430.72 crores on a consolidated basis for the year ended March 31, 2013 as compared to Rs
90.19 crores and Rs 220.23 crores, respectively, for the year ended March 31, 2012. The
consolidated net worth of GIL for financial year 2013 was Rs 2889.63 crores as compared to
Rs 2455.77 crores for financial year 2012.
During the year, upon acquisition of shares of GIL from Mr. Ravi K. Sheth (jointly held
with Mrs. Amita R. Sheth), GIL became a wholly owned subsidiary of your Company.
Subsequent to the year, on April 2, 2013, GIL redeemed 1.45 crores Preference Shares
with the dividend rate of 7.5% p.a. held by your Company at Rs 40.90/- per share
(including the redemption premium of Rs 30.90 per share) in accordance with the terms of
issue. As on date, the total share capital held by your Company in GIL comprises of 11.13
crores equity shares of Rs 10 each totalling in value to Rs 1298.09 crores and Rs 13.41
crores preference shares of Rs 10 each totalling in value to Rs 402.372 crores.
GIL, alongwith its subsidiaries,currently owns and operates twenty one vessels and
three jack up drilling rigs. The operating fleet of twenty one vessels comprises of four
Platform Supply Vessels (PSVs), nine Anchor Handling Tug cum Supply Vessels (AHTSVs), two
Multipurpose Platform Supply & Support Vessels (MPSSVs) and six ROV (Remotely Operated
GIL has the following wholly owned subsidiaries:
a) Greatship Global Energy Services Pte. Ltd., Singapore
b) Greatship Global Offshore Services Pte. Ltd., Singapore
c) Greatship Global Holdings Ltd., Mauritius
d) Greatship Subsea Solutions Singapore Pte. Ltd., Singapore
e) Greatship Subsea Solutions Australia Pty Limited, Australia
f) Greatship (UK) Limited, United Kingdom
g) Greatship Global Offshore Management Services Pte. Ltd., Singapore
Subsequent to the end of the year, Greatship Subsea Solutions Australia Pty Limited has
made an application to Austrlian Securities and Investments Commission for voluntary
deregistration of the company.
Apart from GIL and its subsidiaries, your Company has the following wholly-owned
a) The Great Eastern Shipping Co. London Ltd.
b) The Greatship (Singapore) Pte. Ltd.
c) The Great Eastern Chartering LLC (FZC)
d) The Great Eastern Chartering (Singapore) Pte. Ltd. (wholly owned subsidiary of The
Great Eastern Chartering LLC (FZC) incorporated on April 17, 2013.)
Ministry of Corporate Affairs, vide General Circular No : 2 /2011 dated February 08,
2011, has granted a general exemption to companies under Section 212(8) of the Companies
Act, 1956. Pursuant to the said Circular, the Board of Directors of your Company has, by
passing a resolution, given consent for not attaching the balance sheets, profit and loss
accounts, reports of the Board of Directors, reports of the Auditors, etc. of the
subsidiaries with the Balance Sheet of your Company as required under Section 212 of the
Companies Act, 1956.
Accordingly, copies of the balance sheets, profit and loss accounts, reports of the
Board of Directors, reports of the Auditors, etc. of the subsidiary companies have not
been attached to the Balance Sheet of your Company as at March 31, 2013. As per the terms
of the said Circular, a statement containing brief financial details of the subsidiaries
of the Company for the year ended March 31, 2013 is included in the Annual Report.
The annual accounts of the subsidiary companies and the related detailed information
shall be made available to shareholders of the Company and subsidiary companies seeking
such information at any point of time. The annual accounts of the subsidiary companies
have been kept for inspection by any shareholder at the registered office of the Company
and of the subsidiary companies concerned. The Company shall furnish a hard copy of
details of accounts of subsidiaries to any shareholder on demand.
DEBT FUND RAISING
During the year, the Company did not raise any funds by way of debt. In the previous
year, Rs 452.57 crores were raised towards capital expenditure for building tangible
assets and general corporate purposes. As on March 31, 2013, the Company`s gross debt
equity ratio was 0.73:1 and net (of cash) debt : equity ratio was 0.09:1.
QUALITY, SAFETY, HEALTH & ENVIRONMENT
In order to contribute to and prepare for a sustainable future your Company has
undertaken various initiatives with regard to protection of environment and enhancing
energy efficiency in its business operation.
During the year your Company offered 18 of her vessels for DNV`s (Major Ship
Classification Society headquartered in Norway) Triple-E environmental and energy
efficiency rating. Three vessels achieved Level 2 rating as the first vessels globally
while 15 vessels achieved Level 3 rating.
Triple-E is a voluntary scheme of DNV for rating of ships on the basis of Energy,
Efficiency and Environmental performance of individual ships. Under the scheme ships are
rated in 4 stages, 1 being the highest and 4 being the lowest.
The rating means in practice that the Company and its vessels have been found to comply
with an industry-leading level of environmental performance. To achieve the rating, the
Company has focused on training and making employees aware of environmental issues,
established clear energy efficiency targets and implemented these on board, implemented an
advanced performance and analysis tool to monitor the efficiency of fleet vessels and have
included energy efficiency as part of management review process. By establishing energy
efficiency baselines for individual ships and defining concrete Key Performance Indicators
based on these your Company can monitor and measure the improvement of vessel operational
efficiency year by year. In addition, the Triple-E ratings are a symbol of Company`s
efforts to run vessels in the most efficient way possible and reduce carbon footprint.
Carbon footprint of ships is measured in terms of Energy Efficiency Operational
Indicator (EEOI) as per Guideline of International Maritime Organization MEPC.1/Circ.684.
EEOI of your fleet vessels in loaded passages has reduced by 11.9% in 2012 compared to
In order to reduce Green House Gas emission, as per revised MARPOL Convention, Annex VI
which has entered into force from 1st January 2013, all ships are required to
be inspected and certified to International Energy Efficiency Certificates.
Jag Aabha, a Product Carrier was offered to DNV for voluntary certification, as a trial
measure in July 2012. Following satisfactory verification she was issued with Statement of
Compliance to Energy Efficiency as per MARPOL Convention, Annex VI. She was globally the
first vessel to have received such certificate from DNV and first among Indian flag
Maritime Labour Convention
Maritime Labour Convention (MLC) adopted by International Labour Organization,
establishing minimum requirements for almost all aspects of working and living conditions
on board ships is entering into force from 20th August 2013. Your Company has
proactively implemented the requirements from December 2011.
Based on Government of India`s specific requirements issued in early February 2013
related to conditions of employment, hours of work and rest, accommodation, recreational
facilities, food and catering, health protection, medical care, welfare and social
security protection, Company procedures have been fine-tuned and implemented.
As per Convention requirement all vessels are required to be inspected by Flag
Administration or their Recognized Organization and on ensuring satisfactory compliance
are to be duly certified to demonstrate compliance.
Jag Padma is the first among all Indian flag vessels to be so verified and certified.
Rest of your Company fleet is being offered for Inspection and Certification at convenient
ports to achieve certification well before deadline of 20th August 2013.
During the year, Skill Enhancement Training for shipboard Fitters and Pumpmen has been
added to the various types of competency enhancement trainings that are being provided to
floating staff. This refresher course of 2 weeks duration has been initiated at Great
Eastern Institute of Maritime Studies and during the year 10 Fitters in 2 batches have
undergone the training.
During the year 16 vessels of your Company were conferred award by United States Coast
Guards in recognition of these vessels participation and contribution under their The
Automated Mutual-Assistance Vessel Rescue System (AMVER).
AMVER is a unique, computer-based, and voluntary global ship reporting system used
worldwide by search and rescue authorities to arrange for assistance to persons in
distress at sea. With AMVER, rescue coordinators can identify participating ships in the
area of distress and divert the best-suited ship or ships to respond. AMVER`s mission is
to quickly provide search and rescue authorities, on demand, accurate information on the
positions and characteristics of vessels near a reported distress.
GREAT EASTERN INSTITUTE OF MARITIME STUDIES (GEIMS)
During the 7th year of operation of your Company`s training Institute in
Lonavala, following further training facilities alongwith infrastructure were added in
order to enhance the quality of training being imparted:
Augmentation of Fire Fighting Training Facility by incorporating fixed Low
Expansion Foam & fixed Dry Chemical Powder fire extinguishing systems for firefighting
on LPG Tankers as required by D.G. Shipping and in accordance to STCW 2010 Regulations.
The existing fire training mock up has been provided with 2 skids for conducting training
in use of both Low Expansion Foam & Dry Chemical Powder fire extinguishing systems, to
meet the current regulations for fighting oil fires on tankers.
Electronic Chart Display and Information System (ECDIS) Training Simulator was
commissioned, a simulator with 6 student stations for training of the GES floating staff
in operation of the ECDIS systems being installed on GES vessels. The same has been
approved by the DGS for GEIMS to conduct the course.
Boiler Automation & Inert Gas (IG) System Simulator was installed which
emulates the microprocessor based Boiler & IG control systems installed onboard GES
vessels for conduct of training both at the pre sea as well as post sea level.
Augmentation of Full Mission Engine Room Simulator (FMERS) with a soft screen
based state of art Transas TECHSIM 5000 Engine Simulator. The first phase of this
simulator with 3 student stations has been commissioned. This is a soft screen simulator
depicting a 2007 built Aframax Liquid Cargo Tanker and will supplement the existing hard
panel FMERS simulator, installed earlier in 2011. Hard panel simulators are being replaced
with soft panel simulators in view of the flexibility in application of the hardware for
various vessels and engine configurations.
The Institute obtained approval of DG Shipping for conduct of course titled
"Security Training for Seafarers with Designated Security Duties" and is
providing the training for floating staff as required by STCW 2010.
Construction of additional accommodation of eight row houses for faculty was undertaken
which is expected to be completed by June 2013.
During the year three batches with a total of 120 TNOCs, four batches of GMEs with a
total of 160 cadets and one batch of 39 ETO Cadets were trained.
The total number of cadets trained so far is 1724.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company has instituted internal control systems which are adequate for the nature
of its business and the size of its operations. In the beginning of the year, the scope of
the audit exercise and the key business processes and selected risk areas to be audited
are decided in consultation with the Audit Committee. The Internal Audit is carried out by
a firm of external Chartered Accountants and covers all departments. All significant audit
observations and follow up actions thereon are reported to the Audit Committee. The Audit
Committee comprises of 3 Independent Directors with the Chairman being a person well
qualified and conversant with matters pertaining to Accounts and Finance. The Audit
Committee met 4 times during the year.
IT has become the backbone of business processes over the last few years. Many
operational processes, both existing and new, have been automated, using latest
technologies. IT has enabled people who are directly involved in day to day business
operations by equipping them with live and real time data and in turn has increased the
efficiency and productivity of the organization.
Some of the major initiatives completed in this financial year are as follows.
As part of the regular software applications development to automate the manual
processes, the following are the major initiatives completed
SeaScape: The top level Business Analytic, which captures shipwise revenue and
expense budgets and pulls actual expenditure figures from live transactions of ERP and
drill down to P/L level on real time. The system also has enriched "What If"
analysis for different business scenarios.
This system has fetched the IT Department the prestigious EDGE award this year.
Treasury System: Treasury transactions are captured in the automated system,
with real time monitoring of performance and exposures.
Touch Your MIS: This software, which is targeted for senior and middle
management group, will enable them to get their respective daily operational and analysis
data in one touch in their mobile device (Tablet/smart phone).
The twin focus areas during the year for your Company with respect to its human
resources were employee engagement and learning and development.
Your Company participated in the annual employee engagement study conducted by Blessing
White during the financial year. The engagement levels are healthy vis a vis
Industry/Global and National scores. Your Company is working on plans to address some of
the concern areas highlighted in the survey.
A comprehensive learning and development plan was rolled out during the year. The needs
were identified based on Talent Genome- the 360 degree feedback, performance
reviews and focus group discussions. Diverse themes of functional and leadership programs
were held which included programs on Oil & Gas, Maritime laws, Leading self and
others, Effective communication and Collaboration. The key message for the employees was
that while it is a transition time for the industry and the organization, your Company is
committed to develop employee capability through continuous learning process enabling them
to produce higher outputs and realize their true potential.
The employee attrition stood at 4%. Your company had employee strength of 192 on shore
and 480 floating as on March 31, 2013.
In accordance with the provisions of the Companies Act, 1956 and the Articles of
Association of the Company, Mr. Vineet Nayyar and Ms. Asha Sheth are liable to retire by
rotation and being eligible, offer themselves for re-appointment. Necessary resolutions
for their re-appointment have been included in the Notice convening the ensuing Annual
Your Company was Corporate Governance compliant much before SEBI stipulated deadline in
the year 2005. Your Company has complied with the mandatory provisions of Clause 49 of the
Listing Agreement, relating to Corporate Governance. A separate section on Corporate
Governance forms part of the Directors` Report and the certificate from the Company`s
Auditors confirming the compliance of conditions on Corporate Governance is included in
the Annual Report. Your Company has also complied with the `Corporate Governance
-Voluntary Guidelines 2009` issued by the Ministry of Corporate Affairs, to the extent
disclosed in the Annual Report.
RISK MANAGEMENT PROCESS
In accordance with requirements of Clause 49 of the Listing Agreement, your Company has
established a Risk Management mechanism to manage significant risks faced by your Company.
The programme is built upon the foundation of the risk management process and practices
followed by the Company over a period of time. During the year, your Company has
strengthened the mechanism with a view to manage risks in a more structured way and making
risk management process an integral part of decision making process.
The Risk Management framework and reporting regime enables the Company to assess and
demonstrate whether its significant risks are properly identified and controlled, and to
potentially eliminate unnecessary control related overheads.
The Risk Management framework involves risk identification, assessment, treatment /
action plan, review and reporting as a continuous process.
Your Directors believe that your Company has a sound risk assessment and minimisation
mechanism in place.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217 (2AA) of the Companies Act, 1956 the Board
of Directors hereby state that :
i. in preparation of the annual accounts, the applicable accounting standards had been
followed (alongwith proper explanation relating to material departures) and that there are
no material departures;
ii. they have, selected the accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
of the Company for that period;
iii. the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the Company and for preventing and detecting fraud and
iv. they have prepared the annual accounts on a going concern basis.
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988
Pursuant to Notification No. GSR 1029 dated 31.12.1988 your Company is not required to
furnish prescribed information regarding conservation of energy and technology absorption,
as Shipping Industry is not covered by the schedule to the said rules. The details of
Foreign Exchange Earnings and Outgo are :
||Rs in crores
|(a) Foreign Exchange earned on account of freight, charter hire earnings, etc.
|(b) Foreign Exchange used including operating expenses, capital repayment, down
payments for acquisition of ships (net of loan), interest payment, etc.
PARTICULARS OF EMPLOYEES
Statement pursuant to Section 217(2A) of the Companies Act, 1956 (Act), read with the
Companies (Particulars of Employees) Rules, 1975, is annexed to this Report. As
contemplated by Section 219 of the Act, members are provided with abridged accounts.
Members desirous of receiving the Statement pursuant to Section 217(2A) will be provided
the same on receipt of written request from them.
Messrs Kalyaniwalla & Mistry, the Auditors of your Company, who hold office until
the conclusion of the forthcoming Annual General Meeting being eligible, offer themselves
Your Directors express their sincere thanks to all customers, charterers, vendors,
investors, shareholders, shipping agents, bankers, insurance companies, protection and
indemnity clubs, consultants and advisors for their continued support throughout the year.
Your Directors also sincerely acknowledge the significant contributions made by all the
employees for their dedicated services to the Company. Your Directors look forward to
their continued support.
||For and on behalf of the
||Board of Directors
|Mumbai, May 06, 2013