Annual Report2016

PAV
IN
OG
F PR
O
H
PAT
RESS
28T
AN
NU
L
RE
PO
RT
201
5-16
Mr. S. Ramakrishnan Receives Award for Businessman of

The Year 2015 at The India Seatrade Awards for Excellence
in Coastal Shipping and Inland Water Transport
Capt. V. K. Singh Receives Award for Leadership of the year

2015 at the India Seatrade Awards for Excellence in Coastal
Shipping and Inland Water Transport
Shreyas Shipping Bags Award for Coastal Shipping

Operator of the year 2015 at the Gateway Awards
Shreyas Relay Systems Bags Award for Outstanding

Achievement of the year 2015 at the India Seatrade
Awards for Excellence in Coastal Shipping and Inland Water
Transport
Shreyas Shippings Participation at the Maritime India

Summit 2016
Maiden Call of M. V. SSL Visakhapatnam at Vizag
CORPORATE INFORMATION
BOARD OF DIRECTORS
MR. S. RAMAKRISHNAN
CHAIRMAN & MANAGING DIRECTOR
MR. V. RAMNARAYAN
EXECUTIVE DIRECTOR
MR. S. MAHESH
DIRECTOR
MR. L. B. CULAS
DIRECTOR
MR. RITESH S. RAMAKRISHNAN
DIRECTOR
MR. AMITABHA GHOSH
DIRECTOR
CAPT. MANMOHAN SAGGI
DIRECTOR
MR. S. RAGOTHAMAN
DIRECTOR
MR. D. T. JOSEPH
DIRECTOR
MR. MANNIL VENUGOPALAN
DIRECTOR
MS. MAYA SINHA
DIRECTOR
MANAGEMENT TEAM
MR. S. RAMAKRISHNAN
CHAIRMAN & MANAGING DIRECTOR
MR. V. RAMNARAYAN
EXECUTIVE DIRECTOR
MR. RITESH S. RAMAKRISHNAN
DIRECTOR
CAPT. VIVEK KUMAR SINGH
CHIEF EXECUTIVE OFFICER
MR. S. VARADARAJAN
CHIEF EXECUTIVE OFFICER - SHREYAS RELAY SYSTEMS LIMITED
MR. RAJESH DESAI
CHIEF FINANCIAL OFFICER
MS. NAMRATA MALUSHTE
COMPANY SECRETARY
REGISTERED OFFICE
BANKERS
4TH FLOOR, HIMALAYAS,

GEETMALA COMPLEX,
NEAR SHAH INDUSTRIAL ESTATE,
GOVANDI (EAST), MUMBAI 400 088
ICICI BANK LTD

CANARA BANK
CANARA BANK, LONDON
EXIM BANK
KARUR VYSYA BANK
AXIS BANK LTD
CREDIT SUISSE AG
ADMINISTRATIVE OFFICE
2ND FLOOR, SAHYADRIS,
GEETMALA COMPLEX,
NEAR SHAH INDUSTRIAL ESTATE,
GOVANDI (EAST), MUMBAI 400 088
TEL: 022 66220300 | FAX: 022 66220444
STATUTORY AUDITORS
PKF SRIDHAR & SANTHANAM LLP
INTERNAL AUDITORS
REGISTRAR AND SHARE TRANSFER AGENTS
LINK INTIME INDIA PVT. LTD
C-13, PANNALAL SILK MILLS COMPOUND,
L.B.S MARG, BHANDUP (WEST),
MUMBAI 400 078
TEL: 022 25946970 | FAX: 022 25946969
KARVY & COMPANY

CHARTERED ACCOUNTANTS
CIN
:
Website :
Email :
L63000MH1988PLC048500
www.transworld.com/shreyas
[email protected]
Dear Shareholders,
While we have been able to put up a decent performance, the year certainly wasnt a smooth ride and we faced numerous
challenges. The global meltdown and reduced market demand coupled with excess capacity led to the drop in freight level
overall globally. The Howe Robinson Container Index remained at through the year and therefore similar effects were
witnessed in the coastal shipping sector as well.
In fact, the domestic freight rates continue to be under pressure for a while now followed by marginal growth in volumes.
During the year 2015-2016, the container throughput handled at major ports in India was 123 million tonnes which
a growth of a minimal 3% over the previous scal. In fact, these ports cumulatively handled 8.2 million 20 teus units
compared with 7.96 million teus.
During the year, Shreyas acquired three container vessels taking its eet strength to nine vessels thereby increasing the
capacity by 63% and rationalising the eet age to 19.6 years. In fact in order to strengthen the PIX2 service, the newly
acquired vessel M. V. SSL Visakhapatnam was deployed on the East Coast making this a xed day weekly service. We
are consistently making efforts to develop the market on the East coast of India and have therefore dedicated our latest
acquisition to the port city of Visakhapatnam.
While the markets are likely to remain gloomy for a while, we will continue with our quest of developing the Indian
costal shipping sector. The support received from the Ministry of Shipping at various stages from time to time is extremely
encouraging and gives us the impetus to strive for better each day. The rst of its kind Maritime India Summit, 2016
organised by the Ministry of Shipping in Mumbai was a welcome initiative and only added to our belief that coastal
shipping is soon to reach greater heights in future.
With a vast coastline, Indian shipping industry can add immense value to the corporate. The advantages of coastal
shipping are diverse. It is not only a fuel efcient and environment friendly mode of transport but also offers economies
of scale. Additionally, an increasing use of coastal shipping can generate employment opportunities for local population.
For any company to grow, information technology (IT) becomes the most integral and imperative element of business.
Having realised this, we are working towards setting up best in class IT systems to enable us to keep pace with the rapid
and dynamic changes in the business environment and help serve our customers better.
While our consolidated top line increased to ` 595.57 crores from ` 545.88 crores in the previous year, the Prot after Tax
was ` 49.50 crores against ` 61.75 crores for the previous year. Going ahead, the year would have its own challenges but
we are condent to sail through these rough waters comfortably. I say this basis my condence in my team members who
are the main support system of the Company. At all times, we consciously try to minimise costs while maximising gains at
the same time delivering value to our customers.
I take this opportunity to thank our shareholders and business partners for the continual trust they have placed in us
and their condence and uninching belief in our ability to deliver value. I also thank my colleagues on the Board, whose
support and leadership has been invaluable. I would also like to recognise the support of our customers, suppliers, all
regulatory and statutory authorities, our bankers, auditors, consultants, other business associates and legal advisors/
counsels.
Place
Date
: Mumbai
: 26th May, 2016
S. Ramakrishnan
Chairman & Managing Director
Pioneers and Leaders
in Coastal Container Shipping

Services at a Glance (All Services on Fixed Day Weekly)
PIX 1
Mundra Pipavav
Hazira Cochin
Tuticorin Mangalore
Mundra
PIX 2
Jebel Ali
Mundra
Chittagong
Pipavav
Mundra Tuticorin
Kattupalli Vizag
Chennai Tuticorin
Cochin Jebel Ali
Mundra
Kolkata
Hazira
Haldia
Nhava Sheva
Vizag
Goa
Kattupalli
Mangalore
ECC
Vizag Kolkata
Vizag Haldia
Vizag
Chennai
Cochin
Tuticorin
WCC
Mundra Tuticorin
Mangalore JNPT
Mundra
FLEET DETAILS
Fleet Size
Total Capacity (in TEUs)
13599
Total GRT
154859
Total Dead Weight
192771
Name
Capacity (in TEUs)
GRT
M.V. SSL BHARAT
2,959
29,383
M.V. SSL KOCHI
1,725
21,339
M.V. SSL KUTCH
1,725
21,339
M.V. SSL MUMBAI
1,613
18,602
M.V. SSL GUJARAT
1,613
18,602
M.V. SSL VISAKHAPATNAM
1,613
18,602
M.V. SSL TRUST
1,050
11,872
M.V. SSL CHENNAI
700
8,214
M.V. SSL SAGARMALA
569
6,942
KEY INDICATORS
CONSOLIDATED FINANCIAL HIGHLIGHTS

(` in lacs except where stated otherwise)
2014-15
2015-16
48,731.06
54,588.33
59,556.63
209.16
162.19
203.66
511.96
27,230.77
39,098.28
48,893.25
54,791.99
60,068.59
14,928.72
23,051.71
32,432.87
41,442.33
39,629.44
48,174.63
1,018.21
1,066.41
1,605.51
2,290.07
2,718.35
2,733.34
3,650.52
PBIDT
197.23
3,300.52
2,573.55
4,375.34
4,732.57
12,429.22
8,243.44
Interest
459.51
675.39
547.51
950.63
1,161.64
1,036.23
1,218.48
PBDT
(262.28)
2,625.13
2,026.04
3,424.71
3,570.93
11,392.98
7,024.96
Depreciation
1,248.40
1,149.24
1,350.39
1,645.09
1,805.62
1,091.04
1,870.41
(1,510.68)
1,475.89
675.65
1,779.62
1,765.31
10,301.94
5,154.55
59.82
198.20
112.81
239.25
287.03
563.95
194.32
(1,570.50)
1,277.69
562.84
1,540.37
1,478.29
9,737.99
4,960.23
2,995.75
2,995.75
2,195.75
2,195.75
2,195.75
2,195.75
2,195.75
1,000.00
1,024.40
1,038.91
1,077.72
1,203.36
Reserves & Surplus
10,938.76
11,828.84
12,157.86
12,988.21
11,661.89
17,252.56
21,674.30
Net Worth
13,934.51
14,824.59
14,353.61
15,183.96
13,857.64
19,448.31
23,870.06
8,489.27
6,120.64
8,440.74
13,286.61
8,282.48
9,319.86
13,402.39
18,616.58
17,920.31
18,587.56
23,882.71
20,776.98
19,591.39
28,813.02
Other Non Current Assets
1,456.89
509.89
1,119.50
8.63
1,881.46
4,636.88
7,414.41
Net Current Assets
2,350.31
2,515.03
4,087.29
5,603.63
520.60
5,617.63
2,248.39
(7.69)
5.33
2.08
6.51
6.22
40.53
21.88
0.61
0.41
0.59
0.88
0.87
0.61
0.54
1.10
0.50
0.60
0.60
2.00
1.30
59.78
63.87
65.37
69.15
63.11
88.57
108.71
2009-10
2010-11
2011-12
2012-13
2013-14
15,398.73
19,038.73
27,077.51
38,889.12
Other Income
-394.06
256.92
153.26
Total Income
15,004.67
19,295.65
Operating Expenses
13,789.23
Operating Earnings
Administration & Other

Expenses
PBT
Tax
PAT (including prior year
item)
Share Capital
Minority Interest
Non Current Laibilities

Fixed Assets (Net) (including
Capital work-in-progress)
EPS (Annualised) (`) (excluding

exceptional items)
Debt Equity Ratio
Dividend Per Equity Share (`)
Book Value per share (`)
28th ANNUAL REPORT 2015-2016

CONTENTS
Notice .......................................................................................................................................................................................... 2 - 6
Directors Report ....................................................................................................................................................................... 7 - 21
Managements Discussion and Analysis ................................................................................................................................. 22 - 24
Report on Corporate Governance ........................................................................................................................................... 25 - 37
Auditors Report ...................................................................................................................................................................... 38 - 41
Balance Sheet ................................................................................................................................................................................. 42
Statement of Profit and Loss .......................................................................................................................................................... 43
Statement of Cash Flow........................................................................................................................................................... 44 - 45
Notes to the Financial Statements .......................................................................................................................................... 46 - 76
Consolidated Auditors Report on Accounts ........................................................................................................................... 77 - 79
Consolidated Balance Sheet .......................................................................................................................................................... 80
Consolidated Statement of Profit and Loss .................................................................................................................................... 81
Consolidated Statement of Cash Flow .................................................................................................................................... 82 - 83
Consolidated Notes to the Financial Statements .................................................................................................................. 84 - 118
Notice
NOTICE is hereby given that the Twenty Eighth Annual General Meeting of the Members of Shreyas Shipping & Logistics Limited
will be held on Thursday, 21st day of July, 2016 at 11.00 a.m. at Sivaswamy Auditorium of Fine Arts Cultural Centre, 61/21 R. C.
Marg, Opp. Vijaya Bank, Chembur, Mumbai - 400 071 to transact the following business:
ORDINARY BUSINESS:
1.
To receive, consider and adopt the audited Profit & Loss Account for the year ended on 31st March, 2016 and the Balance
Sheet as at that date together with the Reports of the Board of Directors and Auditors thereon.
2.
To declare Dividend on Equity Shares.
3.
To appoint a Director in place of Mr. S. Mahesh, who retires by rotation and, being eligible, offers himself for re-appointment.
4.
To consider and if thought fit, to pass, with or without modifications, the following Resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to the provisions of Section 139, 142 and other applicable provisions, if any, of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modifications or amendments
or re-enactments thereof for the time being in force), M/s. PKF Sridhar & Santhanam LLP, Chartered Accountants (Firm
Registration No.003990S/S200018), the retiring Statutory Auditors of the Company, who hold office upto the date of this
Annual General Meeting and have confirmed their eligibility to be appointed as Auditors in terms of the provisions of
Section 141 of the Act and relevant Rules and offered themselves for re-appointment, be and are hereby re-appointed as
the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion
of next Annual General Meeting of the Company, at such remuneration as may be mutually agreed between the Board of
Directors of the Company and the said Auditors.
RESOLVED FURTHER THAT the Board of Directors or the Company Secretary of the Company, be and is hereby authorised
to do all such acts, deeds, matters and things as may be considered necessary, desirable or expedient to give effect to this
Resolution.
26th May, 2016

Registered Office:
4th Floor, Himalayas,
Geetmala Complex,
Near Shah Industrial Estate,
Govandi East, Mumbai 400 088
CIN: L63000MH1988PLC048500
By Order of the Board of Directors

Namrata Malushte
Company Secretary
ANNUAL REPORT 2015-16
NOTES:
1.
A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND
AND VOTE ON HIS / HER BEHALF. A PROXY NEED NOT BE A MEMBER OF THE COMPANY. A person can act as proxy
on behalf of members not exceeding fifty (50) and holding in aggregate not more than ten percent of the total share capital
of the Company. A member holding more than ten percent of the total share capital of the Company carrying voting rights
may appoint a single person as proxy and such person shall not act as a proxy for any other person or shareholder.
Proxies to be effective must be deposited at the Registered Office of the Company duly completed and signed not less than
48 hours before the time of the Meeting. Proxies submitted on behalf of the companies, societies etc must be accompanied
by an appropriate resolution, as applicable.
2.
Profile of the Director retiring by rotation, as required by Regulation 36 (3) of SBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (SEBI Regulations) forms part of the Report on Corporate Governance. The Director
has furnished requisite declaration for his re-appointment.
3.
The Register of Members and Share Transfer Books of the Company will remain closed from 14th July, 2016 to 21st July,
2016 both days inclusive, for the purpose of payment of dividend, if declared at the Annual General Meeting.
4.
The dividend on equity shares as recommended by the Board of Directors, if declared at the Annual General Meeting, will
be paid at par on or after 26th July, 2016 to Members holding shares in physical form and whose names appear on the
Companys Register of Members as holders of Equity Shares on 21st July, 2016. In respect of Shares held in electronic
form, the dividend will be paid to the beneficial owners of the Shares as at the end of the business hours on 21st July, 2016
as per details furnished by National Securities Depository Limited and Central Depository Services (India) Limited.
5.
As per the directives of the Securities and Exchange Board of India (SEBI), in respect of the Shareholders holding Shares
in electronic form, dividend shall be paid through Electronic Clearing Service (ECS), where such facility is available, directly
to their bank account as furnished by their respective Depositories to the Company. Where such facility is not available,
the bank details as furnished by their respective Depositories to the Company, will be mandatorily printed on their dividend
warrants. Further, instructions if any, given by them in respect of Shares held in physical form will not be automatically
applicable to the dividend payable on Shares held in electronic form. Members are, therefore, requested to give instructions
regarding the bank accounts in which they wish to receive dividend, directly to their respective Depository Participants. The
Company or its Registrar and Share Transfer Agent will not act on any direct request from these Members for change of
such bank details.
6.
Members may note that the Notice of the 28th Annual General Meeting and the Annual Report for the year 2015-16 will also
be available on the Companys website www.transworld.com/shreyas.
7.
Corporate members intending to send their authorized representatives to attend the Meeting pursuant to Section 113 of
Companies Act, 2013 are requested to send to the Company a certified copy of the Board Resolution authorizing such
representative to attend and vote on their behalf at the Meeting.
8.
Electronic copy of the Notice convening the 28th Annual General Meeting of the Company and the Annual Report along with
the process of e-voting and the Attendance Slip and Proxy form is being sent to the members whose e-mail addresses are
registered with the Company / Depository Participant(s) unless any member has requested for hard copy of the same. For
members who have not registered their email addresses, physical copies of the Notice convening the 28th Annual General
Meeting of the Company and the Annual Report along with the process of e-voting and the Attendance Slip and Proxy form
is being sent to the members. Members who have not registered their e-mail addresses so far are requested to register
their e-mail addresses for receiving all communications including Annual Report, Notices, Circulars etc from the Company
in electronic mode.
9.
Voting through electronic means:

I.
In compliance with the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014 as substituted by the Companies (Management and Administration)
Amendment Rules, 2015 (Amended Rules 2015) and Regulation 44 of SEBI Regulations, the Company is pleased
to provide members facility to exercise their right to vote on resolutions proposed to be considered at the 28th Annual
General Meeting (AGM) by electronic means and the businesses may be transacted through e-Voting services.
The facility of casting the votes by the Members using an electronic system from a place other than venue of AGM
(remote e-voting) will be provided by National Securities Depository Limited (NSDL).
II.
The facility for voting through ballot paper shall be made available at the AGM and the members attending the
meeting who have not cast their vote by remote e-voting shall be able to exercise their right at the meeting through
ballot paper.
III.
In case of any queries, you may refer to the Frequently Asked Questions (FAQs) for shareholders and e-voting user
manual for shareholders available at the Downloads section of www.evoting.nsdl.com or call toll free no.1800-222990.
IV.
If you are already registered with NSDL for e-voting then you can use your existing user ID and Password for casting
vote.
V.
You can also update your mobile number and e-mail id in the user profile details of the folio which may be used for
sending communication(s).
VI.
The remote e-voting period commences at 10.00 am on 16th July, 2016 and ends at 05.00 p.m on 20th July, 2016.
The remote e-voting module shall be disabled by NSDL for voting thereafter. During this period shareholders of the
Company, holding shares either in physical form or in dematerialized form, as on the cut-off date of 14th July, 2016,
may cast their vote electronically. Once the vote on a resolution is cast by the shareholder, the shareholder shall not
be allowed to change it subsequently.
VII.
The voting rights of a shareholders shall be in proportion to their shares of the paid up equity share capital of the
Company as on the cut-off date of 14th July, 2016.
VIII. Any person, who acquires shares of the Company and become member of the Company after dispatch of the notice
and holding shares as of the cut-off date i.e. 14th July, 2016, may obtain the login ID and password by sending a
request at [email protected] or Issuer/RTA.
However, if you are already registered with NSDL for remote e-voting then you can use your existing user ID and
password for casting your vote. If you forgot your password, you can reset your password by using Forgot User
Details/Password option available on www.evoting.nsdl.com or contact NSDL at the following toll free no.: 1800-222990.
IX.
Mr. Dharmesh Zaveri, Company Secretary in Practice (Membership No. 5418) Proprietor of D. M. Zaveri & Co,
Company Secretaries, has been appointed for as the Scrutinizer for providing facility to the members of the Company
to scrutinize the voting and remote e-voting process in a fair and transparent manner.
X.
The Scrutinizer shall within a period of not exceeding two (2) working days from the conclusion of the e-voting make
a Scrutinizers Report of the votes cast in favour of or against, if any, forthwith addressed to the Chairman of the
Company.
XI.
The Results shall be declared after the AGM of the Company. The Results declared alongwith the Scrutinizers Report
shall be placed on the Companys website www.transworld.com/shreyas and shall be communicated to the Stock
Exchange.
XII.
The process and manner for remote e-voting are as under:

A.
In case a Member receives an email from NSDL [for members whose email IDs are registered with the Company/
Depository Participants(s)] :
(i)
Open email and open PDF file viz; Shreyas Shipping remote e-voting.pdf with your Client ID or Folio No.
as password. The said PDF file contains your user ID and password/PIN for remote e-voting. Please note
that the password is an initial password.
(ii)
Launch internet browser by typing the following URL: https://www.evoting.nsdl.com/
(iii)
Click on Shareholder - Login
(iv)
Put user ID and password as initial password/PIN noted in step (i) above. Click Login.
(v)
Password change menu appears. Change the password/PIN with new password of your choice with
minimum 8 digits/characters or combination thereof. Note new password. It is strongly recommended not
to share your password with any other person and take utmost care to keep your password confidential.
(vi)
Home page of remote e-voting opens. Click on remote e-voting: Active Voting Cycles.
(vii) Select EVEN of Shreyas Shipping & Logistics Limited.

(viii) Now you are ready for remote e-voting as Cast Vote page opens.
(ix)
Cast your vote by selecting appropriate option and click on Submit and also Confirm when prompted.
(x)
Upon confirmation, the message Vote cast successfully will be displayed.
(xi)
Once you have voted on the resolution, you will not be allowed to modify your vote.
(xii) Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy
(PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. together with attested specimen
signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer through
e-mail to [email protected] with a copy marked to [email protected]
B.
In case a Member receives physical copy of the Notice of AGM [for members whose email IDs are not registered
with the Company/Depository Participants(s) or requesting physical copy] :
(i)
Initial password is provided as below/at the bottom of the Attendance Slip for the AGM):
EVEN (Remote e-voting Event Number) USER ID
(ii)
XIII.
PASSWORD/PIN
Please follow all steps from Sl. No. (ii) to Sl. No. (xii) above, to cast vote.
A Member may participate in the AGM even after exercising his right to vote through remote e-voting but shall not be
allowed to vote again at the AGM.
XIV. A person, whose name is recorded in the register of members or in the register of beneficial owners maintained by
the depositories as on the cut-off date only shall be entitled to avail the facility of remote e-voting / voting at the AGM
through ballot paper.
XV.
The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting
with the assistance of scrutinizer, by use of Ballot Paper for all those members who are present at the AGM but have
not cast their votes by availing the remote e-voting facility.
XVI. The Scrutinizer shall after the conclusion of voting at the general meeting, will first count the votes cast at the meeting
and thereafter unblock the votes cast through remote e-voting in the presence of at least two witnesses not in the
employment of the Company and shall make, not later than two days of the conclusion of the AGM, a consolidated
scrutinizers report of the total votes cast in favour or against, if any, to the Chairman or a person authorized by him
in writing, who shall countersign the same and declare the result of the voting forthwith.
XVII. The Results declared alongwith the report of the Scrutinizer shall be placed on the website of the Company and on
the website of NSDL immediately after the declaration of result by the Chairman or a person authorized by him in
writing. The results shall also be immediately forwarded to the Stock Exchanges where the shares of the Company
are listed.
10.
11.
Members are requested to:

(a)
Notify any change in their address to the Registrar and Share Transfer Agent, M/s. Link Intime Private Limited; C-13,
Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai - 400 078, in case of Members holding shares
in physical form and update such details with their respective Depository Participants, in case of Members holding
shares in electronic form.
(b)
Members are requested to bring their attendance slip along with their copy of Annual Report to the Meeting. In case
of Joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to
vote.
(c)
Write their folio number (in case shares are held in physical form) or DP ID and Client ID (in case shares are held in
dematerialized form) in their attendance slip and hand it over at the entrance of the meeting hall.
In terms of the provisions of Sections 205A and 205C of the Companies Act, 1956, as amended, the amount of dividend
remaining unpaid or unclaimed for a period of seven years from the date of transfer to the unpaid dividend account, is
required to be transferred to the Investor Education and Protection Fund established by the Central Government (hereinafter
referred to as the said Fund). Accordingly, unclaimed / unpaid dividend for the financial years ended 31st March, 1996
and 31st March, 1997 and period ended 30th September, 1998, year ended 31st March, 1999, 31st March, 2001, 31st March,
2002, 31st March, 2004, 31st March, 2005 (Interim & Final) and 2005-06 (Interim & Final) and 31st March, 2007 (interim), 31st
March, 2008 has been transferred to the said Fund.
Unclaimed dividend for the financial year ended 31st March, 2011 and thereafter (wherever declared) is still lying with the
Company. The Members, who have not yet encashed the dividend warrants are requested to send claims to the Company,
if any, before the respective amounts become due for transfer to the said Fund. No claim shall lie against the Company or
the said Fund after transfer as mentioned above.
12.
All documents referred to in the above Notice are open for inspection at the Registered Office of the Company on all
working days (except Saturdays, Sundays and holidays) between 10.00 a.m. and 12.30 p.m. up to the date of the Annual
General Meeting.
13.
Members holding shares under multiple folios in the identical order of names are requested to consolidate their holdings
into one folio.
14.
Members desirous of getting any information about the Accounts and / or Operations of the Company are requested to
address their queries to the Company Secretary at least seven days in advance of the Meeting so that the information
required can be made readily available at the Meeting.
26th May, 2016
By Order of the Board of Directors
Registered Office:
4th Floor, Himalayas,
Geetmala Complex,
Near Shah Industrial Estate,
Govandi East, Mumbai 400 088
CIN: L63000MH1988PLC048500
Namrata Malushte
Company Secretary
ROUTE MAP OF AGM VENUE
Chembur Station
:
Ghatkopar Station :
Chembur Monorail :
650 meters
4.2 kms
110 meters
DIRECTORS REPORT
To
The Members,
Your Directors are pleased to present the Twenty Eighth Annual Report of your Company together with the Audited Statement of
Accounts and the Auditors Report of your company for the financial year ended, 31st March, 2016.
FINANCIAL RESULTS:
(` In Lacs)
Particulars
Operating Income
Other Income
Profit before Interest, Depreciation and Tax
Borrowing Cost
Depreciation
Profit before Tax, Prior Year Adjustment & Exceptional Item
Exceptional Item
Prior Year Adjustment
Provision for Tax
Profit/ (Loss) After Tax
Balance Brought Forward from Previous Year
Amount Available for Appropriation
Appropriations:
Transfer to Tonnage Tax Reserve
Interim Equity Dividend
Proposed Equity Dividend
Tax on Equity dividend
Balance Carried Forward to Balance Sheet
Current Year
ended on
31st March, 2016
31,299.99
508.85
7,507.88
(890.94)
(1,598.76)
5,018.17
(150.38)
4,867.80
5,688.76
10,556.56
Previous Year
ended on
31st March, 2015
29,074.81
157.10
10,507.50
(705.59)
(888.94)
8,912.97
(2,878.57)
(621.39)
(85.00)
5,328.01
2,642.36
7,970.37
(950.00)
(285.45)
(58.11)
9,263.00
(1,760.00)
(153.70)
(285.45)
(82.46)
5,688.76
DIVIDEND
weight of over 1,90,000.
Your Company proposes a Dividend of 13% for the year 20152016. The dividend will be paid to the Members whose name
appear in the Register of Members as on 21st July, 2016 and in
respect of shares held in dematerialized form, it will be paid to
members whose names are furnished by National Securities
Depository Limited and Central Depository Services (India)
Limited, as beneficial owners as on that date.
Your Company has deployed all the vessels on the Indian

Coast. Presently the services extend till Jebel Ali. In line with
the Sagarmala Project introduced by the Ministry of Shipping,
your Company offers services on the entire Indian coast.
REVIEW OF OPERATIONS
During the year, your Company acquired three container
vessels namely M.V. SSL Bharat, M. V. SSL Chennai and
M. V. SSL Visakhapatnam. M. V. SSL Visakhapatnam which
is a sister vessel of M. V. SSL Gujarat was acquired in
March, 2016. Thus the total tonnage owned by your Company
sums upto over 13,500 teus. With these acquisitions,
your Company owns a fleet of 9 vessels with a total dead
Your Companys consolidated total income increased from

` 548 crore to ` 601 crore recording an increase of 9.67% in
the top line. The consolidated Net Profit has reduced from
` 61.75 crore to ` 49.50 crore. The stand alone total income
increased from ` 292 crore to ` 318 crore.
The fixed assets has increased from ` 174 crore to ` 252 crore
registering a growth of 45% with an average fleet age of 20.33
years. The secured loan has increased from ` 99.40 crore to
` 160.44 crore, the interest cost has increased from ` 7.06
crore to ` 8.91 crore thereby securing a debt equity ratio of
0.71 times.
There has been an increase in the overall tonnage carried by

the Company. In fact, the tonnage carried by your Company
is 64% higher in the current year as compared to 2014-2015.
However, the profits have been impacted by the reduction in
the freight rates in the domestic as well as international trade.
outlook of the Company and its business is given in the

Management Discussion and Analysis appearing as Annexure
IV to this Report.
REPORT ON CORPORATE GOVERNANCE
M/s. PKF Sridhar & Santhanam LLP (Firm Registration

No.003990S/S200018), Chartered Accountants, retire at
the conclusion of the 28th Annual General Meeting and offer
themselves for re-appointment. They have confirmed their
eligibility and willingness to accept office, if re-appointed.
As required by Regulation 34(3) of the SEBI Regulations,

a detailed Report on Corporate Governance is given as
Annexure V to this Report alongwith the Auditors Certificate
on its compliance by the Company and applicable certification
of the Chief Executive Officer and Chief Financial Officer and
Declaration by the Managing Director affirming compliance
with Code of Conduct for the year under review
SECRETARIAL AUDITORS
LOANS, GUARANTEE AND INVESTMENTS
Pursuant to the provisions of Section 204 of the Companies

Act, 2013 and the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the Company has
appointed M/s D. M. Zaveri & Co. a firm of Company Secretaries
in Practice to undertake the Secretarial Audit of the Company.
The Report of the Secretarial Audit Report is annexed herewith
as Annexure I. The Secretarial Audit Report does not contain
any qualification, reservation or adverse remark.
Details of Loans, Guarantees and Investments are given in the

Notes to Financial Statements
STATUTORY AUDITORS
The Company has complied with the provisions of Section135

of the Companies Act, 2013 pertaining to Corporate Social
Responsibility except Section 135(5). The Company has
informed that the unspent amount of CSR during the year
under report has been apportioned and is intended to be
utilized in a phased manner in future upon identification of
suitable projects within the Companys CSR Policy.
RELATED PARTY TRANSACTIONS
During the period under review, all transactions entered
into by the Company with the Related Parties were at arms
length and in the ordinary course of business as required
under section 188 of the Companies Act, 2013. There was
no material transaction with any Related Party. The Company
has entered into transactions with related parties as entered
in Form No. AOC-2 annexed to this report as Annexure II. The
Related Party Transactions have a prior approval of the Audit
Committee.
EXTRACT OF ANNUAL RETURN
Pursuant to section 134(3)(a) and Section 92(3) of Companies
Act, 2013 read with relevant Rules framed thereunder, the
extract of Annual Return as on 31st March, 2016 forms part of
this Report as Annexure III.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed review of the operations, performance and future
TRANSFER TO RESERVES
For the financial year ended 31st March, 2016, your Company
has not transferred any amount to Reserves.
INVESTOR EDUCATION AND PROTECTION FUND
In accordance with provisions of the Companies Act, 2013,
an amount of ` 7.81 lacs being unclaimed dividend for the
year ended 31st March, 2008 was transferred during the year
to the Investor Education and Protection Fund established by
the Central Government.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR OTHERS
There are no significant and material orders passed by the
regulators or others.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Company has 11 Directors consisting of 5 Non
Independent Directors including 2 Whole Time Directors and 6
Independent Directors.
Mr. S. Mahesh retires by rotation at the ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
This appointment forms part of the Notice of the Annual
General Meeting and the Resolution is recommended for your
approval. Profile of Mr. S. Mahesh is given in the Report on
Corporate Governance forming part of this Report.
All the Independent Directors have affirmed their Independence
under Section 149(6) of the Companies Act, 2013. The
Company has obtained requisite declaration to that effect from
the said Directors.
The Company has received declarations from all the

Independent Directors of the Company confirming that they
meet the criteria of independence as prescribed both under
the Act and SEBI Regulations. The Company has devised a
Policy for performance evaluation of Independent Directors,
Board, Committees and other individual Directors which
include criteria for performance evaluation of the non-executive
directors and executive directors.
During the year under review, the Company has designated
the following persons as Key Managerial Personnel:
Sr.
No
1
2
3
4
5
Name
Designation
Mr. S. Ramakrishnan
Chairman & Managing

Director
Executive Director
Chief Executive Officer
Chief Financial Officer
Company Secretary
Mr. V. Ramnarayan
Capt. Vivek Kumar Singh
Mr. Rajesh Desai
Ms. Namrata Malushte
and efficient management of internal control and assurance

activities.
VIGIL MECHANISM
In line with Regulation 22 of SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015, the Company
has adopted a Whistle Blower Policy. The mechanism
encourages the Whistle Blower to report genuine concerns
or grievances. It also provides adequate safeguard to the
Whistle Blower against victimization. The Policy on Whistle
Blower may be accessed on the Companys website at
www.transworld.com/shreyas.
POLICY ON SEXUAL HARRASMENT
The Company has adopted Charter Under The Sexual
Harrasment of Women at Workplace (Prevention, Prohibition
And Redressal) Act, 2013. During the year ended 31st March,
2016, the Company has not received any complaints pertaining
to Sexual Harrasment.
BOARD MEETINGS
QUALITY
During the year 2015-16, the Board met six times. Detailed
information is provided in the Report on Corporate Governance,
which forms part of this Annual Report.
Quality, integrity and safety have been core to the Company.

We firmly believe that the pursuit of excellence is one of the
most critical components for success in the competitive market
and therefore, consistently strive to adhere to the highest
quality standards. The Standard ISO 9001:2008 is valid upto
30th October, 2016.
CORPORATE SOCIAL RESPONSIBILITY

In compliance with Section 135 of the Companies Act, 2013 and
Rules read thereunder, the Company has formed a Committee
for Corporate Social Responsibility (CSR). The members of the
Committee met on 21st March, 2016. The Transworld Group has
been undertaking the Social Responsibility over a period now.
Thus the Company is dedicated to the Social Responsibility.
It aspires to undertake a social cause thereby making a
difference to the Society in its own way. The Company has
identified education and child care as its area for CSR and will
shortly commence its activities. During the year, an amount of
` 40.51 lacs has been apportioned for the CSR. Cumulatively
an amount of ` 48.13 is apportioned for CSR.
FIXED DEPOSITS:
The Company has not accepted fixed deposits from the public
during the year under review.
SUBSIDIARY COMPANY:
The Company has one wholly owned subsidiary as on
31st March, 2016, Shreyas Relay Systems Limited.
Mr. Amitabha Ghosh, Non Executive Independent Director has
been appointed as the Nominee Director of the Company in
Shreyas Relay Systems Limited.
RISK MANAGEMENT
CONSOLIDATED ACCOUNTS
The Company has a Risk Management Policy in place wherein

all associated business risks are factored, identified and
assessed. In accordance with the provisions of Regulation
21 of SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015, the Company has a Committee for
periodically evaluating the various risks. The Company
has introduced several improvements to drive a common
integrated view of risks, optimal risk mitigation responses
The Consolidated Financial Statements are prepared

in accordance with the relevant Accounting Standards
prescribed under Section 133 of the Act read with Rule 7 of
the Companies (Accounts) Rules, 2014.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of clause (c) of sub-section (3) of Section 134 of the
Companies Act, 2013, the Directors hereby state that:
(a)
In the preparation of the annual accounts for the year

ended 31-03-2016, the applicable accounting standards
had been followed along with proper explanation relating
to material departures;
(b)
Appropriate accounting policies were selected and

applied consistently. The Directors 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 and loss
of the company for that period;
(c)
(d)
(e)
(f)
Sr. Name of the Director

No
2.
Proper and sufficient care was taken for the maintenance

of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the
company and for preventing and detecting fraud and
other irregularities;
Internal financial controls are laid down and followed by

the company and that such internal financial controls are
adequate and were operating effectively.
Proper systems are devised to ensure compliance
with the provisions of all applicable laws and that such
systems were adequate and operating effectively.
OF
EMPLOYEES
AND
RELATED
In terms of the provisions of Section 197(12) of the Act read

with Rules 5(2) and 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014,
a statement showing the names and other particulars of the
employees drawing remuneration in excess of the limits set
out in the said rules need to be provided in the Annual Report.
However, having regard to the provisions of the first proviso
to Section 136(1) of the Act and as advised, the Annual
Report excluding the aforesaid information is being sent to the
members of the Company. The said information is available
for inspection at the registered office of the Company during
working hours and any member interested in obtaining such
information may write to the Company Secretary and the same
will be furnished on request.
The Ratio of Remuneration of each Director to the Median

Remuneration of the employees for the year 2015-16
10
Percentage Increase In
Remuneration
142.56%
NIL
41.46%
19.13%
19.30%
3.
The percentage increase in the Median Remuneration of

employees in the year 2015-16: 14.40%
4.
The No. of permanent employees on the rolls of the

Company: 32
5.
The explanation on the relationship between average

increase in Remuneration and Company performance:
Disclosures pertaining to remuneration and other details as

required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014:
1.
The percentage increase in Remuneration of each

Director, Chief Financial Officer, Chief Executive Officer,
Company Secretary
Sr. Name
No
1
Mr. S. Ramakrishnan,
Chairman & Managing
Director
2
Mr. V. Ramnarayan,
Executive Director
3
Capt. Vivek Kumar
Singh, Chief Executive
Officer
4
Mr. Rajesh Desai, Chief
Financial Officer
5
Ms. Namrata Malushte,
Company Secretary
The annual accounts are prepared on a going concern

basis; and
PARTICULARS
DISCLOSURES
Ratio Of Remuneration
To The Median
Remuneration Of The
Employees
Mr. S. Ramakrishnan, 28.32:1
Chairman & Managing
Director
Mr. V. Ramnarayan, 1.09:1 (till 31st May, 2015)
Executive Director
7.
(i)
Average increase in Remuneration: 22.21%
(ii)
Company has reported Net Profit of ` 48.68 Crores

in F.Y.15-16
Comparison of Remuneration of Key Managerial

Personnel against the performance of the Company
(i)
Total Remuneration of Key Managerial Personnel:

` 3.92 Crores
(ii)
Company Performance: Company has reported

Net Profit of ` 48.68 Crores in F.Y. 15-16. The
Remuneration of KMPs to the Net Profit works out
to 8.05%.
i.
Variations in the Market Capitalisation of the
Company, Price Earnings ratio as at the Closing

Date of the Current Financial Year and Previous
Financial Year
Particulars
As On
31st March,
2016
As On
31st March,
2015
Market
Capitalisation
BSE :
` 567.60 Cr.
BSE :
` 887.96 Cr.
NSE :
` 572.43 Cr.
NSE :
` 883.79 Cr.
Price Earning
Ratio
Other Than
Managerial
Personnel
Managerial
Remuneration
Comparison of
Remuneration
16.70%
88.02%
The
remuneration of
KMP includes
remuneration
paid to
Chairman and
Managing
Director (CMD).
As approved by
the shareholders
in the previous
AGM, CMD
is paid
commission as
a percentage of
Net Profit
BSE :
BSE :
11.66 TIMES 16.67 TIMES
NSE :
NSE :
11.75 TIMES 16.59 TIMES
ii.
Market Quotations of the Shares of the Company

in Comparison to the Rate at which the Company
came out with the last Public Offer:
The Company came out with an IPO in 1994 at the
price of ` 20/- per equity share. As on 31st March,
2016, the market quotations of the Companys
share price (Closing Price) is as follows:
Sr.
No
8.
Name of
Exchange
Closing
price
Increase
over the
IPO price
BSE
` 258.50
1192.5%
NSE
` 260.70
1203.5%
Average percentile increase already made in salaries

of employees other than the Managerial Personnel
in the last Financial Year and its comparison with the
percentile increase in the Managerial Remuneration
and justification thereof and point out if there are any
exceptional circumstances for increase in Managerial
Remuneration
9.
Remarks
COMPARISON OF EACH REMUNERATION OF

KEY
MANAGERIAL
PERSONNEL
AGAINST
PERFORMANCE OF THE COMPANY
Sr.
No
Name of the
Key Managerial
Personnel
Remuneration
paid
for FY 15-16
Performance
of the
Company for
FY 2015-16
Mr. S. Ramakrishnan,
Chairman &
Managing Director
` 2.58
CRORES
` 48.68
CRORES
Mr. V. Ramnarayan,
Executive Director
` 9.98 LACS*
` 48.68
CRORES
Capt. Vivek Kumar

Singh, Chief
Executive Officer
` 79.31 LACS
` 48.68
CRORES
Mr. Rajesh Desai,

Chief Financial
Officer
` 35.14 LACS
` 48.68
CRORES
Ms. Namrata
Malushte, Company
Secretary
` 20.18 LACS
` 48.68
CRORES
* From 1st April, 2015 till 31st May, 2015.
11
10.
The Key Parameters for any variable Component of

Remuneration availed by Directors:
The remuneration paid to Chairman & Managing Director
includes Commission (upto 3%) as a percentage of
profits.
11.
The Ratio of The Remuneration of the Highest paid

Director to that of the employees who are not Directors
but receive Remuneration in Excess of the highest paid
Director during the Year: NA
12.
The Remuernation paid to the Key Managerial Personnel

is as per the Nomination and Remuneration Policy of the
Company
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,

FOREIGN EXCHANGE EARNINGS AND OUTGO:
Under the Notification No.GSR 1029, dated 31st December,
1988, companies are required to furnish prescribed
information regarding conservation of energy and technology
absorption. This, however, does not apply to your Company,
as the shipping industry is not included in the Schedule to the
relevant rules.
With regard to foreign exchange earnings and outgo for the
current year 2015-16, the position is as under:
(i)
(ii)
Foreign exchange earnings including

proceeds on sale of ship (on accrual
basis)
Foreign exchange outgo including
operating components, spare parts,
vessel funding and other expenditure
in foreign currency (on accrual basis)
12
( ` in lacs)
8,282.28
9,583.06
ACKNOWLEDGEMENTS
Your Directors thank the Companys Clients, Vendors,
Charterers, Business Associates, Main Line Operators,
Investors, Shareholders and Bankers for their continued
support during the year. It will be your Companys endeavor to
build and nurture strong links with them based on mutuality,
respect and co-operation with each other. Your Directors take
this opportunity to thank all employees for their hard work,
dedication and commitment. The enthusiasm and unstinting
efforts of the employees have enabled the Company to remain
at the forefront of the industry despite increased competition
from several existing and new players.
Your Directors place on record their appreciation for the support
and continued co-operation that the Company received from
the Government of India, the Ministry of Shipping, the Ministry
of Finance, the Ministry of Corporate Affairs, the Directorate
General of Shipping, the Mercantile Marine Department, the
Stock Exchanges, the Reserve Bank of India, the Central
Board of Excise and Customs, and other Government
agencies. Your Directors also express their sincere thanks to
the Indian National Shipowners Association, Port Authorities,
Insurance Companies, Protection and Indemnity clubs for
their continued support during the year.
For and on behalf of the Board of Directors
Place: Mumbai
Date: 26th May, 2016
S. Ramakrishnan
Secretarial Audit Report

Form No. MR-3
Annexure I
(v)
For the Financial year ended 31st March, 2016

[Pursuant to Section 204(1) of the Companies Act, 2013 and
rule No. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]
To,
The following Regulations and Guidelines prescribed

under the Securities and Exchange Board of India Act,
1992 (The SEBI):(a)
The Securities and Exchange Board of India

(Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
(b)

(Prohibition of Insider Trading) Regulations, 2015;
(c)

(Issue of Capital and Disclosure Requirements)
Regulations, 2009;
(d)
The Securities and Exchange Board of India (Share

Based Employee Benefits) Regulations, 2014;(Not
relevant / applicable, since there are no share
based benefits to employees during the year)
(e)
The Securities and Exchange Board of India (Issue

and Listing of Debt Securities) Regulations, 2008;
(Not relevant / applicable, since there is no issue of
debt securities during the year)
(f)

(Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
and dealing with client;
(g)

(Delisting of Equity Shares) Regulations, 2009; (Not
relevant / applicable, since there is no delisting of
equity shares during the year)
(h)

(Buyback of Securities) Regulations, 1998; (Not
relevant / applicable, since there is no buyback of
equity shares during the year)
(i)

(Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The Members,
Shreyas Shipping and Logistics Limited
I have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good
corporate practices by Shreyas Shipping and Logistics
Limited (hereinafter called the Company). Secretarial audit
was conducted in a manner that provided me a reasonable
basis for evaluating the corporate conducts/statutory
compliances and expressing my opinion thereon.
Based on my verification of the Shreyas Shipping and Logistics
Limiteds books, papers, minute books, forms and returns filed
and other records maintained by the Company and also the
information provided by the Company, its officers, agents and
authorized representatives during the conduct of secretarial
audit, I hereby report that in my opinion, the Company has,
during the audit period covering the Financial year ended on
31st March, 2016, complied with the statutory provisions listed
hereunder and also that the Company has proper Boardprocesses and compliance-mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company for
the financial year ended on 31st March, 2016 according to the
provisions of:
(i)
The Companies Act, 2013(the Act) and the rules made

thereunder;
(ii)
The Securities Contracts (Regulation) Act, 1956 (SCRA)

and the rules made thereunder;
(iii)
The Depositories Act, 1996 and the Regulations and the

Bye-laws framed thereunder;
(iv)
Foreign Exchange Management Act, 1999 and the

rules and regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment
and External Commercial Borrowings;
(vi)
The following laws are applicable to the Company in

addition to laws mentioned above
(a)
Merchant Shipping Act, 1958 and Rules made

thereunder;
(b)
Safety of Life Sea Convention (1974) including its

amendments;
13
(c)
Seamens Provident Fund Act, 1966.
I have also examined compliance with the applicable

clauses to the following:
(i)
Secretarial Standards issued by The Institute

of Company Secretaries of India;
(ii)
The Listing Agreements entered into by the

Company with BSE Limited and National
Stock Exchange of India Limited and revised
listing agreements entered with BSE/ NSE in
accordance with SEBI (Listing Obligations
and Disclosure Requirements) Regulations
2015;
During the period under review the Company has complied

with the applicable provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above. The
Company has complied with the provisions of Section 135
of the Companies Act, 2013 pertaining to Corporate Social
Responsibility except Section 135(5). The Company has
informed that the shortfall in the amount spent during the year
under report is intended to be utilized in a phased manner
in future upon identification of suitable projects within the
Companys CSR Policy and has apportioned the said amount
separately.
I further report that, the Board of Directors of the Company
is duly constituted with proper balance of Executive, Non
Executive Directors and Independent Directors. There are
no changes in the composition of the Board of Directors that
took place during the period under review were carried out in
compliance with the provisions of the Act.
Adequate notice is given to all the directors to schedule the
Board Meeting, agenda and detailed notes on agenda were
sent at least seven days in advance or in compliance of the
Act, and a system exists for seeking and obtaining further
information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
14
All decisions at Board Meetings and Committee Meetings are

carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committee of the Board,
as the case may be.
I further report that there are adequate systems and
processes in the company commensurate with the size and
operations of the company to monitor and ensure compliance
with applicable laws, rules, regulations and guidelines.
I further report that during the period under review the:1.
The members have approved Special resolution for buy

a container Vessel M.V. OEL Bharat from M/s Orient
Express Lines Inc, Panama, pursuant to section 188 of
Companies Act, 2013 and the rules framed thereunder
through Postal Ballot notice dated 30th April, 2015.
2.
The members have approved Special resolution for

revision in the remuneration of Mr. S. Ramakrishnan,
Chairman and Managing Director with effect from
1st April, 2015 through Annual General Meeting notice
dated 26th May, 2015.
For D. M. Zaveri & Co

Company Secretaries
Dharmesh Zaveri
(Proprietor)
FCS. No.: 5418
CP No.: 4363
Place: Mumbai
Annexure II
Form No. AOC - 2
Particulars of Contracts/Arrangements made with related parties
(Pursuant to Clause (h) of Sub-Section(3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014-AOC-2)
This Form pertains to the disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in Sub-section(1) of Section
188 of the Companies Act;2013 including certains arm's length transactions under third proviso thereto.
1)
There were no contracts or arrangements or transactions entered in during the year ended March 31, 2016, which were not at arm's length basis.
2)
Details of material contracts or arrangements or transactions entered in during the year ended March 31, 2016, which were at arm's length basis.
(Rs. In Thousands)
Name of the Related Party
Nature of Contract
Service / Freight income
Balaji Shipping Line FZCO
BLPL Singapore Pte. Ltd.
Orient Express Lines FZCO
Transworld GLS(I) Pvt Ltd
Albatross Shipping Ltd.
Orient Express Lines (Singapore) Pte. Ltd.
Shreyas Relay Systems Ltd.
Slot Charges Payable
Agency fees
Relay Shipping Agency Ltd.
Lanka Orient Express Lines Ltd.
Transworld Shipping & Logistics LLC, Dubai
Vessel Management Fees
Orient Express Ship Management Ltd.
Rent
Sivaswamy Holdings Pvt. Ltd.
Geeta Ramakrishnan
Vehicle Lease Rent
Manita Vivek Kumar Singh
Ratnaprabha Desai
Stores, Spares, Victualling, Repairs etc.
Admec Logistics Ltd.
Oracle Implementation
Encore Pierian Logistics Business Services Ltd.
Purchases of Vessels
Orient Express Lines Inc, Panama
Advance Paid
Nature of Relationship
Duration of contract
Salient term
Rs.
Fellow Subsidiary Company

Other related party
Other related party
Other related party
Other related party
Subsidiary Company
Not Applicable
Not Applicable
Charter Period 16th July, 2015
Not Applicable
Not Applicable
Not Applicable
Not Applicable
1st September,2005----Ongoing Contract
Based on transfer pricing guidelines

69,233
14,309
18,765
46
140
15,579
3,643
1,613,046
Not Applicable
21,870
Other related party

Other related party
Other related party
Other related party
1st April, 2013 - Ongoing Contract

23rd February,2014 - Ongoing Contract
1st Feburary, 2015 - Ongoing Contract
Not Applicable

20,225
549
3,870
232
Other related party
39,589
Other related party

Relatives of Key
Management Personnel
1st January, 2012 - Ongoing Contract


3,732
1,468
Other related party

Other related party
Ongoing Contract
Ongoing Contract
Not Applicable
Not Applicable
Other related party
Not Applicable
Other related party
11th November, 2013 - Ongoing Contract Based on transfer pricing guidelines
Not Applicable
660
282
Other related party

Other related party
Other related party
Other related party
Other related party
444,500
19,417
0.14
150
600
1,346
Appropriate approvals have been taken for related party transactions. Advances paid have been adjusted against billings, wherever applicable.
As per our report of even date
FOR AND ON BEHALF OF THE BOARD
FOR PKF SRIDHAR & SANTHANAM LLP

Chartered Accountants
Firm Regn No. 003990S/S 200018
S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Membership No. 18967
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
15
Annexure III
Form No. MGT-9

EXTRACT OF ANNUAL RETURN
as on the financial year ended on 31st March, 2016
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I.
REGISTRATION AND OTHER DETAILS
1.
2.
3.
4.
CIN
Registration Date
Name of the Company
Category/ sub-category of the Company
Address of the Registered Office and Contact Details
5.
6.
Whether listed Company (Yes/No)

Name, Address and Contact details of
Registrar and Transfer Agent
II.
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
L63000MH1988PLC048500
16th August, 1988
Shreyas Shipping & Logistics Limited
Public Company Limited by Shares
4th Floor, Himalayas, Geetmala Complex, Near Shah Industrial
Estate, Govandi (East) Mumbai 400 088. Maharashtra.
Phone: 66220300
Yes
Link Intime India Pvt Ltd
C-13, Pannalal Silk Mills Compound, L.B. S. Marg,
Bhandup (West), Mumbai 400 078
Tel: 022 25946970; Fax: 022 - 2594 6969
Email : [email protected]
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:
Sr. No Name and Description of Main Product/ Services NIC Code of the Product
1
Coastal Shipping Transportation
III.
6110
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. No Name and Address of the Company
1
IV.
% to total turnover of the

company
100%
Shreyas Relay Systems Ltd
CIN/GIN
U61100MH1994PLC077152
Holding/
Subsidiary of
the Company
Subsidiary
% of shares
held
Applicable
Section
100%
2(87)
SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i)
Category-wise Share Holding
Category of Shareholders
A. Promoters
1. Indian
a. Individuals/ Hindu Undivided
Family
b. Central Government
c. State Government(s)
d. Bodies Corporate
e. Financial Institutions / Banks
f. Any Other (specify)
Sub Total (A)(1)
16
No. of Shares held at the beginning of

the year (As at 01.04.2015)
Demat Physical
Total
% of
Total
Share
No. of Shares held at the end of the

year (As at 31.03.2016)
Demat Physical
Total
% of
Total
Share
% of
Change
During
the Year
2287370
2287370
10.42
2287370
2287370
10.42
0.00
0
0
0
0
0
2287370
0
0
0
0
0
0
0
0
0
0
0
2287370
0.00
0.00
0.00
0.00
0.00
10.42
0
0
0
0
0
2287370
0
0
0
0
0
0
0
0
0
0
0
2287370
0.00
0.00
0.00
0.00
0.00
10.42
0.00
0.00
0.00
0.00
0.00
0.00
Category of Shareholders
No. of Shares held at the beginning of

the year (As at 01.04.2015)
Demat Physical
Total
% of
Total
Share
No. of Shares held at the end of the

year (As at 31.03.2016)
Demat Physical
Total
% of
Total
Share
% of
Change
During
the Year
2. Foreign
a. NRIs- Individuals
1444075
1444075
6.58
1444075
1444075
6.58
0.00
b. Other - Individuals
0.00
0.00
0.00
c. Bodies Corporate
12351650
0 12351650
56.25
0.00
0 12351650
56.25 12351650
d. Banks / Financial Institutions
0.00
0.00
0.00
e. Any Other (specify)
0.00
0.00
0.00
Sub Total (A)(2)
13795725
0 13795725
62.83 13795725
13795725
62.83
0.00
Total Shareholding of Promoter 16083095

(A)=(A)(1)+(A)(2)
0 16083095
73.25 16083095
16083095
73.25
0.00
B. Public shareholding
1. Institutions
a. Mutual Funds
0.00
119260
600
119860
0.55
100.00
b. Banks / Financial Institutions
0.00
9393
9393
0.04
100.00
c. Central Government
0.00
0.00
0.00
d. State Government(s)
0.00
0.00
0.00
e. Venture Capital Funds
0.00
0.00
0.00
f.
0.00
0.00
0.00
g. FIIs
Insurance Companies
0.00
130059
130059
0.59
100.00
h. Foreign Venture Capital

Investors
0.00
0.00
0.00
i.
900
900
0.00
300
300
0.00
100.00
900
900
0.00
258712
900
259612
1.18
1.18
Indian
1108370
14000
1122370
5.11
1246792
14000
1260792
5.74
0.63
ii. Overseas
0.00
0.00
0.00
Individual shareholders holding

nominal share capital up to Rs
1 Lakh
2077006
550701
2627707
11.97
1910686
506226
2416912
11.01
-0.95
ii. Individual shareholders holding

nominal share capital in excess
of ` 1 Lakh
1624103
1624103
7.40
1430756
1430756
6.52
-0.88
Any Other (UTI)
Sub Total (B) (1)

2. Non-institutions
a. Bodies Corporate
i.
b. Individuals
i.
c. Others
499358
499358
2.27
506366
506366
2.31
0.04
Sub Total (B)(2)
5308837
564701
5873538
26.75
5094600
520226
5614826
25.57
-0.01
Total Public Shareholding

(B)=(B)(1)+(B)(2)
5308837
565601
5874438
26.75
5353312
521126
5874438
26.75
0.00
Total (A)+(B)
C. Shares held by custodians for
GDRs and ADRs
GRAND TOTAL (A)+(B)+(C)
21391932
0
21391932
565601 21957533 100.00 21436407

0
0.00
565601 21957533 100.00 21436407
521126 21957533 100.00

0
0.00
0.00
521126 21957533 100.00
0.00
17
(ii)
Shareholding of Promoters
Sr.
No
Shareholders Name
Shareholding at the beginning of

the year (AS AT 01.04.2015)
No of
Shares
TRANSWORLD HOLDINGS
LIMITED
% of total % of shares
shares
pledged/
of the
encumbered
company
to total
shares
12351650
56.25
ANISHA VALLI RAMAKRISHNAN
1167325
5.32
MITHILA V MAHESH
1167325
5.32
RITESH S. RAMAKRISHNAN
168375
0.77
MURLI S MAHESH
168375
RAJAN RAMNARAYAN
7
8
Shareholding at the end of the

year (AS AT 31.03.2016)
No of
Shares
0 12351650
%
change
in
% of total % of shares
shareshares
pledged/
of the
encumbered holding
during
company
to total
the
year
shares
56.25
1167325
5.32
1167325
5.32
168375
0.77
0.77
168375
0.77
140875
0.64
140875
0.64
RAJIV RAMNARAYAN
136375
0.62
136375
0.62
L. B. CULAS
120845
0.55
120845
0.55
MAHESH SIVASWAMY
112475
0.51
112475
0.51
10
S RAMAKRISHNAN
109375
0.50
109375
0.50
11
V RAMANARAYAN
109375
0.50
109375
0.50
12
BRINDA RAMNARAYAN
108375
0.49
108375
0.49
13
GEETA RAMAKRISHNAN
108375
0.49
108375
0.49
14
MALA MAHESH IYER
108375
0.49
108375
0.49
15
BHAGIRATHI IYER
5000
0.02
5000
0.02
16
ABHINAV KUMAR
600
0.00
600
0.00
(iii) Change in Promoters Shareholding (please specify, if there is no change)

Sr.
No
Particulars
Shareholding at the
beginning of the year
Cumulative Shareholding
during the year
No. of shares
% of total shares
of the company
No. of shares
% of total shares
of the company
At the beginning of the year
16083095
73.25
16083095
73.25
Sale of Shares (No Change)
N.A.
N.A.
N.A.
N.A.
At the End of the Year
16083095
73.25
16083095
73.25
18
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Sr.
No
Shareholders Name
1
2
3
4
5
6
ASHISH KACHOLIA
PARAM CAPITAL RESEARCH PRIVATE LIMITED
EARNEST SHIPPING AND SHIP BUILDERS LIMITED
VIMAL SAGARMAL JAIN
PRATIBHUTI VINIHIT LIMITED
L AND T MUTUAL FUND TRUSTEE LTD-L AND T INDIA
VALUE FUND
PRATIBHUTIVINIYOGLTDMARGINA/C
M.L.DAMANI SECURITIES PVT. LTD
SLG INTERNATIONAL OPPORTUNITIES,L.P
ADITYA OMPRAKASH DAMANI
NEEPA K SHAH
VIKRAM OMPRAKASH DAMANI
PRITI KARWA
PORINJU V VELIYATH
AJAYKUMAR VAKHARIA
SURESH BHATIA
SETHURAMAN PALANIVELU
7
8
9
10
11
12
13
14
15
16
17
(v)
0
0
0
104951
102415
100000
50090
49620
46281
45551
42668
0.00
0.00
0.00
0.48
0.47
0.46
0.23
0.23
0.21
0.21
0.19
Shareholding at the % change

end of the year (AS
in shareAT 31.03.2016)
holding
No of
% of total during the
year
Shares
shares
of the
company
581190
2.65
0.75
265265
1.21
100.00
169801
0.77
100.00
167760
0.76
0.20
135381
0.62
100.00
119260
0.54
100.00
115100
96500
92700
91101
88756
90000
50090
0
0
0
0
0.52
0.44
0.42
0.41
0.40
0.41
0.23
0.00
0.00
0.00
0.00
100.00
100.00
100.00
-0.07
-0.07
-0.05
0.00
-100.00
-100.00
-100.00
-100.00
Shareholding of Directors and Key Managerial Personnel:
Sr.
No
Shareholders Name
1
2
3
4
5
S RAMAKRISHNAN
V RAMANARAYAN
CAPT. VIVEK KUMAR SINGH
RAJESH DESAI
NAMRATA MALUSHTE
V.
Shareholding at the
beginning of the year
(AS AT 01.04.2015)
No of
% of total
Shares
shares
of the
company
415906
1.89
0
0.00
0
0.00
122490
0.56
0
0.00
0
0.00
Shareholding at the beginning Shareholding at the end of the

of the year (AS AT 01.04.2015)
year (AS AT 31.03.2016)
No of Shares
% of total
No of Shares
% of total
shares of the
shares of the
company
company
109375
0.50
109375
0.50
109375
0.50
109375
0.50
4262
0.01
1000
0.00
625
0.00
625
0.00
0
0
0
0
% change in
share-holding
during the year
0
0
-0.01
0.00
0
INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
Particulars
Indebtness In the beginning of the year
1)
Principal Amount
2)
Interest due but not paid
3)
Interest accrued but not due
Indebtness In the end of the year
1)
Principal Amount
2)
Interest due but not paid
3)
Interest accrued but not due
Secured Loans
Excluding Deposits
Unsecured
Loans
(Amount in `)
Total
Indebtedness
Deposits
99,39,50,169
Nil
30,88,613
Nil
Nil
99,39,50,169
Nil
30,88,613
1,60,44,42,414
Nil
14,95,580
Nil
Nil
1,60,44,42,414
Nil
14,95,580
19
VI.
REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A.
Remuneration to Managing Director, Whole-time Directors and/or Manager
Sr.
No
Particulars of Remuneration
Gross Salary
(a) Salary as per provisions contained in Section 17(1)
of the Income Tax Act, 1961
(b) Value of Perquisites u/s 17(2) Income Tax Act, 1961
(c) Profits in lieu of salary under section 17(3) of the
Income Tax Act, 1961
Stock option
Sweat Equity
Commission
`- as a % of profit
`- others, specify
Others Please Specify
Contribution to PF
Gratuity
2
3
4
Name of MD/ WTD/Manager

S. Ramakrishnan
V. Ramnarayan
B.
Remuneration to other directors
I.
Independent Director
Particulars of
Remuneration
INDEPENDENT
DIRECTORS
SITTING FEES
COMMISSION
OTHERS
II.
Total Amount
1,10,99,960
9,98,000
1,20,97,960
1,40,00,000
7,20,000
-
1,40,00,000
7,20,000
-
Name of Directors
S.
RAGOTHAMAN
MANNIL
VENUGOPALAN
AMITABHA
GHOSH
D. T.
JOSEPH
MAYA
SINHA
MAN MOHAN
SAGGI
3,30,000
NIL
NIL
3,60,000
NIL
NIL
3,00,000
NIL
NIL
4,35,000
NIL
NIL
3,75,000
NIL
NIL
3,90,000
NIL
NIL
TOTAL
AMOUNT
21,90,000
NIL
NIL
Other Non-Executive Directors
Particulars of
Remuneration
OTHER
NON EXECUTIVE
DIRECTORS
SITTING FEES
COMMISSION
OTHERS
20
Name of Directors
TOTAL AMOUNT
RITESH S.
RAMAKRISHNAN
S. MAHESH
L. B. CULAS
1,65,000
NIL
NIL
60,000
NIL
NIL
1,20,000
NIL
NIL
3,45,000
NIL
NIL
C.
Sr.
No
Remuneration to Key Managerial Personnel other than MD/MANAGER/WTD

Particulars of
Remuneration
Name of KMP
RAJESH
NAMRATA
Total Amount
VIVEK KUMAR
SINGH
DESAI
MALUSHTE
15-16
14-15
15-16
14-15
15-16
14-15
15-16
14-15
77,11,779 49,31,684 32,97,579 28,49,302 19,43,134 16,26,937 1,29,52,492
94,07,922
Gross Salary
(a) Salary as per
provisions
contained in
Section 17(1) of
the Income Tax
Act, 1961
(b)
Value of
Perquisites u/s
17(2) Income Tax
Act, 1961
39,600
21,600
21,600
21,600
21,600
72,000
82,800
2,20,044
-
2,03,746
50,936
1,09,320
-
1,01,218
25,304
1,07,244
-
65,261
16,315
4,36,608
-
3,70,224
92,556
(c)
2
3
4
Profits in liue
of salary under
section 17(3) of the
Income Tax Act,
1961
Stock option
Sweat Equity
Commission
- as a % of profit
- others, specify
Others Please Specify
Contribution to PF
Grautuity
28,800
VII. Penalties / Punishment/ Compounding of Offences

Type
Section of the
Companies Act
NIL
NIL
Brief Details of
Penalty Punishment/
Compounding Fees
imposed
NIL
Authority
[RD/NCLT/Court]
Appeal made, if any

(give details)
NIL
NIL
21
Managements Discussion and Analysis
Annexure IV
Industry Structure and Developments
Logistics
Coastal Shipping
India has made significant footmark in global economic arena

in past decade, our economy is projected to grow to 7.5 per
cent by 2020. This projection is mainly based on Make in India
initiative to boost manufacturing production and investments
in infrastructure and information technology for improving
productivity. With focus on boosting production and improving
productivity plans, economic pundits and entrepreneurs are
optimist about our future growth prospects.
The importance of Coastal Shipping in India has increased

manifold in the past few years. India lies in geographical
proximity to important shipping routes which gives a natural
advantage to the country's shipping. Moreover, shipping is
no longer an isolated mode of transport but forms a part of
an intermodal transport chain linking other transport modes.
Given its inherent advantage of a vast coastline, India can prove
to be an effective transhipment hub. In fact, it is now evident
that coastal shipping has the potential to drive transhipment at
Indian ports which would enhance the price competitiveness
of the Indian exports.
In order to give an impetus to the development of coastal
shipping in India, the Ministry of Shipping organized the
Maritime India Summit, 2016, which was its maiden flagship
initiative. This Summit gave an extensive platform to the
shipping fraternity to explore business opportunities at large.
It is said that a robust maritime sector with strong and efficient
port infrastructure can prove to be a strong catalyst of economic
growth. The Ministry has therefore also launched the ambitious
Sagarmala Project which endeavors to transform the Indian
shipping sector. This project includes modernisation of ports
and islands, setting up of coastal economic zones, new major
ports and fish harbours.
During the year 2015-2016, the container throughput handled
at major ports in India was 123 million tonnes which a growth
of 3% over the previous fiscal. In fact, these ports cumulatively
handled 8.2 million 20 teus units compared with 7.96 million
teus. During 2015-16, Mormugao recorded highest growth
in traffic 41.2% followed by Chidambaranar (13.7%), Kolkata
Dock System (9.2%), Kandla (8.2%), Haldia Dock Complex
(8.1%), Paradip (7.6%), Kamarajar (6.5%), Cochin (2.3%) and
JNPT (0.4%).
In terms of total tonnage for the current year, major ports
saw cargo volumes grow 4.31 % in fiscal 2015-16 to 606.4
million tons from 581.34 million in the previous year. Kandla
demonstrated a record-setting annual volume of 100 million
tons, followed by Paradip, at 76.4 million tons; JNPT, at 64
million tons; Mumbai, at 61 million tons; Visakhapatnam, at 57
million tons; and Chennai, at 50 million tons, according to the
collected data.
22
According to United Nations and MAPI (Manufacturers

Alliance for Productivity and Innovation) research, India ranks
9th for world production share (1st China, 2nd USA and 3rd
Japan). The Make in India initiative, while boosting Indias
industrial production, will call for increase in transportation
activities. Transportation cost for manufacturing industry is
critical, as it is part of the cost of production of the goods. The
objective for manufacturers is to bring this cost to minimum
so that the economy can derive maximum benefit. Based
on Logistic Performance Index (4th edition), released by
World Bank indicated that India's ranking has slipped from
39th to 54th rank. This ranking is crucial because Logistics
performance and trade facilitation are strongly associated
with trade expansion, export diversification, attractiveness to
foreign direct investment, and economic growth. With respect
to logistics cost (per cent) to GDP, according to World Bank
Data, Logistics industry cost contributes to around 9 per cent
of the world GDP for developed countries, whereas Indian
logistics industry cost contributes to 13 per cent of our GDP.
Most commonly used transportation modes in India are Road
Logistics almost 60 per cent (heavily congested) and Rail
Logistics almost 33 per cent (full utilized); accounting to over
93 per cent, which are already overburdened and it is unlikely to
keep up with the pace of our future growth demands.Presently
there are 177 interstate check posts and 268 toll barriers on
national highways. In India, a truck can cover only 250400
km per day compared to 700800 km in developed countries.
According to Planning Commission Report, in a given year,
a truck on Indian roads can cover 60K 1 Lacs km, while in
the US, a truck can travel up to 4 Lac km a year. Also, World
Bank has estimated that trucks delays at checkpoints costs
our economy anywhere between INR 900 Cr to INR 2,300 Cr.
Outlook on opportunities
Coastal shipping
India is naturally blessed with a long coastline of over
7,500 kms and home to 14,500 kms of navigable waterways to
movement of mechanized vessels. The country has 13 major
ports and more than 180 minor ports spread across 9 maritime
states which can play a vital role in maritime transport & trade
and are the economic drivers for the country and regions.
However, coastal shipping presently accounts for only 7 per
cent of overall cargo movement in India. Promotion of coastal
shipping is essential due to the potential economic and social
benefits it could confer. Hence it is important to address issues
such as route development, capacity additions, and incentives
by reduction in fuel bill, logistic cost, impact of land congestion
& pollution on national economy and the environment. The
Ministry of Shipping has taken due cognizance of the same and
is intervening to simplify procedures to enable ease of doing
business. Numerous initiatives have been declared during the
year making Indian coastal shipping quite competitive with
other countries.
The Sagarmala project initiated by the Ministry envisages portled development including development of Special Economic
Zones, FTWZs, rail, road, and water connectivity with the
hinterland, with linkages to tourism & other related sectors,
port-led industrialization, port based urbanization, coastal
tourism, coastal shipping, fisheries, recreational activities. In
fact, major ports are undertaking studies to deepen the draft
to 18 meters to handle large and modern vessels.
on infrastructure, technology upgrades, and expansion of

sea and airport facilities, and a dedicated logistics corridor
in the rail network are likely to strengthen the Indian logistics
infrastructure. The booming e-commerce market in India is
bringing in new opportunities for Logistic Service Provider.
The evolving business model(s) in this space focuses on
containing logistics and delivery costs.
Outlook on Threats, Risks and Concerns
Shipping
Despite the untiring efforts invested by the Ministry, a
lot remains to be done for the Indian coastal shipping. It
continues to face hurdles at various stages. A major one
being availability of adequate bunkering facilities. Inadequate
bunkering infrastructure at most minor/intermediate ports acts
as an hindrance to coastal shipping. Another concern is the
unavailability of attractive financing options for procurement
of coastal vessels. This adds to the operating costs of the
Company thereby bringing down the possibility of a level
playing field with foreign competitors.
The last mile connectivity in case of coastal shipping is
economically viable only if the producers/consumers of the
shipped goods are within a distance of around 100 Km from
the loading/unloading point at the port side. This last mile
connectivity often proves to be a challenge in India driving
up the overall cost of transportation via coastal shipping.
Availability of dedicated infrastructure will go a long way in
promoting coastal shipping as a mode of freight transportation.
Logistics
Logistics
Growth prospects for the Indian logistics sector looks
promising in 2016 with support from numerous Government
initiatives in the areas of trade and industry promotion, logistics
infrastructure development, and tax reforms. In addition to
this, the booming e-commerce sector is likely to support
strong growth in the warehousing segment. Dedicated freight
corridor, increased port connectivity, and proposed auto
hub are likely to increase share of railways in land transport.
Despite economic uncertainties, the Indian logistics sector is
likely to grow above 6% in 2016.
India continues to have inherent challenges. The basic

challenge being poor infrastructure. There is insufficient
integration of transport, warehousing and information
technology facilities. There is a real dearth of manpower that
is skilled that can support this sector as it grows. The GST Bill,
though it would make the functioning of the sector smoother,
has still not been passed through. Also, there is a shortage
of investment in research and development capability. For
a sector to innovate and consistently reinvent itself as is
necessary for a growing sector, R & D should be an integral
part of the endeavor.
Government initiatives to promote the manufacturing sector

and exports are likely to increase the demand for logistics
functions. Trade with Asia, Europe, and North America are
likely to remain the major drivers for freight forwarding and
transportation companies in the region. Major investments
by both the public and private sectors in the last five years
The logistics sector, despite its many limitations, is slated for

significant growth in 2016 and indeed the coming years. It
remains to be seen whether this growth will be structured in
a way to ensure sustainability in the sectors operations. For
logistics players, exciting times with many changes lie ahead.
By positioning themselves well, players can ride the crest of
23
the wave of changes to grow and become more profitable.

Internal control systems and their adequacy
The philosophy we have with regard to internal control
systems and their adequacy has been formulation of effective
systems and their strict implementation to ensure that assets
and interests of the Company are safeguarded; checks and
balances are in place to determine the accuracy and reliability
of accounting data.
The Internal Audit, an independent appraisal function to
examine and evaluate the efficiency and effectiveness of the
internal control system, appraises periodically about activities
and audit findings to the Audit Committee, Statutory auditors
and the Top Management.
Internal audit ensures that systems are designed and
implemented with adequate internal controls commensurate
with the size and operations; transactions are executed and
assets are safeguarded and deployed in accordance with
the policies, existence of adequacy of internal controls in all
existing policies and procedures.
Performance review of Shreyas
Human resources
remained cordial throughout the year. The Company

continues to focus on the safety, training and development of
the employees.
Cautionary statement
Statements in this report describing the companys objectives,
projections, estimates and expectations may be forward
looking statements, within the meaning of applicable laws
and regulations, based on beliefs of Shreyas Management.
Such statements reflect the Companys current views with
respect to the future events and are subject to risks and
uncertainties. Many factors could cause the actual result to
be materially different from those projected in this report,
including amongst others, changes in the general economic
and business conditions, changes in the currency exchange
rates and interest rates, introduction of competing services,
lack of acceptance of new services, and changes in business
strategy. Shreyas does not intend to assume any obligation to
update any forward-looking statements or information, which
speak as of their respective dates reflecting circumstances
arising after this date or to reflect the occurrence of underlying
events, even if the underlying assumptions do not come to
fruition.
st
As on 31 March, 2016, the Company had 32 shore staff and

228 floating staff.
The relations between the employees and the Company
24
Place : Mumbai
Date : 26th May, 2016
S. Ramakrishnan
Report on Corporate Governance

Pursuant to Regulation 34 (3) read with Schedule V of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI Regulations)
I.
Corporate Governance Philosophy and Practice

The Corporate Governance philosophy of the Company
is based on the principles of transparency and highest
degree of disclosure levels and accountability for all
its stakeholders. We believe that sound corporate
governance is critical to enhance and retain stakeholders'
trust. Accordingly, we ensure that we conduct our
business with integrity. Our Board exercises its fiduciary
responsibilities in the widest sense of the term. We also
endeavor to enhance long-term shareholder value and
respect minority rights in all our business decisions.
II.
Annexure V
Board of Directors
i.
Composition of Board of Directors

The composition of the Board is in accordance
with the requirements set forth by Regulation 17 (1)
of SEBI Regulations. All the Directors are experts
in their respective fields / professions. The Board
consists of Eleven Directors of which two are
Executive Directors and nine are Non-Executive
Directors. The Chairman and Managing Director is
an Executive Director and Promoter. Six Directors
of the Company are Independent Directors and
five are Non-Independent Directors.
Details, as on date, of the composition of the Board and changes therein since the last Report, category of the Directors
and their attendance at Board meetings and the last Annual General Meeting, number of their other directorships and
Committee Memberships / Chairmanships is given below:
Name of the Director
Mr. S. Ramakrishnan3
Mr. V. Ramnarayan
Executive Director
Mr. S. Mahesh3
Director
Mr. L. B. Culas
Director
Mr. Ritesh S. Ramakrishnan4
Director
Mr. Mannil Venugopalan
Director
Mr. Amitabha Ghosh
Director
Mr. S. Ragothaman
Director
Mr. D. T. Joseph
Director
Capt Man Mohan Saggi
Director
Ms. Maya S. Sinha
Director
Category
Number of
Attendance
of
Board meetings
at the
Directorship1 attended out of
last AGM
Six held during (21.07.2015)
the year
2015-16
No. of
Directorships
in other
public limited
companies as
on 31.03.2016
No. of Committee
positions held in
other public limited
companies
as on 31.03.2016 2
Chairman Member
-
ED
Yes
ED
Yes
NIL
NED (NI)
Yes
NIL
NIL
NED (NI)
Yes
NIL
NIL
NED (NI)
Yes
NIL
NED (I)
Yes
NED (I)
No
NIL
NED (I)
Yes
NED (I)
Yes
NIL
NED (I)
Yes
NIL
NIL
NED (I)
Yes
NIL
NIL
25
vi.
Notes:
1.
2.
Category of Directorship:
ED
Executive Director
NED (NI)
Non-Executive Director and not

Independent
NED (I)
Non-Executive Director and

Independent
As required by Regulation 26 of SEBI Regulations,

only Membership / Chairmanship of the Audit
Committee and Stakeholders Relationship
Committee have been considered. None of the
Directors of the Company is a Member in more
than 10 Committees or act as Chairman of more
than 5 Committees across all companies in which
he is a Director.
3.
Mr. S. Ramakrishnan and Mr. S. Mahesh are

brothers.
4.
Mr. S. Ramakrishnan is father of Mr. Ritesh S.

Ramakrishnan.
ii.
Number of Board Meetings

Six Board meetings were held during the year
ended on 31st March, 2016. These were on 30th
April, 2015, 26th May, 2015, 13th August, 2015, 5th
November, 2015, 30th November, 2015 and 12th
February, 2016. The gap between any two Board
meetings did not exceed one hundred twenty
days as required by Regulation 17 (2) of SEBI
Regulations.
iii.
During the year 2015-16, the information

as mentioned in Schedule II Part A of SEBI
Regulations, has been placed before the Board of
Directors for its consideration.
iv.
The Company is in compliance with Regulation 17

to 27 and clauses (b) to (i) of sub regulation 2 of
Regulation 46 of SEBI Regulations.
v.
The details of the familiarisation programme

imparted to Independent Directors are available
on the website of the Company (www.transworld.
com/shreyas).
26
III.
Details of equity shares held by Non Executive

Directors as on 31st March, 2016:
Audit Committee of Directors (Audit Committee)

The Audit Committee of the Company is constituted in
line with provisions of Regulation 18 of SEBI Regulations,
read with Section 177 of the Companies Act, 2013.
i.
Terms of reference
The powers and terms of reference of the Audit
Committee are comprehensive and include all
that is mandated as per Regulation 18 of SEBI
Regulations and Section 177 of the Companies
Act, 2013. The Committee is vested with necessary
powers, as defined in its Charter, to achieve its
objectives.
The Committee, inter alia, has reviewed the financial
statements including Auditors Report for the year
ended 31st March, 2016 and has recommended
its adoption, records of related party transactions,
reports related to compliance of laws and risk
management and the financial statements of the
subsidiary companies.
All the members of the Audit Committee are
financially literate. In view of their professional
qualification
and
experience
in
finance,
Mr. Amitabha Ghosh, Mr. S. Ragothaman,
Mr. Mannil Venugopalan and Ms. Maya Sinha
are considered to have accounting and related
financial management expertise.
The Chief Financial Officer, representative of the
Internal Auditors and the statutory auditors are
permanent invitees to the meetings of the Audit
Committee. The Audit Committee invites such of
the executives to be present at its meetings.
ii.
Composition
The present composition of the Audit Committee and the details of meetings attended by its members is as follows:
Name
Mr. Amitabha Ghosh

Mr. S. Ragothaman
Mr. D.T. Joseph
Mr. Mannil Venugopalan
Mr. Ritesh S. Ramakrishnan
Capt Man Mohan Saggi
Ms. Maya Sinha
Position
held
Chairperson
Member
Member
Member
Member
Member
Member
Category
Non-Executive and Independent Director

Non-Executive and Non-Independent Director
Number of meetings
during year 2015-16
Held
Attended
5
4
5
5
5
5
5
5
5
3
5
5
5
5
The Company Secretary acts as the Secretary of the Committee

iii.
Meetings during the year

Five meetings were held for the year ended on 31st
March, 2016. These were on 25th May, 2015, 12th
August, 2015, 5th November, 2015, 12th February,
2016 and 21st March, 2016. The gap between any
two meetings did not exceed one hundred twenty
days as required by Regulation 18 (2) of SEBI
Regulations.
The necessary quorum was present for all the
meetings.
IV.
3.
To recommend to the Board on (i) policy

relating to remuneration for Directors,
Key Managerial Personnel and Senior
Management and (ii) Executive Directors
remuneration and incentive.
4.
To ensure that the remuneration for Directors

is reasonable and sufficient to attract, retain
and motivate appropriate Directors required
for running the Company effectively.
5.
To ensure that the remuneration to

Key Managerial Personnel and Senior
Management involves a balance between the
pay and goals appropriate to the working of
the Company.
6.
To ensure that the relationship of

remuneration to performance is clear and
meets appropriate performance benchmarks.
7.
To monitor the length of service of current

Board members, considering succession
planning issues and identifying the likely
order of retirement by rotation of nonexecutive directors.
Nomination and Remuneration Committee

The Nomination and Remuneration Committee of
the Company is constituted in line with provisions
of Regulation 19 of SEBI Regulations, read with
Section 178 of the Companies Act, 2013.
i.
Brief Description of Terms of reference:
1.
To carry out evaluation of the Directors

performance and recommend to the Board
appointment / removal based on his / her
performance.
2.
To formulate a criteria for determining

qualifications, positive attributes and
independence of a Director.
27
ii.
Composition
The present composition of the Remuneration Committee

is as follows:
Name
Mr. D.T. Joseph
V.
Position
held
Chairperson
Mr. Ritesh S.
Ramakrishnan
Member
Mr. S.
Ragothaman
Mr. Amitabha
Ghosh
Ms. Namrata
Malushte
Member
Member
Secretary
Category
Non-Executive and
Non-Executive and
Non Independent
Director
Non-Executive and
Non-Executive and
Company Secretary &
Compliance Officer
During the year the meeting of remuneration committee

was held on 25th May, 2015 and was attended by the
following members:
1.
Mr. D. T Joseph
2.
Mr. S. Ragothaman
3.
Mr. Amitabha Ghosh
Remuneration of Directors:
The Nomination and Remuneration Policy provides a
framework for appointment of Directors, Key Managerial
Personnel and Senior Management, their performance
evaluation and fixing their remuneration based on their
performance.
The Company pays remuneration to the Chairman and
Managing Director by way of Salary and Commission.
The commission as a part of profits is paid to the
Chairman and Managing Director upon the adoption of
quarterly accounts by the Board.
The details of remuneration paid to the Directors are as
follows:
a.
For Executive Directors
Sr.
No
Particulars of
Remuneration
1
2
Gross Salary
Commission
(As a part of
profit)
Contribution
to PF
S. Ramakrishnan V. Ramnarayan
(Chairman
(Executive
& Managing
Director)
Director) (in `)
(in `)
11,099,960
14,000,000
998,000
--
720,000
--
The appointment of Mr. S. Ramakrishnan is in terms of

the approval received from the Central Government vides
its letter bearing reference no. SRN No. C20907382/
2014 - CL-VII dated 20th November, 2014 valid from
28
1st April, 2014 upto 31st March, 2019. The members have
at the 27th Annual General Meeting held on 21st July,
2015 approved the payment of remuneration of upto
` 3 crores to the Chairman & Managing Director wherein
` 1.20 crores shall be fixed salary and upto 3% of Net
Profits shall be paid as a commission.
b.
For Non-Executive Directors
All fees / compensation paid to Non-Executive Directors

are fixed by the Board of Directors of the Company
within the limits prescribed by the Companies Act, 2013.
For the year ended 31st March, 2016, the Non-Executive
Directors were paid remuneration by way of sitting fees
for attending the Board and Committee Meetings as
follows:
Sr.
No
1
2
3
3
4
5
6
Meetings
Board of Directors
Audit Committee
Nomination & Remuneration
Committee
Independent Directors
CSR Committee
Risk Management Committee
Stakeholders Relationship
Committee
Sitting fees
(in. `)
30,000
30,000
30,000
30,000
15,000
15,000
15,000
The details of sitting fees paid to the Non-Executive

Directors for the year 2015-16 and shares held by them
in the Company as on 31st March, 2016 are as follows:
Name of the
Director
Mr. S. Mahesh
Mr. L. B. Culas
Mr. Ritesh S.
Ramakrishnan
Mr. Amitabha
Ghosh
Mr. S.
Ragothaman
Mr. D. T.
Joseph
Mr. Mannil
Venugopalan
Capt Man
Mohan Saggi
Ms. Maya S.
Sinha
Sitting
Sitting
Number of
Fees for
Fees for
Equity shares
Board
Committee* held in Shreyas
Meetings
Meetings
Shipping &
attended
attended
Logistics Ltd. as
on 31st March,
(`)
(`)
2016
60,000
-112,475
120,000
60,000
-105,000
120,845
168,375
120,000
180,000
NIL
120,000
240,000
3,000
180,000
255,000
NIL
180,000
180,000
NIL
180,000
210,000
NIL
150,000
225,000
NIL
*Includes all the Committees
Presently, the Directors of the Company who are

not in whole-time employment of the Company are
compensated only by way of sitting fees for attending the
meetings of the Board and its Committees. The Board
of Directors has not recommended commission for the
Directors not in whole-time employment of the Company
for the year ended 31st March, 2016. The Company does
not have a scheme for stock options for its Directors.
None of the Independent Directors had pecuniary interest
in or transactions with the Company during the year.
VI.
Stakeholders Relationship Committee

The Stakeholders Relationship Committee is constituted
in line with provisions of Regulation 20 of SEBI
Regulations read with Section 178 of the Companies Act,
2013.
The Stakeholders Relationship Committee is primarily
responsible for satisfactory redressal of investors
complaints.
Composition
The present composition of the Committee is as follows:
Name
Position
Category
held
Mr. D. T. Joseph
Chairperson Non Executive
Mr. V. Ramnarayan
Member
Executive Director
Ms. Namrata Malushte Secretary
Company Secretary
& Compliance Officer
Terms of reference
a.
Review the existing investor redressal system and
suggest measures for improvement.
b.
Resolution of investor grievances / complaints.
c.
Suggest improvement in investor relations.
d.
Consider and take on record Certificate from a practicing
Company Secretary under Regulation 40 (9) of Listing
Regualtions.
e.
Propose to the Board of Directors, the appointment / reappointment of the Registrar and Share Transfer Agent,
including the terms and conditions, remuneration,
service charge / fees.
Meetings and attendance during the year
One meeting of the Committee was held during the year ended
on 31st March, 2016 on 12th February, 2016. All members of
the Committee and the Secretary were present at the above
meetings.
The Secretarial Department of the Company, under the
supervision of the Company Secretary, who is also nominated
by the Company as the Compliance Officer as required
under Regulation 6 of Listing Regulations, and the Registrar
and Share Transfer Agent, M/s. Link Intime India Pvt. Ltd.
attend to all grievances of the Shareholders and the investors.

The Company and M/s. Link Intime India Pvt. Ltd. are
making further attempts to ensure that the grievances are
expeditiously addressed and redressed to the full satisfaction
of the Shareholders.
The details of Investor complaints received and redressed
during the year 2015-16 is as follows:
Opening Balance
Received during the year
Resolved during the year
Closing Balance
0
12
12
0
VII. Share Transfer Committee

The Share Transfer Committee has been specifically
constituted for approving the transfer / transmission /
transposition of shares and consolidation / splitting of
folios, issue of share certificates in exchange for subdivided, consolidated, defaced share certificates, etc.
ensuring compliance with legal requirements of share
transfers and co-ordination with the Registrar and
Share Transfer Agent, Depositories, etc. The present
composition of the Committee is as follows:
Name
Mr. S.
Ramakrishnan
Mr. V.
Ramnarayan
Mr. S. Mahesh
Mr. Rajesh Desai
Ms. Namrata
Malushte
Position held
Chairperson
Member
Member
Member
Secretary
Category
Chairman & Managing
Director
Executive Director
Director
Company Secretary &
Compliance Officer
Meetings of the Share Transfer Committee are usually held

fortnightly. 24 meetings of the Share Transfer Committee were
held during the year 2015-16.
VIII. Corporate Social Responsibility Committee
The Board of Directors at its meeting held on 11th
November, 2014 constituted the Corporate Social
Responsibility Committee (CSR Committee) as
required under Section 135 of the Companies Act, 2013.
Composition
Name
Mr. Ritesh S.
Ramakrishnan
Mr. V. Ramnarayan
Ms. Maya S. Sinha
Ms. Namrata Malushte
Position
Designation
Chairperson Non Executive
Director
Member
Executive Director
Member
Secretary
Company Secretary
29
Terms of Reference:
1.
To frame CSR policy and review it from time to time
2.
Ensure effective implementation and monitoring of CSR

activities as per the policy.
3.
Ensure compliance with laws governing CSR
4.
Report to the Board of Directors
2013-14
26th
2012-13
25th
One meeting was held during the year on 21st March,

2016.
IX.
Risk Management Committee

The Risk Management Committee is reconstituted in
accordance with Regulation 21 of SEBI Regulations. The
Committee meets at regular intervals and assesses the
risk areas for the Company and suggests measures to
mitigate such risks.
b.
Sivaswamy Auditorium
12th
August, of Fine Arts Cultural
Centre, 61/21 R.C.
2014
Marg, Opp.Vijaya Bank,
Chembur, Mumbai
400 071
nd
22
Sivaswamy Auditorium
July,
of Fine Arts Cultural
2013
Centre, 61/21 R.C.
Chembur, Mumbai
400 071.
11.00
a.m.
11.00
a.m.
Special resolutions passed at last three AGMs
Sr. Date of
No AGM
1
21st July,
2015
Special Resolutions passed
Mr. V. Ramnarayan
Chairperson
Executive Director
Ms. Maya S. Sinha
Member
Capt. Man Mohan Saggi Member
Approval of Remuneration upto ` 3 crore

to Mr. S. Ramakrishnan, Chairman &
Managing Director
1.
Being NRI, reappointment of
Mr. S. Ramakrishnan as Chairman
& Managing Director for a period of
5 years.
Capt. V. K. Singh
2.
Composition
Name
Position
Member
Designation
X.
General Body Meetings
a.
Particulars of the last three Annual General Meetings

(AGMs)
Financial AGM Date

year
No.
2014-15 27th
21st
July,
2015
30
Venue
Time
Sivaswamy Auditorium 11.00

a.m.
of Fine Arts Cultural
Centre, 61/21 R.C.
Chembur, Mumbai
400 071
12th August,
2014
Reappointment
of
Mr.
V.
Ramnarayan as Executive Director
for a period of 5 years.
3.
3
c.
22nd July,
2013
Alteration of Articles of Association

in line with Companies Act, 2013.
Approval of excess remuneration paid
to Mr. S. Ramakrishnan, Chairman &
Managing Director
Resolutions passed by Postal Ballot
i.
During the year, the Company has passed one
Special Resolution namely:
To obtain consent of the Members of the Company
under Section 188 of the Companies Act, 2013 to
acquire one container vessel from a related party
M/s Orient Express Lines Inc. Panama
Promoter/
Public
No. of
shares
held (1)
No. of votes polled (2)

Physical
Ballot
E-voting Total
% of Votes
Polled on
outstanding
shares
(3)=[(2)/(1)]*
100
0
0.0000
No. of
Votes
in
favour
(4)
No. of
Votes
against
(5)
% of Votes
against on
votes polled
(7)=[(5)/(2)]
*100
Promoter and
Promoter
Group
16083095
Public
Institutional
holders
Public-Others
Total
31400
30500
30500
97.1338
30500
100.0000
0.0000
5843038
21957533
26313
56813
20413
20413
46726
77226
0.7997
0.3517
46251
76751
475
475
98.9834
99.3849
1.0166
0.6151
ii.
The postal ballot was conducted by Mr. Dharmesh Zaveri of D. M. Zaveri & Co., Company Secretaries.
iii.
The Company does not propose to conduct any special resolution through Postal Ballot.
Procedure for Postal Ballot:

Upon receiving approval of the Board of Directors and consent
from the Scrutinizer, the notice of the Postal Ballot containing
text of the Resolution to be passed and the relevant Explanatory
Statement, postal ballot form, pre paid self address postage
envelope are sent to the shareholders to enable them to vote
on the Resolutions within a period of 30 days from the date of
dispatch. The Company also provides e voting facility to the
members to cast their vote by electronic means. A notice is
published in the local newspaper regarding dispatch of the
Postal Ballot notice. After the last date of receipt of ballots,
the Scrutinizer submits his report. Thereafter the results are
declared. The Scrutinizers report is submitted to the Stock
Exchange and also displayed on the Companys website.
XI.
% of
Votes in
favour on
votes polled
(6)=[(4)/(2)]
*100
0
NIL
XII. General Shareholders Information

Sr.
No.
i.
ii.
iii.
Salient items of
interest
AGM date
AGM Time
AGM Venue
iv.
Financial
Calendar
(tentative)
Results for the
quarter ending
30th June, 2016
30th September,
2016
31st December,
2016
31st March, 2017
Means of communication
a.
The quarterly and annual financial results of

the Company are being published in leading
newspapers to provide easier accessibility to
the Shareholders and are also displayed on the
Companys website www.transworld.com/shreyas
The financial results during the year 2015-16 were
published in The Free Press Journal and Nav
Shakti. The results are simultaneously uploaded
on the Companys website www.transworld.com/
shreyas.
b.
Official press releases and presentations as

and when made to the media and Analysts are
made available on the Companys website www.
transworld.com/shreyas
NIL
v.
vi.
vii.
viii.
Dates of Book
Closure
Dividend
Payment date
Listing on Stock
Exchanges
Stock Code
Particulars
21st Day of July, 2016
11.00 hrs
Sivaswamy Auditorium of Fine Arts
Cultural Centre
Chembur (East),
Mumbai 400 071
1.04.2016 to 31.03.2017
On or before 14th August, 2016

On or before 14th November, 2016
On or before 14th February, 2017
On or Before 30th May, 2017
Annual General Meeting is
proposed to be held in July 2017
14th July, 2016 to 21st July, 2016
On or after 26th July, 2016
BSE Limited (BSE)
P. J. Towers
Dalal Street, Mumbai 400001
National Stock Exchange of India
Ltd. (NSE)
Exchange Plaza, C-1, Block G.
Bandra Kurla Complex,
Bandra (East), Mumbai 400051
BSE - 520151
NSE - SHREYAS
31
Sr. Salient items of Particulars

No. interest
ix.
Registrar & Share M/s. Link Intime India Pvt. Ltd.
Transfer Agent
C-13, Pannalal Silk Mills
Compound, L. B. S. Marg,
Bhandup (West),
Mumbai 400 078
Tel no. 022 25946970, Fax No.
022 -25946969
E-mail: rnt.helpdesk@linkintime.
co.in
x.
Share Transfer
Transfers of Shares in physical
System
form are processed by M/s. Link
Intime India Pvt. Ltd. and are
approved by the Share Transfer
Committee, which usually meets
fortnightly. Transfers of Shares are
effected and Share Certificates are
dispatched within a period of 30
days from the date of receipt of
the request, provided the relevant
documents are valid and complete
in all respects.
Sr. Salient items of

No. interest
xiv. Plant locations
xv.
Address for
correspondence
xi.
xii.
xiii.
With a balance of foreign inflow and

outflow, the Company has a natural
hedge of foreign exchange.
32
Not applicable as the Company is

in shipping and logistics business.
Registered office:
4th Floor, Himalayas, Geetmala
Complex, Near Shah Industrial
Estate,
Govandi
(East),
Mumbai - 400 088.
Administrative office:
2nd Floor, Sahyadris, Geetmala
Complex, Near Shah Industrial
Estate, Opp. Deonar Village Road,
Govandi (E), Mumbai - 400 088.Tel.
No. 022 - 66220300 Fax. No.: 022
66220444.
Registrar & Share Transfer Agents
M/s. Link Intime India Pvt. Limited.
C-13, Pannalal Silk Mills
Compound, L. B. S. Marg,
Bhandup (West).
Mumbai 400 078.
Trading in the Companys Shares

is permitted only in dematerialised
form.
In respect of shares held in
dematerialised mode, the transfer
takes
place
instantaneously
between the transferor, transferee
and the Depository Participant
through electronic debit / credit of
the accounts involved.
Dematerialisation As at 31st March, 2016, 21436407
of shares (Equity) shares are in dematerialized mode.
Outstanding
GDRs / ADRs
NIL
/ Warrants or
any convertible
instruments,
conversion date
and likely impact
on equity
Commodity Price Fuel oil constitutes a major
Risk or Foreign
component of the Companys
Exchange Risk
operating cost. The Company faces
risk of volatility of the oil prices
and at relevant times, the option
of hedging may be considered.
However during the year, the
Company has not undertaken any
hedging activities.
Particulars
Tel No. 022 25946970,

Fax No. 022 -25946969
xvi
E-mail:
rnt.helpdesk@linkintime.
co.in
L63000MH1988PLC048500
CIN
XIII. Disclosures
a.
Transactions with related parties, as per

requirements of Accounting Standard 18, are
disclosed in Annexure to the Notes to Accounts.
These are not in conflict with the interests of the
Company in view of the following:
(i)
All details relating to financial and commercial

transactions, wherein Directors may have a
potential interest are provided to the Board and
the interested Directors neither participate in the
discussion, nor do they vote on such matters.
(ii)
These are at prices, which are reasonable, having

regard to the prevailing market prices at the
relevant time.
b.
The Company has a Whistle Blower Policy in place

and accordingly every person shall have access to
the Audit Committee under the said Policy.
c.
Disclosures have been received from Senior

Management personnel to the effect that during
the year ended 31st March, 2016, there were no

financial and commercial transactions in which
they had personal interest that may have a potential
conflict with the interest of the Company at large.
d.
e.
f.
g.
The Company has adopted the following policies

and are also uploaded on the Companys website
www.transworld.com/shreyas.
1.
Policy for Determination of Material Events
2.
Archival Policy
3.
Policy on Preservation of Documents
4.
Policy on determining Material Subsidiaries
With regard to matters related to capital markets,

the Company has duly complied with the
requirements of the Listing Agreements entered
into with the Stock Exchanges as well as the
regulations and guidelines of SEBI. Consequently,
no penalties were imposed or strictures passed
against the Company by SEBI, Stock Exchanges
or any other statutory authority.
The Company has complied with Part E of
Schedule II Of the SEBI Regulations, as follows:
1.
The statutory auditors report on financial

statements of the Company are unqualified.
2.
The Internal Auditors make presentations to

the Audit Committee on their reports.
3.
Mr. S. Ramakrishnan is the Chairman &

Managing Director and Capt. V. K. Singh is
the Chief Executive Officer of the Company.
Thus the Company has complied with the
requirement of having separate persons to
the post of Chairman and Managing Director
/ Chief Executive Officer.
As on 31st March, 2016, the Company has only one

subsidiary as follows:
Shreyas Relay Systems Ltd : 100% holding by the
Company
Shreyas Relay Systems Limited holds 51% in SRS
Freight Management Ltd
h.
Fuel oil being a commodity constitutes a major operating

expense for the Company. Any fluctuation in the oil prices
directly impacts the Company. The Risk Management
Committee periodically assesses the situation. During
the year, the Company has not undertaken any hedging

activity.
i.
The Company has fully complied with all the mandatory

requirements of SEBI Regulations.
j.
Disclosure regarding re-appointment of Directors

1.
Name Mr. S. Mahesh

Experience:
Mr. S. Mahesh, a Graduate in Commerce from the
University of Mumbai, has hands on experience in
ship owning and ship management. In addition,
he has expertise in International Trading. He is
presently based at Singapore and overlooks the
activities of the Transworld Group of Companies
in Far East countries. The Transworld Group of
Companies has been able to expand its presence
in these countries due to his expertise and vast
experience.
Companies In which Mr. Mahesh is interested
Albatross Inland Ports Private Limited
Crescent Shipping Agency (I) Ltd
TLPL Shipping and Logistics Pvt. Ltd.
Transworld Shipping and Logistics Limited
Tejas Oil Private Limited
Transworld GLS (India) Private Limited
Shreyas Shipping & Logistics Ltd.
Sivaswamy Holdings Private Ltd
Transworld Oil Private Ltd.
Transworld Management Consultancy Pvt. Ltd.
Albatross Logistics Centre (I) Pvt. Ltd.
Transworld Cultural and Sports Foundation
Transworld Terminals Private Limited
Transworld Global Logistics Solutions (India)
Private Limited
TG Terminals Private Limited
Committee Memberships:
Mr. S. Mahesh doesnt hold any membership in
any Committees.
Shareholding in Shreyas Shipping & Logistics Ltd.
as on 31st March, 2016: 1,12,475 equity shares.
33
XIV. Auditors certificate on Corporate Governance

The Auditors certificate on compliance with the Corporate Governance requirements under Schedule V of the SEBI
Regulations, entered into with the Stock Exchanges forms part of this Report.
XV.
Code of Conduct for Prevention of Insider trading

In compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company has adopted a comprehensive
Code of Conduct for Prevention of Insider Trading and Code of Practices and Procedures for Fair Disclosures. The
Company believes that these Codes will help in ensuring compliance of the SEBI Regulations.
(i)
Distribution of Shareholding as on 31st March, 2016
Category (Nominal
value of shares)
From
To
Upto
5,000
5,001
- 10,000
10,001 - 20,000
20,001 - 30,000
30,001 - 40,000
40,001 - 50,000
50,001 - 1,00,000
1,00,001 & above
Total
(ii)
No. of
Shareholders
13,363
460
238
90
39
23
47
69
14,329
% of Total
Shareholders
Share
amount (In `)
93.25
3.21
1.66
0.62
0.27
0.16
0.32
0.48
100.00
% of Total
Shareholding
14,153,540
3,660,940
3,688,440
2,290,460
1,412,810
1,081,370
3,409,120
189,878,650
219,575,330
6.44
1.66
1.67
1.04
0.64
0.49
1.55
86.47
100.00
Shareholders profile
As on 31st March, 2016, the Company had 14,329 shareholders. The Companys Shares are held by diverse entities as per the
following break-up:
Sr Category
No.
A
1
Promoter's Holding
Promoters
Indian Promoters:
Foreign Promoters:
Non-Promoter Holding
Institutional Investors
a.
Mutual Funds
b.
Banks, Financial Institutions
c.
Foreign Institutional Investors
d.
v Others (UTI)
Others
a.
Bodies Corporate
b.
Indian Public
c.
NRIs/OCBs
d.
HUF
e.
Clearing Member
f.
Market Maker
g.
NRI (Repat)
h.
NRI (Non Repat)
i.
Trust
Total (1+2+3)
B
2
34
No. of Shares
held
Percentage of
Shareholding
No. Shares
Percentage of
Pledged or Shares Pledged
otherwise
encumbered
22,87,370
1,37,95,725
10.41
62.83
NIL
NIL
N.A.
N.A
1,19,860
9,393
0
300
0.55
0.04
0.00
0.00
N.A
N.A
N.A
N.A
N.A
N.A
N.A
12,60,792
38,47,668
5.74
17.52
2,44,642
1,31,515
8,935
78,377
42,897
0
2,19,57,533
1.11
0.59
0.04
0.35
0.2
0.00
100
N.A
N.A
N.A
N.A
N.A
N.A
N.A
N.A
N.A
NIL
N.A
N.A
N.A
N.A
N.A
N.A
N.A
N.A
N.A
0.00
(iii) Top 10 shareholders as on 31st March, 2016

Sr. No
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Name of the Shareholder

Transworld Holdings Limited
Mithila Mahesh
Anisha Ramakrishnan
Ashish Kacholia
Param Capital Research Pvt. Ltd.
Earnest Shipping and Ship Builders Limited
Ritesh S. Ramakrishnan
Murli S. Mahesh
Vimal Sagarmal Jain
Sheela Vimal Jain
Rajan Ramnarayan
Number of Shares held as on 31.03.16

12351650
1167325
1167325
581190
265265
169801
168375
168375
167760
% of Shareholding
56.25
5.32
5.32
2.65
1.21
0.77
0.77
0.77
0.76
140875
0.64
(iv) Stock price data

(1)
The monthly high and low stock quotations during the financial year 2015-16 and performance in comparison to the
BSE Sensex is given below:
Month & Year
Share Price of Shreyas on BSE

BSE SENSEX
Share Price of Shreyas on NSE
Month's High Month's Low Month's High Month's Low Month's High
Month's Low
(`)
(`)
(Index point)
(Index point)
(`)
(`)
April, 2015
597.00
414.00
29094.61
26897.54
594.45
414.90
May, 2015
676.50
417.00
28071.16
26423.99
676.85
420.00
June, 2015
714.00
624.00
27968.75
26307.07
713.00
622.10
July, 2015
769.00
636.00
28578.33
27416.39
769.40
612.00
August, 2015
839.50
411.75
28417.59
25298.42
839.70
415.00
September, 2015
499.10
369.70
26471.82
24833.54
499.75
370.50
October, 2015
529.40
446.50
27618.14
26168.71
529.00
446.00
November, 2015
527.80
350.00
26824.30
25451.42
525.00
350.00
December, 2015
512.25
392.00
26256.42
24867.73
511.80
392.20
January, 2016
404.20
255.30
26197.27
23839.76
407.80
252.00
February, 2016
267.20
133.10
25002.32
22494.61
275.00
133.85
March, 2016
258.50
202.00
25479.62
23133.18
260.70
201.25
(2)
Shares traded during 1st April, 2015 to 31st March,

2016
(3)
The Companys share price movement during 201516 on BSE and NSE vis--vis SENSEX:
Particulars
On BSE
On NSE
1600
No of Shares
traded
3,982,287
8,591,084
1400
Highest Share
Price
` 839.50
(5.8.2015)
30000
25000
1200
Lowest Share Price ` 133.10

(17.2.2016)
` 839.70
(5.8.2015)
` 133.85
(17.2.2016)
Closing Share
Price as on 31st
March, 2016
` 258.50
` 260.70
Market
Capitalisation as
on 31st March,
2016
` 5,67,60,22,280.50 ` 5,72,43,28,853.10
20000
1000
800
15000
600
10000
400
5000
200
0
BSE Close
NSE Close
SENSEXClose
Place : Mumbai
Date : 26th May, 2016
S. Ramakrishnan
35
Certicate
To the Members of Shreyas Shipping and Logistics Limited
1.
We have examined the compliance of the conditions of Corporate Governance by M/s Shreyas Shipping and Logistics
Limited(the Company), for the year ended 31st March 2016 as stipulated in :
Clause 49 (excluding clause 49 (VII)(E) of the Listing Agreements of the Company with stock exchanges) for the
period April 1, 2015 to November 30, 2015.
Clause 49 (VII)(E) of the Listing Agreements of the Company with stock exchanges for the period April 1, 2015 to
September 1, 2015.
Regulation 23(4) of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing
Regulations) for the period September 2, 2015 to March 31, 2016 and
Regulations 17 to 27 (excluding regulation 23 (4)) and clause (b) to (i) of regulation 46(2) and paragraphs C, D and
E of Schedule V of the SEBI Listing Regulations for the period December 1, 2015 to March 31, 2016.
2.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was
limited to a review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance
with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion of the financial statements
of the Company.
3.
We have examined the relevant records of the Company in accordance with the Generally Accepted Auditing Standards in
India, to the extent relevant, and as per the Guidance note on Certification of Corporate Governance issued by the Institute
of Chartered Accountants of India.
4.
In our opinion and to the best of our information and according to our examination of the relevant records and explanation
given to us, and the representations made by the Directors and the Management, we certify that the Company has complied
with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreements and regulation 17 to 27
and clause (b) to (i) of the regulation 46(2) and paragraphs C,D and E of Schedule V of the SEBI Listing Regulations for
the respective periods of applicability as specified under paragraph 1 above, during the year ended March 31, 2016.
5.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency
or effectiveness with which the management has conducted the affairs of the Company.
For PKF Sridhar & Santhanam LLP
Firms Registration No.003990S/S200018
S Ramakrishnan
Partner
Place: Mumbai
Date: 26th May 2016
36
Certication by Chief Executive Ofcer (CEO) and Chief Financial Ofcer (CFO)
To
The Shareholders and the Board of Directors
We, Capt. Vivek Kumar Singh, Chief Executive Officer and Rajesh Desai, Chief Financial Officer of Shreyas Shipping & Logistics
Limited, to the best of our knowledge and belief, certify that:
A.
We have reviewed the financial statements and the cash flow statement for the year ended 31st March, 2016 (hereinafter
referred to as the year) and that to the best of our knowledge and belief :
i.
these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
ii.
these statements together present a true and fair view of the Companys affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
B.
There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the Companys code of conduct.
C.
We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the
auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are
aware and have taken requisite steps to rectify these deficiencies.
D.
We have indicated to the auditors and the Audit committee

i.
Significant changes in internal control over financial reporting during the year; and
ii.
Significant changes in accounting policies during the year and the same have been disclosed in the notes to the
financial statements.
iii.
There have been no instances of significant fraud of which we have become aware and any involvement therein, of
the management or an employee having a significant role in the Companys internal control system over financial
reporting.
For Shreyas Shipping & Logistics Limited

Rajesh Desai
Place: Mumbai
Declaration
This is to confirm that the members of the Board of Directors and the Senior Management have confirmed compliance with the
Code of Conduct and Ethics for the financial year ended 31st March, 2016.
For Shreyas Shipping & Logistics Limited
Place: Mumbai
37
Independent Auditors Report

To the members of Shreyas Shipping and Logistics Limited
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial
statements of Shreyas Shipping and Logistics Limited(the
Company), which comprise the Balance Sheet as at 31st
March, 2016, the Statement of Profit and Loss,the Cash
Flow Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory
information.
Managements Responsibility for the Standalone Financial
Statements
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 (the Act)
with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in
accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design,implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors Responsibility
Standards require that we comply with ethical requirements

and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in the
financial statements. The procedures selected depend on
the auditors judgment,including the assessment of the risks
of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the
Companys preparation of the financial statements that give
a true and fair view in order to design audit procedures that
are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates
made by the Companys Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Act
in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at 31st March,
2016, and its profit and its cash flows for the year ended on
that date..
Report on Other Legal and Regulatory Requirements
1.
As required by the Companies (Auditors Report) Order,

2016 (the Order) issued by the Central Government of
India in terms of sub-section (11) of section 143 of the Act,
we give in the Annexure A, a statement on the matters
specified in paragraphs 3 and 4 of the Order.
2.
As required by Section 143(3) of the Act, we report that:
Our responsibility is to express an opinion on these standalone

financial statements based on our audit.
We have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are
required to be included in the audit report under the provisions
of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards
on Auditing specified under Section 143(10)of the Act. Those
38
(a) We have sought and obtained all the information and

explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by

law have been kept by the Company so far a sit appears
from our examination of those books.
i.
The Company has disclosed the impact of pending

litigations on its financial position in its financial statements
Refer Note 34(a)to the financial statements.
(c) The Balance Sheet, the Statement of Profit and Loss, and
the Cash Flow Statement dealt with by this Report are in
agreement with the books of account.
ii.
The company has derivative contracts but no long term

contracts. There are no material foreseeable losses for
which h the company is required to make a provision
under applicable law or accounting standards. Refer to
Note 2(h) and 32 to the financial statements.
iii.
There have been no delays in transferring amounts to the

Investor Education and Protection Fund by the Company.
(d) In our opinion, the aforesaid standalone financial

statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from
the directors as on 31st March, 2016 taken on record by
the Board of Directors, none of the directors is disqualified
as on31st March, 2016 from being appointed as a director
in terms of Section 164 (2) of the Act.
(f)
With respect to the adequacy of the internal financial

controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate Report in Annexure B.
(g) With respect to the other matters to be included in the

Auditors Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanations given to us:

S Ramakrishnan
Partner
Membership No.018967
Place: Mumbai
Date: 26th May 2016
39
Annexure A
Referred to in paragraph 1 on Report on Other Legal and
Regulatory Requirements of our report of even date
(i) (a) The Company has maintained proper records
showing full particulars including quantitative details
and situation of fixed assets.
(b) The Company has a regular program of verifying fixed
assets which, in our opinion, is reasonable having
regard to the size of the company and nature of its
assets. Fixed assets have been physically verified
by the management during the year as per the said
program. As informed, discrepancies noticed on
such verification were not material and have been
properly dealt with in the books of account.
(c) There are no immoveable properties held in the
name of the company and hence, clause (i)(c) of the
order does not apply.
(ii) As explained to us, the Company has conducted physical
verification of inventories at reasonable intervals. As
informed, discrepancies noticed on such verification
were not material.
(iii) According to the information and explanation given to
us, the Company has not granted any loans, secured
or unsecured to companies, firms, Limited Liability
Partnerships or other parties covered in the register
maintained under Section 189 of the Act.
(iv) Based on our audit procedures & according to the
information and explanation given to us, in respect of
loans, investments, guarantees and security, provisions
of section 185 and 186 of the Act have been complied
with.
(v) Based on our audit procedures & according to the
information and explanation given to us, the Company
has not accepted any deposits from the public within the
meaning of the Act and the rules made there under and
hence clause (v) is not applicable.
(vi) The Company is not required to maintain cost records
specified by the Central Government under subsection (1) of section 148 of the Act.
(vii) (a) According to the information and explanations given
to us and the records of the Company examined
by us, the Company has generally been regular
in depositing undisputed statutory dues including
provident fund, employees state insurance, incometax, service tax,duty of customs, cess and any other
statutory dues with the appropriate authorities. The
company is not registered under Value Added Tax and
Excise Duty regulations. According to the information
and explanation given to us and the records of the
Company examined by us, no undisputed amounts
payable in respect of provident fund, employees
state insurance, income-tax, service tax, duty of
customs, cess and any other statutory dues were in
arrears, as at 31st March 2016 for a period of more
than six months from the date they became payable.
The company is not registered under sales tax/ VAT
laws.
(b) According to the information and explanation given
to us, there were no dues relating to income tax /
service tax / duty of customs, which have not been
deposited on account of any dispute.
40
(viii) Based on our audit procedures and as per the information

and explanations given by the management, the Company
has not defaulted in repayment of loans or borrowings
to financial institutions, banks, Government or dues to
debenture holders.
(ix) In our opinion and according to the information and
explanations given to us, no moneys have been raised
by way of Initial Public Offer (IPO) or Further Public Offer
(FPO) (including debt instrument) and moneys raised
through term loans during the year were applied for the
purposes for which those are raised.
(x) To the best of our knowledge and belief and according to
the information and explanations given to us, we report
that no fraud by the Company or on the Company by its
officers or employees has been noticed or reported during
the year.
(xi) Based on our audit procedures and as per the information
and explanations given to us, Managerial remuneration
paid or provided during the year is in accordance with
the requisite approvals mandated by the provisions of
Section 197 read with Schedule V to the Act.
(xii) The Company is not a Nidhi company in accordance with
Nidhi Rules 2014. Accordingly, the provisions of clause
(xii) of the Order are not applicable.
(xiii) Based on our audit procedures and according to
the information and explanations given to us, all the
transactions entered into with the related parties during
the year are in compliance with Section 177 and Section
188 of the Act where applicable and the details have been
disclosed in the Financial statements etc. as required by
the applicable accounting standards.
(xiv) Based on our audit procedures and according to the
information and explanations given to us, the Company
has not made any preferential allotment/private placement
of shares/ fully or partly convertible debentures during
the year and hence, reporting under this clause is not
applicable.
(xv) Based on our audit procedures and according to the
has not entered into any non-cash transactions with
directors or persons connected with him.
(xvi) Based on our audit procedures and according to the
is not required to be registered under Section 45-IA of
Reserve Bank of India Act, 1934.
S Ramakrishnan
Partner
Place: Mumbai
Date: 26th May 2016
Annexure B
Referred to in paragraph 1(f) on Report on Other Legal
and Regulatory Requirements of our report of even date
Report on the Internal Financial Controls under Clause (i)
of Sub-section 3 of Section 143 of the Companies Act, 2013
(the Act)
We have audited the internal financial controls over financial
reporting of Shreyas Shipping and Logistics Limited (the
Company) as of 31st March 2016 in conjunction with our audit
of the standalone financial statements of the Company for the
year ended on that date.
Managements
Controls
Responsibility
for
Internal
Financial
The Companys management is responsible for establishing

and maintaining internal financial controls based on the
internal control over financial reporting criteria established by
the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include
the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of its business,
including adherence to companys policies, the safeguarding
of its assets, the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Our responsibility is to express an opinion on the Company's
internal financial controls over financial reporting based on
our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the Guidance Note) and the Standards
on Auditing, issued by ICAI and deemed to be prescribed
under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both
issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal
financial controls over financial reporting were established
and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over
financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls system

over financial reporting.
Meaning of Internal Financial Controls Over Financial
Reporting
A company's internal financial control over financial reporting
is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
A company's internal financial control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition
of the company's assets that could have a material effect on
the financial statements.
Inherent Limitations of Internal Financial Controls Over
Financial Reporting
Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion
or improper management override of controls, material
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over
financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has maintained, in all material
respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31,
2016, based on the internal control over financial reporting
criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India.
S Ramakrishnan
Partner
Place: Mumbai
Date: 26th May 2016
41
Balance Sheet as at 31
st
March, 2016
Note
No
Particulars
Equity And Liabilities
Shareholders' Funds
Share Capital
Reserves and Surplus
Non-Current Liabilities
Long-Term Borrowings
Long-Term Provisions
Current Liabilities
Short Term Borrowings
Trade Payables
A) Due to Micro and Small Enterprises (excluding interest)
B) Due to Others
Other Current Liabilities
Short Term Provisions
Total
Assets
Non-Current Assets
Fixed Assets
(I)
Tangible Assets
Non-Current Investments
Other Non-Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash And Bank Balances
Short-Term Loans And Advances
Other Current Assets
Total
Summary of significant accounting policies
The accompanying notes form an integral part of this Financial
Statement
As at
31st March 2016
(Amount in `)
As at
31st March 2015
3
4
219,575,330
2,048,042,548
219,575,330
1,605,511,332
5
6
1,052,228,859
120,226,256
746,286,264
108,891,100
363,647,033
99,346,335
8
8
9
10
597,034
254,870,603
274,766,946
35,761,669
4,369,716,278
673,954
102,604,804
239,463,455
35,652,633
3,158,005,207
11
12
13
2,517,350,519
609,510,090
105,887,317
1,742,097,824
380,280,480
94,133,141
14
15
16
17
18
19
134,090,234
104,525,394
698,309,972
56,784,720
60,039,797
83,218,235
4,369,716,278
19,355,150
82,562,254
538,902,178
195,253,715
29,449,661
75,970,804
3,158,005,207

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
42
Statement of Prot & Loss for the Year Ended 31
st
Particulars
I
II
Income
Income From Operations
Other Income
Total Income
Expenses
Operation Cost
Fuel etc Consumed
Employee Benefit Expenses
Finance Cost
Depreciation & Amortization Expense
Other Expenses
Total Expenses
March, 2016
Note No
Year Ended
31st March, 2016
(Amount in `)
Year Ended
31st March, 2015
20
21
3,129,998,980
50,885,344
3,180,884,324
2,907,480,703
15,710,201
2,923,190,904
22
23
24
25
11
26
1,033,154,214
954,745,573
381,088,116
89,094,287
159,876,246
61,108,436
2,679,066,872
586,489,461
984,767,083
261,561,172
70,559,371
88,894,145
39,621,687
2,031,892,919
501,817,452
891,297,985
501,817,452
501,817,452
501,817,452
(190,991,215)
478,848,697
603,440,503
603,440,503
62,139,370
541,301,133
17,410,000
(2,372,107)
486,779,559
8,500,000
532,801,133
22.17
24.27
Profit Before Exceptional And Extraordinary Items And Tax

( I - II )
IV Exceptional Item (Refer footnote to Note 11)
Provision for Impairment
11
Loss on Sale of Vessels
11
V
Profit/ (Loss) Before Extraordinary Items And Tax ( III - IV )
VI Extraordinary Items
VII Profit/ (Loss) For The Year ( V - VI )
VIII Prior Year Adjustments
27
IX Profit/ (Loss) Before Tax ( VII - VIII )
X
Tax Expense:
Current Tax
Prior Year Tax/(Credit)
XI Profit/ (Loss) After Tax ( IX - X )
Earning Per Equity Share: ( Nominal Value Of Share ` 10)
- Basic / Diluted
38
2
The accompanying notes form an integral part of this Financial Statement
III

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
43
Statement of Cash Flow for the year ended 31
st
March, 2016
Particulars
A Cashflow From Operating Activities
Net Profit/ (Loss) Before Tax
Adjusted For Non Cash / Non Operating Items
Depreciation
Interest Expenses On Loans
Loss/(Profit) On Sale On Fixed Assets
Loss/(Profit) On Sale Of Investments
Unrealised Exchange/ Swap Loss/ (Gain) on current assets
& liabilities
Bad Debts & Provision for Doubtful Debts
Liabilities/Provisions For Expenses No Longer Required
Written Back
Income From Current Investments
Dividend From Subsidiary Company
Interest Income
Operating Profit Before Working Capital Changes
(a)
Adjustments for Changes in Working Capital:
Increase/(Decrease) In Current Assets
Inventories
Sundry Debtors
Other Current Assets, Loans And Advances
Increase/(Decrease) In Current Liabilities & Provision
Net Increase/(Decrease) In Working Capital
(b)
Cash Generated From Operations
(a) - (b)
Less: Taxes Paid
Add : Provision For Impairment in Value of Vessel (Exceptional
Item, Refer footnote to Note 11)
Add : Prior Year Adjustments (Refer Note 27)
Net Cash From Operating Activities
(A)
B Cash Flow From Investing Activities
Addition To Fixed Assets (net)
Addition To Non-Current Investments (Mutual Fund)
Sale Of Fixed Assets
Dividend From Subsidiary Company
Interest Income
Net Cash From Investing Activities
(B)
44
(Amount in `)
Year Ended
31st March 2015
Year Ended
31st March 2016
501,817,452
541,301,133
159,876,246
89,094,287
(35,139,310)
88,894,145
70,559,371
478,849,142
(5,191,965)
1,535,272
1,938,603
(394,572)
(500,405)
(545,850)
(7,647,525)
(3,500,000)
(3,880,549)
701,655,468
(2,050,652)
(2,450,000)
(3,470,531)
1,167,438,824
21,963,140
162,295,050
46,068,816
230,327,006
(149,224,225)
81,102,780
620,552,688
(16,917,982)
(2,145,390)
251,653,741
35,339,594
284,847,945
79,705,868
364,553,813
802,885,011
(24,381,322)
(190,991,215)
603,634,705
62,139,370
649,651,844
(896,540,534)
(229,229,610)
41,095
3,500,000
22,37,712
42,786,835
(1,077,204,502)
(605,120,809)
(285,130,480)
323,017,195
2,450,000
3,470,531
7,242,617
(554,070,946)
Statement of Cash Flow for the year ended 31
st
March, 2016
Year Ended
31st March 2016
Particulars
C Cash Flow From Financing Activities
Proceeds / (Repayment) Of Borrowings (Net)
Interest Expenses
Dividend Paid
Net Cash From Financing Activities
(Amount in `)
Year Ended
31st March 2015
571,862,743
(89,094,287)
(33,643,323)
449,125,135
39,844,814
(70,559,371)
(33,930,810)
(64,645,367)
Net Changes In Cash & Cash Equivalent (A+B+C)
(24,444,664)
30,935,531
Cash & Cash Equivalents - Opening Balance

Add : Net Changes In Cash & Cash Equivalent As Above
Add : Effect Of Changes In Exchange Rates On Cash And
Cash Equivalents
Cash & Cash Equivalents - Closing Balance
212,141,009
(24,444,664)
183,177,631
30,935,531
1,053,475
(1,972,153)
188,749,820
212,141,009
625,817
1,047,728
54,033,769
191,738,131
134,090,234
188,749,820
19,355,150
212,141,009
(C)
Closing Cash & Cash Equivalents Consists Of

Cash On Hand (Refer Note 17)
Balances With Schedule Bank In Current Account & Deposits
(Refer Note 17)
Investment In Liquid Fund Securities (Refer Note 14)
TOTAL
Notes:
The above statement has been prepared by indirect method.
Cash and Cash equivalents include cash and bank balances and Investments in Liquid fund securities of Mutual Funds maturing
within 90 days and exclude margin money deposits.

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
45
Notes to the Financial Statements for the year ended 31
st
Corporate Information
b.
Material procured for dry dock and remaining unutilised,if

any, are included in Capital work in Progress.
c.
Depreciation Tangible assets

Depreciation for the year has been provided on the
basis of useful lives and residual value as prescribed in
Schedule II; except in the case of certain assets stated
below, where based on past experience and technical
justification, the Company has adopted useful lives or
residual values other than those prescribed in Schedule
II.
Basis of Preparation & Use of Estimates

The Financial Statements have been prepared under
the historical cost convention on accrual and going
concern basis. The Financial Statement have been
prepared in accordance with the generally accepted
accounting principles in India, to comply with the
Accounting Standards specified under section 133 of
The Companies Act, 2013 and the relevant provisions of
the Companies Act, 2013.
Assets
Fleet
Useful Life
As prescribed in
Schedule II
Dry Dock/Special 2.5 Years
Survey Expense/
(Component of
Fleet)
Computers
6 years
Mobile
3 years
Handsets
The preparation of financial statements requires the

Management to make estimates and assumptions that
affect the reported amounts of assets and liabilities
(including contingent liabilities) as of the date of financial
statements and the reported income and expenses
during the reporting period. The Management believes
that the estimates used in preparation of the financial
statements are prudent and reasonable. Future results
could differ from these estimates.
a.
Dry Dock/Special Survey expenses

Dry Dock/ Special Survey Expenses are normally
incurred twice in a period of 5 years. With effect from
April,15 this is capitalised as a separate component of
ships as required by Note 4(a) & (b) of Schedule II of
Companies Act, 2013.
Shreyas Shipping and Logistics Limited (SSLL) is India's

first container feeder owning and operating company.
SSLL started its operations in 1993 primarily to fill the
gap for feedering of containers between Indian ports
and internationally renowned Asian transshipment
ports. SSLL's shares are listed on both Bombay Stock
Exchange and National Stock Exchange. At present, it is
a leading player in coastal shipping sector.
2
March 2016
Fixed Assets are stated at cost of acquisition less

accumulated depreciation. Cost of acquisition is inclusive
of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for
intended use.
When assets are retired or otherwise disposed off,

the cost of such assets and the related accumulated
depreciation are removed from the accounts. Any profit
or loss on retirement or other disposal is reflected in the
statement of Profit and Loss.
46
Nil
As prescribed in
Schedule II
Depreciation has been provided prospectively, where

the cost of depreciable asset has undergone change
due to following :
Fixed Assets - Tangible & Intangible
Expenses specifically attributable to construction of new

built ship including forex loss/gain on forward covers
taken for the purpose of payment of installments to the
ship-builder are capitalised.
Residual Value
Based on steel
scrap rates
Nil
(a)
Increase/decrease in Long term foreign currency

liability on account of exchange fluctuations
(b)
Additions and major improvements forming an

integral part of an asset.
Assets individually costing Rs 5000 or less are

depreciated in full in the year of acquisition.
d.
Revenue Recognition
i)
All Income and expenditure are accounted for, on

accrual basis other than interest on overdue bills.
ii)
Operating Earnings represent the value of charter

hire and freight earnings. Freight income is
recognised based on percentage of completion
considering voyage days as the basis.
iii)
Income and Expenses relating to unfinished leg

of the voyage as at the date of Balance Sheet
are carried forward and included under Current
Liabilities and Current Assets respectively.
Expenses aggregated under unfinished leg
of voyages include fixed and semi-fixed ship
operating costs.
iv)
Stores and Spares (other than lube oils and

victualling) are charged off to Statement of Profit
and Loss, on receipt.
v)
The revenue in respect of the duty free import

licenses, under Served From India Scheme, is
recognized as income in the books of account
when and to the extent there is no significant
uncertainty as to their ultimate realization.
vi) Interest on deposits of surplus funds is recognised on

time proportion basis.
e.
Investments
Long term Investments are stated at cost. Diminution in
the value of investments, other than temporary in nature,
is provided for.
Current investments are valued at cost or fair value
whichever is lower.
f.
Inventories
h.
Foreign Exchange Transactions

i)
ii)
Transactions in foreign currencies are recorded at

standard exchange rates prevailing on the date of
relevant transactions. The realized exchange gains
or losses are recognized in the statement of Profit
and Loss.
The exchange differences arising on reporting
of long term foreign currency monetary items
(including those arising on settlement), in so far
as they relate to acquisition of depreciable capital
assets are adjusted to the cost of the capital asset,
with effect from 1st April 2007, in terms of Ministry of
Corporate affairs Notification dated 31st March,2009
relating to Accounting Standard 11 'The Effect of
Changes in Foreign Exchange Rates'. Applicability
of the above notification has been extended upto
March 2020.
Other Monetary Assets and Liabilities denominated

in foreign currency are translated at the year end
exchange rates. The resultant gain or loss on such
translation is recognised in the statement of Profit
and Loss
iv)
In respect of forward exchange contracts covering

either Companys earnings or payments (other
than firm commitments and highly probable
forecast transactions), the premium or discount
arising at the inception of the contract is amortised
as expense or income over the life of the contract.
Exchange differences on such a contract are
recognised in the statement of profit and loss in
the reporting period in which the exchange rates
change. Any profit or loss arising on cancellation
or renewal of such a forward exchange contract
is recognised as income or as expense for the
period. In case of a new built ship, in respect of
forward exchange contract entered into to hedge
the foreign currency risk of a firm commitment or
highly probable forecast transaction (not covered
by Accounting Standard 11 revised 2003), the
company capitalises all the related costs including
premium or discount, exchange difference and
profit/loss on cancellation of such contracts, if any.
Derivatives
Derivatives are accounted as follows based on a limited
early adoption of AS-30 to the extent not in conflict
with legal provisions and other Accounting Standards:
a) Fair value hedges are marked to market and the
notional Loss or Gain is accounted in the statement of
Profit and Loss.
Inventories are valued at lower of Cost or Net Realisable

Value. The cost is determined under "First in First out"
formula.
g.
iii)
b) Cash flow hedges are marked to market and the

notional loss or gain is taken to Hedging reserve
account.
c) Other derivatives are marked to market and the
notional losses or gains are booked in the statement
of Profit and Loss.
d) Hedge accounting is discontinued when the hedging
instrument expires or is sold, terminated, or exercised,
or no longer qualifies for hedge accounting.
i.
Employee Benefits
The Company has a defined Contribution plan for shore
employees for provident fund and contributions made to
the relevant authorities under this scheme are charged
to the statement of Profit and Loss. Company has no
other obligation except the monthly contributions.
47
Company has defined benefit plans for shore

employees namely gratuity, leave encashment and
compensated absence, the liability for which is
provided based on actuarial valuation determined
under Projected Unit Credit method. Contributions
under gratuity scheme are made to Life Insurance
Corporation of India (LIC) in accordance with the terms
of the policy taken under their Group Gratuity Scheme.
k.
Assets acquired on lease where a significant portion of

the risk and rewards of the ownership are retained by the
lessor are classified as operating leases. Lease rentals
are charged to revenue.
l.
m.
Any other termination benefits are recognised as
expenses immediately on the basis of actual expenses.
j.
Borrowing Costs
Borrowing costs that are directly attributable to the
acquisition / construction of the underlying qualifying
fixed assets are capitalised as a part of the respective
asset up to the date of acquisition /completion of
construction.
Term loan processing charges are accounted over the
tenure of loan.
3.
Taxation
The Company has opted for Tonnage Tax and current tax
is the aggregate of Tonnage Tax for shipping income and
income tax on non-shipping income, if any. In view of
Company opting for Tonnage Tax, no provision is made
for deferred tax.
Actuarial gains / losses comprise experience

adjustments and the effect of changes in actuarial
assumptions
are
recognised
immediately
in
statement of Profit and Loss as Income / Expense.
In respect of Floating staff, Provident fund and Gratuity

contributions are made to Seamen's Provident Fund and
Seafarers Welfare Fund Society respectively. No Gratuity
is payable in respect of officers on board who are on
contract with the Company. Company has no further
obligation except the monthly contributions.
Leases
Asset Impairment
The company reviews the carrying values of tangible
and intangible assets for any possible impairment at
each Balance Sheet date. Impairment loss, if any, is
recognised in the year in which impairment takes place.
n.
Provisions and Contingent liabilities

Provisions are recognised when there is a present
obligation as a result of past events where it is probable
that there will be outflow of resource required to settle the
obligation and when a reliable estimate of the amount
of the obligation can be made. When any such present
obligation can not be measured or where a realistic
estimate of the obligation can not be made, contingent
liabilities are recognised.
Contingent liabilities are also recognised when there is
a possible obligation arising from past events due to
occurrence or non-occurrence of one or more future
events not wholly within the control of the company.
SHARE CAPITAL
( Amount in `)
As at
31st March 2016
PARTICULARS
As at
31st March 2015
AUTHORISED
2,40,00,000 (previous year: 2,40,00,000) Equity Shares of Rs.10/- each
240,000,000
240,000,000
14,00,000 (previous year: 14,00,000) 9.5% Non-Convertible, Cumulative,

Redeemable Preference Shares of Rs.100/- each
140,000,000
140,000,000
380,000,000
380,000,000
2,19,57,533 (previous year: 2,19,57,533) Equity Shares of Rs.10/- each

fully paid up
219,575,330
219,575,330
TOTAL
219,575,330
219,575,330
ISSUED, SUBSCRIBED AND PAID UP
48
3a.
Reconciliation of the shares outstanding at the beginning and at the end of the accounting year:
Particulars
31-Mar-16
No.
(-)
3b.
No.
Amount (`)
21,957,533
219,575,330
21,957,533
219,575,330
(+) Issued during the year

Redeemed during the year
Outstanding at the end of the year
31-Mar-15
Amount (`)
21,957,533
219,575,330
21,957,533
219,575,330
Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. The holders of the equity shares
are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share
holding at the meetings of shareholders. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
3c.
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Particulars
Transworld Holdings Limited (Holding Company)
3d.
31-Mar-16
% of Holding
31-Mar-15
Nos.
% of Holding
Nos.
56.25%
12,351,650
56.25%
12,351,650
Mithila V Mahesh
5.32%
1,167,325
5.32%
1,167,325
Anisha Valli Ramakrishnan
5.32%
1,167,325
5.32%
1,167,325
The Board, in its meeting on May 26th, 2016 proposed a dividend of Rs.1.30/-per equity share (previous year interim
dividend Rs 0.70/- per equity share and final dividend Rs. 1.30/- per equity share). The proposal is subject to the
approval of shareholders at the ensuing Annual General Meeting .
The total dividend appropriation for the year ended March 31st, 2016 amounted to Rs. 343.56 Lacs (previous year Rs. 521.61 lacs) including corporate dividend tax of Rs.58.11 lacs (previous year - Rs. 82.46 lacs).
3e.
No bonus shares have been issued during the last five years.
3f.
Shares held by the holding company including shares held by subsidiaries or associates of the holding company
is 1,23,51,650 (previous year: 1,23,51,650)
3g.
No shares have been reserved for issue under options and contracts/ commitments for sale of shares/ disinvestments.
3h.
No shares have been bought back during the last 5 years.
4.
RESERVES AND SURPLUS

PARTICULARS
a)
b)
Capital Redemption Reserve

As per last balance sheet
Securities Premium
As at 31st
March 2016
`
As at 31st March
2015
`
130,000,000
130,000,000
130,000,000
130,000,000
382,292,449
382,292,449
382,292,449
382,292,449
49
As at 31st
March 2016
`
PARTICULARS
c)
d)
e)
f)
General Reserve
As at 31st March
2015
`
171,715,149
171,715,149
171,715,149
171,715,149
176,000,000
95,000,000
176,000,000
95,000,000
49,000,000
176,000,000
49,000,000
176,000,000
281,500,000
176,000,000
457,500,000
232,500,000
49,000,000
281,500,000
(104,872,380)
(9,892,503)
(114,764,883)
(115,796,912)
10,924,532
(104,872,380)
568,876,114
486,779,559
1,055,655,673
264,613,510
377,920
532,801,133
797,036,723
95,000,000
28,544,793
5,811,048
129,355,841
926,299,833
2,048,042,548
176,000,000
15,370,273
3,147,013
28,544,793
5,098,530
228,160,609
568,876,114
1,605,511,332
As at
31st March 2016
`
As at
31st March 2015
`
1,240,795,380
894,603,834
188,566,521
148,317,570
1,052,228,859
746,286,264
Tonnage Tax Reserve

Add: Transfer from Statement of Profit and Loss
Less:Transfer to Tonnage Tax Utilised Reserve
Tonnage Tax Utilised Reserve
Add:Transfer from Tonnage Tax Reserve
Hedging Reserve
Add: Provision for Hedging Losses (Note 32)
g)
Surplus in the statement of profit and loss

Balance as per last Balance Sheet
Less : Depreciation adjusted against Reserves under Companies Act, 2013
Profit/(loss) for the year
Amount available for appropriation
Less : Appropriations
Interim Dividend on Equity Shares
Tax on Interim Dividend on Equity Shares
Proposed Dividend on Equity Shares
Tax on Proposed Dividend on Equity Shares
Total Appropriations
Net Surplus in the Statement of Profit and Loss
Total reserves and surplus
(5)
LONG-TERM BORROWINGS
Particulars
Secured :
Term Loan from Banks
Less: Current Maturities of above loans disclosed under "Other Current Liabilities
(Note no. 9 )
TOTAL
(5a) Nature of security and terms of repayment for secured loan availed from Banks :
(i)
Canara Bank FCNR Loan as at March 31, 2016, is $ Nil (previous year: $ 8,04,450), was secured by a first charge over
the vessel M.V.OEL Trust. Foreign currency loan carries interest @ LIBOR (6 months) + 500 bps.
(ii)
Canara Bank FCNR Loan, $ 22,32,130 (previous year: $25,00,000), is secured by a first charge over the vessel
SSL Mumbai. Loan to be repaid in 28 quarterly installments with the first repayment starting from September 2015
i.e. $ 89,290. Foreign currency loan carries interest @ LIBOR (6 months) + 450 bps.
50
(iii)
ICICI Bank Loan Rs. 37,72,25,000 (previous year: Rs. 42,02,00,000), is secured by a first charge over the vessel SSL
Kochi and SSL Kutch and collateral charge over vessel SSL Sagarmala. Loan to be repaid in quarterly installments
with the first repayment starting from October 2013. ICICI Bank Loan carries interest @ I-Base + 290 bps.
(iv)
EXIM Bank FCNR Loan $ 35,11,604 (previous year: $42,75,000), is secured by a first charge over the vessel SSL
Gujarat and lien over mutual fund investment of value Rs 11.04 crore. Loan to be repaid in 28 quarterly installments
with the first repayment starting from April 2015 i.e. $ 1,52,679. Foreign currency loan carries interest @ LIBOR
(6months) + 425 bps.
(v)
Canara Bank FCNR Loan $ 52,50,000 (previous year: $ Nil), is secured by a first charge over the vessel SSL Bharat.
Loan to be repaid in 28 quarterly installments with the first repayment starting from April 2016 i.e. $ 1,87,500. Foreign
currency loan carries interest @ LIBOR (6months) + 425 bps.
(vi)
ICICI Bank FCNR Loan $ 20,25,000 (previous year: nil), is secured by a first charge over the vessel SSL Visakhaptanam.
Loan to be repaid in 20 quarterly installments with the first repayment starting from June 2016 i.e. $ 1,01,250. Foreign
currency loan carries interest @ LIBOR (3months) + 320 bps.
(5b) There have been no defaults in repayment of any of the loans or interest thereon during the year.
6.
LONG TERM PROVISIONS

Particulars
For employee benefits
Compensated Absence
Gratuity
Others
Derivatives Liability
(to hedge financial risks against long term borrowing contract with ICICI bank
for buying vessels SSL Kochi and SSL Kutch)
TOTAL
As at
31st March 2016
`
As at
31st March 2015
`
4,058,115
1,403,258
4,018,720
-
114,764,883
104,872,380
120,226,256
108,891,100
Disclosures required as per AS - 15 on "Employees Benefits" have been made in Note no. 29
7.
SHORT-TERM BORROWINGS
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
363,647,033
99,346,335
363,647,033
99,346,335
Secured
Working Capital Loan From Banks
1) Karur Vysya Bank FCNR Loan of $15,83,456,consists of working capital facility.
This loan is secured by hypothecation of current assets of the company and Letter
of Comfort from Transwold Holdings Ltd., Mauritius, the Holding Company. Interest
6month Libor +285bps.
2) Credit Suisse Securities (India) Private Ltd Bank FCNR Loan of $ 18,00,000 is
secured by lien over mutual fund investments for value of Rs. 17.22 crore. Interest
@ Libor (6months) + 250 bps
3) Kotak Mahindra Bank Ltd FCNR Loan of $ 20,98,696 is secured by lien over
mutual fund investments for value of Rs.18.61 crore.interest @ Libor (3months) +
298 bps
TOTAL
51
8.
TRADE PAYABLES
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
597,034
673,954
254,870,603
102,604,804
Sundry Creditors for Trade

A) Due to Micro and Small Enterprises (excluding interest)
B) Due to Others
i)
The amount due to Micro and Small Enterprises as defined in the The Micro, Small and Medium Enterprises Development
Act, 2006 has been determined to the extent such parties have been identified on the basis of information collected by the
Management.
ii)
Disclosure under Micro, Small and Medium Enterprise Development Act, 2006.
2015-16
`
2014-15
`
Principal- Rs
5,97,034
" PrincipalRs. 6,73,954

Interest Rs. 9,852 "
(b) The amount of interest paid by the buyer in terms of section 16 of the Micro,
Small and Medium Enterprises Development Act, 2006, along with the amount
of the payment made to the supplier beyond the appointed day during each
accounting year;
Nil
Nil
(c) The amount of interest due and payable for the period of delay in making
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under the Micro, Small and Medium
Enterprises Development Act, 2006;
Nil
Nil
(d) The amount of interest accrued and remaining unpaid at the end of each
accounting year; and
Nil
Rs. 9,852
(e) The amount of further interest remaining due and payable even in the succeeding
years, until such date when the interest dues as above are actually paid to the
small enterprise, for the purpose of disallowance as a deductible expenditure
under section 23 of the Micro, Small and Medium Enterprises Development Act,
2006.
Nil
Nil
As at
31st March 2016
`
As at
31st March 2015
`
188,566,521
148,317,570
Interest accrued but not due on loans
1,495,580
3,088,613
Unclaimed Dividend ( Refer Note 9(a))
2,125,134
2,467,856
Particulars
(a) The principal amount and the interest due thereon (to be shown separately)
remaining unpaid to any supplier as at the end of each accounting year;
9.
OTHER CURRENT LIABILITIES
Particulars
Current Maturities of Long Term Borrowings (Refer Note 5)
Advance from Customers
402,769
811,880
Unfinished Voyage income ( Refer Note 9(b))
42,193,571
65,717,133
Liability for Employee Benefits
29,147,781
16,292,254
Statutory Liabilities
TOTAL
52
10,835,590
2,768,149
274,766,946
239,463,455
(9a) There are no amounts due for payment to the Investor Education and Protection Fund under Section 124(5) of the
Companies Act, 2013 as at year end.
(9b) Unfinished Voyage income relates to unfinished voyage legs as at the balance sheet (Refer Note 2(d)(iii))
10.
SHORT TERM PROVISIONS
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
1,405,828
2,009,310
28,544,793
28,544,793
5,811,048
5,098,530
35,761,669
35,652,633

Compensated Absence
Others
Tax on Proposed Equity Dividend
TOTAL
Disclosures required as per AS - 15 on "Employees Benefits" has been made in Note no. 29
11.
FIXED ASSETS
Gross Block
Description
Depreciation/ Amortisation
Net Block
As at
01.04.2015
Additions
"Deductions/
Adjustments"
As at
31.03.2016
As at
01.04.2015
For the Year
"Deductions/
Adjustments"
As at
31.03.2016
As at
31.03.2016
As at
01.04.2015
(A) Tangibles
Fleet
2,244,445,459
827,910,428
38,629,501 3,110,985,388
514,760,442
141,248,944
Dry Dock
Component of Fleet
(Refer Note No 43(1))
67,994,306
Furniture & Fixtures
8,842,881
Office Equipments
3,158,833
Computers
Vehicles
67,994,306
16,158,831
16,158,831
51,835,475
8,842,881
1,748,948
888,773
2,637,721
6,205,161
7,093,933
129,553
3,288,386
1,439,041
691,922
2,130,963
1,157,422
1,719,792
2,002,045
434,934
(113,950)
2,323,030
1,195,236
277,425
(72,855)
1,399,806
923,224
806,809
4,617,632
71,314
4,688,946
1,825,359
610,351
2,435,711
2,253,235
2,792,273
A)Total Tangible
assets as on
31.03.2016
2,263,066,850
896,540,535
38,515,551 3,198,122,936
520,969,026
159,876,246
(72,855)
A)Total Tangible
assets as on
31.03.2015
2,905,276,439
605,120,809
(1,247,330,398) 2,263,066,850 1,052,922,081
89,272,065
(621,225,120)
Total ( A ) as on
31.03.2016
2,263,066,850
896,540,535
520,969,026
159,876,246
(72,855)
Total ( A + B ) as on 2,905,276,439 605,120,809 (1,247,330,398) 2,263,066,850 1,052,922,081

31.03.2015
89,272,065
(621,225,120)
38,515,551 3,198,122,936
656,009,386 2,454,976,002 1,729,685,017
680,772,418 2,517,350,519 1,742,097,824
520,969,026 1,742,097,824
680,772,418 2,517,350,519 1,742,097,824
520,969,026 1,742,097,824
53
Gross Block
Description
As at
01.04.2014
`
Depreciation
Additions
"Deductions/
Adjustments"
As at
31.03.2015
As at
01.04.2014
Net Block
For the year
"Deductions/
Adjustments"
As at
31.03.2015
As at
31.03.2015
As at
01.04.2014
(A) Tangibles
Fleet
2,887,016,457
604,745,500
(1,247,316,498) 2,244,445,459 1,049,507,432
86,472,669
(621,219,659)
514,760,442 1,729,685,017 1,837,509,025
Furniture & Fixtures
8,842,881
8,842,881
862,605
886,343
1,748,948
7,093,933
7,980,276
Office Equipments
2,960,174
212,559
(13,900)
3,158,833
390,946
1,053,556
(5,461)
1,439,041
1,719,792
2,569,228
Computers
1,839,295
162,750
2,002,045
942,417
252,819
1,195,236
806,809
896,878
4,617,632
1,218,681
606,678
1,825,359
2,792,273
3,398,951
(1,247,330,398) 2,263,066,850 1,052,922,081
89,272,065
(621,225,120)
Vehicles
4,617,632
A)Total Tangible
assets as on
31.03.2015
2,905,276,439
605,120,809
A)Total Tangible
assets as on
31.03.2014
2,854,803,053
5,463,237
45,010,149 2,905,276,439
709,356,162
154,657,021
520,969,026 1,742,097,824 1,852,354,358
188,908,898 1,052,922,081 1,852,354,358
(B) Intangibles
Computer Software
B)Total Intangible
assets as on
31.03.2015
B)Total Intangible
assets as on
31.03.2014
2,039,802
(2,039,802)
2,039,802
(2,039,802)
Total ( A + B ) as on 2,905,276,439 605,120,809 (1,247,330,398) 2,263,066,850 1,052,922,081

31.03.2015
89,272,065
(621,225,120)
Total ( A + B ) as on 2,856,842,855
31.03.2014
5,463,237
42,970,347 2,905,276,439
711,395,964 154,657,021
520,969,026 1,742,097,824 1,852,354,358
186,869,096 1,052,922,081 1,852,354,358
Footnote :
1.
Exceptional items in Statement of Profit and Loss represent loss on sale of vessels Rs. 47,88,48,697 (net of Provision for Impairment recognised during the
year ended March 31, 2014 Rs. 19,09,91,215)
2.
Out of the depreciation Rs. 3,77,920 is charged to Reserves and Surplus (Refer Note 4)
12.
NON-CURRENT INVESTMENTS
Sr.
Particulars
No.
TRADE INVESTMENTS:
In Equity Shares of Subsidiary Company - Unquoted, Fully Paid
(35,00,000 Equity Shares of Rs. 10/- each)
In Equity Shares of Other Company - Unquoted, Fully Paid
(15,000 Equity Shares of Rs. 10/- each)
OTHER INVESTMENTS:
Mutual Funds (see details below (b))
TOTAL
a)
As at
31st March 2016
`
As at
31st March 2015
`
95,000,000
95,000,000
150,000
150,000
514,360,090
285,130,480
609,510,090
380,280,480
Investments have been valued considering the significant accounting policy no. (e) disclosed in note no. 2 to this
financial statement.
54
b)
Details of Mutual Fund Investments

As at 31st March 2016
Sr. Mutual Fund
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
(Unquoted)
Axis-Liquid Fund-Direct Plan-Daily Dividend
Birla Sun Life-Govt Securities Funds -Long TermDividend Direct Plan Reinvestment
Birla Sun Life-Government Securities-Long Term-Growth
Birla Sun Life-Govt Securities Funds -Long Term-Half
yearly Dividend Reinvestment**
Birla Sun Life-Govt Securities-Long Term-Dividend/
Regular Plan Reinvestment*
Birla Sun Life-Govt Securities-Long Term-Growth*
Birla Sun Life-Treasury Optimizer Plan-Direct-Growth*
Birla Sun Life-Treasury Optimizer Plan-Monthly Dividend
Direct-Plan Reinvestment*
Escort Liquid Direct Plan - Daily Dividend
HDFC-Gilt Fund-Long Term -Direct-Growth
HDFC-Gilt Fund-Long Term -Regular -Growth
HDFC-Gilt Fund-Long Term -Dividend Reinvestment.**
HDFC-Gilt Fund-Long Term Plan-Direct-Plan Growth
Option.***
ICICI Prudential-Long Term Gilt -Direct Plan-Dividend.
ICICI Prudential-Long Term Gilt -Direct-Growth*.
ICICI Prudential-Long Term Gilt -Dividend
Reinvestment.**
ICICI Prudential-Long Term Gilt -Regular-Growth.
INDIA BULL Liquid Fund Direct Daily Dividend
Reinvestment
INDIA BULL Ultra Short term Direct Daily Dividend
Reinvestment
Reliance-Gilt Securities Fund-Growth Plan-Growth.
Reliance-Gilt Securities Fund-Monthly -Dividend
Plan.***
Reliance-Gilt Securities Fund-Monthly Dividend
Reinvestment.**
Reliance-Liquid Fund Treasury Plan Direct Daily
Dividend Option
SBI-Magnum Gilt Fund Long Term-Direct-Growth*
SBI-Magnum Gilt Fund Long Term- Direct Plan Dividend.
SBI-Magnum Gilt Fund Long Term-Regular-Growth
SBI-Magnum Gilt Fund Long Term- Dividend
Reinvestment.**
SBI-Treasury Advantage Fund - Direct Daily Dividend
Reinvestment.
Union KBC Liquid Fund - Direct Daily Dividend
Reinvestment.
UTI-Gilt Advantage Fund Ltp-Regular-Growth
Face
Value
`
Cost `
Units
Cost `
Units
1,000
10
28,635.64
1,934,526
28,644,898
21,233,361
10
1,521,502
15,847,506
361,194
-
15,000,000
-
10
2,007,959
21,831,331
10
100
100
4,038
212,949
162,339
22,399,633
501,615
118,202
-
20,167,296
20,000,000
-
10 1,866,001.36
10
2,448,980
10
888,418
25,734,025
26,945,142
25,000,000
893,534
358,631
-
25,000,000
10,000,000
-
10
10
10
2,199,760
1,780,779
28,095,716
22,289,657
428,350
-
20,033,097
-
10
1,000
10,294.34
10,298,790
446,074
-
21,014,317
-
1,000
5,134.50
5,156,842
10
10
972,566
10,864,826
2,684,674
-
47,657,557
-
10
4,938,991
51,370,288
1,000
6,804.72
10,402,646
10
10
10
10
4,951,438
2,541,390
64,720,654
32,245,411
678,166
1,008,583
-
20,000,000
30,487,978
-
1,000
10,227.05
10,300,913
1,000
5,186.38
5,189,758
10
765,623
23,270,235
55

Sr. Mutual Fund
31
32
33
34
35
36
37
38
UTI-Gilt Advantage Fund Long Term Plan- Direct

Dividend Reinvestment**
UTI-Short Term Income Fund-Institutional Option Direct
Monthly Dividend Plan.
UTI-Short Term Income Fund Institutional Option-Direct
Plan-Growth.*
UTI-Liquid Cash Plan Institutional- Direct Plan Daily
Dividend Reinvestment.
UTI-Treasury Advantage Fund -Institutional Plan Direct/
Daily Dividend Reinvestment
(Quoted)*
Canara Robeco-Capital Preotection Oriented Fund
Series 3-Regular-Growth
Face
Value
`
10
1,233,006
24,092,326
10
2,091,962
22,254,497
10
1,210,793
20,000,000
1,000
1,345.86
1,371,102
1,000
10,384.19
10,408,629
10
999,990
10,000,000
999,990
10,000,000
10
249,990
2,500,000
249,990
2,500,000
10
499,980
4,999,800
Cost `
Units
Total
*

Cost `
Units
514,360,090
285,130,480
ii)
EXIM Bank FCNR Loan (under Long Term Borrowings) is secured by lien over mutual fund investments for value of Rs.
11.04 crore.
Credit Suisse Securities (India) Private Ltd Bank FCNR Loan of $ 18,00,000 (under Long Term Borrowings) is secured by
lien over mutual fund investments for value of Rs. 17.22 crore.
Kotak Mahindra Bank Ltd FCNR Loan of $ 20,98,696 (under Long Term Borrowings) is secured by lien over mutual fund
investments for value of Rs. 18.61crore.
Total Quoted Investments - at cost - Rs. 1,74,99,800 (previous year: 1,25,00,000)
- at market value - Rs. 1,88,58,830 (previous year: 1,31,84,793)
Total Unquoted Investments - at cost - Rs. 59,20,10,290 (previous year: 36,77,80,480)
13.
OTHER NON-CURRENT ASSETS
**
***
i)
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
50,217,017
48,336,928
Unsecured considered good, unless otherwise stated

Advance Income Tax (Net of provision)
(Provision for Tax Rs. 1,74,10,000/- (previous year: Rs. 2,08,90,000/-))
Unamortised Loan Processing charges
17,011,739
13,325,786
Bank Fixed Deposits with Maturity of more than 12 months*
37,331,576
32,335,600
1,326,985
134,827
105,887,317
94,133,141
Others**
TOTAL
* Bank fixed deposits represent deposits on lien with ICICI Bank Rs. 1,90,18,404 (previous year: Rs. 1,90,18,404) &
Rs.1,34,13,172 with EXIM Bank towards debt service coverage (previous year: Rs 1,25,00,000), Rs.Nil with Tariff Manager
Kandla Port Trust (previous year: Rs. 55,196), and Rs. 49,00,000 towards CSR activities with Karur Vaisya Bank (previous
year: 7,62,000).
** Others include amount with Port Trust of India Rs. 50,000/- (previous year: Rs. 50,000/-)
56
14.
CURRENT INVESTMENTS
Sr.
Particulars
No.
Mutual Fund ( Unquoted)
As at
31st March 2016
As at
31st March 2015
134,376,284
19,424,146
Less : Provision for diminution in value of investments

TOTAL
(286,050)
(68,996)
134,090,234
19,355,150
a)
Investment has been valued considering the significant accounting policy no. e disclosed in note no. 2 to this financial
statement.
b)
Details of Mutual Fund Investments (Unquoted)

As at 31st March
2015

Sr. Mutual Fund
Face
Value `
1,000
Units
Cost
Cost `
Units
749.32
749,563
11,305
17,500,000
Axis-Treasury Advantage Fund Daily Dividend
1,000
10,035.40
10,073,555
Axis-Treasury Advantage Fund Direct Plan Daily

Dividend
1,000
14,524.56
14,591,759
Canara Robeco-Indigo Fund - Regular -Direct-Qtrly

Dividend
10
64,302.67
750,000
64,303
750,000
10
57,439.96
791,974
HDFC Banking & PSU Debt Fund- Direct

Reinvestment
10 2,504,417.72
25,410,760
ICICI Prudential-Ultra Short Term -Direct Daily

Dividend
10 1,080,109.11
10,916,015
IDFC Super Saver Income Fund Short Term- Direct

Monthly Dividend Reinvestment
10
996,588.94
10,233,513

Reinvestment
1,000
274.32
274,437
10

Reinvestment
1,000
8,297.57
8,333,665
11
Mirae Asset Ultra Short Term Bond Fund Direct Daily

Dividend Reinvestment
1,000
4,100.24
5,011,836
12
Reliance-Banking & PSU Debt Fund- Direct Weekly

Dividend Plan
10 2,092,542.44
21,134,679
13

Dividend Option
275,934
14
Reliance-Money Manager Fund-Growth Plan-Growth
392
730,669
15
Religare Invesco India Medium Term Bond Fund Direct Plan Daily Dividend
16
SBI-Premier Liquid Fund-Direct-Daily Dividend
10
710
17
SBI-Premier Liquid Fund-Direct-Growth
10
210
442,767
18
SBI-Treasury Advantage Fund - Direct Daily Dividend

Reinvestment.
1,000
289.23
292,637
19

Reinvestment.
1,000
134.20
134,285
20

1,000
82.75
85,292
1,000
180.50
10
1,000
5,008.49
5,021,605
57
As at 31st March
2015

Sr. Mutual Fund
Face
Value `
21
UTI-Treasury Advantage Fund -Institutional Plan

Direct/Daily Dividend Reinvestment
22
UTI-Banking & PSU Debt Fund- Direct Plan Monthly

Units
1,000
294.08
294,775
10
1,975,351
20,000,000
Total
a)
b)
15.
19,424,146
Investment has been valued considering the significant accounting policy disclosed in note no. 2(e) to this financial
statement.
Total Unquoted Investments - at cost - Rs. 13,43,76,284 (previous year: Rs. 1,94,24,146)
INVENTORIES
(At lower of Cost or Net Realisable Value)

Lube Oils and Fuel Oil
Victualling Stock
TOTAL
As at
31st March 2016
`
As at
31st March 2015
`
102,856,351
1,669,043
104,525,394
81,111,741
1,450,513
82,562,254
As at
31st March 2016
`
As at
31st March 2015
`
2,222,239
-
696,087,733
698,309,972
538,902,178
538,902,178
As at
31st March 2016
`
As at
31st March 2015
`
625,817
1,047,728
45,122,922
8,910,847
54,033,769
97,834,629
93,903,502
191,738,131
2,125,134
56,784,720
2,467,856
195,253,715
TRADE RECEIVABLES
Particulars
Unsecured
Outstanding for a period exceeding six months from the date they are due for
payment
Considered Good
Considered doubtful
Others
Considered Good
Considered doubtful
Less: Provision for doubtful debts
TOTAL
17.
Cost `
Units
134,376,284
Particulars
16.
Cost
CASH AND BANK BALANCES

Particulars
Cash and Cash Equivalents
Cash on Hand
Balances with Banks
In current accounts
In deposit accounts*
Other bank balances
Unclaimed dividend accounts
TOTAL
58
18.
SHORT-TERM LOANS AND ADVANCES

Particulars
As at
31st March 2016
`
As at
31st March 2015
`
21,870,631
26,586,136
38,169,166
2,863,525
38,169,166
2,863,525
Unsecured
Advances
Related Parties
Others
- Considered good
- Considered doubtful
Less: Provision for Doubtful Advances
TOTAL
19.
38,169,166
2,863,525
60,039,797
29,449,661
As at
31st March 2016
`
As at
31st March 2015
`
5,067,050
2,814,141
OTHER CURRENT ASSETS

Particulars
Unsecured / Considered Good
Claims Receivable
Interest accrued on fixed deposits with banks
1,902,260
259,423
Prepaid Expenses
3,245,276
5,735,446
Unfinished Voyage Expenses*
6,461,089
13,592,803
Unamortised Loan Processing charges**
4,110,641
2,478,500
Gratuity Fund with Life Insurance Corporation (Refer Note 29)
618,601
Duty Credit under Served from India Scheme (Refer Note 28)
54,900,451
36,266,991
7,531,468
14,204,899
83,218,235
75,970,804
Others***
TOTAL
* Expense relates to expenses of unfinished legs as at the balance sheet date (refer Note 2(d)(iii))
** Loan processing charges which are getting amortised over the tenure of the loan refer Note 2(j))
*** Others include CENVAT Credit available for utilisation Rs. 53,64,854/- (previous year : Rs.,117,98,673/-)
20.
INCOME FROM OPERATIONS

Year Ended
31-March-2016
`
Particulars
Ocean Freight Income
Year Ended
31-March-2015
`
3,058,530,750
2,874,531,691
Charter Hire Income
18,728,593
30,223,040
Duty Credit under Served from India Scheme
52,001,036
738,601
2,725,972
2,907,480,703
Non Liner Income

TOTAL
3,129,998,980
59
21.
OTHER INCOME
Year Ended
31-March-2016
`
Particulars
Interest Income On Deposits With Banks
Interest Income On Income Tax Refund
2,442,075
1,028,456
Dividend From Mutual Fund Investments (Current Investments - Non Trade)
7,647,525
2,050,652
3,500,000
2,450,000
35,356,364
5,217,098
Liabilities/Provisions For Expenses No Longer Required Written Back

Exchange Gain
Other Miscellaneous Income
500,406
545,850
1,904,444
500
71,626
TOTAL
50,885,344
15,710,201
Port and Marine Dues

Charter Hire and Ocean Freight Charges
Stores and Spares Consumed
Vessel Management and Agency Fees
Insurance and Protection Club Fee
Repairs and Maintenance to Fleet
Crew Victualling
Sundry Expenses
Rates & Taxes
Brokerage / Commission
TOTAL
Year Ended
31-March-2016
`
668,118,770
25,228,846
140,444,270
71,089,816
47,004,519
33,731,445
20,256,611
24,829,367
2,114,420
336,150
1,033,154,214
Year Ended
31-March-2015
`
359,179,748
2,292,461
88,455,559
49,527,143
37,221,435
18,208,672
13,709,976
16,293,303
1,285,097
316,067
586,489,461
Year Ended
31-March-2016
`
Year Ended
31-March-2015
`
OPERATION COST
Particulars
23.
3,880,549
Dividend From Subsidiary Company (Non-Current Investments - Trade)

Profit On Sale Of Mutual Fund Investments (Current Investments - Non Trade)
22.
Year Ended
31-March-2015
`
FUEL, LUBE OIL AND FRESH WATER COST
Particulars
Cost of Fuel,Lube oil and Fresh water consumed (net of duty free import license)
954,745,573
984,767,083
(23a) Details of Fuel etc consumed

Year Ended
31-March-2016
`
Particulars
Fuel Oil
Fuel oil consumption
Gas oil consumption
Lube Oil
Lube Oil consumption
Fresh water
TOTAL
60
Year Ended
31-March-2015
`
680,642,067
179,508,488
740,129,767
185,956,510
86,171,838
8,423,180
954,745,573
52,929,761
5,751,045
984,767,083
24.
EMPLOYEE BENEFIT EXPENSES

Year Ended
31-March-2016
`
Particulars
Floating Staff
Salaries, Wages & Other Allowances For Floating Staff
Contribution To Provident Fund For Floating Staff (Also Refer Note No.29)
Staff Welfare For Floating Staff
Shore Staff
Salaries And Bonus
Contribution To Provident Fund And Gratuity (Also Refer Note No.29)
Staff Welfare
TOTAL
25.
Year Ended
31-March-2015
`
308,591,402
3,648,331
1,707,204
208,422,074
2,180,342
1,932,777
60,241,078
4,153,711
2,746,390
381,088,116
42,390,332
2,845,346
3,790,301
261,561,172
Year Ended
31-March-2016
`
84,819,876
4,274,411
89,094,287
Year Ended
31-March-2015
`
66,473,358
4,086,013
70,559,371
Year Ended
31-March-2016
`
-
Year Ended
31-March-2015
`
FINANCE COST
Particulars
Interest Expense
Loan Processing Charges*
TOTAL
* Loan Processing Charges represent amortised portion relatable to respective year.
26.
OTHER EXPENSES
Particulars
Bad Debts/Claims/Doubtul Advances Written Off
Add: Provision For Doubtful Debts
Less: Reversal of Provision for Doubtful Debts no longer required
Professional & Consultancy Fees

Rent
Advertisement And Business Promotion
Travelling And Conveyance
Communication Expenses
Auditors Remuneration ( Refer Details Below)
Repairs And Maintenance- Other Assets.
Vehicle Lease Rent (Refer Note 38)
Director's Sitting Fees
Loss On Sale / Restatement Of Mutual Fund Investments (Current Investments)
Loss On Sale/ Discard Of Assets
Insurance Expenses
Rates & Taxes
Exchange Gain (loss)
Donations
CSR Expenditure
Other Expenses
TOTAL
7,643,403
5,698,599
5,184,349
3,203,273
1,498,133
3,282,010
2,023,047
1,434,000
2,644,855
217,054
755,245
20,201,128
7,323,340
61,108,436
421,161
(815,733)
(394,572)
8,695,967
5,723,742
2,136,544
5,429,046
2,263,163
2,925,930
1,937,091
1,344,000
2,215,634
25,133
445
677,925
201,689
50,000
6,389,950
39,621,687
61
(26a) Auditors Remuneration

Year Ended
31-March-2016
`
Particulars
Including Service Tax
As Auditors ( Including Quarterly Review )
In Other Capacity
Tax Audit Fees
Fees For Certification And Others
Reimbursement Of Expenses
TOTAL
Year Ended
31-March-2015
`
2,070,883
2,064,099
209,403
751,125
250,599
3,282,010
209,022
574,297
78,512
2,925,930
27.
SEBI had vide its letter dated 12th December 2014 directed the Company to resubmit the financial results for the year
ended March 31, 2013 and March 31, 2014 on proforma basis giving effect to the audit qualifications for the respective
years .Effect of restatement of audit qualifications amounted to Rs 6,21,39,370 which had been disclosed as prior period
expenditure for the year ended March 31, 2015.
28.
DETAILS OF DUTY CREDIT SCRIP UTILISED FOR IMPORTING GOODS:

Particulars
2015-16
`
2014-15
`
Opening Balance
36,266,991
19,223,024
Addition during the year
57,001,036
36,266,991
Utilisation/Expired during the year (including Subsidiary)
38,367,576
19,223,024
Closing Balance
54,900,451
36,266,991
29.
EMPLOYEE BENEFITS
(A)
Gratuity
(a)
Description of the Gratuity Plan:

The Company provides for gratuity a defined benefit retirement plan covering eligible employees. Gratuity plan provides
for a lump sum payment to employees on retirement, death, incapacitation, termination of employment, of amounts that
are based on salaries and tenure of the employees.
(b)
Amount recognized in the Balance Sheet and movements in net liability:

Particulars
Present Value of Funded Obligations
Fair Value of Plan Assets
2015-16
`
2014-15
`
13,091,929
10,688,370
(11,688,671)
(11,306,971)
1,403,258
(618,601)
Amount not Recognized as an Asset (limit in Para 59(b))

Net Liability / (Asset) recognized in the Balance Sheet
Gratuity liability is funded with Life Insurance Corporation of India (LIC) and the above net asset represents the excess
between the fair value of Gratuity funds with LIC and the liability as per actuarial valuation This is available for future
adjustment and considered recoverable.
The fair value of the plan assets does not include the Companys own financial instruments
The net asset recognized is grouped under Other current assets.
62
(c)
Expenses recognized in the Statement of Profit & Loss

2015-16
`
Particulars
Current Service Cost
2014-15
`
721,740
Interest on Defined Benefit Obligation
620,250
802,572
799,016
Expected Return on Plan Assets
(754,200)
(681,169)
Net Actuarial Losses/ (Gains) Recognized in the year
1,261,126
214,418
Past Service Cost
Losses/ (Gains) on Curtailments & Settlements
Effect of the limit in Para 59(b)

TOTAL
2,031,238
952,515
*The Actual Return on Plan Assets is ` 9,40,129 (Previous Year ` 8,90,795).

(d)
Reconciliation of Benefit Obligation & Plan assets for the Period

Change in Defined Benefit Obligation
Particulars
Opening Defined Benefit Obligation
Interest Cost
Actuarial Losses / (Gain )
2015-16
`
2014-15
`
10,688,370
8,845,060
721,740
620,250
802,572
799,016
1,447,055
424,044
Past Service Cost
Actuarial Losses / (Gain ) due to Curtailment
Liabilities Extinguished on Settlements
(567,808)
Liabilities Assumed on Acquisition / (Settled on Divestiture)

Exchange Difference on Foreign Plans
Benefits Paid
Closing Defined Benefit Obligation
13,091,929
10,688,370
2015-16
`
11,306,971
754,200
185,929
9,379
(567,808)
11,688,671
2014-15
`
9,467,839
681,169
209,626
948,337
11,306,971
500,000
Change in Fair Value of Assets

Particulars
Opening Fair Value of Plan Assets
Actuarial Gain / ( Losses )
Assets Distributed on Settlements
Contributions by Employer
Assets Acquired on Acquisition / ( Distributed on Divestiture
Amount no recognized as per asset (Limit para 59(b)
Benefits Paid
Closing Fair Value of Plan Assets
Expected Employer's Contribution Next Year
63
(e)
Actuarial Assumptions at the Valuation date

2015-16
`
Particulars
Valuation Method
2014-15
`
Projected Unit
Credit
Projected Unit
Credit
Discount Rate
7.60% p.a
7.90% p.a
Expected Rate of Return on Plan Assets*
7.50% p.a
7.50% p.a
Salary Escalation Rate

Mortality in Service
7.00% p.a
7.00% p.a
Indian Assured
Lives (2006-08)
Indian Assured
Lives (2006-08)
58 Yrs
58 Yrs
Retirement Age
*This is based on expectation of the average long term rate of return expected on investments of the Fund during the
estimated term of the obligations.
(f)
Descriptions of the Plan Assets

2015-16
`
Particulars
Government of India Securities
Corporate Bonds
Special Deposit Scheme

Insurer Managed Funds
100%
100%
Others
GRAND TOTAL
(g)
100%
100%
Experience Adjustments
Particulars
2015-16
2014-15
2013-2014
2012-2013
2011-2012
Defined Benefit Obligation
13,091,929
10,688,370
8,845,060
8,210,706
7,211,646
Plan Assets
11,688,671
11,306,971
9,467,839
8,358,336
7,880,884
Surplus / (Deficit)
(1,403,258)
618,601
622,779
147,630
669,238
1,295,165
1,705
(265,702)
137,540
1,320,940
185,929
209,626
236,894
(44,302)
112,924
Exp. Adj. on Plan Liabilities

Exp. Adj. on Plan Assets
(B)
2014-15
`
Compensated Absences for Employees

The Company permits encashment of privileged leave accumulated by their employees on retirement, separation and
during the course of service. The liability for unexpired leave is determined and provided on the basis of actuarial valuation
at the Balance Sheet date. The privileged leave liability is not funded.
(a)

Particulars
64
2015-16
`
2014-15
`
Discount Rate
7.60% p.a
7.90% p.a
7.00% p.a
7.00% p.a
(b)
Amount recognized in Balance Sheet & movements in net liability:

As at
31st March, 2016
`
As at
31st March, 2015
`
Opening balance of present value of Compensated Absences {after

adjustment of Opening Valuation} (X)
6,028,030
4,906,142
Closing balance of present value of Compensated Absences (Y)
5,463,943
6,028,030
564,087
(1,121,888)
Particulars
Movement in Net Liability (X-Y)
(c)
Non-Current (Refer Note 6)
4,058,115
4,018,720
Current (Refer Note 10)
1,405,828
2,009,310
Payments made under defined contribution schemes:

Year ended
Year ended
31st March, 2016 31st March, 2015
Particulars
30.
Contribution to Seamans Provident Fund - Floating Staff
3,648,331
2,180,342
Contribution to Provident Fund - Shore Staff (Note 24)
2,122,473
1,892,832
DIVIDEND REMITTED IN FOREIGN CURRENCY

Year ended
Year ended
Particulars
Dividend ( Gross )
16,057,145
Number of Non-resident shareholders

Number of Shares held
Type
12,351,650
12,351,650
Final Dividend
(13%)
Final Dividend
(6%) & Interim
Dividend (7%)
2014-15
2013-14 &
2014-15
For the year
31.
16,057,145
FOREIGN CURRENCY EXPOSURES OUTSTANDING AT THE BALANCE SHEET DATE:

Category: Currency Swap Contract of Rupee Loan from ICICI Bank Ltd of Rs 47,75,00,000 (USD 86,00,093)
Purpose: In order to hedge the Companys future foreign currency earnings against the volatility in foreign exchange rates.
Foreign Currency exposures not hedged by derivative instrument or otherwise:
Particulars
a) Receivables
b) Payables
c) FCNR Loan taken from Banks

d) Balances with collection agents
Currencies
USD
DHS
EURO
SGD
USD
YEN
SLR
DKK
PKR
USD
USD
PKR
SLR
As at
As at
2,870,931
1,942,895
244,936
56,613
41,600
12,425
4,829
10,004
944,964
85,213
9,146,458
8,446,004
1,784,719
57,058
3,215,068
18,500,886
9,166,685
151,683
190,350
269,060
-
65
Particulars
e) Advance with Agents & Vendors
Currencies
YEN
SGD
EURO
USD
NOK
SLR
PKR
As at
As at
3,548
24,000
6,212
8,201
11,198
5,795
17,977
4,558
2,982,320
21,670,852
83,233
-
32.
The notional loss on derivatives as on March 31, 2016 amounts to ` 11,47,64,883 (previous year: ` 10,48,72,380), on fair
valuation of cross currency interest rate swap has been taken to the Hedging Reserve account.
33.
MANAGERIAL REMUNERATION*
(Included Under Salary, Wages And Allowances- Note no. 24 )
Year ended
31st March,2016
`
Year ended
31st March, 2015
`
A) Remuneration
10,599,960
9,540,000
B) Upto 3% Commission on Profit after Tax
14,000,000
720,000
604,800
Particulars
I) To Managing Director
C) Contribution To Provident Fund

D) Leave Travel Allowance
500,000
500,000
25,819,960
10,644,800
998,000
3,996,000
998,000
3,996,000
II) To Executive Director

A) Remuneration ( Part of the year )
34.
*a)
The remuneration does not include the provision made for gratuity and leave encashment, as they are determined on
an actuarial basis for company as a whole.
a)
Contingent Liabilities
Particulars
Claims against the Company not acknowledged as debts.
As at
31st March, 2015
NIL
NIL
Corporate guarantee given on behalf of Subsidiary company (including interest)
251,508,785
171,864,890
Claim from ONGC for expenses incurred by it in connection with recovery and
allied activities in respect of OEL Vision in distress during July 2006 (Recoverable
from Insurance company).
30,597,784
30,597,784
1,127,893
As at
31st March, 2016
As at
31st March, 2015
Income Tax Demand for the Assessment Year 2012-13

b)
Capital and other commitments
Particulars
Estimated amount of contracts remaining to be executed on capital account and
others not provided for
66
As at
31st March, 2016
35.
SEGMENT REPORTING
a)
The Company operates in two business segments viz. Shipping and Logistics. Shipping comprises Charter hire and
Logistics includes Feeder, Domestic and Liner business.
Particulars
Revenue by Segment
Shipping
Logistics (Shipping part)
Others
Total Revenue
Segment Results
Shipping
Others
TOTAL
Add: Other Income
Less: i) Interest & Finance Charges
ii) Unallocated Expenditure
iii) Exceptional Item
iv) Prior Year Adjustments
Profit Before Tax
Year ended
31st March,2016
`
Year ended
31st March, 2015
`
18,728,593
3,058,530,750
52,739,637
3,129,998,980
30,223,040
2,874,531,691
2,725,972
2,907,480,703
5,293,825
502,314,044
52,619,653
560,227,522
30,684,215
89,094,287
501,817,452
2,082,091
941,945,854
2,119,210
946,147,155
15,710,201
70,559,371
287,857,482
62,139,370
541,301,133
1,530,721
155,877,054
2,468,471
159,876,246
3,150,297
83,322,372
2,421,476
88,894,145
Segment Depreciation (excluding amount charged to reserve directly)

Shipping
Others
TOTAL
b)
Geographical Segment (Based on primary location of customers)

Particulars
In India
Rest of World
Total Revenue
c)
Year ended
Year ended
31st March,2016 31st March, 2015
`
`
2,674,340,541
2,247,675,446
455,658,439
659,805,257
3,129,998,980
2,907,480,703
Segment Capital Employed

Fixed Assets used in the companys business or liabilities contracted have not been identified to any of the reportable
segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure
relating to individual segment assets and liabilities has been made. However Depreciation has been allocated amongst
segments based on best estimates of usage of fixed assets in the respective segments during the year.
36
Related Party Transactions (Refer Annexure 1)
37
Accounting for Lease

The Company has taken Vehicles on Cancellable Operating Lease and the lease rental of Rs.14,34,000 (Rs.13,44,000) is
charged to the statement of Profit and Loss.
The Company has taken Office Premises on Cancellable Operating Lease and the lease rental of Rs. 56,98,599
(Rs. 57,23,742) is charged to the statement of Profit and Loss.
67
38.
WORKING FOR EARNINGS PER SHARE:

Particulars
Year ended
31st March, 2015
Profit/(Loss) after Tax (Amount in Rs.)
486,779,559
532,801,133
Weighted average number of Equity shares outstanding (in nos.)
21,957,533
21,957,533
Nominal value Per Share (Amount in Rs.)
10
10
22.17
24.27
Year ended
31st March, 2016
`
Year ended
31st March, 2015
`
Vessels Loan Repayment (including interest cost)
221,159,117
453,815,109
Others*
162,985,039
50,740,517
Earnings in foreign exchange (on accrual basis)
828,228,105
997,178,015
Earnings Per Share (Basic & Diluted) (Amount in Rs.)
39.
Year ended
31st March, 2016
A/B
OTHER DISCLOSURES:
Particulars
Outgo in foreign currency (on accrual basis):
* Others include payment towards protection & indemnity insurance, port and marine dues, survey fees, dry dock
expenditure etc.
40.
VALUE OF IMPORTS CALCULATED ON CIF BASIS
Particulars
Stores & Spares
41.
Year ended
31st March, 2016
`
Year ended
31st March, 2015
`
55,762,730
38,127,812
Fuel Oil
213,271,118
60,564,015
Vessels/ Other Capital Goods
854,872,713
604,745,500
IMPORTED & INDIGENOUS FUEL AND SPARE PARTS CONSUMED

Particulars
Year ended
31st March, 2016
Year ended
31st March, 2015
Fuel etc
Imported
22%
213,271,118
6%
60,564,015
Indigenous
78%
741,474,455
94%
924,203,068
100%
954,745,573
100%
984,767,083
Imported
40%
55,762,730
43%
38,127,812
Indigenous
60%
84,681,540
57%
50,327,747
100%
140,444,270
100%
88,455,559
TOTAL
Stores & Spares
TOTAL
68
42.
DISCLOSURE MADE IN TERMS OF SCHEDULE V OF SEBI (LISTING OBLIGATION AND DISCLOSURE

REQUIREMENT ) 2015
Particulars
a)
(i)
Loans and advances in the nature of

loans made to subsidiary company.
Nil
Nil
(ii)

loans made to associate company.
Nil
Nil
(iii)

loans where there is.
Nil
Nil
Nil
Nil
95,000,000
95,000,000
Nil
Nil
Nil
Nil
1)
no repayment schedule or
repayment beyond seven year
( or )
2)
no interest or interest
below section 372A of The
Companies Act, 1956
(corresponding to section 186
of The Companies Act, 2013)
Loans and advances in the

nature of loans made to firms /
companies in which directors of
the company are interested."
Investment by the Company

(i)
in subsidiary company

a) 35,00,000 Equity shares of
Rs.10 each fully paid
(ii)
c)
43
Maximum
amount due at
any one time
during the year
(`)
Loans and advances
(iv)
b)
Name of the company
Amount
outstanding as
on March 31,
2016
(`)
in associate company
Investments by the loanee in the shares

of the parent company and Subsidiary
company when the company has made a
loan or advance in the nature of Loan.
Change in Accounting Policy:

1)
As required by Note 4(a) of Schedule II and the Guidance Note on Accounting for Depreciation in Companies in the
Context of Schedule II to the Companies Act, the Company has treated 'Dry Dock and Special Survey expenditure'
as a Separate Component of fleet to be depreciated over the useful life as against the practice of charging off to
statement of profit and loss on occurence.
Had the earlier practice been followed:
a) Dry Dock expenses would have been higher by Rs 679.94 Lacs
b) Depreciation would have been lower by Rs 161.59 Lacs
c) Fixed Assets would have been lower by Rs 518.35 Lacs &
d) Profit for the year would have been lower by Rs 518.35 Lacs
69
2)
44
The Freight income was earlier recognized on completion of the voyage leg. To fall in line with the requirements of
IND-AS, which becomes applicable to this Company with effect from 1st April 2017, the Company has changed its
Accounting policy in this regard to recognise revenue based on percentage of completion considering voyage days
as the basis. In view of this the Revenue for the year is more by Rs 246.77 Lacs, expenses for the year are more by
Rs 117.50 Lacs and Profit for the year is higher by Rs 129.27 Lacs (with consequential effect on unfinished voyage
Income & expense in current liabilities & current assets)
Prior period comparatives

Prior year figures have been reclassified / regrouped wherever necessary to conform to the current years classification.

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
S. Ramakrishnan
Partner
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
70
RELATED PARTY TRANSACTIONS (as on 31.03.2016)
Annexure - 1
( Amt in ` 000)
Transactions
Holding
company *
Subsidiary
Company*
Fellow
subsidiaries*
Other
related
parties*
Key
Relatives
Management
of Key
personnel* Management
personnel*
Total upto
31.03.2016
Total upto
31.03.2015

69,233
69,233
14,309
14,309
18,379
814
15,579
15,579
25,822
Orient Express Lines (Singapore) Pte.

Ltd.
3,643
3,643
389
Shreyas Relay Systems Ltd*
1,613,046
1,613,046
1,415,388
Transworld GLS (I) Pvt. Ltd.
46
46
140
140
18,765
18,765
3,500
3,500
2,450
39,589
39,589
24,135
Charter Hire Income from related

parties
Dividend Received on Equity Shares

Vessel management fees paid

Vehicle Lease Rent paid

Mrs Manita vivek Kumar Singh
660
660
660
Mrs Ratnaprabha Desai
282
282
192
20,225
20,225
20,424
549
549
304
Transworld Shipping & Logistics LLC,

Dubai
3,870
3,870
390
Orient Express Lines (Singapore) Pte.

Ltd.
232
232
21,870
21,870
1,062
Agency Fees paid
Slot Charges Payable

Encore Pierian Logistics Business
Services Ltd.
Container charges
71
RELATED PARTY TRANSACTIONS (as on 31.03.2016) (Contd.)

Transactions
Holding
company *
Subsidiary
Company*
Fellow
subsidiaries*
Other
related
parties*
Key
Relatives
Management
of Key
personnel*
Rent paid
Total upto
31.03.2016
Total upto
31.03.2015
3,732
3,732
3,688
Geeta Ramakrishnan
1,468.49
1,468
1,650
Mr. S. Ramakrishnan
25,820
25,820
10,796
Mr. V. Ramnarayan
998
998
3,996
Capt Vivek Kumar Singh
7,961
7,961
5,226
Mr Rajesh Desai
3,428
3,428
2,997
Mr. S. Mahesh
60.00
60
90
Mr. Ritesh S.Ramakrishnan
165.00
165
190
649
41.09
41
444,500
444,500
603,954
16,057
Managerial Remuneration paid (Net)
Remuneration
paid
Management Personnel
to
Key
Director Sitting Fees
Stores, Spares, Victualling, Repairs

expenses, etc.paid
Sale of Fixed Asset
Donation
Valli & Sivaswamy Memorial Charitable
Trust
Purchases of Vessel
Dividend Paid on Equity Shares
Transworld Holdings Ltd., Mauritius
16,057
16,057
Mr. S. Ramakrishnan
142
142
142
Mrs. Geeta Ramakrishnan
141
141
142
Mr. Ritesh S.Ramakrishnan
219
219
219
Ms. Anisha Ramakrishnan
1,518
1,518
1,518
142
Mrs. Mala Mahesh
141
141
Mr. Murli Mahesh
219
219
219
Ms. Mithila Mahesh
1,518
1,518
1,518
Mr. S. Mahesh
Mr. V. Ramnarayan
142
15
15
146
142
284
142
Mrs. Brinda Ramnarayan
141
141
Mr. Rajan Ramnarayan
183
183
183
Mr. Rajiv Ramnarayan
177
177
177
72
Outstanding balances pertaining to related parties as at 31st March, 2016

( Amt in ` 000)
Transactions
Holding
company *
Subsidiary
Fellow
Company* subsidiaries*
Other
related
parties*
Key
Relatives
Management
of Key
personnel*
Total upto
31.03.2016
Total upto
31.03.2015
Debit balance due to company

0.14
0.14
26,167
26,167
9,503
2,217
2,217
344
Encore Perian Logistics Business

Services Pvt. Ltd.
600
600
600
1,346
1,346
10,168
Orient Express Lines (S) Pte Ltd
389
2,340
2,340
1,030
Orient Express Ship Management

Ltd.
150
150
19,417
19,417
15,818
442,117
442,117
252,890
TOTAL DEBIT
442,117
30,724
21,512
494,353
290,742
Fellow
subsidiaries*
Other
related
parties*
Transactions
Holding
Subsidiary
company * Company*
Key
Relatives
Management
of Key
personnel*
Total upto
31.03.2016
Total upto
31.03.2015
Credit balance due from company
Orient Express Ship Management

Ltd.
415
415
64
64
Orient Express Lines (S) Pte Ltd
53
53
Transworld Shipping & Logistics

LLC
1,270
1,270
(1103)
Transworld Management
Consultancy Pvt. Ltd.
12
12
(3)
TOTAL CREDIT
1,270
545
1,815
(1,902)
Investment in Subsidiary
95,000
95,000
95,000
Guarantee for Subsidiary

251,509
251,509
171,865
(796)
Note:
1)
Figure have been adjusted for exchange rate variations
2)
Reimbursement of expenses incurred by/to Group Companies is not included here.
* Names of related parties

Nature of relationship
Name of the related party
Holding Company
Subsidiary Company

SRS Freight Management Ltd.
Transworld Bulk Carriers (India) Pvt. Ltd.

Balaji Shipping (UK) Ltd.
Balaji Shipping Co. S. A., Panama
Orient Express Line FZCO
73

Transworld Bulk Carriers FZCO
Transworld Logistics & Shipping Service Inc, USA
Transworld Logistics FZE
Transworld Projects FZE
Transworld Saudi Arabia
Transworld Shipping Trading and Logistics Services LLC, Oman
Other related party

ADMEC Logistics Ltd.
Clarion Solutions Pvt. Ltd.
Crescent Shipping Agency (I) Ltd.
Tejas Oil Pvt. Ltd.
TLPL Logistics Pvt. Ltd.
TLPL Shipping and Logsitics Pvt. Ltd.
Transcorp Finance Ltd.
Transworld Logistics Ltd.
Transworld Oil Pvt. Ltd.
Transworld Shipping and Logistics Ltd.
Transworld Terminals Pvt. Ltd.
Trident Trading Pvt. Ltd.
Transworld Group Singapore Pte. Ltd.
Liberty Navigation (S) Pte. Ltd.
Transworld GLS (Singapore) Pte. Ltd.
Transworld GLS Sdn. Bhd.
Transworld GLS Vietnam Co. Ltd.
Clarion Shipping Pvt. Ltd., Colombo
Hayleylines Ltd., Colombo
Albatross Inland Ports Pvt. Ltd.
Albatross Logistics Centre (India) Pvt. Ltd.
Key Management Personnel
S.Ramakrishnan (Chairman & Managing Director)

V.Ramnarayan (Executive Director)
Captain Vivek Kumar Singh
Rajesh Desai
Namrata Malushte
74
Relatives of Key Management Personnel
Geeta Ramakrishnan
Anisha Ramakrishnan
S. Mahesh
Mala Mahesh
Murli Mahesh
Mithila Mahesh
Brinda Ramnarayan
Rajan Ramanarayan
Rajiv Ramanarayan
Ashish Malushte
Ratnaprabha Desai
75
76
NA
NA
SRS Freight
Management
Limited
151.47
1,849.35
Reserves
& surplus
517.29
67.57
1,796.29
42,689.29
84.41
122.11
Profit
before
taxation
7.40
36.55
Provision
for
taxation
S. Ramakrishnan
(DIN: 00057637)
Amitabha Ghosh
Director
(DIN: 00055962)
Namrata Malushte
Company Secretary

S. Ramakrishnan
Partner
Place : Mumbai
Date : May 26, 2016
Place : Mumbai
Date : May 26, 2016
NIL
NIL
NIL
NIL
Not Considered in Consolidation
i.
Profit / Loss for the year
6.
Considered in Consolidation
Networth attributable to Shareholding as per latest audited Balance Sheet
5.
i.
Reason why the associate/joint venture is not consolidated
4.
NIL
NIL
Description of how there is significant influence
3.
Extend of Holding %
NIL
NIL
NIL
Shares of Associate/Joint Ventures held by the company on the year end
2.
NIL
Name 1
Amount of Investment in Associates/Joint Venture
Latest audited Balance Sheet Date
1.
Name of Associates/Joint Ventures
No.
517.29
209.49
Total
Investments Turnover
Liabilities
15,026.37 15,026.37
Total
assets
Part B: Associates and Joint Ventures
70.45
1,350.00
Share
capital
77.01
85.56
Profit
after
taxation
51.17%
100%
Proposed
% of
Equity
shareholding
Dividend
Rajesh Desai
V. Ramnarayan
Executive Director
(DIN: 00057717)
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
Name 2
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
Name 3
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
NA
NA
Part A: Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs Lacs )
Reporting period Reporting currency

for the subsidiary and Exchange rate
concerned, if
as on the last date of
different from
the relevant Financial
the holding
year in the case of
companys
foreign subsidiaries
reporting period
Shreyas Relay
Systems Limited
Name of the
subsidiary
FORM NO. AOC.1

Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Independent Auditors Report

TO THE MEMBERS OF SHREYAS SHIPPING AND LOGISTICS
LIMITED
Report on the Consolidated Financial Statements
1. We have audited the accompanying consolidated
financial statements of Shreyas Shipping and
Logistics Limited (hereinafter referred to as the
Holding Company) and its subsidiaries (the Holding
Company and its subsidiaries together referred to as
the Group), comprising of the Consolidated Balance
Sheet as at 31st March 2016, the Consolidated Statement
of Profit and Loss, the Consolidated Cash Flow
Statement for the year then ended, and a summary of
the significant accounting policies and other explanatory
information (hereinafter referred to as the consolidated
financial statements).
Managements Responsibility for the Consolidated
Financial Statements
2. The Holding Companys Board of Directors is
responsible for the preparation of these consolidated
financial statements in terms of the requirements of the
Companies Act, 2013 (hereinafter referred to as the
Act) that give a true and fair view of the consolidated
financial position, consolidated financial performance
and consolidated cash flows of the Group in accordance
with the accounting principles generally accepted in
India, including the Accounting Standards prescribed
under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. The respective
Board of Directors of the companies included in the Group
are responsible for maintenance of adequate accounting
records in accordance with the provisions of the Act for
safeguarding the assets of the Group and for preventing
and detecting frauds and other irregularities; the selection
and application of appropriate accounting policies;
making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for
the purpose of preparation of the consolidated financial
statements by the Directors of the Holding Company, as
aforesaid.
3. Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.
While conducting the audit, we have taken into account
the provisions of the Act, the accounting and auditing
standards and matters which are required to be included
in the audit report under the provisions of the Act and
the Rules made thereunder.
4.
We conducted our audit in accordance with the

Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the
consolidated financial statements are free from material
misstatement.
5. An audit involves performing procedures to obtain
audit evidence about the amounts and the disclosures
in the consolidated financial statements. The procedures
selected depend on the auditors judgment, including
the assessment of the risks of material misstatement of
the consolidated financial statements, whether due to
fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to
the Holding Companys preparation of the consolidated
financial statements that give a true and fair view in
order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating
the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates
made by the Holding Companys Board of Directors,
as well as evaluating the overall presentation of the
consolidated financial statements.
6. We believe that the audit evidence obtained by us and
the audit evidence obtained by the other auditors in
terms of their reports referred to in the Other Matters
paragraph below, is sufficient and appropriate to
provide a basis for our opinion on the consolidated
financial statements.
Opinion
7. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid consolidated financial statements give
the information required by the Act in the manner so
required and give a true and fair view in conformity with
the accounting principles generally accepted in India,
of the consolidated state of affairs of the Group as at
31st March 2016, and their consolidated profit and their
consolidated cash flows for the year ended on that date.
Other Matters
(a) We did not audit the financial statements of one
subsidiary, whose financial statements had total assets
of Rs. 5,17,28,831 as at 31st March 2016, total revenue
of Rs. 17,96,28,934 and net cash flow amounting to
Rs. 21,91,135 for the year ended on that date, as
considered in the consolidated financial statements.
These financial statements have been audited by
another auditor whose reports have been furnished
to us by the Management and our opinion on the
consolidated financial statements, in so far as it relates
to the amounts and disclosures included in respect of
this subsidiary, and our report in terms of sub-sections
(3) and (11) of Section 143 of the Act, insofar as it
77
relates to the aforesaid subsidiary, is based solely on

the reports of the other auditor.
(b) Our opinion on the consolidated financial statements,
and our report on Other Legal and Regulatory
Requirements below is not modified in respect of the
above matters with respect to our reliance on the work
done and the reports of the other auditors.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, we report, to
the extent applicable, that:
a) We have sought and obtained all the information and
explanations, which to the best of our knowledge
and belief were necessary for the purposes of
our audit of the aforesaid consolidated financial
statements.
b) In our opinion, proper books of account as required
by law relating to preparation of the aforesaid
consolidated financial statements have been kept
so far as it appears from our examination of those
books and the reports of the other auditors.
c) The
Consolidated
Balance
Sheet,
the
Consolidated Statement of Profit and Loss, and
the Consolidated Cash Flow Statement dealt with
by this Report are in agreement with the relevant
books of account maintained for the purpose
of preparation of the consolidated financial
statements.
d) In our opinion, the aforesaid consolidated financial
statements comply with the Accounting Standards
prescribed under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received
from the directors of the Holding Company as on
31st March 2016 taken on record by the Board of
Directors of the Holding Company and the reports
of the statutory auditor of its subsidiary company,
none of the directors of the Group companies, is
disqualified as on 31st March 2016 from being
appointed as a director in terms of Section 164(2)
of the Act.
Annexure A
Referred to in paragraph 1(f) on Report on Other Legal
and Regulatory Requirements of our report of even date
Report on the Internal Financial Controls under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (the Act)
We have audited the internal financial controls over financial
reporting of Shreyas Shipping and Logistics Limited hereinafter
(referred to as the Holding Company) and its subsidiary
companies (the Holding Company and its subsidiaries
together referred to as the Group), as of 31st March 2016
in conjunction with our audit of the consolidated financial
statements of the Holding Company for the year ended on
that date.
78
f)
g)
h)
With respect to the adequacy of the internal financial

controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate Report in Annexure A.
The qualification relating to the maintenance of
accounts and other matters connected therewith are
as reported in Annexure A.
With respect to the other matters to be included in
the Auditors Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:
i.
The consolidated financial statements disclose
the impact of pending litigations on the
consolidated financial position of the Group
Refer Note 36 [Contingent Liabilities] to the
financial statements
ii. The Holding Company has derivative contracts
but no long term contracts. There are no material
foreseeable losses for which the Holding
Company is required to make a provision under
applicable law or accounting standards. Refer to
Note 2(h) and 33 to the financial statements.
iii. There has been no delays in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Holding Company and its subsidiary companies.
S Ramakrishnan
Partner
Place of Signature: Mumbai
Date: 26th May 2016
Managements
Controls
Responsibility
for
Internal
Financial
The respective Board of Directors of the Holding Company

and its subsidiary companies are responsible for establishing
and maintaining internal financial controls based on the
internal control over financial reporting criteria established
by the respective companies considering the essential
components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India.
These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys
policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness
of the accounting records, and the timely preparation of

reliable financial information, as required under the Act.
Our responsibility is to express an opinion on the Companys
internal financial controls over financial reporting based on
our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the Guidance Note) and the Standards
on Auditing, issued by ICAI and deemed to be prescribed
under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls, both
issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether adequate internal
financial controls over financial reporting were established
and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over
financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected
depend on the auditors judgement, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our qualified
audit opinion on the Companys internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls Over Financial
Reporting
A companys internal financial control over financial reporting
is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
A companys internal financial control over financial reporting
includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
of the company are being made only in accordance with
authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorised acquisition, use, or
disposition of the companys assets that could have a material
effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over
Financial Reporting
Because of the inherent limitations of internal financial controls
over financial reporting, including the possibility of collusion

or improper management override of controls, material
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods
are subject to the risk that the internal financial control over
financial reporting may become inadequate because of
changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
Basis for Qualified Opinion
According to the information and explanations given to us and
based on our audit, the following material weakness has been
identified as at March 31, 2016:
(a) One of the subsidiaries did not have appropriate internal
controls in the area of financial closing process and is in the
process of implementing them (as they existed in the old
software till 31st December 2015) in the Oracle ERP software to
which financial accounting has been moved w.e.f 1st January
2016 and is being handled by an outsourced agency as there
are initial glitches in the implementation which are being
sorted out.
A material weakness is a deficiency, or a combination
of deficiencies, in internal financial control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.
Qualified Opinion
In our opinion, except for the effect/possible effects of the
material weakness described above in one of the subsidiaries,
the Holding Company and its subsidiary companies which are
companies incorporated in India, have in all material respects,
an adequate internal financial control system over financial
reporting and such internal financial controls are operating
effectively as at 31st March 2016 based on the internal control
over financial reporting criteria established by the Company
considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial
Controls over Financial Reporting issued by the Institute of
Chartered Accountants of India.
We have considered the material weakness identified and
reported above in determining the nature, timing, and
extent of audit tests applied in our audit of the 31st March
2016 consolidated financial statements of the Group, and
the material weakness has not affected our opinion on the
consolidated financial statements of the Group and we have
not issued a qualified opinion on the consolidated financial
statements.
S Ramakrishnan
Partner
Place of Signature: Mumbai
Date: 26th May 2016
79
Consolidated Balance Sheet as at 31
st
March 2016
Note
No
Particulars
Equity And Liabilities
Shareholders' Funds
Share Capital
Reserves and Surplus
Minority Interest
Non-Current Liabilities
Long-Term Borrowings
Deferred Tax Liabilities (Net)
Long-Term Provisions
Current Liabilities
Short-Term Borrowings
Trade Payables
Due to Micro and Small Enterprises
Due to Others
Other Current Liabilities
Short-Term Provisions
As at
31st March 2015
`
3
4
5
219,575,330
2,167,430,397
120,335,939
219,575,330
1,725,256,348
107,772,163
6
7
8
1,191,340,599
19,767,344
129,131,261
796,852,744
20,421,215
114,711,934
626,749,393
271,211,225
10
10
11
12
597,034
319,342,575
537,105,388
40,725,857
5,372,101,117
673,954
198,395,879
324,420,713
49,910,204
3,829,201,709
2,874,038,827
1,314,617
5,948,122
514,510,090
226,930,518
1,959,113,866
25,372
285,280,480
178,407,498
140,847,674
104,525,394
1,151,833,271
71,952,351
99,962,500
180,237,753
5,372,101,117
41,960,579
82,562,254
828,920,817
265,301,312
60,955,345
126,674,186
3,829,201,709
Total
Assets
Non-Current Assets
Fixed Assets
(I) Tangible Assets
(II) Intangible Assets
Goodwill on Consolidation
Non-Current Investments
Other Non-Current Assets
Current Assets
Current Investments
Inventories
Trade Receivables
Cash And Bank Balances
Short-Term Loans And Advances
Other Current Assets
As at
31st March 2016
`
13
14
15
16
17
18
19
20
21
Total

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
80
Consolidated Statement of Prot & Loss for the Year Ended 31
st
Sr
March, 2016
Note
No
Particulars
Income
Income From Operations
Other Income
Total Income (I + II)
Expenses
Operation Cost
Fuel etc Consumed
Employee Benefit Expense
Financial Cost
Depreciation & Amortization Expense
Other Expenses
Total Expenses (IV)
V.
Profit Before Exceptional & Extraordinary Items & Tax (III-IV)
VI.
Exceptional Items
Provision for Impairment (Refer Note 13)
Loss on Sale of Vessels (Refer Note 13)
VII. Profit Before Extraordinary Items & Tax (V -VI)
VIII. Extraordinary Items
IX.
Profit/ (Loss) For The Year (VII- VIII)
X.
Prior Year Adjustments (Refer Note 30)
XI.
Profit Before Tax (IX-X)
XII. Tax Expense:
Current Tax
Deferred Tax
Prior Year Tax
MAT Credit
XIII. Profit/(Loss) After Tax (XI-XII)
XIV. Share of (Profit) transferred to Minority Interest
XV. Profit for the year (after adjustment of Minority Interest) (XIII-XIV)
Earning Per Equity Share: Nominal Value Of Share Rs 10
- Basic
- Diluted
I.
II.
III.
IV.
Year ended
31st March 2016
`
Year ended
31st March 2015
`
22
23
5,955,662,923
51,195,867
6,006,858,790
5,458,833,465
20,365,951
5,479,199,416
24
25
26
27
13
28
3,528,951,549
954,745,573
519,758,297
121,847,556
187,040,755
179,059,650
5,491,403,380
515,455,410
2,765,641,437
984,767,083
367,992,323
103,623,348
109,104,462
117,876,792
4,449,005,445
1,030,193,971
515,455,410
515,455,410
1,050,950
514,404,460
(190,991,215)
478,848,697
742,336,489
742,336,489
68,458,636
673,877,853
21,063,638
(653,872)
(291,547)
(685,761)
494,972,002
3,063,761
491,908,241
55,982,659
(52,056)
1,346,578
(882,659)
617,483,331
3,645,553
613,837,778
21.88
21.88
27.42
27.42
40

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
81
Consolidated Statement Of Cash Flow for the year ended 31
st
March, 2016
Year Ended
31st March 2016
Year Ended
31st March 2015
514,404,460
673,877,853
Depreciation
187,040,755
109,104,462
Interest Expenses On Loans
Particulars
A
Cash Flow From Operating Activities

Net Profit/ ( Loss) Before Tax
Adjusted For Non Cash / Non Operating Items
121,847,556
103,623,348
Loss/(Profit) On Sale of Fixed Assets
3,013,967
478,870,144
Loss/(Profit) On Sale Of Investments
(35,139,310)
(5,224,776)
Bad Debts & Provision for Doubtful Debts
9,148,878
7,467,529
Unrealized Exchange/ Swap Loss/ (Gain) on Current Assets
1,849,481
1,938,603
(500,406)
(2,636,292)
(8,416,825)
(2,382,650)

Interest Income
Operating Profit Before Working Capital Changes
(a)
(6,860,209)
(8,002,485)
786,388,347
1,356,635,736
Adjustments for Changes in Working Capital:

Increase/(Decrease) In Current Assets
Inventories
Sundry Debtors
Other Current Assets, Loans And Advances
Less: Increase/(Decrease) In Current Liabilities & Provision
Net Increase/(Decrease) In Working Capital
(b)
Cash Generated from Operations
(a) - (b)
(2,145,390)
291,845,185
92,711,567
(7,570,008)
449,623,295
282,129,787
267,853,027
(95,608,716)
181,770,268
377,738,503
604,618,079
978,897,233
(67,065,366)
(68,685,873)
Add : Provision For Impairment in Value of Vessel (Exceptional Item,

Refer footnote to Note 13)
(190,991,215)
Add: Prior Year Adjustments (Refer Note 30)
68,458,636
537,552,713
787,678,781
(1,095,217,542)
(617,364,503)
(229,229,610)
(285,130,480)
25,104,398
323,046,691
5,457,069
8,002,485
43,556,135
7,607,426
(1,250,329,550)
(563,838,381)
Less: Taxes Paid
NET CASH FROM OPERATING ACTIVITIES

B
21,963,140
334,948,588
(A)
Cash Flow From Investing Activities

Addition To Fixed Assets
Addition To Non-Current Investments (Mutual Fund)
Sale of Fixed Assets
Interest Income
NET CASH FROM INVESTING ACTIVITIES
82
(B)
Consolidated Statement Of Cash Flow for the year ended 31
st
March, 2016 (CONTD.)

Year Ended
31st March 2016
Particulars
C
Year Ended
31st March 2015
Cash Flow From Financing Activities

Proceeds / (Repayment) of Borrowings (Net)
Interest Expenses
Dividend Paid
785,241,624
35,409,666
(121,847,555)
(103,623,348)
(45,789,851)
(45,535,191)
(C)
617,604,218
(113,748,873)
(A+B+C)
(95,172,619)
110,091,527
CASH & CASH EQUIVALENTS - OPENING BALANCE
304,794,035
196,674,661
ADD : NET CHANGES IN CASH & CASH EQUIVALENT AS ABOVE
(95,172,619)
110,091,527
1,053,475
(1,972,153)
210,674,891
304,794,035
992,811
1,577,677
68,834,406
261,255,779
140,847,674
41,960,579
210,674,891
304,794,035
NET CASH FROM FINANCING ACTIVITIES

NET CHANGES IN CASH & CASH EQUIVALENT
ADD : EFFECT OF CHANGES IN EXCHANGE RATES ON CASH

AND CASH EQUIVALENTS
CASH & CASH EQUIVALENTS - CLOSING BALANCE
CLOSING CASH & CASH EQUIVALENTS CONSISTS OF
CASH ON HAND (Refer Note 19)
BALANCES WITH SCHEDULE BANK IN CURRENT ACCOUNT &
DEPOSITS (Refer Note 19)
INVESTMENT IN LIQUID FUND SECURITIES (Refer Note 16)
TOTAL
Notes:
1)
The above statement has been prepared by indirect method.
2)
Cash and Cash equivalents include cash and bank balances and Investments in Liquid fund securities of Mutual Funds
maturing within 90 days and exclude margin money deposits.

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
83
Notes to the Consolidated Financial Statements for the year ended 31
st
March 2016
CORPORATE INFORMATION
1
Shreyas Shipping and Logistics Limited (SSLL) is India's first container feeder owning and operating company.
SSLL started its operations in 1993 primarily to fill the gap for feedering of containers between Indian
ports and internationally renowned Asian transshipment ports. SSLL's
shares are listed on both Bombay
Stock Exchange and National Stock Exchange. At present, it is a leading player in coastal shipping sector.
Shreyas Relay Systems Limited (SRSL) is wholly owned subsidiary of SSLL. SRSL specialises in offering
seamless,end-to-end,multi-model
transportation
soultions
incorporating
the
Road-Rail-Sea-Air
routes.
SRS Freight Management Limited (SRSFML), formerly known as Haytrans (India) Limited, is a subsidiary of SRSL, is in to
business of Air & Sea Freight Forwarding and operates under its own CHA (Custom House Agent) license.

Basis of Preparation & Use of Estimates
The Financial Statements have been prepared under the historical cost convention on accrual and going concern basis.
The Financial Statement have been prepared in accordance with the generally accepted accounting principles in India,
to comply with the Accounting Standards specified under section 133 of The Companies Act, 2013 and the relevant
provisions of the Companies Act, 2013.
The preparation of financial statements requires the Management to make estimates and assumptions that affect the
reported amounts of assets and liabilities (including contingent liabilities) as of the date of financial statements and
the reported income and expenses during the reporting period. The Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable. Future results could differ from these estimates.
a.
Fixed Assets - Tangible & Intangible

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost of acquisition is inclusive of freight,
duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use.
Expenses specifically attributable to construction of new built ship including forex loss/gain on forward covers taken
for the purpose of payment of installments to the ship-builder are capitalised.
When assets are retired or otherwise disposed off, the cost of such assets and the related accumulated depreciation
are removed from the accounts. Any profit or loss on retirement or other disposal is reflected in the statement of Profit
and Loss.
b.
Dry Dock/Special Survey expenses

Dry Dock/ Special Survey Expenses are normally incurred twice in a period of 5 years. With effect from April,15 this is
capitalised as a separate component of ships as required by Note 4(a) & (b) of Schedule II of Companies Act, 2013.
Material procured for dry dock and remaining unutilised,if any,are included in Capital work in Progress.
c.
Depreciation Tangible assets

Depreciation for the year has been provided on the basis of useful lives and residual value as prescribed in Schedule
II, except in the case of certain assets stated below, where based on past experience and technical justification, the
Company has adopted useful lives or residual values other than those prescribed in Schedule II.
84
Assets
Useful Life
Fleet
As prescribed in Schedule II
Dry Dock/Special Survey Expense/
2.5 Years
(Component of Fleets)
Computers
6 years
Mobile Handsets
3 years
Trailers
10 years
Containers
Residual Value
Based on steel scrap rates
Nil
Nil
Based on steel scrap rates
Depreciation on leasehold improvements is provided on the basis that the leases would be renewed consistent with
past practice.
Depreciation has been provided prospectively, where the cost of depreciable asset has undergone change due to
following :
(a)
(b)
Increase/decrease in Long term foreign currency liability on account of exchange fluctuations

Additions and major improvements forming an integral part of an asset
Assets individually costing Rs 5000 or less are depreciated in full in the year of acquisition.
d.
Revenue Recognition
i)
All Income and expenditure are accounted for, on accrual basis other than interest on overdue bills.
ii)
Operating Earnings represent the value of charter hire and freight earnings.Freight income is recognised based
on percentage of completion considering voyage days as the basis.
Operating Income represents Domestic Service income, (which comprise freight income from coastal shipping
and other modes of inland transportation), Trailer Trip Income,Liner Service Income and Rail Income.
e.
iii)
Income and Expenses relating to unfinished leg of the voyage as at the date of Balance Sheet are carried
forward and included under Current Liabilities and Current Assets respectively. Expenses aggregated under
unfinished leg of voyages include fixed and semi-fixed ship operating costs.
iv)
Stores and Spares (other than lube oils and victualling) are charged off to statement of Profit and Loss, on
receipt.
v)
The revenue in respect of the duty free import licenses, under Served From India Scheme, is recognized as
income in the books of account when and to the extent there is no significant uncertainty as to their ultimate
realization.
vi)
Interest on deposits of surplus funds in recognised on time proportion basis.
Investments
Long term Investments are stated at cost. Diminution in the value of investments, other than temporary in nature, is provided for.
Current investments are valued at cost or fair value whichever is lower.
f.
Inventories
Inventories are valued at lower of Cost or Net Realisable Value. The cost is determined under "First in First out"
formula.
g.
Foreign Exchange Transactions

i)
Transactions in foreign currencies are recorded at standard exchange rates prevailing on the date of relevant
transactions. The realized exchange gains or losses are recognized in the statement of Profit and Loss.
ii)
The exchange differences arising on reporting of long term foreign currency monetary items (including those
arising on settlement), in so far as they relate to acquisition of depreciable capital assets are adjusted to the
85
cost of the capital asset, with effect from 1st April 2007, in terms of Ministry of Corporate affairs Notification
dated 31st March,2009. Applicability of the above notification has since been extended upto March 2020.
h.
iii)
Other Monetary Assets and Liabilities denominated in foreign currency are translated at the year end exchange
rates. The resultant gain or loss on such translation is recognised in the statement of Profit and Loss
vi)
In respect of forward exchange contracts covering either Companys earnings or payments (other than firm
commitments and highly probable forecast transactions), the premium or discount arising at the inception of
the contract is amortised as expense or income over the life of the contract. Exchange differences on such a
contract are recognised in the statement of profit and loss in the reporting period in which the exchange rates
change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognised
as income or as expense for the period. In case of a new built ship, in respect of forward exchange contract
entered into to hedge the foreign currency risk of a firm commitment or highly probable forecast transaction
(not covered by Accounting Standard 11 revised 2003), the company capitalises all the related costs including
premium or discount, exchange difference and profit/loss on cancellation of such contracts, if any.
Derivatives
Derivatives are accounted as follows based on a limited early adoption of AS-30 to the extent not in conflict with legal
provisions and other Accounting Standards:
a)
b)
c)
d)
i.
Fair value hedges are marked to market and the notional Loss or Gain is accounted in the statement of Profit and Loss.
Cash flow hedges are marked to market and the notional loss or gain is taken to Hedging reserve account.
Other derivatives are marked to market and the notional losses or gains are booked in the statement of Profit
and Loss.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or
no longer qualifies for hedge accounting.
Employee Benefits
The Group has a defined Contribution plan for shore employees for provident fund and contributions made to the
relevant authorities under this scheme are charged to the statement of Profit and Loss. The Group has no other
obligation except the monthly contributions.
The Group has defined benefit plans for shore employees namely gratuity and leave encashment and compensated
absence, the liability for which is provided based on actuarial valuation determined under Projected Unit Credit
method. Contributions under gratuity scheme are made to Life Insurance Corporation of India (LIC) in accordance
with the terms of the policy taken under their Group Gratuity Scheme.
Actuarial gains / losses comprise experience adjustments and the effect of changes in actuarial assumptions are
recognised immediately in statement of Profit and Loss as Income / Expense.
Any other termination benefits are recognised as expenses immediately on the basis of actual expenses.
In respect of Floating staff, Provident fund and Gratuity contributions are made to Seamens Provident Fund and
Seafarers Welfare Fund Society respectively. No Gratuity is payable in respect of officers on board who are on
contract with the Company. Company has no further obligation except the monthly contributions.
j.
Borrowing Costs
Borrowing costs that are directly attributable to the acquisition / construction of the underlying qualifying fixed
assets are capitalised as a part of the respective asset up to the date of acquisition /completion of construction.
Term loan processing charges are accounted over the tenure of loan.
86
k.
Leases
Assets acquired on lease where a significant portion of the risk and rewards of the ownership are retained by the
lessor are classified as operating leases. Lease rentals are charged to revenue.
Leases where the risks and rewards of ownership are substantially transferred to the company are classified as
Finance Lease.
l.
Taxation
The Holding Company has opted for Tonnage Tax and current tax is the aggregate of Tonnage Tax for shipping
income and income tax on non-shipping income. In view of Company opting for Tonnage Tax, no provision is made
for deferred tax.
In case of subsidiaries, Provision for tax is made as per Income Tax Act, 1961. Deferred tax resulting from
difference between book and tax profit is accounted for at the current rate of tax, to the extent the timing
differences are expected to crystallize. Deferred tax assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the appropriateness of their respective carrying value
at each Balance Sheet date. When there are unabsorbed depreciation and carry forward losses as per
Income Tax act, deferred tax assets are recognized only if there exists virtual certainty of their realization.
Minimum Alternative Tax credit is recognised as an asset only when and to the extent there is convincing evidence
that the company will pay normal income tax during the specified period. Such asset is reviewed at each Balance
Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a
convincing evidence to the effect that the Company will pay normal income tax during the specified period.
Deferred tax liability and deferred tax asset of the companies in the Group have been aggregated in Consolidated
m.
Asset Impairment
The Group reviews the carrying values of tangible and intangible assets for any possible impairment at each Balance
Sheet date. Impairment loss, if any, is recognised in the year in which impairment takes place.
n.
Provisions and Contingent liabilities

Provisions are recognised when there is a present obligation as a result of past events where it is probable that there
will be outflow of resource to settle the obligation and when a reliable estimate of the amount of the obligation can be
made. When any such present obligation can not be measured or where a realistic estimate of the obligation can not
be made, contingent liabilities are recognised.
Contingent liabilities are also recognised when there is a possible obligation arising from past events due to
occurrence or non-occurrence of one or more future events not wholly within the control of the Group.
3.
SHARE CAPITAL
Particulars
AUTHORISED
2,40,00,000 (2013-14: 2,40,00,000) Equity Shares of Rs. 10/- each
14,00,000 (2013-14: 14,00,000) 9.5% Non-Convertible, Cumulative,
Redeemable Preference Shares of Rs. 100/- each
ISSUED, SUBSCRIBED AND PAID UP
2,19,57,533 (2013-14: 2,19,57,533) Equity Shares of Rs. 10/- each fully paid up
TOTAL
As at
31st March 2016
`
As at
31st March 2015
`
240,000,000
240,000,000
140,000,000
140,000,000
380,000,000
380,000,000
219,575,330
219,575,330
219,575,330
219,575,330
87
3a.
Reconciliation of the shares outstanding at the beginning and at the end of the accounting year:
Particulars
(+) Issued during the year
(-) Redeemed during the year
Outstanding at the end of the year
3b.
31st March 2016

Nos.
Amount (`)
21,957,533
219,575,330
21,957,533
219,575,330
31st March 2015

Nos.
Amount (`)
21,957,533
219,575,330
21,957,533
219,575,330
Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. The holders of the equity shares
are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share
holding at the meetings of shareholders. The dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
3c.
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company
Particulars
31st March 2016

% of Holding
Nos.
Transworld Holdings Limited (Holding

Company)
Mithila V Mahesh
Anisha Valli Ramakrishnan
3d.
31st March 2015

% of Holding
Nos.
56.25%
12,351,650
56.25%
12,351,650
5.32%
5.32%
1,167,325
1,167,325
5.32%
5.32%
1,167,325
1,167,325
The Board, in its meeting on May 26th, 2016 proposed a dividend of Rs.1.30/-per equity share (previous year interim
dividend Rs 0.70/- per equity share and final dividend Rs. 1.30/- per equity share). The proposal is subject to the
approval of shareholders at the ensuing Annual General Meeting .
The total dividend appropriation for the year ended March 31st, 2016 amounted to Rs. 343.56 Lacs (previous year Rs. 521.61 lacs) including corporate dividend tax of Rs.58.11 lacs (previous year - Rs. 82.46 lacs).
3e.
No bonus shares have been issued during the last five years.
3f.
Shares held by the holding company including shares held by subsidiaries or associates of the holding company
1,23,51,650 (2013-14: 1,23,51,650)
3g.
No shares have been reserved for issue under options and contracts/ commitments for sale of shares/
disinvestments.
3h.
No shares have been bought back during the last 5 years.
4)
RESERVE AND SURPLUS

Particulars
a)
b)
c)
88
Capital Redemption Reserve

Securities Premium Reserve
As per last Balance sheet
General Reserve
As at
31st March 2016
`
As at
31st March 2015
`
130,000,000
130,000,000
382,292,449
382,292,449
171,715,149
171,715,149
171,715,149
171,715,149
d)
e)
Tonnage Tax Reserve

Less: Transfer to Tonnage Tax Utilisation Reserve
g)
49,000,000
176,000,000
49,000,000
176,000,000
281,500,000
176,000,000
457,500,000
232,500,000
49,000,000
281,500,000
(104,872,380)
(9,892,503)
(114,764,883)
(115,796,912)
10,924,532
(104,872,380)
688,621,130
316,478,178
662,666
491,908,241
5,948,122
613,837,778
-
1,186,477,493
929,653,290
95,000,000
9,500,000
1,933,970
28,544,793
5,811,048
140,789,811
1,045,687,682
2,167,430,397
176,000,000
235,167
9,500,000
1,934,010
15,370,273
3,636,869
28,544,793
5,811,048
241,032,160
688,621,130
1,725,256,348
Tonnage Tax Utilised Reserve

Add: Transfer from Tonnage Tax Reserve
h)
176,000,000
95,000,000
176,000,000
95,000,000
Hedging Reserve
Add: Provision for Hedging Losses (AS-30)
Surplus in the Statement of Profit and Loss
Balance as per last financial Statement
Less: Depreciation adjusted against Reserves under The Companies Act,
2013
Profit(Loss) from the year
Add/ (Less): Adjustment for Goodwill etc. relating to past
Add/ (Less): Adjustment for Minority share due to Preference Shares
Conversion
Amount available for appropriation
Less Appropriations
Rectification to General Reserve balance
Arrear of Preference Share Dividend *
Proposed Dividend on Preference Shares
Tax on Proposed Dividend on Preference Shares
Interim Dividend Paid on Equity Shares
Tax on Interim Dividend on Equity Shares
Proposed Dividend on Equity Shares
Tax on Proposed Dividend on Equity Shares
Total Appropriations
Net Surplus in the statement of profit and loss
TOTAL
* Arrear of dividend on 8% Optionally Convertible Cumulative Redeemable Preference shares in SRS Freight Management
Limited to the extent of Minority for the period 28th September 2012 to 31st March 2015.
5.
MINORITY INTEREST
Particulars
Equity Minority
Preference Minority
10,00,000, 9.5% Non-Convertible, Cumulative, Redeemable Preference Shares
of Rs. 100/- each *
24,400, 8% Optionally Convertible, Cumulative, Redeemable Preference Share of
Rs. 100/- each **
Arrear of Preference Share Dividend to the extent of minority
TOTAL
As at
31st March 2016
`
10,835,939
As at
31st March 2015
`
4,752,870
100,000,000
100,000,000
2,440,000
9,500,000
120,335,939
579,293
107,772,163
89
** Preferential allotment of 1,000,000, 9.5% Non-Convertible, Cumulative, Redeemable Preference Shares of `Rs. 100/each fully paid up to Transworld Shipping & Logistics Ltd. and M/s Crescent Shipping Agency (I) Ltd. Date of allotment:
28th March, 2012 and redeemable on 1st April 2013. The holders of these preference shares have expressed their desire to
postpone the redemption till 31st March, 2017
** Preferential share allotment of 24,400 8% Optionally-Convertible, Cumulative, Redeemable Preference Shares of
Rs. 100/- each fully paid up to minority shareholders, issued by subsidiary SRS Freight Management Ltd have been
converted into equity shares of Rs 100/- each at a premium of Rs 504/- per share during the year.
6.
LONG-TERM BORROWINGS
Particulars
Secured :
Term Loan
From Banks
From Others
Less: Current Maturities of above loans disclosed under "Other Current
Liabilities" (Refer Note 11 )
Unsecured :
Term Loan
From Related Party
TOTAL
6a)
As at
31st March 2016
`
As at
31st March 2015
`
1,295,006,968
907,043,336
113,633,789
1,408,640,757
6,231,639
913,274,975
227,300,158
156,422,231
1,181,340,599
756,852,744
10,000,000
40,000,000
796,852,744
1,191,340,599
Nature of security and terms of repayment for secured loan availed from Banks
(i)
Canara Bank FCNR Loan as at March 31, 2016, is $ Nil (previous year: $ 8,04,450), was secured by a first charge over
the vessel M.V.Oel Trust. Foreign currency loan carries interest @ LIBOR (6 months) + 500 bps.
(ii)
Canara Bank FCNR Loan, $ 22,32,130 (previous year: $25,00,000), is secured by a first charge over the vessel
SSL Mumbai. Loan to be repaid in 28 quarterly installments with the first repayment starting from September 2015
i.e. $ 89,290. Foreign currency loan carries interest @ LIBOR (6 months) + 450 bps.
(iii)
ICICI Bank Loan Rs. 37,72,25,000 (previous year: Rs. 42,02,00,000), is secured by a first charge over the vessel SSL
Kochi and SSL Kutch and collateral charge over vessel SSL Sagarmala. Loan to be repaid in quarterly installments
with the first repayment starting from October 2013. ICICI Bank Loan carries interest @ I-Base + 290 bps.
(iv)
EXIM Bank FCNR Loan $ 35,11,604 (previous year: $42,75,000), is secured by a first charge over the vessel SSL
Gujarat and lien over mutual fund investment of value Rs 11.04 crore. Loan to be repaid in 28 quarterly installments
with the first repayment starting from April 2015 i.e. $ 1,52,679. Foreign currency loan carries interest @ LIBOR
(6months) + 425 bps.
(v)
Canara Bank FCNR Loan $ 52,50,000 (previous year: $ Nil), is secured by a first charge over the vessel SSL Bharat.
Loan to be repaid in 28 quarterly installments with the first repayment starting from April 2016 i.e. $ 1,87,500. Foreign
currency loan carries interest @ LIBOR (6 months) + 425 bps.
(vi)
ICICI Bank FCNR Loan $ 20,25,000 (previous year: nil), is secured by a first charge over the vessel SSL Visakhaptanam.
Loan to be repaid in 20 quarterly installments with the first repayment starting from June 2016 i.e. $ 1,01,250. Foreign
currency loan carries interest @ LIBOR (3 months) + 320 bps.
(vii) i) ICICI Bank - `Rs. 25,25,638/- (March 31, 2015, `Rs. 72,94,139/-), is secured by hypothecation of specific trailers.
Repayable in equal monthly instalments as per the repayment schedule for specific loan against the trailer.
90
Bank
ICICI Bank Ltd
ICICI Bank Ltd
ICICI Bank Ltd
Total
No. of
trailers
Interest
Rates %
5
2
5
12
10.70%
11.10%
10.32%
No. of
Outstanding
Outstanding
Instalments
as at
as at
outstanding as at
31st March 2016 31st March 2015
st
31 March 2016
292,303
2
710,313
1,824,021
5
1,815,325
5,177,815
2,525,638
7,294,139
(viii) HDFC Bank - `Rs. 5,16,85,950/- (March 31, 2015 Rs. 51,45,363/-) , is secured by hypothecation of specific trailers.
Repayable in equal monthly instalments as per the repayment schedule for specific loan against the trailer.
No. of
Outstanding
Instalments
as at
outstanding as at
st
March
2016
31
31st March 2016
Outstanding
as at
31st March 2015
No. of
trailers
Interest
Rates %
HDFC LTD
10.25%
15
1,810,939
HDFC LTD
29
9.67%
18
49,875,011
Total
34
51,685,950
5,145,363
Bank
5,145,363
(ix)
BMW India Financial Services Private Limited - Rs 50,23,323/- (March 31, 2015 Rs. 62,31,639 ) , is secured by
hypothecation of the Vehicle Repayable in equal monthly instalments as per the repayment schedule for specific loan
against the trailer.
x)
The finance lease liability - Rs 10,86,10,466/- (March 31, 2015 "Nil") , is towards containers acquired on Finance
Lease. The finance lease obligations are repayable in instalments as per the terms of the lease agreement over a
period of five years.
Bank
No. of
Interest
Containers Rates %
Finance Lease
1000
Total
1000
No. of
Outstanding
Instalments
as at
outstanding as at
31st March 2016
st
31 March 2016
4.78%
30
Outstanding
as at
31st March 2015
108,610,466
108,610,466
6b) There have been no defaults in repayment of any of the loans or interest thereon during the year.
7.
DEFERRED TAX LIABILITIES (NET)
Particulars
Deferred Tax Liabilities
Fixed Assets : Impact of difference between tax depreciation and
depreciation & amortization charged for the financial reporting
Gross Deferred Tax Liabilities
Deferred Tax Assets
- Provision for doubtful debts
- Provison for Claims Receivable
- Leave encashment
- Gratuity
Gross Deferred Tax Assets
Net Deferred Tax Liabilities
As at
31st March 2016
`
As at
31st March 2015
`
29,020,616
26,465,114
29,020,616
26,465,114
(5,182,441)
(244,776)
(2,492,008)
(1,334,047)
(9,253,272)
19,767,344
(2,896,096)
(256,214)
(2,385,394)
(506,195)
(6,043,899)
20,421,215
91
8.
LONG TERM PROVISIONS
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
5,438,122
8,928,256
765,336
9,074,218
114,764,883
104,872,380
129,131,261
114,711,934

Provision for Gratuity
Provision for Compensated Absence
Others
Derivative Liability
(to hedge financial risks against long term borrowing contract with ICICI bank for
buying vessels SSL Kochi and SSL Kutch)
TOTAL
8a)
Disclosure required as per AS-15 on "Employees Benefits" has been made in Note no. 32.
8b) Current portion of provision for Compensated Absence Liabilities is disclosed under Note no. 12 - 'Short-Term Provisions'.
9.
SHORT-TERM BORROWINGS
Particulars
Secured :Working Capital Loan From Banks
1)
Karur Vysya Bank FCNR Loan of $15,83,456,consists of working capital
facility. This loan is secured by hypothecation of current assets of the
company and Letter of Comfort from Transwold Holdings Ltd., Mauritius, the
Holding Company. Interest 6month Libor +285bps.
(Secured loan from bank consists of working capital facility. These loans
are secured by hypothecation of current assets including book debts of the
Group)
2)
Credit Suisse Securities (India) Private Ltd Bank FCNR Loan of $ 18,00,000
is secured by lien over mutual fund investments for value of Rs. 17.22 crore.
interest @ Libor (6months) + 250 bps
3)
Kotak Mahindra Bank Ltd FCNR Loan of $ 20,98,696 is secured by lien
over mutual fund investments for value of Rs.18.61 crore.interest @ Libor
(3months) + 298 bps
4)
Hdfc Bank working capital loan ,interest @10.65% p.a. repayable on
demand, are secured by first charge on all Book Debts and Current Assets
of the company and Corporate guarantee from the Holding company in
respect of loan availed by subsidary company.
TOTAL
10.
As at
31 March 2016
`
As at
31 March 2015
`
626,749,393
271,211,225
626,749,393
271,211,225
As at
31st March 2016
`
As at
31st March 2015
`
st
st
TRADE PAYABLES
Particulars
Sundry Creditors for Trade:Due to Micro and Small Enterprises
Due to Others
TOTAL
92
597,034
673,954
319,342,575
198,395,879
319,939,609
199,069,833
10a) The amount due to Micro and Small Enterprises as defined in the The Micro, Small and Medium Enterprises Development
Act, 2006 has been determined to the extent such parties have been identified on the basis of information collected by the
Management.
11.
OTHER CURRENT LIABILITIES

Particulars
Current Maturities of Long Term Borrowings (Note 6)
Current Maturities of Finance Lease (Note 6)
Interest accrued but not due on loans
Unclaimed Dividend
Advance From Customers
Unfinished Voyage income
Liability for Employee Benefits
Statutory Liabilities
Other Liabilities
TOTAL
As at
31st March 2016
`
204,672,705
22,627,453
1,495,580
2,125,134
3,301,800
62,914,222
29,147,781
27,430,903
183,389,810
537,105,388
As at
31st March 2015
`
156,422,231
3,088,613
2,467,856
13,346,661
65,717,148
16,292,254
6,070,839
61,015,111
324,420,713
(a)
There are no amounts due for payment to the Investor Education and Protection Fund under Section 124(5) of the
Companies Act, 2013 as at year end.
(b)
Unfinished Voyage income relates to unfinished voyage legs as at the balance sheet (Refer Note 2(d)(iii))
12.
SHORT TERM PROVISIONS

Particulars
Gratuity
Compensated Absence
Others
Proposed Preference Dividend
Provision for tax on Preference Dividend
Provision for tax on Equity Dividend
TOTAL
As at
31st March 2016
`
As at
31st March 2015
`
4,436,046
4,120,353
1,933,970
28,544,793
5,811,048
9,500,000
1,934,010
28,544,793
5,811,048
40,725,857
49,910,204
Disclosures required as per AS - 15 on "Employees Benefits" has been made in Note no. 32.
93
94
13.
2,718,331
15,412,329
TOTAL TANGIBLE
ASSETS AS ON 31.03.2015
A)
1.
(1,247,443,049)
(10,685,040)
(1,247,443,049)
(10,685,040)
(822,944)
(45,675,000)
(128,160)
(90,860)
(123,855)
(2,473,722)
38,629,501
"Deductions/
Adjustments"
2,607,860,460
3,692,392,963
120,975
1,519,822
1,519,822
2,607,739,485
3,690,873,141
18,000
17,307,716
150,484,399
12,742,534
11,358,329
22,319,448
123,597,278
174,065,743
67,994,306
3,110,985,388
31.03.2016
As at
1,160,241,367
648,721,222
93,482
95,603
95,603
1,160,147,885
648,625,619
4,938
3,122,067
52,139,096
5,934,716
5,779,102
4,459,200
62,426,058
514,760,442
As at
01.04.2015
109,767,639
187,040,755
2,632
109,602
109,602
109,765,007
186,931,153
1,107
2,022,627
13,838,147
1,672,185
1,900,032
2,101,329
3,145,016
4,842,935
16,158,831
141,248,944
For the Year
(621,287,273)
(18,722,458)
(621,287,273)
(18,722,458)
(385,377)
(18,146,854)
(81,810)
(50,673)
(57,744)
"Deductions/
Adjustments/
Impairment"
Depreciation
As at
648,721,222
817,039,519
93,482
205,205
205,205
648,625,619
816,834,314
6,045
4,759,317
47,830,389
7,525,091
7,628,461
6,502,785
3,145,016
67,268,993
16,158,831
656,009,386
31.03.2016
1,959,139,238
2,875,353,444
25,372
1,314,617
1,314,617
1,959,113,866
2,874,038,827
11,955
12,548,399
102,654,010
5,217,443
3,729,868
15,816,663
120,452,262
106,796,750
51,835,475
2,454,976,002
31.03.2016
As at
(Amount in `)
1,959,139,238
27,493
25,372
25,372
1,959,113,866
13,062
12,290,262
85,541,008
5,745,081
4,827,144
16,258,078
104,754,214
1,729,685,017
As at
01.04.2015
Net Block
The company has exercised option under para 46A of Accounting standards-11, and accordingly foreign exchange gain to the tune of Rs.24,73,722 has adjusted in the cost of Container taken on
Finance lease.
Footnote:
617,364,503
3,237,939,006
2,607,860,460 1,095,217,543
120,975
1,398,847
1,398,847
617,364,503
TOTAL ( A + B ) AS ON 31.03.2015
TOTAL INTANGIBLE
B)
120,975
120,975
3,237,818,031
2,607,739,485 1,093,818,696
1,190,897
TOTAL ( A + B ) AS ON 31.03.2016
TOTAL INTANGIBLE
B)
COMPUTER SOFTWARE
INTANGIBLES
TOTAL TANGIBLE
A)
MACHINERY
18,000
137,680,104
TRAILER (COMMERCIAL VEHICLE)
VEHICLES
58,479,295
11,679,797
COMPUTERS
842,943
10,606,246
1,726,025
20,717,278
126,071,000
6,885,471
67,994,306
827,910,428
Additions
FURNITURE & FIXTURES
167,180,272
2,244,445,459
As at
01.04.2015
Gross Block
OFFICE EQUIPMENTS
CONTAINERS ON FINANCE LEASE
CONTAINERS
DRY DOCK COMPONENT OF

FLEET
FLEET
TANGIBLES
DESCRIPTION
FIXED ASSETS
13.
9,445,215
137,680,104
5,967,114
TRAILER (COMMERCIAL VEHICLE)
TOTAL TANGIBLE
A)
3,237,939,006
3,181,851,504
TOTAL ( A + B ) AS ON 31.03.2015
TOTAL ( A + B ) AS ON 31.03.2014
15,238,381
617,364,503
16,800
15,221,581
617,364,503
1,601,450
799,426
40,849,121
(1,247,443,049)
(2,039,802)
42,888,923
(1,247,443,049)
(85,149)
(41,402)
(1,247,316,498)
"Deductions/
Adjustments"
3,237,939,006
2,607,860,460
120,975
120,975
120,975
3,237,818,031
2,607,739,485
18,000
15,412,329
137,680,104
11,679,797
10,606,246
20,717,278
167,180,272
2,244,445,459
31.03.2015
As at
793,580,673
1,160,241,367
2,096,562
93,482
93,482
791,484,111
1,160,147,885
3,817
1,613,173
39,943,294
4,503,865
3,225,941
2,573,523
58,776,840
1,049,507,432
As at
01.04.2014
180,561,991
109,767,128
36,722
2,121
2,121
180,525,269
109,765,007
1,121
1,508,894
12,195,802
1,430,851
2,593,147
1,913,305
3,649,218
86,472,669
For the year
As at
648,625,619
4,938
3,122,067
52,139,096
5,934,716
5,779,102
4,459,200
62,426,058
514,760,442
31.03.2015
648,721,222
93,482
95,603
95,603
186,098,703 1,160,241,367
(621,287,273)
(2,039,802)
188,138,505 1,160,147,885
(621,287,273)
(39,986)
(27,628)
(621,219,659)
"Deductions/
Adjustments/
Impairment"
Depreciation/ Amortisation
2,077,697,639
1,959,139,238
27,493
25,372
25,372
2,077,670,146
1,959,113,866
13,062
12,290,262
85,541,008
5,745,081
4,827,144
16,258,078
104,754,214
1,729,685,017
31.03.2015
As at
(Amount in `)
2,077,697,639
27,493
27,493
2,077,670,146
14,183
4,353,941
97,736,810
5,574,482
6,666,028
17,412,245
108,403,432
1,837,509,025
As at
1.04.2014
Net Block
2.Out of the depreciation Rs. 6,62,666 is charged to Reserves and Surplus (Refer Note 4)
1. Exceptional items in Statement of Profit and Loss represent loss on sale of vessels Rs. 47,88,48,697 (net of Provision for Impairment recognised during the year ended March 31, 2014 Rs. 19,09,91,215)
Footnote:
2,143,977
TOTAL INTANGIBLE
B)
120,975
TOTAL INTANGIBLE
120,975
3,179,707,527
3,237,818,031
B)
COMPUTER SOFTWARE
INTANGIBLES
TOTAL TANGIBLE
A)
MACHINERY
18,000
10,078,347
COMPUTERS
VEHICLES
9,891,969
772,912
19,985,768
FURNITURE & FIXTURES
OFFICE EQUIPMENTS
604,745,500
Additions
167,180,272
2,887,016,457
As at
01.04.2014
Gross Block
CONTAINERS
FLEET
TANGIBLES
DESCRIPTION
FIXED ASSETS (CONTD.)
95
14.
NON-CURRENT INVESTMENTS
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
150,000
150,000
514,360,090
285,130,480
514,510,090
285,280,480
TRADE INVESTMENTS:
In Equity Shares of Other Company - Unquoted, Fully Paid
(15,000 Equity Shares of Rs. 10/- each)
OTHER INVESTMENTS:
Mutual Funds (see details below (b))
TOTAL
a)
Investment has been valued considering the significant accounting policy no. (e) disclosed in note no. 2 to this
b)
Details of Mutual Fund Investments

Mutual Fund
Face
Value
Units
(Unquoted)
1,000.00
28,635.64
Birla Sun Life-Govt Securities Funds -Long TermDividend Direct Plan Reinvestment
10.00
1,934,526
Birla Sun Life-Government Securities-Long TermGrowth
Birla Sun Life-Govt Securities Funds -Long TermHalf yearly Dividend Reinvestment**
10.00
1,521,502
Birla Sun Life-Govt Securities-Long Term-Dividend/
Regular Plan Reinvestment*
10.00
2,007,959
Birla Sun Life-Govt Securities-Long Term-Growth*
10.00
4,038
Birla Sun Life-Treasury Optimizer Plan-DirectGrowth*
100.00
Birla Sun Life-Treasury Optimizer Plan-Monthly
Dividend Direct-Plan Reinvestment*
100.00
212,949
10.00 1,866,001.36
HDFC-Gilt Fund-Long Term -Direct-Growth
HDFC-Gilt Fund-Long Term -Regular -Growth
HDFC-Gilt
Fund-Long
Term
-Dividend
Reinvestment.**
10.00
2,448,980
HDFC-Gilt Fund-Long Term Plan-Direct-Plan
Growth Option.***
10.00
888,418
ICICI Prudential-Long Term Gilt -Direct PlanDividend.
10.00
2,199,760
ICICI Prudential-Long Term Gilt -Direct-Growth*.
10.00
ICICI Prudential-Long Term Gilt
-Dividend
Reinvestment.**
10.00
1,780,779
ICICI Prudential-Long Term Gilt -Regular-Growth.
10.00
96
Cost

Units
Cost
361,194.25
15,000,000
501,614.60
20,167,296
118,202.12
20,000,000
893,534.00
358,631.18
25,000,000
10,000,000
428,349.91
20,033,097
446,074.15
21,014,317
28,644,898
21,233,361
15,847,506
21,831,331
162,339
22,399,633
25,734,025
26,945,142
25,000,000
28,095,716
22,289,657

Mutual Fund
Face
Value

Reinvestment
Reinvestment
Reliance-Gilt Securities Fund-Growth Plan-Growth.
Reliance-Gilt Securities Fund-Monthly -Dividend
Plan.***
Reliance-Gilt Securities Fund-Monthly Dividend
Reinvestment.**
Dividend Option
SBI-Magnum Gilt Fund Long Term-Direct-Growth*
SBI-Magnum Gilt Fund Long Term- Direct Plan
Dividend.
SBI-Magnum Gilt Fund Long Term-Regular-Growth
SBI-Magnum Gilt Fund Long Term- Dividend
Reinvestment.**
SBI-Treasury Advantage Fund - Direct Daily
Reinvestment.
UTI-Gilt Advantage Fund Ltp-Regular-Growth
UTI-Gilt Advantage Fund Long Term Plan- Direct
Dividend Reinvestment**
UTI-Short Term Income Fund-Institutional Option
Direct Monthly Dividend Plan.
UTI-Short Term Income Fund Institutional OptionDirect Plan-Growth.*
(Quoted)*
TOTAL
Units
Cost
1,000.00
10,294.34
10,298,790
1,000.00
10.00
5,134.50
5,156,842
10.00
972,566
10,864,826
10.00
4,938,991
51,370,288
1,000.00
10.00
6,804.72
10,402,646
10.00
10.00
4,951,438
10.00
2,541,390
32,245,411
1,000.00
10,516.28
10,300,913
1,000.00
10.00
5,186.38
5,189,758
10.00
1,233,006
24,092,326
10.00
2,091,962
22,254,497
Units
Cost
2,684,674.00
47,657,557
678,166.10
20,000,000
1,008,583.13
30,487,978
765,623.26
23,270,235
1,210,793.01
20,000,000
64,720,654
10.00
1,000.00
1,345.86
1,371,102
1,000.00
10,384.19
10,408,629
10.00
999,990
10,000,000
999,990.00
10,000,000
10.00
249,990
2,500,000
249,990.00
2,500,000
10.00
499,980
4,999,800
514,360,090
285,130,480
* EXIM Bank FCNR Loan (under Long Term Borrowings) is secured by lien over mutual fund investments for value of
Rs. 11.04 crore.
** Credit Suisse Securities (India) Private Ltd Bank FCNR Loan of $ 18,00,000 (under Long Term Borrowings) is secured
by lien over mutual fund investments for value of Rs. 17.22 crore.
*** Kotak Mahindra Bank Ltd FCNR Loan of $ 20,98,696 (under Long Term Borrowings) is secured by lien over mutual fund
investments for value of Rs. 18.61crore.
i) Total Quoted Investments
- at cost - Rs. 1,74,99,800 (previous year: Rs. 1,25,00,000)

- at market value - Rs. 1,88,58,830 (previous year: Rs. 1,31,84,793)
ii) Total Unquoted Investments
- at cost - Rs. 49,70,10,290 (previous year: Rs. 27,27,80,480)
97
15.
OTHER NON-CURRENT ASSETS

Particulars
As at
31st March 2016
`
As at
31st March 2015
`
150,781,915
104,488,640
Unsecured considered good, unless otherwise stated

Advance Income Tax (Net of provision)
Minimum Alternate Tax Credit Entitlements
Unamortized Loan Processing charges
1,792,488
1,106,727
17,011,739
13,325,786
Prepaid Expenses
Bank Fixed Deposits with original maturity of more than 12 months*
9,396,973
46,289,622
59,066,066
Others**
TOTAL
1,657,781
420,279
226,930,518
178,407,498
* Bank fixed deposits include deposits on lien with ICICI Bank Rs. 1,90,18,404 (previous year: Rs. 1,90,18,404) &
Rs.1,34,13,172 with EXIM Bank towards debt service coverage (previous year: Rs 1,25,00,000), Rs.Nil with Tariff Manager
Kandla Port Trust (previous year: Rs. 55,196), Rs. 49,00,000 towards CSR activities with Karur Vasya Bank (previous year:
7,62,000),Deposit includes Deposit with Custom Rs.24,99,775/- (March, 31, 2015 :Rs.23,14,666/-),Security Deposit with
others Rs.53,60,766/- ( March 31, 2015: Rs.2,37,05,825/-).
** Others include amount with Port Trust of India Rs. 50,000/- (previous year: Rs. 50,000/- )
16.
CURRENT INVESTMENTS
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
141,133,724
42,029,575
(286,050)
(68,996)
140,847,674
41,960,579

Less : Provision for diminution in value of investments
TOTAL
Mutual Fund
Face
Value
`

Cost
Cost
Units
Units

1,000.00
749.32
749,563
Axis-Liquid Fund-Direct Plan-Growth

Axis-Treasury Advantage Fund Daily Dividend
1,000.00
10,035.40
10,073,555
Axis-Treasury Advantage Fund Direct Plan Daily

Dividend
1,000.00
14,524.56
14,591,759
Canara Robeco-Indigo Fund - Regular -Direct-Qtrly

Dividend
10.00
64,302.67
750,000
10.00
57,439.96
791,974
HDFC Banking & PSU Debt Fund- Direct

Reinvestment
10.00 2,504,417.72
25,410,760
ICICI Prudential-Ultra Short Term -Direct Daily

Dividend
10.00 1,080,109.11
10,916,015
IDFC Super Saver Income Fund Short Term- Direct

Monthly Dividend Reinvestment
10.00
10,233,513
98
996,588.94
11,305
17,500,000
64,303
750,000

Face
Value
`
Mutual Fund
Cost
Cost
Units
Units
`

Reinvestment
1,000.00
274.32
274,437

Reinvestment
1,000.00
8,297.57
8,333,665
Mirae Asset Ultra Short Term Bond Fund Direct

Daily Dividend Reinvestment
1,000.00
4,100.24
5,011,836
10.00 2,092,542.44
21,134,679
Reliance-Banking & PSU Debt Fund- Direct Weekly

Dividend Plan
Dividend Option
Reliance-Money Manager Fund-Growth PlanGrowth
Religare Invesco India Medium Term Bond Fund Direct Plan Daily Dividend
1,000.00
180.50
275,934
10.00
1,000.00
5,008.49
730,669
5,021,605
SBI-Premier Liquid Fund-Direct-Daily Dividend
10.00
0.71
710
SBI-Premier Liquid Fund-Direct-Growth
10.00
210
442,767
747,387
10,245,261
12,326
12,360,168
SBI-Treasury Advantage Fund - Direct Daily

1,000.00
289.23
292,637

Reinvestment.
1,000.00
134.20
134,285

1,000.00
82.75
85,292

1,000.00
294.08
294,775
10.00 1,975,351.04
20,000,000
UTI-Banking & PSU Debt Fund- Direct Plan

Monthly Dividend Reinvestment.
Escorts Mutual Fund
Reliane-Liquid Fund
1,000
TOTAL
17.
392
5,007.85
6,757,440
141,133,724
42,029,575
a)
Investment has been valued considering the significant accounting policy disclosed in note no. 2(e) to this financial
statement.
b)
Total Unquoted Investments - at cost - Rs. 14,11,33,724 (previous year: Rs. 4,20,29,575)
INVENTORIES
Particulars
As at
31st March 2016
`
As at
31st March 2015
`
102,856,351
81,111,741
(At lower of Cost or Net Realizable Value)

Lube Oils and Fuel Oil
Victualling Stock
TOTAL
1,669,043
1,450,513
104,525,394
82,562,254
99
18.
TRADE RECEIVABLES
Particulars
Unsecured
Outstanding for a period exceeding six months from the date they are due
for payment:
Considered good
Considered doubtful
Others:
Considered good
Considered doubtful
Less: Provision for doubtful debts
TOTAL
19.
As at
31st March 2016
`
As at
31st March 2015
`
14,322,918
18,032,017
9,118,832
8,883,139
1,137,510,353
(18,032,017)
1,151,833,271
819,801,985
(8,883,139)
828,920,817
As at
31st March 2016
`
As at
31st March 2015
`
992,811
1,577,677
50,395,704
8,910,847
59,306,551
124,140,182
137,115,597
261,255,779
2,125,134
6,361,725
3,166,130
71,952,351
2,467,856
CASH AND BANK BALANCES

Particulars
Cash and Cash Equivalents
Cash on Hand
Balances with Banks
In current accounts
In deposit accounts
Other bank balances
Unclaimed dividend accounts
Fixed Deposits with Banks held against Performance Bank Guarantee
Call & Short Term Deposits
TOTAL
265,301,312
Call and Short term deposits Include Deposit of Rs.25,59,973/- towards amount earmarked for CSR Activities (March 31,
2015: Rs.9,00,000/-)
20.
SHORT-TERM LOANS AND ADVANCES

Particulars
Unsecured
To related parties
- Considered good
Less: Allowance for doubtful loans and advances
Others
- Considered good
Less: Provision for Doubtful Advances
TOTAL
100
As at
31st March 2016
`
As at
31st March 2015
`
21,870,631
-
28,650,176
-
78,091,869
78,091,869
78,091,869
99,962,500
32,305,169
32,305,169
32,305,169
60,955,345
21.
OTHER CURRENT ASSETS

Particulars
Claims Receivable
Considered Good
Considered doubtful
Less: Provision for doubtful Claims Receivable
Prepaid Expenses
Interest accrued and not due on fixed deposits with banks
Income accrued
Unfinished Voyages Expenses*
Unamortized Loan Processing charges**
Incomplete Trip Expenses
Unamortized Dry Dock Expenditure
Gratuity Fund with Life Insurance Corporation
Others***
TOTAL
As at
31st March 2016
`
As at
31st March 2015
`
5,400,358
5,400,358
9,246,038
1,902,260
70,415,911
7,401,704
4,110,641
18,663,981
98,961
54,900,451
8,097,448
180,237,753
2,899,141
740,333
(740,333)
2,899,141
12,790,270
259,423.00
20,031,191
13,982,423
2,478,500
23,761,348
36,266,991
14,204,899
126,674,186
* Expense relates to expenses of unfinished legs as at the balance sheet date (refer Note 2(d)(iii))
** Loan processing charges which are getting amortised over the tenure of the loan.(refer Note 2(j))
*** Others include CENVAT Credit available for utilisation Rs. 53,64,854/- (previous year : Rs.,117,98,673/-)
22.
REVENUE FROM OPERATIONS

Particulars
Domestic Service Income
Ocean Freight Income
Regional Freight Income
Freight Forwarding / Clearing Income
Trailer Income
Rail Domestic Income
Charter Hire Income
Non Liner Income
TOTAL
23.
Year Ended
31-Mar-2016
`
3,344,705,179
1,443,582,515
811,067,148
177,759,933
107,079,918
18,728,593
738,601
52,001,036
5,955,662,923
Year Ended
31-Mar-2015
`
2,823,870,289
1,459,141,434
703,896,779
237,725,565
160,467,637
40,782,749
30,223,040
2,725,972
5,458,833,465
Year Ended
31-Mar-2016
`
5,662,499
1,197,710
8,416,825
35,356,364
500,406
62,063
51,195,867
Year Ended
31-Mar-2015
`
6,062,431
1,940,054
2,382,650
5,224,776
2,636,292
2,048,122
71,626
20,365,951
OTHER INCOME
Particulars
Interest Income On Deposits With Banks
Interest Income On Income Tax Refund
Dividend From Mutual Fund Investments (Current - Non-Trade)
Profit On Sale Of Mutual Fund Investments (Current - Non-Trade)
Exchange Difference
Other Miscellaneous Income
TOTAL
101
24.
OPERATION COST
Particulars
Insurance and Protection Club Fee
Freight Forwarding / clearing Expenses
Transportation Expenses
Terminal Handling Charges Domestic
Trailer Expenses
Terminal Handling Charges Liner
Container Lease Rent
Port and Marine Dues
Rake Expenses
Other Liner Expenses
Other Domestic Expenses
Stores and Spares Consumed
Vessel Management and Agency Fees
Agency Fees
Container/Cargo Insurance
Sundry Expenses
Crew Victualling
Repairs and Maintenance to Fleet
Brokerage / Commission
Rates & Taxes
Godown Rent
Charter Hire and Ocean Freight Charges
TOTAL
25.
Year Ended
31-Mar-2016
`
47,004,519
149,994,594
539,735,469
579,364,735
151,999,461
310,623,552
238,744,908
668,118,770
8,009
61,600,941
127,075,296
140,444,270
71,089,816
19,178,593
24,829,367
20,256,611
33,731,445
336,150
2,114,420
5,984,814
336,715,809
3,528,951,549
Year Ended
31-Mar-2015
`
37,221,435
191,483,414
473,908,444
434,924,781
215,448,121
210,913,565
170,599,350
359,179,748
37,107,672
76,573,394
62,043,008
88,455,559
49,527,143
14,068,417
7,603,809
16,293,303
13,709,976
18,208,672
854,701
1,285,097
205,200
286,026,628
2,765,641,437
Year Ended
31-Mar-2016
`
Year Ended
31-Mar-2015
`
FUEL, LUBE OIL AND FRESH WATER COST

Particulars
Cost of Fuel,Lube oil and Fresh water consumed (net of duty free import license)
954,745,573
984,767,083
25(A) DETAILS OF FUEL ETC. CONSUMED

Year Ended
31-Mar-2016
`
Particulars
Fuel Oil
Fuel oil consumption
Gas oil consumption
Lube Oil
Lube Oil consumption
Fresh water
TOTAL
26.
Year Ended
31-Mar-2015
`
680,642,067
179,508,488
740,129,767
185,956,510
86,171,838
8,423,180
954,745,573
52,929,761
5,751,045
984,767,083
EMPLOYEE BENEFIT EXPENSES

Particulars
Floating staff
Salaries, Wages & Other Allowances for Floating Staff
Contribution to Provident Fund for Floating Staff (Refer Note No. 32)
Staff Welfare for Floating Staff
Shore Staff
Salaries and Bonus
Contribution to Provident Fund and Gratuity (Refer Note No. 32)
Staff Welfare
TOTAL
102
Year Ended
31-Mar-2016
`
Year Ended
31-Mar-2015
`
308,591,402
3,648,331
1,707,204
208,422,074
2,180,342
1,932,777
185,064,262
12,368,145
8,378,953
519,758,297
134,440,826
8,887,992
12,128,312
367,992,323
27.
FINANCE COST
Particulars
Interest Expenses
Loan Processing Charges*
TOTAL
Year Ended
31-Mar-2016
`
117,573,145
4,274,411
121,847,556
Year Ended
31-Mar-2015
`
99,537,335
4,086,013
103,623,348
Year Ended
31-Mar-2016
`
Year Ended
31-Mar-2015
`
1,310,265
6,972,997
(815,733)
* Loan Processing Charges represent amortized portion relatable to respective year

28.
OTHER EXPENSES
Particulars
Bad Debts/Claims/Doubtful Advances Written Off
Add: Provision For Doubtful Debts
Less: Reversal of Provision for Doubtful Debts no longer required
Professional & Consultancy Fees
Travelling and Conveyance
Rent
Repairs and Maintenance - others
Communication Expenses
Auditors Remuneration (Refer note below)
Vehicle Lease rent (Refer Note 39)
Advertisement and Business Promotion
Rates & Taxes
Insurance Expenses
Director's Sitting fees
Donations
CSR Expenditure
Gifts & Presents
Loss On Sale / Restatement Of Mutual Fund Investments
Loss On Sale/Discard Of Assets
Exchange Difference (Net)
Other Expenses
TOTAL
9,148,878
9,148,878
45,529,286
17,257,999
19,409,036
8,939,147
4,708,832
6,205,133
4,997,761
9,105,932
1,336,582
2,090,973
4,490,421
10,000
217,054
3,013,967
19,819,371
22,779,278
179,059,650
7,467,529
21,836,342
17,258,961
17,437,906
6,461,510
5,352,966
5,828,948
4,668,729
2,136,544
555,023
908,312
3,659,460
100,000
233,972
25,133
21,447
23,924,010
117,876,792
28(A) AUDITORS REMUNERATION

Particulars
As Auditors (including Service Tax & Including Quarterly Review )
In other capacity (including Service Tax)
Tax Audit Fees
Fees for Certification and Others
Tax Assistance Service
Reimbursement of expenses
TOTAL
29
Year Ended
31-Mar-2016
`
4,692,827
Year Ended
31-Mar-2015
`
4,381,933
348,903
796,125
50,000
317,278
6,205,133
312,016
1,011,158
123,841
5,828,948
Basis of Consolidation
(a)
The financial statements of the Subsidiary Companies in the consolidation are drawn up to the same reporting date
as of the Company for the purpose of consolidation.
103
(b)
The consolidated financial statements have been prepared in accordance with the Accounting Standard (AS) 21 Consolidated Financial Statements' and generally accepted accounting principles.
(c)
Principles of consolidation:
The consolidated financial statements have been prepared as per the following principles:
(d)
i)
The financial statements of the Company and its subsidiaries are combined on a line by line basis by adding
together of the like items of assets, liabilities, income and expenses after eliminating intragroup balances, intragroup transactions, unrealized profits or losses and minority interest have been separately disclosed.
ii)
The consolidated financial statements are prepared using uniform accounting policies for like transactions
and other events in similar circumstances and are presented to the extent possible, in the same manner as the
Company's separate financial statements except as otherwise stated in the notes to the accounts.
Consolidation Summary:
Net Assets (Total Assets-Total
Liabilities)
Entity
A) Parent Company:
B) Subsidiaries:
- Indian Company
- Foreign Company
C) Minority interest in all subsidiaries:
- Indian Company
- Foreign Company
TOTAL
30
Share in Profit or Loss
%
90.44%
Amount
2,267,617,878
%
98.25%
Amount
483,279,559
4.76%
-
119,387,849
-
1.13%
-
5,564,920
-
4.80%
100%
120,335,939
2,507,341,666
0.62%
100%
3,063,761
491,908,241
Prior Year Adjustments:

a)
Restatement of Financial Statements

SEBI had vide its letter dated 12th December 2014 directed the Holding Company to resubmit the financial results for
the year ended March 31, 2013 and March 31, 2014 on proforma basis giving effect to the audit qualifications for the
respective years .Effect of restatement of audit qualifications amounted to Rs 6,21,39,370 which had been disclosed
as prior period expenditure for the year ended March 31, 2015.
31.
DETAILS OF SHARES HELD IN SUBSIDIARY

No. of Equity share held
Name of the Company
As At
31st March 2016
Shreyas Relay Systems Ltd. -SRSL

SRS Freight Management Ltd - Equity*
SRS Freight Management Ltd - 8%
Optionally-Convertible, Cumulative,
Redeemable Preference Shares*
As At
31st March 2015
Holding %
As At
31st March 2016
As At
31st March 2015
3,500,000
3,500,000
100%
100%
36,040
10,450
51.17%
51.10%
25,600
51.20%
* Investment held by Shreyas Relay Systems Ltd

32
EMPLOYEE BENEFITS
(A)
Gratuity
(a)
Description of the Gratuity Plan:

The Group provides for gratuity a defined benefit retirement plan covering eligible employees. Gratuity plan provides
for a lump sum payment to employees on retirement, death, incapacitation, termination of employment, of amounts
that are based on salaries and tenure of the employees.
104
(b)
Amount recognized in the Balance Sheet and movements in net liability:

2015-16
`
Particulars
Present Value of Funded Obligations
Fair Value of Plan Assets
24,616,252
19,594,186
(19,281,418)
(18,832,255)
4,327
3,405
5,339,161
765,336
Amount not Recognized as an Asset (limit in Para 59(b))

Net Liability / (Asset) recognized in the Balance Sheet
2014-15
`
Gratuity liability is funded with Life Insurance Corporation of India (LIC) and the above net asset represents the
excess between the fair value of Gratuity funds with LIC and the liability as per actuarial valuation This is available for
future adjustment and considered recoverable.
The fair value of the plan assets does not include the Groups own financial instruments
Refer Note no 8 ( Long Term Provisions) & Note no 21 ( Other Current Assets)
(c)
Expenses recognized in the Statement of Profit & Loss

2015-16
`
Particulars
2014-15
`
1,724,368
Interest on Defined Benefit Obligation

Past Service Cost
Effect of the limit in Para 59(b)
TOTAL
1,669,900
1,488,028
1,474,320
(1,311,608)
(1,267,804)
2,893,837
460,722
922
3,405
4,795,547
2,340,543
2015-16
`
19,594,186
1,724,368
1,488,028
3,111,553
(567,808)
(734,075)
24,616,252
2014-15
`
16,477,471
1,669,900
1,474,320
721,929
(505,783)
(243,651)
19,594,186
*The Actual Return on Plan Assets is Rs.15,20,593 (Previous Year Rs. 14,29,011).
(d)
Reconciliation of Benefit Obligation & Plan assets for the Period
Change in Defined Benefit Obligation

Particulars
Opening Defined Benefit Obligation
Interest Cost
Actuarial Losses / (Gain)
Past Service Cost
Actuarial Losses / (Gain) due to Curtailment
Liabilities Extinguished on Settlements
Liabilities Assumed on Acquisition / (Settled on Divestiture)
Benefits Paid
Closing Defined Benefit Obligation
Change in Fair Value of Assets
105
2015-16
`
18,832,255
1,311,608
217,716
221,722
(567,808)
(734,075)
19,281,418
2014-15
`
17,104,341
1,267,804
261,207
948,337
(505,783)
-243,651
18,832,255
5,500,000
2,300,000
2015-16
Projected Unit
Credit
7.60% p.a
7.50% p.a
2012-13
Projected Unit
Credit
8.80% p.a
7.50% p.a
7.00% p.a
5.00%p.a
5.00%p.a
Indian Assured
Lives (2006-08)
58 Yrs
7.00% p.a
5.00% p.a
8.00% p.a
Indian Assured
Lives (2006-08)
58 Yrs
Particulars
Opening Fair Value of Plan Assets
Actuarial Gain / ( Losses )
Assets Distributed on Settlements
Contributions by Employer
Assets Acquired on Acquisition / ( Distributed on Divestiture)
Benefits Paid
Amount not recognized as per asset (Limit para 59(b) )
Closing Fair Value of Plan Assets
Expected Employer's Contribution Next Year
(e)
Particulars
Valuation Method
Discount Rate
Expected Rate of Return on Plan Assets*
Shreyas Relay Systems Limited
SRS Freight Management Limited
Mortality in Service
Retirement Age
*This is based on expectation of the average long term rate of return expected on investments of the Fund during the
estimated term of the obligations.
(f)
Descriptions of the Plan Assets

Category of Assets
2015-16
Government of India Securities
Corporate Bonds
Special Deposit Scheme

Insurer Managed Funds
Others
GRAND TOTAL
(g)
100%
100%
100%
100%
Experience Adjustments
Particulars
2015-16
Defined Benefit Obligation
24,616,252
19,594,186
16,477,471
14,602,176
11,639,784
Plan Assets
19,281,418
18,832,255
17,104,341
14,484,242
11,137,316
Surplus / (Deficit)
(5,334,834)
(761,931)
626,870
(118,204)
-502,468
2,873,622
64,034
573,076
927,777
2,365,444
217,716
261,207
323,680
(258,333)
(1,011,678)
Exp. Adj. on Plan Liabilities

Exp. Adj. on Plan Assets
106
2014-15
2014-2015
2013-2014
2012-2013
2011-2012
(B)
Compensated Absences for Employees

The Group permits encashment of privileged leave accumulated by their employees on retirement, separation and
during the course of service. The liability for unexpired leave is determined and provided on the basis of actuarial
valuation at the Balance Sheet date. The privileged leave liability is not funded.
(a)

Particulars
(b)
2015-16
2014-15
Discount Rate
7.60% p.a
8.80% p.a
Salary Escalation Rate SRSL
5.00%p.a
5.00% p.a
Salary Escalation Rate SSLL
7.00% p.a
5%** - 7% p.a
As At
31st March 2016
`
As At
31st March 2015
`
13,194,571
11,996,786
Current liability (Refer Note 12)
4,436,046
4,120,353
Non-current liability (Refer Note 8)
8,928,256
9,074,218
Movement in Net Liability (X-Y)
(169,731)
(1,197,785)
Year Ended
31st March 2016
`
Year Ended
31st March 2015
`
Contribution to Seaman's Provident Fund - Floating Staff (Note 26)
3,648,331
2,180,342
Contribution to Provident Fund - Shore Staff (Note 26)
6,618,240
5,885,461
Amount recognized in Balance Sheet & movements in net liability:
Particulars
Opening balance of present value of Compensated Absences
{after adjustment of Opening Valuation} (X)
Closing balance of present value of Compensated Absences (Y)
(c)
Payments made under defined contribution schemes:
Particulars
33
Foreign Currency Exposures outstanding at the Balance Sheet date:

Category: Currency Swap Contract of Rupee Loan from ICICI Bank Ltd of Rs 47,75,00,000 (USD 86,00,093)
Purpose: In order to hedge the Groups future foreign currency earnings against the volatility in foreign exchange rates.
Foreign Currency exposures not hedged by derivative instrument or otherwise:.
Particulars
a)
b)
Receivables
Payables
As At
31st March 2016
As At
31st March 2015
USD
4,198,654
3,024,784
GBP
254
Currencies
DHS
244,936
56,613
EURO
41,600
12,425
SGD
4,829
10,004
USD
1,599,675
717,221
YEN
9,146,458
8,446,004
SLR
1,784,719
DKK
57,058
PKR
3,215,068
107
Particulars
c)
d)
e)
FCNR Loan taken from Bank

Finance Lease Liablilty
Balances with collection agents
f)
Advance with Agents & Vendors
Currencies
USD
USD
USD
SLR
YEN
EURO
USD
NOK
POUND
SLR
PKR
As At
31 March 2016
18,500,886
1,611,431
151,683
269,060
3,548
8,201
11,198
As At
31 March 2015
9,166,685
2,982,320
4,558
21,670,852
st
st
24,000
5,795
34.
The notional loss as on March 31, 2016 amounts to Rs. 11,47,64,883 (March 31, 2015: Rs. 10,48,72,380), on fair valuation
of cross currency interest rate swap has been taken to the Hedging Reserve account.
35.
CAPITAL AND OTHER COMMITMENTS

Particulars
Estimated amount of contracts remaining to be executed on capital account and
others not provided for
36.
As At
31st March 2015
As At
31st March 2016
1,452,667
As At
31st March 2015
2,560,467
30,597,784
30,597,784
441,889
441,889
6,148,800
69,540,776
39,290,747
20,600,000
1,127,893
CONTINGENT LIABILITIES
Particulars
Claims against the Group not acknowledged as debts.
Claim from ONGC for expenses incurred by it in connection with recovery and
allied activities in respect of OEL Vision in distress during July 2006 (Recoverable
from Insurance company).
On account of disputes in respect to sales tax/VAT
Redemption premium attributable to Minority ( to the extent not earmarked from
Securities Premium)
Matters related to Service Tax
Matters related to Customs Duty
Income Tax Demand for the Assessment Year 2012-13
37
As At
31st March 2016
SEGMENT REPORTING
a)
The Group operates in three business segments viz. Shipping, Logistics and Freight Forwarding . Shipping
comprises Charter hire, Logistics includes Feeder, Domestic and Liner business. Freight Forwarding includes sea
and air services of SRS Freight Management Limited.
Particulars
Revenue by Segment
Shipping
Freight Forwarding
Others
Total Revenue
Less : Intersegment Revenue
Total
108
Year Ended
31st March 2016
`
Year Ended
31st March 2015
`
18,728,593
7,327,460,117
179,628,934
52,739,637
7,578,557,281
1,622,894,358
5,955,662,923
30,223,040
6,627,988,081
237,725,565
2,725,972
6,898,662,658
1,439,829,193
5,458,833,465
Particulars
Segment Results
Shipping
Freight Forwarding
Others
Total
Add: Other Income
Less: i) Interest & Finance Charges
ii) Unallocated Expenditure
iii) Exceptional Item
iv) Prior Year Adjustments
Profit Before Tax
Segment Depreciation
Shipping
Freight Forwarding
Others
Total
b)
Year Ended
31st March 2015
`
5,293,825
521,981,669
26,031,324
52,619,653
605,926,471
31,376,495
121,847,556
1,050,950
514,404,459
2,082,091
1,100,034,637
9,215,430
2,119,210
1,113,451,368
20,365,951
103,623,348
287,857,482
68,458,636
673,877,853
1,530,721
182,828,930
212,633
2,468,471
187,040,755
3,150,297
103,334,903
197,786
2,421,476
109,104,462
Year Ended
31st March 2016
`
5,147,109,788
808,553,135
5,955,662,923
Year Ended
31st March 2015
`
4,501,837,907
956,995,558
5,458,833,465
Geographical Segment (Based on primary location of customers)

Particulars
In India
Rest of World
Total Revenue
c)
Year Ended
31st March 2016
`
Segment Capital Employed

Fixed Assets used in the companys business or liabilities contracted have not been identified to any of the reportable
segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure
relating to individual segment assets and liabilities has been made. However Depreciation has been allocated
amongst segments based on best estimates of usage of fixed assets in the respective segments during the year.
38
RELATED PARTY TRANSACTIONS (Refer Annexure 1)
39
ACCOUNTING FOR LEASE

The Company has taken Containers on Cancellable Operating Lease and the lease rental of Rs. 23,87,44,908/- ( 2014-15
: Rs. 17,05,99,350/-) is charged to the Statement of Profit and Loss.
b) The Company has taken 1000 Containers on Finance lease for a period of 5 years. The company has the option to buy
containers at the end of 5 years. Hence the same is considered as finance lease as per lease agreement.
Obligations towards Minimum Lease payments as on 31st March 2016:
Particulars
Not later than one year
Later than one year but not later than five years
Later than five years
Year Ended
31st March 2016
`
27,325,814
93,363,196
-
Year Ended
31st March 2015
`
-
109
Present value of future minimum lease payments in respect of finance lease period are as follow :
Year Ended
31st March 2016
`
22,627,453
85,983,013
-
Particulars
Year Ended
31st March 2015
`
-
Finance charges payable for the future lease payments is Rs. 12,078,544/The Company has taken Vehicles on Cancellable Operating Lease and the lease rental of Rs. 49,97,671/- (2014-15 :
Rs.46,68,729/-) is charged to the statement of Profit and Loss.
The Company has taken Office Premises on Cancellable Operating Lease and the lease rental of Rs. 1,94,09,036 ( 2014-15
Rs. 1,74,37,906) is charged to the statement of Profit and Loss.
The minimum future lease rentals payable in respect of non-cancellable lease period are as follow :
Year Ended
31st March 2016
`
9,563,051
28,010,255
-
Year Ended
31st March 2015
`
1,030,000
357,500
-
Year Ended
31st March 2016
`
491,908,241
Year Ended
31st March 2015
`
613,837,778
11,433,977
11,434,010
480,474,264
602,403,768
235,167
C
D
21,957,533
10
21,957,533
10
21.88
21.88
27.42
27.42
Particulars
40
WORKING FOR EARNINGS PER SHARE

Particulars
Profit/(Loss) after Tax (Amount in Rs.)
Add/(Less) : Preference Dividend (including Dividend Distribution Tax)
(Amount in Rs.)
Adjusted net profit for the year (Amount in Rs.)
Optionally Convertible Cumulative Redeemable Preference share
dividend attributable to Outsiders*
Weighted average number of Equity shares outstanding (in nos.)
Nominal value Per Share (Amount in Rs.)
Earnings Per Share
Basic
Diluted
(A-B)/C
(A-B)/C
*Relating to minority portion of dividend not declared on preference shares issued by SRSFML on account of accumulated
losses.
41
Presentation of Minimum Alternative Tax (MAT) credit as prescribed by ICAI Guidance Note on " Accounting for credit
available in respect of Minimum Alternative Tax under Income -tax Act,1961 is as under
Particulars
Current Tax *
Less: MAT Credit Entitlement availed
Net Current Tax
* Current Tax calculated as per Normal Provision of Income Tax Act, 1961.
The asset "Minimum Alternative Tax" is disclosed under " Other non-current assets"
110
Year Ended
31st March 2016
`
21,063,638
685,761
20,377,877
Year Ended
31st March 2015
`
55,982,659
3,746,968
52,235,691
42
CHANGE IN ACCOUNTING POLICY:

i) As required by Note 4(a) of Schedule II and the Guidance Note on Accounting for Depreciation in Companies in the
Context of Schedule II to the Companies Act, the Holding Company has treated 'Dry Dock and Special Survey expenditure'
as a Separate Component of fleet to be depreciated over the useful life as against the practice of charging off to statement
of profit and loss on occurence.Had the earlier practices been followed. a) Dry Dock expenses would have been higher by
Rs 679.94 Lacs b) Depreciation would have been lower by Rs 161.59 Lacs c) Fixed Assets would have been lower by Rs
518.35 Lacs & d) Profit for the year would have been lower by Rs 518.35 Lacs.
ii) The Freight income was earlier recognized on completion of the voyage leg. To fall in line with the requirements of
IND-AS, which becomes applicable to this Company with effect from 1st April 2017, the Holding Company has changed
its Accounting policy in this regard to recognise revenue based on percentage of completion considering voyage days as
the basis. In view of this the Revenue for the year is more by Rs 246.77 Lacs, expenses for the year are more by Rs 117.50
Lacs and Profit for the year is higher by Rs 129.27 Lacs (with consequential effect on unfinished voyage Income & expense
in current liabilities & current assets)
iii) During the year, the Subsidiary company has segregated its billing for domestic services(except end to end logistic
services) between sea freight and road transportation income where the services are provided together. As a consequence,
the recognition of revenue is such cases has been changed in respect of sea freight, to recognise income once the ship
moves out of place of loading as in the case of other sea freight offered as individual service. This used to be recognised
till previous year on the completion of entire service i.e. both sea and road legs.However this has no material impact in the
consolidated financial statements.
43
PRIOR PERIOD COMPARATIVES

Prior year figures have been reclassified / regrouped wherever necessary to conform to the current years classification.

S. Ramakrishnan
(DIN: 00057637)
V. Ramnarayan
Executive Director
(DIN: 00057717)
S. Ramakrishnan
Partner
Amitabha Ghosh
Director
(DIN: 00055962)
Rajesh Desai
Place : Mumbai
Date : May 26, 2016
Namrata Malushte
Company Secretary
Place : Mumbai
Date : May 26, 2016
111
CONSOLIDATED RELATED PARTY TRANSACTIONS (as on 31.03.2016)
Transactions
Holding
company *
Fellow
subsidiaries*
Annexure - 1
(Amt in ` 000)
Other related
parties*
Key
Management
personnel*
Relatives of Key
Management
personnel*
Total upto
31.03.2016
Total upto
31.03.2015

351
351
1,783
69,233
69,233
18,379
14,309
14,309
814
Clarion Shipping (Pvt) Ltd , Colombo (As agent)
36,521
3,643
3,643
389
15,579
15,579
25,822
TLPL Shipping and Logistics Pvt Ltd.
1,012
1,012
11,750
Transworld Free Zone
46
46
1,405
Transworld Logistics & Shipping Services Inc
35
35
Transworld Saudi Arabia (As agent)
3,018
Transworld Shipping & Logistics Ltd
Transworld Shipping Trading And Logistics

services LLC ( Oman)
19
19
25,737
Transworld Shipping USA Inc
5,445
5,445
Transworld Shipping, Trading & Logistics

Services LLC
Transworld Terminals Pvt Ltd
202
74
74
260
260
533
120
120
85
BSL Freight Solutions Pvt Ltd.
46
46
2,800
2,800
1,263
126
126
1,680
Clarion Shipping (Pvt) Ltd , Colombo (as agent)
3,685
Transworld Saudi Arabia (As agent)
9,277
Transworld Shipping & Logistics Ltd.
4,400
1,755
1,755
389
389
26,432
26,432
4,213
4,213
268
268
111
111
Trailer Trip Income
204
204
18,765
18,765
Feeder Documentation Charges Paid (Liner/

Domestic)
Other Income Received (Liner/Domestic)
Service / Freight/THC Income Received

(Domestic/Liner)
Charter Hire Income from related parties

Sea Freight Charges Paid
Clarion Shipping Pvt. Ltd., Colombo (As Agent)
449
449
190,005
190,005
151,086
2,705
2,705
18,664
Transworld Shipping, Trading and Logistics

Services LLC, Oman
1,138
1,138
112
CONSOLIDATED RELATED PARTY TRANSACTIONS (as on 31.03.2016) (Contd.)
Transactions
Holding
company *
Fellow
subsidiaries*
Other related
parties*
Key
Management
personnel*
Relatives of Key
Management
personnel*
Total upto
31.03.2016
Total upto
31.03.2015
Freight Forwarding Expense

Orient Express Ship Management Ltd
Albatrosss Shipping Limited
1,449
1,449
Transworld Shipping & Logistics Ltd
865
Transworld Logistics & Shipping Services Inc
1,453
Transworld Global Logistics Solutions (I) Pvt Ltd
219
219
Transworld Logistics & Shipping Services
1,495
1,495
1,423
Transworld Management Consultancy Pvt Ltd
22
22
Transworld Shipping & Logistics Ltd ( Masina )
172
172
39,589
39,589
24,135
Mrs Manita Vivek Kumar Singh
660
660
660
Mrs Ratnaprabha Desai
282
282
192
Mr Raghav Ganesh
480
480
353
Mrs Sarawati Ramnath.
1,080
1,080
588
Vessel management fees paid

Vehicle Lease Rent paid
Agency Fees / Brokerage/Commission

20,225
20,225
20,424
549
549
304
49
49
185
691
1,134
1,134
3,307
3,307
Transworld Saudi Arabia (As Agent)
455
455

Services LLC, Oman
794
794
3,870
3,870
390
232
232
238
238
2,128
Transworld Saudi Arabia (As Agent)
168
168
863

Services LLC, Oman
100
100
616
19,110
19,110
5,241
770
770
34,382
34,382
9,884
6,608
6,608
515
515
Container Handling Charges
Container Lease Rent Paid
Crane Hire Charges Paid
Transport Expenses Paid

Rent paid
11,214
11,214
12,532
580
580
670
Geeta Ramakrishnan
1,468
1,468
1,650
113
Transactions
Holding
company *
Fellow
subsidiaries*
Other related
parties*
Key
Management
personnel*
Relatives of Key
Management
personnel*
Total upto
31.03.2016
Total upto
31.03.2015
Other Administrative Expenses

126
126
486
19,110
19,110
1,192
783
783
651
651
41
41
Liner Administrative Fees

Liner Documentation Expenses Paid
Liner THC Charges Paid
Liner Transhipment Fees
Sale of Fixed Asset
Others
Transworld Management Consultancy P.Ltd
25
Orient Express Ship Management Ltd
10
Cresent Shipping Agency (I) Pvt.Ltd
1,620
Transworld Shipping and Logistics Ltd
1,620
Interest on loan paid
Managerial Remuneration paid (Net)

Mr. S. Ramakrishnan
25,820
25,820
10,796
Mr. V. Ramnarayan
7,501
7,501
3,996
Capt Vivek Kumar Singh
7,961
7,961
5,226
Mr Rajesh Desai
3,428
3,428
2,997
Mr S. Varadarajan
6,638
6,638
5,080
Mrs Rajna Ganesh
2,700
2,700
2,140
Remuneration paid to Key Management

Personnel
Director Sitting Fees

Mr. S. Mahesh
60
60
90
Mr. Ritesh S. Ramakrishnan
165
165
190
649
444,500
444,500
603,954
Cresent Shipping Agency (I) Pvt. Ltd
20,000
20,000
4,750
4,750
4,750
4,750
4,750
4,750
Stores, Spares, Victualling, Repairs expenses,

etc.paid
Donation
Valli & Sivaswamy Memorial Charitable Trust
Purchases of Vessel
Unsecured Loan Taken
Dividend Paid On Preference Shares
114
Transactions
Holding
company *
Fellow
subsidiaries*
Key
Management
personnel*
Other related
parties*
Relatives of Key
Management
personnel*
Total upto
31.03.2016
Total upto
31.03.2015
Dividend Paid on Equity Shares

S. Ramakrishnan
16,057
16,057
16,057
142
142
142
Geeta Ramakrishnan
141
141
142
Ritesh S.Ramakrishnan
219
219
219
Anisha Ramakrishnan
1,518
1,518
1,518
Mala Mahesh
141
141
142
Murli Mahesh
219
219
219
Mithila Mahesh
1,518
1,518
1,518
S. Mahesh
15
15
146
V. Ramnarayan
142
142
142
Brinda Ramnarayan
141
141
142
Rajan Ramnarayan
183
183
183
Rajiv Ramnarayan
177
177
177
(Amt in ` 000)
Outstanding balances pertaining to related parties as at 31st March, 2016

Transactions
Debit balance due to company
Clarion Shipping (Pvt) Ltd , Colombo
Transworld shipping & logistics ltd
Transworld Shipping GMBH
Transworld Shipping Trading and Logistics
Services LLC, Oman
Transworld shipping USA INC
Transworld Terminals Pvt Ltd
Total Debit
Credit balance due from company
Fellow
subsidiaries*
Other related
parties*
Key
Management
personnel*
Relatives
of Key
Management
personnel*
26,167
2,340
33,640
-
141
2,343
600
1,346
150
19,418
1,781
37
-
141
26,167
2,343
600
1,346
2,340
150
19,418
1,781
37
-
9,503
344
8,175
2,664
10,168
389
1,030
15,921
2,418
1,150
37
6
5,409
5,409
6,215
67,556
2
3,720
29,539
2
3,720
63,454
101
58,121
7
35
5,016
3,377
12,522
170
7
35
5,016
3,377
12,522
170
112
1,885
14,177
1,257
Holding
company *
Total upto
31.03.2016
Total upto
31.03.2015
115
Transactions
Transworld Logistics & Shipping Services
Transworld Management Cnsultancy Pvt Ltd
Transworld Shipping & Logistics LLC
Total Credit
Unsecured Loan Taken
Cresent Shipping Agency (I) Pvt.Ltd
Total Credit
Fellow
subsidiaries*
Other related
parties*
Key
Management
personnel*
1,270
1,270
415
64
4,964
61
1,343
12
21
28,008
Relatives
of Key
Management
personnel*
-
10,000
Holding
company *
Note:
1) Figure have been adjusted for exchange rate variations
2) Reimbursement of expenses incurred by/to Group Companies is not included
116
Total upto
31.03.2016
Total upto
31.03.2015
415
64
4,964
61
1,343
12
1,270
21
29,278
(778)
139
(3)
714
5,237
216
7,782
30,737
10,000
20,000
20,000
40,000

Holding Company
Subsidiary Company

SRS Freight Management Ltd.
Balaji Shipping (UK) Ltd.

Balaji Shipping Co. S. A., Panama
Transworld Bulk Carriers (India) Pvt. Ltd.
Transworld Bulk Carriers FZCO
Transworld Logistics & Shipping Service Inc, USA
Transworld Logistics FZE
Transworld Projects FZE
Transworld Shipping Trading and Logistics Services LLC, Oman
Other related party
ADMEC Logistics Ltd.

Albatross Inland Ports Pvt. Ltd.
Albatross Logistics Centre (India) Pvt. Ltd.
Clarion Solutions Pvt. Ltd.
Hayleylines Ltd., Colombo
Liberty Navigation (S) Pte. Ltd.
Tejas Oil Pvt. Ltd.
TLPL Logistics Pvt. Ltd.
TLPL Shipping and Logistics Pvt. Ltd.
Transcorp Finance Ltd.
Transworld GLS (Singapore) Pte. Ltd.
Transworld GLS Sdn. Bhd.
Transworld GLS Vietnam Co. Ltd.
117


Transworld Shipping USA Inc.
BSL Freight Solutions Pvt. Ltd.
Transworld Logistics & Shipping Services Ltd.
Transworld Shipping & Logistics Ltd. (Messina)
Transworld Group Singapore Pte. Ltd.
Transworld Logistics Ltd.
Transworld Oil Pvt. Ltd.
Transworld Terminals Pvt. Ltd.
Trident Trading Pvt. Ltd.
S. Ramakrishnan (Chairman & Managing Director)
V. Ramnarayan (Executive Director)
Key Management Personnel
Captain Vivek Kumar Singh

Rajesh Desai
S. Varadarajan
Rajna Ganesh
S. Mahesh
Geeta Ramakrishnan
Brinda Ramnarayan
Mala Mahesh
Anisha Ramakrishnan
Relatives of Key Management Mithila Mahesh

Murli Mahesh
Personnel
Rajan Ramanarayan
Rajiv Ramanarayan
Ratnaprabha Desai
Raghav Ganesh
Saraswati Ramnath
118
SHREYAS SHIPPING AND LOGISTICS LIMITED

Corporate Identification No. (CIN)- L63000MH1988PLC048500
Registered Office: 4th Floor, Himalayas, Geetmala Complex, Near Shah Industrial Estate, Govandi (E), Mumbai-400088
Phone: +91 22 6622 0300 Fax: +91 22 6622 0444
Webiste: www.transworld.com/shreyas Email: : [email protected]
FORM MGT-11
PROXY FORM
(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3)
of the Companies (Management and Administration) Rules, 2014)
Name of the Member(s): .............

Registered address: ......................
E-mail Id : ........................................
Folio No. / Client ID No.: ...... DP ID No. ..............
I/We, being the member(s) of the .Shares of Shreyas Shipping and Logistics Limited, hereby appoint
1. Name:.Email-Id:
Address: ..
........................... Signature: ....................or failing him
2. Name:.Email-Id:
Address: ..
........................... Signature: ....................or failing him
3. Name:.Email-Id:
Address: ..
........................... Signature: ....................
as my/ our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 28th Annual General meeting of the
Company to be held on Thursday, 21st day of July, 2016 at 11.00 a.m. at Sivaswamy Auditorium of Fine Arts Cultural Centre,
61/21 R. C. Marg, Opp. Vijaya Bank, Chembur, Mumbai - 400 071 and at any adjournment thereof in respect of such resolution
as are indicated below:
I/ We wish my above proxy(ies) to vote in the manner as indicated in the box below:
Sr. No
1.
2.
3.
4.
Particulars of Resolution
Adoption of Financial Statements and Reports thereon for the Year Ended 31st March, 2016.
Declare Dividend on Equity Shares.
Re-appointment of Mr. S. Mahesh who retires by rotation.
Appointment of M/s. PKF Sridhar & Santhanam LLP, Chartered Accountants, as the Statutory Auditors of the Company
and fix their remuneration.
Signed this . day of .. 2016
Signature of Shareholder .. Signature of Proxyholder(s)
Notes : 1.
2.
This Form in order to be effective should be duly completed and deposited at the Registered Office of the 4th Floor,
Himalayas, Geetmala Complex, Near Shah Industrial Estate, Govandi (E), Mumbai 400 088, not less than 48 (forty
eight) hours before the commencement of the Meeting.
A proxy need not be a member of the Company.
Please
Affix ` 1/Revenue
Stamp
Corporate Identification No. (CIN)- L63000MH1988PLC048500

Registered Office: 4th Floor, Himalayas, Geetmala Complex, Near Shah Industrial Estate, Govandi (E), Mumbai-400088
Phone: +91 22 6622 0300 Fax: +91 22 6622 0444
Website: www.transworld.com/shreyas
Email: [email protected]
28TH
ATTENDANCE SLIP
ANNUAL GENERAL MEETING ON 21ST JULY, 2016
Sr No. :
Registered Folio No./

DP ID/Client ID
Name and address of the
shareholder(s)
Joint Holder 1
Joint Holder 2
I/ We hereby record my/our presence at the 28th Annual General Meeting of the Company held at Sivaswamy Auditorium of
Fine Arts Cultural Centre, 61/21 R. C. Marg, Opp. Vijaya Bank, Chembur (East), Mumbai- 400 071, on Thursday, 21st July,
2016 at 11.00 am.
_________________________________
____________________________________
Members Folio/DP ID/Client ID No. Members/Proxys name (in Block Letters)
__________________________
Members/Proxys Signatur e
Note:
1. Please fill in the Folio/DP ID-Client ID No., name and sign this Attendance Slip and hand it over at the Attendance
Verification Counter at the ENTRANCE OF THE MEETING HALL.
ELECTRONIC VOTING PARTICULARS

(EVEN)
Electronic Voting Event Number
User ID
Password
104130
USERID
Note: Please read the instructions for remote e-voting given along with Annual Report. The remote e-voting period starts from 16th July, 2016
(10:00 am) and ends on 20th July, 2016 (5:00 pm). The voting module shall be disabled by NSDL for voting thereafter.
NOTE: Please Bring The Above Attendance Slip To The Meeting Hall.
If undelivered please return to:

Shreyas Shipping & Logistics Ltd.
2nd Floor, Sahyadris, Geetmala Complex,
Near Shah Industrial Estate, Opp Deonar Village Road,
Govandi (E), Mumbai - 400 088

Annual Report2016

Uploaded by

Copyright:

Available Formats

Annual Report2016

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Report2016

Uploaded by

Copyright:

Available Formats

PAV

Mr. S. Ramakrishnan Receives Award for Businessman of

Capt. V. K. Singh Receives Award for Leadership of the year

Shreyas Shipping Bags Award for Coastal Shipping

Shreyas Relay Systems Bags Award for Outstanding

Shreyas Shippings Participation at the Maritime India

Maiden Call of M. V. SSL Visakhapatnam at Vizag

CHAIRMAN & MANAGING DIRECTOR

MR. RITESH S. RAMAKRISHNAN

MR. AMITABHA GHOSH

CAPT. MANMOHAN SAGGI

MR. MANNIL VENUGOPALAN

MS. MAYA SINHA

CHAIRMAN & MANAGING DIRECTOR

MR. RITESH S. RAMAKRISHNAN

CAPT. VIVEK KUMAR SINGH

CHIEF EXECUTIVE OFFICER

CHIEF EXECUTIVE OFFICER - SHREYAS RELAY SYSTEMS LIMITED

MR. RAJESH DESAI

CHIEF FINANCIAL OFFICER

MS. NAMRATA MALUSHTE

4TH FLOOR, HIMALAYAS,

ICICI BANK LTD

KARVY & COMPANY

Pioneers and Leaders

in Coastal Container Shipping

Total Capacity (in TEUs)

Total Dead Weight

Capacity (in TEUs)

M.V. SSL BHARAT

M.V. SSL KOCHI

M.V. SSL KUTCH

M.V. SSL MUMBAI

M.V. SSL GUJARAT

M.V. SSL VISAKHAPATNAM

M.V. SSL TRUST

M.V. SSL CHENNAI

M.V. SSL SAGARMALA

CONSOLIDATED FINANCIAL HIGHLIGHTS

Reserves & Surplus

Other Non Current Assets

Net Current Assets

Administration & Other

Non Current Laibilities

EPS (Annualised) (`) (excluding

28th ANNUAL REPORT 2015-2016

Directors Report ....................................................................................................................................................................... 7 - 21

Managements Discussion and Analysis ................................................................................................................................. 22 - 24

Report on Corporate Governance ........................................................................................................................................... 25 - 37

Auditors Report ...................................................................................................................................................................... 38 - 41

Balance Sheet ................................................................................................................................................................................. 42

Statement of Profit and Loss .......................................................................................................................................................... 43

Statement of Cash Flow........................................................................................................................................................... 44 - 45

Notes to the Financial Statements .......................................................................................................................................... 46 - 76

Consolidated Auditors Report on Accounts ........................................................................................................................... 77 - 79

Consolidated Balance Sheet .......................................................................................................................................................... 80

Consolidated Statement of Profit and Loss .................................................................................................................................... 81

Consolidated Statement of Cash Flow .................................................................................................................................... 82 - 83

Consolidated Notes to the Financial Statements .................................................................................................................. 84 - 118