V.SANKARAIYAR& Co.

CHOKSHI & CHOKSHI LLP

CharteredAccountants CharteredAccountants
2-C, Court Chambers, 15/17, Raghavji 'B ' Bldg., Ground Floor
35 NewMarineLines. Raghavj{Road,GowatiaTank,
Mumbai- 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No.-AAC 8909

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of

The ShippingCorporation of India Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone financial results of The Shipping Corporation of
India Lfmated ("the Company") for the quarter and year ended March 31, 2021 ("the Statement"),
attached herewfth, being submitted by the Company pursuant to the requirement of Regulateon 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaidStatement:

(i) is presented in accordance with the requirements of Regulation 33 of the Listing Regutatfons in
this regard; and

(ii) gives a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards,and other accounting principles generally
accepted in India, of the net profit and other comprehensiveincome and other financial information
of the Company for the year ended March 31, 2021

Basisfor Opinion

We conducted our audit fn accordance with the Standardson Auditing (SAs)specified under Section
143(10) of the CompaniesAct, 2013 ("Act"). Our responsibilities under those Standardsare further
described in the Auditor's Responsibilities for the Audit of the Standalone Financial Resultssection
of our report. Weare independentof the Company,in accordancewith the Codeof Ethicsissued
by the Institute of Chartered Accountants of India ("ICAL") together with the ethical requirements
that are relevantto our audit of the Statementunderthe provisionsof the Act and the Rules
thereunder, and we have fulfilled our other ethical responsibilities in accordancewith these
equfrements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the statement.

Emphasisof Matter

We draw attention to the following matters in the notes to the Statement

Note no.lO regarding matter continued since FY 2014-15 regarding payment of Performance
Related Pay (PRP)of Rs.1,104 lakhs vis-a-vis DPEguidelines with respect to computation of
profits from core activities and non-observanceof "Bell Curve". The Company fs pursuing the
matter with the Ministry of Ports, Shippingand Waterways for resolution and final decision
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHILLP
Chartered Accountants CharteredAccountants
2-C, Court Chambers, 15/17, Raghavji'B ' Btdg., Ground Floor.
35 New Marine Lines, RaghavjiRoad,GowaliaTank,
Mumbai- 400 020 Off temps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

2
Note no. 12 regarding the confirmations of Trade receivables, Trade payablesand Depose ts and
the action being taken and the management'sassertion that the company is following up with
the parties for reconciliation and that it would not have any material difference affecting the
financial statements.

3 Note no. 15 regarding Strategic Disinvestment processby the Government of India.in respect of
the Company. The disinvestment process and the procedural aspects in relation to the same
are in progress

Our opinion is not modified in respect of these matters

Management's and Board of Directors' Responsibilities for the Standalone Ffnancial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The
Company'sManagementand Boardof Directors are responsiblefor the preparation and presentation
of this Statement that give a true and fair view of the net profst and other comprehensive income
and other financial information of the Company in accordance with the recognition and
measurement principles laid down in Indian Accounting Standardsprescribed under Section 133 of
the Act read with relevant rules issued thereunder and other accounting principles generally
accepted in India and fn compliance with Regulation 33 of the Listing Regulations.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 the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completenessof the accounting records, relevant to the preparation and presentation of the
Statement that give a true and fair view and is free from material misstatement, whether due to
fraud or error.

In preparing the Statement, the Managementand the Boardof Directors are responsiblefor assessing
the Company's ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors either
intends to liquidate the Companyor to ceaseoperations, or has no realistic alternative but to do
so

The Board of Directors is responsible for overseeing the Company'sfinancial reporting process

Auditor's Responsibilitiesfor the Audit of the StandaloneFinancialResults

Our objectives are to obtain reasonable assuranceabout whether the Statement as a whole are free
from material misstatement, whether due to fraud or error, and to issuean auditor's report that
includes our opinion. Reasonableassuranceis a high level of assurance, but is not a guarantee that
an audit conductedin accordancewith SAswill alwaysdetect a material misstatementwhen it
exists. Misstatementscan arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basisof this Statement
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHI LLP
CharteredAccountants CharteredAccountants
2-C, Court Chambers. 15/17, Raghavji'B ' Btdg., Ground Floor
35 NewMarineLines, RaghavjiRoad,GowaliaTank,
Mumbai - 400 020 Off temps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

Identify and assessthe risks of material misstatement of the Statement, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basisfor our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations, or the
overrideof internal control

Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate {n the circumstances. Under Section 143(3)(i) of the Act, we
are also responsible for expressingour opinion through a separate report on the complete set
of standalone financial statements on whether the Company has adequate internal financial
controls with reference to standalonefinancial statementsin place and the operating
effectiveness of such controls

Evaluate the appropriateness of accounting policies used and the reasonableness of accountsng
estimates and related disclosuresmade by the Managementand the Board of Directors

Conclude on the appropriateness of the Management and Board of Directors use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosuresin
the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are basedon the audit evidenceobtained up to the date of our auditor's report. However.
future events or conditions may cause the Companyto ceaseto continue as a going concern

Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represent the underlying transactions and events tn a
mannerthat achievesfair presentation.

We communicate with those charged with governanceregarding, amongother matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
nternat control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate wfth them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Other Matter

The audit of standalone financial results for the year ended March 31, 2020, was carried out and
reported by joint auditors, V.SankarAiyar & Co. and Haribhakti& Co. LLP, one of whom is
predecessor
audit firm, vide their unmodifiedaudit report dated May29, 2020,whosereport has
been furnished to us by the management and which has been relied upon by us for the purpose of
our audit of the Statement
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHI LLP
CharteredAccountants CharteredAccountants
2-C, Court Chambers. 15/17, Raghavji'B ' Bldg., Ground Floor
35 NewMarine Lines. Raghavji Road. Gowalia Tank,
Mumbai- 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No.-AAC 8909

Our opinion is not modified in respect of these matters

The Statement includes the results for the quarter ended March 31, 2021, being the balancing figures
between audited figures tn respect of full financial year and the published unaudited year to date
figures up to the third quarter of the current financial year which were subject to limited review by
us

For V.Sankar Aiyar & Co. For CHOKSHI & CHOKSHI LLP
Chartered Accountants Chartered Accountants
ICALFRN: 109208W ICALFRN: 101872W/WI 00045

G Sankar DhananajayJafswat
Partner Partner
MembershipNo.046050 MembershipNo. 187686
UDIN: 21046050AAAAEB8567 UDIN: 21 187686AAAAEB3361

Place:Mumbai
Date: 13thMay2021
 THE SHIPPING CORPORATIONOF INDIA LTD.
CIN : L6303QMH1950G01008033
Read off: Shipping House, 245, Madam Came Road. Mumbai - 400021
Web site: www.shipindia.com Phone No : 022 - 22026666

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FORTHE QUARTER AND YEAR ENDED MARCH 31, 2021

R in lakhs)

S
Particula YEARENDED
Ni
31 .03.2021 31 .1 2.2020 31.03.2020 31.03.2021 31 .03.2020
(AUDITED) (UNAUDITED) (AUDITED) (AUDITED} (AUDITED)
i" 87.535 84.123 31.382 370.325 442.544
Otherincome 2.534 3. 159 7.803 12.556 24.295
jl9talincome (1+2) 90,069 87,282 139,185 382,881 466,839
4 Expe S
Costof servicesrendered 47.91 1 50.571 70.873 99,903 255.825
Employeebenefitsexpense 14.476 l0.409 3,900 47.378 47.654
Financecosts 3.265 (658)1 ] ,031 2.111 36.413
Depreciationandamortisatlon
expense 15.376 15.642 6.406 62.794 67.127
Otherexpenses 2,800 578 16.224 7.218 25.069
Total expenses (4) 83,828 76,542 128.434 319,404 432,088
5 IProfit/(Loss) before ex l0,74i l0,751
6,241 i,477 .751
6 Exceptional itihi
7 Profit/(Loss) before tax (5-61 6.241 to,740 l0,751 63,477 34,751
8 jTai exti6rliF
Current tax 105 3.61 1
(290) 4.850
Tax pertaining
to earlieryears 7 154 7 54
Deferred tax
(490) (487) (1,622) (1,951) (1,622)
MAT Credit Entitlement
1.134 1.134
Total tax expense (8) ta78) 410 (624) 1,667 4.516
9 Profit(Loss) for the period {7-©' 6,619 l0,330 11,375 61,810 30,235
0 ottiiiiiiiiijiiiiiii;iii'iiii;i;iF
Items that wil! not be reclassified to profit or loss.
Remeasurementsgain/(loss) of defined benefit plans 261 443 1.039 2.068 1.462
Other comprehensive income for the period, net of tax (10) 261 443 1,039 2.068 1,462
11 otalcomprehensivein Coliiif6Fiii€ii6i=ia 6,880 l0,773 12,414 63,878 31,697
12 46.580
Paid Up Equity Share Capiiii (Fine value Rs.lO each) 46.580 46.580 46,580 46.580
13 Other Equityexcluding Revaluation Reserves
743.622 683.238
14 Earnings per equity share (not annualised)
(1) Basic earrlings per share {in ?) 2.22 2.44 13.27 6.49
2) Diluted earnings per share {in {) 2.22 2.44 13.27 6.49
Segment wise Revenue.Results. Assets and Liabilities

= PARTICULARS
31.032021 31.12 2Q20 31.03.2020 31.03.2Q21 31.03.2020
EAUDITED) EUNAUOITED [AUDITED}
Segment Revenue
Liner
8LIlk Carr ier
Taflker
v. Techn cal & onshore
C)tiers
84.259 31.474 370,717 447.933
unanocated Re .'enue
Total 88.273 8S.744
2 Segment Re$uits
PrQ$U(Lass)before Tax and Interns
Liner
Bulk Can er
Tanker
rechnica I & o#sha re
others
Feta

Add: Una IQcaled Income (Ne} of expenditure)

front befor? [nteres{ and Tax
ess: interestExpenses
Liner
BuckCnrrrer
tanker
rechn ca I & o#sho e
others
I oral Segment Interest E) 318
una located Interest expense
FatalInterestExpense 3,265 11.031 2.111 36,413
qdd: IEltBrestIncome
Prof LASS before Tax
3 Segment Assets
51.2a4 S1204
Bulk Gamer 58.394 158394
Tanker 547.999 547.999
rechr iHI & 0Hshore 38.$08 138.508
others
rota I Segment Assets
jnallocab e esse
rotaFAshe
4 SegmentLiabilities
Liner
BulkCarr
Tanker
F.Te chnicaI & onshore
Diners
[o€a Segment Liabilities
rnallocable Liableitie5
rota I L ab} ties
 The Shipping Corporation of India Limited
Standalone Balance Sheet
(All:::amountsin INR lakes: ullless otherwise statedl

ASSETS
Nan current assets

i$1gBw;""
i investments
'"i;i
7.713
1.062.764

7.72a

.:le=eLJ'£:l ?:;.-. :'ig; "="g

BH I :i\ :'l
Fatal nan-current a$$eti
:7': ::-;!i

h":nto'i:: 'L 8760 13.138

nvestrnpnts

isn:'h:::::"',...,. mil S9.2?9

:llElf::ll=ll,;,..
[gtai current assets
Total assets
::lll 'a.'si

EQUITYAND LIABELITIE$
Equity

gTd=;"-.-:' ,::':gg £.:::

Total equity

Nofi-current liabilities
Financial liabilities

Totalnon=current
iiibi iiii

Financial I abilities
BoFroivings 42.265 198.642

f ::E::;!:: '., ':.i

(a) total outstanding cues of micro enterprisesand amal enterprises; and 692 629

enterpn:.s din9du8safcrediCorsoEherthanmic-oerterpHsesandsmall 82.558 94.931

;.=:;:::;',-";.'-"'" i:iE: 'f:?l

Provis on3 elly assoc Bled with assets classiFed as held for sale 21 7RR ?2 a4n
Fatal current liabilities
abilities
Fatal equ and liabilities

.e7
al MumbaiIS
\a
M
 The Shipping Corporation of India Limited
Standalone Cash flow statement
All amountsin INR lakes, unlessotherwise statedl

4 cashFlqNTmmaperaiRg
iii iiiii
PrOflU[L0$S) harare if:CP--etaX 63.477 34 751
AdjuslrnentsfQ

Depreciation ard amDdlS IPneXPenSes 62.794 67 127

FlnarGe oaSIS l0,674 2a g37
Bad debtSand iTeC0\enable balan=e5mhlen Qa 184 2.782

=rarlsiaR
hrdaUbtfUI
deib 1.281 (839
=[0ViS10nfOr dimlnUtiar af\aIDe 0r inVeSlmEn

L\rite 0frOrFbedASsets 484 242

PTQVi$iOn
af ASSetheldlorsale . f5
FQrelgn
CurrencyFIUaUatjanS r8.388} 275e0

DIUdenareCeIVed .185
Dly dena nlCeiVed Imm Joint VentU e$ (2 91T}
nLBreS!feaFVea f6.56t} l8 117

Bhalge innOn-CUrrenLinV
StmeltdUetatarValUatiQn t3 {12

Cnang8 in aPgratjng aSSets nd liabIlitIeS

ll ::::liE: :::i::l £ =:1M '«-.«- -,,..,

Sel'Deere Sein InVenlQrPS
g.::'
4.37B
l::Eq
2.B41
crease)FDeCreaSe intrude Pa ailes {lC.543) (2B.279
=rBaSe)/DeC aSe inQtherCurrenl/NOn CUTER .gabi it e$ :.615 9666
37.035 1a516D
GASPgenerated frn '-- operations
:::=:!e:Elbe! r2.S&31 1Q.688

Cash nOB from Investing aEteVlti S

=yrChaSBOf
praPeHy.
plantHrdeqLipmenyinfangible
aSSetS (.9.673) {10.45a
SalepraCeedSQTPraPeny.
Planland
equipment 57 ll &{4
Dividend eCelVed Fran MLLUBI Fund . 185
DiVlaend Rene Ved tram Joint Ventures 2 911
Profit an Sale Cf Irvestme it
PUTCFa$nQflnvestments
Share aPPliCatiOnmoney (ln0)
;l=w'Fl: ; :lh"':tm:Ms 'l:9 226
PUrChaSeQf 10n€Une It inVeStmel:S

LoanremmitedrReCOVeVtOrrOnemployeesand Joint\enEJn 1.799 49B

)leer )ePOSl!SHIHbanks (11.814) 2D722
AdVanCeS andatherDePOSitS : IT1 88
]EIE:!!E:SUET 544B 9.w2

= CaShtl06 rmm FinancingaCtIVIties

LOr9teTn loans repaid {67,646} {116325]
LDH te-" loans harm Ve
siadterm loansbarra ear(repaldl f31 662) 26 813
MenSt paid ([[.]B9) {21.a23]
D /Idend Paid {3.4BG}

HiZ: L# J-'"" ,,l:f:l ..{11E)

Netlrcreaseftd8Erelsa}
incaseina cain iq iiii u
AdamChanges n Bark balanmS{Una/BiRDIe fOr USe) ' 257

AdCGa;" andCaSheqllValeMS athebeginning #the 24.478 g53B

Exchange biker nCeen tranSlallan gf fa sign CLrrencycash aElaCaSI)eqUIValentS

Cash and CasheqUiV lanbatthBend arthe yearn 221402 24478

gr".«..: ):
 Notesto standalonefinancialresults

3
The above standalone financial results were reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on 13'nMay 2021

4. The StatutoryAuditorsof the Companyhavejointly carried out the audit of the standalonefinancia
results for the quarter and year ended 31't March 2021, pursuant to the requirements of Regulation
33 of the SEB](LODR]Regulations,20].5(as amended from time to time).

5.
The standalone financial results of the Company have been prepared in accordancewith the
ecognition and measurement principles laid down in the Indian AccountingStandardsjlnd AS) as
prescribed under Section 133 of the Companies Act 2013, read with Rule 3 of the Companies jlndian
Accounting Standards) Rules, 2015 jas amended from time to time) and other accounting principles
generally acceptedin India.

6. SegmentResults:
With effect from ].s' October 2020, the passenger and research vessels managed by the L&PS Division
of the Company have been transferred to T&OS Division considering better synergy and business
alignment.

Segment definitions: Liner segment includes break-bulk and container transport. Bulk Carriers
include dry bulk carriers. Tankers segment includes crude and product carriers, gas carriers.
T&OS segment includes company owned offshore vessels and vessels (passengervessels,
research vessels and offshore vessels) managed on behalf of other organisations and income
from technical consultancy services. Others segment include income earned from Maritime
Training Institute. Unallocableitems including interest expenseto the extent unaliocableand
nterest income are disclosed separately.

b Agent Advances are allocated to segments in the ratio of payable to the agents

7. The company has paid Rs,100 lakhs to its subsidiary Inland & CoastalShipping Ltd. (ICSL)towards
share application money against the rights issue of the subsidiary during the quarter. The shares are
pending for allotment as at 31stMarch 2021

8. The Company holds 49% in Irano Hind ShippingCompany, P.J.S.ftHSC)ajointventure company.As per
the directives. received from the Government of India, it has been agreed to dissolve the Company.
Therefore, investment:in IHSChas been classifiedas 'held for sale'.

9. The Company raisedfunds through FPOon 15thDecember2010 and.had utilized 100%of funds as
contemplated under the objects clause of the issueset out in prospectus. However, due to default of
shipyards, the Company rescinded 4 shipbuilding contracts and received Rs.33,065 lakhs as refund
from shipyards. The shareholders approved the proposal to redeploy the said sum for acquisition of
any such vessels or towards the balance payments remaining due for tonnage acquisition vide their
resolution passed through postal ballot on 17'h February 2017. The Company has utilised Rs. 19,680
lakhs out of the above and the balance of Rs.13,385lakhs has been earmarked for further utilisation
r:$;:1..{1D\ as per the aforesaid resolution.

.d

g,)
 ].O. The matter of payment of Performance Related Pay (PRP)of Rs.1,103lakhs vis-i-vis DPEguidelines
w.r.t. computation of profits from core activities and non-observance of ''Bell Curve" is continued
since the FY2014-15. The ATNsfurnished by the Ministry of Ports, Shipping and Waterways (MoPSWI
are yet to be examined by Committee of Public Undertakings. The Company is pursuing the matter
with the aforesaid Ministry and awaiting their further instructions for resolution and final decision in
the matter to take appropriate action

11. The foreign exchange (gain)/loss for the respective period is recognisedas under:
IRs.in Lakhs)

finance Cost
(B) Other Expenses/(Other
Income
oral rorer

As pef para 6te) and in the manner of arriving at the adjustment given in para6A of Ind AS 23, the exchange
difference arisingfrom foreign currency borrowings is adjusted to the FinanceCost.
The remainingforeign exchange(gain)/loss after above adjustment is included in "Other Income / Other
Expenses'
Other income for the quarter and year ended 31" March 2021 shown as Rs,2.S34 lakhs and Rs.12,556 lakhs
are inclusive of foreign exchange gain of Rs. 418 lakhs and Rs.2,322 iakhs respectively.

12. The Company has the practice of seeking confirmations of balancesfrom all the parties in respect of
the Trade Receivables,Trade Parables and Deposits. During the year, the Company has sent letters to
all such parties seeking confirmations of balances- There are fewer responses to the confirmation
requests. The company is in the process of following up with the parties for the purpose of
ecovery/payment of dues. In caseof Trade Receivables,62% (majority) of the Total Trade receivables
pertains to Government and Public Sector Undertaking Customers.While the reconciliation is an on-
going process,the management does not expect any material difference affecting the financial
statements due to the same

13. As per the guidelines dated 27.5.20].6 issued by Department of Investment and Public Asset
Management (DIPAM), MOF. GOI in respect of dividend, bonus shares, etc. the Company has an
obligation to comply with these guidelines. However, the company shall take in to consideration and
be guided by the provisionsof the CompaniesAct.2013,Companies(Declarationand Paymentof
Dividend) Rules, 2014 and Guidance Note on Dividend & SecretarialStandard 3 (SS3)for taking
necessaryaction appropriate and deemed fit in the circumstances.

14. Hitherto, effect of reversal of deferred tax liabilities was given year on year basis. With effect from
Sept'20 quarter, the Company has decided to give effect of deferred tax on quarterly basis.
Accordingly, the Company has reversed deferred tax liabilities to the extent of Rs.490 lakhs and Rs.
1,951 ]akhs for the quarter and year ended 31K March 2021 in accordance with ]nd AS ].2 - Income
Taxes

15. In connection with the proposed strategic disinvestment of SCI, Department of Investment and Public
Asset Management (DIPAM) with the engagement of necessaryadvisors are proceeding in the matter.
/ft$J=!qZ-0 Preliminary Information Memorandum (PIM) for inviting expression or interest for disinvestment of
'#}/' g Name Government's entire shareholding in the Company (63.75%) along with the handing over of its
iiL: ,9

©
2

©
 management control was released on 22"' December, 2020 Ministry of Ports, Shipping arid
Waterways (MoPSW)has issued letter dated 28't'September,202a directing the Companyto appoint
& consultant for the work related to demerget'/havingoff its non-core assets.The Consultant has since
been appointed by the Company and work is .progressing

16. The impact of second w3v© of the COVID-19pandemic continued in Q4 2020-21 with the spike in
cases. Crew change continues to be a challenging job in view of trace! restrictions imposed by
overnmeRts worldwide. Though the Linerfreight rates have gone up, while impact of Cavedon crude
oil demand and its associated market dynamicshas adversely impacted the Tanker market. In T&os
segment there is improvement in activities in Q4. However, the demand remains less as compared to
Pre-COVID-19situation. The Company has assessedthe current scerlario basis internal and externa
nformation and believes that there is no impact in it$ ability to continue operations

17
The Parliament has approved the Code on Social Security, 2020 which subsumes the Provident Fund
and the Gratuity Act and rules there under. The Ministry of Labour and Employment has also released
draft rules thereunder on ].3:' November 2020 and has invited suggestionfrom stakeholders. The
Central Government on 30'n March 2021 has deferred the implementation of the said Code and the
date on which the Code will come into effect has not been notified. The Company will assessthe
mpact of the Code when it comes into effect and will account for the s?rnc once the Code becomes
effective

18
The Board of Directors recommended a dividend of Rs0.25/- per equity share of face value of Rs.lO/
each. The outdo on this account will be approximately Rs. 1.164 Lakhs,subject to the aporoval oi
rRcmbCFS
at the ertsuirig Annual General Meeting

.9.

Pursuant to the provisions of sedion 143jC) of the Companies Act. 2013, the audited annual accounts
of the Companyare subject to review by the Comptroller & Auditor Generalof India

20
I'he Hguresfor the quarter ended 31.03.2021and 31.Q3.202C}
arethe balancingfigures betweenthe
audited figures in respect of the full financial year 2020-21 and 2019-20 and the oublished unaudited
year to date figures up to the third quarter ended 3]..12.2020and 31.12.2019respectively

21
The figures of the previous year/ period have been regrouped rearranged wherever necessary /
practicableto conform to current year / period's presentations.

For The Shipping Corporation of !adia Ltd

#;? ..
JF .S''' }
'Mr< H,K.Joshi
Chairoerson
& ManagingDirector
DIN- 0708575S

Place: IVlumb2i
Date: 13.0S.2021
3
 V.SANKAR AIYAR & Co. CHOKSHI & CHOKSHI LLP
CharteredAccountants CharteredAccountants
2-C, Court Chambers, 15/17, Raghavji 'B' Bldg., Ground Floor
35 NewMarineLines. RaghavjiRoad,GowaliaTank,
Mumbai- 400 020 Off Kemps Corner, Mumbai-400036
LLP Registration No.-AAC 8909

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of

The ShippingCorporateon of Indoa Limited

Reporton the Audit of the ConsolidatedFinancialResults
Opinion

We have audited the accompanyingconsolidated annual financial results of The ShippingCorporation

of India Limated (hereinafter referred to as the "Holding Company") and its subsidiary (the Holding
Company, its subsidiary together referred to as "the Group") and its joint ventures for the quarter
and year ended March 31, 2021 {"the Statement"), attached herewith, being submftted by the Holding
Company pursuant to the requirement of Regulation33 of the SEMI(Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ('Listing Regulations')

In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of reports of other auditors on separate audited financial results of the
subsidiary and joint ventures referred to {n the Other Matters section below, the aforesaid Statement:
(i) includes the ff nancial results of the following entfties:

Sr. No. Nameof the Entity Relationship

l Inland and Coastal Shipping Limited Subsidiary
2 India LNG Transport Co.Nod Ltd ILT I) Joint Venture
3
India LNGTransport Co.No.2 Ltd (ILT 2) Joint Venture
4 ndia LNGTransport Co.No.3 Ltd (ILT 3) Joint Venture
5
ndia LNGTransport Co.Na.4 Pvt Ltd (ILT 4) Joint Venture

(ii) is presented {n accordance with the requirements of Regulation 33 of the Listing Regulations fn
this regard; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid
down in the applicable Indian Accounting Standards, and other accounting principles generally
accepted in India, of the consolidated net profit and other comprehensive income and other financial
information of the Group and its joint ventures for the quarter and year ended March 31, 2021
Basisfor Opinion

We conducted our audit fn accordance with the Standardson Auditing (SAs)specified under Section
143(10) of the Companies Act, 2013 ("Act"). Our responsibilities under those Standards are further
described fn the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section
of our report. We are independent of the Group and f ts joint ventures, in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India ("ICAL") together with the ethical
requirements that are relevant to our audit of the Statement under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities fn accordance with these
requirements and the Code of Ethics. We believe that the audit eUdence obtained by us and other
auditors in terms of their reports referred to in "Other Matters" paragraph below, is sufficient and
appropriate to provide a basisfor our opinion on the statement.
 V.SANKAR AIYAR& Co. CHOKSHI & CHOKSHILLP
CharteredAccountants CharteredAccountants
2-C,Court Chambers, 15/17, Raghavji'B ' Bide., Ground Floor
35 NewMarineLines. Raghavji Road, Gowatia Tank,
Mumbai- 400 020 Off Kemps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

Emphasisof Matter
We draw attention to the following matters tn the notes to the Statement
l Note no.12 regarding matter continued since FY 2014-15 regarding payment of Performance
Related Pay (PRP)of Rs.1,104 lakhs vis-a-vis DPEguidelines with respect to computatfon of
profits from core activities and non-observanceof "Bell Curve". The Companyis pursuingthe
matter with the Ministryof Ports,ShippingandWaterwaysfor resolute
on andfinal decision
2 Note no.14 regarding the confirmations of Trade receivables, Trade payablesand Depositsand
the action being taken and the management'sassertion that the company is following up with
the parties for reconciliation and that it would not have any material difference affecting the
financial statements

3. Note no.17 regarding Strategic Disinvestment process by the Government of India in respect of
the Company. The disinvestment process and the procedural aspects in relation to the same
are in progress.

Our opinion is not modified in respect of these matters

Management's and Board of Directors' Responsibility for the Consolidated Financial Results

This Statement has been prepared on the basis of the consolidated annual financial statements. The
Holding Company'sManagementand Board of Directors are response
ble for the preparation and
presentation of this Statement that give a true and fair view of the consolidated net profit and other
comprehensive income and other financial information of the Group including its joint ventures in
accordance with the recognition and measurement principles laid down in the Indian Accounting
Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and
other accounting principles generally accepted in India and in compliance with Regulation 33 of the
Listing Regulations.The respective Management and Boardof Directors of the companies included in
the Group and of its joint ventures are responsible for maintenance of adequate accounting records
n accordancewith the provisionsof the Act for safeguarding
of the assetsof the Groupand its joint
ventures and for preventing and detecting frauds and other irregularsties; selection and application
of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent;
and the design, implementatf on and maintenance of adequate internal financial controls, that were
operating effectively for ensuring accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the respective financial results 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 Statement by the Managementand Directors of the Holding Company,
as aforesaid

In preparing the Statement, the respective Management and Board of Directors of the companies
ncluded in the Group and of its joint ventures are responsible for assessingthe ability of the Group
and its joint ventures to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the respective Board of Directors
either intends to liquidate the Group or to ceaseoperateons,or has no realistic alternative but to do
so

The respective Board of Directors of the companies included in the Group and of its joint ventures
are response
ble for overseeingthe financial reporting process of the Group and of its joint ventures
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHI LLP
CharteredAccountants CharteredAccountants
2-C, Court Chambers.
15/17, Raghavji'B ' Btdg., Ground Floor;
35 NewMarineLines. RaghavjiRoad,GowaliaTank.
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

Auditor's Responsibilitiesfor the Audit of the ConsolidatedFinancialResults

Our objectives are to obtain reasonable assuranceabout whether the Statement as a whole are free
from material misstatement, whether due to fraud or error, and to issuean auditor's report that
ncludes our opinion. Reasonableassuranceis a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAswill always detect a material misstatement when ft exists.
Misstatementscan arise from fraud or error and are consideredmaterfal if, individually or fn the
aggregate, they could reasonably be expected to influence the economic decisionsof userstaken on
the basis of this Statement

As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professfanal skepticism throughout the audit. We also

Identify and assessthe risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit proceduresresponsiveto those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatementresulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,misrepresentations,
or the override of
internal control

Obtain an understandingof internal control relevant to the audit in order to designaudit

procedures that are appropriate in the circumstances. Under Section 14313)(i)of the Act, we are
also responsible for expressing our opineon through a separate report on the complete set of
consolidated financial statements on whether the Holding Company and its subsidiary which are
companiesincorporated fn India have adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.

Evaluate the approprfateness of accounting policies used and the reasonablenessof accounting
estimates and related disclosures made by the Managementand the Boardof Directors

Conclude on the appropriateness of the Management and Board of Directors use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a materf al
uncertainty exists related to events or conditf ons that may cast significant doubt on the ability of
the Group and its joint ventures to continue as a going concern. If we conclude that a material
uncertaintyexists, we are required to draw attention .in our auditor's report to the related
disclosuresin the Statement or, ff such disclosuresare inadequate, to modify our opineon. Our
conclusionsare basedon the audit evidenceobtained up to the date of our auditor's report
However, future events or conditions may cause the Group and its joint ventures to cease to
continue as a going concern.

Evaluate the overall presentation, structure and content of the Statement, including the
disclosures,and whether the Statement represent the underlyingtransactfons and events in a
mannerthat achievesfair presentation

Obtain sufficient appropriate audit evidence regarding the financial results/financial information
of the entfties within the Group and its joint ventures to express an opinion on the Statement. We
are responsiblefor the directson, supervfsfon and performance of the audit of financial informatf on

©
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHILLP
Chartered Accountants CharteredAccountants
2-C, Court Chambers. 15/17, Raghavjf 'B ' Btdg., Ground Floor:
35 NewMarine Lines, Raghavji Road, Gowalia Tank,
Mumbai - 400 020 Off Kemps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

of such entf ties included in the Statement of which we are the independent auditors. For the other
entities included in the Statement, which have been audited by other auditors, suchother auditors
remain response
ble for the direction, supervisionand performanceof the audits carried out by
them. We remain solely responsiblefor our audit opinion

We communicate with those charged with governance of the Holding Company and such other entities
included in the Statement of which we are the independent auditora regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit

We also provide those charged with governancewith a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relateonships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards

We also performed procedures in accordance with the circular no. CIR/CFD/CMDI/44/201 9 issued by
the SEMIunder Regulation 33(8) of the Listing Regulateons, to the extent applicable

Other Matters

a) The audit of consolidated financial results for the year ended March31. 2020. was carried out and
reported by joint auditors, V.SankarAiyar & Co. and Haribhakti& Co. LLP, one of whom is
predecessor audit firm , vide their unmodified audit report dated May 29, 2020, whose report has
been furnished to us by the management and which has been relied upon by us for the purpose of
our audit of the Statement

b) The Statement includes the audited financial results of one subsldfary Company, whose financial
results reflect Group's share of total assets of Rs. 89.94 lakhs as at March 31, 2021, Group's share
of total revenuesof Rs.3.59lakhsand Rs.3.83lakhs,Group'sshareof total net lossafter tax of
Rs.(24.74)lakhs and Rs.(24.91) lakhs for the quarter and year ended March 31, 2021 respectively,
and net cash inflows amounting to Rs.74.05 lakhs for the year ended March 31, 2021, as considered
in the Statement,which have been audited by its independentauditor. The Statementalso
includes Group's share of net profit of Rs. 1583.84 lakhs and Rs.6314.98 takhs for the quarter and
year ended March 31, 2021 respectively, as considered in the Statement, in respect of three joint
venturesviz.,ILT 1,2 & 3 whosefinancial statementshave been audited by their respective
ndependent auditors. The independent auditors' reports on financial results of these entities have
been furnished to us by the management and our opinion on the Statement, in so far as it relates
to the amounts and disclosuresincluded in respect of these entfties, is based solely on the reports
of the such auditors and the procedures performed by us are as stated in section above.

c) The Statement also includes Group's share of net profit of Rs. 397.80 lakhs and Rs.1508.78lakhs
for the quarter and year ended March 31, 2021 respectively, as considered in the Statement, in
respect of one joint venture, whose financial results have not been audited by us. These unaudited
financial results have been furnishedto us by the Boardof Directorsand our opinion on the
Statement, in so far as it relates to the amounts and disclosuresincluded in respect of this joint
venture is based solely on such unaudited financial results. In our opinion and according to the
 V.SANKARAIYAR& Co. CHOKSHI & CHOKSHILLP
Chartered Accountants CharteredAccountants
2-C, Court Chambers. 15/17, Raghavji 'B ' Bldg., Ground Floor
35 New Marine Lines. Raghavji Road, Gowatia Tank,
Mumbai- 400 020 Off temps Corner, Mumbai-400036
LLPRegistrationNo.-AAC8909

information and explanations given to us by the Board of Directors this financial results fs not
material to the Group.

d) Alt the joint ventures are located outside India whose financial results have been prepared in
accordance with accounting principles generally accepted in their respective countries and which
have been audited by their respective independent auditors under generally accepted auditing
standards applicable in their respective countries. The Holding Company's managementhas
converted the financial results of such joint ventures located outside India from accounting
principles generally accepted in their respective countries to accounting principles generally
accepted in India. We have audited these conversion adjustments made by the Holding Company's
management. Our opinion in so far as it relates to the balances and affairs of such joint ventures
located outside India fs basedon the report of their respective independent auditors and the
conversion adjustments prepared by the management of the Holding Company and audited by us

Our opinion on the Statement is not modified in respect of the above matters wfth respect to our
reliance on the work done and the reports of the other auditors and the financial results certified by
the Board of Directors

The Statement includes the results for the quarter ended March 31, 2021, being the balancing figures
between audited figures in respect of full financial year and the published unaudited year to date
figures up to the third quarter of the current financial year which were subject to limited review by
us

For V.Sankar Afyar & Co. For CHOKSHI & CHOKSHI LLP.
Chartered Accountants Chartered Accountants
ICALFRN: 109208W ICALFRN: I01872W/W100045

G Sankar
Partner DhananajayJafswal
Partner
MembershipNo.046050 MembershipNo. 187686
UDIN: 21046050AAAAEC2490 UDIN: 21 187686AAAAEC4057

Place:Mumbai
Date: 13thMay2021
 THE SHIPPING CORPORATION OF INDIA LTD.
CIN : L63030MH1950G01008033
Read off: Shipping House, 245, Madam Cdma Road, Mumbai n400021
Web site; www.shipindia.com PhoneNo : 022- 22026666

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE FOR THE QUARTER AND YEAR ENDED MARCH 3'i, 2021

CONSOLIDATED

= Particulars QUARTERENDED YEARENDED

31 0s.2021131.12.z020 l31.03.20zo 31.03.20211 31.03.202a
Revenue from operations
L Uy I UJ
87.539 84.123 131,382 370.329 442,544
Other income
3 Total !ncame (1+2) 24.295
4 Expenses
Cost of services rendered
z0.873 1 109.031 255.825
Employee benefits expense
Fjnance casts
13.00) 1 47 378 47.654
11,031 1 2.11 1 36.413
Depreciation and amodisatior expense
Other expenses
16:406 } 62.794 67.127
25.070
Total expenses (4)
Profi#iLoss) before exceptional items, share of net profit af
estments accounted {Qr using equity method and tax(34) 8,216 l0.740 l0.750 63.452 34,750
Share af net proof(loss) af associates and faint ventures accauntea
Forusing equity '-ethos
7 PTQfiUfLoss before exceptional items and tax r5+6 }.414

10 rax expense
Carre it tax
Taxpertainingta earlieryea'$
Deferredtax
FEATCragit Entitlement
Fatal tax expense (lo 1.134
+.516
arariU{Las$)for the period is.lo)
f2 )then comprehensive incami
toms nat will Rot be reclassified tQ profit or loss
Remeasurements gain/(loss) af defined benefiiplans 261 443 )39 2.068 1.462
her comprehensive income far the DeriQrt npt nf tnr iin b.Q68)
13 IS,SOS
otal comprehensive income railniliiiiod ll+l
laid up Equity snare capital jfaai iaiue Rs. o each) 46.58a
)thor Equity excluding Riva cation Resewes
770.173 701.786
:arnings per equity share(not annualised]
li) Basicearnings per share (in ?)

il Mumbail;

x1l;;.$P'
Segment Wise Revenue, Results, Assets and Liabilities
CONSOLIDATED
QUARTERENDED
= PARTICULARS
31.03.2021 31.12.2020 31.03.2020
YEAR ENDED

31.03.2021 31 03.202a
IAUDirEO) CUNAUDITED
Segment Revenue
Liner 60.166 53519
Bulk Garner 52.646 57.034
Tanker 230.926 295.819
Techntca! & Offshore 26494 39.675
Others
Total 87:661 84.259 131.474 370.717 447.933
Und ocated Revenue
Tata B8.277
2 Segment Results
Prone(Loss) before Tax and interes!
.her
Bulk Carrier
Tanker
v. Technical & onshore
v. Others
rota 6 891
Add: Unailocatedincome(Net af expenditure)
Profit before Interest and Tax
Less: Intere$! Expenses
Liner
Bulk Carrier
Tanker
v. Technical & 0Kshore
v. others
TotalSeqmeRt Interest Exoense 318
Unallocated Interest exoense 2.447
Total Interest Expense 658 11.031 2.111 36.413
Adc: Interest Income
Profit Loss before Tax B 198
3 Segment Assets
. Liner 51.204 49.237 51.063 51.204 5].063
i. Bulk Carrier 158.394 !6221g 172.212 :58.394 172.212
Tanks 547.999 563.253 599.972 547.99g 599.972
v TechnrGa & 0H$ho e 138.508 141,616 138.576 138.508 T38.576
/ Others
Fatal Segment A$sels 896966 q17 29n
JnaEtocabie Assets 4433nn g31 q2n
FatalAssets 1 34n 2Gn
4 Segment Liabilities
Liner 9073' 91.746 55 188 55.188
Bulk Carrier 55573 60.497 73.172 73 172
Tanker 60.194 71.649 113.145 1 1 3.145
v. Technical & 0Hshore 53.892 50,479 60.805 60.805
f others
Fatal Segment Liabilities 26C.718
fna DEBbIeLiabil ties 262795
FatalLiabilities 523,513

8{ bqu '..':
 The Shipping Corporation of India Limited
Consolidated Balance Sheet
All amounts itl INR takhs. unless otherwise st

ASSETS
NOnCurrent aSSetS

IBIS :;;::,
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The Shipping Corporation of India Limited
Consolidated Cash flow statemen
All amountstnINR lakes. unlessothenxPvlse
stated)

A cashFIQwfr9m
operating
idi;ii ii
PfafiU(LOSS)
harare InCOme
taX 71.276 38.164
USlmentSl0r

Deere;dalian and alrOrtiSatQn eXPel Ses 62.794 67.127

F nance COSTS iOr674 20 937
3ad debts and ineCa.PrHble baanCeSWMIBnaF 184 2.7a2
On for dOUblFJi debts 12B1 (83g
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=:1:1=E;': ::=£. {oz,a'o Ole.sz

ShantBrn gaPS bQrrQWedfl=paid} €31,662} 26813

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Notes to consolidated financial results

3.
The Consolidated financial results relate to The Shipping Corporation of India Ltd j"the Company"), its
subsidiary and Joint Ventures Companies (together referred to as the "Group"). The consolidated
financial results of the group have been prepared in accordancewith the recognition and
measurement principles laid down in Indian Accounting Standards ("lnd AS") as prescribed under
Section 133 of the Companies Act 2013, read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally
accepted in India

4
The following Subsidiary/ Joint Ventures have been considered fot the purpose of Consolidation n
accordance with Ind AS 110 - Consolidated Financial Statements
Subsidia

1) Inland& CoastalShipping
Ltd. (ICAL)

1) India LNGTransport Company(No.1) Ltd. (ILTI)

2) India LNGTransport Company INo.2} Ltd. (ILT2)
3) India LNGTransport Company(No.3) Ltd-(ILT3)
4) India LNGTransport Company (No.4) Pvt. Ltd. (ILT4)

s.
The India LNG Transport Company INo 1, 2, 3. 4) prepares audited financial statements following
calendar year. The.financial results of ILT I, ILT 2 & ILT 3 for the period lst April 2020 to 31st March
2021 are audited by their auditors. In respect of one Joint venture company namely ILT4,financial
results for the period [st April 2020 to 3].st December 2020 are audited by their auditors, while for the
remaining period lst January 2021 to 31st March 2021 remain unaudited. The subsidiary company i.e.
Inland and Coastal Shipping Limited prepares audited financial statements following financial year.

6
The above consolidated financial results were reviewed by the Audit Committee and approved by the
Board of Directors at their respective meetings held on 13'nMay 2021

7
The Statutory Auditors of the Company have jointly carried out the audit of the consolidated financia
results for the quarter and year ended 31stMarch 2021., pursuant to the requirements of Regulation
33 of the SEBI(LODR)Regulations,2015 {as amended from time to time).

8 Segment Results=
With effect from lst October 2020, the passengerand research vesselsmanaged by the L&PSDivision
of the Company have been transferred to T&OS Division considering better synergy and business
alignment

Segment definitions: Liner segment includes break-buik, corltainer transport. Bulk Carriers
Include dry bulk carriers. Tankers segment includes crude and product carriers, gas carriers.
T&OS segment includes company owned offshore vessels and vessels (passenger vessels,
research vessels and offshore vessels) managed on behalf of other organizations and income
from technical consultancy services. Others segment include income earned from Maritime
Training Institute. Unallocable items including interest expenseto the extent unallocableand
i!:i(ll!$tlest income are disclosed separately.
\o
l
9
 b. Agent Advances are allocated to segments in the ratio of payable to the agents

9.

i I'lilTB.aliEBI
llill :
8$:11 $B F:l X
1XiEIHI

].3. The foreign exchange again)/lossfor the respective period is recognisedas under:
(Amt in Rs.Lakhs)

h==.::T,=f= ='' .' -.;"' ::,."..*'"'-'.

='==;==.;t=::=£=.:::;=:i::'==?=:=
Expenses". ming foreign exchange (gain)/loss after above adjustment is in.eluded in "Other Income / Other

H'+'kOther income for the quarter and year ended 31stMarch 2021 shown as Rs.2,534 lakhsand Rs.]2 S56fakhs
are inclusive of foreign exchange gain of Rs.418 lakes and Rs.2.322 lakes respectively. ' "' -

I 'q\-;gV 2
 14 The Company has the practice of seeking confirmations of balancesfrom all the parties in respect of

the Trade Receivables,Trade Parables and Deposits. During the year, the Company has sent letters to
all such parties seekingconfirmations of balances.There are fewer responsesto the confirmation
requests. The company is in the process of following up with the parties for the purpose of
ecovery/payment of dues. In case of Trade Receivables,62%(majority) of the Total Trade receivables
pertains to Government and Public Sector Undertaking Customers. While the reconciliation is an on.
going process, the management does not expect any material difference affectin.gthe financial
statementsdue to the same.

15 As per the guidelinesdated 27.5.2016issuedby [)epartmentof investmentand PublicAsset

Management (DIPAM), MOF. GOI in respect of dividend, bonus shares, etc. the Company has an
obligation to comply with these guidelines. However, the company shall take in to consideration and
be guided by the provisions of the Companies Act 2013, Companies (Declaration and Payment of
Dividends Rules, 2014 and Guidance Note on Dividend & Secretarial Standard 3 ISS3) for taking
necessaryaction appropriate and deemed fit in the circumstances.

16 Hitherto, effect of reversalof deferred tax liabilities was given year on year basis.With effect from
Sept'20 quarter, the Company has decided to give effect of deferred tax on quarterly basis
Accordingly, the Company has reversed deferred tax liabilities to the extent of Rs. 490 lakhs and Rs.
].,951 ]akhs for the quarter and year ended 31st March 2021 in accordance with ]nd AS ].2 - Income
Taxes

17. In connection with the proposed strategic disinvestment of SCI,Department of Investment arid Public
Asset Management (DIPAM) with the engagement of necessaryadvisors are proceeding in the matter.
A Preliminary Information Memorandum (PIM) for inviting expression of interest for disinvestment of
the Government's entire shareholding in the Company{63.75%)along with the handing over of its
management control was released on 22" December, 2020. Ministry of Ports, Shipping and
Waterways (MoPSW) has issued letter dated 28thSeptember, 2020 directing the Company to appoint a
consultant far the work related to demerger/having off its non-core assets. The Consultant has since
been appointed by the Company and work is progressing

18. The impact of second wave of the COVID-19pandemic continued in Q4 2020-2].with the spike in
cases. Crew change continues to be a challengingjob in view of travel restrictions imposed by
governments worldwide. Though the Liner freight rates have gone up, while impact of Covid on crude
oil demand and its associated market dynamics has adversely impacted the Tanker market. In T&OS
segment there is improvement in activities in Q4. However, the demand remains lessas compared to
Pre-COVID-19situation. The Company has assessedthe current scenario basis internal and externa
nformation and believes that there is no impact in its ability to continue operations.

19. The Parliament has approved the Code on Social Security. 2020 which subsumesthe Provident Fund
and the Gratuity Act and rules there under. The Ministry of Labour and Employment has also released
draft rules thereunder on 13t" November 2020 and has invited suggestionfrom stakeholders.The
Central Government on 30'h March 2021 has deferred the implementation of the said Code and the
date on which the Code will come into effect has not been notified. The Group will assessthe impact
of the Code when it comes into effect, and will account for the same once the Code becomes

c'
$5-$$-'-
81 Mun'bai
#
.r'ar
3

® +
 2Q.The Board of Directors rei:ommended a dividerld of Rs0.25/- per equity share of face value of Rs-IO/-
each. The outdo on this account will be approximately Rs.1164 Lakhs, subject to l:he approval of
members at the ensuing Annual General Meeting.

21- Pursuant to the provisions of section 143(6} of the Companies Act. 2013, 1:heaudited annual accounts
of the Companyare subjectto review by the Comptroller & Auditor Generalof India.

:2. The figures for the quarter ended 31.03.2021 and 31.03.2020 are the balancingfigures between the
audited figures in respect of the full financial year 2020-21and 2Q19-20and the published unaudited
year to date figures up to the third quarter ended 31.12.2020 and 31.12.2019 respectively.

23. 'The figures of the previous year/ period have been regrouped or rearrangedwherever necessary/
practicable to conform to current year / period's preseritatlons.

For'The Shipping Corporation .df India Ltd

,.f:=i .

Mrs.b . kdosh:
Chairperson & Managing Directs
DIN - 0708575S

ace: Nlumba}
Date: 13.05.2C21