|
|
  |
| |
|
|
(Rs in lacs) |
| |
Year ended
March 31. |
(Audited) |
(Audited) |
| |
|
2011 |
2010 |
| 1 |
Income |
|
|
| |
Freight & charter hire |
49,142.66 |
66,622.27 |
| |
Profit on Sale of Ship(s) and other assets(Net) |
34,542.07 |
23,042.40 |
| |
Total Income |
83,684.73 |
89,664.67 |
| |
|
|
|
| 2 |
Expenditure
|
| |
a ) Staff cost (ashore and floating) |
10,364.15 |
12,154.66 |
| |
b ) Bunker cost |
6,773.89 |
6,764.40 |
| |
c ) Port expenses |
1,457.15 |
2,001.21 |
| |
d ) Stores, Lubs & Victualling |
2,696.27 |
3,850.43 |
| |
e
) Repairs & Maintenance including cost of Spares and Survey |
7,067.58 |
6,651.79 |
| |
f ) Depreciation |
17,789.25 |
23,649.33 |
| |
g ) Hire of inchartered ships |
12,169.90 |
4,594.03 |
| |
h ) Other expenditure |
6,457.83 |
6,586.11 |
| |
Total |
64,776.02 |
66,251.96 |
| |
|
|
|
| 3 |
Profit from Operations before Other Income, |
|
|
| |
Interest & Exceptional Items |
18,908.71 |
23,412.71 |
| 4 |
Other Income |
4,374.80 |
594.78 |
| 5 |
Profit before Interest & Exceptional Items
(3 plus 4) |
23,283.51 |
24,007.49 |
| 6 |
Interest |
21,601.31 |
19,319.94 |
| 7 |
Profit from ordinary activities
( 5 minus 6) |
1,682.20 |
4,687.55 |
| 8 |
Exceptional item |
- |
701.06 |
| 9 |
Profit before tax |
1,682.20 |
5,388.61 |
| 10 |
Tax Expense |
|
|
| |
Current Tax (Refer note 4) |
335.24 |
4,135.85 |
| |
Excess provision of income tax for prior years written back |
(127.81) |
- |
| |
Fringe Benefits Tax |
- |
(2.53) |
| 11 |
Net Profit from Ordinary Activities after tax |
1,474.77 |
1,255.29 |
| 12 |
Paid- up equity share capital (face value Rs.10/-) |
15,000.78 |
15,000.78 |
| 13 |
Reserves excluding revaluation reserves |
66,275.10 |
66,195.06 |
| 14 |
EPS - Basic |
0.98 |
0.84 |
| 15 |
Public shareholding |
|
|
| |
- Number of shares |
90,100,350 |
85,401,847 |
| |
- Percentage of shareholding |
60.06 |
56.93 |
| 16 |
Promoters and promoter group Shareholding |
|
|
| |
a) Pledged/Encumbered |
|
|
| |
- Number of shares |
16,900,000 |
26,300,000 |
| |
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
28.21 |
40.71 |
| |
- Percentage of shares (as a % of the total share capital of the company) |
11.27 |
17.53 |
| |
b) Non-encumbered |
|
|
| |
- Number of shares |
43,007,423 |
38,305,926 |
| |
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
71.79 |
59.29 |
| |
- Percentage of shares (as a % of the total share capital of the company) |
28.67 |
25.54 |
|
|
|
|
|
|
1 |
| STATEMENT OF ASSETS AND LIABILITIES |
|
(Rs in lacs) |
| |
| Particulars |
As at
31.03.2011
Audit |
As at
31.03.2010
Audit |
| |
|
|
| SHAREHOLDERS' FUNDS |
|
|
| a) Capital |
15,000.58 |
15,000.58 |
| (b) Reserves and Surplus |
66,275.10 |
66,195.06 |
| LOAN FUNDS |
270,365.47 |
273,934.54 |
| FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE |
639.92 |
526.14 |
| |
|
|
| Total |
352,281.27 |
355,656.52 |
| |
|
|
| FIXED ASSETS |
189,230.43 |
294,690.44 |
| INVESTMENTS |
2,732.19 |
4,222.93 |
| FINANCE LEASE RECEIVABLE/(PAYABLES) (NET) |
108,465.30 |
(204.73) |
| CURRENT ASSETS, LOANS AND ADVANCES |
|
|
| (a) Inventories |
634.91 |
1,598.08 |
| (b) Sundry debtors |
14,260.54 |
33,192.40 |
| (c) Cash and Bank Balances |
1,621.20 |
3,406.09 |
| (d) Loans and Advances |
61,696.58 |
35,723.56 |
| |
|
|
| TOTAL |
78,213.23 |
73,920.13 |
| LESS :- CURRENT LIABILITIES AND PROVISIONS |
|
|
| (a) Liabilities |
23,833.76 |
10,673.99 |
| (b) Provisions |
2,526.12 |
6,298.26 |
| |
26,359.88 |
16,972.25 |
| NET CURRENT ASSETS |
51,853.35 |
56,947.88 |
| |
|
|
| Total |
352,281.27 |
355,656.52 |
| |
|
|
|
2 |
During the last quarter of the financial year ended March 31, 2011, the Company sold 1 Crude Carrier |
3 |
The Directors have recommended a dividend of Rs 0.80 per share (previous year Rs 0.80 per equity share) and the total outgo will be Rs 1,394.74 lacs (Previous year Rs 1,399.38 lacs) |
4 |
The Company has decided to opt out of the tonnage tax scheme from the Assessment Year 2011-12 and therefore the provisions of Chapter XII-G of the Income Tax Act, 1961 are not applicable in computing the taxable income. Hence, provision for taxation is made on the basis of general provisions of the Income Tax Act,1961. |
5 |
Subsequent to the year ended March 31, 2011 the company has formed a 100% subsidiary company viz. Varun Gas Infrastructure Limited. |
6 |
There were 2 investor complaints pending as on December 31, 2010. 19 investor complaints were received during the quarter and 19 complaints were disposed off during the quarter. Hence 2 complaints remained unresolved on March 31, 2011. |
7 |
The Company is engaged primarily in shipping business and there are no separate reportable segments as per Accounting Standard 17. |
8 |
Figures for the previous accounting periods have been regrouped wherever necessary. |
9 |
The above results have been reviewed by Audit Committee at its meeting held on May 26, 2011 and have been approved by the Board of Directors of the Company at its meeting held on May 26, 2011. |
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