Shipping Corporation of India Land & Assets Ltd

Dear Shareholders, Ladies and Gentlemen,

On behalf of the Board of Directors of Shipping Corporation of India Land and Assets Limited (SCILAL), it gives me immense pleasure to address you and present to you the 03rd Annual Report of your company.

2023-24 had been a momentous year for your company with remarkable progress and significant achievements. Your company, carved out of Shipping Corporation of India (SCI)'s non-core businesses and assets to unlock their latent potential, got listed on the BSE Limited and National Stock Exchange of India Ltd. on 19.03.2024 thereby enabling trading of shares, creating wealth & investment opportunities for our esteemed shareholders. The listing ceremony was organized at BSE Limited and was graced by Shri T. K. Ramachandran, IAS, Secretary, MoPSW, Shri Rajesh Kumar Sinha, IAS, Additional Secretary, MoPSW, Shri Prankur Gupta, Director (DIPAM), Ms. Kamala K, CRO (BSE Ltd), Board Members of SCILAL and SCI, senior officials of SCI, SCILAL and other stakeholders. Further, your company has been categorized as Schedule ‘C' company by Ministry of Ports, Shipping and Waterways (MoPSW) on 19.12.2023 as per categorization of CPSEs. Also, Pursuant to the Certificate of Registration of Trade Mark received, Logo of the Company has been duly registered as Trademark under Trademark No. 5946353 in class 36 as of 22.05.2023 in respect of all kinds of Real Estate Affairs. On financial front, your company delivered an improved performance with increase in both revenue and profitability.

Consequent upon Demerger, all Non-Core assets (Real-Estate Properties) of SCI as mentioned in the Demerger Scheme stands ‘transferred de-facto' to SCILAL; however the same is also required to be carried out ‘de-jure' with the respective Land & Revenue departments of Government of Maharashtra for Mumbai properties and Government of West Bengal for Kolkata properties, by way of execution of Conveyance Deeds. The Company is taking necessary and appropriate actions in this regard. Subsequent to issue of stamp duty exemption order by Govt. of West

Bengal, the Registration of all Kolkata free-hold properties for transfer from SCI to SCILAL is completed on 22.03.2024. Required residential apartments and office spaces have been given on lease to SCI consequent to framework agreement executed between SCILAL and SCI. Ministry of Ports, Shipping and Waterways (MoPSW) is contemplating to establish at MTI, Powai, IMO's South Asia Centre for Excellence for Sustainable Maritime Transport (SACE SMaRT) with the aim of transforming the maritime sector in India and South Asia into a technologically advanced, environmentally sustainable, and digitally proficient industry with focus on the latest technologies and practices for reducing greenhouse gas emissions, fostering technical cooperation, capacity building, and the digital transition of the maritime sector. As has been the vision of Hon'ble PM and Government of India, enshrined in Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, your company intends to grow its Maritime Training Institute, Powai, into a leading global institute of Maritime Education and Research through collaboration, capacity expansion and Digitization.

At present your company is at nascent stage and various initiatives are being taken at company level as well as in Ministry to develop structures and systems which can enable efficient and smooth functioning of the organization. Presently, the operations of your company are being managed by the Shipping Corporation of India Ltd. (SCI) under a service level agreement entered between your company and SCI. To cater to day to day affairs of your company, one Company Secretary (CS) and one Chief Financial Officer (CFO) has also been deputed from SCI. Going ahead, we expect that suitable workforce will be deployed as per your company's requirement.

Your Company has a legacy of fair, transparent and ethical governance practices and it believes that good Corporate Governance is essential for achieving long-term corporate goals and to enhance stakeholders' value. The Report of Directors on Corporate Governance placed in the Directors' Report comprehensively describes the structure and practice of Corporate Governance of your Company. In addition to complying with the requirements of Corporate Governance emanating from various statutes, rules and regulations, your Company is also in compliance with the DPE guidelines on Corporate Governance except for the Composition of Board of Directors and formation of Committees mandated under DPE guidelines. The Corporate Governance issues are in constant focus of the Board of Directors of your Company and your Company complies with the applicable guidelines both in letter and spirit. would like to express my gratitude to the Government of India for its support. I wish to thank the Hon'ble Minister of Ports, Shipping and I Waterways, Shri. Sarbananda Sonowal and Hon'ble Minister of State for Ministry of Ports, Shipping and Waterways, Shri Shripad Naik and Shri Shantanu Thakur for their leadership and consistent support. I would also like to express my gratitude towards Secretary (MoPSW) for his guidance and support. My sincere thanks are also due to the other officials of the Administrative Ministry, other Ministries and Departments of the Government of India. I also wish to express my special appreciation towards all the Shareholders, Stakeholders and my colleagues on the Board of Directors. I also take this opportunity to express my gratitude to all the employees of SCI who are managing the operations of SCILAL.