Shipping Corporation of India Land & Assets Ltd

To the Members,

Your Directors take great pleasure in presenting the 03^rd Annual Report on the working of your Company for the Financial Year ended 31^st March, 2024. This report outlines your Company's performance, achievements, and future plans in the dynamic real estate market; with an emphasis on training and re-training of personnel.

1. STATE OF COMPANY'S AFFAIRS

Shipping Corporation of India Land and Assets Limited (hereinafter referred to as "SCILAL"), a Government Company, within the meaning of section 2(45) of the Companies Act, 2013, having its registered office at Shipping House, 245, Madame Cama Road, Nariman Point, Mumbai City, Mumbai, Maharashtra, India, 400021, was incorporated on November 10, 2021, with the object of holding and disposing the Non-core Assets of Shipping Corporation of India (SCI) distinct from the disinvestment transaction of SCI. The demerger order transferring SCI's non-core assets into SCILAL was issued by MCA on 22^nd February, 2023.

The Board of Directors of the company take great pride in stating that the Company has been listed on BSE Limited and National Stock Exchange of India Limited with effect from March 19^th 2024, 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.

2. SALIENT STATISTICS

3. FINANCIAL PERFORMANCE

The comparative position of the working results for the year under report vis - a vis earlier year is as under: (Rs. in Lakhs)

The above figures have been extracted from the standalone financial statements as per Indian Accounting Standards (Ind-AS).

4. APPROPRIATIONS:

The working results for your company for the year 2023-24 shows a net profit of Rs 4,749 Lakhs which has been transferred to Retained Earnings.

5. DIVIDEND:

The Board of Directors at its meeting held on 29.04.2024 had recommended a Dividend of Re.0.66 /- per equity share of Rs.10/- each for the financial year ended 31^stMarch, 2024 subject to approval of the Shareholders at the ensuing Annual General Meeting.

6. SHARE CAPITAL:

Equity Share Capital of our Company as on 31.03.2024 is as follows:

*The Board of Directors of the Company in its meeting dated 06.04.2023 allotted 46,57,99,010 Shares of Rs 10/- each to the Shareholders of SCI as on Record Date (i.e 31.03.2023) pursuant to the Scheme of Demerger.

Further, the Company has not issued any Equity Shares with differential voting rights till date. Hence, no information as required under Section 43(a) (ii) of the Companies Act, 2013 read with Rule 4(4) of the Companies (Share Capital and Debentures) Rules, 2014 is furnished.

The Company has only one class of Equity Shares having face value of Rs. 10/- each.

7. DETAILS OF BOARD OF DIRECTORS AND NUMBER OF MEETINGS OF BOARD

During the year, Seven (7) meetings of the Board of Directors of the Company were held on 06.04.2023, 08.05.2023, 07.08.2023, 20.10.2023, 10.11.2023, 06.02.2024 and 12.02.2024 respectively. Requirements on number and frequency of meetings were complied with in full in terms of Section 173 of the Companies Act, 2013. Details about Board of Directors and number of meetings of the Board are disclosed in detail in the Report on Corporate Governance.

8. KEY MANAGERIAL PERSONNEL a) Capt. Binesh Kumar Tyagi has been appointed as Chairman and Managing Director of the Company w.e.f 03.09.2022. b) Ms. Laxmi Kamath has been appointed as Chief Financial Officer by the Board of Directors at their meeting held on 08.05.2023. c) Shri Mohammad Firoz has been appointed as Company Secretary and Compliance Officer by the Board of Directors at their meeting held on 08.05.2023.

9. BRIEF ANALYSIS OF FINANCIAL PERFORMANCE

SCILAL has reported profit before tax of Rs. 5,510 lakhs in FY 2023-24 as against a profit of 1,758 lakhs in FY 2022-23. The MTI segment has reported a loss of Rs. 1,156 lakhs in FY 2023-24 as compared to loss of Rs. 497 lakhs in FY 2022-23, while the average interest of around 8% was earned in FY 2023-24 as compared to 5.58% was earned in FY 2022-23 on the funds received as a part of demerger scheme. The net profit for the company for the FY 2023-24 stood at Rs. 4,749 lakhs as compared to Rs. 3,555 lakhs for FY 2022-23.

(i) Irano Hind Shipping Company

Pursuant to demerger scheme, the Company holds 49% in Irano Hind Shipping Company, P.J.S (IHSC) a joint venture company. As per directives received from the Govt. of India, it has been agreed to dissolve the Company. The investment in IHSC is classified as Assets Held for Sale. However, as of date, legal transfer of the investment and associated liability is under process and the Company is taking necessary and appropriate actions in this regard.

(ii) SAIL SCI Shipping Pvt Ltd (SSSPL)

Pursuant to demerger scheme, the shares of the joint venture of SAIL SCI Shipping Company Pvt. Ltd. (SSSPL) are transferred to the company from SCI. SCI and SAIL had co-promoted a JVC "SAIL SCI Shipping Pvt. Ltd." (SSSPL), which was primarily to cater to SAIL's shipping requirements. The JVC was incorporated on 19.05.2010. However, due to continued depressed freight levels, the JVC could not justify tonnage acquisition and both the Boards of SCI & SAIL decided to voluntarily wind up the company. The process of winding JVC has completed and the said Company is now dissolved.

11. MATERIAL CHANGES AND COMMITMENTS

There have been no material changes & commitments affecting the financial position of the Company, which have occurred between the end of the financial year and date of this report.

12. CREDIT RATING DETAILS

SCILAL has not availed any credit facility since incorporation therefore no credit rating was obtained.

13. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments are given in the notes to financial statements.

14. ExTRACT OF ANNUAL RETURN

In compliance with section 134 (3) (a) of the Companies Act, 2013 read with relevant rules, the annual return of the Company is available on its website under https://www.scilal.com through https://www.scilal.com/annual-return.

15. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, it is here by confirmed: a) That in the preparation of the annual accounts for the financial year ended 31.03.2024, the applicable accounting standards had been followed along with proper explanation relating to material departures; b) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; c) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) That the Directors had prepared the accounts for the financial year ended 31.03.2024 on a "going concern" basis; and e) That the Directors, had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

16. PARTICULARS OF CONTRACTS/ARRANGEMENTS WITH RELATED PARTIES

Particulars of contracts/arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed form AOC-2 is appended to the Director's Report. The details are also available in Note 31 under ‘Notes to the Financial Statements'.

17. PARTICULARS OFE MPLOYEES

Your Company, being a Govt. Company, is exempted to furnish information under Section 197 of Companies Act, 2013 vide Ministry of Corporate Affairs (MCA) Notification dated 05.06.2015.

18. EMPLOYEES STOCK OPTION SCHEME

The Company does not have any Employee Stock Option Scheme.

19. COMPANY'S POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION

The terms and conditions regarding appointment and remuneration of Directors are fixed by, Ministry of Ports, Shipping and Waterways (MoPSW), the Government of India.

20. RISK MANAGEMENT POLICYAND ITS IMPLEMENTATION

Risk Management is a key aspect of the "Corporate Governance Principles and Code of Conduct" which aims to improve the governance practices across the activities of a company. SCILAL has developed a risk management policy which was approved by its board of directors on 08.05.2023 and is available on the website of the Company i.e www.scilal.com under the tab of ‘Policies' .The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. SCILAL is committed to develop an integrated Risk Management Framework:

To achieve its strategic objectives while ensuring appropriate management of risks

To ensure protection of stakeholders value

To strive towards strengthening the Risk Management System through continuous learning & improvement

In the Policy, every employee of the Company is recognized as having role in risk management for identification of risk to treatment and shall be invited & encouraged to participate in the process. The Audit Committee & the Board will review the policy & procedures periodically.

Your Company has formulated the Risk Management policy after taking into account the risks and complexity of its operations. The internal control systems (including Internal Financial Controls over Financial Reporting) are being reviewed on an ongoing basis and necessary changes are being carried out to align with the statutory requirements. The Company has also prepared the Risk Register based on the identified risks.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION Conservation of Energy:

SCILAL endeavours to maximise energy conservation by the adoption of sustainable practices aimed at diminishing energy consumption in both buildings and construction procedures. This objective is being achieved through the incorporation of energy- efficient technologies, including LED lighting, solar panels and energy-efficient HVAC systems, thereby effectively lowering energy usage and minimizing operational expenses. Additionally, promoting green building practices, such as using eco-friendly construction materials and designing energy-efficient buildings, can contribute to conserving energy resources and reducing the carbon footprint of the Company. i. Steps taken or impact on conservation of energy:

LED lights have already been installed in Shipping House and they have resulted in considerable reduction in power consumption. It is envisaged to install the same in MTI Powai, on incremental basis, in the near future, which will further contribute to our energy saving efforts. ii. The steps taken by the company for utilising alternate sources of energy:

Solar Power Plant of 0.515 MW capacity has already been installed at MTI Powai.

Technology Absorption and Adoption and Innovation:

The real estate sector in India has been proactively embracing technological advancements to streamline processes, improve efficiency and enhance customer experiences. By embracing technologies, SCILAL can increase productivity, reduce costs and deliver better value to its customers.

The Company has advanced in IT implementation by deploying a dedicated cloud-based accounting software to maintain its books of accounts, ensuring compliance with the Companies Act, 2013 Additionally, the Company is conducting a detailed study to implement a structured end-to-end ERP process to support its daily operations.

Environmental Protection and Conservation:

Given the real estate development sector's potential environmental impact, including deforestation, habitat destruction, and increased pollution, SCILAL is committed to adopting eco-friendly practices. SCILAL emphasizes the use of sustainable building materials and strict adherence to environmental regulations to mitigate these effects.

Renewable Energy Developments:

The Maritime Training Institute operates a solar power plant with a capacity of approximately 0.515 MW across its office and other buildings. This initiative helps reduce energy costs and contributes to sustainability efforts.

22. FOREIGN ExCHANGE EARNINGS AND OUTGO

There were nil Foreign exchange earnings and out go for the Financial Years 2023-24 and 2022-23.

23. PUBLIC DEPOSIT

During the financial year 2023-24, your Company has not accepted any deposit within the meaning of Section 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 and as such no amount of principal or interest was outstanding as on the date of the Balance Sheet.

24. UPDATES ON DEMERGER

The Company has been incorporated with the object of holding and disposing the Non-core Assets of The Shipping Corporation of India Limited (SCI). Further, the Ministry of Corporate Affairs vide its order dated 22nd February, 2023, has approved the Scheme of Arrangement for Demerger of Non-Core Assets of Shipping Corporation of India Limited (Demerged Company / SCI) into Shipping Corporation of India Land and Assets Limited (Resulting Company / SCILAL) ("Scheme of Demerger"). The Effective date for the Scheme of Arrangement for Demerger is 14.03.2023. Thereafter, SCI in its Board Meeting dated 20.03.2023 approved record date 31.03.2023 for Allotment of shares of SCILAL in the ratio of 1:1 to eligible shareholders of SCI. Accordingly, The Board of Directors in its meeting dated 06.04.2023 allotted 46,57,99,010 Equity Shares having face value Rs 10/- to the Shareholders of SCI in consideration of Demerger of Non-Core Assets Pursuant to clause 9 of the Scheme of Demerger.

As per Inter-ministerial Group (IMG) meeting held on 15.03.2023 Maritime Training Institute (MTI) was transferred to SCILAL as Unit/ undertaking under demerger Scheme. Pursuant to the above decision, all MTI business assets and liabilities became part of Demerger Scheme and were transferred to SCILAL w.e.f. appointed date i.e. 01.04.2021 at their book value. The above decision has been placed for the information of the Board in its meeting dated 8th May 2023.

25. LISTING OF SHARES OF THE COMPANY

The Company, on 25.05.2023, filed Application with BSE Limited and National Stock Exchange of India Limited seeking exemption under Rule 19(2) (b) of SCRR, 1957 and listing of 46,57,99,010 Equity Shares of Rs. 10 each of Shipping Corporation of India Land and Assets Limited ('SCILAL') issued pursuant to Clause 9 of Part IV of Chapter 2 of the Scheme of Arrangement.

Upon filing the application for In-principle approval for listing, the Stock Exchanges raised several observations. Throughout this period, the Company maintained consistent communication and collaboration with the Stock Exchanges, promptly addressing all queries.

On 07.02.2024, an application requesting SEBI to issue directions to BSE Limited and National Stock Exchange of India Limited granting exemptions from certain Corporate Governance requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of listing of shares of Shipping Corporation of India Land and Assets Limited was filed with the SEBI. Application revised to incorporate observations received from SEBI was then filed by the Company on 13.02.2024.

In-principle approval from the BSE Limited was received by the Company on 12.02.2024 and on 16.02.2024 from the National Stock Exchange of India Limited. Relaxation from the applicability of Rule (19)(2)(b) of the Securities Contracts (Regulation) Rules, 1957 was received from SEBI on 01.03.2024. Approval granting exemptions from certain Corporate Governance requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, was received from the SEBI on 29.02.2024.

Newspaper Advertisement for listing pursuant to the SEBI Circular No SEBI/HO/CFD/POD-2/P/CIR/2023/93 was duly published in Financial Express, Jansatta and Loksatta in English, Hindi and Marathi languages respectively on 14.03.2024.

Subsequently, the Company filed an Application for seeking Trading Permission for 46,57,99,010 Equity Shares of Rs. 10/- each of SCILAL issued on 14.03.2024 with both the Stock Exchanges viz, BSE Limited and National Stock Exchange of India Limited.

Final Trading and Listing Approval was granted by the BSE Limited and National Stock Exchange of India Limited on 15.03.2024 conveying listing of equity shares of the Company on Exchange(s) and permitting trading members of respective exchanges to deal in shares of the Company with effect from 19.03.2024.

Accordingly, Shares of the Company have been listed on BSE Limited and National Stock Exchange of India Limited with effect from 19.03.2024.

26. UPDATES ON TRANSFER OF NON-CORE ASSETS FROM SHIPPING CORPORATION OF INDIA LIMITED

In accordance with the MCA Order dated 22.02.2023, during the Financial Year 2023 2024, titles of all Fixed Deposits eligible to be transferred from Shipping Corporation of India (SCI) have been transferred into name of Shipping Corporation of India Land and Assets Limited.

All other Non-Core assets of SCI as mentioned in the Demerger Scheme were transferred to SCILAL, by ‘de-facto'; however the same is also required to be carried out ‘de-jure' . Brief details are as under: a) 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. Receipt of original transfer deeds and Mutation entry (change of name) formalities at Municipal Corporation are due and same will be completed soon.

b) To facilitate transfer of properties in Maharashtra from SCI to SCILAL, follow-up is being done with the concerned authorities for seeking NOC towards transfer of Shipping House and MTI to SCILAL. Concurrently, adjudication of free-hold properties (residential) is being initiated to execute transfer deeds at respective sub-registrar offices.

c) Pursuant to demerger scheme, the Company holds 49% in Irano Hind Shipping Company, P.J.S (IHSC) a joint venture company. As per directives received from the Govt. of India, it has been agreed to dissolve the Company. The investment in IHSC is classified as Assets Held for Sale. However, as of date, legal transfer of the investment and associated liability from SCI to SCILAL is under process and the Company is taking necessary and appropriate actions in this regard.

27. SERVICE LEVEL AGREEMENT FOR OPERATIONS OF THE COMPANY

The operations of SCILAL during the Financial Year 2023-24 were managed by the Shipping Corporation of India Limited vide a service level agreement entered between the Company and SCI.

28. CATAGORIzATION OF THE COMPANY

As per the communication of Department of Public Enterprises, Ministry of heavy Industries & Public Enterprises dated 19.01.2012, all CPSEs are required to be categorised into four schedules, namely, Schedule ‘A', Schedule 'B', Schedule ‘C' and Schedule ‘D'.

Accordingly, the Ministry of Ports, Shipping and Waterways (MoPSW), the Administrative Ministry of the Company, vide Office Memorandum dated 19.12.2023, informed the Company that in pursuance of DPE O.M. No. PD.1.-08/0002/2023 -DPE dated 11^th December, 2023 regarding categorization of new CPSE and CPSEs created for asset management of disinvested CPSEs, the Competent Authority in this Ministry confers Schedule 'C' status to Shipping Corporation of India Land and Assets Limited (SCILAL), with immediate effect and until further orders.

The Company is now categorized as Schedule ‘C' Central Public Sector Enterprise.

29. LOGO REGISTRATION

Pursuant to the Certificate of Registration of Trade Mark received by the Company, 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.

Accordingly, the Company is now entitled to use Symbol R with its Logo to indicate registered status of the Logo.

Registered Logo of the Company is as follows:

30. MANAGEMENT DISCUSSION AND ANALYSIS

The following remaining information w.r.t. to addition of new sub-clause (i) under clause 1 in Part B (Management Discussion And Analysis) of Schedule V of SEBI (LODR) Regulations,2015.

*Ratios of the comparative period 2022-23 are based on previous year figures which have been regrouped and rearranged wherever necessary to confirm to current year presentation of the financial statements as per Schedule III (Divison II) to the Companies Act, 2013.

**Net Worth has been calculated basis Average Net worth as per Schedule 2(57) of the Companies Act, 2013.

Ratios Details of Significant changes and explanation thereto:

A. Debtors Turnover- There were no Trade Receivables as at 31.03.2023 and hence variance analysis is not presented. B. Inventory Turnover- The Company did not report any inventory as on 31.03.2024 and 31.03.2023.

C. Interest Coverage Ratio- The Company did not avail any loan in the FY 2023-24 and FY 2022-23.

D. Current Ratio- The Current Ratio stood at 3.98 in FY 2023-24 as compared to 4.23 in FY 2022-23 due to increase in expenses during the year

E. Debt Equity Ratio- The Company did not opt for loans in the FY 2023-24 and FY 2022-23.

F. Operating Profit Margin stood at (154.53)% in current year as against (265.74)% in last year due to better revenue from operations. G. Net Profit Margin stood at 48% in FY 2023-24 as compared to 56% in FY 2022-23 due to increase in expenses during the year.

A. Industry structure and developments. Real Estate

The real estate sector is a vital pillar of the global economy, encompassing a wide range of activities related to the development, transaction, management, and financing of properties. Core stakeholders, including development companies, real estate agencies, property management firms, REITs, construction companies, and mortgage lenders, each play a distinct and essential role in driving the sector's growth and stability. Recent advancements underscore the industry's adaptation to emerging trends such as technology integration, sustainability initiatives, co-living spaces, affordable housing, urban renewal, and ESG-focused investing. These developments highlight the sector's continuous evolution in response to shifting consumer demands, technological progress, and environmental imperatives.

Key Developments in Maritime Training

Maritime Training Institute (MTI): The maritime industry plays a critical role in global trade and transportation, with a vast network of ships and seafarers operating across the world's oceans. Maritime training is an essential aspect of ensuring the safety, efficiency and competency of the workforce in this industry. Over the years, the maritime training sector has undergone significant developments to keep up with technological advancements, changing regulations and evolving demands.

Technological Advancements: The maritime industry has seen a swift integration of technology into various operations, including training. Simulation technology has become more widespread, allowing trainees to practice navigation, maneuvering, and emergency scenarios in realistic virtual environments. E-learning platforms and computer-based training have also gained popularity, providing remote learning opportunities for seafarers.

Competency-Based Training: Traditional maritime training often followed a prescriptive approach, where the emphasis was on fulfilling minimum regulatory requirements. However, the industry has shifted towards competency-based training and assessment. This approach focuses on evaluating seafarers' practical skills and abilities, ensuring they can perform their duties effectively in real-world situations.

Focus on Safety and Environmental Protection: With a growing emphasis on safety and environmental protection in the maritime industry, training programs have incorporated modules on pollution prevention, environmental regulations and emergency response procedures. The goal is to create a safety-conscious and environmentally responsible workforce.

Human Element and Soft Skills Training: Beyond technical proficiency, maritime training has recognized the importance of developing soft skills among seafarers. Effective communication, teamwork, leadership and cultural awareness are now included in training curricula to improve crew cohesion and performance.

Digitalization and Data Management: The increasing adoption of digital systems onboard ships requires seafarers to possess data management and cyber-security skills. Training programs now incorporate modules on cyber awareness and data handling to mitigate potential risks.

Remote and Blended Learning: The COVID-19 pandemic accelerated the adoption of remote and blended learning approaches in maritime training. Online platforms, webinars and virtual classrooms became essential tools to ensure continuous learning during travel restrictions and lockdowns.

Upgrading Training Facilities: Maritime training institutions and centers have invested in upgrading their infrastructure and equipment to meet the demands of modern training methodologies. State-of-the-art simulators, well-equipped workshops and comfortable accommodation facilities have become increasingly prevalent. Existing GMDSS GOC Course software is being upgraded. Existing Computer Laboratory has been upgraded with placement of new Laptops.

The maritime training industry has undergone significant developments to adapt to the changing landscape of the maritime sector. Technological advancements, competency-based approaches, safety and environmental awareness, soft skills training, digitalization and remote learning have reshaped the way seafarers are trained. As the industry continues to evolve, maritime training will remain a dynamic and essential component in ensuring a skilled and competent workforce that meets the challenges of the maritime world.

SWOT of Real Estate

The domestic real estate sector in India is a key driver of employment and economic value, contributing around 11% to the Gross Value Added (GVA) since 2011-12, and closely linking with nearly 50% of India's GDP. It plays a crucialrole in supporting urbanization, infrastructure development, and the nation's demographic dividend, with significant contributions to government revenue and socio-economic progress. Despite facing challenges such as regulatory complexities, liquidity issues, and market fluctuations, the sector presents significant growth opportunities, particularly in affordable housing, technological integration, and sustainable development. As India's economy continues to grow, the real estate sector remains pivotal in job creation, infrastructure development, and overall economic advancement.

It is envisaged that, SCILAL may engage in the ownership, management and administration of residential and commercial properties, encompassing both land and buildings across various locations in India. Presently, SCILAL holds significant real estate assets situated in prominent areas of Mumbai, the commercial capital of India, as well as in the metropolitan city of Kolkata, thus establishing itself as a significant governmental real estate holding entity.

The company could leverage its concentrated pool of flats in same localities, by leasing / selling them to other PSU or private entities. Also maximum utilization of its flats can be achieved by listing in governmental General Pool accommodations.

SWOT of MTI

Maritime Training Institute (Powai) has advanced facilities for maritime education and training including workshop, simulators, laboratories, such as GMDSS, ECDIS, ROC-ARPA, Bridge Simulator and well-resourced Library, etc. Advanced firefighting training mock-up at MTI, is one of the oldest and the best in India now. All class rooms are air-conditioned and monitored by CCTV and a seminar room of 60 pax capacity, an auditorium of capacity 200 pax is also an integral part of the institute. MTI has hostel facility to accommodate up to 300 participants and a large playground, gymnasium for residential students and all are inside the campus. A well maintained International Guest House is also inside the campus.

MTI has a collection of more than 7500 books in its library and digitization of the contents of library is also in progress. An additional floor has been built to Sagar Gyan Academic Building for conducting new courses, such as Second Mate Functional Course, ROC-ARPA etc. Classrooms are equipped with smart boards and modern training equipments. MTI is also, continuously enhancing its training and residential facilities by providing Wi-Fi and CCTV enabled campus to its participants and faculties.

Being a pioneer in the marine training sector, MTI is enthusiastic to cater to the various facets of the training in Marine sector, such as Shipping Management, Engineering and Navigation. Responding to industry needs, MTI has introduced many new courses, such as: Proficiency in Survival Craft and Rescue Boats (PSCRB) Course, Revalidation courses for Deck Officers (i.e. Master, Mates and 2nd Mates) and has commenced GP Rating leading to 2nd Mate NCV Course in July 2024. It is also in process of commencing Welder Course and many other courses.

MTI is one of two (02) training institute to conduct GMDSS GOC examination in India West Zone approved by DG Shipping and WPC. Existing GMDSS GOC Course software is being upgraded.

MTI commits to keep innovating for new courses from time to time to meet the training needs of the industry and nation. MTI has large faculty resource, experienced Master Mariners, Chief Engineers and other professionals are working on regular as well as visiting basis. Many MTI faculties are having extra masters / post graduate degree from the World Maritime University at Sweden.

MTI faculties and instructors are encouraged to upgrade their knowledge by attending relevant courses and seminars at regular intervals. Some faculties are also approved external examiner of DGS for COCs in Nautical and Engineering Department. The faculties and instructors are encouraged to attend various technical and value added seminars.

To enhance its market presence and maintain a competitive edge, MTI will explore the implementation of targeted marketing strategies proven effective by industry leading training institutions. Simultaneously, the institute will prioritize continuous infrastructure upgrade utilizing the latest technologies.

The global increase in vessels presents a significant growth opportunity for MTI's maritime programs. MTI's strong faculty and infrastructure position it perfectly to address this growing demand.

Since inception, MTI has developed many courses that have contributed to the Indian maritime industry. Innovative value added courses on safety and commercial aspects are being conducted as required by SCI and any other reputed companies. MTI is also among the pioneer institutes to commence Vertical Integration Course for Trainers (VICT) earlier known as TOTA and Assessment, Examinations & Certification of Seafarers (AECS) course, in India.

MTI sets itself apart by continuously innovating its services, delivery methods, and training processes. This commitment extends beyond academics, focusing on the holistic development of each student and cadet. Through the following range of unique activities and initiatives, MTI provides its participants with exceptional exposure to the maritime industry:

Online assignments and assessments are made part of curriculum for trainees at MTI.

Adoption of new teaching methodologies by Faculties at MTI i.e. interactive classes through quizzes, PPTs, role plays etc., workshops and tutorials focusing beyond prescribed syllabus to prepare officers for tomorrow.

Special Guest lecturers for TNOC, GME and ETO cadets on regular basis by Renowned Industry Experts (IMS and Insurance Experts) for enhancing practical aspects of Maritime Education, Mental Health and Work Environment.

Focus on Research Projects done by cadets to enhance their industry knowledge, creativity and innovativeness.

Technical Fest to improve research, presentation, communication and officer like qualities in the MTI cadets. Cadets prepare and present technical papers on the modern trends of the Industry. Distance learning programme of Cadets are being done during their onboard training.

Ship visits and dock visits to interlink the theoretical knowledge with practical aspects.

Beyond the curriculum, Cadets are also given exposure to the schemes and initiatives of Government of India, such as Vigilance awareness and cleaning drives under Swachhta Pakhwada.

Value added topics related with management / long term studies by management experts such as communication skills for pre-sea training courses.

Currently, MTI serves and benefits many reputed organizations / shipping companies by providing its training services. Some of them are as following: O Wilhelmsen Ship Management (IMTC) O Oil and Natural Gas Corporation (ONGC) O Institute of Marine Engineers of India (IMEI) O Loyalty Marine Education Trust (LMET) O and many more…

MTI has MOUs / Agreement with leading organizations like IMTC, IMEI, Loyalty Marine and Hind Terminal for imparting training to their employees. Additionally, MTI is in the process of signing a MOU with IIT Mumbai for customized training programs.

MTI has a rich history of providing highly skilled professionals and leaders to the global maritime industry. Furthermore, MTI is a champion for diversity, actively encouraging women to pursue careers at sea. To support female participation, MTI offers incentives like fee concessions and age relaxation to lady officers for pre-sea courses such as Diploma in Nautical Science (DNS) (affiliated to Indian Maritime University), Graduate Marine Engineering (GME), and Electro-Technical Officer (ETO).

MTI has proudly trained total 74 Nos. of DNS, 06 Nos. of ETO and 02 Nos. of GME Lady Officers. Our Lady Officers have been well recognized and appreciated in the Maritime Industry. MTI has contributed significantly in emergence of our country as an advanced seafaring nation and has the vision to continue to do so.

It is a matter of pride that all pre-sea courses of MTI, DNS, GME & ETO are rated as A1 (Outstanding) Grade with 90.31% rating, as per the CIP (Comprehensive Inspection Program) of the Directorate General of Shipping (DGS) Govt. of India conducted on 27.07.2023 (validity of certificate is till 26.07.2027).

In year 2023-24, Maritime Training Institute, Powai has conducted 314 nos. of residential and non-residential courses for imparting training to 3011 seafarers / candidates on following categories: a. DNS (TNOCs), pre-sea training residential course leading to 77 nos. Navigating Officers;

b. GMEs (TMEs) pre-sea training residential course leading to 40 nos. Marine Engineer Officers; c. ETOs, pre-sea training residential course leading to 80 nos. Electrical / Electro-Technical Officers; and. d. Various STCW / Modular and Industry need based non-residential courses to 2814 nos. seafarers.

MTI has trained 1,89,525 candidates since its inception in 1988.

MTI is Integrated Management System (i.e. QMS, EMS and OHSMS) certified Training Institute for Design, Development, Delivery & Assessment of Marine Education and Training. MTI has some of the best faculty, who have been awarded with various prestigious awards, such as Lloyd's List Training Award, The Maritime Standard Award, Gateway Award, Samudra Manthan Award and Golden Peacock Award.

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.

To enhance the standard of training atmosphere and meet the aim of SACE-SMaRT, following are in progress: Construction of new Swimming Pool.

Installation of new Engine Room Simulator for imparting training to Engine Officers Installation of modern Electrical workshop for imparting training to GME (Graduate Marine Engineer) and ETO (Electro Technical Officer). Installation of 360? Bridge Ship Simulator for imparting training to Navigating Officers Upgradation of Library with Digital content.

Reinstating of Membership of Prestigious World Maritime University (WMU) The following areas requires further improvement:

Civil Infrastructure (Structural Repairs): Various Infrastructure & facilities have to be upgraded such as Internal Roads, Sagar Gyan Structural Repairs, improvement of Hostel facilities with addition of capacity in hostels, illumination of common areas, renewal of existing fresh water pipeline arrangement, revive / reconstruction of existing well for garden irrigation, renewal of campus boundary wall etc.

Upgrade in Technology for Simulator: The existing Simulator has to be upgraded with new age Simulator (both hardware & Software) of latest possible technology.

C. Segment–wise or product-wise performance. Real Estate

All the assets (land & buildings) in Mumbai except MTI and Property in Malad (Jangla Nagar), all the flats in Kolkata and three floors of Shipping House, Kolkata have been given on lease to SCI consequent to framework agreement executed between your company and SCI, which is valid till disinvestment completion date of SCI.

MTI:

Capacity utilization of last two years (actual participation/candidates) is summarized below:

* DNS - Diploma in Nautical Science Course (Intakes has been reduced to meet the onboard training slot available in SCI Fleet vessels and availability hostel accommodation at MTI)

GME - Graduate Mechanical Engineers Course; ETO - Electro Technical Officer

Real Estate:

The company may contemplate the following initiatives for capacity addition:

Redevelopment of its property in Malad (Jangla Nagar), Mumbai; a Housing Society completely owned by SCILAL.

Renovating / refurbishing its existing properties (i.e. Flats) located in various Housing Society in Mumbai and Kolkata, so as to increase their functional efficiency or adapt them to new uses. This approach will be cost-effective, environmentally sustainable and also maximize the potential of existing assets.

MTI:

MTI is in process of upgrading its facilities to impart quality MET (Maritime Education and Training) which are beyond STCW and value added courses. Being a pioneer in the marine training sector, MTI is enthusiastic to cater to the various facets of the Marine training, such as Shipping Management, Engineering and Navigation. On demand of the industry, MTI has introduced many new courses, such as: Proficiency in Survival Craft and Rescue Boats (PSCRB) Course, revalidation courses for Deck Officers (i.e. Master, Mates and 2nd Mates) and has commenced GP Rating leading to 2nd Mate NCV Course. It is in process of commencement of Welder Course and many other courses.

MTI has added various Pre-Sea and Post-Sea Courses over time, the last 2-3 years seeing additions in the following courses:-1. ETO (Electro Technical Officer) 2. Second Mate (FG) 3. Chief Mate Phase I & Phase II

4. Various Customized Training to Individuals / Corporates as per Requirement.

E. Risks and concerns.

Real estate in India faces a variety of complex problems due to the unique characteristics of the Indian market. Some of the major challenges that would be faced by SCILAL in terms of its assets would include:

Regulatory environment: The Indian real estate sector is heavily regulated, which can make it difficult to navigate the complex legal and regulatory landscape. In this regard, the need to have all the requisite documentation in place, in respect of the real estate owned by SCILAL, cannot be emphasised. Some of the flats owned by SCILAL, retain legacy issues in so far as inadequate documentation, which have to be mitigated, so as to realise their full value.

Construction challenges: Since most of the properties transferred to SCILAL were purchased / transferred to SCI prior to 1980, by its predecessor companies, the quality of construction has deteriorated over the time. In view of the aforesaid fact, the flats / assets of SCILAL needs substantial investment to make them habitable for leasing out or selling. Also, some of the properties of SCILAL are due for re-development and this could bring about significant gains in terms additional FSI being accrued to the owners, thereby leading to increase in the value of the property.

Opportunities: The dilapidated property owned by SCILAL at Malad (Jangla Nagar) which is located in a commercially viable location, presents an excellent opportunity for SCILAL to undertake a re-development and transform it into a state of art Commercial Complex capable of generating significant stream of revenue for the company.

Sales and marketing: The Indian real estate market is highly competitive and a company will only be able to attract buyers if only it is able to differentiate itself. Effective sales and marketing strategies are therefore essential for success. Also assistance of external agencies (real estate agents and website designers / promoters) is required towards their conception and implementation.

Economic volatility: The Indian economy is subject to significant volatility, which can impact the real estate sector. Economic slowdowns can lead to declining in demand for real estate, while inflation and interest rate fluctuations can increase costs and reduce profitability.

MTI

Civil Infrastructure (Structural Repairs): Various Infrastructure & facilities at MTI have to be upgraded such as Internal Roads, Sagar Gyan Structural Repairs, improvement of Hostel facilities with addition of capacity in hostels, illumination of common areas, renewal of existing fresh water pipeline arrangement, revive / reconstruction of existing well for garden irrigation, renewal of campus boundary wall etc.

Upgrade in Technology for Simulator: Existing Simulator used for training at MTI has to be upgraded with new age Simulator (both hardware & software) of latest possible technology.

Workshop Training: Currently various Workshop Trainings for GME and ETO are being undertaken by external organizations approved by DG Shipping, which leads to extra resource consumption for MTI.

IT Infrastructure: MTI is in need to upgrade its IT infrastructure.

Faculty Matrix: MTI needs to hire experienced manpower / faculty at senior positions for specific courses, as experienced faculty induce increase in course participation.

F. Competition from other sectors: Real Estate

As SCILAL is presently not into active real estate business and is rather holding real estate assets, pursuant to demerger scheme. Also, majority of the real estate assets of SCILAL are presently on lease to SCI. Hence, at present there is no competition with others in the real estate sector or from other sectors.

MTI

Currently, we face competition from other private Maritime Training Institutes that extensively utilize their resources to attract course participants through digital marketing, social media campaigns, advertisements in marine magazines, and various other marketing strategies. Despite our competitively priced courses, our course enrollment rates have been impacted due to the absence of robust physical infrastructure and promotional resources.

G. Internal control systems and their adequacy.

Your Company has formulated the Risk Management policy after taking into account the risks and complexity of its operations. The internal control systems (including Internal Financial Controls over Financial Reporting) are being reviewed on an on-going basis and necessary changes are carried out to align with the statutory requirements.

H. Discussion on financial performance with respect to operationalperformance.

SCILAL has reported profit before tax of Rs. 5510 lakhs in FY 2023-24 as against a profit of Rs. 1758 lakhs in FY 2022-23. The MTI segment has reported a loss of Rs. 1,156 lakhs in FY 2023-24 as compared to loss of Rs. 497 lakhs in FY 2022-23, while the average interest of around 8% was earned in FY 2023-24 as compared to 5.58% was earned in FY 2022-23 on the funds received as a part of demerger scheme. The net profit for the company for the FY 2023-24 stood at Rs. 4749 lakhs as compared to Rs. 3555 lakhs for FY 2022-23.

I. Material developments in Human Resources / Industrial Relations front, including number of people employed.

SCILAL received board approval on November 10, 2023, to initiate the recruitment of manpower resources. Presently, operations are managed by SCI under a service level agreement. The manpower planning process for SCILAL has been completed, with a total strength of 27 positions. Recruitment in phase wise manner is under process. To cater to date to day affair of the Company, one Company Secretary (CS) and one Chief Financial Officer (CFO) have been deputed from SCI.

J. Details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof.

Return on Net Worth (%) The return on Net worth for the FY 2023-24 stood at 5.26 % as compared to 4.16 % for the FY2022-23.

Return on Equity The return on Equity of your company was 1.49 % for the year ended 31.03.2024, as compared to 1.13 % for the year ended 31.03.2023.

* Ratios of comparative period i.e. 2022-23 are based on previous year figures which have been restated, regrouped and rearranged post demerger wherever necessary to confirm to current year presentation of the financial statements as per Schedule III (Division II) to the Companies Act, 2013.

**Net Worth has been calculated on the basis of Average Net Worth as per Section 2(57) of the Companies Act, 2013.

31. RESERVATION POLICY

As of March 31, 2024, it is worth noting that SCILAL did not have any employees recorded on its payroll.

32. SC/ST/OBC REPORT

As of March 31, 2024, it is worth noting that SCILAL did not have any employees recorded on its payroll, thus no data is available to be disclosed under this section.

33. WOMEN REPRESENTATION

As of March 31, 2024, it is worth noting that SCILAL did not have any employees recorded on its payroll, thus no data is available to be disclosed under this section.

34. POLICY TO PREVENT SExUAL HARASSMENT AT WORKPLACE

As of March 31, 2024, it is pertinent to highlight that SCILAL had no employees registered on its payroll, consequently leading to the absence of an Internal Complaints Committee as mandated by the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

35. CORPORATE SOCIAL RESPONSIBILITY (CSR)

As an amount of Rs. 14.40 Lakhs was allocated towards CSR in the FY 2023-24 as per the provisions of the Companies Act, 2013. Against the allocation, NIL expenditure has been done during the year ending 31.03.2024 considering the multi-year nature of the project undertaken. Annual Report on CSR has been annexed to this Report and forms part of it.

36. MATERIAL ORDERS OF JUDICIAL BODIES / REGULATORS

Details of significant and material orders passed by any Regulator, Court, Tribunal, Statutory and quasi-judicial body, impacting the going concern status of the company and its future operations Nil.

37. RIGHT TO INFORMATION ACT, 2005

SCILAL has taken steps to comply with the requirements of the Right to Information Act, 2005 (RTI) and has gone online for RTI complaints since January, 2024.

38. APPOINTMENT AND REMUNERATION POLICY

The appointments in the company are done in accordance with Government of India guidelines. The remuneration to the senior management and other shore employees of the company is governed by the Presidential Directives issued by the Ministry of Ports, Shipping and Waterways (MoPSW) and Department of Public Enterprises (DPE), from time to time, which form the remuneration policy of the company. Please note that, as of 31.03.2024 there were no employees in SCILAL.

39. SEGMENT-WISE PERFORMANCE

Report on performance of the various operating segments of the Company (audited) is included at Note No.32 of Notes on Financial Statements (Standalone) for the year ended 31st March 2024, which is forming part of the Annual Accounts.

40. NTERNAL I CONTROL SYSTEM AND THEIR ADEQUACY

Your Company has formulated the Risk Management Policy after taking into account the risks and complexity of its operations. The internal control systems (including Internal Financial Controls over Financial Reporting) are being reviewed on an ongoing basis and necessary changes are carried out to align with the statutory requirements.

41. DIVIDEND DISTRIBUTION POLICY

As per the guidelines dated 27.05.2016 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 into consideration and be guided by the provisions of the Companies Act, 2013, Companies (Declaration and Payment of Dividend) Rules, 2014 and Guidance Note on Dividend & Secretarial Standard 3 (SS-3) for taking necessary action appropriate and deemed fit in the circumstances.

Further the Board of Directors has approved the Dividend Distribution Policy of the Company as per the requirements of the Regulation 43 A of Listing Regulations. The Policy is available on the website of the Company accessible through https://www.scilal.com/policies.

42. CORPORATE GOVERNANCE

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 annexed in the Annual Report comprehensively describes the structure and practice of Corporate Governance of your Company. The Company ensures continuous endeavour to comply with various applicable statutes, rules, regulations and guidelines e.t.c. The Corporate Governance issues are kept in constant focus by the Board of Directors of your Company and your Company complies with the applicable guidelines both in letter and spirit.

43. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Auditors of the Company has not reported any frauds.

44. INSOLVENCY AND BANKRUPTCY CODE

During the year, the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016, along with their status was "NIL".

45. VIGILANCE DIVISION IN SCILAL

Subsequent to SCILAL becoming an independent CPSE, the Company is undertaking all necessary steps to establish a vigilance Division in coordination with the competent authorities.

46. CAUTIONARY STATEMENT

The statements made in the Management Discussion and Analysis report describing Company's objectives, projections, estimates and expectations may be "forward looking statements" within the meaning of applicable laws and regulations. Actual results might differ materially from those expressed or implied.

47. DECLARATION OF INDEPENDENCE

As of date and throughout the entirety of the financial year 2023-24, the company has not had any independent directors on its Board.

48. PERFORMANCE EVALUATION OF BOARD, COMMITTEE AND DIRECTORS

As per notification dated June 5, 2015 issued by the Ministry of Corporate Affairs, the provision related to evaluation of performance of Board, its committees and individual directors under section 178(2) of the Companies Act, 2013 is exempt for Government Companies.

Further, as per Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the evaluation of independent directors shall be done by the entire board of directors. However, as of date and throughout the entirety of the financial year 2023-24, the company has not had any independent directors on its Board.

49. SECRETARIAL STANDARD

Section 118(10) of the Companies Act, 2013 requires every company to observe the secretarial standards with respect to General and Board Meetings specified by the Institute of Company Secretaries of India and approved as such by the Central Government .The Company has complied with all the applicable Secretarial standards.

50. SECRETARIAL AUDIT

Pursuant to Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Board had appointed M/s Mehta & Mehta, Practicing Company Secretary firm to conduct Secretarial Audit for the Financial Years 2023-2024 and 2024-2025. Secretarial Audit Report in Form MR-3 as per Companies Act, 2013 and The Annual Secretarial Compliance Report in compliance to Regulation 24A of SEBI LODR Regulations 2015 for the financial year 2023-24 is appended to the director's report.

The Secretarial Auditor in his report for the year ended 31^st March, 2024 has brought out that:

A. As per Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Section 149 of the Companies Act 2013, the Company is required to appoint requisite Independent Directors on the Board of the Company. However, the Board is not duly constituted in the absence of independent directors. Further, the requisite number of Independent Directors were not appointed on Board of the Company as contemplated in the Clause 3.1.4 of DPE Guidelines on Corporate Governance for Central Public Sector Enterprises (CPSE) issued by the Department of Public Enterprises (DPE). Accordingly, clause 3.1.4. i.e at least 50% of members should be independent directors, has not been complied. B. Further as per the provisions of the Section 177 of the Companies Act, 2013, Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause 4.1 of the DPE Guidelines issued by the Department of Public Enterprises, the Company was required to constitute an Audit Committee. However, in absence of Independent Directors on the Board, the Company has not constituted the Audit Committee.

C. Further as per the provisions of the Section 178(1)of the Companies Act, 2013, Regulation 19 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause 5.1 of the DPE Guidelines issued by the Department of Public Enterprises, the Company was required to constitute NRC/Remuneration Committee. However, in absence of Independent Directors on the Board, the Company has not constituted the NRC/Remuneration Committee. Further as per Section 178(5) of the Companies Act, 2013 read with regulation 20 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015), the Company was required to constitute the Stakeholder Relationship Committee. However, in absence of Independent Directors on the Board, the Company has not constituted the Stakeholders Relationship Committee.

D. Further the Company has not appointed a Woman Director on its Board as per the Section 149(1) of the Companies Act, 2013 read with Rule 3 of The Companies (Appointment and Qualifications of Directors) Rules, 2014 and Regulation 17 (7) (a) of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Management views on the above observation are as follows:

In Absence of Independent Directors, the Company could not constitute various committees required under the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and DPE Corporate Governance Guidelines. The Company being a Public Sector Undertaking (PSU), only the Competent Authority can appoint Director/(s) on Board. The Company through its communication letters dated 13/04/2023, 13/06/2023, 02/05/2023, 17/08/2023, 21/08/2023, 18/09/2023, 09/01/2024, 11/03/2024 and 28/03/2024 had taken up this matter to Competent Authority with a request to appoint requisite number of Independent Directors on its Board. Appointment of requisite number of Independent directors is under active consideration of the competent Authority.

51. AUDITORS REPORT

A. The Statutory Auditors have given an unqualified report on the Financial Statement of the Company for the Financial Year 2023-24. B. The Comptroller and Auditor General of India had NIL comments for the year ended 31st March 2024.

52. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Business Responsibility and Sustainability Report (BRSR) of the Company for the fiscal year 2023-24 is attached to the Annual Report and forms part of it.

53. ACKNOWLEDGEMENTS

Your Directors would like to express their gratitude to the Government of India for its support. We wish to thank the Hon'ble Minister of Ports, Shipping and 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. We would also like to express our gratitude towards Secretary (MoPSW) for his guidance and support. Our sincere thanks are also due to the other officials of the Administrative Ministry, other Ministries and Departments of the Government of India. We also wish to express our special appreciation towards all the shareholders, stakeholders and colleagues on the Board of Directors. We also take this opportunity to express our gratitude to all employees of SCI for the efforts and initiatives taken for functioning of the company.