Scindia Steam Navigation Company Ltd. कंपनी का इतिहास और वार्षिक वृद्धि विवरण

YEAR EVENTS
1919 - The Company was Incorporated at Mumbai. The Company's object is
shipping.

- The Company operates the following services.

- (i) Overseas: India-Pakistan-U.K.; Continent: U.S.S.R.,
India-U.S.A (Atlantic and Gulf Ports); India-Great Lakes/Eastern
Canada, India-U.A.E., East Asia Gulf Service from West and East
Coast of India, Indo-Pacific Service;

- (ii) Coastal Services: India-Pakistan-Burma-Ceylon (Cargo);
Mumbai-Kutch-Karachi; Mumbai-Saurashtra;
Mumbai-Marmagao-Mangalore-Cochin (Cargo-cum-passenger); and
Mumbai-Panjim (Passenger).

1946 - 15,00,000 Right shares offered at a prem. of Rs.15 per share in
the prop. 1:1.

1948 - 15,00,000 Right shares offered at a prem. of Rs.5 per share in
the prop. 1:2.

1953 - The Mumbai Steam Navigation Co., Ltd., was amalgamated and
2,99,046 shares of Rs.15 each were issued to the shareholders of
the Mumbai Steam Navigation Co., Ltd. in the prop. 3. Scindia
shares for every Mumbai Steam share.

1954 - A sum of Rs.234,99,515 was capitalised and used to increase the
value per share from Rs.15 to Rs.20.

1958 - 9,39,981 Bonus Equity shares issued in the prop. 1:5.

1967 - 1,285 Bonus Equity shares reserved for the members of Ex-Mumbai
Steam Navigation written back.

1972 - Mumbai Steam Navigation Co. (1953) Ltd., was amalgamated with the
Company with effect from 1st July.

1973 - The wholly owned subsidiary, Kamal Shipping Co., Ltd., was
amalgamated with the Company with effect from 1st July.

- 11,27,730 Bonus shares issued in the prop. 1:5.

1976 - 27,06,552 Bonus shares issued in the prop. 2:5.

1989 - The Financial proposals submitted for restructuring the company
also included acquisition proposals for Handysize bulkers and
product tankers. Approval was received for acquisition of 600
containers to be contributed to the Pool in USSR trade where more
and more Indian cargos were moving in containers.

1990 - Three ships of the Company suffered damages due to adverse
weather against which it had adequate insurance cover.

- The vessels could not be operated on 688 voyage days on account
of reasons such as Jalagouri's engine breakdown for 18 days fire
on Jalagouri at Singapore, vessels awaiting employment/ballasting
for 114 days, normal dry, docking, surveys and repairs affecting
the voyage for 436 days.

1991 - The Company submitted its revised proposal for restructing to
SCICI/Govt. on 21st October together with detailed plans for
diversification/acquisition without seeking any further funds
from the Govt.

1993 - Turnover declined to Rs.57.83 crores mainly due to the sale of
six ships resulting in less number of operating days and ship
laid up for repairs due to accidents.

- MV Jalagouri suffered hull damage due to accident near Shibushi,
Japan losing 50 days operation, MV Jalgopal suffered damage to
main enginer crank care losing 137 days operation and MV
Jalavihar met with an accident on 7th March 1994 carrying damage
to vessels rudder and steering system. Due to paucity of funds
steering gear could not be replaced.

- After the disposal of set ships only 7 ships were remained in
operation. The Company had proposed to acquire two handy-sized
fuel-efficient geared second-hand ships for continuity and
stability of operation which was pending with the Govt.

- Six ships were sold, on for scrapping and five for further
trading. Sale proceeds were paid to the Govt. against the ship
acquisition loans outstanding leaving the balance of Rs.148.70
crores for which immovable properties were mortgaged.

1994 - Turnover declined from Rs.57.83 crores in the previous year to
Rs.33.86 crores mainly due to sale of three ships and a ship
laid for repairs remaining idle for 8 months due to accident,
resulting in a much lesser number of operating days 1776 days as
against 3217 days during the last year. Also, at the close of
the year two more vessels were sold.

1995 - Turnover declined due to sale of vessels which resulting in
lesser number of operating days 696 as against 1776 days in the
previous year.

1996 - The Ship operating income declined to Rs.6.03 crores due to
depressed charter market and operation of only two vessels, one
up to 20.9.96 and other up to 27.3.97 which resulted in 534 total
available days as against 926 days in the previous year.

1997 - The Ship operating income was nil due to the sale of the last
vessel, MV Jalatapi on 27.3.1997 coupled with the suspension of
shipping activity.

1998 - As at 31st March, the company's subsidiaries and the extent of
its interest therein were as follows:

- (i) The Eastern Bunkerers, Ltd. (55% of the Equity capital) and

- (ii) Scindia Workshop, Ltd. (fully owned).

2002-Scindia Steam Navigation Company Ltd has informed BSE that Mr K V Unni has been appointed as the Chairman & Managing Director of the Company in place of Mr K Venugopal with affect from September 16, 2002.Further Dr S R Chougule has been inducted on the Board of the Company with effect from September 20, 2002.

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