TRANSWORLD SHIP LINES Share price

Shreyas Shipping Limited was incorporated as a Private Limited Company in the year 1988 primarily to own and operate vessels for feedering of containers between Indian Ports and Internationally renowned container transhipment ports. The name of the Company which was Shreyas ShippingCompany Private Limited was changed to Shreyas Shipping Company Limited on 12.1.1994 consequent on its becoming a Public Company and later to Shreyas Shipping Limited on 7.2.1994. The then Govt. policies did not permit the company to immediately commence operations. An application was made to The Ship Acquisition Licensing Committee in September 1993 for acquisition of three container vessels. Permission was granted by the Ship Acquisition Licensing Committee Ministry of SurfaceTransport vide their letter SD-11011/24-93 MD dated 25.11.1993. Subsequent to this the promoters inducted the vessel M.V.ORIENT TRIUMPH as part of their equity participation in the project. This vessel was registered in India on 27th January 1994 and is since plying on time charter in the Arabian Gulf. This vessel has now been renamed M.V. ORIENT PROSPERITY. The purchase price for this ship hasbeen duly approved by D.G. Shipping. SCICI Limited and ICICI Limited have sanctioned foreign currency term loan for acquiring the other two vessels. The relevant approvals in this regard from the Ministry of Surface Transport including the technical clearance for these ships from the Directorate General of Shipping alongwith SCICI''s approval of the negotiated price has beenobtained. The vessels identified were sister ships each of 8755 dwt and with container carrying capacity of 430 TEUS each. Both the vessels are endowed with modern characteristics like a mobile gantry crane on board the vessel fixed cell guides to increase the vessels''productivity in the ports & fitted with engines capable of running on economic consumption of fuel. The Company has taken delivery of the vessel M.V.COMMERCE and renamed her M.V.ORIENT COMMERCE. The vessel has been temporarily given on time charter to M/s. Samudera Indonesia. The other vessel presently namedM.V.INDEPENDENCE will be acquired by the Company out of the issue proceeds."The Company has not faced any labour problems in the past and has a good record for industrial relations with its employees.""There are no litigations/overdues/defaults/demands which are pending against the Company."