~

SEAMEC LIMITED
A member of MMG""

SEAMEC/BSF/SM0/49/16
9th February, 2016
To,
Deputy General Manager - Listing
Bombay Stock Exchange Limited,
Corporate Relation Department,
1st Floor, Rotunda Building,
New Marine Lines,
Phirojee Jeejeebhoy Towers,
Dalal Street,
Mumbai - 400 001.

Sub: Financial Results of the Company for the Quarter ended 31.12.2015 - Regulation 33 of
the SEBI (Listing Obligations and Disclosure Requ irements) Regulations, 2015

Dear Sir,
Further to our Letter Ref. No. SEAMEC/BSE/ SM0/34/ 16 dated 29th January, 2016, we wish to
inform you that the Board of Directors of the Company in its meeting held on 9th February, 2016
considered and taken on record the Financial Results of the Company for the Quarter ended 31st
December, 2015, in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The text of above results is enclosed herewith.

Thanking you

Yours faithfully,
For SEAMEC LIMITED

'1'~~-S.N. Mohanty
PRESIDENT
Corporate Affairs, Operations and Company Secretary

Regd. & Corporate Office: A-901-905, 9th Floor, 215 Atrium, Andheri Kurla Road, Andheri (East), Mumbai 400 093, India
Tel.: +91-22-6694 1800 Fax : +91-22-6694 181 8 E-mail : contact@seamec.in
CIN No: L63032MH1986 PLC 154910

SEAMEC Limited
Registered Office: A 901-905, 215 Atrium
Andheri - Ku~ a Road. Andheri (East), Mumbai 400 093. India
Phone: + 912266941800 Telefax:+ 91226694 1818 e-mail: seamec@bomS.vsnl.net.in
C IN No.L63032MH1 986PLC1549 10

Statement of Standalone Unaudited results f or the ouarter and ni ne months ended December 31. 201 5

(t in Lacs)
Quarter ended as on

Particulars

(a) Income from Operations

(b) Other Operating Income
Total Income from Operations (l(a)+l (b))
Expen ses
a. Consumables & Spares consumed
b. Employee benefit expenses (including offshore staff)
c. Depreciation and amortisation expense
d. Diving & Sub contractor cost
e. Charter hire Expenses
f. Other Expenses
g. Total Expenses
Profit(+ )/ Loss(-) from Operations before Other Income. Finance cost. Prior Period items
& Exceptional Items (1-2)

31 st
December,
2015

30 t h
September,
2015

Year to date ended as on

31st December.
2014

31st
December,
2015

31st
December.
2014

31st March .2015

Unaudited
9 ,163
15
9.178

Unaudited
2,168
l
2,169

Unaudited
6,996
0
6,996

Unaudited
20,009
16
20,025

Unaudited
23,166
6
23,172

Audited
34,964
B
34,972

1,674
2,056
1,211
3,003
0
983
8,927
251

1,117
1,755
1,169
414
0
1,160
5 ,615
(3.446)

1,293
2.148

3.250
6,190
2,557
5.186
2,160
3,920
23.263
(91)

3,854
B.458

971
1,592
0
1.481
7,485
(489)

3,943
6.027
3,535
5,729
0
3.254
22.488
(2.463)

3.675
8,772
2,160
5,634
32.553
2.419

4
5

Other Income
Profit(+)/ Loss(-) before Finance cost, Prior Period items & Exceptional Items (3+4)

360
611

666
(2,780)

1,848
1,359

1,688
(775)

3.146
3,055

3.608
6 ,027

6
7

Finance Cost
Profit (+ )/ Loss (-) after Finance cost but before Prior Period items & Exceptional Items (56)
Exc eptional Items
Prior Period Items (refer Note 6)
Profit(+ )/ Loss(-) from ordinary activiti es before tax (7+8-9)
Tax expense
Profit (+ )/Loss(-) from ordinary activities after tax (10-11)
Extraordinary items
Net Profit (+)/Loss(-) for the period (12-13)
Paid up equity share capital
(face value : Rs 10/- each)
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting
year

7
604

2
(2.782)

3
1,356

19
(794)

4
3,051

23
6,004

0
104
500
183
317
0
317
2,543

0
0
(2.782)
100
(2,882)
0
(2,882)
3,390

0
0
1.356
146
1,210
0
1,210
3. 390

0
0
(794)
456
(l.250)
0
(1,250)
2,543

0
0
3.051
434
2,617
0
2,617
3,390

0
0
6,004
602
5.402
0
5.402
3,390

B
9
10
11
12
13
14
15
16

17 Earning Per Share (EPS)

(a) Basic and diluted EPS before Extraord inary items for the period. for t he y ear to date
and for t he previous year (not to be annualized) (oft 10 each)
(b) Basic and diluted EPS after Extraordinary items f or the period. for the year to date
and for t he previous y ear (not to be annualized) (oft 10 each)

48,787

1.04

(B .50)

3.57

(3.82)

7.72

15.93

1.04

(B. 50)

3.57

(3.8 2)

7.72

15.93

During t he year 2011 th e Direct orate of Revenue Intelligence (DR!) had instituted an enquiry in relation to payment of customs duty t owards repairs & m aintenance undertaken on
Company's vessels outside India since 2002 . The ORI issued a show cause notice on 28th March 2013 calculating fi nal duty at t 11,970 lakhs including duties, penalties. interest & fines
against which Company had pre deposited t 1266 lakhs under protest in December 2011 . The appeal is pendi ng before Hon'ble Customs. Excise & Service Tax Appellate Tribunal. customs.
(CESTAT). The Company has been legally advised that they have a strong case on Merit.

Foreign Exchange violation case re lated to import of Land Drilling Rig in 1994 continues to be pending before Hon'ble High Court at Mumbai .The Company has been legally advised that
there was no contrav ention of FERA , hence no provi sion has been m ade against the penalty of t 1,000 lakh s imposed by Directorate of Enforcement.

The Company had made applicat ions to th e Central Government for waiver from recovery of managerial remuneration of Rs. 63.10 lacs and Rs 94.20 lacs for the years 2011-1 2 and 201314 respectively, which was in ex cess of th e lim it applicable under the Companies Act, 1956. The Central Government declined th e application for waiver of recovery to the extent of t.63 .10
lacs for the year 2011-12. Subsequent to the quarter end. the management has fil ed review application wit h the Ministry of Corporate Affairs, which is under consideration. The recovery of
t his amount is not effected. For the year 2013-14. the application is as yet pending with the Central Government. The statutory audit ors, in th eir limited revi ew report on the financial results
for the quarter ended December 31. 2015 have included an Emphasis of Matter paragraph in thi s reg ard.

SEAMEC Limited
Registered Office: A 90 1-905, 215 Atrium
Andheti - Kuna Road, Andheri (East), Mumbai 400 093, India
Phone:+ 91 22 6694 1800 Telefax: + 91 22 6694 1818 e-mail: seamec@bom5.vsnl.net.in
CIN No.L63032MH1986PLC154910

( <in Lacs)
4

Geographic Segment

1
a.
b.

Quarter ended as on

Segment Report: -

Year to date ended as on

31st
December,
20 15

30th
September,
2015

31 st December.
2014

31st
December.
2015

31st
December,
2014

31st March.2015

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue (net income from each segment)

Domestic

Overseas
Total
Less: Inter segment reven ue

Net Income from Operations

Segment results: (Profit/(Loss) before tax and Finance cost from each segment)

a.
b.

Domestic
Overseas

Total
Adjustment for
Less: Finance Cost
Add:- Other un-allocable income
Less: Prior Period Items
Total Profit/ (Loss) before tax
Capital Employed*

8.089
1,089
9 .1 78
NI L

2,169
0
2,169
NIL

4,416
2,580
6 ,996
NIL

18,878
1,147
20.025
NIL

12,396
10,776
23.172
NI L

21,911
13,061
34,972
NIL

9, 178

2,169

6,996

20.025

23,172

34,972

1,767
(1,467)
300

(2.719)
(524)
(3.243)

447
479
926

38
(2,088)
(2,050)

(283)
2,198
1.915

2,191
2,261
4.452

7
311
104
500
40,330

2
463

3
433

19
1,275

4
1,140

23
1,575

(2,782)
50.609

1.356
49,799

(794)
40,330

3.051
49,799

6.004
52,177

Capital employed has not been identified with any of the reportable segments. as t he assets used in t he Company's business and the liabilities contracted are used interchangeably
between segments.
5

During the quarter under review. the company has bought-back 84,75,000 number of equity shares of th e company of <10/-each fully paid up at the rate of< 125/- per equity share after
complying with the provisions of the Companies Act 2013 & rules there under read wit h regulations under t he Securit ies and Exchange Board of India (Buy- back of Securities) Regulations.
1998, as amended, through "Tender Offer" route.
All the equity shares bought back under the Buyback offer have been extinguished. Acc ordingly. th e issued and paid up share capital of t he Company has reduced to <.25,42,50,000/divided into 2,54,25,000 Equity Shares of <:.10/- each.

6
7
8

The Financial result of the Company for the current quarter includes prior period items represent ing reversal of rev enue of <104 lacs for previous quarter.
Information on investor complaints for the Quarter (Nos): Opening Balance - NI L Additi ons - NI L Disposals - NIL Closing Balance- NIL.
The above results have been reviewed by the Aud it Committee and approved and t aken on record by t he Board of Directors at a meeting held on 9 February,2016. The Statutory Auditors
have carried out a Limited review of these results.
The previous period figures have been regrouped / reclassified where necessary to conform to t he current quarter' s classification

""'"'1
Place: Delhi
Date: 9 February,2016

Capt ain CJ Rodricks

Managi ng Director

SRBC&COLLP

14th Floor,TheRuby
29 Senapati
BapatMarg
D a d a r( W e s t )
M u m b a i - 4 0O02 8 ,I n d i a
Tel : +91 226192OOO0
Fax: +91 22 6192 IOOO

CharteredAccountants

Limited Review Report

Review Report to
The Board of Directors
SEAMECLimited
1 . We have reviewedthe accompanying
statementof unauditedfinancialresultsof SEAMEC
Limited('the Company')for the quarterand nine monthsendedDecember31, 2015 (the
"Statement").This Statementis the responsibilityof the Company'smanagementand has
beenapprovedby the Boardof Directors.Our responsibilityis to issuea report on the
Statementbasedon our review.

z . We conductedour reviewin accordancewith the Standardon ReviewEngagements

2410 -

'Reviewof InterimFinancialInformationPerformedby the IndependentAuditorof the Entity'

issuedby the Instituteof CharteredAccountantsof India.This standardrequiresthat we
planand performthe reviewto obtainmoderateassuranceas to whetherthe Statementis
free of materialmisstatement.A reviewis limitedprimarilyto inquiriesof company
personneland analyticalproceduresappliedto financialdata and thus providesless
assurancethan an audit. We have not performedan audit and accordingly,we do not express
an audit opinion.

3 . Basedon our reviewconductedas above,nothinghas come to our attentionthat causesus

to believethat the accompanying
Statementof unauditedfinancialresultspreparedin
accordancewith appticableaccountingstandardsand other recognisedaccountingpractices
and policieshas not disclosedthe informationrequiredto be disclosedin terms of Regulation
33 of the SEBI(ListingObligationsand DisclosureRequirements)
2015
Regulations,
includingthe mannerin whichit is to be disclosed,or that it containsany material
misstatement.
4. We draw attentionto note 3 to the financialresults,relatingto the statusof the applications
madeby the Companyto the CentralGovernment,for managerialremunerationof earlier
years whichwas in excessof the limit applicableunderthe CompaniesAct, 1956. Pending
the approvalof the CentralGovernmentin respectone year, and havingregardto the fact
that the Companywas in the processof submittingrevisedapplicationfor anotheryear, no
adjustmentsare considerednecessaryby managementin this regard.Our reviewconclusion
is not qualifiedin respectof these matters.

FoTSRBC&COLLP
lCAf Firm registration number: 3249A2E

M e m b e r s h iN
p o . :1 0 1 1 4 3
Place:Mumbai
Date:February09,2OL6

S R B C I CO LLP, a Limited Liability Partnershipwith LLP ldentity No AA8-4318

R e q d O f f i c e : 2 2 , C a m a cS t r e e t ,B l o c k ' C ' ,3 r d F l o o r ,K o l k a t a - 7 o o0 1 5