MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Principal Name 1	Mr. Asha Vasant Sheth
Status	Good	Principal Name 2	Mr. Cyrus Jamshed Guzder
		Registration #	11-006472
Street Address	Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra, India
Established Date	03.08.1948	SIC Code	--
Telephone#	91-22-66613000 / 24922100 / 2200	Business Style 1	Shipping Business.
Fax #	91-22-24925900	Business Style 2	--
Homepage	http://www.greatship.com	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital		Product Name 3	--
Shareholders	Total shareholding of Promoter and Promoter Group = 29.92% Total Public shareholding = 70.08%	Banking	Not Available
Public Limited Corp.	No	Business Period	65 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	A (70)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries :	--	The Great Eastern Shipping Company (London) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	14,706,100,000	Current Liabilities	7,689,200,000
Inventories	739,700,000	Long-term Liabilities	31,609,600,000
Fixed Assets	44,893,000,000	Other Liabilities	8,146,500,000
Deferred Assets	0,000	Total Liabilities	47,445,300,000
Invest& other Assets	37,114,400,000	Retained Earnings	48,484,700,000
		Net Worth	50,007,900,000
Total Assets	97,453,200,000	Total Liab. & Equity	97,453,200,000
Total Assets (Previous Year)	99,252,200,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	17,351,900,000	Net Profit	1,462,600,000
Sales(Previous yr)	17,096,200,000	Net Profit(Prev.yr)	1,433,400,000

MIRA INFORM REPORT

Report Date :

25.08.2013

IDENTIFICATION DETAILS

Name :	THE GREAT EASTERN SHIPPING COMPANY LIMITED

Registered Office :	Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	03.08.1948

Com. Reg. No.:	11-006472

Paid-up Capital :	Rs.1522.900 Millions

CIN No.: [Company Identification No.]	L35110MH1948PLC006472

TAN No.: [Tax Deduction & Collection Account No.]	MUMT10388A MUMT09402B MUMT09401A MUMT00543E

PAN No.: [Permanent Account No.]	AAACT1565C

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchange

Line of Business :	Engaged in Shipping Business.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

Maximum Credit Limit :	USD 200000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having a good track record. This company derives its strength through established experience of the company is shipping sector, experience and qualification of management comfortable liquidity position. It is largest shipping company in India on tonnage basis financial position of the company appears to be strong. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non Convertible Debenture
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	05.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66613000/24922100/2200
Fax No.:	91-22-24925900
E-Mail :	jayesh_trivedi@greatship.com tanker@greatship.com bc@greatship.com snp@greatship.com technical@greatship.com purchase@greatship.com fleet@greatship.com hrd@greatship.com corp_comm@greatship.com dakshesh_vyas@greatship.com
Website :	http://www.greatship.com

The Great Eastern Institute of Maritime Studies :	54-56 Tungarli Village, Next to Perfect Engineering Works, Mumbai-Pune Express Highway, Lonavala – 410401, Maharashtra, India
Tel. No.:	91-2114-270166/67/68 / 22-66613239

Vasant J Sheth Memorial Foundation :	Energy House, 81, D. N. Road, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66352283/84
Fax No.:	91-22-22672989

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Kanaiyalal Maneklal Sheth
Designation :	Executive Chairman

Name :	Mr. Bharat Kanaiyalal Sheth
Designation :	Deputy Chairman and Managing Director

Name :	Mr. Ravi Kanaiyalal Sheth
Designation :	Executive Director

Name :	Mr. Asha Vasant Sheth
Designation :	Director

Name :	Mr. Cyrus Jamshed Guzder
Designation :	Director

Name :	Mr. Keki Minoo Mistry
Designation :	Director

Name :	Mr. Vineet Sohanlal Nayyar
Designation :	Director
Address :	5A, Old Friends Colony, Mathura Road, New Delhi – 110065, Delhi, India

Name :	Mr. Berjis Minoo Desai
Designation :	Director

Name :	Mr. Rajiv B. Lall
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Jayesh M Trivedi
Designation :	Company Secretary

AUDIT COMMITTEE :
Name :	Mr. Keki Mistry, Chairman Mr. Cyrus Guzder Mr. Berjis Desai

SHAREHOLDER/INVESTORS’ GRIEVANCE COMMITTEE :
Name :	Cyrus Guzder, Chairman Mr. Bharat K. Sheth Ms. Asha V. Sheth

REMUNERATION COMMITTEE :
Name :	Mr. Cyrus Guzder CHAIRMAN Mr. Berjis Desai

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	41577656	27.35
Bodies Corporate	3901512	2.57
Sub Total	45479168	29.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	45479168	29.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12541413	8.25
Financial Institutions / Banks	435381	0.29
Central Government / State Government(s)	10478	0.01
Insurance Companies	12487949	8.22
Foreign Institutional Investors	36734566	24.17
Any Others (Specify)	1052	0.00
Multilateral & Bileteral Development Financial Institution	1052	0.00
Sub Total	62210839	40.93
(2) Non-Institutions
Bodies Corporate	7927029	5.22
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	24640354	16.21
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	10538733	6.93
Any Others (Specify)	1197400	0.79
Non Resident Indians	1196116	0.79
Foreign Nationals	60	0.00
Overseas Corporate Bodies	1224	0.00
Sub Total	44303516	29.15
Total Public shareholding (B)	106514355	70.08
Total (A)+(B)	151993523	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	328561	0.00
Sub Total	328561	0.00
Total (A)+(B)+(C)	152322084	0.00

BUSINESS DETAILS

Line of Business :

Engaged in Shipping Business.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan

Non Current Portion

Current Maturities

Rs. In Millions

Particular

As on 31.03.2013

As on 31.03.2012

As on 31.03.2013

As on 31.03.2012

LONG TERM BORROWINGS

Bonds/Debentures:

9.80% 2500 Redeemable Non-Convertible debentures of Rs.1000000 each redeemable on July 03, 2019

2500.000

0.000

Term Loans from Banks

Foreign Currency Loans from Banks

15296.100

20038.400

5120.400

4127.100

TOTAL

17796.100

22538.400

5120.400

4127.100

NOTES:

(i) 9.80% 2500 Secured Redeemable Non-Convertible Debentures of Rs. 10,00,000 each, redeemable on July 03, 2019, are secured by exclusive charge on specified ships with 1.25 times cover on the book value of ships and additional security by way of mortgage on immovable property of the Company.

(ii) The Company maintains unencumbered assets (including cash and cash equivalents) of market value not less than outstanding face value amount of the Unsecured Debentures.

(iii) Foreign currency loans availed from banks carry interest rates of LIBOR plus 62 to 179 bps for USD loans and LIBOR plus 62 to 75 bps for JPY loans. Some loans are on fixed rates basis. The principal re-payments are due half yearly. These loans are secured by mortgage of specified ships and a financial covenant to maintain unencumbered assets.

(iv) The Company has swapped the loans taken in JPY currency into USD currency as a condition precedent to the loan agreements. Consequent thereto, the swap balances outstanding at the yearend are shown as an adjustment to the borrowings.

(v) The repayments are as under:

Particular	As on 31.03.2013	As on 31.03.2012
	Rs. in Millions
PERIOD OF REPAYMENT
- between one to three years	8617.600	8664.600
- between three to five years	5830.900	5384.400
- over five years	17161.100	20998.400
TOTAL	31609.600	35047.400

(vi) The Company does not have any continuing default in repayment of loans and interest as at the reporting date.


Banking Relations :	--

Financial Institution :	IL and FS Trust Company Limited, IL and FS Financial Centre Plot No.22 G Block Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India

Subsidiaries :	· The Great Eastern Shipping Company (London) Limited · The Greatship (Singapore) Pte. Limited · The Great Eastern Chartering L.L.C. (FZC) Greatship (India) Limited and its subsidiaries: - Greatship Global Holdings Limited, Mauritius - Greatship Global Energy Services Pte. Limited, Singapore - Greatship Global Offshore Services Pte. Limited, Singapore - Greatship Subsea Solutions Singapore Pte. Limited, Singapore - Greatship Subsea Solutions Australia Pty. Limited, Australia - Greatship (UK) Limited, UK. - Greatship Global Offshore Management Services Pte. Limited, Singapore

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions
200000000	Preferences Shares	Rs. 10/- each	Rs.2000.000 Millions
	TOTAL		Rs.5000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
152708445	Equity Shares	Rs.10/- each	Rs.1527.100 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
152322084	Equity Shares	Rs.10/- each	Rs.1523.200 Millions

NOTES:

Reconciliation of the shares outstanding at the beginning and at the end of the financial year:

	As on 31.03.2013
	Nos.	Rs. in Millions
Subscribed and fully paid:
Balance as per the last financial statement	152289684	1522.900
Shares held in abeyance allotted during the period [see note (e) below]	32400	0.300
Closing balance	152322084	1523.200

(a) Terms/Rights attached to Equity Shares:

The Company has only one class of equity shares having a face value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General meeting. Interim dividend is paid as recommended by the Board of Directors.

During the year ended March 31, 2013, the dividend per share (including interim dividend) recognized as distribution to equity shareholders was Rs. 7.50 (Previous Year Rs. 6.50 per share)

In the event of liquidation, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.

(b) Details of Shareholders holding more than 5% equity shares in the Company:

	As on 31.03.2013
	Nos.	% Holding
Equity Shares of Rs.10 each fully paid
Mr. Bharat Kanaiyalal Sheth	15837490	10.40%
Mr. Ravi Kanaiyalal Sheth	14362504	9.43%
Nalanda India Equity Fund Limited	10524139	6.91%

(i) No shares were allotted pursuant to contracts without payment being received in cash.

(ii) No bonus shares have been issued.

(iii) No shares have been bought back.

(d) There are no securities convertible into equity/preference shares.

(e) Under orders from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522 (Previous Year 2,85,922) rights equity shares of the Company have been kept in abeyance in accordance with section 206A of the Companies Act,1956 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. During the year, the Company has allotted 32,400 shares out of these shares kept in abeyance. An additional 40,608 (Previous Year 40,608) shares have also been kept in abeyance for disputed cases in consultation with the Bombay Stock Exchange.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1523.200	1522.900	1522.900
(b) Reserves & Surplus	48484.700	49782.200	53517.700
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	50007.900	51305.100	55040.600

(3) Non-Current Liabilities
(a) long-term borrowings	31609.600	35047.400	31695.900
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	332.000
(d) long-term provisions	154.700	184.300	1674.500
Total Non-current Liabilities (3)	31764.300	35231.700	33702.400

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1564.900	1125.500	923.300
(c) Other current liabilities	6124.300	5077.200	5240.000
(d) Short-term provisions	7991.800	6512.700	1176.500
Total Current Liabilities (4)	15681.000	12715.400	7339.800

TOTAL	97453.200	99252.200	96082.800

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44893.000	47370.100	42586.600
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	195.100	2305.500	10595.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	17526.100	17160.200	16177.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	98.200	170.000	88.000
(e) Other Non-current assets	0.000	0.000	165.100
Total Non-Current Assets	62712.400	67005.800	69612.200

(2) Current assets
(a) Current investments	19393.200	12477.900	0.000
(b) Inventories	739.700	705.000	570.600
(c) Trade receivables	1137.000	850.000	533.300
(d) Cash and cash equivalents	12604.500	16618.800	24875.300
(e) Short-term loans and advances	821.200	1397.500	427.400
(f) Other current assets	45.200	197.200	64.000
Total Current Assets	34740.800	32246.400	26470.600

TOTAL	97453.200	99252.200	96082.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	17351.900	17096.200	13818.400
		Other Income	2986.000	3023.000	2802.200
		TOTAL (A)	20337.900	20119.200	16620.600

Less	EXPENSES
		Employee Benefit Expenses	1991.000	1974.700	2040.200
		Other Expenses	11049.800	10331.900	6288.400
		Reversal of Impairment	0.000	(209.800)	857.000
		TOTAL (B)	13040.800	12096.800	9185.600

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7297.100	8022.400	7435.000

Less	FINANCIAL EXPENSES (D)		2091.200	2797.800	1452.600

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5205.900	5224.600	5982.400

Less/ Add	DEPRECIATION/ AMORTISATION (F)		3633.300	3571.200	3030.300

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1572.600	1653.400	2952.100

Less	TAX (H)		110.000	220.000	287.500

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1462.600	1433.400	2664.600

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29226.200	29477.600	28867.300

Less	APPROPRIATIONS
		Transfer to Tonnage Tax Reserve	100.000	200.000	400.000
		Transfer to General Reserve	150.000	145.000	270.000
		Transfer to Debenture Redemption Reserve	150.000	200.000	0.000
		Interim Dividend on Equity Shares	457.000	456.900	533.000
		Proposed Dividend on Equity Shares	685.400	533.000	685.300
		Dividend Distribution Tax	96.600	149.900	166.000
	BALANCE CARRIED TO THE B/S		29049.800	29226.200	29477.600

	EARNINGS IN FOREIGN CURRENCY
		Freight and Charter Hire	7027.000	8347.600	NA
		Profit on Sale of Ships	531.900	725.500	NA
		Interest and Dividends	218.900	428.600	NA
		Other Operating Income	26.400	43.100	NA
	TOTAL EARNINGS		7804.200	9544.800	NA

	Earnings / (Loss) Per Share (Rs.)
	- Basic		9.60	9.41	17.50
	- Diluted		9.58	9.39	17.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.19	7.12	16.03

Net Profit Margin (PBT/Sales)	(%)	9.06	9.67	21.36

Return on Total Assets (PBT/Total Assets}	(%)	1.97	2.07	4.25

Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.05

Debt Equity Ratio (Total Debt/Networth)		0.63	0.68	0.57

Current Ratio (Current Asset/Current Liability)		2.22	2.54	3.61

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN	Non Current Portion		Current Maturities
	Rs. In Millions
Particular	As on 31.03.2013	As on 31.03.2012	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Bonds/Debentures:
Redeemable Non-Convertible Debentures of Rs. 1000000 each
(i) 9.70 % 1000 Debentures redeemable on January 18, 2023	1000.000	1000.000	0.000	0.000
(ii) 9.70 % 1000 Debentures redeemable on January 07, 2023	1000.000	1000.000	0.000	0.000
(iii) 9.70 % 500 Debentures redeemable on April 25, 2021	500.000	500.000	0.000	0.000
(iv) 9.70 % 1500 Debentures redeemable on April 15, 2021	1500.000	1500.000	0.000	0.000
(v) 9.70 % 1000 Debentures redeemable on February 02, 2021	1000.000	1000.000	0.000	0.000
(vi) 9.60 % 2000 Debentures redeemable on November 10, 2019	2000.000	2000.000	0.000	0.000
(vii) 9.75 % 2500 Debentures redeemable on August 20, 2019	2500.000	2500.000	0.000	0.000
(viii) 9.35 % 1000 Debentures redeemable on February 08, 2019	1000.000	1000.000	0.000	0.000
(ix) 9.40 % 1000 Debentures redeemable on January 06, 2019	1000.000	1000.000	0.000	0.000
(x) 9.19 % 1000 Debentures redeemable on December 24, 2018	1000.000	1000.000	0.000	0.000
(xi) 9.35 % 1000 Debentures redeemable on February 08, 2018	1000.000	1000.000	0.000	0.000
(xii) 9.40 % 1000 Debentures redeemable on January 06, 2018	1000.000	1000.000	0.000	0.000
Term Loans from Banks
Swap Adjustments	(686.500)	(1991.000)	(472.800)	(430.300)
TOTAL	13813.500	12509.000	(472.800)	(430.300)

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10306207	18/05/2012 *	1,530,992,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY`, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	B39651922
2	10298568	08/07/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5TH FLOOR, 1 BASINGHALL AVENUE, LONDON, - EC2V5D D, UNITED KINGDOM	B17356577
3	10281977	28/03/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5TH FLOOR,, 1 BASINGHALL AVENUE, LONDON, - EC2V5 DD, UNITED KINGDOM	B10737443
4	10182105	20/09/2011 *	2,500,000,000.00	IL and FS TRUST COMPANY LIMITED	IL and FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA	B23016280
5	10160047	09/06/2009	1,685,970,000.00	KFW IPEX-BANK GMBH	PALMENGARTENSTRASSE 5-9,D60325, FRANKFURT AM MAI N, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D603 25, GERMANY	A63213334
6	10151395	03/04/2009	1,923,975,000.00	SOCIETE GENERALE	17 COURS VALMY, 92800 PUTEAUX, FRANCE, - 92800, FRANCE	A59483040
7	10131511	05/12/2008	3,743,000,000.00	KFW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60 325, GERMANY	A51621852
8	10126384	03/11/2008	3,743,000,000.00	KFW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60 325, GERMANY	A48925523
9	10071149	18/05/2012 *	1,556,100,000.00	THE BANK OF NOVA SCOTIA ASIA LIMITED	ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE, - 048583, SINGAPORE	B39615869
10	10073063	18/03/2013 *	2,386,800,000.00	DNB ASIA LIMITED (FORMERLY KNOWN AS DNB NOR ASIA LIMITED)	8 SHENTON WAY, #48-02, SINGAPORE, - 068811, SING APORE	B70885140
* Date of charge modification

CORPORATE INFORMATION:

Subject is a public limited company registered in India under the provision of the Companies Act, 1913. Its shares are listed at Bombay Stock Exchange and National Stock Exchange in India and at the Luxembourg Stock Exchange. The Company is a major player in the Indian Shipping industry.

COMPANY PERFORMANCE:

In FY 12-13, the Company recorded total income of Rs. 20337.900 Millions (Previous year Rs. 20119.200 Millions) and earned a PBIDT of Rs. 7297.100 Millions (previous year Rs. 7812.600 Millions).

COMPANY PERFORMANCE:

The tanker business accounted for around 82% of the Company’s net revenues and 95% of the operating profits.

In FY 12-13, around 50% of the tanker earnings were derived from the period market. Crude tankers, inclusive of ‘spot’ and ‘period’, earned an average TCY of $17,700/day (previous year $19,000/day). Product carriers, inclusive of ‘spot’ and ‘period’, earned an average TCY of $15,000/day (previous year $15,300/day).

OUTLOOK FOR THE TANKER MARKET:

In view of the sluggish global macroeconomic environment, IEA has forecast oil demand growth of only 0.9% to 90.6 mn bpd. Muted demand from the EU countries and declining US oil imports are the key factors causing lower growth. With US turning out to be net exporter of distillates, the product tanker market has already started to witness a structural change in the trade pattern and the same impact is expected to continue going forward. Even though some positive signals like increase in scrapping activities are seen, excessive supply coupled with uncertain oil demand will keep the tanker markets volatile. The global tanker order book stands at about 53.9 mn dwt or 10.8% of the fleet at the end of March 2013.

DRY BULK BUSINESS:

MARKET TREND AND ANALYSIS:

Echoing the previous financial year, FY 12-13 also registered a steady supply of new vessels in the market which reflected in the subdued charter rates for dry bulk vessels. Although steady expansion in the demand was witnessed across all major commodities, excessive new fleet growth kept a lid on any potential improvement in the freight rates. Citing difficult operating environment, scrapping too picked up and a record 32.08 mn dwt got scrapped in FY 12-13. At the end of the FY 12-13, the world dry bulk fleet increased by 9.2% to 690.5 mn dwt as against 632.3 mn dwt at the end of FY 11-12.

COMPANY PERFORMANCE:

The dry bulk fleet contributed around 18% of the Company’s net revenues and 5% of the operating profits. In FY 12-13 the average TCY for dry bulk vessels, inclusive of ‘spot’ and ‘period’, was approximately $9,800/day as compared to $15,500/day in the previous year.

DRY BULK FLEET CHANGES:

As of 31st March 2013, the dry bulk fleet of your Company stood at 9 vessels aggregating 0.67 mn dwt, with an average age of 8.04 years as compared to 10 vessels aggregating 0.74 mn dwt with an average age of 7.9 years on 31st March 2012.

DURING THE YEAR, THE COMPANY SOLD AND DELIVERED:

Panamax bulk carrier ‘Jag Arnav’ in Mar-13 Subsequent to the year, the Company contracted to sell its 1997 built Handymax dry bulk carrier ‘Jay Ravi’. The vessel will be delivered to the buyers in Q1 FY 13-14.

OUTLOOK FOR THE DRY BULK MARKET:

Amidst the situation of new fleet overhang, the global commodity demand is expected to show some improvement in CY2013. Asian economies, largely China and India, will be the key for this commodity growth. However, any disruption in the demand from China can have a serious impact on the dry bulk trade. Going forward, slowing down of new deliveries in combination with world trade recovery should help in reducing the demand supply mismatch in this segment. The global dry bulk order book stands at about 127.3 mn dwt or 18.4% of the fleet at the end of March 2013.

SUBSIDIARIES

GREATSHIP (INDIA) LIMITED

Greatship (India) Limited (GIL) has successfully completed 7 years of operations. The Company, one of India’s largest offshore oilfield services provider, has recorded steady financial performance for this year, as in the last 6 years. GIL has recorded a profit after tax of Rs. 1663.300 Millions on a standalone basis and Rs. 4307.200 Millions on a consolidated basis for the year ended March 31, 2013 as compared to Rs. 901.900 Millions and Rs. 2202.300 Millions, respectively, for the year ended March 31, 2012. The consolidated net worth of GIL for financial year 2013 was Rs. 28896.300 Millions as compared to Rs. 24557.700 Millions for financial year 2012.

During the year, upon acquisition of shares of GIL from Mr. Ravi K. Sheth (jointly held with Mrs. Amita R. Sheth), GIL became a wholly owned subsidiary of your Company. Subsequent to the year, on April 2, 2013, GIL redeemed 1.45 crores Preference Shares with the dividend rate of 7.5% p.a. held by your Company at Rs. 40.90/- per share (including the redemption premium of Rs. 30.90 per share) in accordance with the terms of issue. As on date, the total share capital held by your Company in GIL comprises of 11.13 crores equity shares of Rs. 10 each totaling in value to Rs. 12980.900 Millions and Rs. 134.100 Millions preference shares of Rs. 10 each totaling in value to Rs. 4023.720 Millions. GIL, along with its subsidiaries, currently owns and operates twenty one vessels and three jack up drilling rigs. The operating fleet of twenty one vessels comprises of four Platform Supply Vessels (PSVs), nine Anchor Handling Tug cum Supply Vessels (AHTSVs), two Multipurpose Platform Supply and Support Vessels (MPSSVs) and six ROV (Remotely Operated Vehicle) Support Vessels (ROVSVs).

GIL has the following wholly owned subsidiaries:

a) Greatship Global Energy Services Pte. Limited, Singapore

b) Greatship Global Offshore Services Pte. Limited, Singapore

c) Greatship Global Holdings Limited, Mauritius

d) Greatship Subsea Solutions Singapore Pte. Limited, Singapore

e) Greatship Subsea Solutions Australia Pty Limited, Australia

f) Greatship (UK) Limited, United Kingdom

g) Greatship Global Offshore Management Services Pte. Limited, Singapore

Subsequent to the end of the year, Greatship Subsea Solutions Australia Pty Limited has made an application to Austrlian Securities and Investments Commission for voluntary deregistration of the company.

OTHERS SUBSIDIARIES:

APART FROM GIL AND ITS SUBSIDIARIES, YOUR COMPANY HAS THE FOLLOWING WHOLLY-OWNED SUBSIDIARIES:

a) The Great Eastern Shipping Co. London Limited

b) The Greatship (Singapore) Pte. Limited

c) The Great Eastern Chartering LLC (FZC)

d) The Great Eastern Chartering (Singapore) Pte. Limited (wholly owned subsidiary of The Great Eastern Chartering LLC (FZC) incorporated on April 17, 2013.)

AWARDS:

During the year 16 vessels of your Company were conferred award by United States Coast Guards in recognition of these vessels participation and contribution under their The Automated Mutual-Assistance Vessel Rescue System (AMVER). AMVER is a unique, computer-based, and voluntary global ship reporting system used worldwide by search and rescue authorities to arrange for assistance to persons in distress at sea. With AMVER, rescue coordinators can identify participating ships in the area of distress and divert the best-suited ship or ships to respond. AMVER’s mission is to quickly provide search and rescue authorities, on demand, accurate information on the positions and characteristics of vessels near a reported distress.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 [Rs. in millions]	31.03.2012 [Rs. in millions]
Claims against the Company, not acknowledged as debts:
(a) Sales Tax demands under BST Act, CST Act and VAT Act against which the Company has preferred appeals.	74.600	74.600
(b) Lease Tax liability in respect of a matter decided against the Company, against which the Company has filed a revision petition in the Madras High Court.	174.000	174.000
(c) Demand from the Office of the Collector and District Magistrate, Mumbai City and from Brihan Mumbai Mahanagar Palika towards transfer charges for transfer of premises not acknowledged by the Company.	43.400	43.400
(d) Demand for Custom Duty disputed by the Company [The Company has given bank guarantees amounting to Rs. 27.100 Millions (Previous Year Rs. ‘NIL’) against the said Custom Duty demand which are included under ‘Guarantees’ below]	65.000	5.700
(e) Demand for Service Tax disputed by the Company	47.500	47.500
(f) Demand for income tax for the Assessment Year 2008-09	119.800	0.000
Guarantees:
(a) Guarantees given by banks counter guaranteed by the Company.	32.400	6.000
(b) Guarantees by bank given on behalf of a subsidiary company.	0.000	21.600
(c) Guarantees given to banks on behalf of subsidiaries.	1088.000	1210.600
TOTAL	1644.700	1583.400
The Company has also provided performance guarantees in favour of parties which have contracted with its subsidiaries which would require it to assume the benefits and costs of these contracts in the event the subsidiaries are not able to fulfill the same, in which event, the Company does not expect any net liability or outflow of resources.

FIXED ASSETS:

Fleet
Plant and Machinery
Land
Ownership Flats and Building
Vehicles
Furniture, Fixtures and Office Equipments

PRESS RELEASE:

G E SHIPPING CONTRACTS TO BUILD 2 NEW BUILDING KAMSARMAX DRY BULK CARRIERS

25 JULY, 2013

The Great Eastern Shipping Company Limited (G E Shipping) has placed an order for 2 new building Kamsarmax dry bulk carriers with Tsuneishi Shipbuilding Company Limited, Japan. These vessels will be built at the yard’s facility in Philippines. The contracted ships, of about 81,600 dwt each, will be built according to the new eco design features which will result in greater fuel efficiency and be in compliance with Energy Efficiency Design Index requirements. Both the vessels are expected to join the Company’s fleet during H1FY16.

The Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

G E SHIPPING CONTRACTS TO BUY A VERY LARGE GAS CARRIER

22 JULY, 2013

The Great Eastern Shipping Company Limited (G E Shipping) has signed contract to buy a Very Large Gas Carrier (VLGC) of about 49,300 dwt (73,800 cbm). The 1994 built vessel is expected to join the Company’s fleet during H1FY2015.

The Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

“JAG LEELA” DELIVERED TO THE BUYERS

11 JULY, 2013

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1999 built Aframax crude carrier “Jag Leela” (about 105,000 dwt) to the buyers.

With the delivery of this vessel, the Company’s current fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.32 mn dwt.

“JAG RAVI” DELIVERED TO THE BUYERS

6 JUNE, 2013

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1997 built Handymax dry bulk carrier “Jag Ravi” (about 45,300 dwt) to the buyers.

With the delivery of this vessel, the Company’s current fleet stands at 29 vessels, comprising 21 tankers (9 crude carriers, 11 product carriers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.2 years aggregating 2.43 mn dwt.

“JAG PREETI” DELIVERED TO THE BUYERS

4 JUNE, 2013

The Great Eastern Shipping Company Limited (G E Shipping) delivered its 1981 built General Purpose (GP) product carrier “Jag Preeti” (about 29,100 dwt) to the buyers.

With the delivery of this vessel, the Company’s current fleet stands at 30 vessels, comprising 21 tankers (9 crude carriers, 11 product carriers, 1 LPG carrier) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax, 1 Handymax) with an average age of 9.3 years aggregating 2.47 mn dwt.

G E SHIPPING TAKES DELIVERY OF A MEDIUM RANGE PRODUCT CARRIER

19 August 2013

The Great Eastern Shipping Company Limited (G E Shipping) took delivery of a 2004 built Medium Range (MR) product carrier “Jag Prabha” (about 47,900).

With the induction of “Jag Prabha”, the Company’s fleet stands at 29 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax, 4 Supramax) with an average age of 9.0 years aggregating 2.37 mn dwt.

The Company’s current order book stands at 5 vessels comprising 2 new building Kamsarmax dry bulk carriers, 1 new building Medium Range (MR) product tanker, 1 second hand 2005 built Medium Range (MR) product tanker and 1 second hand 1994 built Very Large Gas Carrier (VLGC).

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.69
UK Pound	1	Rs.100.80
Euro	1	Rs.86.30

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

7.19

9.06

1.97

0.03

0.63

2.22

Unit