Report Date :

11.08.2014

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) :	31.03.2014
Date of Incorporation :	03.08.1948
Com. Reg. No.:	11-006472
Paid-up Capital :	Rs.1507.800 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 :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 190000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a largest private shipping company in India. It is a well-established company having excellent track record. Financial position of the company is sound. Fundamentals of the company strong and healthy. The rating also derive strength from the established track record of the company with an experienced and professionally qualified management. Directors are reported to be experienced and respectable businessmen. 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 condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility – AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	08.07.2044

Rating Agency Name	CARE
Rating	Short Term Bank Facility – A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	08.07.2044

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 31-03-2014.

INFORMATION DECLINED

Management non Cooperative (91-22-66613000)

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 30.06.2014

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	42078909	27.97
Bodies Corporate	3901512	2.59
Sub Total	45980421	30.56
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	45980421	30.56
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	15965870	10.61
Financial Institutions / Banks	236407	0.16
Central Government / State Government(s)	10262	0.01
Insurance Companies	7052183	4.69
Foreign Institutional Investors	38444411	25.55
Any Others (Specify)	1052	0.00
Multilateral & Bileteral Development Financial Institution	1052	0.00
Sub Total	61710185	41.01
(2) Non-Institutions
Bodies Corporate	9015596	5.99
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	22233768	14.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	10389138	6.90
Any Others (Specify)	1132306	0.75
Non Resident Indians	1131082	0.75
Overseas Corporate Bodies	1224	0.00
Sub Total	42770808	28.43
Total Public shareholding (B)	104480993	69.44
Total (A)+(B)	150461414	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	315651	0.00
Sub Total	315651	0.00
Total (A)+(B)+(C)	150777065	0.00
Total (A)+(B)+(C)	150809737	0.00

BUSINESS DETAILS

Line of Business :

Engaged in Shipping Business.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Bonds/Debentures:
9.80% 2500 Redeemable Non-Convertible debentures of Rs.1000000 each redeemable on July 03, 2019	NA	2500.000
Term Loans from Banks
Foreign Currency Loans from Banks		15296.100
TOTAL	NA	17796.100

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 Accountants
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai-400001, Maharashtra, India
Subsidiaries : (As on 31.03.2013)	· 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 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.1507.800 Millions

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%

(c) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:

(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	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1507.800	1523.200	1522.900
(b) Reserves & Surplus	46555.400	48484.700	49782.200
(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)	48063.200	50007.900	51305.100
(3) Non-Current Liabilities
(a) long-term borrowings	28049.600	31609.600	35047.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	146.600	154.700	184.300
Total Non-current Liabilities (3)	28196.200	31764.300	35231.700
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1280.300	1564.900	1125.500
(c) Other current liabilities	6215.700	6124.300	5077.200
(d) Short-term provisions	10144.500	7991.800	6512.700
Total Current Liabilities (4)	17640.500	15681.000	12715.400
TOTAL	93899.900	97453.200	99252.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45831.300	44893.000	47370.100
(ii) Intangible Assets		0.000	0.000
(iii) Capital work-in-progress		195.100	2305.500
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	17391.100	17526.100	17160.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	225.900	98.200	170.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63448.300	62712.400	67005.800
(2) Current assets
(a) Current investments	10519.100	19393.200	12477.900
(b) Inventories	714.300	739.700	705.000
(c) Trade receivables	428.000	1137.000	850.000
(d) Cash and cash equivalents	17549.800	12604.500	16618.800
(e) Short-term loans and advances	1142.300	821.200	1397.500
(f) Other current assets	98.100	45.200	197.200
Total Current Assets	30451.600	34740.800	32246.400
TOTAL	93899.900	97453.200	99252.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	14925.800	17351.900	17096.200
		Other Income	2876.700	2986.000	3023.000
		TOTAL (A)	17802.500	20337.900	20119.200
Less	EXPENSES
		Employee Benefit Expenses	2057.900	1991.000	1974.700
		Fuel Oil and Water	3644.000	0.000	0.000
		Hire of chartered ships/equipments	114.000	0.000	0.000
		Other Expenses		11049.800	10331.900
		Consumption of spares and stores	1073.400	0.000	0.000
		Repairs and maintenance	960.900	0.000	0.000
		Others	2143.900	0.000	0.000
		Reversal of Impairment	0.000	0.000	(209.800)
		TOTAL (B)	9985.700	13040.800	12096.800
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7816.800	7297.100	8022.400
Less	FINANCIAL EXPENSES (D)		2129.900	2091.200	2797.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5686.900	5205.900	5224.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3600.100	3633.300	3571.200
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2086.800	1572.600	1653.400
Less	TAX (H)		40.000	110.000	220.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2046.800	1462.600	1433.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29049.800	29226.200	29477.600
Less	APPROPRIATIONS
		Transfer to Tonnage Tax Reserve	NA	100.000	200.000
		Transfer to General Reserve	NA	150.000	145.000
		Transfer to Debenture Redemption Reserve	NA	150.000	200.000
		Interim Dividend on Equity Shares	NA	457.000	456.900
		Proposed Dividend on Equity Shares	NA	685.400	533.000
		Dividend Distribution Tax	NA	96.600	149.900
	BALANCE CARRIED TO THE B/S		NA	29049.800	29226.200
	EARNINGS IN FOREIGN CURRENCY
		Freight and Charter Hire	NA	7027.000	8347.600
		Profit on Sale of Ships	NA	531.900	725.500
		Interest and Dividends	NA	218.900	428.600
		Other Operating Income	NA	26.400	43.100
	TOTAL EARNINGS		NA	7804.200	9544.800
	Earnings / (Loss) Per Share (Rs.)
	- Basic		13.50	9.60	9.41
	- Diluted		13.48	9.58	9.39

Note:

1. The above results, which have been subjected to an audit by the Statutory Auditors of the Company, were reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on May 07, 2014 and have been prepared in accordance with Clause 41 of the Listing Agreement.

2. Pursuant to the approval of the Board of Directors for buyback of equity shares, the Company has bought back 29,267 equity shares of Rs. 10/- each and has extinguished 32,672 equity shares during the quarter ended March 31, 2014. Consequently, the subscribed and paid up equity share capital, as reduced by Rs. 0.300 Million, is Rs. 1507.800 Millions as on March 31, 2014. The total amount utilised for the buyback during ended March 31, 2014 was Rs. 8.200 Millions.

3. Accordingly, under the scheme of buyback, the Company has bought back and extinguished 15,45,019 equity shares of Rs. 10 each at an average price of Rs. 267.14 per share aggregating to Rs. 41.27 crores upto March 31, 2014.

4. The Board of Directors has declared and paid an interim dividend of Rs. 4.00 per equity share during the year. The outgo on this account was Rs. 705.700 Millions including dividend distribution tax.

The Board of Directors has proposed a final dividend of Rs. 5.00 per equity share. The outgo on this account will be Rs. 88.20 crores including dividend distribution tax.

Thus, the total dividend for the year amounts to Rs. 9.00 per equity share. The total outgo on this account will be Rs. 1587.700 Millions including dividend distribution tax.

5. Subsequent to the end of the quarter, the Company contracted to sell a Medium Range Product Tanker named "Jag Padma" (Year Built: 1996) of DWT 47172 MT.

6. Previous period figures have been re-grouped/restated wherever necessary. The figures of last quarter of the respective financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the respective financial year.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	11.50	7.19	7.12
Net Profit Margin (PBT/Sales)	(%)	13.98	9.06	9.67
Return on Total Assets (PBT/Total Assets}	(%)	2.73	1.97	2.07
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.03
Debt Equity Ratio (Total Debt/Networth)		0.58	0.63	0.68
Current Ratio (Current Asset/Current Liability)		1.73	2.22	2.54

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1522.900	1523.200	1507.800
Reserves & Surplus	49782.200	48484.700	46555.400
Net worth	51305.100	50007.900	48063.200
long-term borrowings	35047.400	31609.600	28049.600
Short term borrowings	0.000	0.000	0.000
Total borrowings	35047.400	31609.600	28049.600
Debt/Equity ratio	0.683	0.632	0.584

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17096.200	17351.900	14925.800
		1.496	(13.982)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17096.200	17351.900	14925.800
Profit	1433.400	1462.600	2046.800
	8.38%	8.43%	13.71%

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	Yes
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

LITIGATION DETAILS
Bench:- Bombay
Presentation Date: 12/06/2014
Lodging No. :	ITXAL/1126/2014	Failing Date:-	12/06/2014
Petitioner:-	THE COMMISSIONER OF INCOME TAX		Respondent:-	THE GREAT EASTERN SHIPPING COMPANY LIMITED
Petn.Adv:-	A. K. SAXENA (219)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-
Last Date:-	19/06/2014
Last Coram:-	REGISTRAR(OS) / PROTHONOTARY AND SR. MASTER
Act. :	BANKING RE ACT.			Under Section 260A

Unsecured Loan	As on 31.03.2014	As on 31.03.2013
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
(ii) 9.70 % 1000 Debentures redeemable on January 07, 2023		1000.000
(iii) 9.70 % 500 Debentures redeemable on April 25, 2021		500.000
(iv) 9.70 % 1500 Debentures redeemable on April 15, 2021		1500.000
(v) 9.70 % 1000 Debentures redeemable on February 02, 2021		1000.000
(vi) 9.60 % 2000 Debentures redeemable on November 10, 2019		2000.000
(vii) 9.75 % 2500 Debentures redeemable on August 20, 2019		2500.000
(viii) 9.35 % 1000 Debentures redeemable on February 08, 2019	NA	1000.000
(ix) 9.40 % 1000 Debentures redeemable on January 06, 2019		1000.000
(x) 9.19 % 1000 Debentures redeemable on December 24, 2018		1000.000
(xi) 9.35 % 1000 Debentures redeemable on February 08, 2018		1000.000
(xii) 9.40 % 1000 Debentures redeemable on January 06, 2018		1000.000
Term Loans from Banks
Swap Adjustments		(686.500)
TOTAL	NA	13813.500

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.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 [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
(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
(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
(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
(e) Demand for Service Tax disputed by the Company	47.500
(f) Demand for income tax for the Assessment Year 2008-09	119.800
Guarantees:
(a) Guarantees given by banks counter guaranteed by the Company.	32.400
(b) Guarantees by bank given on behalf of a subsidiary company.	0.000
(c) Guarantees given to banks on behalf of subsidiaries.	1088.000
TOTAL	1644.700

FIXED ASSETS:

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

PRESS RELEASE:

GE SHIPPING HITS 6-YR HIGH ON CONTRACT TO SELL GAS CARRIER

Jul 04, 2014, 

Shares of Great Eastern Shipping Company touched a five-year-and-ten-month high on Friday, gaining more than 7 percent on signing a contract to sell large gas carrier.

"GE Shipping has signed contract to sell 'Jag Vidhi', a very large gas carrier. The 1990 built vessel of about 49,701 dwt will be delivered to buyers in second half of 2014-15," says the company in its filing.

Excluding Jag Vidhi, the company's fleet stands at 28 vessels, comprising 20 tankers (8 crude carriers, 12 product carriers) and 8 dry bulk carriers (1 Capesize, 3 Kamsarmax and 4 Supramax) with an average age of 9.5 years aggregating 2.32 million dwt, it adds.

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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
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	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		73

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.