MIRA INFORM REPORT

Report No. :	301603
Report Date :	06.01.2015

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
IEC No.:	Not Available
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

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.

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	08.07.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facility – A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	08.07.2014

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 31.03.2014

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 30.09.2014

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	19315464	12.84
Financial Institutions / Banks	175188	0.12
Central Government / State Government(s)	10262	0.01
Insurance Companies	6626590	4.40
Foreign Institutional Investors	36098985	23.99
Any Others (Specify)	1052	0.00
Multilateral & Bileteral Development Financial Institution	1052	0.00
Sub Total	62227541	41.36
(2) Non-Institutions
Bodies Corporate	9033327	6.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	22053295	14.66
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	10108512	6.72
Any Others (Specify)	1058318	0.70
Non Resident Indians	1057094	0.70
Overseas Corporate Bodies	1224	0.00
Sub Total	42253452	28.08
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

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Bharat Kanaiyalal Sheth	1,63,37,490	10.84	10.84
2	Ravi Kanaiyalal Sheth	1,43,62,504	9.53	9.53
3	Laadki Trading and Investments Limited	31,24,981	2.07	2.07
4	Asha Vasant Sheth	21,24,081	1.41	1.41
5	Kanaiyalal Maneklal Sheth	20,58,133	1.37	1.37
6	Jyotsna Kanaiyalal Sheth	11,67,968	0.77	0.77
7	Sachin Mulji	11,60,659	0.77	0.77
8	Ketaki Vasant Sheth	9,89,980	0.66	0.66
9	Sangita Mulji	5,82,415	0.39	0.39
10	Gopali Mulji	4,50,000	0.30	0.30
11	Kabir Mulji	5,29,615	0.35	0.35
12	Rosaleen Mulji	4,32,000	0.29	0.29
13	Gopa Investments Company Private Limited	4,24,000	0.28	0.28
14	Purnima Sevantilal Sheth	3,23,526	0.21	0.21
15	Jyoti Bharat Sheth	1,37,796	0.09	0.09
16	Amita Ravi Sheth	1,83,808	0.12	0.12
17	Radhika Ghanshyam Sheth	2,28,203	0.15	0.15
18	Siddharth Ghanshyam Sheth	2,19,320	0.15	0.15
19	Ashadeep Investment Company Private Limited	2,03,444	0.13	0.13
20	Arti Pankaj Pandey	1,94,686	0.13	0.13
21	Nisha Viraj Sheth	1,12,037	0.07	0.07
22	Nirja Bharat Sheth	1,05,317	0.07	0.07
23	Rahul Ravi Sheth	1,08,521	0.07	0.07
24	V J Share Trading and Investment Company Private Limited	1,00,832	0.07	0.07
25	Pradeep Shantaram Padgaokar	1,51,282	0.10	0.10
26	Arjun Ravi Sheth	50,040	0.03	0.03
27	Anjali Ajay Nanavati	48,060	0.03	0.03
	Total	1,110,948	30.45	30.45

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Naland India Equity Fund Limited	10524139	6.98	6.98
2	Fidelity Puritan Trust - Fidility Low - Priced Stock Fund	4800000	3.18	3.18
3	ICICI Prudential Life Insurance Company Limited	4435074	2.94	2.94
4	General Insurance Corporation of India	3572377	2.37	2.37
5	ICICI Prudential Dynamic Plan	2650714	1.76	1.76
6	UTI Dividend Yield Fund	2574000	1.71	1.71
7	ICICI Prudential Value Discovery Fund	2400000	1.59	1.59
8	First State Investments (Hongkong) Ltd A/c First State Asian Equity Plus Fund	2399931	1.59	1.59
9	ICICI Prudential Tax Plan	1913270	1.27	1.27
10	SBI Emerging Businessed Fund	1700000	1.13	1.13
11	Life Insurance Corporation of India	1642804	1.09	1.09
12	National Westminister Bank PLC as Depository of First State Asia Pacific Fund A Sub Fund of First State Invesments ICVC	1611469	1.07	1.07
	Total	40223778	26.68	26.68

BUSINESS DETAILS

Line of Business :	Engaged in Shipping Business.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

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	2500.000	2500.000
Term Loans from Banks
Foreign Currency Loans from Banks	11368.200	15296.100
TOTAL	13868.200	17796.100

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 :

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions
200,000,000	Preferences Shares	Rs. 10/- each	Rs.2000.000 Millions
	TOTAL		Rs.5000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
15,11,63,426	Equity Shares	Rs.10/- each	Rs.1511.600 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,07,79,583	Equity Shares	Rs.10/- each	Rs.1507.800 Millions

NOTES:

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

	As on 31.03.2014
	Nos.	Rs. in Millions
Subscribed and fully paid:
Balance as per the last financial statement	15,27,08,445	1527.000
Shares bought back during the year [See note (b) below]	15,45,019	15.400
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, 2014, the dividend per share (including interim dividend) recognized as distribution to equity shareholders was Rs.9.00 (Previous Year Rs. 7.50 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 31.03.2014
	Nos.	% Holding
Equity Shares of Rs.10 each fully paid
Mr. Bharat Kanaiyalal Sheth	1,63,37,490	10.84%
Mr. Ravi Kanaiyalal Sheth	14362504	9.53%
Nalanda India Equity Fund Limited	10524139	6.98%

(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) 15,45,019 equity 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 2,53,522) 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. 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	44419.000	44893.000	47370.100
(ii) Intangible Assets	0.300	0.000	0.000
(iii) Capital work-in-progress	1412.000	195.100	2305.500
(iv) Intangible assets under development	0.000	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	0.000	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	300.000	100.000	200.000
		Transfer to General Reserve	210.000	150.000	145.000
		Transfer to Debenture Redemption Reserve	250.000	150.000	200.000
		Transfer to Capital Redemption Reserve	15.400	0.000	0.000
		Interim Dividend on Equity Shares	603.200	457.000	456.900
		Proposed Dividend on Equity Shares	753.900	685.400	533.000
		Dividend Distribution Tax	148.500	96.600	149.900
	BALANCE CARRIED TO THE B/S		28807.200	29049.800	29226.200
	EARNINGS IN FOREIGN CURRENCY
		Freight and Charter Hire	7827.900	7027.000	8347.600
		Profit on Sale of Ships	87.900	531.900	725.500
		Interest and Dividends	244.000	218.900	428.600
		Other Operating Income	309.000	26.400	43.100
	TOTAL EARNINGS		8468.800	7804.200	9544.800
	Earnings / (Loss) Per Share (Rs.)
	- Basic		37.87	35.31	--
	- Diluted		37.79	35.24	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	13.66	8.43	8.38
Operating Profit Margin (PBITD/Sales)	(%)	52.31	42.05	46.93
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

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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:-	13/03/2013	Reg No.:-	ITXA/977/2013	Reg Date:-	29/04/2013
Petitioner:-	THE COMMISSIONER OF INCOME TAX-5		Respondent:-	THE GREAT EASTERN SHIPPING COMPANY LIMITED
Petn.Adv:-	D.K.KAMWAL(0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	TAX APPEALS
Status:-	Pre-Admission		Stage:-	FOR ADMISSION
Last Date:-	28/01/2015
Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE G.S. KULKARNI
Act. :	Income Tax Act, 1961			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	1000.000
(ii) 9.70 % 1000 Debentures redeemable on January 07, 2023	1000.000	1000.000
(iii) 9.70 % 500 Debentures redeemable on April 25, 2021	500.000	500.000
(iv) 9.70 % 1500 Debentures redeemable on April 15, 2021	1500.000	1500.000
(v) 9.70 % 1000 Debentures redeemable on February 02, 2021	1000.000	1000.000
(vi) 9.60 % 2000 Debentures redeemable on November 10, 2019	2000.000	2000.000
(vii) 9.75 % 2500 Debentures redeemable on August 20, 2019	2500.000	2500.000
(viii) 9.35 % 1000 Debentures redeemable on February 08, 2019	1000.000	1000.000
(ix) 9.40 % 1000 Debentures redeemable on January 06, 2019	1000.000	1000.000
(x) 9.19 % 1000 Debentures redeemable on December 24, 2018	1000.000	1000.000
(xi) 9.35 % 1000 Debentures redeemable on February 08, 2018	1000.000	1000.000
(xii) 9.40 % 1000 Debentures redeemable on January 06, 2018	1000.000	1000.000
Term Loans from Banks
Swap Adjustments	(318.600)	(686.500)
TOTAL	14181.400	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	10520540	18/09/2014 *	1,622,283,389.59	Citi Bank N.A.	Plot No. C-54 and C-55,, G- Block, Bandra Kurla Complex, Bandra (East),, MUMBAI, Maharashtra - 400051, INDIA	C28753457
2	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
3	10298568	08/07/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5th Floor, 1 Basinghall Avenue, London, - EC2V5DD, UNITED KINGDOM	B17356577
4	10281977	28/03/2011	2,187,850,000.00	STANDARD CHARTERED BANK	5th Floor,, 1 Basinghall Avenue, London, - EC2V5DD, UNITED KINGDOM	B10737443
5	10182105	20/09/2011 *	2,500,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA  , KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra  - 400051, INDIA	B23016280
6	10160047	09/06/2009	1,685,970,000.00	KfW IPEX-BANK GmbH	PALMENGARTENSTRASSE 5-9,D60325, FRANKFURT AM MAIN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A63213334
7	10151395	03/04/2009	1,923,975,000.00	SOCIETE GENERALE	17 COURS VALMY, 92800 PUTEAUX, FRANCE, - 92800, FRANCE	A59483040
8	10131511	05/12/2008	3,743,000,000.00	KfW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA  IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A51621852
9	10126384	03/11/2008	3,743,000,000.00	KfW	PALMENGARTENSTRASSE 5-9, D60325,, FRANKFURT AM MA  IN, FEDERAL REPUBLIC OF GERMANY, FRANKFURT, - D60325, GERMANY	A48925523
10	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

STANDALONE UNAUDITED FINANCIAL RESULTS (REVIEWED) FOR THE QUARTER AND NINE MONTH ENDED 30^th SEPTEMBER 2014

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended on 30.09.2014	Quarter Ended on 30.06.2014
1.	Income from Operation
	Income from operations- freight and Charter hire	4168.400	3810.500
	Other Operating Income	96.500	40.300
	Total Income from Operations (net)	4264.900	3850.800
2.	Expenditure
	Employee benefits expenses	630.900	535.500
	Power and fuel	1145.000	1135.600
	Other expenses	1278.30	1084.700
	Total Expenses	1609.070	1482.491
3.	Operating Profit before Depreciation, finance Costs and tax (1-2)	1210.700	1095.00
4.	Depreciation	822.100	770.800
5.	Profit Before Interest and Other Income (3-4)	388.600	324.200
6.	Other income	1222.800	1089.400
7.	Profit After Interest but before Finance Cost (5+6)	1611.400	1413.600
8.	Financial Cost	479.900	471.300
9.	Profit After Finance Cost (7-8)	1131.500	942.300
10.	Exceptional Items	--	43.800
11.	Profit from Ordinary Activities before Tax (9+10)	1131.500	986.100
12.	Tax expenses	50.000	110.000
13.	Net Profit from Ordinary Activities after Tax (11-12)	1081.500	876.100
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	1507.800	1507.800
15.	Reserves Excluding Revaluation Reserve	-	-
16.	Basic and Diluted Earning Per Share (EPS) (Rs. 1)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	7.17	5.81
	b) Basic and diluted EPS after extraordinary items	7.16	5.80
15.	Public Shareholding
	-Number of Shares	104796644	104796644
	- Percentage of Shareholding	69.50%	69.50%
16.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	7000	7000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.02	0.02
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--
	b) Non Encumbered
	- Number of Shares	45973421	45973421
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	99.98%	99.98%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	30.50%	30.50%

Investor Complaints
Pending at the beginning of the quarter	Nil
Received during the quarter	4
Disposed of during the quarter	4
Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, REVENUE RESULTS AND CAPITAL EMPLOYED

Particular	As on 30.09.2014 (Unaudited)	As on 30.06.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Segment Revenue
Shipping	5718.600	5059.00
Offshore	4330.900	4351.400
Sub-total	10049.500	9410.400
Less: Inter Segment Revenue	445.900	349.900
Total	9603.600	9060.500
(2) Segment Result
Profit tax interest shipping
Shipping	1089.600	1058.900
Offshore	1975.600	2200.800
Sub-total	3065.200	3259.700
Less: Interest	784.200	753.600
Total Profit before Tax	2281.000	2506.100
(3) Capital Employed
Shipping	65875.600	66768.300
Offshore	66942.700	65225.800
Total	132818.300	131994.100

SOURCES OF FUNDS	As on 30.09.2014 (Unaudited)
II. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1507.800
(b) Reserves & Surplus	47937.200
	49445.000
(2) Minority Interest
(3) Non-Current Liabilities
(a) long-term borrowings	25396.800
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	180.000
	25576.800
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1238.400
(c) Other current liabilities	7903.600
(d) Short-term provisions	9192.700
	18334.700
TOTAL	93356.500
III. ASSETS
(1) Non-current assets
(a) Fixed Assets	46997.700
(b)Goodwill on Consolidation	0.000
(c) Non-current Investments	16656.100
(d) Deferred tax assets (net)	0.000
(e) Long-term Loan and Advances	266.700
(f) Other Non-current assets	0.000
	63920.500
(2) Current assets
(a) Current investments	10886.300
(b) Inventories	997.200
(c) Trade receivables	1193.300
(d) Cash and cash equivalents	15130.500
(e) Short-term loans and advances	1094.600
(f) Other current assets	134.100
	29436.000
TOTAL	93356.500

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	31.03.2014 [Rs. in millions]	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	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]	72.900	65.000
(e) Demand for Service Tax disputed by the Company	47.500	47.500
(f) Demand for income tax for the Assessment Year 2008-09	54.700	119.800
Guarantees:
(a) Guarantees given by banks counter guaranteed by the Company.	752.000	32.400
(b) Guarantees by bank given on behalf of a subsidiary company.	0.000	0.000
(c) Guarantees given to banks on behalf of subsidiaries.	975.800	1088.000
TOTAL	2194.900	1644.700

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 3 new building Kamsarmax dry bulk carriers

The Great Eastern Shipping Company Limited (G E Shipping) has placed an order for 3 new building Kamsarmax dry bulk carriers with the Jiangsu Yangzijiang Shipbuilding Group, China. The ships will be built at Jiangsu New Yangzi Shipbuilding Co. Ltd, China (Builder's Shipyard). The contracted ships, of about 82,000 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. The 3 vessels are expected to join the Company’s fleet in 2Q and 3Q of CY16.

The Company’s current fleet stands at 30 vessels, comprising 22 tankers (8 crude carriers, 13 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 2.42 mn dwt. The Company also has on order 3 other new building vessels of which 1 is an MR product tanker and 2 Kamsarmax dry bulk carriers.

GE SHIPPING: UPDATES ON BUY BACK OFFER

Kotak Mahindra Capital Company Ltd ("Manager to the Buyback") on behalf of Great Eastern Shipping Company Ltd ("Target Company") has informed this Public Announcement ("Public Announcement") to the Shareholders / Beneficial Owners of the equity shares of the Target Company, pursuant to and in compliance with the provisions of Regulation 15(c) and 15(d), of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 1998, as amended and contains disclosures as specified in Schedule II of the Buy back Regulations. Details of the Offer & Buy back Price: The Target Company hereby announces the buyback of its fully paid-up equity shares of face value of Rs. 10/- (Rupees Ten) each ("Equity Shares") from the existing shareholders/beneficial owners, other than the promoters/persons who are in control of the Company, from the open market through stock exchanges ("Buyback") pursuant to Article 33 of the Articles of Association of the Company and in accordance with Sections 77A, 77AA and 77B of the Companies Act, 1956 ("Companies Act") and the Buyback Regulations, at a price not exceeding Rs. 279.00 (Rupees Two Hundred and Seventy Nine) per Equity Share ("Maximum Buyback Price") payable in cash, for an aggregate amount not exceeding Rs. 279,00,00,000 (Rupees Two Hundred and Seventy Nine Crore) ("Maximum Buyback Size"). The Maximum Buyback Price per Equity Share does not include transaction costs including brokerage costs, securities transaction taxes, service tax, and stamp duty ("Transaction Costs"). However, the Maximum Buyback Size is inclusive of Transaction Costs. The Company will utilise an aggregate amount of not less than Rs. 139,50,00,000 (Rupees One Hundred and Thirty Nine Crore and Fifty Lakh) for the purpose of the Buyback ("Minimum Buyback Size"). The Minimum Buyback Size is inclusive of Transaction Costs. The Company will purchase an indicative maximum of 1,00,00,000 (One Crore) Equity Shares ("Maximum Buyback Shares") computed as Maximum Buyback Size divided by Maximum Buyback Price. The Company will purchase an indicative minimum of 50,00,000 (Fifty Lakh) Equity Shares ("Minimum Buyback Shares"), computed as Minimum Buyback Size divided by Maximum Buyback Price. If the Equity Shares are bought back at a price below the Maximum Buyback Price, the number of Equity Shares bought back could exceed the Maximum Buyback Shares but will always be subject to the Minimum Buyback Size and the Maximum Buyback Size. The Buyback will be implemented by the Company via the methodology of open market purchases using the electronic trading facilities of the BSE and NSE, collectively referred to as "Stock Exchanges". Proposed Time Table: Board Meeting approving Buyback - August 08, 2013Date of Publication of Public Announcement - August 13, 2013Date of opening the Buyback - August 23, 2013Acceptance of Equity Shares - Upon the relevant pay-out by the Stock Exchanges. Verification/Acceptance of Shares accepted in the physical mode - Within 15 days of the pay-out by the Stock Exchanges. Extinguishment of Equity Shares/certificates - Within 15 days of the succeeding month of the month in which Equity Shares are accepted as mentioned above, provided that the Company shall ensure that the Equity Shares bought back are extinguished within 7 days of the last date of completion of the Buyback. Last Date for the Buyback - Earlier of: (a) February 22, 2014 (that is 6 months from the date of the opening of the Buyback); or (b) When the Company completes the Buyback to the extent of deploying the Maximum Buyback Size; or (c) At such earlier date as may be determined by the Board or the committee formed by the Board ("Buyback Committee") thereof, after giving notice for such earlier closure, subject to the Company having utilised Minimum Buyback Size (even if the Maximum Buyback Size has not been utilized or the Maximum Buyback Shares have not been bought back), provided, however, that all payment obligations relating to the Buyback shall be completed before the last date for the Buyback.

G E Shipping takes delivery of a Medium Range Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a 2004-built Medium Range Product Tanker “Jag Pranam” of about 48,700 dwt. The company had contracted to buy the ship in November 2014. With the inclusion of the vessel, the Company’s current fleet stands at 31 vessels, comprising 22 tankers (8 crude carriers, 12 product tankers, 2 LPG carriers) and 9 dry bulk carriers (1 Capesize, 3 Kamsarmax, 5 Supramax) with an average age of 9.8 years aggregating 2.5 mn dwt. One of the two LPG carriers included in the fleet has been contracted for sale in July 2014.

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.63.38
UK Pound	1	Rs.96.84
Euro	1	Rs.75.66

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	JYTK

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.