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MIRA INFORM REPORT
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Report No. : |
501878 |
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Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
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Name : |
THE GREAT EASTERN SHIPPING COMPANY LIMITED |
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Registered
Office : |
Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018, |
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Tel. No.: |
91-22-24922100/ 2200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
03.08.1948 |
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Com. Reg. No.: |
11-006472 |
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Capital
Investment / Paid-up Capital : |
INR 1507.800 Million |
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CIN No.: [Company Identification
No.] |
L35110MH1948PLC006472 |
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IEC No.: [Import-Export Code No.] |
0389019721 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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TIN No.: |
27380021952 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACT1565C1ZN |
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PAN No.: [Permanent Account No.] |
AAACT1565C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Providing Shipping business. (Registered activity) |
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No. of Employees
: |
413 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1948. The company is engaged in providing shipping services. For the quarterly results of December 2017, the company has earned sales turnover of INR 5844.2 and gained a fair profitability margin. As per the financial of 2017, the company has achieved a favourable profitability margin of 35.29% but has reported a decline in its revenue as compared to the previous year. The strong financial position of the company is reflected by robust net worth base along with strong debt coverage indicator due to low debt balance sheet profile and satisfactory liquidity base. Rating takes into consideration the company’s fair Earnings Per Share (EPS) of INR 39.89 as against its Face Value (FV) of INR 10. The company has its share price trading at around INR 329.50 on BSE as on April 3, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for 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 |
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Rating |
Long Term Loans = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
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Date |
23.08.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Loans = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
23.08.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 05.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-24922100/ 2200]
[91-22-66613000] Number is ringing
LOCATIONS
|
Registered Office : |
Ocean House, 134/A, Dr. Annie Besant, Worli, Mumbai – 400018,
Maharashtra, India |
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Tel. No.: |
91-22-24922100/ 2200 |
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Fax No.: |
91-22-24925900 |
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E-Mail : |
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Website : |
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Head Office : |
Indiabulls Finance Centre, Tower 3, 23rd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Vineet Sohanlal Nayyar |
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Designation : |
Director |
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Address: |
5A, Friends Colony, Mathura Road, New Delhi – 110065, Delhi, India |
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Date of Appointment : |
24.03.2004 |
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DIN No.: |
00018243 |
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Name : |
Mr. Kanaiyalal Maneklal Sheth |
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Designation : |
Director |
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Address: |
19-B, Manek, 11, L.D. Ruparel Marg, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
03.04.1970 |
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DIN No.: |
00022079 |
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Name : |
Mr. Bharat Kanaiyalal Sheth |
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Designation : |
Managing Director |
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Address: |
19-B, Manek, 11, L.D. Ruparel Marg, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
00022102 |
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Name : |
Mr. |
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Designation : |
Executive Director |
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Address: |
12-B, Manek, 11, L.D. Ruparel Marg, Mumbai - 400006, Maharashtra, India |
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Date of Appointment : |
30.01.2006 |
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DIN No.: |
00022121 |
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Name : |
Mr. Farrokh Kaikhushru Kavarana |
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Designation : |
Director |
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Address: |
CCI Chambers 5th Floor, Dinshaw Vachha Road, Mumbai - 400020, Maharashtra, India |
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Date of Appointment : |
12.08.2015 |
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DIN No.: |
00027689 |
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Name : |
Mr. Shankar Nath Acharya |
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Designation : |
Director |
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Address: |
S-523A, Second Floor, Greater Kailash 2, New Delhi - 110048, India |
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Date of Appointment : |
12.08.2015 |
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DIN No.: |
00033242 |
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Name : |
Mr. Cyrus Jamshed Guzder |
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Designation : |
Director |
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Address: |
D-11, Sea Face Park, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
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Date of Appointment : |
14.03.2003 |
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DIN No.: |
00080358 |
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Name : |
Mr. Berjis Minoo Desai |
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Designation : |
Director |
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Address: |
Yezerina-II Road No 5, 740/741 Dadar Parsi Colony Dadar, Mumbai - 400014, Maharashtra, India |
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Date of Appointment : |
18.12.2006 |
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DIN No.: |
00153675 |
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Name : |
Mr. Tapas Icot |
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Designation : |
Director |
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Address: |
1101, Seaking, Dr. H K Bhabha Road, Bandstand, Bandra West, Mumbai - 400050, Maharashtra, India |
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Date of Appointment : |
12.08.2014 |
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DIN No.: |
00905882 |
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Name : |
Mr. Shivakumar Gomathinayagam |
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Designation : |
Director |
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Address: |
Flat No 05-D 10th Floor, Ashok Gardens T J Road Sewree, Mumbai - 400015, Maharashtra, India |
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Date of Appointment : |
14.11.2014 |
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PAN No.: |
AAKPG4618E |
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DIN No.: |
03632124 |
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Name : |
Ms. Rita Bhagwati |
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Designation : |
Director |
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Address: |
D-1/10, 1st Floor, Vasant Vihar, New Delhi - 110057, India |
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Date of Appointment : |
12.08.2015 |
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DIN No.: |
06990589 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh M Trivedi |
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Designation : |
Company Secretary |
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Address: |
Flat No. 231, 2nd Floor, Akshay Girikunj 3, Behind BSES Hospital, Paliram Road, Andheri - W Mumbai 400058 , Maharashtra, India |
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Date of Appointment : |
01.09.2001 |
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PAN No.: |
AACPT4040R |
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Name : |
Mr. Shivakumar Natarajan Gomathinayagam |
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Designation : |
Chief Finance Officer |
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Address: |
Flat No 05-D 10th Floor, Ashok Gardens T J Road Sewree, Mumbai - 400015, Maharashtra, India |
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Date of Appointment : |
07.05.201 |
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PAN No.: |
AAKPG4618E |
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Audit Committee : |
· Mr. Cyrus Guzder [Chairman] · Mr. Berjis Desai · Mr. Farrokh Kavarana ·
Ms. Rita Bhagwati |
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Stakeholders
Relationship Committee : |
· Mr. Cyrus Guzder [Chairman] · Mr. Bharat K. Sheth · Mr. G. Shivakumar |
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|
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Nomination and Remuneration Committee: |
· Mr. Cyrus Guzder [Chairman] · Mr. Berjis Desai · Mr. Farrokh Kavarana · Dr. Shankar N. Acharya |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of |
|
|
(A) Promoter &
Promoter Group |
44750614 |
29.68 |
|
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(B) Public |
106022275 |
70.32 |
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|
(C1) Shares
underlying DRs |
4176 |
0.00 |
|
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Grand Total |
150777065 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
38498757 |
25.53 |
|
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SACHIN MULJI |
1065000 |
0.71 |
|
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KABIR MULJI |
529615 |
0.35 |
|
|
RAVI KANAIYALAL
SHETH |
512504 |
0.34 |
|
|
SANGITA MULJI |
582415 |
0.39 |
|
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AMITA R SHETH |
183808 |
0.12 |
|
|
JYOTSNA KANAIYALAL
SHETH |
247968 |
0.16 |
|
|
KANAIYALAL
MANEKLAL SHETH |
278133 |
0.18 |
|
|
BHARAT KANAIYALAL
SHETH |
519490 |
0.34 |
|
|
ASHA VASANT SHETH |
2122851 |
1.41 |
|
|
KETAKI VASANT
SHETH |
989980 |
0.66 |
|
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ROSALEEN MULJI |
432000 |
0.29 |
|
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GOPALI MULJI |
420000 |
0.28 |
|
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PRADEEP PADGAOKAR |
151282 |
0.10 |
|
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JYOTI B SHETH |
137796 |
0.09 |
|
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NIRJA BHARAT SHETH |
105317 |
0.07 |
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NISHA VIRAJ MEHTA |
112037 |
0.07 |
|
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RAHUL RAVI SHETH |
108521 |
0.07 |
|
|
ARJUN RAVI SHETH |
50040 |
0.03 |
|
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B K SHETH |
15200000 |
10.08 |
|
|
R K SHETH |
14750000 |
9.78 |
|
|
Any Other
(specify) |
6251857 |
4.15 |
|
|
A H BHIWANDIWALLA
INVESTMENTS PRIVATE LIMITED |
3600 |
0.00 |
|
|
LAADKI TRADING AND
INVESTMENTS LIMITED |
5524981 |
3.66 |
|
|
GOPA INVESTMENTS
CO PRIVATE LIMITED |
424000 |
0.28 |
|
|
V J SHARE
ENTERPRISES LLP |
95832 |
0.06 |
|
|
ASHADEEP TRADING
LLP |
203444 |
0.13 |
|
|
Sub Total A1 |
44750614 |
29.68 |
|
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A=A1+A2 |
44750614 |
29.68 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
25575892 |
16.96 |
|
|
ICICI PRUDENTIAL
VALUE FUND - SERIES 1 |
12869434 |
8.54 |
|
|
UTI-DIVIDEND YIELD
FUND |
1827881 |
1.21 |
|
|
SBI MAGNUM TAXGAIN
SCHEME |
8171414 |
5.42 |
|
|
Foreign Portfolio
Investors |
35111129 |
23.29 |
|
|
FIDELITY PURITAN TRUST-FIDELITY
LOW-PRICED STOCK FUND |
5100000 |
3.38 |
|
|
FRANKLIN TEMPLETON
INVESTMENT FUNDS |
2701247 |
1.79 |
|
|
NALANDA INDIA
EQUITY FUND LIMITED |
10524139 |
6.98 |
|
|
Financial
Institutions/ Banks |
109955 |
0.07 |
|
|
Insurance
Companies |
5135295 |
3.41 |
|
|
GENERAL INSURANCE
CORPORATION OF INDIA |
3147696 |
2.09 |
|
|
Sub Total B1 |
65932271 |
43.73 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
10238 |
0.01 |
|
|
Sub Total B2 |
10238 |
0.01 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
23074863 |
15.30 |
|
|
Individual share
capital in excess of INR 0.200 Million |
7131775 |
4.73 |
|
|
NBFCs registered
with RBI |
6685 |
0.00 |
|
|
Any Other
(specify) |
9866443 |
6.54 |
|
|
ICICI PRUDENTIAL
LIFE INSURANCE COMPANY LIMITED |
4754786 |
3.15 |
|
|
Sub Total B3 |
40079766 |
26.58 |
|
|
B=B1+B2+B3 |
106022275 |
70.32 |
Statement showing
shareholding pattern of the Non Promoter- Non Public shareholder
|
Category & Name of the Shareholders(I) |
No. of shareholder(III) |
No. of fully paid up equity shares held(IV) |
Nos. of shares underlying Depository
Receipts(VI) |
Total no. shares held(VII = IV+V+VI) |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2)(VIII) |
Number of equity shares held in
dematerialized form(XIV)(Not Applicable) |
|
|
C1) Custodian/DR
Holder |
0 |
0 |
0.00 |
||||
|
Custodian/DR
Holder |
2 |
0 |
4176 |
4176 |
0.00 |
2520 |
|
|
Sub Total C1 |
2 |
0 |
4176 |
4176 |
0.00 |
2520 |
|
|
C2) Employee
Benefit Trust |
0 |
0 |
0.00 |
||||
|
C= C1+C2 |
2 |
0 |
4176 |
4176 |
0.00 |
2520 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Providing Shipping business. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: [NOT AVAILABLE]
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees
: |
413 (Approximately) |
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Bankers : |
· Citi Bank N.A. 4th Floor, Jeevan Bharti Building, Connaught Place, New Delhi-110001, India · IndusInd Bank Limited Peninsula Corporate Park, Tower A, 4th Floor, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India · Standard Chartered Bank 1 Basinghall Avenue, United Kingdom, London, NAEC2V5DDGB |
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Facilities : |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry LLP Chartered Accountants |
|
Address : |
Kalpataru Heritage 127, Mahatama Gandhi Road, Mumbai - 400
001, Maharashtra, Idnia |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Companies : |
· The Great Eastern Shipping Co. (London) Limited (wound up as at March 31, 2016) · The Greatship (Singapore) Pte. Limited The Great Eastern
Chartering L.L.C. (FZC) and its subsidiary : · The Great Eastern Chartering (Singapore) Pte. Limited, Singapore · Great Eastern CSR Foundation, India Greatship (India)
Ltd., India and its subsidiaries : · Greatship Global Holdings Limited, Mauritius · Greatship Global Offshore Services Pte. Limited, Singapore · GGOS Labuan Limited, Malaysia (deregistered on March 4, 2017) · Greatship Global Energy Services Pte. Limited, Singapore. ·
Greatship (UK) Ltd., UK. ·
Greatship Oilfield Services Limited, India
(incorporated on July 9, 2015) |
|
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|
|
Other Related
Parties : |
· The Provident Fund of The Great Eastern Shipping Company Limited · The Great Eastern Shipping Co Limited Employees Gratuity Fund · The Great Eastern Shipping Co Limited Executives Superannuation Fund · The Great Eastern Shipping Co Limited Floating Staff Superannuation Fund · The Great Eastern Shipping Co Limited Staff Superannuation Fun |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
INR 10/- each |
INR 3000.000 Million |
|
200000000 |
Preference Shares |
INR 10/- each |
INR 2000.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 5000.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151163426 |
Equity Shares |
INR 10/- each |
INR 1511.600
Million |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150777065 |
Equity Shares |
INR 10/- each |
INR 1507.800
Million |
|
|
|
|
|
a) Terms/Rights attached to Equity Shares:
The Company has only one class of equity shares having a face
value of INR 10 each. Each holder of equity shares is entitled to one vote per
share. The Company declares and pays dividends in Indian rupees. Interim
dividend is paid as recommended by the Board of Directors. 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 at 31.03.2017 |
|
|
Equity shares of INR 10 each fully paid |
|
|
|
Bharat Kanaiyalal Sheth |
15719490 |
10.43% |
|
Ravi Kanaiyalal Sheth |
15262504 |
10.12% |
|
Nalanda India Equity Fund Limited |
10524139 |
6.98% |
c) There are no shares reserved for issue under options and contracts or commitments for the sale of shares.
d) 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)
1545019 equity shares have been bought back
during the financial year 2013-14
e)
There are no securities convertible into
equity/preference shares.
f)
Under orders from the Special Court (Trial of
Offences Relating to Transactions in Securities) Act, 1992, the allotment of
253522 (as at March 31, 2016: 253522; as at April 1, 2015: 253522) rights
equity shares of the Company have been kept in abeyance in accordance with
Section 126(b) of the Companies Act, 2013 till such time as the title of the
bonafide owner is certified by the concerned Stock Exchanges. Additional 40608
(as at March 31, 2016: 40608; as at April 1, 2015: 40608) shares have also been
kept in abeyance for disputed cases in consultation with the Bombay Stock
Exchange.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1507.800 |
1507.800 |
1507.800 |
|
(b) Reserves & Surplus |
50112.400 |
44693.000 |
47799.800 |
|
(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) |
51620.200 |
46200.800 |
49307.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
37484.700 |
26061.400 |
25689.000 |
|
(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 |
281.000 |
249.600 |
240.900 |
|
Total
Non-current Liabilities (3) |
37765.700 |
26311.000 |
25929.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1701.700 |
0.000 |
0.000 |
|
(b)
Trade payables |
1003.600 |
1193.300 |
1139.100 |
|
(c)
Other current liabilities |
13843.800 |
14498.300 |
6383.200 |
|
(d)
Short-term provisions |
482.000 |
349.700 |
10599.500 |
|
Total
Current Liabilities (4) |
17031.100 |
16041.300 |
18121.800 |
|
|
|
|
|
|
TOTAL |
106417.000 |
88553.100 |
93359.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
55941.200 |
36657.800 |
42575.300 |
|
(ii)
Intangible Assets |
3.000 |
2.700 |
3.500 |
|
(iii)
Capital work-in-progress |
217.100 |
3282.800 |
2262.400 |
|
(iv) Intangible assets under development |
6.700 |
1.500 |
0.000 |
|
(b) Non-current
Investments |
16801.700 |
16781.900 |
16656.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
362.200 |
|
(e)
Other Non-current assets |
291.400 |
38.300 |
16.400 |
|
Total
Non-Current Assets |
73261.100 |
56765.000 |
61876.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
8628.900 |
8857.000 |
11495.800 |
|
(b)
Inventories |
604.100 |
281.400 |
528.300 |
|
(c)
Trade receivables |
498.700 |
916.700 |
1339.100 |
|
(d)
Cash and cash equivalents |
21984.700 |
20251.700 |
17169.600 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
827.800 |
|
(f)
Other current assets |
1439.500 |
1481.300 |
122.300 |
|
Total
Current Assets |
33155.900 |
31788.100 |
31482.900 |
|
|
|
|
|
|
TOTAL |
106417.000 |
88553.100 |
93359.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
17039.600 |
19724.900 |
17340.800 |
|
|
|
Other Income |
5227.800 |
1379.000 |
2786.100 |
|
|
|
TOTAL |
22267.400 |
21103.900 |
20126.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
3124.600 |
2560.000 |
2409.300 |
|
|
|
Other expenses |
6523.100 |
7460.900 |
9308.300 |
|
|
|
TOTAL |
9647.700 |
10020.900 |
11717.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12619.700 |
11083.000 |
8409.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2469.800 |
1833.700 |
1885.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
10149.900 |
9249.300 |
6523.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3736.000 |
2876.500 |
3190.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
6413.900 |
6372.800 |
3333.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
400.000 |
190.000 |
160.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
6013.900 |
6182.800 |
3173.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
39.89 |
41.01 |
21.04 |
|
|
|
Diluted
|
39.81 |
40.93 |
21.00 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
5130.700 |
2717.800 |
4903.600 |
|
|
|
|
|
|
Cash generated from operations |
7003.700 |
10825.000 |
5582.600 |
|
|
|
|
|
|
Net cash (used in) / generated from operating activities |
6742.900 |
10573.100 |
5301.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
10.68 |
16.96 |
28.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
34.17 |
21.52 |
12.95 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
20.89 |
39.39 |
15.92 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.22 |
0.28 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.56 |
0.51 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.86 |
0.62 |
0.62 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.33 |
0.35 |
0.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.09 |
0.86 |
0.91 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.11 |
6.04 |
4.46 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
35.29 |
31.35 |
18.30 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.65 |
6.98 |
3.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.65 |
13.38 |
6.44 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.95 |
1.98 |
1.74 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.91 |
1.96 |
1.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.49 |
0.52 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
29.39 |
19.09 |
20.29 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.95 |
1.98 |
1.74 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 329.50/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1507.800 |
1507.800 |
1507.800 |
|
Reserves & Surplus |
47799.800 |
44693.000 |
50112.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
49307.600 |
46200.800 |
51620.200 |
|
|
|
|
|
|
long-term borrowings |
25689.000 |
26061.400 |
37484.700 |
|
Short term borrowings |
0.000 |
0.000 |
1701.700 |
|
Current Maturities of Long
term debt |
4903.600 |
2717.800 |
5130.700 |
|
Total
borrowings |
30592.600 |
28779.200 |
44317.100 |
|
Debt/Equity
ratio |
0.620 |
0.623 |
0.859 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
17340.800 |
19724.900 |
17039.600 |
|
|
|
13.749 |
(13.614) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
17340.800 |
19724.900 |
17039.600 |
|
Profit/ (Loss) |
3173.000 |
6182.800 |
6013.900 |
|
|
18.30% |
31.35% |
35.29% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1507.800 |
1507.800 |
|
(b) Reserves & Surplus |
|
70725.500 |
64127.000 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
72233.300 |
65634.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
57703.700 |
49077.400 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
250.100 |
271.500 |
|
(d)
long-term provisions |
|
418.100 |
376.100 |
|
Total
Non-current Liabilities (3) |
|
58371.900 |
49725.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1701.700 |
0.000 |
|
(b)
Trade payables |
|
1912.300 |
2242.700 |
|
(c)
Other current liabilities |
|
18033.300 |
21075.400 |
|
(d)
Short-term provisions |
|
612.600 |
650.400 |
|
Total
Current Liabilities (4) |
|
22259.900 |
23968.500 |
|
|
|
|
|
|
TOTAL |
|
152865.100 |
139328.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
103038.700 |
89240.700 |
|
(ii)
Intangible Assets |
|
4.400 |
6.300 |
|
(iii)
Capital work-in-progress |
|
217.100 |
3282.800 |
|
(iv) Intangible assets under development |
|
6.700 |
1.500 |
|
(b) Non-current
Investments |
|
35.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
111.800 |
121.500 |
|
(d) Long-term Loan
and Advances |
|
0.000 |
0.000 |
|
(e)
Other Non-current assets |
|
691.200 |
1131.200 |
|
Total
Non-Current Assets |
|
104104.900 |
93784.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
8715.800 |
9118.000 |
|
(b)
Inventories |
|
1447.600 |
1132.300 |
|
(c)
Trade receivables |
|
2089.300 |
3077.900 |
|
(d)
Cash and cash equivalents |
|
34668.100 |
29450.900 |
|
(e)
Short-term loans and advances |
|
0.000 |
0.000 |
|
(f)
Other current assets |
|
1839.400 |
2765.200 |
|
Total
Current Assets |
|
48760.200 |
45544.300 |
|
|
|
|
|
|
TOTAL |
|
152865.100 |
139328.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
31168.600 |
38077.700 |
|
|
|
Other Income |
|
5122.700 |
1187.200 |
|
|
|
TOTAL |
|
36291.300 |
39264.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees benefits expense |
|
5967.700 |
5924.100 |
|
|
|
Other expenses |
|
9109.200 |
10670.100 |
|
|
|
Impairment Loss |
|
1843.300 |
1636.900 |
|
|
|
TOTAL |
|
16920.200 |
18231.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
19371.100 |
21033.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
3776.200 |
2877.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
15594.900 |
18156.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
6779.100 |
6079.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
8815.800 |
12076.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
1266.200 |
1107.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
7549.600 |
10969.800 |
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Income |
|
|
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
|
|
Re-measurement of defined employee benefit plans |
|
(1.300) |
(32.500) |
|
|
|
Equity instruments through Other Comprehensive Income |
|
12.600 |
0.000 |
|
|
|
|
|
11.300 |
(32.500) |
|
|
|
Income tax relating to items that will not be reclassified to profit or loss |
|
-- |
-- |
|
|
|
Items that may
be reclassified to profit or loss |
|
|
|
|
|
|
Exchange differences in translating the financial statements of foreign operations |
|
(544.100) |
1156.300 |
|
|
|
Effective portion of gains and loss on designated portion of hedging instruments in a cash flow hedge |
|
101.600 |
(0.600) |
|
|
|
Movement in Foreign Currency Monetary Item Translation Reserve |
|
85.800 |
73.500 |
|
|
|
|
|
(356.700) |
1229.200 |
|
|
|
Income tax relating to items that may be reclassified to profit or loss |
|
-- |
-- |
|
|
|
Other
Comprehensive Income |
|
(345.400) |
1196.700 |
|
|
|
Total
Comprehensive Income |
|
7204.200 |
112166.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
|
50.07 |
72.76 |
|
|
|
Diluted
|
|
49.97 |
72.61 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G70143664 |
100137302 |
VISTRA ITCL (INDIA) LIMITED |
31/10/2017 |
23/11/2017 |
- |
1500000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN |
|
2 |
G43033935 |
100084712 |
CITI BANK N.A. |
22/02/2017 |
21/04/2017 |
- |
2380175000.0 |
4TH FLOOR, JEEVAN BHARTI BUILDING,CONNAUGHT PLACENEW DELHIDL110001IN |
|
3 |
G42727479 |
100052872 |
CITI BANK N.A. |
01/09/2016 |
27/03/2017 |
- |
1215687000.0 |
4TH FLOOR, JEEVAN BHARTI BUILDING,CONNAUGHT PLACENEW DELHIDL110001IN |
|
4 |
G31992639 |
10604919 |
INDUSIND BANK LIMITED |
14/10/2015 |
16/12/2016 |
- |
1000000000.0 |
PENINSULA CORPORATE PARK,TOWER A, 4TH FLOORGANPATRAO KADAM MARG, LOWER PARELMUMBAIMH400013IN |
|
5 |
C67060194 |
10596566 |
STANDARD CHARTERED BANK |
14/09/2015 |
- |
- |
1949514000.0 |
1 BASINGHALL AVENUEUNITED KINGDOMLONDONNAEC2V5DDGB |
|
6 |
G00370270 |
10572081 |
BNP PARIBAS |
03/06/2015 |
01/04/2016 |
- |
2555200000.0 |
20, COLLYER QUAY, #01-01SINGAPORENA049319SG |
|
7 |
C44686301 |
10551317 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
27/02/2015 |
- |
- |
2157280389.6 |
ONE RAFFLES QUAY#20-01 NORTH TOWERSINGAPORENA048583SG |
|
8 |
G59810184 |
10520540 |
CITI BANK N.A. |
25/08/2014 |
04/09/2017 |
- |
1622283389.59 |
PLOT NO. C-54 AND C-55,G- BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN |
|
9 |
G73877524 |
10306207 |
BNS ASIA LIMITED (FORMERLY KNOWN AS THE BANK OF NOVA SCOTIA ASIA LIMITED) |
16/09/2011 |
21/12/2017 |
- |
1530992000.0 |
ONE RAFFLES QUAY#20-01 NORTH TOWERSINGAPORENA048583SG |
|
10 |
G30464291 |
10182105 |
VISTRA ITCL (INDIA) LIMITED |
30/09/2009 |
05/12/2016 |
- |
2500000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMA400051IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Redeemable Non-Convertible
Debentures of INR1000000 each |
|
|
|
8.24% 2000 Debentures redeemable on November 11, 2026 |
2000.000 |
0.000 |
|
8.70% 2500 Debentures redeemable on May 6, 2026 |
2500.000 |
0.000 |
|
8.24% 2000 Debentures redeemable on November 11, 2025 |
2000.000 |
0.000 |
|
8.70% 2500 Debentures redeemable on May 31, 2025 |
2500.000 |
0.000 |
|
7.99% 2500 Debentures redeemable on January 18, 2025 |
2500.000 |
0.000 |
|
7.99% 2500 Debentures redeemable on January 18, 2024 |
2500.000 |
0.000 |
|
9.70% 1000 Debentures redeemable on January 18, 2023 |
1000.000 |
1000.000 |
|
9.70% 1000 Debentures redeemable on January 7, 2023 |
1000.000 |
1000.000 |
|
9.70% 500 Debentures redeemable on April 25, 2021 |
500.000 |
500.000 |
|
9.70% 1500 Debentures redeemable on April 15, 2021 |
1500.000 |
1500.000 |
|
9.70% 1000 Debentures redeemable on February 2, 2021 |
1000.000 |
1000.000 |
|
9.60% 2000 Debentures redeemable on November 10, 2019 |
2000.000 |
2000.000 |
|
9.75% 2350 (Previous Years : 2500) Debentures redeemable
on August 20, 2019 [150 Redeemable Non-Convertible Debentures of INR10,00,000
each bought back during the year] |
2350.000 |
2500.000 |
|
9.35% 425 (Previous Years : 500) Debentures redeemable on February
8, 2019 and 425 (Previous Years : 500) Debentures redeemable on February 8,
2018 [150 Redeemable Non-Convertible Debentures of INR10,00,000 each bought
back during the year] |
425.000 |
1000.000 |
|
9.40% 900 (Previous Years : 1000) Debentures redeemable on January 6, 2019 [100 Redeemable Non-Convertible Debentures of INR
10,00,000 each bought back during the year] |
900.000 |
1000.000 |
|
9.19% 1000 Debentures redeemable on December 24, 2018 |
1000.000 |
1000.000 |
|
9.35% 425 (Previous Years : 500) Debentures redeemable on February 8, 2019 and 425 (Previous Years : 500) Debentures redeemable on February 8, 2018 [150 Redeemable Non-Convertible Debentures of INR 10,00,000 each bought back during the year |
425.000 |
1000.000 |
|
9.40% 1000 Debentures redeemable on January 6, 2018 |
0.000 |
1000.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Term Loans from
Bank |
|
|
|
Loan repayable on demand |
1701.700 |
0.000 |
|
|
|
|
|
Total |
27801.700 |
14500.000 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Sales Tax demands under BST Act, CST Act and VAT Act
against which the Company has preferred appeals. |
74.600 |
74.600 |
|
Demand from the Office of the Collector & District
Magistrate, Mumbai City and from Brihanmumbai Mahanagarpalika towards
transfer charges for transfer of premises not acknowledged by the Company. |
43.400 |
43.400 |
|
Demand for Custom Duty disputed by the Company [The
Company has given bank guarantees amounting to INR 36.300 million (as at
March 31, 2016 : INR 36.300 million; as at April 1, 2015 : INR 36.300
million) against the said Custom Duty demand] |
65.000 |
72.900 |
|
Service Tax Demands disputed by the Company |
0.000 |
47.500 |
|
Income Tax Demands for various Assessment Years disputed by the Company |
348.000 |
234.600 |
|
Demand for wharfage charges against which the Company has tendered a bank guarantee. Stay obtained under a Writ Petition filed against Chennai Port Trust for restraining encashment of bank guarantee. |
9.900 |
9.900 |
CORPORATE INFORMATION
Subject the Company is a public limited company registered in India under the provisions of the Companies Act, 1913. Its shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India and on the Luxembourg Stock Exchange. The Company is a major player in the Indian Shipping industry.
MANAGEMENT DISCUSSION AND
ANALYSIS
COMPANY PERFORMANCE
In Financial Year (FY) 17, the Company recorded a total
income of INR 22267.400 million (Previous year INR 21103.900 million) and
earned a PBIDT of INR 12619.700 million (previous year INR 11083.000 million).
ORDER BOOK AND
OUTLOOK
The tanker order book stands at about 12.6% of the fleet. The majority of this order book is slated to be delivered over the next 12 -15 months. As this order book delivers, coupled with the expected extension of OPEC cuts and lower refinery throughputs, the tanker freight markets are expected to remain subdued over the next 6-9 months where after secular demand is expected to make its effect felt on the markets.
The Dry Bulk order book stands at about 8.1% of the fleet and the majority of it is slated to be delivered over the next 12-15 months. Whilst this order book does not seem large, the Company has already seen a large growth in fleet over the last few years and thus it is critical that the order book does not grow. The strength in the freight markets coupled with low asset values is however encouraging owners to order more new buildings which can postpone the return of robust earnings for these vessels. The Company expects the market to plateau around the current earnings level over the next 6 months and the trajectory thereafter shall be guided by additional demand for dry bulk commodities and the increase/decrease of order book in the interim.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Freight and Charter Hire |
5742.800 |
4406.000 |
14734.500 |
|
Other Operating Income |
101.400 |
66.600 |
230.500 |
|
Total Income |
5844.200 |
4472.600 |
14965.000 |
|
|
|
|
|
|
Other Income |
|
|
|
|
Profit on sale of ships and assets [Net] |
2.400 |
0.000 |
3.100 |
|
Gain on derivatives transaction [Net] |
795.100 |
682.800 |
2281.600 |
|
Other Income |
127.100 |
228.600 |
834.000 |
|
Total |
925.600 |
911.400 |
3118.700 |
|
|
|
|
|
|
Total Income |
6769.800 |
5384.000 |
18083.700 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Employee
benefits expense |
1040.800 |
1034.800 |
3091.200 |
|
Loss/
(Gain) on Foreign currency transaction [Net] |
385.800 |
(195.600) |
248.600 |
|
Finance
Costs |
802.600 |
865.500 |
2455.900 |
|
Depreciation
and amortisation expense |
1351.200 |
1205.300 |
3715.300 |
|
Impairment
on certain assets |
0.000 |
0.000 |
0.000 |
|
Other expenditure |
|
|
|
|
Fuel
oil and water |
885.900 |
664.700 |
2228.800 |
|
Hire
of chartered ships/ equipments |
277.800 |
2.000 |
348.200 |
|
consumption
od spares and stores |
375.100 |
378.600 |
102.600 |
|
Repairs
and maintenance |
228.000 |
202.600 |
733.600 |
|
Others
|
862.400 |
813.500 |
2453.200 |
|
Total Expenses |
6209.600 |
4971.400 |
16317.400 |
|
|
|
|
|
|
Profit before tax |
560.200 |
412.600 |
1766.300 |
|
Tax
expense |
10.000 |
(50.000) |
30.000 |
|
Net profit/ loss for the year |
550.200 |
462.600 |
1736.300 |
|
Other comprehensive income |
|
|
|
|
Items
that will not be reclassified to profit or loss |
20.900 |
9.000 |
36.600 |
|
Income
tax relating to items that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
Items
that will be reclassified to profit or loss |
97.600 |
4.500 |
107.900 |
|
Income
tax relating to items that will be reclassified to profit or loss |
(15.100) |
5.300 |
(14.300) |
|
|
103.400 |
18.800 |
130.200 |
|
Total comprehensive income |
653.600 |
481.400 |
1866.500 |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
1507.600 |
1507.800 |
1507.800 |
|
Other Equity |
|
|
|
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic |
3.65 |
3.07 |
11.52 |
|
b) Diluted |
3.64 |
3.06 |
11.49 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 09, 2018.The Statutory Auditors of the Company have carried out a Limited Review of the results for the quarter and nine months ended February 09, 2018.
2. Subsequent to the end of the quarter, the company to sell a Supramax Dry Bulk Carrier names Jag Rahul Built in 2003 for delivery in fourth quarter of financial year 2017-18.
3. Assets cover available, in case of non-convertible debt securities:
· As per the terms of issue of 2400 secured redeemable non-convertible debentures of INR 1.000 Million each, the company has created and maintained exclusive charge on ships [with 1.25 times cover on books value of ships] and additional security by way of mortgage on immovable propriety.
·
As per the terms of issue of 1500 secured
redeemable non-convertible debentures of INR 1.000 Million each, the company
has created and maintained exclusive charge on ships [with 1.20 times cover on
books value of ships] and additional security by way of mortgage on immovable
propriety
FIXED ASSETS:
- Fleet
- Land (Freehold and Perpetual Lease)
- Ownership Flats
- Buildings
- Plant and Equipment
- Furniture, Fixtures and
- Office Equipment
- Vehicles
WEBSITE DETAILS:
PRESS RELEASE:
GREAT EASTERN
SHIPPING STEPS ON THE GAS WITH TWO BACK-TO-BACK VESSEL BUYS
MUMBAI, APRIL 2
Great Eastern Shipping Co Limited is stepping on the gas with the purchase of a second-hand very large gas carrier (VLGC) built in 2007, on Monday, its second gas carrier in less than a week as India’s biggest private ocean carrier looks to tap the rising demand to import liquefied petroleum gas (LPG) into Asia’s third biggest economy.
This is the third gas carrier to be purchased by the Mumbai-listed firm in less than six months, taking its total gas carrier fleet to five comprising three very large gas carriers and two medium gas carriers.
On March 26, the company had announced the purchase of a second-hand medium gas carrier. The VLGC and the MGC will join the company’s fleet in the first quarter of FY19.
In September 2017, it purchased a medium gas carrier.
“We continue to inspect more, though, nothing is finalised,” a spokesperson for The Great Eastern Shipping said.
The company did not disclose the price of the ships nor the investment involved in the acquisition, but said that the two ships are being offered on tenders issued by state-run oil firms for transporting LPG.
India’s LPG imports have doubled in the last five years as local production failed to keep pace with a 45 per cent growth in demand, making India one of the world’s biggest LPG import markets after China and Japan.
The government’s push for use of clean energy for cooking in rural households that have been using wood and coal as fuel for decades has led to a surge in consumption of LPG cylinders. The rising use of LPG in cars has also spurred demand.
China, India and Japan together make up about 45 per cent of global LPG purchases.
Local shipping companies get a right of first refusal (RoFR) to match the lowest rate offered by a foreign flag ship in tenders issued by state-run oil firms under the chartering guidelines framed by the Director General of Shipping, India’s maritime regulator. If Indian shipping companies decline, the foreign flag ship is allowed to carry the cargo.
The Great Eastern Shipping is expanding its gas carrier fleet after Varun Resources Limited – once India’s biggest LPG ship operator — collapsed under a mountain of debt and is being liquidated under the Insolvency and Bankruptcy Code.
Varun’s collapse has left a huge gap in India’s LPG shipping tonnage which has opened up a big opportunity for ship owners such as The Great Eastern Shipping to encash.
G E SHIPPING TO SELL
SUPRAMAX VESSEL
17.01.2018
The Great Eastern Shipping Co. Limited (G E Shipping) has contracted to sell its 2003-built supramax dry bulk carrier Jag Rahul of about 52 364 DWT. The vessel will be delivered to the new buyer in Q4 FY 2017 – 2018.
The company’s current fleet (including Jag Rahul) stands at 48 vessels, comprising 32 tankers (12 crude carriers, 17 product tankers, three LPG carrier) and 16 dry bulk carriers (one capesize, eight kamsarmax, seven supramax) with an average age of 10.24 years aggregating 3.93 million DWT.
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
UK Pound |
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.