Great Eastern Shipping Co. Ltd. — AGM Information 2022

Jul 4, 2022

Our Ref.: S/2022/JMT July 04, 2022

Mumbai – 400 001 Mumbai – 400 051

BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East),

Dear Sir,

We wish to inform you that the 74th Annual General Meeting (AGM) of the Company will be held on Friday, July 29, 2022 at 3.00 p.m. (IST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in compliance with the applicable provisions of the Companies Act, 2013 and circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India.

We enclose herewith the Notice of AGM alongwith the Annual Report of the Company for the year ended March 31, 2022.

Pursuant to the provisions of Section 108 of the Companies Act, 2013 and Rules framed thereunder, the Company has fixed July 22, 2022 as the 'cut-off' date for remote evoting as well as voting during the AGM. A member's voting rights shall be in proportion to his/her share of the paid-up equity share capital of the Company as on the cut-off date.

The remote e-voting period shall commence at 09.00 a.m. on Monday, July 25, 2022 and end at 5.00 p.m. on Thursday, July 28, 2022.

Those members, who will be present in the AGM through VC / OAVM facility and have not cast their vote on the resolutions through remote e-voting, shall be eligible to vote through e-voting system during the AGM.

www.greatship.com

The Speaker Registrations for AGM will be open from July 24, 2022 (09.00 a.m. onwards) to July 27, 2022 (till 05.00 p.m.).

The Register of Members and Share Transfer Books of the Company will remain closed from July 23, 2022 to July 29, 2022 (both days inclusive) for the Annual General Meeting.

You are requested to take note of the above.

Thanking You, Yours faithfully,

For THE GREAT EASTERN SHIPPING CO. LTD.,

Jayesh M. Trivedi President (Secl. & Legal) & Company Secretary

1

OCEAN HOUSE, 134/A, Dr Annie Besant Road, Worli, Mumbai- 400018, India. Tel: +91 (22) 6661 3000 / 2492 2100 Fax: +91 (22) 2492 5900 Email: shares@greatship.com | Web: www.greatship.com OCEAN HOUSE, 134/A, Dr. Annie Besant Road, Worli, Mumbai - 400 018, INDIA. Tel.: +91(22) 6661 3000 / 2492 2100 Fax : +91(22) 2492 5900

NOTICE

NOTICE is hereby given that the Seventy-Fourth Annual General Meeting of the members of THE GREAT EASTERN SHIPPING CO. LTD. will be held through Video Conferencing / Other Audio Visual Means on Friday, July 29, 2022 at 3.00 p.m. (I.S.T.) to transact the following business:

• 1. To receive, consider and adopt:
• a) the audited financial statements of the Company for the financial year ended March 31, 2022, the reports of the Board of Directors and Auditors thereon; and

CIN: L35110MH1948PLC006472

• b) the audited consolidated financial statements of the Company for the financial year ended March 31, 2022 and report of Auditors thereon.
• 1. To appoint a Director in place of Mr. Tapas Icot (DIN: 00905882), who retires by rotation and being eligible, offers himself for re-appointment.
• 1. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies Act, 2013 [including any modification(s) or re-enactment thereof for the time being in force] and the Rules framed thereunder and pursuant to the recommendation of the Audit Committee, Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration No.117366W/W-100018), be and are hereby re-appointed as Auditors of the Company, to hold office from the conclusion of this Annual General Meeting till the conclusion of the sixth consecutive Annual General Meeting of the Company to be held in the calendar year 2027 at a remuneration to be determined by the Board of Directors."

1. To consider and, if thought fit, to pass with or without modification(s) the following Resolutions as Special Resolutions:

"RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and other applicable provisions, if any, of the Companies Act, 2013 ('the Act') and the Rules framed thereunder and Regulation 17 and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations') [including any statutory modification(s) or re-enactment(s) thereof for the time being in force], Mr. Shivshankar Menon (DIN: 09037177), who was appointed as an Additional Director at the meeting of the Board of Directors of the Company held on May 06, 2022 and who has submitted a declaration that he meets the criteria for independence as provided in the Act and the Listing Regulations and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of Independent Director of the Company under Section 160 of the Act, be and is hereby appointed as an Independent Director of the Company for a term of three years with effect from May 6, 2022."

"RESOLVED FURTHER THAT pursuant to the provisions of Regulation 17(1A) of the Listing Regulations, approval of the members be and is hereby accorded to Mr. Shivshankar Menon (DIN: 09037177), who will attain the age of 75 years on July 5, 2024, to continue as an Independent Director of the Company until expiry of his term as aforesaid."

1. To consider and, if thought fit, to pass with or without modification(s) the following Resolutions as Special Resolutions:

"RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and other applicable provisions, if any, of the Companies Act, 2013 ('the Act') and the Rules framed thereunder and Regulation 17 and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations') [including any statutory modification(s) or re-enactment(s) thereof for the time being in force], Mr. T. N. Ninan (DIN : 00226194), who was appointed as an Additional Director at the meeting of the Board of Directors of the Company held on May 06, 2022 and who has submitted a declaration that he meets the criteria for independence as provided in the Act and the Listing Regulations and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of Independent Director of the Company under Section 160 of the Act, be and is hereby appointed as an Independent Director of the Company for a term of three years with effect from May 06, 2022."

"RESOLVED FURTHER THAT pursuant to the provisions of Regulation 17(1A) of the Listing Regulations, approval of the members be and is hereby accorded to Mr. T. N. Ninan (DIN : 00226194), who will attain the age of 75 years on December 9, 2024, to continue as an Independent Director of the Company until expiry of his term as aforesaid."

1. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and other applicable provisions, if any, of the Companies Act, 2013 ('the Act') and the Rules framed thereunder and Regulation 17 and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations') [including any statutory modification(s) or re-enactment(s) thereof for the time being in force], Mr. Uday Shankar (DIN: 01755963), who was appointed as an Additional Director at the meeting of the Board of Directors of the Company held on May 06, 2022 and who has submitted a declaration that he meets the criteria for independence as provided in the Act and the Listing Regulations and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of Independent Director of the Company under Section 160 of the Act, be and is hereby appointed as an Independent Director of the Company for a term of three years with effect from May 06, 2022."

1. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 196, 197, 203, Schedule V and other applicable provisions of the Companies Act, 2013 ('the Act') and the Rules framed thereunder, Regulation 17(6)(e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (including any modification(s) or re-enactment thereof, for the time being in force), the approval of the Company be and is hereby accorded to the re-appointment of Mr. Bharat K. Sheth (DIN: 00022102) as a Whole-time Director of the Company designated as 'Deputy Chairman & Managing Director' for a period of 3 years with effect from April 01, 2023 on the terms as set out in the Explanatory Statement annexed to this Notice, with liberty to the Board of Directors (hereinafter referred to as 'the Board' which term shall be deemed to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this Resolution) to alter and vary the said terms in such manner as may be agreed between Mr. Bharat K. Sheth and the Board."

1. To consider and, if thought fit, to pass with or without modification(s) the following Resolution as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 196, 197, 203, Schedule V and other applicable provisions of the Companies Act, 2013 ('the Act') and the Rules framed thereunder (including any modification(s) or re-enactment thereof, for the time being in force), the approval of the Company be and is hereby accorded to the re-appointment of Mr. G. Shivakumar (DIN: 03632124) as a Whole-time Director of the Company designated as 'Executive Director' for a period of 3 years with effect from November 14, 2022 on the terms as set out in the Explanatory Statement annexed to this Notice, with liberty to the Board of Directors (hereinafter referred to as 'the Board' which term shall be deemed to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this Resolution) to alter and vary the said terms in such manner as may be agreed between Mr. G. Shivakumar and the Board."

By Order of the Board

Jayesh M. Trivedi Company Secretary

Mumbai, May 06, 2022

Registered Office:

Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai 400018 Tel: 022 6661 3000/ 2492 2100 Fax: 022 2492 5900 Email: shares@greatship.com Web: www.greatship.com CIN: L35110MH1948PLC006472

NOTES:

• 1. In view of the Covid-19 pandemic, the Ministry of Corporate Affairs has, vide its circulars dated April 8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, December 08, 2021, December 14, 2021 and May 05, 2022 (collectively referred to as 'MCA Circulars') permitted the holding of the Annual General Meeting ('AGM') through video conferencing ('VC') / other audio visual means ('OAVM'), without the physical presence of the Members at a common venue. In compliance with the MCA Circulars, the AGM of the Company is being held through VC / OAVM.
• 1. In compliance with the MCA Circulars, Notice of the AGM along with the Annual Report 2021-22 is being sent only through electronic mode to those Members whose email addresses are registered with the Company / Depositories. Members may note that the Notice and Annual Report 2021-22 will also be available on the Company's website: www.greatship.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively, and on the website of KFin Technologies Limited: https://emeetings.kfintech.com.
• 1. Pursuant to the MCA Circulars, the facility to appoint proxy to attend and vote is not available for this AGM.
• 1. The Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
• 1. The Explanatory Statement pursuant to Section 102(1) of the Companies Act, 2013, in respect of the business as per Item Nos. 4 to 8 herein above, is annexed hereto.
• 1. Members seeking any information with regard to the accounts or any matter to be placed at the AGM, are requested to write to the Company on or before July 27, 2022 through email (mentioning their name, demat account number/folio number, contact details etc.) on shares@greatship.com. The same will be replied by the Company suitably.
• 1. The Register of Members and Share Transfer Books of the Company will remain closed from July 23, 2022 to July 29, 2022 (both days inclusive).
• 1. Pursuant to Section 205A of the Companies Act, 1956, all unclaimed dividends upto the 40th dividend for the year 1993-94 paid by the Company on October 05, 1994 have been transferred to the General Revenue Account of the Central Government. Members who have not encashed the Dividend Warrants for the said period are requested to claim the amount from the Registrar of Companies, Maharashtra, C/o. Central Government Office Building, A Wing, 2nd Floor, Next to Reserve Bank of India, CBD Belapur 400 614.
• 1. Pursuant to Section 124(5) of the Companies Act, 2013, the Company has transferred the unclaimed dividend for the year 2013-14 (60th final) and 2014-15 (61st interim) to the Investor Education and Protection Fund (IEPF). The unclaimed dividend for the year 2014-15 (61st Final) will be due for transfer to the IEPF on September 12, 2022 pursuant to Section 124(5) of the Companies Act, 2013. Shareholders who have not encashed the Dividend Warrants are requested to claim the amount from the Company's Share Department at the Registered Office of the Company.
• 1. Pursuant to Section 124(6) of the Companies Act, 2013, all shares in respect of which dividend has not been paid or claimed for seven consecutive years will also be due for transfer by the Company in the name of Investor Education and Protection Fund on September 12, 2022 as aforesaid. Any claimant of shares transferred above shall be entitled to claim such shares from Investor Education and Protection Fund.
• 1. The information as required under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of the Directors being appointed / re-appointed is annexed hereto.
• 1. Relevant documents referred to in the accompanying Notice and the Explanatory Statement are open for inspection by the members on the website of the Company: www.greatship.com.

During the AGM, the Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Companies Act, 2013, the Register of Contracts or Arrangements in which Directors are interested under Section 189 of the Companies Act, 2013 shall be available for inspection through electronic mode on the website of the Company: www.greatship.com

1. The Company has availed the services of KFin Technologies Limited ('KFinTech') for conducting of the AGM through VC/OAVM and providing e-voting facility during the AGM as well as remote e-voting facility.

Pursuant to Section 108 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 all the business as per Item Nos. 1 to 8 hereinabove, is required to be transacted by electronic means through remote e-voting.

• 1. The remote e-voting period commences at 09.00 a.m. on Monday, July 25, 2022 and ends at 5.00 p.m. on Thursday, July 28, 2022. The remote e-voting module will be disabled by KFinTech for voting thereafter.
• 1. Those Members, who will be present in the AGM through VC / OAVM facility and have not cast their vote on the Resolutions through remote e-voting, shall be eligible to vote through e-voting system during the AGM.
• 1. The Members who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not be entitled to cast their vote again.
• 1. A member's voting rights shall be in proportion to his/her share of the paid-up equity share capital of the Company as on July 22, 2022 ('cutoff date'). A person whose name is recorded in the Register of Members of the Company or in the Register of Beneficial Owners maintained by the depositories as on the 'cut-off date only' shall be entitled to avail the facility of remote e-voting as well as voting in the AGM. A person who is not a member as on the cut-off date should treat this Notice for information purposes only.
• 1. The Board of Directors of the Company has appointed Mr. Atul Mehta, failing him, Ms. Ashwini Inamdar, Partners, Mehta & Mehta, Company Secretaries, as Scrutinizers for conducting the remote e-voting and e-voting process in a fair and transparent manner.
• 1. The Scrutinizer will submit his/her report addressed to Mr. K. M. Sheth, Chairman or any officer of the Company authorised by the Chairman, after completion of the scrutiny and the results of the voting will be announced on or before August 1, 2022. The voting results shall be submitted to the Stock Exchanges. The same shall be displayed on the Notice Board of the Company at its Registered Office and shall also be placed on the website of the Company and KFin's website.
• 1. SEBI, vide its Circular dated November 03, 2021, has mandated registration of PAN, postal address, email address, mobile number, bank account details, specimen signature and nomination by holders of physical securities. Members holding shares in physical form are requested to submit the necessary details by sending a duly filled and signed Form ISR-1 to the Company or KFinTech.

Members, holding shares in physical form, may also note that as per the aforesaid Circular, the RTAs shall not process any service requests or complaints received from the holder(s) / claimant(s), till the aforesaid details are received. Further, folios wherein the aforesaid details are not available on or after April 01, 2023 or folios wherein PAN is not linked to Aadhaar by the date as may be specified by the Central Board of Direct Taxes, shall be frozen and the members will not be eligible for receipt of dividend in physical mode.

• 1. SEBI, vide its Circular dated January 25, 2022, has clarified that listed companies shall issue the securities only in demat mode while processing investor service requests pertaining to issuance of duplicate shares, transmission, transposition, sub-division/consolidation of share certificates, etc. In view of the same, Members holding shares in physical form are requested to consider converting their holdings to demat mode.
• 1. Members, holding shares in electronic form, are requested to register their e-mail address for receiving all communication including Annual Report, Notices, Circulars, etc. from the Company electronically with respective Depository Participants.
• 1. KPRISM- Mobile service application by KFinTech:

Members are requested to note that, KFinTech has launched a mobile application - KPRISM and a website https://kprism.kfintech.com/ for investors. Now you can download the mobile app and see your portfolios serviced by KFinTech, check dividend status, request for annual reports, download standard forms, etc. The android mobile application can be downloaded from Play Store by searching for "KPRSIM".

24. INSTRUCTIONS FOR REMOTE E-VOTING, ATTENDING THE AGM AND E-VOTING AT THE AGM ARE AS FOLLOWS:

I) Information and instructions for remote e-voting:

1) For Individual shareholders holding securities in demat mode:

As per the SEBI circular dated December 9, 2020 on 'e-Voting Facility Provided by Listed Entities', e-voting process has been enabled for all individual demat account holders, by way of single login credential, through their demat accounts / websites of Depositories / Depository Participants in order to increase the efficiency of the voting process.

Individual demat account holders would be able to cast their vote without having to register again with the E-voting Service Provider (ESP) thereby not only facilitating seamless authentication but also ease and convenience of participating in e-voting process. Members are advised to update their mobile number and e-mail ID with their Depository Participants to access e-voting facility.

Login method for remote e-voting for Individual shareholders holding securities in demat mode is as follows:

TYPE OF MEMBER	LOGIN METHOD
Individual Members holding equity shares in demat mode with NSDL	A) Existing Internet-based Demat Account Statement ("IDeAS") facility Users:
	i) Visit the e-services website of NSDL "https://eservices.nsdl.com" either on a personal computer or on a mobile. ii) On the e-services home page click on the "Beneficial Owner" icon under "Login" which is available under 'IDeAS' section. Thereafter enter the existing user id and password.
	iii) After successful authentication, Members will be able to see e-voting services under 'Value Added Services'. Please click on "Access to e-voting" under e-voting services, after which the e-voting page will be displayed.
	iv) Click on Company name i.e. 'The Great Eastern Shipping Company Limited' or e-voting service provider i.e. KFinTech.
	v) Members will be re-directed to KFinTech's website for casting their vote during the remote e-voting period and voting during the AGM.
	B) Users not registered under IDeAS e-Services:
	i) Visit https://eservices.nsdl.com for registering.
	ii) Select "Register Online for IDeAS Portal" or click at "https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp".
	C) By visiting the e-voting website of NSDL:
	i) Visit the e-voting website of NSDL "https://www.evoting.nsdl.com/".
	ii) Once the home page of e-voting system is launched, click on the icon "Login" which is available under 'Shareholder / Member' section. A new screen will open.
	iii) Members will have to enter their User ID (i.e. the sixteen digits demat account number held with NSDL), password / OTP and a Verification Code as shown on the screen.
	iv) After successful authentication, Members will be redirected to NSDL Depository site wherein they can see e-voting page.
	v) Click on company name i.e. The Great Eastern Shipping Company Limited or e-voting service provider name i.e. KFinTech after which the Member will be redirected to e-voting service provider website for casting their vote during the remote e-voting period and voting during the AGM.
	vi) Members can also download the NSDL Mobile App "NSDL Speed-e" facility by scanning the QR code mentioned below for seamless voting experience.
	NDSL Mobile app is available on Apple App Store and Google Play store

TYPE OF MEMBER LOGIN METHOD

Individual Members
holding equity shares in	A) Existing user who have opted for Electronic Access To Securities Information ("Easi / Easiest") facility:
demat mode with CDSL
	i) Visit https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com
	ii) Click on New System Myeasi.
	iii) Login to MyEasi option under quick login.
	iv) Login with the registered user ID and password.
	v) Members will be able to view the e-voting Menu.
	vi) The Menu will have links of KFinTech e-voting portal and will be redirected to the e-voting page of KFinTech to cast their vote without any further authentication.
	B) Users who have not opted for Easi/Easiest:
	i) Visit https://web.cdslindia.com/myeasi/Registration/EasiRegistration for registering.
	ii) Proceed to complete registration using the DP ID, Client ID (BO ID), etc.
	iii) After successful registration, please follow the steps given in point no. A above to cast your vote.
	C) By visiting the e-voting website of CDSL:
	i) Visit www.cdslindia.com
	ii) Provide demat Account Number and PAN
	iii) System will authenticate user by sending OTP on registered mobile and email as recorded in the demat Account.
	iv) After successful authentication, please enter the e-voting module of CDSL. Click on the e-voting link available against the name of the Company, viz. 'The Great Eastern Shipping Company Limited' or select KFinTech.
	v) Members will be re-directed to the e-voting page of KFinTech to cast their vote without any further authentication.
Individual Members	i) Members can also login using the login credentials of their demat account through their DP registered with the Depositories for e-voting facility.
(holding equity shares	ii) Once logged-in, Members will be able to view e-voting option.
in demat mode)	iii) Upon clicking on e-voting option, Members will be redirected to the NSDL / CDSL website after successful
logging through their Depository	authentication, wherein they will be able to view the e-voting feature. iv) Click on options available against 'The Great Eastern Shipping Company Limited' or 'KFinTech'.
Participants	v) Members will be redirected to e-voting website of KFinTech for casting their vote during the remote e-voting period without any further authentication.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot Password option available at respective websites.

Helpdesk for Individual Members holding equity shares in demat mode for any technical issues related to login through NSDL / CDSL:

MEMBERS FACING ANY TECHNICAL ISSUE - NSDL	MEMBERS FACING ANY TECHNICAL ISSUE - CDSL
Members facing any technical issue in login can contact NSDL	Members facing any technical issue in login can contact CDSL
helpdesk by sending a request at "evoting@nsdl.co.in" or call on toll	helpdesk by sending a request at "helpdesk.evoting@cdslindia.com"
free number: 1800 1020 990 and 1800 224 430	or contact on 022- 23058738 or 022-23058542-43

2) For Members other than Individuals holding securities in demat mode.

A) Members whose email IDs are registered with the Company / Depository Participants, will receive an email from KFinTech which will include details of e-voting Event Number (EVEN), USER ID and Password.

They will have to follow the following process:

• i. Launch internet browser by typing the URL: https://evoting.kfintech.com/
• ii. Enter the login credentials (i.e. User ID and password). In case of physical folio, User ID will be EVEN (E-Voting Event Number) followed by folio number. In case of Demat account, User ID will be your DP ID and Client ID. However, if a Member is registered with KFinTech for e-voting, they can use their existing User ID and password for casting the vote.

• iii. After entering these details appropriately, click on "LOGIN".

• iv. Members will now reach password change Menu wherein they are required to mandatorily change the password. The new password shall comprise of minimum 8 characters with at least one upper case (A- Z), one lower case (a-z), one numeric value (0-9) and a special character (@,#,\$, etc.,). The system will prompt the Member to change their password and update their contact details viz. mobile number, email ID etc. on first login. Members may also enter a secret question and answer of their choice to retrieve their password in case they forget it. It is strongly recommended that Members do not share their password with any other person and that they take utmost care to keep their password confidential.

• v. Members would need to login again with the new credentials.
• vi. On successful login, the system will prompt the Member to select the "EVEN" i.e., 'The Great Eastern Shipping Company Limited AGM" and click on "Submit"
• vii. On the voting page, enter the number of shares (which represents the number of votes) as on the Cut-off Date under "FOR/AGAINST" or alternatively, a Member may partially enter any number in "FOR" and partially "AGAINST" but the total number in "FOR/AGAINST" taken together shall not exceed the total shareholding of the shareholder as on the cut-off date. A Member may also choose the option ABSTAIN. If a Member does not indicate either "FOR" or "AGAINST" it will be treated as "ABSTAIN" and the shares held will not be counted under either head.
• viii.Members holding multiple folios / demat accounts shall choose the voting process separately for each folio / demat account.
• ix. Voting has to be done for each item of the notice separately. In case a Member does not desire to cast their vote on any specific item, it will be treated as abstained.
• x. A Member may then cast their vote by selecting an appropriate option and click on "Submit".
• xi. A confirmation box will be displayed. Click "OK" to confirm else "CANCEL" to modify. Once a Member has voted on the resolution (s), they will not be allowed to modify their vote. During the voting period, Members can login any number of times till they have voted on the Resolution(s).
• xii. Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI etc.) are also required to send scanned certified true copy (PDF Format) of the Board Resolution/Authority Letter etc., authorizing its representative to attend the AGM through VC / OAVM on its behalf and to cast its vote through remote e-voting together with attested specimen signature(s) of the duly authorised representative(s), to the Scrutinizer at email id evoting@mehta-mehta.com with a copy marked to evoting@kfintech.com. The scanned image of the abovementioned documents should be in the naming format "Corporate Name_Even No."
• B) Members whose email IDs are not registered with the Company/Depository Participants and consequently the Annual Report, Notice of AGM and e-voting instructions cannot be serviced, will have to follow the following process:
• i. Members who have not registered their email address, thereby not being in receipt of the Annual Report, Notice of AGM and e-voting instructions, may temporarily get their email address and mobile number submitted with KFinTech by following the below steps:
  • (a) Visit the link: https://ris.kfintech.com/clientservices/mobilereg/mobileemailreg.aspx.
  • (b) Select the company name i.e. The Great Eastern Shipping Company Limited
  • (c) Select the Holding type from the drop down i.e. NSDL/CDSL/Physical
  • (d) Enter DP ID Client ID (in case shares are held in electronic form)/Physical Folio No. (in case shares are held in physical form) and PAN.
  • (e) If PAN details are not available in the system, the system will prompt to upload a self-attested copy of the PAN card for updating records .
  • (f) In case shares are held in physical form and PAN is not available in the records, please enter any one of the Share Certificate No. in respect of the shares held by you.
  • (g) Enter the email address and mobile number.
  • (h) System will validate DP ID Client ID/Folio number and PAN/share certificate number, as the case may be, and send OTP at the registered mobile number as well as email address for validation.
  • (i) Enter the OTPs received by SMS and email to complete the validation process. OTP will be valid for 5 minutes only.
  • (j) The Notice and e-voting instructions along with the User ID and Password will be sent on the email address updated by the member.
  • (k) Please note that in case the shares are held in demat form, the above facility is only for temporary registration of email address for receipt of the Notice and the e-voting instructions along with the User ID and Password. Such members will have to register their email address with their DPs permanently, so that all communications are received by them in electronic form.

• ii. Members are requested to follow the process as guided to capture the email address and mobile number for receiving the soft copy of the AGM Notice and e-voting instructions along with the User ID and Password. In case of any queries, Members may write to einward.ris@kfintech.com/shares@greatship.com.

• iii. Alternatively, Members may send an e-mail request at the email id einward.ris@kfintech.com along with scanned copy of the request letter, duly signed, providing their email address, mobile number, self-attested PAN copy and Client Master copy in case of electronic folio and copy of share certificate in case of physical folio for sending the Annual report, Notice of AGM and the e-voting instructions.

• iv. After receiving the e-voting instructions, please follow all the above steps to cast your vote by electronic means.

In case of any queries/grievances, you may refer the Frequently Asked Questions (FAQs) for Members and e-voting User Manual available at the 'download' section of https://evoting.kfintech.com or call KFinTech on 1800 309 4001 (toll free).

II. Instructions for attending the AGM of the Company through VC/OAVM and e-Voting during the meeting.

i. Members will be provided with a facility to attend the AGM through VC / OAVM platform provided by KFintech. Members may access the same at https://emeetings.kfintech.com/ by using the e-voting login credentials provided in the email received from KFintech. After logging in, click on the Video Conference tab and select the EVEN of the Company. Click on the camera icon and accept the meeting etiquettes to join the meeting.

Please note that the members who do not have the User ID and Password or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned above.

• ii. Facility for joining AGM though VC/ OAVM shall open atleast 30 minutes before the commencement of the Meeting.
• iii. Members are encouraged to join the Meeting through Laptops/ Desktops with Google Chrome (latest version), Safari, Internet Explorer 11, Microsoft Edge, Mozilla Firefox.
• iv. Members will be required to grant access to the webcam to enable VC / OAVM.
• v. Members connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
• vi. Members who have not cast their vote through remote e-voting shall be eligible to cast their vote through e-voting system available during the AGM. The 'Vote Now Thumb sign' on the left-hand corner of the video screen shall be activated upon instructions of the Chairman during the AGM. Members shall click on the same to take them to the "Insta-poll" page. Members shall click on the "Insta-poll" icon to reach the resolution page and follow the instructions to vote on the resolutions.
• vii. A Member can opt for only single mode of voting i.e., through Remote e-voting or voting at the AGM. If a Member casts votes by both modes, then voting done through Remote e-voting shall prevail and vote at the AGM shall be treated as invalid.
• viii.In case of joint holders attending the AGM, only such joint holder who is higher in the order of names will be entitled to vote at the AGM.
• ix. Facility of joining the AGM through VC / OAVM shall be available for at least 2000 members on first come first served basis.
• x. However, the participation of large shareholders i.e. members holding 2% or more, promoters, Institutional Investors, Directors, Key Managerial Personnel, Chairperson of Audit Committee, Stakeholders' Relationship Committee, Nomination and Remuneration Committee and Auditors are not restricted on first come first serve basis.
• xi. Institutional Members are encouraged to attend and vote at the AGM through VC / OAVM.

OTHER INSTRUCTIONS

• I. Speaker Registration: The Members who wish to speak during the meeting may register themselves as speakers for the AGM to express their views. They can visit https://emeetings.kfintech.com and login through the user id and password provided in the mail received from Kfintech. On successful login, select 'Speaker Registration' which will be open from July 24, 2022 (09.00 a.m. onwards) to July 27, 2022 (till 05.00 p.m.). Members shall be provided a 'queue number' before the meeting. The Company reserves the right to restrict the speakers at the AGM to only those Members who have registered themselves and number of questions, depending on the availability of time for the AGM.
• II. Post your Queries: The Members who wish to post their queries/views prior to the meeting can do the same by visiting https://emeetings. kfintech.com. Please login through the user id and password provided in the mail received from Kfintech. On successful login, select 'Post Your Queries' option which will be opened from July 24, 2022 (09.00 a.m. onwards) to July 27, 2022 (till 05.00 p.m.).
• III. In case of any query and/or grievance, in respect of voting by electronic means, Members may refer to the Help & Frequently Asked Questions (FAQs) and E-voting user manual available at the download section of https://emeetings.kfintech.com or send email to evoting@kfintech.com or call KFinTech's toll free No. 1-800-309-4001 for any further clarifications.
• IV. The Members, whose names appear in the Register of Members / list of Beneficial Owners as on July 22, 2022, being the cut-off date, are entitled to vote on the resolutions set forth in this Notice. A person who is not a Member as on the cut-off date should treat this Notice for information purposes only. Once the vote on a resolution(s) is cast by the Member, the Member shall not be allowed to change it subsequently.
• V. In case a person has become a Member of the Company after dispatch of AGM Notice but on or before the cut-off date for E-voting, he/she may obtain the User ID and Password in the manner as mentioned below:
• i. If the mobile number of the member is registered against Folio No./ DP ID Client ID, the member may send SMS: MYEPWD E-Voting Event Number+Folio No. or DP ID Client ID to 9212993399 Example for NSDL: MYEPWD IN12345612345678 Example for CDSL: MYEPWD 1402345612345678 Example for Physical: MYEPWD XXXX1234567890
• ii. If e-mail address or mobile number of the member is registered against Folio No. / DP ID Client ID, then on the home page of https:// evoting.kfintech.com, the member may click "Forgot Password" and enter Folio No. or DP ID Client ID and PAN to generate a password.
• 1. Members who may require any technical assistance or support before or during the AGM are requested to contact KFintech at toll free number 1-800-309-4001 or write to them at or can view the instructions at https://emeetings.kfintech.com/video/howitworks.aspx. Kindly quote your name, DP ID-Client ID / Folio no. and E-voting Event Number in all your communications.
• 1. Members are requested to note the following contact details for addressing e-voting grievances:

Mr. Anil Dalvi

Manager KFin Technologies Limited Selenium Tower B, Plot 31-32, Financial District, Nanakramguda, Serilingampally, Gachibowli, Hyderabad - 500 032, Telangana. Telephone: + 91 - 40 6716 1631 E-mail: einward.ris@kfintech.com

10

Instructions at a glance

Cut-off date	July 22, 2022
Remote e-voting period	Starts at 09.00 a.m. on July 25, 2022 and ends at 5.00 p.m. on July 28, 2022
For remote e-voting	Individual shareholders holding shares in demat mode - log on through NSDL/CDSL/DP websites Other shareholders - log on to https://evoting.kfintech.com
Speaker Registration	From July 24, 2022 to July 27, 2022
	Log on to: https://emeetings.kfintech.com
AGM	03.00 p.m. on July 29, 2022
For attending AGM	Log on to: https://emeetings.kfintech.com
For e-voting during AGM	After voting is announced, click on the voting icon on the video screen
KFin's contact details	Toll free number: 1-800-309-4001

EXPLANATORY STATEMENT UNDER SECTION 102(1) OF THE COMPANIES ACT, 2013

ITEM NOS. 4, 5 & 6:

The Board of Directors of the Company, based on the recommendations of the Nomination & Remuneration Committee, at their meeting held on May 06, 2022 appointed Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar as Additional and Independent Directors of the Company for a term of three years w.e.f. May 06, 2022.

Mr. Shivshankar Menon is currently visiting professor at Ashoka University, India, and Chair of the Ashoka Centre for China Studies. He was previously National Security Advisor to the Prime Minister of India, Jan 2010-May 2014; Foreign Secretary of India, October 2006-July 2009; and has served as the Indian Ambassador or High Commissioner to China, Pakistan, Sri Lanka and Israel.

Mr. T.N. Ninan is widely considered to be a pioneering editor and trend-setter in Indian business journalism. Mr. Ninan was the editor of Business Standard from 1993 to 2009, and from 1996 to 2009 its publisher as well. He was the chairman of the Business Standard's board of directors from 2009 till 2020. Earlier, Mr. Ninan was the editor of The Economic Times; and, in the 1980s, the executive editor at India Today.

Mr. Uday Shankar, director at Marigold Park, is a highly successful and globally recognized Indian executive who created one of the biggest media and entertainment businesses in the Asia-Pacific region. In his new avatar, Mr. Shankar is a technology entrepreneur and is partnering with James Murdoch to set up technology-led enterprises. Mr. Shankar has served in several leadership roles including as Chairman and Chief Executive Officer of Star India, President of 21st Century Fox Asia, and more recently President of The Walt Disney Company Asia Pacific & Chairman of Disney & Star India.

The Board considers that Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar bring tremendous value to the Board and that the Company will immensely benefit with their presence on the Board as Independent Directors. Accordingly, the Board of Directors commend the resolutions set out in Item Nos. 4, 5 & 6 of the accompanying Notice for the approval of the members.

By virtue of the provisions of Section 161 of the Companies Act, 2013 ('the Act'), read with Article 95 of the Articles of Association of the Company, they will hold office upto the date of the Annual General Meeting. The Company has received notices in writing from members under Section 160 of the Act proposing the candidature of Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar for the offices of Independent Directors of the Company.

As per the provisions of Section 149 of the Act, an Independent Director shall hold office for a term up to five consecutive years and shall not be liable to retire by rotation. It is proposed that Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar will hold office as Independent Directors of the Company for a term of three years w.e.f. May 06, 2022.

As per the provisions of Regulation 17(1A) of the Listing Regulations, no listed entity shall appoint a person or continue the directorship of any person as a non-executive director who has attained the age of 75 years unless a special resolution is passed to that effect. Mr. Shivshankar Menon and Mr. T. N. Ninan will attain 75 years of age on July 05, 2024 and December 09, 2024 respectively. Accordingly, it is proposed to pass special resolutions as set out at Item Nos. 4 and 5 to enable them to continue their directorships for the respective terms of their appointments.

Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar are not disqualified from being appointed as Directors in terms of Section 164 of the Act and have given their consent to act as Directors. The Company has also received declarations from them that they meet the criteria of independence as prescribed both under Section 149(6) of the Act and under Regulation 16(1)(b) of the Listing Regulations.

In the opinion of the Board, Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar are independent of the management and fulfill the conditions for appointment as Independent Directors as specified in the Act and the Listing Regulations.

Brief resume of Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar, nature of their expertise in specific functional areas and other details as stipulated under the Listing Regulations are annexed to the Notice. The same may be treated as justification for their appointment as Independent Directors.

Copies of the letters for appointment of Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar, setting out the terms and conditions, are available for inspection by members at the Registered Office of the Company.

Your Directors commend the resolutions at Item Nos. 4, 5 & 6 of the Notice for your approval.

Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar are interested, financially or otherwise, in the resolutions as set out at Item Nos. 4, 5 & 6 of the Notice with regard to their respective appointment. Their relatives may also be deemed to be interested in the resolutions set out at Item Nos. 4, 5 & 6 of the Notice, to the extent of their shareholding interest, if any, in the Company.

Save and except the above, none of the other Directors or Key Managerial Personnel of the Company or their relatives are, in any way, financially or otherwise, concerned or interested in the aforesaid resolutions.

ITEM NOS. 7 & 8

The Members of the Company, at their Annual General Meeting held on July 30, 2020, approved the re-appointment of Mr. Bharat K. Sheth as 'Deputy Chairman & Managing Director' of the Company for a period of 3 years with effect from April 1, 2020 and also the re-appointment of Mr. G. Shivakumar as 'Executive Director' of the Company for a period of 3 years with effect from November 14, 2019.

The existing terms of appointment of Mr. G. Shivakumar and Mr. Bharat K. Sheth are expiring on November 13, 2022 and March 31, 2023 respectively.

The Nomination and Remuneration Committee at its meeting held on May 05, 2022 recommended the re-appointment of Mr. G. Shivakumar as 'Executive Director' and Mr. Bharat K. Sheth as 'Deputy Chairman & Managing Director' for a period of 3 years with effect from November 14, 2022 and April 01, 2023 respectively on fresh terms, particulars of which are set out hereinafter.

While considering the re-appointment the Nomination and Remuneration Committee considered the volatility in shipping business, the impact of Accounting Standards, current uncertainty due to Covid-19 global pandemic and geo-political uncertainties, which may result in decline in the Company's profitability or may lead to absence or inadequate profits in the future years.

Members may note that in the event of absence or inadequacy of profits in any financial year, Section 197 read with Schedule V of the Companies Act, 2013 allows payment of remuneration in excess of the limits prescribed therein if the shareholders, by way of special resolution, approve the same for a period not exceeding 3 years. Accordingly, Mr. G. Shivakumar and Mr. Bharat K. Sheth have been recommended to be re-appointed for a period of 3 years.

The terms of appointment as recommended by the Nomination and Remuneration Committee are similar to the earlier terms of appointment of Mr. Bharat K. Sheth and Mr. G. Shivakumar except that the Committee has recommended a modest increase in remuneration payable to them with a view to align remuneration packages with the best corporate practices prevailing in the industry and particularly in the shipping industry globally as follows:

NAME	CURRENT CONSOLIDATED SALARY	REVISED CONSOLIDATED SALARY
Mr. Bharat K. Sheth	In the scale of 405 lakh p.a. to 540 lakh p.a.	In the scale of 423 lakh p.a. to 540 lakh p.a.
Mr. G. Shivakumar	in the scale of 120 lakh p.a. to 195 lakh p.a.	In the scale of 155 lakh p.a. to 200 lakh p.a.

In accordance with the recommendations of the Nomination and Remuneration Committee, the Board of Directors, at their meeting held on May 06, 2022 re-appointed Mr. G. Shivakumar, as 'Executive Director' for a period of 3 years with effect from November 14, 2022 on fresh terms, particulars of which are as follows:

• a) Salary: Consolidated Salary, including Company's contribution to Provident Fund, Superannuation Fund and all other allowances, as may be decided by the Board of Directors of the Company in the scale of 155 lakh p.a. to 200 lakh p.a.

• b) Variable Pay: Variable Pay for each financial year, as may be fixed by the Board of Directors of the Company considering individual performance as well as performance of the Company, not exceeding one time the annual Consolidated Salary referred to at (a) above.

• c) In addition, Mr. G. Shivakumar will be entitled to following benefits as per the rules of the Company:

• i) Transportation/conveyance facilities.
• ii) Telecommunication facilities including at residence.
• iii) Leave encashment.
• iv) Reimbursement of medical expenses incurred for himself and his family.
• v) Insurance cover.
• vi) Housing Loan.
• vii) Membership fees of Clubs.
• viii)Gratuity.
• ix) Leave travel allowance.
• x) Post-retirement medical benefits.
• xi) Other benefits as may be applicable to his grade from time to time.
• d) Mr. G. Shivakumar shall be paid aforesaid remuneration notwithstanding that the same may exceed the limits prescribed under Section 197(1), Schedule V or any other applicable provisions of the Companies Act, 2013 as may be amended from time to time or any other law for the time being in force.
• e) In the event of absence or inadequacy of profit in any financial year, Mr. G. Shivakumar shall be paid aforesaid remuneration as minimum remuneration.
• f) Expenses incurred by Mr. G. Shivakumar during business trips for travelling, boarding and lodging shall be reimbursed and not considered as perquisites.
• g) Mr. G. Shivakumar shall be responsible for all such functions as may be delegated to him by the Managing Director and the Board of Directors from time to time.
• h) The Company or Mr. G. Shivakumar shall be entitled to terminate this appointment by giving three months' notice in writing.

In accordance with the recommendations of the Nomination and Remuneration Committee, the Board of Directors, at their meeting held on May 06, 2022 re-appointed Mr. Bharat K. Sheth as 'Deputy Chairman & Managing Director' for a period of 3 years with effect from April 1, 2023 on fresh terms, particulars of which are as follows:

• a) Salary: Consolidated Salary, including Company's contribution to Provident Fund, Superannuation Fund and all other allowances, as may be decided by the Board of Directors of the Company in the scale of 423 lakh p.a. to 540 lakh p.a.
• b) Variable Pay: Variable Pay for each financial year, as may be fixed by the Board of Directors considering individual performance as well as performance of the Company,
• i) not exceeding one and half times the annual Consolidated Salary referred to at (a) above if in any financial year the Company has no profits or its profits are inadequate
• ii) not exceeding three times the annual Consolidated Salary referred to at (a) above where the Company has adequate profits.
• c) In addition, Mr. Bharat K. Sheth will be entitled to:
• i) Transportation/conveyance facilities as per the rules of the Company.
• ii) Telecommunication facilities including at residence.
• iii) Leave encashment as per rules of the Company.
• iv) Reimbursement of medical expenses incurred for himself and his family.
• v) Insurance cover as per rules of the Company.
• vi) Housing Loan as per rules of the Company.
• vii) Fees of Clubs subject to a maximum of two clubs.
• viii)Leave travel allowance as per rules of the Company.

• d) The expenses incurred by Mr. Bharat K. Sheth for Company's business and expenses incurred during business trips for travelling, boarding and lodging, including for his spouse shall be reimbursed and not be considered as perquisites.

• e) Mr. Bharat K. Sheth shall be paid aforesaid remuneration notwithstanding that the same may exceed the limits prescribed under Section 197(1), Schedule V or any other applicable provisions of the Companies Act, 2013 or Regulation 17(6)(e) or any other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as may be amended from time to time or any other law for the time being in force.

• f) In the event of absence or inadequacy of profit in any financial year, Mr. Bharat K. Sheth shall be paid aforesaid remuneration as minimum remuneration.
• g) In addition, Mr. Bharat K. Sheth shall also be entitled to bonafide payment (which shall include providing perquisites) by way of pension in respect of his past services to the Company in accordance with a scheme formulated by the Board of Directors from time to time, subject to the limits prescribed, if any, under the Companies Act, 2013.
• h) In the event of loss of his office as a Wholetime Director, Mr. Bharat K. Sheth shall be paid compensation in the manner and to the extent provided under Sections 191 and 202 of the Companies Act, 2013.

The terms of remuneration of Mr. Bharat K. Sheth and Mr. G. Shivakumar are in accordance with the Remuneration Policy for the Directors, Key Managerial Personnel and other employees of the Company, which describes in detail the structure of remuneration, guiding principles, performance criteria, rating methodology etc. Copy of the Remuneration Policy is available on the website of the Company – www.greatship.com

The Members may note that Regulation 17(6)(e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 requires obtaining approval of the shareholders by way of special resolution if the annual remuneration payable to executive director who is a promoter or member of promoter group exceeds the limits prescribed therein. The said provisions will be applicable to Mr. Bharat K. Sheth, being promoter of the Company.

The approval of Members is sought for re-appointment and payment of remuneration to the aforesaid Whole-time Directors for a period of three years from the date of their re-appointments by way of special resolutions.

Your Directors commend the resolutions at Item Nos. 7 & 8 of the Notice for your approval.

Mr. Bharat K. Sheth may be deemed to be interested, financially or otherwise, in the resolution as set out at Item No. 7 of the Notice. Mr. K. M. Sheth and Mr. Ravi K. Sheth may also be deemed to be interested in the aforesaid resolution. Other relatives of Mr. Bharat K. Sheth may be deemed to be interested in the aforesaid resolution to the extent of their shareholding interest, if any, in the Company.

Mr. G. Shivakumar may be deemed to be interested, financially or otherwise, in the resolution as set out at Item No. 8 of the Notice. The relatives of Mr. G. Shivakumar may also be deemed to be interested in the aforesaid resolution to the extent of their shareholding interest, if any, in the Company.

None of the other Directors or Key Managerial Personnel of the Company or their relatives are, in any way, concerned or interested financially or otherwise in the aforesaid resolutions.

The information as required to be disclosed under Schedule V (Part II) (Section II) of the Companies Act, 2013 is as follows:

I. GENERAL INFORMATION

• 1. Nature of Industry: Shipping industry
• 1. Date or expected date of commencement of commercial production: Not applicable
• 1. In case of new companies, expected date of commencement of activities as per project approved by financial institution appearing in the prospectus: Not applicable

14

1. Financial performance based on given indicators:

			(` in crores)
PARTICULARS	FY 2019-20	FY 2020-21	FY 2021-22
Total Revenue	3090.61	2892.85	2966.39
Profit / (Loss) before tax	319.53	1065.87	830.55
Profit / (Loss) after tax	280.69	1030.13	811.67

5. Foreign investments or collaborations, if any:

The Company does not have any foreign collaborations. As per the shareholding pattern of the Company as on March 31, 2022, the foreign investment in the equity shares of the Company is as follows:

CATEGORY	NO. OF EQUITY SHARES HELD	% OF PAID-UP EQUITY SHARE CAPITAL HELD
Foreign Portfolio Investors/ Foreign Institutional Investors	3,13,41,093	21.94%
Non-resident Indians & others	15,18,922	1.06%

II. INFORMATION ABOUT THE APPOINTEES

Mr. Bharat K. Sheth

a) Background details:

Born in 1958, Mr. Bharat K. Sheth joined the Company in 1981, just after obtaining his Bachelor of Science (Economics) with honours from St. Andrews University, Scotland. In the initial years of his career he worked very closely with his colleagues and gained expertise in chartering and Sale & Purchase activities, the most intricate part of the shipping business. He was inducted on the Board as an 'Executive Director' on July 1, 1989 and became 'Managing Director' of the Company with effect from April 1, 1999. He was re-designated as 'Deputy Chairman & Managing Director' of the Company with effect from August 12, 2005.

Mr. Bharat K. Sheth is the Independent Director on the Board of Adani Ports and Special Economic Zone Limited. He is also the Chairman of Greatship (India) Limited and Director on the Boards of Indian National Shipowners Association, The North of England P&I Association Limited, The Steamship Mutual Underwriting Association (Bermuda) Limited, The International Tanker Owners Pollution Federation Limited.

Apart from being the member of Stakeholders' Relationship Committee, Corporate Social Responsibility Committee, Share Tansfer Committee, Borrowing Committee and Chairman of Risk Management Committee and Debenture Issue Committee of the Company, Mr. Bharat K. Sheth is also a member of the following committee:

NAME OF THE COMPANY	NAME OF THE COMMITTEE	MEMBER/CHAIRMAN
Adani Ports & Special Economic Zone Limited	Risk Management Committee	Member

Mr. Bharat K. Sheth has attended all 6 Board meetings of the Company held during the financial year 2021-22.

b) Past Remuneration:

The details of past remuneration paid by the Company to Mr. Bharat K. Sheth are as follows:

			(` in lakhs)
REMUNERATION	FY 2019-20	FY 2020-21	FY 2021-22
CONSOLIDATED SALARY
Entitlement as per Members' approval	485.00	540.00	540.00
ACTUAL PAYMENT MADE (A)	405.00	405.00	405.00
VARIABLE PAY
Entitlement as per Members' approval	1215.00	1215.00	1215.00
ACTUAL PAYMENT MADE (B)	504.00	405.00	405.00
BENEFITS (C)	34.70	41.16	48.02
TOTAL (A+B+C)	943.70	851.16	858.02

During the year, Mr. Bharat K. Sheth, who is also the Non-executive Chairman of Greatship (India) Ltd. (GIL), a wholly owned subsidiary of the Company, was in receipt of remuneration of 5.40 lakhs for FY 2020-21 from GIL. The Board of Directors of GIL have approved payment of remuneration of 9 lakhs for FY 2021-22 to Mr. Bharat K. Sheth, subject to GIL's shareholders' approval.

c) Job profile and suitability:

Substantial powers of management of the affairs of the Company are entrusted with the office of 'Deputy Chairman & Managing Director' of the Company under the overall supervision and control of the Board of Directors. The position is also in charge of the day to day management of the Company. The position is also responsible for strategic decision making and initiatives of the Company.

With more than 41 years of experience behind him, Mr. Bharat K. Sheth is well respected in the international shipping business. Mr. Bharat K. Sheth has contributed significantly to the stability, progress, development and growth of the Company. He has provided outstanding leadership as 'Deputy Chairman & Managing Director'.

d) Remuneration proposed:

The detailed terms of remuneration proposed to be paid to Mr. Bharat K. Sheth have been mentioned in the explanatory statement hereinabove.

e) Comparative remuneration profile with respect to industry, size of the company, profile of the position and person:

The proposed remuneration is comparable and commensurate with the nature and size of the business of the Company and nature of the industry as well as the responsibilities of the appointee.

f) Pecuniary relationship directly or indirectly with the Company, or relationship with the Managerial Personnel, if any:

Mr. Bharat K. Sheth holds 1,61,19,490 equity shares in the Company, including shares held as trustee.

He is the son of Mr. K. M. Sheth, Non-Executive Chairman of the Company and brother of Mr. Ravi K. Sheth, Non-Executive Director of the Company.

Apart from the receipt of remuneration and dividend from the Company, he has no other pecuniary relationship directly or indirectly with the Company or its managerial personnel.

Mr. G. Shivakumar

a) Background details:

Born in 1967, Mr. G. Shivakumar is a Bachelor of Commerce and a Post Graduate in Management from IIM Ahmedabad. He joined the Company as a management trainee immediately after completing his management in 1990. He had stints in key functions like Treasury, Corporate Finance, Human Resources and Strategic Planning. He rose to become the 'Chief Financial Officer' of the Company in 2008 and the 'Executive Director & CFO' of the Company on November 14, 2014.

Mr. G. Shivakumar is also the Chief Financial Officer of Greatship (India) Limited, a wholly owned subsidiary of the Company. He is currently designated as Group CFO. Mr. G. Shivakumar is the Director on the Boards of Great Eastern CSR Foundation, Great Eastern Services Limited and The Greatship (Singapore) Pte. Ltd. He is also an Alternate Director on the Board of The North of England P&I Association Limited.

Mr. G. Shivakumar is a member of the Stakeholders' Relationship Committee, Risk Management Committee, Buyback Committee, Borrowing Committee and Debenture Issue Committee of the Company.

Mr. G. Shivakumar has attended all 6 Board meetings of the Company held during the financial year 2021-22.

b) Past Remuneration:

The details of past remuneration paid to Mr. G. Shivakumar are as follows:

			(` in lakhs)
REMUNERATION	FY 2019-20	FY 2020-21	FY 2021-22
CONSOLIDATED SALARY
Entitlement as per Members' approval	195.00	195.00	195.00
ACTUAL PAYMENT MADE (A)	150.50	150.50	150.50
VARIABLE PAY
Entitlement as per Members' approval	150.50	150.50	150.50
ACTUAL PAYMENT MADE (B)	89.60	93.50	81.00
BENEFITS (C)	6.58	6.81	8.33
TOTAL (A+B+C)	246.68	250.81	239.83

c) Job profile and suitability:

The position of Executive Director and CFO of the Company is in charge of the finance and accounts division of the Company. The position also oversees the functions of corporate communication, human resource and information technology. In addition, the position is also responsible for all such functions as may be delegated by the Deputy Chairman & Managing Director and the Board of Directors from time to time. The position reports to the Deputy Chairman & Managing Director.

Mr. G. Shivakumar possesses the functional and management skills and has rich experience of over 32 years working with the Group.

d) Remuneration proposed:

The detailed terms of remuneration proposed to be paid to Mr. G. Shivakumar have been mentioned in the explanatory statement hereinabove.

e) Comparative remuneration profile with respect to industry, size of the company, profile of the position and person:

The proposed remuneration is comparable and commensurate with the nature and size of the business of the Company and nature of the industry as well as the responsibilities of the appointee.

f) Pecuniary relationship directly or indirectly with the Company, or relationship with the Managerial Personnel, if any:

Mr. G. Shivakumar holds 57 equity shares in the Company. Apart from the receipt of remuneration and dividend from the Company, he has no other pecuniary relationship directly or indirectly with the Company or its managerial personnel.

III. OTHER INFORMATION

1. Possible reasons for loss or inadequate profits:

Members may note that the Company has reported a profit of ` 811.67 crore for the year ended on March 31, 2022. However, the Board of Directors are of the view that the volatility in freight rates, the impact of Accounting Standard 21 (Ind AS 21) and Accounting Standard 109 (Ind AS 109), current uncertainty due to Covid-19 global pandemic and geo-political uncertainties, explained in detail below, may result in a decline in the Company's profitability, and may even lead to losses in future.

Volatility in freight rates: Shipping freight rates have traditionally been very volatile, and this continues to be the case. While the Company makes every effort to ensure that it can ride out the freight rate cycles, and even profit over the long term from the volatility, it cannot control the impact of the freight rate fluctuations on the vessels in the spot market. Therefore, it is possible that there can be years in which the Company has inadequate profits, or even a loss, due to poor freight rates.

Impact of Accounting Standards: Since the Company's revenues and assets are priced in US dollars, the Company has funded its ship acquisitions either by borrowing directly in US dollars, or by borrowing in rupees and swapping the liability into US Dollars through use of derivative instruments. As per the Indian Accounting Standard 21 (Ind AS 21), the effect of revaluation of foreign currency loans is to be taken to the Profit and Loss account. Similarly, as per Indian Accounting Standard 109 (Ind AS 109), the change in the fair value of the derivative is to be taken to the profit and loss account.

However, the corresponding positive effect on the assets side (i.e., the increase in the rupee value of the ships due to depreciation of the rupee against the US dollar) is not taken to the Profit and Loss account. As a result, there is a very significant negative impact on the Profit and Loss account when the rupee depreciates versus the US Dollar.

Uncertainty due to Covid-19 global pandemic: The Covid-19 pandemic has increased the uncertainty on the growth prospects of major economies around the world. If economic growth is at a slower pace than before, it may affect the profitability of the Company, and could even result in a loss.

The Covid-19 pandemic has resulted in many restrictions on travel. Sometimes crew changes can only be carried out by taking expensive chartered flights and/or by deviating ships, all of which result in increased costs. If such restrictions are in place for an extended period, these costs can become very significant.

Geo-political uncertainties: Issues such as wars and sanctions may also affect the shipping markets adversely.

1. Steps taken or proposed to be taken for improvement:

The Company has an established track record in the shipping industry with an experienced and professionally qualified management. It has also successfully managed many shipping cycles over the last seven decades.

Freight rates in the commodity shipping business are traditionally volatile and can vary widely even within short periods. Since shipping is a fragmented commodity market, the ability of any player to control freight rates is non existent and earnings are subject to the vagaries of the market. This leads to uncertainty in earnings, and the only area that can be controlled is the cost base. As explained in the Chairman's statement in the Annual Report of FY 2016-17, a major part of the cost comes from the acquisition value of the ships and how those acquisitions are funded. As part of its management of cycles, the Company has utilized the opportunity to invest in additional capacity in the low part of the market. These purchases have helped to create low-cost capacity, preparing the Company for superior profitability over the course of a full cycle, even if individual years are less profitable.

Irrespective of the level of freight rates, the Company has continued with its efforts to ensure that its ships are maintained and operated to the best international standards. This enables the Company to maximize earnings in both bad and good markets.

1. Expected increase in productivity and profits in measurable terms:

As stated above, the Company believes that as a result of the above actions and positioning, it will be in a position to deliver superior returns over the longer term of 3 to 5 years, even if individual years show low profitability.

IV. DISCLOSURES

Necessary disclosures have been mentioned in the Board's Report under the heading Corporate Governance attached to the financial statements for FY 2021-22.

By Order of the Board

Jayesh M. Trivedi Company Secretary

Mumbai, May 06, 2022

Registered Office:

Ocean House, 134/ A, Dr. Annie Besant Road, Worli, Mumbai 400 018 Tel : 022 6661 3000/ 2492 2100 Fax : 022 2492 5900 E-mail : shares@greatship.com Web : www.greatship.com CIN : L35110MH1948PLC006472

ANNEXURE TO NOTICE

INFORMATION REQUIRED AS PER REGULATION 36(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 IN RESPECT OF DIRECTORS BEING APPOINTED/RE-APPOINTED.

MR. TAPAS ICOT (age: 66 years) is currently the Executive Director of the Company. He joined the Company in 1991 as a Manager in the Claims Department and thereafter has been instrumental in key roles including creating a Strategic Planning Cell and heading the Commercial function of the Company. He rose to become the President (Shipping) of the Company in 2006. He was appointed as an Executive Director on the Board of the Company on August 12, 2014.

Mr. Tapas Icot is a Commerce Graduate with a Post Graduate Diploma in Management Studies and Masters in Financial Management from Mumbai University. He is an Associate of the Insurance Institute of India and a Fellow of the Indian Council of Arbitration.

Mr. Tapas Icot started his career with United India Insurance Co. Ltd. before moving into the shipping industry. He has had stints with India Steamship and Essar Shipping before joining the Company.

Mr. Tapas Icot is the Director on the Board of Great Eastern Services Ltd.

He is also a member of the Risk Management Committee of the Company.

He has attended all 6 Board meetings held during the financial year 2021-22.

As on date, Mr. Tapas Icot holds 1,600 equity shares in the Company.

MR. SHIVSHANKAR MENON (age: 72 years) is currently visiting professor at Ashoka University, India, and Chair of the Ashoka Centre for China Studies. He was previously National Security Advisor to the Prime Minister of India, Jan 2010-May 2014; Foreign Secretary of India, October 2006- July 2009; and has served as the Indian Ambassador or High Commissioner to China, Pakistan, Sri Lanka and Israel.

In 2016 he published Choices; Inside the Making of Indian Foreign Policy. His book on India and Asian Geopolitics; The Past, Present (Brookings Press USA, & Penguin Random House India) was released in April 2021.

He has been a Fisher Family Fellow at the Kennedy School, Harvard University, and Richard Wil-helm Fellow at MIT in 2015. He was chosen as one of the "Top 100 Global Thinkers" by Foreign Policy magazine in 2010.

He is also a Chairman, Advisory Board, Institute of Chinese Studies, New Delhi; Distinguished fellow of the Centre for Social and Economic Progress, India; Distinguished Visiting Research Fellow at the National University of Singapore; Member, Board of Trustees, International Crisis Group; and a Distinguished Fellow, Asia Society Policy Institute, New York.

Mr. Shivshankar Menon is an Independent Director of Press Trust of India Limited.

Mr. Shivshankar Menon is also a member of the following committees:

NAME OF THE COMPANY	NAME OF THE COMMITTEE	MEMBER/ CHAIRMAN
Press Trust of India Limited	Nomination & Remuneration Committee	Member
	CSR Committee	Member

As on date Mr. Shivshankar Menon does not hold any equity shares in the Company.

MR. T. N. NINAN (Age 72 years) is widely considered to be a pioneering editor and trend-setter in Indian business journalism. In the course of a career spanning five decades, he brought about transformative change in different publications that he led as the editor. Over the years he has been involved with a number of non-profit organisations.

Mr. Ninan was the editor of Business Standard from 1993 to 2009, and from 1996 to 2009 its publisher as well. He was the chairman of Business Standard's board of directors from 2009 till 2020. Earlier, Mr. Ninan was the editor of The Economic Times; and, in the 1980s, the executive editor at India Today.

Mr. Ninan writes a widely-read weekly opinion column, Weekend Ruminations, in Business Standard; the column is translated and published in different vernacular publications. His book, The Turn of the Tortoise (2015), offered a critical assessment of India's economic prospects. He has also been a television commentator on economic and business issues.

Since 2016, Mr. Ninan has been chairman of the board of trustees of Independent and Public-Spirited Media Foundation, the largest charitable funder of independent news websites. He is an independent director of The Press Trust of India Ltd, India's leading wire service. He is a past president of the Editors Guild of India.

Mr. Ninan has completed his M.A. in Economics from University of Madras.

Mr. Ninan is a recipient of professional awards, including two for lifetime achievement.

Mr. Ninan is also a member of the following committees:

NAME OF THE COMPANY	NAME OF THE COMMITTEE	MEMBER/ CHAIRMAN
Press Trust of India Limited	Audit Committee	Member
	Nomination & Remuneration Committee	Member

As on date Mr. T.N. Ninan does not hold any equity shares in the Company.

MR. UDAY SHANKAR (age: 60 years) director at Marigold Park, is a highly successful and globally recognized Indian executive who created one of the biggest media and entertainment businesses in the Asia-Pacific region. In his new avatar, Mr. Shankar is a technology entrepreneur and is partnering with James Murdoch to set up technology-led enterprises. He currently also serves as the Immediate Past President of the Federation of Indian Chambers of Commerce and Industry (FICCI), India's premier industry association, and was formerly the President of the Indian Broadcasting Foundation (IBF).

Mr. Shankar has served in several leadership roles including as Chairman and Chief Executive Officer of Star India, President of 21st Century Fox Asia, and more recently President of The Walt Disney Company Asia Pacific & Chairman of Disney & Star India.

Under his leadership, Star transformed into the region's leading company placed distinctively at the intersection of media, entertainment & technology. He is credited with leading the streaming and OTT revolution in India and in the APAC region. Hotstar is now a leading global OTT. Star Sports transformed into Asia's leading sports network during his tenure. He also led the company's strong foray into regional and local language content, building a comprehensive consumer offering across entertainment and sports. Mr. Shankar started his career in news and is widely regarded as the pioneer of television news revolution in India with the launch of Aaj Tak, Star News and what's now known as India Today TV.

Mr. Shankar has been a key contributor to shaping the Indian media and entertainment sector, championing important reforms such as digitization of the distribution ecosystem and self-regulation of content.

Mr. Shankar serves on the board of global non-profit Malaria No More, and on the boards of Kotak Mahindra Bank and Business Standard. He also serves as an Advisor to the board of US-India Strategic Partnership Forum (USISPF).

Mr. Shankar has been awarded numerous business and industry honours. He was conferred the honorary doctorate degree by Bennett University (The Times of India Group). He was recognized by Forbes India as the "Best CEO (MNC)", named "Entrepreneur of the Year (Entrepreneurial CEO)" by EY, and has featured in Indian Express' "100 Most Powerful Indians" and in India Today's "50 Most Powerful People in India".

Mr. Shankar has completed his Master's in Philosophy and Bachelor of Arts (B.A.) Honours from Jawaharlal Nehru University.

Mr. Shankar is also on the Boards of Apollo Health and Lifestyle Limited and Vidhi Centre for Legal Policy.

Mr. Uday Shankar is also a Chairman/ Member of the following Committees:

NAME OF THE COMPANY	NAME OF THE COMMITTEE	MEMBER/ CHAIRMAN
Kotak Mahindra Bank Limited	Nomination & Remuneration Committee	Member
	IT Strategy & Digital Payments Promotion	Chairman
	Customer Service	Chairman

As on date, Mr. Uday Shankar does not hold any equity shares in the Company.

CHAIRMAN'S STATEMENT

Fellow Shareholders,

This year the cover of the annual report has our Company's Coffee Table Book. This book captures 74 years of the Company's history and is an exemplary effort by an internal team of employees! The e-version of the book is available on the Company's website. I hope you, your family, and your friends enjoy reading it!

I am particularly excited to share with you that on all non-financial parameters, we have had the best year of the previous seven decades. The reason I emphasize on non-financial parameters is because it is the culmination of this data that determines the brand of a shipping company. Our vessels and the processes we follow at work are inspected by multiple authorities at multiple times. The findings of such inspections culminate in a database which is then analyzed by our highly quality conscious customers. It is this data which leads me to conclude that this has been our best year ever.

While brand differentiation is important, so too is the process of capital allocation and the timing of straddling the spot and the time charter markets. The ensuing decisions go into determining the results for individual years and the eventual Net Asset Value (NAV). Here, too, I am equally enthused to report that whilst for the period 2012 to 2017, the Company's NAV-based return was about 8% p.a., for the following five years period ending March 2022 the return has been close to 15% p.a. This almost 7% CAGR increase is the result of better decision making. Inexplicably, whilst the overall value of the Company doubled in the last five years, the stock price performance for the same period has been disappointing.

Moving forward, what would be our key focus areas? Undoubtedly, it would be to build upon the brand that is 'Great Eastern Shipping' as well as create an organization whose culture will encourage and enable free expression of ideas and free expression of thoughts. This is not to say that there will be less focus on the measurable returns on capital deployed. After all, the profits that we generate are equally important for they enable us to reward our shareholders, as well as to keep adding to our CSR activities which we so greatly value.

A particular thank you to all our seafarers who have worked tirelessly in ensuring that we run amongst the best ships globally. After having inspected several ships towards acquisitions, I can say this without any hesitation.

Complacency in any organization can set in quickly and eventually leads to its inevitable decline. I keep reminding our management team of the same and I'm confident that they will ensure that each and every Gescoite will continue to set higher and higher benchmarks. This will not only be a testimony to what Indians can achieve, but will also show to the world, that an Indian company can be recognized as the best in class.

With warm regards,

K. M. Sheth Chairman

Mumbai, June 23, 2022

BOARD OF DIRECTORS

Mr. K. M. Sheth Chairman

Mr. Bharat K. Sheth Deputy Chairman & Managing Director

Mr. Berjis Desai Mr. Cyrus Guzder Mr. Raju Shukla

Mr. Ranjit Pandit

Ms. Rita Bhagwati

Dr. Shankar N. Acharya

Mr. Shivshankar Menon*

Mr. T. N. Ninan*

Mr. Uday Shankar*

Mr. Vineet Nayyar

Mr. Ravi K. Sheth

Mr. Tapas Icot Executive Director

Mr. G. Shivakumar Executive Director & CFO

*with effect from May 06, 2022

THE GREAT EASTERN SHIPPING CO. LTD.

COMMITTEES AUDIT COMMITTEE

Mr. Cyrus Guzder, Chairman Mr. Berjis Desai Mr. Raju Shukla Ms. Rita Bhagwati

NOMINATION AND REMUNERATION COMMITTEE

Mr. Cyrus Guzder, Chairman Mr. Berjis Desai Dr. Shankar N. Acharya Mr. Vineet Nayyar

RISK MANAGEMENT COMMITTEE

Mr. Bharat K. Sheth, Chairman Mr. Berjis Desai Ms. Rita Bhagwati Dr. Shankar N. Acharya Mr. Tapas Icot Mr. G. Shivakumar

STAKEHOLDERS' RELATIONSHIP COMMITTEE

Mr. Cyrus Guzder, Chairman

Mr. Bharat K. Sheth

Mr. G. Shivakumar

COMPANY SECRETARY

Mr. Jayesh M. Trivedi

REGISTERED OFFICE

Ocean House 134/A, Dr. Annie Besant Road, Worli, Mumbai 400 018 CIN: L35110MH1948PLC006472 Tel.: 022 6661 3000 / 2492 2100 Fax: 022 2492 5900 Email: shares@greatship.com (Investor Relations) corp_comm@greatship.com (Institutional Investor Relations) Web: www.greatship.com

AUDITORS

DELOITTE HASKINS & SELLS LLP

Chartered Accountants One International Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai- 400013

SHARE TRANSFER AGENT KFIN TECHNOLOGIES LIMITED

Unit: The Great Eastern Shipping Co. Ltd. Selenium Tower-B, Plot No. 31 - 32, Financial District, Nanakramguda, Serilingampally, Gachibowli, Hyderabad - 500 032, Telangana Toll free number: 1-800-309-4001 Email: einward.ris@kfintech.com Web: www.kfintech.com

CONTENTS

5 CORPORATE SOCIAL RESPONSIBILITY

13 ESG REPORT

24 FINANCIAL HIGHLIGHTS (STANDALONE)

25 FINANCIAL HIGHLIGHTS (CONSOLIDATED)

THE YEAR AND 5 YEARS AT A GLANCE 26

27 211 BOARD'S REPORT

75 CORPORATE GOVERNANCE REPORT 101

BUSINESS RESPONSIBILITY AND SUSTAINABLITY REPORT

133 ASSET PROFILE

140 AUDITOR'S REPORT

STANDALONE FINANCIAL STATEMENTS 152

210 STATEMENT PERTAINING TO SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

Corporate Social Responsibility

74th Annual Report 2021-2022 Chairman's Statement

Young girls attending engineering workshop as part of the skill building course

CORPORATE SOCIAL RESPONSIBILITY GREAT EASTERN CSR FOUNDATION

Great Eastern CSR Foundation (GECSRF), a wholly owned not-for-profit subsidiary of The Great Eastern Shipping Company Ltd. was incorporated in February 2015 to implement CSR activities of the GE Group. All projects under GECSRF aim to uplift and empower the vulnerable, marginalised and low-income population in India. GECSRF continues to prioritise and focus on three sectors: Education, Health and Livelihood Development. The key outcomes across these sectors are aligned with the UN's globally accepted Sustainable Development Goals (SDGs).

During this reporting period, our focus was on supporting our NGO partners in their efforts to gradually rebuild and stabilise, thereby overcoming the effects of the pandemic. We also extended our support to various other NGOs for COVID-19 relief work across India. The details of our engagements with partner NGOs are shared below.

A SNAPSHOT OF THE YEAR

• Partners: During the year, GECSRF supported a total of 20 NGOs. While the Foundation continued its support to partners working in Maharashtra, Rajasthan and Haryana, it onboarded five new partners, thereby extending its geographical reach to Tamil Nadu, Assam, Manipur and Gujarat.
• Collaborative learning and sharing: As the pandemic continued its inexorable march, facilitating meetings between partners and establishing collaboration opportunities were challenging. However, to keep the spirit of collaborative partnership in momentum, GECSRF convened its second virtual annual CSR event, "Rebuilding lives and livelihoods after COVID-19" in January 2022.
• COVID-19 relief work: During the year, the GECSRF supported a total of 10 organisations for COVID-19 relief and rebuilding work. This included support to COVID centres by providing oxygen cylinders, equipment for hospitals/ICU expansion, food kits and health services to vulnerable families in tribal areas. Through these organisations, the Foundation also reached out to children, women, farmers, artisans and migrant families to rebuild their lives and livelihoods after enduring the distressing impact of the pandemic.
• Virtual review meetings: With travel restrictions still in place, in-person monitoring visits to project locations were ruled out.Therefore, the team continued to review the impact of these projects with each partner virtually - to stay updated on the progress, understand challenges faced on ground and help course correct wherever necessary.

THE GREAT EASTERN SHIPPING CO. LTD.

Left Below: Presentation of memento to Great Eastern Group by Olympic Gold Quest team at Ocean House

Below: Memento signed by Lovlina Borgohain, Bronze medal winner in women's welterweight (64-69 kg) boxing at Tokyo Olympics 2020

The key highlights of the year are provided below:

THEMATIC AREAS OF FOCUS

GECSRF continues to prioritise and focus on three sectors: Education, Health and Livelihood Development.

• I. EDUCATION: GECSRF is committed to support initiatives that aim to improve the quality of education, with a focus on building capacities of teachers and educators.
• Our partners under the education sector for the year 2021-22 include:
• 1. Alumni Association of College of Engineering Guindy
• 1. Ashoka University
• 1. Collective Good Foundation in partnership with Erehwon Orbit-Shift Foundation
• 1. EdelGive Foundation
• 1. Language and Learning Foundation
• 1. Masoom
• 1. Shetrunji Sevak Samaj
• 1. The Xavier's Resource Centre for the Visually Challenged
• 1. Vidya Vihar Kelvani Mandal
• II. HEALTH: GECSRF aims to improve health outcomes for adolescent girls, pregnant women, infants and women from marginalised communities at large.
• Our partners under the health sector for the year 2021-22 include:
• 1. Action Research and Training for Health
• 1. Basic Healthcare Services
• 1. Inga Health Foundation
• 1. Society for Nutrition, Education and Health Action
• 1. Vinay Vihar Kelavani Mandal

III. LIVELIHOOD DEVELOPMENT: GECSRF is committed to enhance livelihood opportunities for women, children and youth by supporting organisations that focus on skill building, women empowerment and sustainable farming practices.

Our partners under the livelihood development for the year 2021-22 include:

• 1. Antarang Foundation
• 1. iPartner India
• 1. Lend-A-Hand-India
• 1. Mrida Heart 'N Soil Foundation
• 1. Olympic Gold Quest
• 1. Swayam Shikshan Prayog

GECSRF is open to supporting organisations across India and will be keen to support interventions that address the needs of vulnerable, marginalised and low-income population in rural areas.

74th Annual Report 2021-2022 Corporate Social Responsibility

7

EDUCATION

9

74th Annual Report 2021-2022 Corporate Social Responsibility

LIVELIHOOD

THE GREAT EASTERN SHIPPING CO. LTD.

1. ANNUAL CSR EVENT "REBUILDING LIVES AND LIVELIHOODS AFTER COVID-19"

As COVID-19 safety protocols continued through the year, the GECSRF team decided to host this event virtually in January 2022. It brought together various stakeholders, including our 10 partner NGOs, the Board of Directors and colleagues from The Great Eastern Shipping Company Limited and Greatship (India) Limited on one platform.

The event started with a virtual welcome followed by a brief introduction and update on GECSRF. The opening remarks provided a summary of GECSRF's focus areas, a brief on partners' work across these areas and the additional relief efforts carried out during the COVID – 19 pandemic.

• NGO leaders from 10 organisations presented their work and achievements of the program supported by GECSRF. This was followed by a round of Q&A.

• In keeping with the theme of the event, the partners shared how COVID -19 had affected their core work, thrown up challenges in and around their project locations, and the agility with which they were compelled to make changes at an organisational level. They also shared insights on how their teams had to continuously develop strategies and reorganise to cope and respond to unpredictable situations that unfolded, thus enabling them to stay on track.

The Annual CSR Event indeed provided members of GE Group with an opportunity to learn about the diverse initiatives supported by GECSRF. It also shed light on the dedication, determination, grit and mettle of each NGO partner during the most challenging times this generation has seen. Further, the event provided a platform to explore areas where interested members could volunteer to contribute/engage with the partner organisations using their core skills and competencies.

74th Annual Report 2021-2022 Corporate Social Responsibility

2. COVID -19 RELIEF SUPPORT

As the second wave of the pandemic continued in 2021, GECSRF supported a total of 10 NGOs with a focus on rebuilding livelihoods for those who had suffered loss and economic distress.

In terms of the relief work during the health crisis in India, GECSRF supported Governmentrun COVID treatment facilities and a rural hospital, by providing oxygen cylinders and oxygen concentrators to bridge the gap between oxygen requirements and availability and access. The Foundation also provided support in the expansion of ICU capacity by facilitating the purchase of a 2D Echo machine, ventilators and other items to strengthen their capacity, that would increase the ability to cater to several critical COVID patients in times of over-capacity.

In terms of rebuilding livelihoods, GECSRF provided input subsidy and one-time grants to women dairy farmers and artisans to restart their businesses after bearing the severe impact of the pandemic. Grants were also provided to migrant families affected by COVID to build their economic resilience.

Further, long-term support (trauma care, continued education, basic health services etc.) was provided to children severely impacted by COVID – primarily those orphaned or at a risk of abuse and victims of child labour, child marriage, incest, trafficking etc.

3. THE ROAD AHEAD

GECSRF will continue to support NGOs in education, health and livelihood development. Through long-term partnerships, we hope to touch and transform the lives of those communities who are at the bottom of the pyramid. Furthermore, the GECSRF team will explore opportunities for employee engagement initiatives and make volunteerism a key element of the Group's CSR journey.

74th Annual Report 2021-2022 Chairman's Statement

JAG LAXMI – 2012 built Aframax Crude Oil Carrier

ESG REPORT

INTRODUCTION

Company at a Glance

The Great Eastern Shipping Company Limited (GE Shipping) is India's largest private sector shipping company having a formidable presence in the international maritime industry since 1948. Backed by an enviable clientele of customers, the Company strives to be the preferred shipping service provider for transportation of crude oil, petroleum products, gas and dry bulk commodities. With a pulse on the global market and a thorough understanding of the ever-evolving market needs, the Company is well equipped to anticipate the demands of its clients. The Company is currently certified to ISO 9001:2015, 14001:2015 and 45001:2018 standards.

Vision

• To lead our industry in safety standards, environmental protection, energy optimization and quality of operations.
• To be the provider of choice for our customers.

Mission

Consistent with the Company's policy and philosophy of maintaining professional excellence in all spheres of activity involving marine bulk transportation services, including Quality, Health, Safety, Security, Environment (QHSSE) and Social Responsibility, our mission shall be:

• To own, operate and manage efficient ships with zero spills to sea, zero incidents, zero tolerance to drugs and alcohol, while protecting the lives of shipboard personnel, cargo and Company's own assets and reducing environmental emissions by employing best management practices;
• To provide a highly efficient and competitive marine bulk transportation service of quality, cost, reliability, delivery and security;
• To achieve excellence in our management systems and standards through continual improvement, by employing best practices through an efficient, responsive management and an empowered and highly motivated work force;
• To create enhanced value for our shareholders and other stake holders.

Core to what we have stated above lies our responsibility to multiple stakeholders. Within this lies the essence of our commitment towards environment, social and governance considerations.

About the report

The report has been prepared for the period from 01-04-2021 to 31-03-2022 in accordance with the maritime framework established by the Sustainable Accounting Standards Board (SASB), incorporating its indicators and related definitions, scope and calculations. This standard has enabled us to identify, manage and report on material ESG factors specific to our industry.

The below report is designed to provide the reader with a more granulated understanding on how we manage a broad range of ESG issues.

Summary

The organisation's focus has always been on development and addition of various initiatives relating to Environmental, Social and Governance matters. Highlights of this year are –

• Biofuel blend bunkering and trials completed on one of the MR tankers in our journey towards decarbonisation.
• Continued installation of ESDs like Mewis duct on selected vessels for improvement in energy efficiency and reduction in carbon emissions.
• Installation of BWTS on selected vessels for prevention of spread of invasive species in marine environment.
• Rescue operation at sea done by one of our vessels.
• To enhance engagement of seafarers with the Company, a dedicated person recruited as a crew relationship officer.
• COVID vaccination programs were conducted proactively for ship and shore staff and their families.
• Medical and Security Assistance during international travel of seafarers and office staff by an external service provider International SOS.
• Implementation of DANAOS software for Planned Maintenance System (PMS) and Integrated Management System (IMS).

At GE Shipping we recognize that one way or another, the cost of emitting CO2 will rise, impacting all businesses. The drive for increased fuelefficiency and the quest for lower-carbon and alternative fuels in shipping will accelerate. Going forward, we will work diligently to align with the IMO 2030 strategy, which will require reduced CO2 emissions in the shipping industry. The IMO 2030 strategy aims to lower CO2 emissions per transport work by at least 40 percent by 2030, compared to 2008 levels.

NUMBER OF VESSELS PORT CALLS

ENVIRONMENT

The most significant environmental and ecological risks posed by the shipping industry are related to emissions, discharges, and spills. At GE Shipping, we recognize our responsibility to manage these risks and our overall environmental impact. Reducing emissions, correctly treating discharges, and preventing spills are the key considerations in our environmental Management System.

Air Emissions and Marine Ecology

In our efforts to reduce emissions and conserve the environment, the Company has implemented following projects on various vessels during this year. Few of these will help us in complying with new IMO MARPOL Annex VI regulations – EEXI & CII requirements on emission reduction

• ECGS to reduce SOx emission
• Mewis duct
• LED lighting
• High performance paints
• BWTS to prevent spread of invasive species
• Hull Cleaning and Propeller polishing

Organisation has always been at the forefront in abiding by the regulations and guidelines set by the IMO on climate change mitigation and protection of marine environment.

In our journey towards decarbonisation, we have completed ship trials with a low carbon alternate fuel (biofuel blend) on one of our MR Tankers. Biofuels are renewable fuels produced from raw materials such as FOG, used cooking oils, tallow etc. These fuels do not emit sulphur oxides (SOx) during combustion; moreover, they are generally considered to be carbon neutral because the amount of carbon dioxide (CO2) they emit during combustion tends to be absorbed by source plants, etc. during their growing stage. In addition, biofuel usage is advantageous considering it can be used as a drop-in marine fuel because modifications of existing marine diesel engines are typically not required.

During our trials the main and auxiliary engines and boilers were tested on various loads with a B20M blend fuel (80% VLSFO & 20% Biodiesel) under the supervision of Classification Society after approvals from our Flag Administration. The biofuel used for trials was certified by International Sustainability and Carbon Certification (ISCC) and complying with EU Renewable Energy Directive (RED II) requirements.

In continuation of our efforts towards reduction in Sulphur emissions, we have fitted exhaust gas cleaning system (scrubbers) on one more vessel of our fleet this year, bringing up the total to six ships fitted with scrubbers. The rest of the fleet is using very low sulphur fuel (VLSFO).

In preparation for the new regulations of Energy Efficiency Existing Ship Index (EEXI) which is coming into force from 1st Jan 2023, we have performed sample EEXI calculations for all our fleet vessels with the support of Classification Societies and plan to fully comply through a combination of engine power limitation (EPL) and other energy saving devices like MEWIS duct etc. We intend to complete the whole process well before the due date.

We have developed an inhouse program for tracking and monitoring of Carbon Intensity Indicator (CII) ratings for all our vessels. This will help the organisation in timely identification of the vessels which require improvement, so that an appropriate action can be planned and implemented quickly.

We successfully conducted our first drone delivery operation trials at Singapore anchorage on the vessel Jag Arnav. This will help us in reducing our Scope 3 emissions and provide an option of contactless delivery.

The Company has enrolled three of its tankers in the Environmental Ship Index (ESI) program and going forward plans to increase enrolments. We are also doing research on various ideas which can help us in achieving the carbon reduction targets of IMO for 2030 and 2050.

The initiatives like installation of MEWIS Duct, ECO-Cap and PBCF are helping us in reduction of underwater noise generated from our ships.

All the Company vessels are complying with regulation 12 of IMO MARPOL Annex VI on Ozone Depleting Substance (ODS). 96% of fleet vessels do not use any ODS refrigerants in their shipboard machineries.

TOPIC	ACCOUNTING METRIC	UNIT OF MEASURE	DATA	CODE
GREENHOUSE GAS EMISSIONS		CO2 EMISSIONS
	CO2 a	Metric tons (t)	997655.78	TR-MT-110a.1
		CO2 -e
	Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets	Qualitative description	Discussed in Environment Section	TR-MT-110a.2
		ENERGY CONSUMED
	Total energy consumed b	Gigajoules (GJ),	11244191.97	TR-MT-110a.3
		Percentage (%)	100%
	Percentage heavy fuel oil	Gigajoules (GJ),	10311480.5
		Percentage (%)	91.7%
		EEDI
	Average Energy Efficiency Design Index (EEDI) for new ships c	Grammes of CO2 per ton-nautical miles	N/A	TR-MT-110a.4
AIR QUALITY		OTHER EMISSIONS TO AIR
	NOx (excluding N2O) d	Metric tonnes (t)	15891.5	TR-MT-120a.1
	SOx d	Metric tonnes (t)	2095.9
	Particulate matter d	Metric tonnes (t)	873.5
ECOLOGICAL IMPACTS		MARINE PROTECTED AREAS
	Shipping duration in marine protected areas or areas of protected conservation status e	Number of travel days	N/A	TR-MT-160a.1
		IMPLEMENTED BALLAST WATER
	Exchange f	Percentage (%)	76%	TR-MT-160a.2
	Treatment f	Percentage (%)	47%
		SPILLS AND RELEASES TO THE ENVIRONMENT
	Number g	Number	Nil	TR-MT-160a.3
	Aggregate volume g	Cubic meter (m3)	Nil

Spills, Discharges and Ecological Impact

Oil spills may have serious and long-lasting negative impacts on the ecosystem. Our ability to manage such risk is critical to the marine environment, our sector, our customers, and our corporate reputation. GE Shipping has preventive measures and procedures in place to reduce the risk of spills. The Company vessels are managed in accordance with international and local regulations. No oil spills or other types of spills to the environment were reported in FY22.

Ballast water is essential for safe and efficient shipping operations. It reduces stresses on the vessel's hull, substituting weight lost due to consumption of potable water and fuel and changes to cargo load. However, loading and unloading untreated ballast water poses serious ecological, economic and health risks as ships become a vector for the transfer of organisms between ecosystems. A ballast water exchange system involves the substitution of water in a ship's ballast tanks using either a sequential, flow-through, dilution, or other exchange method which is recommended or made obligatory by the IMO. A variety of technologies are used for ballast water treatment; most of our vessels are fitted with a system having combination of filtration and electrolysis technology to ensure that the treated ballast water is compliant with the IMO standards. As of 31st March 2022, 76 percent of our vessels are fitted with exchange systems and 47 percent have installed treatment technology. We intend to complete all installations of treatment systems by respective vessel's IMO mandated due date.

Sea life such as algae and molluscs attach themselves to the hull of a vessel, which slows it down and increases ship's fuel consumption. To prevent hull fouling, GE Shipping uses various high performance anti-fouling paints which are applied to the ship's hull. Also, we are continuously working to optimize our fleet for speed through hull and propeller maintenance. Cleaning and polishing routines of the propeller and hull are determined based on close monitoring of the vessel and its fuel performance efficiency.

We are complying with MARPOL's International Convention on the control of Harmful Antifouling systems on ships and maintain Anti-Fouling System Certificates for all our vessels. Additionally, other regional requirements such as New Zealand, Australia, USA etc. are also being complied with. We do not use antifouling paints containing banned substances such as Lead, TBT, Cybutryne, etc. on any of our ships.

GE Shipping is committed to the belief that ship recycling should always be performed according to strict safety, health, and environmental standards. The EU-SRR and IMO's Hong Kong Convention aims to ensure that ships, when recycled after reaching the end of their operational lives, do not pose a risk to safety of workers or to the environment. The Company does not plan to recycle any vessels in the foreseeable future as we have a young fleet of approximately 12.55 years average age. Our vessels are in compliance with the EU-SRR regulations and Hong Kong convention requirements on ship recycling as well as any recommendation from the Indian Flag Administration.

Approximately 8 million metric tons of plastic waste escapes into the ocean each year. The majority of this plastic is carried to sea by major rivers, and once at sea this plastic can be transported around the world. Once in the ocean, plastic waste of all kinds is harmful to birds, fish, and other marine life which can ingest plastics or become entangled in abandoned fishing gear. To reduce our consumption of single use plastic, we have implemented Ship Execution Plan on all our vessels towards compliance with the ban on Single use Plastic by India and Kuwait.

SOCIAL

We employ 1812 seafarers and 249 shore staff. Our employees are our most valuable assets, and their health and safety are our topmost priority. Safe working conditions, as well as healthy and motivated employees are key to GE Shipping's long-term success. We support and comply with international and national regulations ensuring human and labour rights throughout our operations and business activities.

Health, Safety and Security

We continuously strive to provide a safe and secure working environment and maintain the necessary safety and security measures to ensure the wellbeing of our crew and the safety of ships.

A detailed analysis of accidents and incidents for the entire fleet is prepared by HSEQ department in accordance with the OCIMF guidelines on Lost Time Injuries (LTIs) and Total Recordable Case Frequency (TRC and TRCF). The reports allow us to identify the root causes of these reported incidents and serve as a tool for future improvement.

We have a zero-accident ambition, and we operate by the principle that no serious injury or environmental incident is acceptable. All onboard personnel are appropriately trained, and a formal onboard training program includes both computer-based training as well as scheduled and unscheduled drills. All officers and crew members are encouraged to report unsafe acts, unsafe conditions, near misses and incidents. The data from these reports are tracked, tabulated and used to drive continuous improvement in GE Shipping's safety culture.

We comply with the Maritime Labour Convention adopted by the International Labour Organization (ILO) in 2006. The Convention outlines the minimum requirements for seafarers to work, conditions of employment, facilities while on board and health and welfare protection. The Convention obliges all ships above 500 gross tons in international trade to have a Maritime Labour Certificate and a Declaration of Maritime Labour Compliance. All our vessels and crew are compliant with the Convention, and we intend to maintain them accordingly.

Rescue operation at sea

Our vessel Jag Rani was involved in a rescue operation of a seafarer at sea. It was done while vessel was enroute to Jeddah. The Third Officer of the other vessel had fallen overboard. He raised a distress signal call over VHF, and Jag Rani, being nearby, responded promptly. The seafarer was picked up from sea using a life buoy and cargo net, and was provided with warm clothing, food and water. He was later transferred back to his ship safely.

COVID-19 Pandemic

The past couple of years have been challenging due to the Covid-19 pandemic, which has highlighted the importance of robust procedures and management systems. Varied infection control regulations and procedures between jurisdictions has made crew changes difficult for the entire sector, leaving many stranded seafarers working aboard ships beyond the expiry of their contracts. The potential implications of this situation include negative consequences for both mental and physical health of seafarers.

Recognising our responsibility to improve the situation, GE Shipping took following initiatives to address the challenges faced by the pandemic.

• Where needed, crew sign offs were done in extraordinary scenarios by diverting ships to convenient ports
• Exclusive vaccination drives were conducted for seafarers on board and on vacation. 85.6% & 12.8% are fully and partially vaccinated respectively. Similar programs were done for shore employees and their families exclusively in Ocean House. All of our shore employees are now fully vaccinated except for maternity cases.
• Strict implementation of COVID protocols for ship and office operations.
• I-Call (Expert remote counselling service) to manage emotional and psychological stress of seafarers.
• In-house psychiatrist for any consultation required by our crew on board.
• Enhanced pre-employment mental examination to maintain a healthy work force, boost seafarer morale, and take care of their overall wellbeing during these difficult times.
• Dedicated relationship officer for managing seafarer welfare, and to enhance their relationship with the organisation.
• Working from home through FY22 for shore staff.
• Supporting COVID affected Company staff for medical care.

Equality and Anti-Discrimination

All recruitment processes at GE Shipping are governed by our Code of Business Conduct and Ethics; under this, we do not tolerate discrimination against any person on the basis of race, religion, colour, gender, age, disability, or any other basis prohibited by law in recruiting, hiring, placement, promotion, or any other condition of employment. Furthermore, we strictly prohibit any form of harassment in the workplace.

The employee related data is as follows:

TOPIC	ACCOUNTING METRIC	UNIT OF MEASURE	DATA	CODE
EMPLOYEE HEALTH & SAFETY	LOST TIME INCIDENT RATE
	Loss time incident rate (LTIR) h	Rate	0.66	TR-MT-320a.1
ACCIDENT & SAFETY MANAGEMENT		MARINE CASUALTIES
	Incidents	Number	0	TR-MT-540a.1
	Very serious marine casualties i	%	0
		CONDITIONS OF CLASS
	Number of Conditions of Class or	Number	07	TR-MT-540a.2
	Recommendations j
		PORT STATE CONTROL
	Deficiencies k	Rate	0.48	TR-MT-540a.3
	Detentions k	Number	0
RETENTION RATES		SHIP STAFF % (AS PER INTERTANKO FORMULA)
	Seafarers - All Officers		92.5%	Optional
	Seafarers - All Crew		86.5%
		SHORE EMPLOYEES % (AS PER INTERTANKO FORMULA)
	Senior Management		95%	Optional
	Middle Management		96%
	Junior Management		97%

GOVERNANCE

Philosophy

Maintaining high standards of Corporate Governance has been fundamental to the ethos of your Company since its inception.

The Company believes that sound corporate practices based on transparency, credibility and accountability are essential to its long-term success.

These practices will ensure the Company, having regard to competitive exigencies and cyclical business environment, conducts its affairs in such a way that would build the confidence of its various stakeholders in the integrity of the Company and its Board.

Leadership

The Company's Board comprises of directors with an appropriate mix of skills, experience and personal attributes that allow the directors individually, and the Board collectively, to discharge their responsibilities and duties effectively and efficiently. The Board includes a judicious mix of Executive (promoter and professional) and Non-Executive (promoter and professional) directors, with a majority of Independent Directors. thereby maintaining the independence of the Board of Directors.

To focus effectively on the issues and ensure expedient resolution of the diverse matters, the Board has constituted a set of Committees with specific terms of reference/scope. The Committees operate as empowered agents of the Board as per their charter/terms of reference.

Under the supervision and control of the Board of Directors, the management of the Company is handled by the Deputy Chairman & Managing Director and the Executive Directors of the Company.

The Board of Directors is responsible for strategic guidance, taking into consideration interests of various stakeholders.

The functional heads of the Company, all of whom are professionals with requisite qualifications and experience, report to the Deputy Chairman & Managing Director and the Executive Directors.

The Company has a robust performance evaluation system. With a view to bring in objectivity and independence in the process of performance evaluation of the Board, its committees and individual directors, the Company engaged the services of Grant Thornton Bharat LLP ('GTBL') to assist in conducting performance evaluation for FY 2021-22. GTBL conducted the assessment in line with the regulatory requirements and leading practices in the market.

Governance Systems

The Company has robust internal financial and operational control systems. The policies and procedures adopted by the Company, inter alia, ensure the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, and accuracy and completeness of the accounting records.

The systems are tested and audited from time to time by the Company and the internal as well as statutory auditors.

Deloitte Haskins & Sells LLP are the statutory auditors of the Company. The internal audit is carried out by Ernst & Young LLP as well as Company's in-house Internal Audit department. The statutory as well as internal auditors report to Audit Committee. The scope of internal auditors is determined by the Audit Committee, comprising of non-promoter and non-executive directors.

The Company continues to adopt best practices to ensure the financial statements with unmodified audit opinion.

In order to meet compliance obligations and monitoring performance, the vessels / office of the Company are subjected to internal as well as external audits such as ISO audit, audit towards DOC, vetting by charterers, inspections by port authorities.

The business of the Company is conducted in compliance with applicable regulations such as shipping laws (including IMO regulations), corporate laws, tax laws, foreign exchange laws, etc. The Company is also subject to securities laws (including governance and disclosure requirements), as the securities of the Company are listed on stock exchanges in India.

The Company has a robust and agile Risk Management system to manage all the potential risks in the areas of business, operations, technical, financial, compliance, information technology, human resources, etc. on an ongoing basis.

Business Conduct and Ethics

The Company has Code of Business Conduct and Ethics which summarises the standards that guide actions of Board of Directors, senior management personnel, as well as all other employees of the Company. The Code helps to foster a culture of ethics, honesty and accountability and to create congenial working environment. The Company believes that everyone has the right to work in an environment that is free from discrimination, intimidation, harassment and abuse. Acts of fraud, corruption and bribery are expressly prohibited. The Code also provides guidance and help in recognizing and dealing with conflict of interest situations.

The policy framework of the Company also includes policy for prohibition of insider trading, sexual harassment policy, policy for related party transactions and whistle blower policy. The framework provides for adequate protection from retaliation to the complainants / whistle blowers acting in good faith.

The Company has also formally adopted the National Guidelines on Responsible Business Conduct as recommended by the Ministry of Corporate Affairs, Govt. of India, which are aligned with Sustainable Development Goals (SDGs) and the United Nations Guiding Principles (UNGP). The guidelines cover the environment, social and governance aspects of the businesses. The Company has always been following the principles as enunciated by the guidelines.

The Company's commitment to responsible business conduct is reflected in all of the Company's business activities and its relationships with shareholders, employees, customers, suppliers, creditors and regulatory authorities.

Industry Organisations

Being the largest private sector shipping company in India, the Company is aware of its responsibility towards the shipping industry. The Company is an active member of Indian National Shipowner's Association (INSA) and Baltic and International Maritime Council (BIMCO). Through its memberships, the Company takes an active role in solving various issues affecting the shipping business at large.

Social Responsibility

The Company looks at Corporate Social Responsibility ('CSR') activities as significant tool to contribute to the society. The CSR activities of the Company are primarily focused in the areas of education, health and livelihood. Through the Company's wholly owned subsidiary, Great Eastern CSR Foundation, the Company supports the vulnerable, marginalized and low-income population in India through social welfare activities undertaken in partnership with various non-government organisations (NGOs).

In view of the Covid-19 pandemic, the Company stepped up its contribution towards CSR activities beyond the mandatory requirements and will continue to do so, whenever required.

DISCLAIMER & ASSUMPTIONS FOR SASB REPORTING

This report was prepared by the Company's inhouse team. Information provided herein is based on the best available data at the time the report was issued. We generated some of this data internally. In cases where actual figures were not available, estimates have been provided. The data in the report is of the Company owned vessels only.

^aCO2 emissions (metric tons (t) CO2-e): Calculations are based on the IMO emission factors and fuel consumption for the financial year. The financial control approach defined by the GHG Protocol has been applied (Scope 1).

^bTotal energy consumption (tj): Calculation are based on available fuel consumption data, using conversion factors from IMO GHG study.

^cAverage energy efficiency design index (EEDI) for new ships: This is based on new ships entering the fleet in FY22. Fleet average EEDI is based on all newer ships in fleet (keel laid after July 2013). As no newly built vessels entered the fleet in FY22, EEDI is currently reported as not applicable (N/A).

^dParticulate matter (pm), NOx, SOx emissions (metric tons): NOx, SOx and PM emissions from the combustion of fuels from owned vessels have been calculated based on the conversion factors from IMO GHG study, fuel consumed, and distance travelled by the vessels.

^eShipping duration in marine protected areas or areas of protected conservation status: GE Shipping is currently not reporting on this parameter due to data unavailability.

^fPercentage of fleet implementing ballast water exchange and treatment: Only ships performing ballast water exchange with an efficiency of at least 95 percent volumetric exchange of ballast water have been included. When it comes to treatment, approved systems must discharge (a) less than 10 viable organisms per cubic meter that are greater than or equal to 50 micrometers in minimum dimension and (b) less than 10 viable organisms per milliliter that are less than 50 micrometers in minimum dimension and greater than or equal to 10 micrometers in minimum dimension.

^gSpills and releases to the environment (number, cubic meters (m3): Any overboard spills and releases – intentional or accidental – shall be reported, even if the quantity is low and i.e. only causes a thin film or slight sheen upon or discoloration of the surface of the water.

^hLost time incident rate (LTIR): A lost time incident is an incident that results in absence from work beyond the date or shift when it occurred. The rate is based on: (lost time incidents) / (1,000,000 hours worked). In Company's SMS it is termed as Lost time injury frequency (LTIF).

ⁱVery Serious Marine Casualties: A marine casualty involving the total loss of the ship, a death, or severe damage to the environment that is not related to oil spill. Any deaths shall be reported. If the death is decisively concluded not to have anything to do with a marine (very serious) casualty such as latent and unknown illness shall be addressed separately for a case-by case discussion. Severe damage to the environment that is not related to oil spill is covered by "Very serious marine casualties".

^j Number of conditions of class or recommendations: Conditions of Class or Recommendations are understood to be interchangeable terms, defined as requirements imposed by the competent authorities that are to be carried out within a specific time limit in order to retain vessel Class. The data is for the vessels present in the fleet at the end of financial year. Out of the reported data, 01 COC was raised, and it was closed out in the vessel's drydock.

^kPort state control: Number of port state control – (1) deficiencies and (2) detentions. Practices of port state controls reporting on deficiencies do not follow an entirely harmonized methodology making it less useful for reporting purposes without further explanations, hence we have chosen to report this number as a rate: number of deficiencies per Port State Control Inspection. Detentions are reported in number of actual cases. A detention is defined as an intervention action by the port state, taken when the condition of a ship or its crew does not correspond substantially with the applicable conventions and that a ship represent an unreasonable threat of harm to the marine environment etc.

Number of shipboard personnel: This figure represents the typical count of crew on board our fleet at any given time, based on standard crew complement. It does not reflect the aggregate number of individual crew members who have worked on board during the year.

Total distance travelled by vessels: The distance (in nautical miles) travelled by all vessels during the reporting period.

Operating days: Total operating days, i.e., total number of vessel-days for active vessels during the reporting year. Active vessels are referring to vessel(s) which were in possession of the company during the reporting year.

Number of vessels in total shipping fleet/dwt: Reported number of active vessels as on 31st March 2022.

Number of vessels port calls: Total number of port calls for the entire fleet during the reporting period.

Financial Highlights

23

74th Annual Report 2021-2022 Chairman's Statement

JAG VISHNU – 2002 built LPG Carrier

FINANCIAL HIGHLIGHTS (STANDALONE)

REPORTED NET PROFIT/(LOSS) FOR THE YEAR ` in crores

REPORTED RETURN ON NETWORTH Percent

BOOK VALUE PER SHARE `

NORMALISED NET PROFIT/(LOSS) FOR THE YEAR ` in crores

NORMALISED RETURN ON NETWORTH Percent

REPORTED NET DEBT EQUITY RATIO NORMALISED NET DEBT EQUITY RATIO

Note:

Normalised earnings are calculated by removing the effects of mark to market gains or losses on derivatives, and the impact of exchange rates on current assets and liabilities and on settlement of derivatives.

Normalised debt is calculated by taking into account the effect of derivatives which have been executed as part of the borrowing transaction.

FINANCIAL HIGHLIGHTS (CONSOLIDATED)

REPORTED NET PROFIT/(LOSS) FOR THE YEAR ` in crores

REPORTED RETURN ON NETWORTH Percent

BOOK VALUE PER SHARE `

NORMALISED NET PROFIT/(LOSS) FOR THE YEAR ` in crores

NORMALISED RETURN ON NETWORTH Percent

REPORTED NET DEBT EQUITY RATIO NORMALISED NET DEBT EQUITY RATIO

Note:

Normalised earnings are calculated by removing the effects of mark to market gains or losses on derivatives, and the impact of exchange rates on current assets and liabilities and on settlement of derivatives.

Normalised debt is calculated by taking into account the effect of derivatives which have been executed as part of the borrowing transaction.

THE YEAR AT A GLANCE (CONSOLIDATED)

	MARCH 31, 2022		MARCH 31, 2021
	(IN CRORES) | US\$ (IN MILLIONS) |(IN CRORES)	US\$ (IN MILLIONS)
		(EXCEPT FOR EARNINGS, CASH EARNINGS AND DIVIDEND PER SHARE)
FOR THE YEAR
Total Revenue	3669.12	494	3568.37	480
Operating Profit (PBIDT)	1695.44	228	1931.36	260
Net Profit	629.68	85	918.52	124
Cash Profit	1335.35	180	1665.06	224
Earnings per share (`/US\$)	42.99	0.58	62.50	0.84
Cash Earnings per share (`/US\$)	91.17	1.23	113.29	1.52
Dividend per share (`/US\$)	9.90	0.13	9.00	0.12
Return on Equity (percentage)	7.99	7.99	12.67	12.67
AT THE END OF THE YEAR
Total Assets	13968.60	1843	14145.08	1935
Fixed Assets	8874.15	1171	9031.90	1235
Total Debt	4625.46	610	5010.70	685
Net Worth	8051.30	1062	7704.27	1054
Equity Capital	142.77	19	146.97	20

Figures in US\$ are arrived at by converting Rupee figures at the average conversion rate for all for the year items and at closing rate for all year end items, as given below, to facilitate comparison.

	`/US\$
2021-22	2020-21
74.24	74.35
75.79	73.11

5 YEARS AT A GLANCE (CONSOLIDATED) (` in crores)

	2017-18	2018-19	2019-20	2020-21	2021-22
PROFIT & LOSS A/C
Total Revenue	3140.57	3829.89	3897.85	3568.37	3669.12
Operating Profit (PBIDT)	1509.04	1345.38	1428.08	1931.36	1695.44
Net Profit/(Loss) after Tax	(210.49)	(21.45)	207.14	918.52	629.68
BALANCE SHEET
What The Company Owned
Fixed Assets	9822.00	9631.48	9227.90	9031.90	8874.15
Investments, Other Assets less Other Liabilities and Provisions	3526.82	3356.99	3020.79	3866.24	3961.23
TOTAL	13348.82	12988.47	12248.69	12898.14	12835.38
What the Company Owed
Loans (including current portion)	6213.34	5998.94	5276.82	5010.70	4625.46
Deferred Taxation (Net)	207.75	179.86	176.23	183.17	158.62
TOTAL	6421.09	6178.80	5453.05	5193.87	4784.08
Shareholders' Funds
Equity Share Capital	150.78	150.78	146.97	146.97	142.77
Reserves & Surplus	6776.95	6658.89	6648.67	7557.30	7908.53
TOTAL	6927.73	6809.67	6795.64	7704.27	8051.30
Check	-	-	-	-	-
Gross Debt-Equity ratio	0.90:1	0.88:1	0.78:1	0.65:1	0.57:1
Net Debt-Equity ratio	0.35:1	0.37:1	0.27:1	0.12:1	0.09:1
Return on Net Worth (%)	-2.97	-0.31	3.04	12.67	7.99
Earnings Per Share (in `)	(13.96)	(1.42)	13.94	62.50	42.99

Board's Report

74th Annual Report 2021-2022 Chairman's Statement

JAG LOK - 2005 built Suezmax Crude Oil Carrier

BOARD'S REPORT

Your Directors are pleased to present the 74th Annual Report on the business operations and the Financial Statements of your Company for the financial year ended March 31, 2022.

FINANCIAL PERFORMANCE

The financial results of your Company (standalone) for the financial year ended March 31, 2022 are presented below:

- Tax on Buyback of equity shares	29.96	-
- 1st Interim Dividend on Equity Shares (FY 2021-22)	66.13	-
- Final Dividend on Equity Shares (FY 2020-21)	132.27	-
- 2nd Interim Dividend on Equity Shares (FY 2019-20)	-	39.68
- Transfer to Tonnage Tax Reserve	150.00	180.00
- Other Comprehensive Loss	12.51	19.13
Less:
- Profit for the year	811.67	1030.13
Add:
Balance at the beginning of the year	2135.71	1344.39
Retained Earnings
Profit for the year	811.67	1030.13
Less : Tax Expenses	18.88	35.74
Profit before tax	830.55	1065.87
Total Expenses	2135.84	1826.98
Total Revenue	2966.39	2892.85
	2021-22	2020-21
		(` in crores)

The net worth of your Company as on March 31, 2022 was 6571.43 crores as compared to 6097.99 crores for the previous year.

The financial statements have been prepared in accordance with the Indian Accounting Standards (IndAS) notified under the Companies (Indian Accounting Standards) Rules, 2015.

DIVIDEND

During the year, your Directors declared and paid first interim dividend of 4.50 per share. Subsequent to the end of the year, your Directors declared second interim dividend of 5.40 per share. The aggregate outflow on account of the equity dividend for the year will be ` 143.23 crores.

Your Directors have not recommended any final dividend for the year under review.

BUYBACK OF EQUITY SHARES

During the year under review, your Company announced buyback of its equity shares from the open market through stock exchanges at a price not exceeding 333 per share for an aggregate amount not exceeding 225 crores.

The buyback commenced on January 07, 2022 and is scheduled to close on July 6, 2022. As on date of this Report, your Company has bought back 41,99,323 equity shares of 10 each for an aggregate amount of 133.23 crores.

Consequent upon the buyback, the paid-up equity share capital of your Company was reduced from 1,46,96,64,840 comprising of 14,69,66,484 equity shares of 10 each to 142,76,71,610 comprising of 14,27,67,161 equity shares of 10 each.

THE GREAT EASTERN SHIPPING CO. LTD.

MANAGEMENT DISCUSSION AND ANALYSIS

COMPANY PERFORMANCE

In Financial Year 2021-22 (FY 22), your Company recorded a total income of 2966.39 crores (Previous Year 2892.85 crores) and earned a PBIDT of 1542.78 crores (Previous Year 1731.83 crores).

MARKET ANALYSIS

CRUDE TANKER MARKET

Crude tanker freight rates remained around opex levels for most of the year in FY22 but experienced a sudden spurt starting end-Feb 2022 due to the Russia-Ukraine conflict. Overall, FY22 earnings were significantly lower than FY21 earnings.

The main reasons for subdued earnings were:

• 1. Products demand and therefore refinery runs rebounded sharply during FY22 from the lows of FY21. However, both demand and refinery runs were still much below pre-pandemic levels.
• 1. OPEC+ continued to unwind their production cuts but actual production remained significantly below pre-pandemic level.
• 1. Crude trade remained flat during FY22 as backwardation in crude prices resulted in inventory drawdown, which kept the need for imports lower. Trade remained about 10% below pre-Covid levels.
• 1. On the other side, fleet grew by 1.3% during the year, and vessels in floating storage were released, which added another 0.5% to the fleet supply overhang.

Rates witnessed a sudden spurt in March 2022 due to the Russia-Ukraine conflict, which prompted western countries to impose sanctions against Russia. Although energy was excluded from the sanctions, the usual trade patterns were disrupted by self-sanctioning by many companies and owners' unwillingness to call Russian ports. As usually happens, the inefficiency caused by the disruption led to more demand for ships, pushing freight rates up. This was more pronounced in the Aframax sizes.

The table below captures the market spot earnings of the Suezmax and the Aframax type of ships over the financial year (in USD/day).

PRODUCT TANKER MARKET

30

As in the case of crude tankers, product tanker freight rates also remained at record low levels for most of FY22 but recovered significantly towards end Feb 2022 due to the Russia-Ukraine conflict. Overall, earnings were significantly lower in FY22 as compared to FY21.

While the reasons were similar to those mentioned for crude tanker market, a couple of additional factors were observed for product tankers during the year. They are as follows:

• 1. Jet fuel demand continued to struggle as air-traffic stayed significantly below pre Covid levels. Even at the end of FY22, jet demand remained 20% below pre-pandemic levels.
• 1. Product trade increased by 6% YoY during FY22. Unlike the crude trade which remained about 10% below pre-Covid levels, product trade was down by only about 3.5%.
• 1. The relative tightness in product tanker markets compared to crude tanker markets prompted many LR2 owners to switch their vessels from dirty trade into clean trade.

The table below captures the market spot earnings of the LR and MR type of ships over the financial year (in USD/day).

	FY 22	FY 21	YOY CHANGE
MR - Avg. Earnings	7,597	12,040	-37%
LR1 MEG-Asia Earnings*	7,489	16,886	-56%

* Earnings of LR1s on the Middle East to Far East route

Source: Clarksons

ORDERBOOK AND OUTLOOK

Demand for oil products is expected to rise as economies across the world continue to remove Covid related restrictions. With crude oil and oil products inventory significantly below 5-year average levels, incremental oil demand is expected to be increasingly met by seaborne trade. Further, OPEC+ will continue to unwind their production cuts, which would increase crude supply in the market. With oil prices above USD 100/bbl, non-OPEC countries, particularly the US, are also expected to increase their crude production. However, macro worries, driven by high commodity prices and rising interest rates/inflation, will be an overhang over world GDP growth and therefore oil demand growth.

Apart from demand side factors, the Russia-Ukraine conflict is likely to be a significant driver of the tanker market in the short term. Sanctions are likely to take a toll on Russian exports, thereby reducing seaborne volumes. On the other hand, sanctions may boost ton-miles as Russian exports increasingly shift towards Asian countries and Europe replaces Russian oil with distant sources like North America, West Africa and the Middle East.

The orderbooks for crude and product tankers are at about 7% and 5% of the fleet respectively, the lowest levels in the last 25 years. Therefore, fleet supply growth is likely to remain under control, especially considering that most of the yard slots are booked through till end of 2024.

In a stark divergence from freight earnings, asset values increased during the year for crude as well for product tankers. This increase can be attributed to rising new building prices owing to surging steel prices while multi-year high scrap prices supported values for older tankers. Values have increased anywhere between 5%-20% depending upon the age profile and the type of the vessel.

LPG CARRIER MARKET

During FY22, VLGC earnings averaged ~ 30% lower YoY as compared to FY21. Despite this drop, VLGC earnings remained reasonably healthy throughout the year.

The main factors driving the VLGC market during FY22 were:

• 1. Global VLGC trade increased ~ 4.5% YoY mainly driven by increase in US LPG exports. Middle East LPG exports also started recovering during second half of the year.
• 1. On the supply side, the in-water VLGC fleet grew by ~ 6% YoY during FY22.
• 1. Effective VLGC fleet supply growth was marginally lower due to higher congestion and increase in number of scheduled dry dockings.
• 1. Bunker prices increased 65% YoY having a negative impact on realized earnings.

The table below captures the market spot earnings of VLGC type of ships over the financial year (in USD/day).

	FY 22	FY 21	YOY CHANGE
VLGC Earnings	32,125	45,530	-29%

VLGC SPOT EARNINGS (\$/DAY)

ORDER BOOK AND OUTLOOK

US LPG production is expected to grow further due to favorable NGL frac margins going forward. US LPG inventories have already started recovering from all-time lows. Additionally, Middle East LPG production is also expected to increase as OPEC+ increases output on the back of strong oil price.

LPG trade growth is likely to sustain mainly driven by increase in feedstock demand in petrochemical sector. LPG continues to remain price competitive to naphtha. In addition, scheduled commissioning of new PDH plants in China would support increase in import demand into Asia. Retail demand growth in India is expected to normalize as most of the new (free) connections under the PMUY scheme have already been provided and refills may not happen at the same rate going forward.

Congestion at Panama Canal continues to remain a wild card as new booking rules prioritize other ship categories over VLGCs which could lead to congestion during peak demand months. VLGC asset values gained marginally during the year.

However, VLGC orderbook is quite high at 21% of the fleet, and this could present headwinds to freight market and possibly asset values.

DRY BULK CARRIER MARKETS

Dry Bulk freight rates hit multi year highs in FY22 (highest since FY08/09) underpinned by a) strong demand recovery on the back of improved economy after the COVID-19 induced market collapse and b) modest fleet supply led by strong congestion. Sub-Capes performed better than Capes with earnings up 134% to 170% YoY vs Cape earnings that were up 104% YoY.

The key factors behind the strong freight market were:

• 1. Recovery in global industrial activity improved demand for dry bulk commodities especially minor bulks and coal.
• 1. Minor bulks trade remained strong throughout the year on the back of strong demand for goods in the west and exceptionally high container market - which led to switching of some minor bulk cargoes from containerships to dry bulk vessels.
• 1. Coal demand was exceptionally strong as we approached winter. Low coal inventories (in China and India) amidst rising power demand and urgency to replenish stocks before winter led to a sudden spurt in demand.
• 1. A major factor that supported the freight market was increased congestion at ports. So, rising dry commodities demand, periodic resurgence of Covid variants (which slowed port operations) and weather disruptions (typhoon in China) increased congestion to decadal highs.

The table below shows the market spot earnings of the various categories of dry bulk ships over the financial year (in USD/day):

ORDERBOOK AND OUTLOOK

Currently, the outlook for 2022 seems to indicate a reasonably firm rate environment. Much like 2021, this could be due to low fleet growth and possible strong congestion (supported by record high container rates). The risk to rates are 1) Potential aggressive moves by China to cap commodity imports to prioritize domestic output instead (e.g. coal), 2) Continuous steel production cuts in China to prioritize emission controls, 3) Potential drought in South America that could reduce grain exports from the region and 4) The Russia-Ukraine conflict that can have a negative impact on grain exports and other commodities.

The current dry bulk orderbook stands at 6.6% of the fleet, which is around its lowest since Jan 1996.

FLEET SIZE AND CHANGE DURING THE YEAR

As on March 31, 2022, your Company's fleet stood at 45 vessels, comprising 31 tankers (8 crude carriers, 18 product carriers, 5 LPG carriers) and 14 dry bulk carriers (2 Capesize, 7 Kamsarmax, 5 Supramax) with an average age of 12.55 years aggregating 3.57 mn dwt.

During the financial year, your Company took delivery of a Midsize Gas Carrier 'Jag Vikram' and a Supramax Bulk Carrier 'Jag Rajiv'.

During the financial year, your Company sold and delivered to the buyers a Midsize Gas Carrier 'Jag Vayu' and an Aframax Crude Oil Carrier 'Jag Lata'.

A detailed Asset Profile section forms part of this Annual Report.

KEY FINANCIAL RATIOS

Conventional return ratios are not appropriate to assess the performance or condition of your Company, for the following reasons:

• 1. A very significant part of the return in shipping comes from the appreciation in the value of the asset itself. This does not enter the Profit and Loss account except at the time of sale.
• 1. In recent years, due to the change in accounting standards, the Company's profits have been affected very significantly by the movement in exchange rates. This has generally had the effect of increasing the Company's profits when the rupee appreciates against the US Dollar, and of reducing its profits when the rupee depreciates against the US Dollar. In reality, the depreciation of the rupee against the US Dollar improves the profitability of the Company.

Considering the cyclical and highly volatile nature of the shipping industry, the ability to survive weak markets, and if possible, even take advantage of them, is critical to success. The Company therefore believes that following are the key financial ratios applicable to its business:

1. Gross and Net Debt:Equity Ratio – This shows the extent of leverage taken by the business, both at a gross level and net of the cash and cash equivalents held. Net debt:equity is a standard ratio used in assessing a shipping company's creditworthiness.

There has been a drop in these ratios over the course of FY 22, as a result of the repayment of debt during the year.

	FY 22	FY 21
Gross	0.52	0.61
Net	0.06	0.10

1. Cash Debt Service Coverage Ratio – This represents the Company's ability to meet its debt servicing obligations. It is the sum of the PBIDT plus the cash and cash equivalents held by the Company divided by the expected debt service payments over the next 12 months.

This ratio stood at 5.95 as of end FY 22, versus 6.33 at the end of the previous financial year. The decrease in the ratio is due to (i) decreased PBIDT and (ii) decrease in cash and cash equivalents in FY22.

• 1. Net Debt:PBIDT This shows the number of years earnings it would take to cover the repayment of the debt which is not covered by the cash and equivalents. The ratio was 0.24 as of end FY 22 versus 0.34 as at the end of the previous financial year. The change was mainly due to the drop in net debt.
• 1. Return on net worth The ratio was of 12.81% for FY 22 versus 18.45% for FY 21. Profitability was lower during the year as a result of sharply lower tanker markets, which was not fully compensated by stronger bulk carrier markets. These have been explained in the above sections. In addition, the movement in exchange rates had a negative impact on the P & L in FY 22, as against a positive impact in the previous year.

RISKS AND CONCERNS

Your Company has carried out a detailed exercise to identify the various risks faced by your Company, and has put in place mitigation, control and monitoring plans for each of the risks. Risk owners have been identified for each risk, and these risk owners are responsible for controlling the respective risks. The efficacy of these processes is monitored on a regular basis by Risk Committees for the different areas in order to make continuous improvement and is further reviewed by the Risk Management Committee currently consisting of Mr. Bharat K. Sheth, Chairman, Mr. Berjis Desai, Ms. Rita Bhagwati, Dr. Shankar Acharya, Mr. Tapas Icot and Mr. G. Shivakumar.

The Board of Directors and Audit Committee are regularly briefed on your Company's risk management process.

The material risks and challenges faced by your Company are as follows:

ECONOMIC RISK:

Shipping is a global business whose performance is closely linked to the state of the global economy. Therefore, if global economic growth is adversely impacted, it could have an unfavourable effect on the state of the shipping market.

GEO-POLITICAL RISK:

OPEC nations control more than one third of the world oil supply. Therefore, their decision on whether to comply with (or extend) crude production targets can have a material impact on the crude, product and LPG freight markets.

Many of the countries producing and exporting crude oil are politically volatile. Any change in the political situation in these countries may alter the supply-demand scenario. This would have a consequential impact on the tanker market.

Issues such as sanctions and wars may also affect shipping markets.

TRADE BARRIERS:

Trade disputes between countries can turn into trade wars with erection of tariff and non-tariff barriers. The manner in which such barriers are implemented could have significant impact on trade volumes and routes.

CHINESE ECONOMY:

China has been a major driver of global growth especially for commodities. If the economy falters or changes its policy towards import of various goods, the consequential damage to shipping will be significant.

CHALLENGES FACED BY THE SHIPPING BUSINESS

EARNINGS VOLATILITY:

The shipping industry is a truly global business with a host of issues potentially impacting the supply demand balance of the industry. This results in tremendous volatility in freight earnings and asset values.

Your Company attempts to manage that risk in various ways.

If your Company believes that the freight market could weaken, it may enter into time charter contracts ranging from 6 months to 3 years or use freight derivatives to hedge the risk. Another method of managing risk is by adjusting the mix of assets in the fleet through sale or purchase of ships.

Your Company also ensures that assets are bought at cheap prices as capital cost is a major cost component. Your Company hopes to weather the depressed markets better than most players in the business by having among the lowest fleet break-evens.

Your Company operates ships in different asset classes and different markets. This ensures that your Company's fortunes are not fully dependent upon a single market.

LIQUIDITY RISK:

The sale and purchase market and time charter markets are not always liquid. Therefore, there could be times when your Company is not able to position the portfolio in the ideal manner.

FINANCE RISK:

Your Company's business is predominantly USD denominated as freight rates are determined in USD and so are ship values. Your Company has its liabilities also denominated in USD. Any significant movement in currency or interest rates could meaningfully impact the financials of your Company.

SHIPBOARD PERSONNEL:

Indian officers continue to be in great demand all over the world. Given the unfavourable taxes on a seafarer sailing on an Indian flagged vessel, it is becoming increasingly difficult to source officers capable of meeting the modern-day challenges of worldwide trading.

CYBER RISK:

A new and worrying threat to our business is cyber risk. Your Company is taking steps to secure its assets and systems from this threat, including by having suitable protection in place and by constant training to employees on how to avoid such issues.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has instituted internal financial control systems which are adequate for the nature of its business and the size of its operations. The policies and procedures adopted by your Company ensure the orderly and efficient conduct of its business, including adherence to Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information.

The systems have been well documented and communicated. The systems are tested and audited from time to time by your Company and internal as well as statutory auditors to ensure that the systems are reinforced on an ongoing basis. Significant audit observations and follow up actions thereon are reported to the Audit Committee.

No reportable material weakness or significant deficiencies in the design or operation of internal financial controls were observed during the year.

The internal audit is carried out by a firm of external Chartered Accountants (Ernst & Young LLP) and covers all departments. Your Company also has an independent Internal Audit Department. Apart from facilitating the internal audit by Ernst & Young LLP, the Internal Audit Department also conducts internal audit as per the scope decided from time to time.

Both, Ernst & Young LLP and Head (Internal Audit) report to the Audit Committee in their capacity of internal auditors of your Company.

In the beginning of the year, the scope of the internal audit exercise including the key business processes and selected risk areas to be audited are finalised in consultation with the Audit Committee. All significant audit observations and follow up actions thereon are reported to the Audit Committee.

The Audit Committee comprises of Mr. Cyrus Guzder (Chairman), Mr. Raju Shukla and Ms. Rita Bhagwati, all of whom are Independent Directors and Mr. Berjis Desai, who is the Non-Executive Director on the Board of your Company.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared by your Company in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited Consolidated Financial Statements together with Auditors' Report thereon form part of the Annual Report.

The group recorded a consolidated net profit of 629.68 crores for the year under review as compared to net profit of 918.52 crores for the previous year. The net worth of the group as on March 31, 2022 was 8051.30 crores as compared to 7704.27 crores for the previous year.

SUBSIDIARIES

The statement containing the salient features of the financial statements of your Company's subsidiaries for the year ended March 31, 2022 is attached along with the financial statements of your Company.

The report on performance of the subsidiaries is as follows:

GREATSHIP (INDIA) LIMITED, MUMBAI

Greatship (India) Limited (GIL), a wholly owned subsidiary of your Company and one of India's largest offshore oilfield services providers, has

completed another challenging year of operations. In financial year 2021-22, GIL has recorded a total income of 615.74 crores (previous year 567.56 crores) on a standalone basis and 730.18 crores (previous year 668.22 crores) on a consolidated basis. In the current financial year, GIL has earned a profit before interest, depreciation (including impairment) & tax of 165.56 crores (previous year 159.16 crores) and 216.80 crores (previous year 205.75 crores) on a standalone and consolidated basis, respectively. GIL's net loss for the current financial year is 149.05 crores (previous year 134.29 crores) and 143.69 crores (previous year 131.12 crores) on a standalone and consolidated basis, respectively.

GIL, alongwith its subsidiaries, currently owns and operates eighteen vessels and four jack up drilling rigs. The operating fleet of eighteen vessels comprises of four Platform Supply Vessels (PSVs), four R-Class Supply Vessels, eight Anchor Handling Tug cum Supply Vessels (AHTSVs) and two Multipurpose Platform Supply and Support Vessels (MPSSVs).

GIL has the following four wholly owned subsidiaries, whose performance during the year is summarised hereunder:

1. Greatship Global Energy Services Pte. Ltd., Singapore (GGES)

GGES has incurred a net loss of USD 0.02 Mn for the current financial year as against the net profit of USD 0.20 Mn in the previous year. The net loss in the current year has been on account of reduction in the interest rates resulting into reduced interest on bank deposits and the net profit in the previous year has been on account of the interest received on bank deposits.

2. Greatship Global Offshore Services Pte. Ltd., Singapore (GGOS)

GGOS owns and operates two Multi-purpose Platform Supply and Support Vessels and one R-Class Supply Vessel. GGOS has earned a net profit of USD 2.93 Mn for the current financial year as against the net profit of USD 2.05 Mn in the previous year.

3. Greatship (UK) Limited, United Kingdom (GUK)

GUK's net loss for the current financial year amounted to USD 0.32 Mn as against the net profit of USD 0.01 Mn in the previous year. The net loss in the current year has been on account of foreign exchange difference which arose on account of the reimbursement of expenses to parent company and the net profit in the previous year is attributable to the interest received on bank deposits/exchange gain on forex.

4. Greatship Oilfield Services Limited, India (GOSL)

During the year under review, GOSL has been exploring possible business opportunities and has incurred certain expenses resulting into net losses of 0.01 crore for the current financial year same as the net loss of 0.01 crore in the previous year.

THE GREATSHIP (SINGAPORE) PTE. LTD., SINGAPORE

The Greatship (Singapore) Pte. Ltd. is a wholly owned subsidiary of your Company. The Greatship (Singapore) Pte. Ltd. does shipping agency business for the ships owned by your Company. During the year ended March 31, 2022, there were 62 ship calls at Singapore. The company's loss for the current financial year amounted to S\$ 94,640 as against the profit of S\$ 2,991 in the previous year.

THE GREAT EASTERN CHARTERING LLC (FZC), U.A.E.

The Great Eastern Chartering LLC (FZC) is a wholly owned subsidiary of your Company. During the year ended March 31, 2022, the company made a loss of USD 3.12 Mn (previous year net profit of USD 3.88 Mn). The company had invested in shares of some listed shipping companies during the year, and these shares were valued at USD 14.17 Mn as of March 31, 2022.

During the year, the company made an investment of USD 10.50 Mn in equity shares of its wholly owned subsidiary, The Great Eastern Chartering (Singapore) Pte. Limited, Singapore.

THE GREAT EASTERN CHARTERING (SINGAPORE) PTE. LTD., SINGAPORE

The Great Eastern Chartering (Singapore) Pte. Ltd. is a wholly owned subsidiary of The Great Eastern Chartering LLC (FZC), UAE. During the financial year ended March 31, 2022, the company made a loss of USD 6.47 Mn (previous year profit of USD 0.01 Mn). The company held positions in dry bulk freight futures as of March 31, 2022.

The company received an investment of USD 10.50 Mn in its equity shares from its parent, The Great Eastern Chartering LLC (FZC), U.A.E.

GREAT EASTERN CSR FOUNDATION, INDIA

Great Eastern CSR Foundation (Foundation) is a wholly owned subsidiary of your Company which handles the CSR activities of your Company and

its subsidiaries. The Foundation received a total contribution of 6.61 crores from your Company during the year ended March 31, 2022. The Foundation spent 6.62 crores on CSR activities during the year.

Details of CSR activities carried out by Great Eastern CSR Foundation are set out in the reports on CSR activities which form part of this Annual Report.

GREAT EASTERN SERVICES LIMITED, INDIA

Great Eastern Services Limited is a wholly owned subsidiary of your Company. The company has not yet started its commercial operations. The company made a loss of 45,800 for the year ended March 31, 2022 as compared to a loss of 32,198 for the year ended March 31, 2021.

DEBT FUND RAISING

During the year, fresh debt of 162.38 crores was raised. The gross debt:equity ratio as on March 31, 2022 was 0.52:1 (including effect of currency swaps on rupee debt was 0.59:1) and the debt:equity ratio net of cash and cash equivalents as on March 31, 2022 was 0.06:1 (including effect of currency swaps on rupee debt was 0.12:1). Your Company redeemed non-convertible Debentures aggregating to 200 crores during the year and also settled the swaps relating to those debentures.

HEALTH, SAFETY, ENVIRONMENT AND QUALITY (HSEQ)

The last couple of years have been very challenging for the shipping industry. The outbreak of COVID-19 and its impacts worldwide cannot be overstated. Hundreds of millions of people around the globe were infected by the disease with many suffering from severe and life-threatening symptoms. Pandemic throwed up various challenges, which are not only limited to crew change or logistics support to the ship, but also to keep people motivated and focused. However, your Company's committed teams on board and ashore ensured the implementation of risk-based Disease Outbreak plan helping in minimizing its impact on business operations to a large extent. Regardless to say the team is still on the job with continued sincerity as there are signs of a fresh wave in few parts of the world.

Your Company believes in ensuring clean seas, reducing generation of waste and avoiding pollution at sea. This year, your Company has had zero non-compliance with MARPOL and zero spills to sea.

Your Company cares for its employees and during these challenging times of pandemic, extraordinary measures were taken to give priority to their health and safety. Arrangements like continued work from home option for all shore employees, vessel diversion for crew sign on/sign off, I-Call remote expert counselling service, enhanced pre-employment mental examination from the experts and a dedicated crew relationship officer for managing their welfare and to enhance their relationship with the organization were some of the measures.

Your Company has taken several initiatives to foster the safety culture on board, which includes introduction of tools to avoid injuries such as Whipcheck device, finger saver and 3M™ Protect® Rebel Self-Retracting Lifeline and continuation of GESCO safety culture course and Dynamic Safety Trainings. These initiatives have started yielding results and have translated into reduction of Lost time Injury with Zero Fatalities or Partial / Total disability cases.

Your Company conducted exclusive vaccination drives for seafarers on board and on vacation. 85.6% and 12.8% were fully and partially vaccinated respectively. Similar programs were done for shore employees and their families in Ocean House. All of the shore employees are now fully vaccinated except for some maternity cases.

Your Company's vessel 'Jag Rani' was involved in a rescue operation of a seafarer at sea. It was done while vessel was enroute to Jeddah. 3rd Officer had fallen overboard from another vessel in the vicinity while working on lifeboat. He was picked up from sea using a life buoy & cargo net and was provided with warm clothing, food and water. Later, he was safely disembarked.

In its effort to reduce the GHG emissions, your Company has fitted its vessels with Mewis Duct, LED lighting, and applied superior antifouling coatings on selected vessels this fiscal. In its journey towards decarbonization, your Company conducted successful ship trials with a low carbon alternate fuel (biofuel blend) on one of its vessels. These fuels are generally considered to be carbon neutral because the amount of carbon dioxide (CO2) they emit during combustion tends to be absorbed by source plants, etc. during their growing stage. The biofuel blend used for trials was certified by International Sustainability and Carbon Certification (ISCC) and complying with EU Renewable Energy Directive (RED II) requirements.

Your Company also successfully conducted its first drone delivery operation trials at Singapore anchorage on the vessel 'Jag Arnav'. This will help your Company in reducing its scope 3 emissions and provide an option of contactless delivery.

Environmental initiatives working group was formulated who shall be doing research on the feasibility of use of alternate fuels, technologies, and retrofits for use on your Company's existing fleet.

In the effort to streamline the organization structure and consolidate functions, the Training & Assessment and Vessel Performance Cells were moved under the HSEQ department. This will also help in overall value creation by better collaboration and implementation.

TRAINING AND ASSESSMENT

Keeping in mind your Company's endeavour to man the entire fleet with a pool of competent, confident and well-trained seafarers, the Training and Assessment cell has continued to manage and satisfactorily conduct mandatory and recommendatory value-added training for the seafarers.

The challenges due to ongoing COVID 19 pandemic faced by the department during the past year are minimized to quite an extent, however continuing in some areas. During the pandemic, your Company commenced online facilitation of various in-house trainings. Your Company also worked with the maritime training institutes to move some of the existing training online and developed some new online trainings. Training and Assessment department continued to work jointly with various partners in training not only in India but also globally, to shift the focus from classroom training to online training.

In view of the new maritime regulatory requirements and updated training matrix, the department developed and conducted various in-house training modules with assessment viz. DANAOS ISM Module, LSA FFA Module, Inventory of Hazardous Material Training, Cyber Security Online Module, Main Engine & Boiler Water-Chemical Treatment, Incident Investigation Training, Risk Assessment Training, Environmental Officer Training Course and Induction Program etc.

In addition, various other value-added Courses (beyond the Training Matrix) were conducted on e-platforms.

The department continued conducting the competency assessments for every rank of seafarers. Clearing these competency assessments is a mandatory requirement of your Company for recruitment and promotions of the seafarers.

Training and Assessment portal developed in-house is being used to monitor the Training Need Identification and monitoring of its effectiveness.

IT INITIATIVES

Your Company's focus on technology initiatives which includes new platform implementation, application consolidation, Business Continuity Process (BCP) and Cybersecurity Governance have enabled your Company to conduct smooth business operations, safe from cyberthreat, and helped in embarking on major change initiative of 'Rise with SAP S/4 HANA' ERP implementation. These changes will bring in industry best practices, process standardization, improvement, bring transparency and audit compliance. The organization's technology enablement and collaboration platform ensured zero disruption during pandemic lockdown period and BCP got demonstrated as live use case.

In FY 2021-22, IT department has focused on the following major initiatives:

APPLICATION CONSOLIDATION INITIATIVE

To ensure efficient and effective performance of business support system, your Company has partnered with SAP and has gone for latest 'Rise with SAP S/4 HANA', which is a complete enterprise resource planning (ERP) system with built-in intelligent technologies, including AI, machine learning and advance analytics. Implementation of SAP will be done in FY 2022-23.

Last year, your Company had partnered with Danaos (Greece based shipping software company) for their powerful maritime software suite, which is an integrated and unified environment between ship and office. In Phase 1, your Company has implemented Planned Maintenance System (PMS) for Technical Department. In the second Phase, your Company has implemented HSEQ modules and implementation of commercial and operations modules is in progress.

BUSINESS CONTINUITY PLAN

Your Company is committed to ensure that its systems are resilient and ensured high availability in case of any disaster scenarios. They are designed with strong business continuity plan. It enabled IT to respond quickly to any kind of disruption and be prepared with a strong recovery and response time to make systems available with minimum restoration time and data loss. In FY 2021-22, your Company ensured continuity of critical business operations through various technology initiatives, so that business can run smoothly during or after the crisis.

Technology transformation initiatives like Modernised Infrastructure, Cloud-first strategy, and setup of complete Disaster Recovery Site (DR) has helped your Company to run the business from Work from Home (WFH) without compromising on employee productivity.

Work from Home (WFH): Your Company has ensured that there are zero cybersecurity incidents, 100% application availability and provided 24x7 remote support (earlier 9x5 support) to ships for smooth business operations.

SHIP IT MANAGEMENT

Your Company improvised the solution to have centralized platform for remote monitoring, maintenance and management of the entire IT and connectivity infrastructure onboard including network devices, satellite terminals, operating systems, applications, OT details with low, controlled bandwidth requirements. Below are the features of the solution:

• Asset management
• Network visualization
• Remote monitoring and management
• Software update and patching mechanism
• Alert mechanism for server and system for CPU, memory, storage issues
• Remote installation and uninstallation of software

Ships well connected with high bandwidth continued to help to cut down the travel costs by quick access for expert advice from office to resolve technical issues. Major Dry Dock operations had also been carried out on multiple ships through video conferencing.

CYBER RESILIENCE

Cybersecurity will continue to be on top priority in the international maritime sector. Your Company has strengthened the cybersecurity posture for ships and shore to protect the integrity of the organization's information and IT assets.

Governance through 'Sea Hawk' an AI & ML based security application has helped the team to protect the organization from any advanced level cyber threat.

FUTURE ROADMAP

Your Company is committed to continue technology modernization initiatives and is planning to carry out industry benchmarking and technology gap analysis exercise to detail out continual improvement plans and roadmap for future. Your Company is planning to take up initiative to adopt best practices in shipping industry and its key focus areas for coming year will be adoption and stabilization of new SAP ERP system, process automation leading to operational efficiency improvements, Strategic and Analytical Dashboards development to support decision making, adoption of IOT and RPA to automate the mundane tasks and improve productivity.

HUMAN RESOURCES

The second wave of the Covid-19 pandemic and the onslaught of Omicron variant compelled the organization to defer resumption of the office till next fiscal year and hence employees continued to work from home during this year. The organization took proactive measures to facilitate double vaccination of its shore and floating staff through tie ups with eminent hospital chains across India and onsite vaccination campaigns.

Focus on training continued through online delivery of the programs as well as tie ups with learning platforms such as LinkedIn learning and Nomadic. Programs on coaching for leadership roles, ethics and governance, communication, POSH awareness sessions and specific marine programs were held during the year. A program based on positive psychology by leveraging one's strengths using Clifton Strengthfinder was organized for 120 shore employees.

Your Company signed a four-year wage settlement with Shore Union during the year. Settlement is effective from 1 July 2021.

Retention of the shore staff for the year was 97%.

Total number of shore staff and ship board personnel was 249 and 1812 respectively at the end of the year.

GREAT EASTERN INSTITUTE OF MARITIME STUDIES (GEIMS)

Whilst the world has been striving hard to overcome the effects of the Covid-19 pandemic, the Maritime Training Institutes like most other schools and colleges were most adversely affected. The Great Eastern Institute of Maritime Studies was no less affected and had to overcome multiple challenges including effectiveness of on-line training. With the coming and going of each wave of the pandemic (all in a span of few months from October 2021 till March 2022) we had to re-open, close and then recently re-open the college finally for physical lectures, as per the Government and Director General of Shipping Office directives. Each time it caused severe disruption in schedules and delayed course completion of the batches. All these challenges were successfully overcome, and the Institute is now back to full strength and all batches are in the campus now. Despite all this, the selection, recruitment and training programs have continued unhindered and all faculty and staff have manfully toiled to make things happen seamlessly.

During FY 2021-22, a total of 293 cadets passed out from the Nautical, Marine Engineering, Electrical Technology and GP Rating courses. The Institute also admitted 435 new cadets during the year in these 4 courses.

The Institute was audited and certified for Quality Management System ISO 2008-2015 by Indian Register of Shipping. An impressive result of 97.5% during the Comprehensive Inspection Programme (CIP) Audit of Director General of Shipping was obtained thus maintaining the "OUTSTANDING" rating since inception.

The Institute was awarded the 'Maritime Training Institute of the Year' award at the Samudra Manthan awards in December 2021. The Institute was also awarded the 'Best Training Institute Award' by National Maritime Day Celebrations Committee in April 2022 as part of the National Maritime Day Celebrations. These dual awards are recognition enough to show that the Institute is indeed one of the best managed and operated Maritime Institutes in India.

Your Company proposes to construct a state-of-the-art museum on the GEIMS premises, which would serve as an effective primer for understanding the maritime industry, your Company's historical and present role in facilitating trade and the importance of a seafarer's role within this overall context.

CORPORATE SOCIAL RESPONSIBILITY

Your Company has always been conscious of its role as a good corporate citizen and strives to fulfil this role by running its business with utmost care for the environment and all the stakeholders. Your Company looks at Corporate Social Responsibility (CSR) activities as significant tool to contribute to the society.

The Board of Directors of your Company has constituted a Committee of Directors, known as the Corporate Social Responsibility Committee comprising of Mr. Vineet Nayyar (Chairman), Mr. Cyrus Guzder and Mr. Bharat K. Sheth to steer its CSR activities.

Copy of the Corporate Social Responsibility Policy of your Company as recommended by the CSR Committee and approved by the Board is enclosed as 'Annexure A'. The CSR Policy is also available on the website of your Company: www. greatship.com.

The CSR Policy is implemented by your Company through Great Eastern CSR Foundation, a wholly owned subsidiary of your Company, specifically set up for the purpose.

During FY 2021-22, 6.61 crores were contributed by your Company to Great Eastern CSR Foundation for undertaking CSR activities as against the mandatory requirement of spending 5.03 crores as per the provisions of Section 135 of the Companies Act, 2013.

The Annual Report on CSR activities is enclosed herewith as "Annexure B".

DIRECTORS

Following appointments / re-appointments were approved by the members at their Annual General Meeting held on July 29, 2021:

• Re-appointment of Mr. G. Shivakumar as a Director of the Company, liable to retire by rotation.
• Appointment of Mr. Urjit Patel as an Independent Director of the Company for a term of 5 years w.e.f. August 01, 2020.
• Re-appointment of Mr. Tapas Icot as 'Executive Director' of the Company for a term of 3 years w.e.f. November 02, 2021.

GTBL conducted the assessment in line with the regulatory requirements and leading practices in the market and submitted its 'Board Assessment Report'. The annual performance evaluation of the Board, its committees and all the Directors individually was done based on the 'Board Assessment Report' submitted by GTBL.

Mr. Urjit Patel resigned as an 'Independent Director' of the Company with effect from January 31, 2022. Due to his new full-time work assignment, the attendant time constraint compelled Mr. Urjit Patel to tender his resignation.

Your Directors place on record their appreciation for the valuable guidance and support extended by Mr. Urjit Patel during his tenure as an Independent Director of the Company.

The Board of Directors, at its meeting held on May 06, 2022, appointed Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar as Additional Directors and Independent Directors of the Company for a term of 3 years w.e.f. May 06, 2022. They bring with them years of rich experience and knowledge of working with private sector as well as public services, which will be of immense benefit to your Company.

Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar, being Additional Directors, cease to be the Directors of the Company on the date of the ensuing Annual General Meeting and are required to be appointed by the members. Notices under Section 160 of the Companies Act, 2013 have been received in respect of their appointment as Independent Directors of the Company.

The Board of Directors, at its meeting held on May 06, 2022, re-appointed Mr. Bharat K. Sheth as 'Deputy Chairman & Managing Director' for a period of 3 years w.e.f. April 01, 2023 and Mr. G. Shivakumar as 'Executive Director' for a period of 3 years w.e.f. November 14, 2022.

Mr. Tapas Icot shall retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Appointments of Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar as 'Independent Directors', re-appointment of Mr. Bharat K. Sheth as 'Deputy Chairman & Managing Director', re-appointment of Mr. G. Shivakumar as 'Executive Director' and re-appointment of Mr. Tapas Icot as a 'Director retiring by rotation' require your approval at the ensuing Annual General Meeting.

Necessary resolutions for their appointments / re-appointments have been included in the Notice convening the ensuing Annual General Meeting.

As per the provisions of the Companies Act, 2013, Independent Directors shall not be liable to retire by rotation. The Independent Directors of your Company have given the certificate of independence to your Company stating that they meet the criteria of independence as mentioned under Section 149(6) of the Companies Act, 2013 and under Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, all the Independent Directors are persons of integrity and possess relevant expertise and experience to effectively discharge their duties as Independent Directors of the Company.

The policies on Director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence of Director and also remuneration for key managerial personnel and other employees are enclosed herewith as Annexures 'C' and 'D'.

The details of remuneration as required to be disclosed pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed as Annexure 'E'.

During the year, Mr. Bharat K. Sheth, who is also the Non-executive Chairman of Greatship (India) Ltd. (GIL), a wholly owned subsidiary of the Company, was in receipt of remuneration of 5.40 lakhs for FY 2020-21 from GIL. The Board of Directors of GIL have approved payment of remuneration of 9 lakhs for FY 2021-22 to Mr. Bharat K. Sheth, subject to GIL's shareholders' approval.

BOARD MEETINGS

During the year, 6 meetings of the Board were held. The details of Board meetings as well as Committee meetings are provided in the Corporate Governance Report.

BOARD EVALUATION

With a view to bring in objectivity and independence in the process of performance evaluation of the Board, its Committees and individual Directors, your Company engaged the services of Grant Thornton Bharat LLP ('GTBL') to assist in conducting performance evaluation for FY 2021-22. The Performance Evaluation Framework of your Company was accordingly modified to enable the same.

Pursuant to the provisions of the Companies Act, 2013, a separate meeting of Independent Directors reviewed performance of your Company, Board as a whole and Non-Independent Directors (including Chairman) of your Company.

The Board of Directors reviewed the performance of Independent Directors and Committees of the Board. Nomination and Remuneration Committee also reviewed performance of your Company and every Director.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3) of the Companies Act, 2013 the Board of Directors hereby state that:

• (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
• (b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
• (c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
• (d) the directors had prepared the annual accounts on a going concern basis; and
• (e) the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
• (f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CORPORATE GOVERNANCE

Maintaining high standards of Corporate Governance has been fundamental to the business of your Company since its inception. A separate report on Corporate Governance is provided together with a certificate from the practicing Company Secretary regarding compliance of conditions of Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Your Company has formally adopted the 'National Guidelines on Responsible Business Conduct' ('NGRBC') issued by Ministry of Corporate Affairs. The applicable aspects of the principles of NGRBC have been suitably incorporated in the internal policy framework and operating processes followed by your Company.

The Business Responsibility and Sustainability Report as per the format specified by Securities & Exchange Board of India forms part of this Annual Report. Though not mandatory yet, your Company has voluntarily decided to publish it.

A separate section on ESG (Environment, Social & Governance) also forms part of this Annual Report.

Copy of Annual Return as required under Section 92(3) of the Companies Act, 2013 has been placed at the website of your Company, www. greatship.com.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

With a view to create safe workplace, your Company has formulated and implemented Sexual Harassment (Prevention, Prohibition and Redressal) Policy in accordance with the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. For the purpose of handling and addressing complaints regarding sexual harassment, your Company has constituted Internal Complaint Committee with an external lady representative (who has the requisite experience in this area) as a member of the Committee. To build awareness in this area, your Company also conducts awareness programmes within the organisation.

During the year, no complaints with allegations of sexual harassment were received by the Company.

VIGIL MECHANISM

Your Company has established a vigil mechanism (Whistle Blower Policy) for Directors and employees to report genuine concerns. The Whistle Blower Policy provides for adequate safeguards against victimisation of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases.

A copy of the Whistle Blower Policy is available on the website of your Company: www.greatship.com

RELATED PARTY TRANSACTIONS

Your Company has formulated a policy on dealing with Related Party Transactions, a copy of which is available on the website of your Company: www. greatship.com

The particulars of contracts or arrangements with related parties in Form AOC 2 is annexed herewith as "Annexure F".

All the related party transactions have been entered into by your Company in the ordinary course of business and on arm's length basis.

DIVIDEND DISTRIBUTION POLICY

The Dividend Distribution Policy of your Company is available on the website of your Company: www. greatship.com

ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION

CONSERVATION OF ENERGY

In order to align with IMO's GHG emission reduction targets and to prepare for a low carbon future, your Company has been undertaking various initiatives about enhancing energy efficiency in its business operations. The same have also been described in detail in the ESG Report, which forms part of this Annual Report.

ENERGY SAVING TECHNOLOGIES

In our efforts to reduce emissions, your Company has implemented following energy efficiency projects on various vessels during this financial year. Few of these will help us in complying with new IMO MARPOL Annex VI regulations – EEXI & CII requirements on emission reduction:

• Mewis duct 06 vessels at an additional cost of USD 1.46 Mn. Mewis Duct is a device which improves the flow of water on to propeller and thus its efficiency. It also helps in reduction of underwater noise.
• LED lighting 05 vessels at an additional cost of USD 0.10 Mn. Cost of USD 0.03 Mn has also been committed for the LED lighting projects under progress. LED lights are energy efficient as compared to traditional lights such as fluorescent, halogen and incandescent lights.
• High performance paints For a typical ship loss of energy through hull resistance is around 30% and this increases with growth of hull roughness due to biofouling. To minimize growth of biofouling, your Company has applied superior anti-fouling coatings on 10 vessels during their respective dry dockings in this financial year. The additional cost incurred for application of the superior anti-fouling coatings was USD 1.89 Mn.

During the year, saving of USD 3.47 Mn was achieved in fuel cost from propulsion energy saving retrofits (viz. Mewis Duct, Propeller Boss Cap Fins, Kappel Propeller) and use of superior anti-fouling hull coatings carried out on fleet vessels in previous years. This fuel saving also resulted in reduction of CO2 emission by 18537.15 MT during the year.

COMPLIANCE WITH IMO DCS AND EU MRV REGULATIONS

With effect from January 01, 2019 all vessels above GT 5000 are mandatorily required to report their annual fuel consumption, distance sailed and sailing hours and certain other technical features of individual ships to its Flag State and upon satisfactory verification of the data, Flag States in turn are obliged to submit such data to International Maritime Organization (IMO) all as per Regulation 22A - Collection and reporting of ship fuel oil consumption data of MARPOL Convention, Annex VI. The data will be used by IMO for making future policy decision with respect to further reduction of GHG emission from ships on international trade. Your Company has developed ship specific required Data Collection Plans which describes the procedure of collection, quality control, storage and transmission of relevant data and the same have been approved by Recognized Organizations (RO). Data for the calendar year 2021 have been submitted to R.O by the due date for their review.

Similar exercise for corresponding requirement of European Union, but applicable to vessels which have made commercial voyages to or from EU for the calendar year 2021, has been completed.

QUANTIFICATION AND REPORTING OF GHG EMISSION

Your Company since FY 2015-16 has started to capture and quantify GHG emission from its business operations in a transparent and standardized manner for the information of stakeholders of your Company on a voluntary basis. The GHG emission quantification and reporting has been done taking into account:

• ISO 14064-1 (2006) Greenhouse gases Part 1: Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals, and
• The Greenhouse Gas Protocol A Corporate Accounting and Reporting Standard (Revised edition) published by World Business Council for Sustainable Development and World Resources Institute.

COMPLIANCE WITH ENERGY EFFICIENCY EXISTING SHIP INDEX (EEXI) AND CARBON INTENSITY INDICATOR (CII)

In preparation for the new regulations of Energy Efficiency Existing Ship Index (EEXI) which is coming into force from January 01, 2023, your Company has performed sample EEXI calculations for all its fleet vessels with the support of Classification Societies and plan to fully comply through a combination of engine power limitation (EPL) and other energy savings devices like MEWIS duct etc. Your Company intends to complete the whole process well before the due date.

Your Company has developed an inhouse program for tracking and monitoring of Carbon Intensity Indicator (CII) ratings for all its vessels. This will help the organization in timely identifying the vessels which require improvement and appropriate actions can be planned accordingly.

AUDITORS

Pursuant to the provisions of Section 139 of Companies Act, 2013, Deloitte Haskins & Sells LLP were appointed as the Statutory Auditors of your Company at the Annual General Meeting held on August 10, 2017, to hold office till the conclusion of the ensuing Annual General Meeting.

Since Deloitte Haskins & Sells LLP has completed its first term as prescribed under Section 139(2) of the Companies Act, 2013, the Audit Committee and the Board of Directors have recommended their re-appointment as Statutory Auditors for second term to hold office from the conclusion of the ensuing Annual General Meeting till the conclusion of the 79th Annual General Meeting to be held in calendar year 2027.

Necessary resolution for their re-appointment has been included in the Notice convening the ensuing Annual General Meeting.

The report given by the Auditors on the financial statements of your Company is part of this Report. There has been no qualification, adverse remark of disclaimer given by the Auditors in their Report.

SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Companies Act, 2013, your Company appointed M/s. Mehta & Mehta, Company Secretaries to undertake the Secretarial Audit of your Company for the financial year ended March 31, 2022.

The Secretarial Audit Report of your Company is annexed herewith as "Annexure G".

The Secretarial Audit Report of Greatship (India) Limited, the material unlisted Indian subsidiary of your Company, is annexed herewith as "Annexure H".

FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of Foreign Exchange Earnings and Outgo are as follows:

		(` in crores)
a)	Foreign Exchange earned on account of freight, charter hire earnings, sales proceeds of ships, etc.	1990.50
b)	Foreign Exchange used including operating expenses, capital repayment, down payments for acquisition of ships (net of loan), interest payment, etc.	2271.28

OTHER DISCLOSURES

Particulars of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the financial statements.

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

Maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 is not required by your Company.

Neither any application was made, nor any proceeding was pending under the Insolvency and Bankruptcy Code, 2016 in respect of your Company during or at the end of the financial year 2021-22.

The disclosures on valuation of assets as required under Rule 8(5)(xii) of the Companies (Accounts) Rules, 2014 are not applicable.

APPRECIATION

Your Directors express their sincere thanks to all customers, charterers, vendors, investors, shareholders, shipping agents, bankers, insurance companies, protection and indemnity clubs, consultants and advisors for their continued support throughout the year. Your Directors also sincerely acknowledge the significant contributions made by all the employees through their dedicated services to your Company. A special mention needs to be made about the shipboard personnel who have soldiered tirelessly to keep global supply chain open even in the phase of the Covid-19 pandemic. Your Directors look forward to their continued support.

For and on behalf of the Board of Directors

K.M. Sheth Chairman (DIN: 00022079)

Mumbai, May 6, 2022

ANNEXURE 'A' TO BOARD'S REPORT CORPORATE SOCIAL RESPONSIBILITY POLICY

I. INTRODUCTION: THE GREAT EASTERN GROUP

The Great Eastern Shipping Company Ltd. is the largest private sector shipping company in India. Over the last 70 years the Company has managed to methodically build its capacity and grow, despite the volatility of international shipping markets. The Great Eastern Group (GE Group) includes:

• a) The Great Eastern Shipping Company Ltd. (GES): GES is involved in the bulk shipping business i.e. transportation of crude oil, petroleum products, gas and dry bulk commodities.
• b) Greatship (India) Limited (GIL): GIL is a wholly-owned subsidiary of GES that provides offshore oilfield services with the principal activity of owning and/or operating offshore supply vessels and mobile offshore drilling rigs.
• c) Great Eastern CSR Foundation (GECSRF): The enactment of Section 135 of the Companies Act, 2013, Corporate Social Responsibility (CSR) policy by the Ministry of Corporate Affairs, has marked India as the only country to regulate and make CSR mandatory for eligible companies falling under the Act.

Following this policy, GECSRF, a wholly owned not-for-profit subsidiary of GES was incorporated in February 2015 to implement CSR activities of the GE Group. Through GECSRF, the GE Group aims to extend the scope of social welfare activities to the vulnerable, marginalized and low-income population in India.

II. CSR FOCUS AREAS

Conforming to the activities as mentioned under Schedule VII, Section 135 of the Companies Act and, aligning our commitment to the globally accepted Sustainable Development Goals (SDGs), GE Group's focus areas are:

• a) Education: We are committed to support initiatives that aim to improve the quality of education, with a focus on building capacities of teachers and educators.
• b) Health: We aim to improve health outcomes for adolescent girls, pregnant women, infants, other women and communities at large.
• c) Livelihoods: We aim to enhance livelihood opportunities for women and youth by supporting organisations that focus on skill building, women empowerment and sustainable farming practices.

In addition to the focus areas, GE Group will also be open to consider support to other areas mentioned under Schedule VII of the Companies Act, 2013.

III. GEOGRAPHY

GE Group is open to support organizations across India. However, we will be more keen to support interventions that address needs of vulnerable, marginalized and low-income population in rural areas.

IV. CSR BUDGET

Since the financial year starting 2014-15, GES and GIL have committed to spend at least 2% of the average net profits over the past three financial years in accordance with the applicable provisions of the Companies Act, 2013 (Act), on Corporate Social Responsibility (CSR) causes.

The CSR Committees of GES/GIL will recommend the CSR spend towards CSR cause during the year to their Boards for approval.

In the event any surplus arises out of the CSR activities, it shall not form part of the business profits, and shall be ploughed back into the CSR activities as per applicable provisions of the Act.

V. GOVERNANCE

The Corporate Social Responsibility (CSR) Governance structure at GE Group comprises three levels:

• a) Board of Directors
• b) CSR Committee
• c) CSR Team

THE GREAT EASTERN SHIPPING CO. LTD.

a) Board of Directors:

The Boards of GES/GIL will be responsible for:

• Approving the CSR policy as formulated and recommended by the CSR Committee.
• Approving the Annual Action Plan and any alterations thereto, as recommended by the CSR Committee.
• Ensuring, through the CSR Committee, that in each financial year GES and GIL spend at least 2% of the average net profits over the past three financial years in accordance with the applicable provisions of the Act.
• Ensuring, through the CSR Committee, that funds committed by the Company for CSR activities are utilized effectively.
• Ensuring that the funds disbursed have been utilised for the purposes and in the manner as approved by it. (Chief Financial Officer shall certify to that effect.)
• Monitoring the implementation of the Ongoing Projects (i.e. multi-year projects having timelines not exceeding 3 years excluding the financial year in which it was commenced) with reference to the approved timelines and year-wise allocation and make modifications, if any, for smooth implementation thereof.
• Ensuring that applicable disclosures on CSR are made in their respective annual report on CSR included in their Board's Report and on their respective websites.
• Ensuring that the administrative overheads (i.e. expenses for general management and administration not including expenses for designing, implementation, monitoring, and evaluation etc. of a particular project) of the CSR functions does not exceed 5% of the total CSR expenditure for the financial year.

b) Corporate Social Responsibility (CSR) Committee

The Board of Directors of GES and GIL have constituted Committees of Directors known as the CSR Committees. The functions of the Committees will be as follows:

• To formulate and recommend the CSR policy.
• To formulate and recommend to the Board an Annual Action Plan as prescribed under the Act and any alterations thereto.
• To recommend CSR budget for each year.
• To review and approve the fund allocation for partners.
• To monitor the CSR activities and report the same.

c) Corporate Social Responsibility (CSR) Team

The CSR team leads the day to day CSR activities of the GE Group. Its functions are as follows:

• Formulate and recommend to CSR Committees, Annual Action Plan (including alterations thereto) which shall include the following:
• a. details of projects / programmes to be undertaken
• b. manner of execution
• c. modalities of utilization of funds and implementation schedules
• d. monitoring and reporting mechanism
• e. need for impact assessment, if any.
• Implementation of the approved Annual Action Plan.
• Identify potential partners and facilitate an end to end partner selection process.
• Timely review of the budgets and approved disbursements to the partners.
• Monitoring utilization of funds disbursed to the partners.
• Periodically visit the programmes and evaluate the progress on ground.
• Undertaking impact assessment through independent agencies, if required.
• Share progress updates with CSR Committees / Boards of GES / GIL as and when required.
• Disclosure of details of CSR activities (including projects approved) on website of GES / GIL.
• Monitoring unspent amount as on 31st March every year and recommend its transfer to Unspent CSR Account / government funds as per the requirements of the Act.

VI. ONBOARDING A PARTNER

a) Identification of a Partner

• Direct Approach - Open to All:

i. Any NGO registered as a Society/ Public Charitable Trust / company established in India under Section 8 of the Act and having CSR Registration Number from the Ministry of Corporate Affairs whose vision and values are aligned with any of our CSR focus areas or activities under Schedule VII can reach out to GECSRF.

ii. It should meet the basic statutory requirements (section 6.d.), including: documents such as the Registration certificate, valid Income Tax exemption certificates and Audited Financial statements for the last three years.

• Indirect approach:

i. The CSR team may reach out to NGOs based on references from the existing partners, CSR Committee or Board members and other stakeholders.

b) Due Diligence

• Once the NGOs are identified, a due diligence process will be initiated to evaluate organization's operations, programmes and statutory compliances before making any decisions for partnership opportunities.
• A combination of meetings and visits will be conducted to complete the due diligence process.

c) CSR Committees

• Recommendations will be shared with the CSR Committee of GES/GIL for review and approval/recommendation to the Board.
• Once approved, the CSR team will draft a Memorandum of Understanding (MoU) with the selected organization.

d) Partner Statutory Compliances

• Maintain a record of all basic compliance requirement documents:
• i. 80G certificate
• ii. Registration Certificate
• iii. PAN Card 12 A Registration
• iv. Financial statements and Audit reports for the last three years
• v. CSR Registration Number from Ministry of Corporate Affairs

e) Memorandum of Understanding (MoU)

• The CSR team under the guidance of GES/GIL Legal and Compliance team and in consultation with the potential partner will finalize the MoU.

VII.MONITORING AND EVALUATION

The CSR Team will periodically monitor and evaluate each project in accordance with the annual action plan to ensure its smooth implementation. This will include review of progress reports and fund utilization (quarterly and annually), project site visits, and meetings with partner organisations.

Any additional third-party evaluation / impact assessment will be conducted as per the requirements for any partner(s) or as may be required under the Act.

VIII.EMPLOYEE ENGAGEMENT

GE Group further aims to provide and facilitate employee engagement opportunities to the employees.

IX.COMPLIANCE

The GE Group will follow the applicable Accounting, Auditing and Reporting practices.

X. EFFECTIVE DATE

This Policy has been recommended by the Corporate Social Responsibility Committee of the Company at its meeting held on March 5, 2021 and has been adopted by the Board of Directors of the Company at their meeting held on March 5, 2021. This Policy is effective from March 05, 2021 and replaces the existing CSR Policy of the Company.

ANNEXURE 'B' TO BOARD'S REPORT ANNUAL REPORT ON CSR ACTIVITIES FOR FY 2021-22

I. Brief outline on CSR Policy of the Company

Following the enactment of Section 135 of the Companies Act, 2013 regarding Corporate Social Responsibility (CSR) by the Ministry of Corporate Affairs, the Great Eastern Group (GE Group) incorporated a wholly owned not-for-profit subsidiary - Great Eastern CSR Foundation (GECSRF) in February 2015. Through GECSRF, the GE Group aims to extend the scope of social welfare activities to the vulnerable, marginalized and low-income population in India.

Conforming to the activities as mentioned under Schedule VII, Section 135 of the Companies Act, 2013 and, aligning our commitment to the globally accepted Sustainable Development Goals (SDGs), GECSRF's focus areas are:

• a. Education: GECSRF is committed to support initiatives that aim to improve the quality of education, with a focus on building capacities of teachers and educators.
• b. Health: GECSRF aims to improve health outcomes for adolescent girls, pregnant women, infants, other women and communities at large.
• c. Livelihoods: GECSRF aims to enhance livelihood opportunities for women and youth by supporting organisations that focus on skill building, women empowerment and sustainable farming practices.

In addition to the focus areas, GECSRF is open to consider need based support to other priority areas mentioned under Schedule VII of the Companies Act, 2013.

In terms of governance and roles and responsibilities, the CSR governance structure at GE Group comprises three levels: Board of Directors, CSR Committee and CSR Team.

SL. NO.	NAME OF DIRECTOR	DESIGNATION/ NATURE OF DIRECTORSHIP	NUMBER OF MEETINGS OF CSR COMMITTEE HELD DURING THE YEAR	NUMBER OF MEETINGS OF CSR COMMITTEE ATTENDED DURING THE YEAR
1.	Mr. Vineet Nayyar	Chairman (Independent Director)	1	1
2.	Mr. Cyrus Guzder	Member (Independent Director)	1	1
3.	Mr. Bharat K. Sheth	Member (Deputy Chairman & Managing Director)	1	1

II. Composition of CSR Committee:

• III. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company: https://www.greatship.com/
• IV. Provide the details of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): Not applicable.
• V. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any

SL.	FINANCIAL YEAR	AMOUNT AVAILABLE FOR SET-OFF FROM	AMOUNT REQUIRED TO BE SET- OFF FOR THE
NO.		PRECEDING FINANCIAL YEARS (IN ) | FINANCIAL YEAR, IF ANY (IN)
1	2020-21	2,13,65,081	-

VI. Average net profit of the company as per section 135(5): ` 251.42 crores

50

• VII. a) Two percent of average net profit of the company as per section 135(5): ` 5.03 crores
• b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
  • c) Amount required to be set off for the financial year, if any: Nil
  • d) Total CSR obligation for the financial year (7a+7b-7c): ` 5.03 crores
• VIII. a) CSR amount spent or unspent for the financial year:

TOTAL AMOUNT			AMOUNT UNSPENT (IN `)
SPENT FOR THE FINANCIAL YEAR (IN `)	TOTAL AMOUNT TRANSFERRED TO UNSPENT CSR ACCOUNT AS PER SECTION 135(6)		AMOUNT TRANSFERRED TO ANY FUND SPECIFIED UNDER SCHEDULE VII AS PER SECOND PROVISO TO SECTION 135(5)
	AMOUNT	DATE OF TRANSFER	NAME OF THE FUND	AMOUNT	DATE OF TRANSFER
6,61,30,352.00	` 5,08,532.00@	April 27, 2022	-	-	-
	` 6,25,378.50#	April 28, 2022

@ Unutilized balance with NGO

# Unutilized balance with GECSRF

SL. NO	NA ME OF TH E PR OJ ECT	ITE M F RO M TH E L IST OF AC TIV ITIE S IN	LOC AL AR EA (YE O)* S/N	LOC ION OF AT	RO JEC TH E P T	OJ ECT PR DU RA TIO N	OU AM NT AL LOC AT ED FO R T HE	OU AM NT SP EN T IN T HE	OU AM NT TR AN SFE RR ED TO UN SP EN T	MO OF DE IMP LEM EN TAT ION (Y ) DIR ECT ES/ NO	MO OF DE IMP – T HR OU GH IM AG EN CY	ION LEM EN TAT PLE ME NT ING
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3	aks han Pro jec t R – a hol isti ode l to c m be imp lem ed in ent villa k 27 in Ton ges dis tric t, R aja sth an	list Sk ills, Ho ic - Live liho ods , He alth , Edu ion cat	No	han Raj ast	nk To	ril 0 Ap 1, 2 021 – Ma rch 31 , 20 22	89, 00, 000	89, 00, 000	-	No	dia iPa rtne r In	CS R00 002 583
4	Ind You ia ng Fel low shi p nd pro gra mm e a Und rad er-G uat e (UG ) Sc hol hip s in ars Ash oka Un ive rsit y	of Pro tion mo edu ion cat	No	Ha rya na	So at nep	ril 0 Ap 1, 2 021 – Ma rch 31 , 20 22	1,0 0,0 0,0 00	1,0 0,0 0,0 00	-	No	al Inte tion rna Fou nda tion for ch Res ear and Ed tion uca (IFR E) (As hok a ) Uni sity ver	CS R00 000 712
5	Sus tain ing siti po ve ctic f m l ate pra e o rna and ch ild hea lth inte ntio n in rve Gov and i, M bai um	Hea lth - Re duc ing chi ld m alit nd ort y a nal imp ing ter rov ma hea lth	Yes	Ma har ash tra	Mu mb ai	Ap ril 0 1, 2 020 to Ap ril 3 0, 2 021	3,3 4,0 00	3,3 4,0 00	-	No	Soc iety fo r ritio Nut n, Edu d cat ion an Hea lth Act ion (SN A) EH	CS R00 002 137
6	Car Aw eer are and Ca dy Rea ree Pro gra ms	Em plo ent ym enh ing anc nal sk ills atio voc	Yes d o the an r are as	Raj han ast , Ma har ash tra	Uda ipu r, Mu mb ai	Ap ril 0 1, 2 020 to Aug 31 , 20 21 ust	5,2 1,3 66	5,2 1,3 66	-	No	Ant ara ng nda tion Fou	CS R00 002 952
7	Em erin pow g w om en to l ead nd rec ove ry a nity ilie com mu res nce effo in L rts atu r	Live liho ods , plo Em ent ym enh ing anc atio nal sk ills, voc ent em pow erm	No	Ma har ash tra	Lat ur	ril 0 Ap 1, 2 020 to Jun e 3 0, 2 021	12, 22, 179	12, 22, 179	-	No	Sw aya m Shi ksh an (SS P) Pra yog	CS R00 002 783
8	ht S cho ol Nig nsf Tra atio orm n m ( TP) Pro NS gra	tion of Pro mo edu ion cat	Yes	har ash Ma tra	mb ai Mu	e 0 2, 2 020 Jun to Jun e 0 1, 2 021	7,3 8,1 34	7,3 8,1 34	-	No	Ma soo m	CS R00 000 360

b) Details of CSR amount spent against ongoing projects for the financial year:

SL. NO	NA ME OF TH E PR OJ ECT	ITE M F RO M TH E L IST OF AC TIV ITIE S IN	LOC AL AR EA (YE O)* S/N	LOC AT ION OF TH E P RO JEC T		PR OJ ECT DU RA TIO N	AM OU NT AL LOC AT ED FO R T HE	AM OU NT SP EN T TR AN SFE RR IN T HE TO UN SP ECT CU RR EN T CS R A CC OU	AM OU NT ED EN T	MO DE OF IMP LEM EN TAT ION (Y ) DIR ECT ES/ NO	MO DE OF IMP LEM EN TAT ION – T HR OU GH IM PLE ME NT ING AG EN CY
		SC TO HE DU LE VII TH E A CT		ST AT E	DIS TR ICT		PR OJ (IN ) | FIN<br>AN<br>CIA<br>L<br>YEA<br>R<br>(IN<br>)	NT FO R T HE PR OJ ECT AS PE R S ECT ION (6 ) (IN `) 135		NA ME	CS R RE GIS TR AT ION NU MB ER
9	Ho roje ct: me ca re p Inte ting ho gra me nd clin ic f car e a or the bor mo rs, new ns, infa for rvic nts , se es l he alth d nta me an e fo r el der ly car	lth duc Hea - Re ing chi ld m alit nd ort y a imp ing nal ter rov ma hea lth	No	han Raj ast	Uda ipu r	e 0 1, 2 020 Jun to Jun e 3 0, 2 021	25, 49, 651	25, 49, 651	-	No	Act ion Res ch and ear Tra inin g fo r lth Hea Soc iety (AR ) TH	CS R00 001 873
10	Sup t th of ost por e c of chi ldre tre atm ent n and ad ults yo ung bor ith def itie n w orm s of s kul l an d fa ce	Hea lth	Yes	Ma har ash tra	Mu mb ai	Jun e 0 1, 2 021 - rch 31 , 20 22 Ma	12, 92, 412	12, 92, 412	-	No	Ing a H eal th nda Fou tion (IH F)	CS R00 001 727
11	Pro jec t Sw adh een - Ski ll b d e duc atio ase n cho ols in 2 0 s - Sec ond hoo l ary sc and shi for int ern ps her dar Hig Se con y Sch ool den ts i stu n Ma har ash tra	Em plo ent ym enh ing anc atio nal sk ills voc	No	Ma har ash tra	Ah dna ma gar , d, Bee Jal gao n, Kol hap ur, mb ai, Mu nde d, Na Nas ik, P une , d Sat ara an al Yav atm	Aug 01 , 20 20 ust uly 31, 20 21 to J	29, 20, 000	29, 20, 000	-	No	Len d A Ha nd Ind ia ( I) LAH	CS R00 004 918
12	llab s fo Co tor ora r nsf Tra ing orm (C TE) Edu ion in cat Ma har ash tra	tion of Pro mo edu ion cat	No	har ash Ma tra	Am ati, rav bha Par ni, Na ndu rba r, Gad chi roli , Sol apu r, Sat ara , Hin gol i	obe Oct r 01 , rch 202 1 – Ma 31, 20 22	25, 00, 000	25, 00, 000	-	No	Ede lGiv e Fou nda tion	CS R00 000 514
13	AM RIT Cli nic hig h s - lity, low st qua co he alth prim ary ca re vic for l, ser es rura trib al c niti in om mu es the sth rn R aja sou an	Hea lth duc ing - re chi ld m alit nd ort y a imp ing nal ter rov ma hea lth	No	Raj han ast	Uda ipu r	Jun e 1 5, 2 020 - 4, 2 021 Jun e 1	79, 63, 739	79, 63, 739	-	No	Bas ic lthc Hea are (BH S) Ser vic es	CS R00 001 575
14	d V illag Mp ow ere e Ala Pro jec t in ng, Guj t ara	list Sk ills, Ho ic - Live liho od, He alth , Edu ion cat	No	Guj t ara	Ala ng	ber Dec 15 em , rch 202 1 – Ma 31, 20 22	04, 375 67,	04, 375 67,	-	No	Mri da Hea rt 'N S oil Fou nda tion	CS R00 001 125

SL. NO	NA ME OF TH E PR OJ ECT	ITE M F RO M TH E L IST OF AC TIV ITIE S IN	LOC AL AR EA (YE O)* S/N	LOC AT ION OF	TH E P RO JEC T	PR OJ ECT DU RA TIO N	AM OU NT AL LOC AT ED FO R T HE	AM OU NT SP EN T IN T HE	AM OU NT TR AN SFE RR ED TO UN SP EN T	MO DE OF ION IMP LEM EN TAT (Y ) DIR ECT ES/ NO	MO DE OF IMP OU GH – T HR IM AG EN CY	LEM EN TAT ION ING PLE ME NT
		SC HE DU LE VII TO TH E A CT		ST AT E	DIS ICT TR		PR OJ ECT (IN ) | CU<br>RR<br>EN<br>T<br>FIN<br>AN<br>CIA<br>L<br>YEA<br>R<br>(IN<br>)	CS R A CC OU NT FO R T HE PR OJ ECT AS PE R S ECT ION (6 ) (IN `) 135		NA ME	CS R RE GIS TR AT ION NU MB ER
15	Sc hol hip ars s tud s fo to s ent r olle Eng ine erin g c ge	of Pro tion mo edu ion cat	No	Tam il N adu	Che i nna	Ap ril 0 1, 2 021 – Ma rch 31 , 20 22	5,0 0,0 00	5,0 0,0 00	-	No	Alu i mn Ass oci atio n of C olle of ge Eng ine erin g Gu ind y (AA G) CE	CS R00 008 426
16	Ata l Ti nke ring Lab s (A TL) , to of bui ld c citi apa es che tea rs	Pro tion of mo edu cat ion	No	Ass am , Ma nip ur		Ap ril 0 1, 2 021 – rch Ma 31 , 20 22	20, 00, 000	20, 00, 000	-	No	Ere hw in on rsh tne ip par wit h C olle ctiv e Go od nda Fou tion	CS R00 001 648
17	To imp rov e infr nd ast tur ruc e a fac hos tel ility to ch out to rea mo re ber of den stu ts num	Pro tion of mo edu cat ion	No	Guj t ara	Bh avn aga r	Nov ber 1, em rch 202 1 – Ma 31, 20 22	25, 00, 000	25, 00, 000	-	No	She nji tru ak Sev Sam aj	CS R00 014 467
18	To imp e h eal th, rov d li itat ion vin san an g of fam diti ilies con ons bel ing SC /ST to ong ido nity com mu , w ws thr h c ctio tru oug ons n of h and toi lets om es	Pro tion of hea lth mo and nita tion sa	No	Guj t ara	Bh avn aga r	ber 1, Nov em rch 202 1 – Ma 31, 20 22	10, 00, 000	10, 00, 000	-	No	Vin Vih ay ar Kel ni ava Ma nda l	CS R00 001 209
19	Sup duc atio ts e por n and lite roje ct rac y p for chi ldre n - prim aril irls y g , cia l ch ildr spe en, chi ldre ith gle sin n w fro the nd mo rs a m low -inc e fa mil ies om	of Pro tion mo edu ion cat	No	Guj t ara	Bh avn aga r	Nov ber 1, em 202 1 – Ma rch 31, 20 22	10, 00, 000	10, 00, 000	-	No	Vid Vih ya ar Kel i van nda l Ma	CS R00 013 081
TO TA L							56\$ 6,6 6,4 5,8	24\$ 6,6 1,3 7,3	5,0 8,5 32

54

c) Details of CSR amount spent against other than ongoing projects for the financial year:

SL NO	NA ME OF T HE	IT EM F RO M TH E L IS T O F	LO CA L AR EA	LO CA TI ON O PR OJ EC T	F T HE	AM OU NT SP EN T FO R	MO DE O F IM PL EM EN TA TI ON	MO DE O F I MP LE TH RO UG H IM PL	ME NT AT IO N - EM EN TI NG A GE NC Y
	PR OJ EC T	AC TI VI TI ES IN SC HE DU LE V II T O TH E A CT	( YE S/ ) NO *	ST AT E	ST CT DI RI	TH E P RO JE CT ( ) IN `	( ) DI RE CT YE S/ NO	NA ME	CS R R EG IS TR AT IO N NU MB ER
1	CO VI D- 19 lie f w k Re or	lat d CO VID -19 re e tiv itie de r it ac s u n em	No	l hi De	l hi De	50 00 00 0 , ,	No	Sa LIF E ve da tio Fo un n	CS R0 00 00 72 8
2	CO VI D- 19 lie f w k Re or	( ) d ( ) f i xii no an o Sc he du le V II r lat ing e	Ye s	Ma ha htr ras a	Mu ba i m	10 00 00 0 , ,	No	K.J . S aiy om a l Ho ita sp	CS R0 00 04 52 7
3	CO 19 VI D- f w Re lie k or	f tio to pro mo n o he lt h c in lu din a are c g	Ye s	ha htr Ma ras a	ba i Mu m	10 00 00 0 , ,	No	ly Ho Sp irit Ho ita l sp	CS R0 00 01 39 5
4	CO VI D- 19 lie f w k Re or	he lt h c nti pre ve ve a are d s ita tio d an an n, a n dis ter t as m an ag em en	No	ha htr Ma ras a	lg ha Pa r	5, 00 00 0 ,	No	lu b o f Ro C ta ry ba Qu Bo m y ee ns k lac Ne c e C ha rita b le Tr t us	CS R0 00 04 40 3
5	CO VI D- 19 lie f w k Re or		No	ha htr Ma ras a	l Ma va	10 00 00 0 , ,	No	Ac ce ss li ho ds Liv e o Fo da tio un n	CS R0 00 03 08 8
6	CO VI D- 19 lie f w k Re or		No	ha htr Ma ras a	d Ra ig a	5, 00 00 0 ,	No	fo As cia tio so n r trit ion d Nu an lop De nt ve me Ac tio n	CS R0 00 00 74 9
7	CO VI D- 19 lie f w k Re or		No	ha htr Ma ras a	Ku la ba , ly Ka an , Ra ig d a d a n Pa lg ha r	4, 00 00 0 ,	No	Va i K ly nv as a an ( ) hra As VK A m	CS R0 00 06 10 4
8	CO VI D- 19 lie f w k Re or		No	l hi De	l hi De	10 00 00 0 , ,	No	Pro ha tsa n	CS R0 00 00 41 1
9	CO VI D- 19 f w Re lie k or		No	ha Ra j t as n	da Go ng un , B ha bra na	15 00 00 0 , ,	No	hra hi S Sa rat m	CS R0 00 07 68 3
10	CO VI D- 19 lie f w k Re or		No	dia Pa n I n		10 00 00 0 , ,	No	fts In du C str ee ra da tio Fo un n ( Cr tiv e D ig nit ea y ) ini tia tiv e	CS R0 00 00 57 1
TO	TA L					\$ 1, 29 00 00 0 , ,

*Mumbai has been considered as the local area as the Company's Head Office is based in Mumbai, Maharashtra. \$Allocated / spent out of the contribution received by GECSRF during FY 2021-22 as well as the surplus available from previous years.

• d) Amount spent on Administrative Overheads: ` 59,974
• e) Amount spent on Impact Assessment, if applicable : Not applicable
• f) Total amount spent for the Financial Year (8b+8c+8d+8e) : ` 7,96,05,830

g) Excess amount for set off, if any -

SL. NO.	PARTICULARS	AMOUNT (IN `)
(i)	Two percent of average net profit of the company as per section 135(5)	5,02,83,770
(ii)	Total amount spent for the financial year	6,61,30,352
(iii)	Excess amount spent for the financial year [(ii)-(i)]	1,58,46,582
(iv)	Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any	0
(v)	Amount available for set off in succeeding financial years [(iii)-(iv)]	1,58,46,582

IX. a) Details of Unspent CSR amount for the preceding three financial years:

| SL.
NO. | PRECEDING
FINANCIAL
YEAR | AMOUNT
TRANSFERRED
TO UNSPENT
CSR ACCOUNT
UNDER
SECTION 135
(6) (IN ) | AMOUNT<br>SPENT IN THE<br>REPORTING<br>FINANCIAL<br>YEAR (IN) | AMOUNT TRANSFERRED TO ANY FUND SPECIFIED
UNDER SCHEDULE VII AS PER SECTION 135(6), IF ANY
NAME OF THE FUND | AMOUNT
(IN ) | DATE OF<br>TRANSFER | AMOUNT<br>REMAINING TO<br>BE SPENT IN<br>SUCCEEDING<br>FINANCIAL<br>YEARS (IN) |
|------------|--------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|------------------|---------------------|----------------------------------------------------------------------------------|
| 1 | FY 2018-19 | - | - | - | - | - | - |
| 2 | FY 2019-20 | - | - | - | - | - | - |
| 3 | FY 2020-21 | - | - | - | - | - | - |
| | TOTAL | - | - | | - | | - |

b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

| SL.
NO. | PROJECT
ID | NAME OF THE
PROJECT | FINANCIAL
YEAR IN
WHICH THE
PROJECT
WAS
COMMENCED | PROJECT
DURATION | TOTAL
AMOUNT
ALLOCATED
FOR THE
PROJECT
(IN ) | AMOUNT<br>SPENT<br>ON THE<br>PROJECT<br>IN THE<br>REPORTING<br>FINANCIAL<br>YEAR (IN)* | CUMULATIVE
AMOUNT
SPENT AT
THE END OF
REPORTING
FINANCIAL
YEAR (IN `) | STATUS
OF THE
PROJECT
COMPLETED
/ ONGOING |
|------------|---------------|--------------------------------------------------------------------------------------|------------------------------------------------------------------|----------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------|
| 1 | | Training and
support to
Athletes | FY 2017-18 | June 2017 -
March 2022 | 1,45,00,000 | 50,00,000 | 1,45,00,000 | Ongoing |
| 2 | | Multilingual
Education
Program (MLE) in
Rajasthan | FY 2020-21 | April 2020 -
March 2022 | 1,44,60,621 | 84,91,468 | 1,39,52,089 | Ongoing |
| 3 | | Project Rakshan | FY 2019-20 | April 2019 -
March 2022 | 2,47,39,005 | 89,00,000 | 2,47,39,005 | Ongoing |
| 4 | | Young India
Fellowship
programme and
Under-Graduate
(UG)
Scholarships | FY 2014-15 | March 2015 -
March 2022 | 6,00,00,000 | 1,00,00,000 | 6,00,00,000 | Ongoing |
| 5 | | Maternal and
Child Health
intervention | FY 2016-17 | April 2016 -
April 2021 | 2,35,91,587 | 3,34,000 | 2,35,91,587 | Completed |
| 6 | | CareerAware
and CareeReady
Programs | FY 2015-16 | March 2016 -
June 2022 | 1,81,56,658 | 5,21,366 | 1,81,56,658 | Completed |
| 7 | | Empowering
Women to lead
Recovery and
Community
Resilience Efforts | FY 2020-21 | April 2020 -
June 2021 | 76,50,000 | 12,22,179 | 76,50,000 | Completed |

| SL.
NO. | PROJECT
ID | NAME OF THE
PROJECT | FINANCIAL
YEAR IN
WHICH THE
PROJECT
WAS
COMMENCED | PROJECT
DURATION | TOTAL
AMOUNT
ALLOCATED
FOR THE
PROJECT
(IN ) | AMOUNT<br>SPENT<br>ON THE<br>PROJECT<br>IN THE<br>REPORTING<br>FINANCIAL<br>YEAR (IN)* | CUMULATIVE
AMOUNT
SPENT AT
THE END OF
REPORTING
FINANCIAL
YEAR (IN `) | STATUS
OF THE
PROJECT
COMPLETED
/ ONGOING |
|------------|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------|-------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------------------------------------------------------|
| 8 | | Night School
Transformation
Program | FY 2015-16 | June 2015 -
August 2021 | 1,65,46,564 | 7,38,134 | 1,65,46,564 | Completed |
| 9 | | Home care:
Integrating home
care and clinic
for mothers,
newborns,
infants, services
for mental health
and care for
elderly | FY 2018-19 | May 2018 -
July 2021 | 2,50,81,734 | 25,49,651 | 2,50,81,734 | Completed |
| 10 | | Treatment of
children and
young adults born
with deformities
of skull and face
at no cost to the
patient | FY 2017-18 | April 2017 -
March 2022 | 60,00,000 | 12,92,412 | 60,00,000 | Ongoing |
| 11 | | Collaborators for
Transforming
Education (CTE)
in Maharashtra | FY 2017-18 | October 2017
- September
2021 | 3,50,00,000 | 25,00,000 | 3,50,00,000 | Completed |
| 12 | | AMRIT Clinics | FY 2018-19 | June 2018 -
March 2022 | 2,55,43,430 | 79,63,739 | 2,55,43,430 | Ongoing |
| 13 | | Project
Swadheen | FY 2019-20 | August 2019 -
July 2021 | 1,77,80,000 | 29,20,000 | 1,77,80,000 | Completed |
| 14 | | Mrida Heart 'N
Soil Foundation | FY 2020-21 | December 2020
- March 2022 | 70,00,000 | 67,04,375 | 70,00,000 | Ongoing |
| | | TOTAL | | | 29,60,49,599 | 5,91,37,324 | 29,55,41,067 | |

* This includes unutilised balance available with NGO partners brought forward from previous year.

X. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-wise details) : Not applicable

• a) Date of creation or acquisition of the capital asset(s)
• b) Amount of CSR spent for creation or acquisition of capital asset
• c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
• d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset)

XI. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5) : Not applicable

Mr. Bharat K. Sheth Mr. Vineet Nayyar

(DIN: 00022102) (DIN: 00018243)

May 06, 2022

Deputy Chairman & Managing Director Chairman of Corporate Social Responsibility Committee

ANNEXURE 'C' TO BOARD'S REPORT POLICY FOR APPOINTMENT OF DIRECTORS AND BOARD DIVERSITY

This policy has been recommended by the Nomination and Remuneration Committee of the Company (Committee) at its meeting held on February 05, 2015 and is applicable with effect from the said date.

PURPOSE

The primary objective of the Policy is to provide a framework and set standards for the appointment of high quality directors who should have the capacity and ability to lead the Company towards achieving sustainable development. The Company aims to achieve a balance of experience and skills amongst its directors.

QUALIFICATIONS

The Company believes that its Board membership should comprise directors with an appropriate mix of skills, experience and personal attributes that allow the directors individually, and the Board collectively, to:

• Discharge their responsibilities and duties under the law effectively and efficiently;
• Understand the business of the Company and the environment in which the Company operates so as to be able to agree with management, the objectives, goals and strategic direction which will maximise shareholder value; and
• Assess the performance of management in meeting those objectives and goals.

The candidate for the position of Director in the Company should be a degree holder in any discipline relevant to the business of the Company for e.g., shipping, management, legal, finance, strategic planning, etc. Alternatively, the candidate should be regarded as an industry veteran or specialist in the relevant discipline.

The candidate should have considerable experience as an entrepreneur or of working at a board or senior management level in an organisation/ firm of repute or government agency in India or abroad.

He should have demonstrated ability to work effectively with board of directors of a company.

ATTRIBUTES

The candidate should possess excellent leadership skills. His interpersonal, communication and representational skills should be par- excellence. He should have extensive team building and management skills. His personality should be influential.

He should possess high standards of ethics, personal integrity and probity.

INDEPENDENCE

In addition to the aforesaid criteria, the candidate for the position of Independent Director should fulfil the criteria as laid down in Section 149 of the Companies Act, 2013 and Regulation 16 (b) of the Listing Agreement with Stock Exchanges as may be amended or substituted from time to time.

DIVERSITY

The Company considers that its diversity is a vital asset to the business. Building a diverse and inclusive culture is integral to the success of the Company. An inclusive culture helps the Company to respond to its diverse global customer base.

Ethnicity, age and gender diversity, without compromising on meritocracy, are areas of strategic focus for the composition of the Board. Achieving a balance of experience and skills amongst its Directors is also essential for leading the Company towards sustainable development.

The Committee shall give due regard for maintaining Board diversity while identifying and nominating candidates for appointment to the Board.

APPOINTMENT PROCESS

Matching the needs of the Company and enhancing the competencies of the Board are the basis for the Committee to select a candidate for appointment to the Board. In case required, the Committee may also take help from external consultants to identify potential directors.

Recommendations of the Committee shall be placed before the Board of Directors for its consideration. When recommending a candidate for appointment, the Committee shall assess:

• a) The appointee against criteria described as aforesaid.
• b) The skills and experience that the appointee brings with him/ her and how they will add value to the Board as a whole.
• c) The extent to which the appointee is likely to contribute to the overall effectiveness of the Board.
• d) The appointee's ability to exercise independent judgement.
• e) The time commitment required from the appointee to actively discharge his duties to the Company.
• f) Statutory provisions regarding Board composition.
• g) Cultural fit with the existing Board members and empathy to the Company's culture.

After considering the recommendations of the Committee, the decision on the appointment of the Directors shall be taken by the Board of Directors.

The appointment so made shall be subject to the approval of the shareholders.

After the Director is appointed, a formal letter of appointment shall be issued to him/ her by the Company.

ANNEXURE 'D' TO BOARD'S REPORT REMUNERATION POLICY FOR THE DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES

This policy has been recommended by the Nomination and Remuneration Committee of the Company at its meeting held on February 05, 2015 and adopted by the Board of Directors of the Company at its meeting held on February 05, 2015 pursuant to Section 178 of the Companies Act, 2013 and is applicable with effect from the said date.

The policy is divided into separate sections for executive directors, non-executive directors and employees.

The remuneration of the executive directors is recommended by the Nomination and Remuneration Committee (the Committee) and approved by the Board of Directors (the Board) and shareholders of the Company within the overall limits as may be prescribed under applicable laws.

The remuneration of the non-executive directors is approved by the Board of Directors and shareholders of the Company within the overall limits as may be prescribed under applicable laws.

This Policy is a forward-looking document. It is hereby clarified that existing obligations of the Company under existing contracts, pension scheme, etc. which are outstanding at the time this Policy is approved shall continue to be honoured by the Company. It is the Company's policy to honour in full any pre-existing obligations that have been entered into prior to the effective date of this Policy.

Whereas, while formulating this Policy, the Company is committed to full and transparent disclosures, certain parameters such as business targets etc. have not been disclosed as the same is not in the interest of the Company.

I. EXECUTIVE DIRECTORS

KEY PRINCIPLES

Attracting and retaining top talent is a key objective of the Company's approach to remuneration. The Company's policy remains largely unchanged from that which it has applied for a number of years and its continuity has been a stabilizing force during the periods of turbulence. The core elements of salary, variable pay, benefits and pension continue to provide an effective, relatively simple, performance- based system that fits well with the nature of Company's business and strategy.

The remuneration policy for the executive directors has been consistently guided by following key principles, which represent the underlying approach of the Board and the Committee:

• a) The remuneration structure of executive directors is designed to reflect the nature of shipping business in which the Company operates. The shipping industry has long term business cycles, is capital intensive, highly regulated and has significant safety and environmental risks requiring specific entrepreneurial skills and experience, which the Company must attract and retain.
• b) A substantial portion of executive directors' remuneration is linked to success in implementing the Company's strategy and varies with performance of the Company.
• c) There is quantitative and qualitative assessment of each executive director's performance.
• d) Total overall remuneration takes account of both the external market and Company's conditions to achieve a balanced and fair outcome.
• e) Ensuring that executive directors are remunerated in a way that reflects the Company's long-term strategy. Consistent with this, a high proportion of executive directors' total remuneration has been, and will always be, strongly linked to the Company's performance.

FLEXIBILITY, JUDGEMENT AND DISCRETION

This Policy recognises that the Board and Committee shall undertake quantitative and qualitative assessments of performance in reaching its decisions. This involves the use of judgement and discretion within a framework that is approved by shareholders. The Board and Committee also need to be sufficiently flexible to take account of future changes in the industry environment and in directors' remuneration practices generally.

The ability to exercise discretion, upwards or downwards, is important to ensure that a particular outcome is fair in light of the director's own performance and the Company's overall performance.

KEY CONSIDERATIONS

A wide range of factors shall be considered when determining the remuneration for executive directors. The competitive market for top executives both within the shipping sector and broader industrial corporations provides an important context. The Company believes that it has a duty to shareholders to ensure that the Company is competitive so as to attract and retain the high calibre executives required to lead the Company.

Decisions regarding remuneration for executive directors is the responsibility of the Committee. Executive directors are not consulted directly by the Committee when making policy decisions. Although the Committee may consider feedback from various sources which provide views on a wide range of points including pay.

ELEMENTS OF REMUNERATION

Executive directors' remuneration shall be divided into following elements:

CONSOLIDATED SALARY

Consolidated Salary provides base-level fixed remuneration to reflect the scale and dynamics of the business, and to be competitive with the external market.

Consolidated Salary shall include basic salary and Company's contribution to Provident Fund, Superannuation Fund and all other allowances payable from time to time.

While determining Consolidated Salary, salary levels and total remuneration paid by companies of similar size and stature engaged in shipping, offshore and other industries globally shall be considered by the Committee.

Scale of Consolidated Salary shall be fixed for a period of 5 years and shall be reviewed every five years thereafter or such other period as may be decided from time to time.

Actual Consolidated Salary payable every year shall be reviewed annually within the broader scale as aforesaid.

Company's contribution to Provident Fund, Superannuation Fund, allowances, etc. shall be as per rules of the Company and determined as per the applicable laws, if any, from time to time.

BENEFITS

There are certain benefits, such as car-related benefits, insurance and medical benefits, home loan etc. which are made available by the Company to its employees generally in accordance with its rules / terms of employment. Executive directors are entitled to receive those benefits.

Perquisites will be valued as per the provisions of Income-tax Act.

The Company shall provide following benefits to Managing Director(s):

• i) Transportation/conveyance facilities.
• ii) Telecommunication facilities at residence.
• iii) Leave encashment as per the rules of the Company.
• iv) Reimbursement of medical expenses incurred for himself and his family.
• v) Insurance cover as per the rules of the Company.
• vi) Housing Loan as per the rules of the Company.

vii) Fees of Clubs, subject to a maximum of two clubs, excluding membership of business clubs.

viii)Leave travel allowance as per the rules of the Company.

The Company shall provide following benefits to other Whole-time Directors as per rules of the Company:

• i) Transportation/conveyance facilities
• ii) Telecommunication facilities at residence
• iii) Leave encashment
• iv) Reimbursement of medical expenses incurred for himself and his family
• v) Insurance cover

vi) Housing Loan vii) Membership fees of Clubs viii)Gratuity

• ix) ⁵ Leave travel allowance
• x) ⁷ Post-retirement medical benefits
• xi) Other benefits as may be applicable to their respective grades

REIMBURSEMENT

Reimbursement of expenses incurred by the Managing Director(s) during business trips for travelling, boarding and lodging, including for their respective spouses.

Reimbursement of expenses incurred by other Whole-time Directors during business trips for travelling, boarding and lodging.

6VARIABLE PAY

It provides a variable level of remuneration dependent on short-term performance of the individual as well as the Company vis a vis industry performance globally. The test of performance by the Company is whether it is able to increase its profits when the industry environment is favourable and whether it is able to minimise its losses when the environment is harsh. The Company believes that performance of each and every employee of the Company contributes to its overall performance and hence should be rewarded suitably. Hence, the Company follows the policy of making payment of variable pay to its executive directors annually.

Variable pay is decided based on performance of executive directors as well as the Company. Where possible, the Company uses quantifiable, hard targets that can be factually measured and objectively assessed. The Company also reviews the underlying performance of the group in light of the annual plan, competitors results, etc.

Variable pay may vary from time to time but shall be maximum four times of the Consolidated Salary. Executive directors with bigger operating responsibilities may be entitled to more variable pay as compared to others.

PENSION

Pension recognises and appreciates the experience, expertise, advice, efforts and contribution provided and made by executive directors to the Company during their long years of service with the Company and/or its wholly owned subsidiaries, whether in their capacity as executive directors or otherwise.

The Company may provide pension (which includes providing perquisites) to its eligible executive directors upon their ceasing to hold office in the Company in recognition of their past services in accordance with a scheme formulated by the Board of Directors.

REVIEW

Salary reviews consider both external competitiveness and internal consistency when determining if any increases should be applied. Salary increases will be generally in line with all employee increases within the Company and other companies based in India and abroad.

Salaries are compared against other shipping and offshore majors, but the Company also monitors market practice among companies of a similar size, geographic spread and business dynamic to the Company.

Salary increases are not directly linked to performance. However a base-line level of personal contribution is needed in order to be considered for a salary increase and exceptional sustained contribution may be grounds for accelerated salary increases.

Specific measures and targets may be determined each year by the Committee. The principal measures of increments / bonus will be based on value creation and may include financial measures such as operational efficiency, operating cash flow, operating profit, cost management, project delivery, etc.

⁵ inserted w.e.f. November 2, 2018. 6 amended w.e.f. November 2, 2018. 7 inserted w.e.f. February 11, 2019.

II. NON-EXECUTIVE DIRECTORS

The principle which underpins the Board's policy for the remuneration of NEDs is that the remuneration should be sufficient to attract, motivate and retain world-class non-executive talent. The remuneration practice should also be consistent with recognized best practice standards for NED remuneration.

ELEMENTS

SITTING FEES

The NEDs are paid sitting fees for attending meetings of the Board of Directors. It is presently ¹ ` 1 lakh per meeting.

The NEDs are paid sitting fees for attending meetings of the Audit Committee, Nomination and Remuneration Committee, 9 Risk Management Committee and Stakeholders' Relationship Committee. 4 It is presently 1 lakh per meeting. 10The NEDs are also paid sitting fees of 25,000 per meeting for attending Buyback Committee meetings.

COMMISSION

It provides a variable level of remuneration dependent on short-term performance of the Company, i.e. net profits every year. Quantum of basic Commission is determined by the Board on a year to year basis.

Audit Committee Chairman is paid an additional Commission of 6 lakhs p.a. over and above the Commission payable to him as a Director. The other members of the Audit Committee are paid an additional Commission of 2.50 lakhs p.a. over and above the Commission payable as a Director.

Nomination and Remuneration Committee Chairman is paid an additional Commission of 3 lakhs p.a. over and above the Commission payable to him as a Director. The other members of the Nomination and Remuneration Committee are paid an additional Commission of 1 lakh p.a. over and above the Commission payable as a Director.

Stakeholders' Relationship Committee Chairman is paid an additional Commission of 75,000 p.a. over and above the Commission payable to him as a Director. The other members of the Stakeholders' Relationship Committee are paid an additional Commission of 25,000 p.a. over and above the Commission payable as a Director.

REIMBURSEMENTS

All reasonable out of pocket expenses incurred by NEDs in carrying out their duties are reimbursed. Outstation directors are paid city compensatory allowance.

The Company does not provide share options or retirement benefits to NEDs.

III. KEY MANAGERIAL PERSONNEL AND OTHER SENIOR MANAGEMENT EMPLOYEES

OBJECTIVES

The objectives of remuneration/compensation policy are broadly as stated below:

• 1) To attract and retain best in class talent.
• 2) Remain competitive to ensure business sustainability.
• 3) To align employees to organizational performance.

GUIDING PRINCIPLES

The policy rests on the following tenets:

• 1) Internal equity
• 2) External competitiveness

1increased from *75,000 per meeting to*1 lakh per meeting w.e.f. May 05, 2016. 4 w.e.f. May 04, 2018 9 inserted w.e.f. July 29, 2021 10inserted w.e.f. December 27, 2021

STRUCTURE OF OVERALL COMPENSATION

• 1) Fixed Pay or CTC
• 2) Performance Incentive Pay (Variable Pay ) linked to organizational and individual performance.
• 3) Other Benefits

Elements 1, 2 relate to monetary components. Some of the aspects of element 3 are based on grade entitlement.

APPLICABILITY

Senior Manager and above grades.

SALARY LINKED ELEMENTS

SALARY LINKED ELEMENTS	LIMITS / REMARKS
Basic	2 40% of CTC (Fixed) - Sr. Mgr to President
HRA	3 30-50% of basic (optional)
Car & related	Based on grade-wise eligibility (includes car value, insurance and running & maintenance expenses)
LTA / Medical	` 0-100,000/- p.a. (Optional)
Provident Fund	12% of Basic (Fixed)
Superannuation	0 or 15% of Basic (Optional)
National Pension System	0-10% of Basic (Optional)
Special Allowance	Difference between CTC and total of all other components

Note:

LTA / MEDICAL

• Optional benefit upto a maximum limit of `100,000/-
• Medical includes only domiciliary medical expenses (Doctor's fee, medical bills etc.)
• LTA benefits can be claimed by submitting bills to accounts department.
• Unclaimed portion to be paid on 30th June every year after tax deduction.

PROVIDENT FUND

• Every employee will contribute 12% of his/her monthly basic salary.
• The Company on its part will make a matching contribution of 12% of the employee's basic salary.
• Company's contribution will be adjusted from CTC of the employee.

SUPERANNUATION

• The Company will contribute at the rate of 15% of an employee's basic salary towards Superannuation Fund.
• Contribution will be adjusted against CTC of the employee.
• This component would be optional and an employee could choose not to avail the benefit.

SPECIAL ALLOWANCE

The difference between CTC and all other components would be treated as Special Allowance. It is a balancing figure with no minimum or maximum limits.

BENEFITS OUTSIDE SALARY

• Executive Lunch
• Residence Telephone
• Life Cover
• Mobile Phone
• Corporate Club Membership
• Life cover 3 times CTC
• Housing loan Interest Subsidy
• Holiday Home

2 increased from 25% to 40% w.e.f. July 01, 2015. revised from 0-50% to 30-50% w.e.f. July 01, 2015.

• 64
• Health Check-ups
• Leave 30 days
• Gratuity
• ⁸ Post-retirement medical benefits (applicable to eligible employees in the grade of Vice President and above)

PERFORMANCE INCENTIVE PAY (PIP) (VARIABLE PAY)

This is determined based on individual and organizational performance- Individual performance is rated on a 5 point scale annually during the final review. Organizational performance is determined on the basis of ROE and operational efficiencies. Combining both measures, the final PIP quantum is determined.

IV. OTHER EMPLOYEES

Employees shall be assigned grades according to their qualifications and work experience, competencies as well as their roles and responsibilities in the organization. Individual remuneration shall be determined within the appropriate grade and shall be based on various factors such as job profile, skill sets, seniority, experience and prevailing remuneration levels for equivalent jobs.

ANNEXURE 'E' TO THE BOARD'S REPORT STATEMENT OF DISCLOSURE OF REMUNERATION

Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 and Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

1. Ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2021-22 and percentage increase in the remuneration of each Director and Key Managerial Personnel (KMP) during the financial year 2021-22 are as follows:

SR. NO.	NAME OF DIRECTOR /KMP	DESIGNATION	RATIO OF REMUNERATION OF EACH DIRECTOR TO MEDIAN REMUNERATION OF EMPLOYEES	PERCENTAGE INCREASE IN REMUNERATION
1	Mr. K. M. Sheth	Chairman	2.59	5.68
2	Mr. Bharat K. Sheth	Deputy Chairman & Managing Director	119.30	0.81
3	Mr. Tapas Icot	Executive Director	25.39	(8.76)
4	Mr. G. Shivakumar	Executive Director & CFO	33.35	(4.38)
5	Mr. Ravi K. Sheth*	Director	-	-
6	Mr. Berjis Desai	Director	3.98	5.54
7	Mr. Cyrus Guzder	Independent Director	5.12	4.24
8	Mr. Raju Shukla	Independent Director	3.49	4.15
9	Mr. Ranjit Pandit#	Independent Director	-	-
10	Ms. Rita Bhagwati	Independent Director	3.98	18.67
11	Dr. Shankar Acharya	Independent Director	3.28	14.56
12	Mr. Urjit Patel\$	Independent Director	2.57	62.28
13	Mr. Vineet Nayyar	Independent Director	2.45	(10.20)
14	Mr. Jayesh M. Trivedi	Company Secretary	19.75	8.92

* Considering the time and efforts spent by Mr. Ravi K. Sheth for the business of Greatship (India) Limited (GIL) and its subsidiaries, entire remuneration to Mr. Ravi K. Sheth is paid by GIL.

# Mr Ranjit Pandit has waived off his right to receive sitting fee and commission from the Company.

\$ Ceased to be Director of the Company w.e.f. 31.01.2022.

Notes: Considering the pattern of employment in the shipping business, the remuneration paid to members of the shipboard staff who have worked on board the Company's ships for only a short period during the year have not been considered for the purpose of calculating median remuneration.

• 1. The percentage increase in the median remuneration of employees in the financial year 2021-22 was 3.16%.
• 1. The Company had 224 permanent employees (shore staff) on the rolls of the Company as on March 31, 2022.
• 1. The average decrease in remuneration of employees was 0.62% during the financial year 2021-22. The average decrease in the remuneration of KMPs was 0.70% during the financial year 2021-22. Considering the industry performance as well as performance of the Company, change in the remuneration of KMPs is considered appropriate.
• 1. The Board of Directors hereby affirms that the remuneration is as per the remuneration policy of the Company.
• 1. The statement pursuant to Rule (5)(2) is enclosed.

ANNEXURE TO STATEMENT OF DISCLOSURE OF REMUNERATION

Information as per Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

SR NO	NA ME	DE SI GN AT IO N	RE MU NE RA TI ON ( ) CE ` RE IV ED ( ) GR OS S	Q UA LI FIC AT IO NS	EX PE RI EN CE ( ) S YE AR	DA TE O F CO CE MM EN ME NT OF E MP LO YM EN T	AG E ( ) S YE AR	LA ST E MP LO YM EN T HE LD
DI RE	CT OR S:
1	#B ha . S he h rat K t	C ha irm & De ty pu an Ma ing D ire cto na g r	8, 58 02 05 8 , ,	( ) B.S Sc lan d ot c.	41	01 -O 19 81 ct-	64	-
2	Ta s I t pa co	Ex uti D ire cto ec ve r	1, 82 58 69 2 , ,	( ), B.C Ho AI II, om ns DM S, FIC A, MF M	44	b-1 20 -Fe 99 1	66	hip d. Es r S ing Lt sa p
3	G. S hiv ku a ma r	Ex uti D ire cto ec ve r hie f F l & C ina ia nc f f ic O er	2, 39 83 31 3 , ,	B.C PG DM om .,	32	16 -Se 20 08 p-	54	( ) Gr hip In dia Lt d. ts ea
SH OR	E S TA FF :
4	*A mi t G ta up	l M Ge ne ra an ag er - Ma t na g em en ( ) Co rat rpo e	59 72 97 9 , ,	he lor Ba & Ma ste c r f T hn log o ec o y ( ), du l- de a g ree Co r S cie ute mp nc e & E ine eri ng ng , ( MB A Fin & an ce ) Pr iva Eq uit te y	16	11 -O 20 21 ct-	40	dit la A a B ir y Ma t na g em en Co tio d. n P vt. Lt rp ora
5	An ku h G ta s up	He d - H lt h, Sa fet a ea y, d En vir nt on me an Qu lity a	1, 18 68 01 5 , ,	( ) Ma F.G ste r	27	02 -D -20 19 ec	44	Sc io Ma rin or p e Ma t na g em en
6	An d N an ara y an	He d - D Bu l k a ry Bu sin s U nit es	1, 04 63 17 1 , ,	du B.E Po Gr st- ate a ., ( ) Mg mt	21	1-N -20 01 ov	48	Ta Co lta ta ns u nc y Se rvi im ite d s L ce
7	ina h L Av s kt ha ka Su n r	As V ice P i de st. nt res - A & M. I.S nts cc ou	1, 32 56 12 5 , ,	B.C AC A om .,	34	15 -Se 19 97 p-	58	he dia T In n ls d. Ho Co . L te t
8	l la Im tiy I. Mu az	d - hn l He Te ica a c	1, 11 89 40 1 , ,	B.E PG in M ari ne ., En ine eri g ng	23	23 -Ja n-2 01 9	44	Sc io Ma rin or p e Ma t na g em en
9	h M Ja y es ive di Tr	de l. & Pre si – S nt ec l a d C Le g a n om pa ny Se ta cre ry	1, 42 02 90 7 , ,	B.c BG L, FC S om .,	43	l-2 19 -Ju 00 0	62	du DC W Ho P cts me ro d. Lt
10	*P K B. av an um ar Ts du un ru	hie f In fo C ati rm on f f ic O er	1, 18 72 45 0 , ,	B.E	27	31 -D -20 18 ec	49	da d S l A ni Po ia rts an p ec Ec ic Zo Lt d. on om ne
11	ka h C Pra s or rea	He d - Ta ke a n r Op tio era ns	1, 44 91 06 5 , ,	( ) Ma F.G ste r	44	23 -Ju n-2 00 4	63	Va S hip ing run p d Co Lim ite mp an y
12	Sa li l R lm l Ma ari na	d - He H a um an Re so urc e	1, 09 86 98 7 , ,	( B.T h., P GD PM ec ) & IR	30	06 -M -20 05 ay	55	BP L M bi le o
13	h K So me s Ka i la p	d - ke He Ta a n r Bu sin s U nit es	1, 31 70 74 0 , ,	B.S P GD BM c.,	34	04 -M -19 95 ay	57	he hip T S ing p Co ion f In dia rat rpo o d Lim ite
FL OA	TI NG S TA FF
1	d hy la G *A V ra u	C hie f E ine ng er	64 28 59 0 , ,	( ) C las s I Mo to r	25	-Se 20 21 17 p-	51	-

SR NO	NA ME	DE SI GN AT IO N	RE MU NE RA TI ON ( ) RE CE IV ED ` ( ) GR OS S	Q UA LI FIC AT IO NS	EX PE RI EN CE ( ) YE AR S	DA TE O F CO MM EN CE ME NT OF E MP LO YM EN T	AG E ( ) YE AR S	LA ST E MP LO YM EN T HE LD
2	Bo hw ic k R rt	Ma ste r	1, 12 04 36 7 , ,	( ) Ma F.G ste r	24	06 -D -20 17 ec	47	hip d. Az a S ing Pv t. L t p
3	de Fe s J rna n	Ma ste r	1, 08 83 21 6 , ,	( ) Ma F.G ste r	32	02 -Ja n-2 01 8	60	lam b lic f Ir Is ic Re pu o an
4	*F cis S M ran	Ma ste r	28 45 71 4 , ,	( ) Ma F.G ste r	36	07 -Ja n-2 02 2	57	d-A d. In M ari tiim e P Lt ust vt.
5	Ke e M B rem an	C hie f E ine ng er	70 83 1, 15 7 , ,	( ) C las s I Mo to r	18	12 -A 20 17 pr-	43	he hip T S ing C ion rat p or po f In dia Lt d. o
6	hra *M is R K	Ma ste r	69 80 11 2 , ,	( ) Ma F.G ste r	14	02 -A -20 21 ug	39	Se n I lan ds S hip ing ve s p Lim ite d
7	*N lav de M V a a	f E C hie ine ng er	64 70 62 5 , ,	( ) C las s I Mo to r	20	17 -Se 20 21 p-	44	MM SI Ma riti Ag me en cy d. Pv t. L t
8	liw l K *P a a	C hie f E ine ng er	95 29 05 9 , ,	( ) C las s I Mo to r	19	25 -20 21 -M ay	43	uti S hip Ex ec ve d. Ma t P Lt vt. na g em en
9	*P S S an nu	Ma ste r	7, 35 36 4 ,	( ) Ma F.G ste r	44	08 -M 20 22 ar-	63	l lem hip Wa s S Ma t L d. t na g em en
10	*R S oy	f E C hie ine ng er	56 27 12 1 , ,	( ) C las s I Mo to r	26	26 -O 20 21 ct-	64	Me r L ine s L d. to t rca
11	*S d h S B a	Ma ste r	56 08 93 4 , ,	( ) Ma F.G ste r	31	11 -N -20 21 ov	51	Ku it O i l T ke r C wa an o.
12	*S ha a S D rm	hie f E C ine ng er	71 46 14 5 , ,	las ( ) C s I Mo to r	17	l-2 29 -Ju 02 1	49	To S hip ing In dia rm p Pte . L d. t
13	*S hin de S D	Ma ste r	54 03 18 7 , ,	( ) Ma F.G ste r	18	23 -Se 20 21 p-	37	-
14	T hir S un ara an an y	Ma ste r	1, 02 99 10 9 , ,	( ) Ma F.G ste r	21	24 -A 20 15 pr-	54	-
15	*V he B arg se	Ma ste r	80 96 24 5 , ,	( ) Ma F.G ste r	24	11 -A -20 21 ug	52	Sa S hip ing nm ar p d Lim ite
16	is hw ka a S *V K a rm	Ma ste r	49 94 60 2 , ,	( ) Ma F.G ste r	35	29 -O 20 21 ct-	59	Sy O ic ne rgy ce an dia d Se rvi s I Pv t L t ce n
17	*W aj e A S	Ma ste r	20 30 90 6 , ,	( ) Ma F.G ste r	27	30 -Ja n-2 02 2	48	-

*Employed for the part of the year

#Nature of employment is contractual for these employees and non- contractual for others

Notes

Percentage of equity shares held by the employees in the Company within the meaning of Rule 5(2)(iii)of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:N.A.

Remuneration received 'Gross' includes Salary, Allowances, Bonus/Commission, Company's contribution to Provident Fund, RPFC Pension Fund, Superannuation Fund, National Pension Scheme and taxable value of perquisites.

In the case of Shore-Staff, other terms and conditions are as per Company's service rules whereas for Floating Staff they are as per agreements with Maritime Union of India/National Union of Seafarers of India.

In addition to the above remuneration, employees are entitled to gratuity in accordance with the Company's rules.

Mr. Bharat K. Sheth is the son of Mr. K.M. Sheth, Chairman and brother of Mr. Ravi K. Sheth, Director of the Company. None of the other employee is related to any Director of the Company.

67

ANNEXURE 'F' TO THE BOARD'S REPORT

PARTICULARS OF CONTRACTS WITH RELATED PARTIES - FORM NO. AOC 2

[Pursuant to Clause (h) of sub section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014]

Form for disclosure of particulars of contracts / arrangements entered into by the Company with the related parties referred to in sub section 1 of Section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto.

Details of contracts/arrangements or transactions not at arm's length basis: The details of the contracts/ arrangements or transactions entered into during the year ended March 31, 2022, which were not at arm's length basis are as follows:

NAME OF	NATURE OF	NATURE OF	DURATION OF	SALIENT TERMS OF	DATE OF	AMOUNT
RELATED	RELATIONSHIP	CONTRACT/	CONTRACT/	CONTRACT/	BOARD	(` CRORES)
PARTY		ARRANGEMENT/	ARRANGEMENT/	ARRANGEMENT/	APPROVAL
		TRANSACTION	TRANSACTION	TRANSACTION
NIL

Justification: N.A.

Details of material contracts/arrangements or transactions at arm's length basis:

The details of contracts/arrangements or transactions at arm's length basis and in the ordinary course of business of the Company for the year ended March 31, 2022 are as follows:

NAME OF RELATED PARTY	NATURE OF RELATIONSHIP	NATURE OF CONTRACT/ ARRANGEMENT/ TRANSACTION	DURATION OF CONTRACT/ ARRANGEMENT/ TRANSACTION	SALIENT TERMS OF CONTRACT/ ARRANGEMENT/TRANSACTION	AMOUNT (` IN CRORES)
The Greatship (Singapore) Pte. Ltd.	Wholly owned Subsidiary	Agency Fees	Several transactions during the year	Payment of fees for shipping agency services availed by the Company	0.76
The Greatship (Singapore) Pte. Ltd.	Wholly owned Subsidiary	Agency Disbursement	Several transactions during the year	Reimbursement of expenses incurred while rendering shipping agency services to the Company	3.45
The Greatship (Singapore) Pte. Ltd.	Wholly owned Subsidiary	Payables		Outstanding amount towards agency fees and disbursements	0.23
The Great Eastern Chartering L.L.C. (FZC)	Wholly owned Subsidiary	Payables		Outstanding amount towards in-chartering of vessels by the Company	0.44
Greatship (India) Ltd.	Wholly owned Subsidiary	Sale of Training Slots	Several transactions during the year	Sale of training slots as per DG Shipping Rules	1.25
Greatship (India) Ltd.	Wholly owned Subsidiary	Interest Income		Interest income accrued by the Company as per the terms of preference shares held by the Company	25.83
Greatship (India) Ltd.	Wholly owned Subsidiary	Receivables		Receivables towards Sale of training slots by the Company	0.89
Greatship (India) Ltd.	Wholly owned Subsidiary	Interest Income Receivable		Interest income receivable by the Company as per the terms of preference shares held by the Company	25.83
Great Eastern CSR Foundation	Wholly owned Subsidiary	Donation Given		Donation given pursuant to Section 135 of the Companies Act, 2013	6.61
Mr. Rahul R. Sheth	Son of Mr. Ravi K. Sheth (Director of the Company)	Holding office or place of profit	With effect from July 29, 2021	Salary upto ` 60 lakhs and other benefits applicable to his grade from time to time	0.35

For and on behalf of the Board of Directors

K.M. Sheth Chairman (DIN : 00022079)

Mumbai, May 06, 2022

ANNEXURE 'G' TO THE BOARD'S REPORT SECRETARIAL AUDIT REPORT

FORM MR-3 SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022 {Pursuant to Section 204(1) of the Companies Act, 2013 and rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014}

To, The Members, The Great Eastern Shipping Company Limited, 134/A, Ocean House, Dr. Annie Besant Road, Worli, Mumbai – 400018.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by The Great Eastern Shipping Company Limited (hereinafter called "the Company"). Secretarial audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliance and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minutes books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2022, complied with the statutory provisions listed here under and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2022, according to the provisions of:

• i) The Companies Act, 2013 ('the Act') and the rules made thereunder;
• ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under;
• iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
• iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
• v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):
• a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
• b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
• c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (during the period under review not applicable to the Company);
• d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (during the period under review not applicable to the Company);
• e) The Securities and Exchange Board of India (Issue and Listing of Non- Convertible Securities) Regulations, 2021;
• f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client (during the period under review not applicable to the Company);
• g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (during the period under review not applicable to the Company);
• h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;
• vi) Merchant Shipping Act, 1958.

70

We have examined compliance with the applicable clauses of the following:

• i) Secretarial Standards issued by the Institute of Company Secretaries of India;
• ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

During the period under review the Company has complied with the provisions of Act, Rules, Regulations, Guidelines, Standards, etc mentioned above.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of the Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notices are given to all Directors to schedule the Board / Committee Meetings, agenda and detailed notes on agenda were sent at least seven days in advance except one Board Meeting which was held on a shorter notice with the consent of all Directors and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting. Further, during the financial year under review it was observed that one of the designated persons of Company had done trading of shares when the trading window was open without preclearance, however, as informed by the management of the Company it has taken all the necessary actions as per the Prohibition of Insider Trading Policy in place.

Majority decision is carried through while the dissenting members' views, if any, are captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period the Company had the following specific events / actions having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

• 1. The Board of Directors of the Company at their meeting held on May 07, 2021 declared final dividend of INR 9 per equity share;
• 2. The Board of Directors of the Company at their meeting held on October 29, 2021 declared an interim dividend of INR 4.50 per equity share;
• 3. The Board of Directors of the Company at their meeting held on December 27, 2021 have approved Buyback of equity shares of the Company from the open market through stock exchange mechanism for an amount not exceeding **225 crores at a price not more than** 333/- per share.

For Mehta & Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Dipti Mehta

Partner PCS No: 3667 CP No: 23905 Place: Mumbai Date: May 06, 2022 UDIN: F003667D000279503

Note: This report is to be read with our letter of even date which is annexed as 'ANNEXURE A' and forms an integral part of this report.

ANNEXURE A

To, The Members, The Great Eastern Shipping Company Limited, 134/ A, Ocean House, Dr. Annie Besant Road, Worli, Mumbai – 400018.

Our report of even date is to be read along with this letter.

• 1) Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
• 2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices we followed provide a reasonable basis for our opinion.
• 3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
• 4) Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
• 5) The compliance of the provisions of corporate laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.
• 6) As regard the books, papers, forms, reports and returns filed by the Company under the provisions referred in Secretarial Audit Report in Form no. MR-3, the adherence and compliance to the requirements of the said regulations is the responsibility of management. Our examination was limited to checking the execution and timeliness of the filing of various forms, reports, returns and documents that need to be filed by the Company with various authorities under the said regulations. We have not verified the correctness and coverage of the contents of such forms, reports, returns and documents.
• 7) The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Mehta &Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Dipti Mehta

Partner FCS No: 3667 CP No: 23905 Place: Mumbai Date: May 06, 2022 UDIN: F003667D000279503

FORM NO. MR.3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2022

[PURSUANT TO SECTION 204(1) OF THE COMPANIES ACT, 2013 AND RULE 9 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014]

To,

The Members,

Greatship (India) Limited, One International Center, Tower 3, 23rd Floor, Senapati Bapat Marg, Elphinstone Road (West) Mumbai - 400013

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Greatship (India) Limited (hereinafter called 'the Company'). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Auditor's Responsibility:

Our responsibility is to express an opinion on the compliance of the applicable laws and maintenance of records based on audit. We have conducted the audit in accordance with the applicable Auditing Standards issued by The Institute of Company Secretaries of India. The Auditing Standards requires that the Auditor shall comply with statutory and regulatory requirements and plan and perform the audit to obtain reasonable assurance about compliance with applicable laws and maintenance of records.

Due to the inherent limitations of audit including internal, financial and operating controls, there is an unavoidable risk that some material misstatements or material non-compliances may not be detected, even though the audit is properly planned and performed in accordance with the Standards.

Unmodified Opinion:

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2022 (hereinafter called the 'Audit Period') complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliancemechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2022 according to the provisions of:

• i) The Companies Act, 2013 ('the Act') and the rules made thereunder;
• ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder; (Not Applicable to the Company during the Audit Period);
• iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder; (Not Applicable to the Company during the Audit Period);
• iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas Direct Investment and External Commercial Borrowings; (Foreign Direct Investment is not applicable to the Company during the Audit Period);
• v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act');
• a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; (Not Applicable to the Company during the Audit Period);
• b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; (Not Applicable to the Company during the Audit Period);
• c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; (Not Applicable to the Company during the Audit Period);

• d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021; (Not Applicable to the Company during the Audit Period);
• e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; (Not Applicable to the Company during the Audit Period);
• f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with company;
• g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 and The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (Not Applicable to the Company during the Audit Period) and
• h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; (Not Applicable to the Company during the Audit Period).

We have also examined compliance with the applicable clauses of the following:

• i) Secretarial Standards issued by The Institute of Company Secretaries of India.
• ii) The Securities and Exchange Board of India (Listing Obligations and Disclosure requirements) Regulations, 2015; (Not Applicable to the Company during the Audit Period)

During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines and Standards, etc. as mentioned above.

We further report that having regard to the compliance system prevailing in the Company and on the examination of the relevant documents and records in pursuance thereof, on test-check basis, the Company has complied with the acts and Rules thereunder which are specifically applicable to the Company:

• The Merchant Shipping Act, 1958 and rules made there under
• The Coasting Vessels Act, 1838

We further report that

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For Makarand M. Joshi & Co. Company Secretaries

Kumudini Bhalerao Partner FCS No. F6667 CP No. 6690 UDIN: F006667D000243970 Peer Review No: 640/2019 Place: Mumbai Date: April 29, 2022

This report is to be read with our letter of even date which is annexed as Annexure and forms an integral part of this report.

ANNEXURE

To, The Members, Greatship (India) Limited, One International Center, Tower 3, 23rd Floor, Senapati Bapat Marg, Elphinstone Road (West) Mumbai - 400013

Our report of even date is to be read along with this letter.

• 1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
• 1. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
• 1. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
• 1. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
• 1. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.
• 1. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Makarand M. Joshi & Co. Company Secretaries

Kumudini Bhalerao Partner FCS No. F6667 CP No. 6690 UDIN: F006667D000243970 Peer Review No: 640/2019 Place: Mumbai Date: April 29, 2022

Corporate Governance Report

First drone landed on board JAG ARNAV (2015 built Kamsarmax Dry Bulk Carrier) at Singapore on March 17, 2022 for delivery of spares

CORPORATE GOVERNANCE REPORT

COMPANY'S PHILOSOPHY ON CODE OF GOVERNANCE

The Company believes that sound corporate practices based on transparency, credibility and accountability are essential to its long-term success. These practices will ensure the Company, having regard to competitive exigencies; conduct its affairs in such a way that would build the confidence of its various stakeholders in it, and its Board's integrity.

BOARD OF DIRECTORS

The current policy is to have an appropriate mix of Executive, Non-Executive and Independent Directors to maintain the independence of the Board of Directors (hereinafter referred to as 'Board') and to separate the Board functions of governance and management.

The Board has an optimum combination of Executive and Non-Executive Directors and comprises of 12 Directors as on March 31, 2022 of which 9 are Non-Executive Directors. The Company has 6 Independent Directors.

The composition of the Board, Number of Directorships, Memberships/Chairmanships in public companies and details of shares of the Company held by the Non-Executive Directors as on March 31, 2022 are as follows:

NAME OF THE DIRECTOR	NO. OF OTHER DIRECTORSHIP(S)#	OTHER COMMITTEE MEMBERSHIP(S)@	CHAIRPERSON OF OTHER COMMITTEE(S)@	SHARES OF THE COMPANY HELD BY NON- EXECUTIVE DIRECTORS
EXECUTIVE DIRECTOR (PROMOTER)
Mr. Bharat K. Sheth (DIN: 00022102)	2	-	-	NA
EXECUTIVE DIRECTORS
Mr. Tapas Icot (DIN: 00905882)	1	-	-	NA
Mr. G. Shivakumar (DIN: 03632124)	1	-	-	NA
NON-EXECUTIVE DIRECTORS (PROMOTERS)
Mr. K. M. Sheth (DIN: 00022079)	-	-	-	5,11,701
Mr. Ravi K. Sheth (DIN: 00022121)	1	-	-	1,64,15,127*
NON-EXECUTIVE DIRECTOR
Mr. Berjis Desai (DIN: 00153675)	7	3	1	800
INDEPENDENT DIRECTORS
Mr. Cyrus Guzder (DIN: 00080358)	-	-	-	192
Mr. Raju Shukla (DIN: 07058674)	-	-	-	-
Mr. Ranjit Pandit (DIN: 00782296)	6	4	2	-
Ms. Rita Bhagwati (DIN: 06990589)	1	1	-	-
Dr. Shankar Acharya (DIN: 00033242)	-	-	-	-
Mr. Vineet Nayyar (DIN: 00018243)	-	-	-	23,005

# Excludes Directorships in private limited companies, foreign companies and Section 8 Companies

@Includes memberships of Audit and Stakeholders Relationship Committee of other companies. Membership includes Chairmanship of Committees.

*Total shareholding including shares held as Trustee.

Mr. K. M. Sheth is the father of Mr. Bharat K. Sheth and Mr. Ravi K. Sheth.

During the year, Mr. Urjit Patel resigned as an 'Independent Director' of the Company with effect from January 31, 2022. Vide his resignation letter dated January 28, 2022, Mr. Urjit Patel informed that due to his new full-time work assignment starting next month, the attendant time constraint compelled him to tender his resignation. Mr. Urjit Patel has confirmed that there are no other material reasons for resignation other than those provided by him.

Subsequent to the end of the year, the Board of Directors of the Company, at their meeting held on May 06, 2022, appointed Mr. Shivshankar Menon, Mr. T. N. Ninan and Mr. Uday Shankar as Additional Directors and Independent Directors of the Company for a term of 3 years w.e.f. May 06, 2022.

The details of directorships in listed entities of the Directors of the Company are as follows:

NAME OF THE DIRECTOR	NAME OF THE OTHER LISTED ENTITIES WHERE THE PERSON IS DIRECTOR	CATEGORY OF DIRECTORSHIP
Mr. Berjis Desai	Jubilant FoodWorks Limited Praj Industries Limited Man Infraconstruction Limited	Independent Director Independent Director Non-Independent, Non- Executive Chairman
	Nuvoco Vistas Corporation Limited Star Health and Allied Insurance Company Limited	Independent Director Independent Director
Mr. Bharat K. Sheth	Adani Ports and Special Economic Zone Limited	Independent Director
Mr. Ranjit Pandit	Ceat Limited Just Dial Limited	Independent Director Independent Director
Mr. Uday Shankar	Kotak Mahindra Bank Limited	Independent Director

Attention of the members is invited to the relevant items of the Notice of the Annual General Meeting seeking their approval for the appointment / re-appointment of the Directors. The information as required under Schedule V (C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to the Notice of the Annual General Meeting.

The Independent Directors provide an annual declaration that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 16 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Based on the declarations received from the Independent Directors and in accordance with Part C of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board hereby confirms that in its opinion, the Independent Directors fulfill the conditions specified in the aforesaid regulations and are independent of the management.

A certificate from M/s Mehta & Mehta, Company Secretaries, stating that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the Securities & Exchange Board of India, Ministry of Corporate Affairs or any such other statutory authority is annexed hereto.

FAMILIARIZATION PROGRAMMES FOR INDEPENDENT DIRECTORS

The Company has a policy to keep the Independent Directors informed and updated about the business and the operations of the Company as well as the shipping industry on a continuous basis.

Details of familiarization process for Independent Directors are available on website of the Company: https://www.greatship.com/upload/investors/policy/08_Familiarisation_programme_ID.pdf

CODE OF CONDUCT

All personnel to whom the Code of Conduct is applicable have affirmed compliance with the Code of Conduct for the financial year ended March 31, 2022. A declaration to this effect, duly signed by the Deputy Chairman & Managing Director, is annexed hereto.

BOARD MEETINGS

The Board Meetings of the Company are governed by a structured agenda. The Board members, in consultation with the Chairman, may bring up any matter for the consideration of the Board.

All items on the Agenda are backed by comprehensive background information to enable the Board to take informed decisions. The Company, even prior to the requirements of the Companies Act, 2013 and the Secretarial Standards prescribed by the Institute of Company Secretaries of India, voluntarily circulated all Agenda papers well in advance of the meeting of the Board.

During the year ended March 31, 2022, six (6) Board Meetings were held on May 07, 2021, July 29, 2021, October 29, 2021, December 27, 2021, January 28, 2022 and March 24, 2022. The attendance of Directors at the Board Meetings held during the year 2021-22 is as follows:

NAME OF THE DIRECTOR	NO. OF MEETINGS ATTENDED
Mr. K. M. Sheth	6
Mr. Bharat K. Sheth	6
Mr. Berjis Desai	5
Mr. Cyrus Guzder	5
Mr. Raju Shukla	5
Mr. Ranjit Pandit	5
Ms. Rita Bhagwati	6
Dr. Shankar Acharya	6
Mr. Vineet Nayyar	3
Mr. Ravi K. Sheth	6
Mr. Tapas Icot	6
Mr. G. Shivakumar	6
Mr. Urjit Patel*	5

*Resigned as Director w.e.f. January 31, 2022.

COMMITTEES

To focus effectively on the issues and ensure expedient resolution of the diverse matters, the Board has constituted a set of Committees with specific terms of reference/scope. The Committees operate as empowered agents of the Board as per their charter/terms of reference. The inputs and details required for their decisions are provided by the executives/management. Targets set by them, as agreed with the management, are reviewed periodically and mid-course corrections are also carried out. The minutes of the meetings of all Committees of the Board are placed before the Board for discussions/noting.

A. AUDIT COMMITTEE

The management is primarily responsible for internal controls and financial reporting process. The Board of Directors have entrusted the Audit Committee to supervise these processes and thus ensure accurate and timely disclosures that maintain transparency, integrity and quality of financial controls and reporting.

TERMS OF REFERENCE OF THE AUDIT COMMITTEE ARE AS FOLLOWS:

• Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
• Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
• Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
• Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the Board for approval, with particular reference to:
• » Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (c) of sub- section 3 of section 134 of the Companies Act, 2013;
• » Changes, if any, in accounting policies and practices and reasons for the same;
• » Major accounting entries involving estimates based on the exercise of judgment by management;
• » Significant adjustments made in the financial statements arising out of audit findings;
• » Compliance with listing and other legal requirements relating to financial statements;
• » Disclosure of any related party transactions;
• » Qualification(s) in the draft audit report;
• Reviewing, with the management, the quarterly financial statements before submission to the Board for approval;
• Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter;
• Review and monitor the auditor's independence and performance and effectiveness of audit process;

• Scrutiny of inter-corporate loans and investments;
• Valuation of undertakings or assets of the Company, wherever it is necessary;
• Evaluation of internal financial controls and risk management systems;
• Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
• Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
• Discussion with internal auditors of any significant findings and follow up there on;
• Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board;
• Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post- audit discussion to ascertain any area of concern;
• To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non- payment of declared dividends) and creditors;
• To review the functioning of the Whistle Blower mechanism;
• Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate;
• To review the following information:
• » Management discussion and analysis of financial condition and results of operations;
• » Statement of significant related party transactions (as defined by the Audit Committee), submitted by management;
• » Management letters / letters of internal control weaknesses issued by the statutory auditors;
• » Internal audit reports relating to internal control weaknesses;
• » The appointment, removal and terms of remuneration of the Chief internal auditor; and
• » The financial statements, in particular, the investments made by the unlisted subsidiary company;
• Examination of financial statements and the auditors' report thereon;
• To review the utilization of loans and/ or advances from/ investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing as on the date of coming into force of this provision.
• Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the Company and its shareholders.
• Carrying out any other function as may be required by the Board of Directors of the Company from time to time or under any law for the time being in force.

COMPOSITION OF AUDIT COMMITTEE

The Committee comprises of 3 Independent Directors, namely, Mr. Cyrus Guzder (Chairman), Mr. Raju Shukla and Ms. Rita Bhagwati and 1 Non-Executive Director, namely Mr. Berjis Desai.

During the year, the Committee met seven times on May 06, 2021, May 31, 2021, July 06, 2021, July 29, 2021, October 29, 2021, January 28, 2022 and March 04, 2022. Details of attendance of the members at the Committee meetings held during the year 2021-2022 are as follows:

	MR. CYRUS GUZDER (CHAIRMAN)	MR. BERJIS DESAI	MR. RAJU SHUKLA	MS. RITA BHAGWATI
Number of meetings attended	7	6	5	7

The Audit Committee Meetings are attended by the Chief Financial Officer, Head - Internal Audit, representatives of Internal Auditors and Statutory Auditors. Whenever required, the Deputy Chairman & Managing Director and other senior officials of the Company are requested to attend the meetings.

Mr. Jayesh M. Trivedi, Company Secretary, is the Secretary of the Committee.

B. NOMINATION & REMUNERATION COMMITTEE

TERMS OF REFERENCE OF THE NOMINATION AND REMUNERATION COMMITTEE ARE AS FOLLOWS:

• Formulation of the criteria for determining qualifications, positive attributes and independence of a director;
• Recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and other employees;
• Formulation of criteria for evaluation of performance of Independent Directors and the Board;
• Devising a policy on Board diversity;
• Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board their appointment and removal;
• Carry out evaluation of every Director's performance;
• Approval of payment of remuneration to Managing or Wholetime Directors including pension rights;
• Decide and settle remuneration related matters and issues within the framework of the provisions and enactments governing the same.
• Recommend to the Board, all remuneration, in whatever form, payable to senior management.
• Carrying out any other function as may be required by the Board of Directors of the Company from time to time or under any law for the time being in force.

COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE

The Committee comprises of 3 Independent Directors, namely, Mr. Cyrus Guzder (Chairman), Dr. Shankar Acharya and Mr. Vineet Nayyar and 1 Non-Executive Director, namely, Mr. Berjis Desai.

During the year, the Committee met once on May 06, 2021. Details of attendance of members at the Committee meeting held during the year 2021- 22 are as follows:

	MR. CYRUS GUZDER (CHAIRMAN)	MR. BERJIS DESAI	DR. SHANKAR ACHARYA	MR. VINEET NAYYAR
Number of meetings attended	1	1	1	1

Mr. Jayesh M. Trivedi, Company Secretary, is the Secretary of the Committee.

REMUNERATION POLICY

The Nomination & Remuneration Committee of the Board is constituted in compliance with SEBI guidelines. The Committee is fully empowered to frame the compensation structure for the Directors and review the same from time to time based on certain performance parameters, growth in business as well as profitability and also align the remuneration with the best practices prevailing in the industry.

Remuneration to Directors is paid as determined by the Board / Nomination & Remuneration Committee in accordance with the Remuneration Policy of the Company, which is disclosed as a part of the Board's Report.

DETAILS OF REMUNERATION PAID/TO BE PAID TO ALL DIRECTORS FOR FY 2021-22

					(Amount in `)
NAME OF DIRECTOR	SALARY*	BENEFITS	VARIABLE PAY/ COMMISSION	SITTING FEES	TOTAL
Mr. K. M. Sheth	-	-	12,60,000	6,00,000	18,60,000
Mr. Bharat K. Sheth	3,18,89,760	1,34,12,298	4,05,00,000	-	8,58,02,058
Mr. Ravi K. Sheth**	-	-	-	-	-
Mr. Berjis Desai	-	-	16,10,000	12,50,000	28,60,000
Mr. Cyrus Guzder	-	-	22,35,000	14,50,000	36,85,000
Mr. Raju Shukla	-	-	15,10,000	10,00,000	25,10,000
Mr. Ranjit Pandit\$	-	-	-	-	-
Ms. Rita Bhagwati	-	-	15,10,000	13,50,000	28,60,000
Dr. Shankar Acharya	-	-	13,60,000	10,00,000	23,60,000
Mr. Urjit Patel#	-	-	10,50,000	8,00,000	18,50,000
Mr. Vineet Nayyar	-	-	13,60,000	4,00,000	17,60,000
Mr. Tapas Icot+	1,00,00,265	55,58,427	27,00,000	-	1,82,58,692

NAME OF DIRECTOR	SALARY*	BENEFITS	VARIABLE PAY/ COMMISSION	SITTING FEES	TOTAL
Mr. G. Shivakumar+	1,17,19,044	41,64,269	81,00,000	-	2,39,83,313
TOTAL	5,36,09,069	2,31,34,994	6,31,95,000	78,50,000	14,77,89,063

* Salary and benefits include contribution to provident fund and superannuation fund and does not include contribution to Retirement Benefit Scheme for the Wholetime Directors. **Considering the time and efforts spent by Mr. Ravi K. Sheth for the business of Greatship (India) Limited (GIL) and its subsidiaries, entire remuneration to Mr. Ravi K. Sheth is paid by GIL.

\$ Mr. Ranjit Pandit has waived off his right to receive sitting fee and commission from the Company.

+ Mr. Tapas Icot and Mr. G. Shivakumar are also entitled to gratuity in accordance with the Company's rules.

# Resigned w.e.f. January 31, 2022.

• Presently, the Company does not have a scheme for grant of stock options.
• The Company has no pecuniary relationship or transactions with its Non-Executive Directors other than payment of sitting fee, commission, retirement benefits and dividend on equity shares held by them.
• The Remuneration Committee has formulated a Retirement Benefit Scheme for the eligible Wholetime Directors. The Board approved Scheme has been made effective from January 01, 2005. The Scheme provides for provision of pension, medical reimbursements and other benefits to the retiring eligible Wholetime Directors. On the basis of an actuarial valuation, provision of 0.04 crore (previous year: provision of 1.06 crore) was reversed during the year for pension payable to Wholetime Directors on their retirement. During the year ` 1.74 crore was paid to Mr. K.M. Sheth towards pension and other retirement benefits as per the Scheme.
• The Company or Mr. Tapas Icot / Mr. G. Shivakumar shall be entitled to terminate their respective appointments by giving three months' notice in writing.

PARAMETERS FOR PERFORMANCE EVALUATION

The parameters for performance evaluation of Board and Directors as formulated by the Nomination & Remuneration Committee are as follows:

ATTRIBUTE	DESCRIPTION
Strategy & Business Plan Management	• The Board understands the interests and risk-returns philosophy of the shareholders and bases investment and financial plans on them. • The Board ensures the development of business strategy and plans to suit the economic environment and growth opportunities. • Significant time of the Board is being devoted to management of current and potential strategic issues.
Risk Management & Controls	• The Board considers, understands, and approves the process implemented by management to effectively identify, assess, and respond to the organization's key risks. • The Board evaluates strategic risks. • The Board (directly or through Audit Committee) ensures the integrity of the entity's accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in place, in particular, systems for risk management, financial and operational control, and compliance with the law and relevant standards.
Compliances & Governance	• The Board ensures compliances with corporate governance practices in line with applicable regulations and best-practices. • The Board oversees the process of disclosure and communications. • The Board regularly reviews the grievance redressal mechanism of investors, details of grievances received, disposed of and those remaining unresolved. • The Board monitors and manages potential conflicts of interest of management, members of the board of directors and shareholders, including misuse of corporate assets and abuse in related party transactions. • Sufficient number of non-interested members of the board of directors (capable of exercising independent judgment) take decisions in respect of matters where there is a potential for conflict of interest. • The Board sets a good corporate culture and the values for the group employees.
Business Performance	• The Board is effective in reviewing and setting long and short-term performance goals for the organization against the business strategy. • The Board is effective in monitoring business performance and guiding Management in prioritizing areas of focus and resolving business challenges.

PARAMETERS FOR PERFORMANCE EVALUATION OF BOARD

ATTRIBUTE	DESCRIPTION
Board Constitution & Functioning	• The Board comprises a set of directors that collectively possess the diversity of skills required for oversight and guidance to Management. • Structure of the Board and appointment process for directors is as per the Company's Policy for Appointment of Directors and Board Diversity. • Role and responsibilities of the Board/ Committee are clearly documented. • The Board facilitates the independent directors to perform their role effectively as a member of the board of directors and also as a member of a committee of board of directors and any criticism by such directors is taken constructively. • Adequate induction and professional development programmes are made available to new and existing directors. • Continuing directors training is provided to ensure that the members of board of directors are kept up to date.
Stakeholder value and responsibility	• Decision making process of the Board is adequate to assess creation of stakeholder value. • The Board has mechanisms in place to communicate and engage with various stakeholders. • The Board acts on a fully informed basis, in good faith, with due diligence and care, with high ethical standards and in the best interest of the entity and the stakeholders. • The Board treats shareholders and stakeholders fairly where decisions of the board of directors may affect different shareholder/ stakeholder groups differently. • The Board regularly reviews the Business Responsibility Reporting / related corporate social responsibility initiatives of the entity and contribution to society, environment etc.
Process of meetings	• The processes of setting of Board meeting agenda and furnishing information required by the directors for discharging their duties is effective. • Board meetings are conducted with adequate length and quality of debates including involvement of all directors for effective and efficient decision making. • Meetings are being held on a regular basis. • Frequency of such meetings is enough for the Board to undertake its duties properly. • Logistics for the meeting is being handled properly- venue, format, timing, etc. • Agenda is circulated well before the meeting. It has all relevant information to take decision on the matter. It involves major substantial decisions. • Outstanding items of previous meetings are followed-up and taken up in subsequent agendas. • Board discusses every issue comprehensively and depending on the importance of the subject. • Environment of the meeting induces free-flowing discussions, healthy debate and contribution by everyone without any fear or fervor. Critical and dissenting suggestions are welcomed. • Minutes are being recorded properly. Minutes are timely circulated to all the Board members. Dissenting views are recorded in the minutes. • Board is adequately informed of material matters in between meetings. • Adequate secretarial and logistical support is available for conducting Board meetings. • Whenever required sufficient funds are made available to the Board for conducting its meeting effectively, seeking expert advice e.g. legal, accounting, etc.
Management Performance	• The Board 'steps back' to assist executive management by challenging the assumptions underlying strategy, strategic initiatives (such as acquisitions), risk appetite, exposures and the key areas of the entity's focus. • Board evaluates and monitors management regularly and fairly and provides constructive feedback and strategic guidance. • Remuneration of the Board and management is in line with its performance and with industry peers. It is in long term interests of the company and its shareholders. • The Board selects, compensates, monitors and, when necessary, replaces key managerial personnel based on such evaluation. • Level of independence of the management from the Board is adequate. Board and the management are able to actively access each other and exchange information. • Appropriate and adequate succession plan is in place and is being reviewed and overseen regularly by the Board.

PARAMETERS FOR PERFORMANCE EVALUATION OF EXECUTIVE DIRECTORS

ATTRIBUTE	DESCRIPTION
Health, Safety and Environment	• HSE records and statutory compliances
(HSE) Performance & Compliances	• Maturity of HSE systems and programs
Financial Performance	• Profitability & Return on equity
	• Financial strength
Market Performance	• Asset utilizations, day rates & TCY
	• Market competitiveness in regions of interest
Operations, Assets & Cost	• Fleet uptime
Performance	• Maturity of technical management systems
	• Maturity of cost optimization programs
Risk, Quality & Systems	• Mitigation & management of major risks including statutory compliances
Management	• Robustness of process controls
	• Maturity of IT systems
People Management	• Talent competitiveness & manpower availability
	• Manpower competence & productivity
	• Succession Planning

PARAMETERS FOR PERFORMANCE EVALUATION OF INDEPENDENT DIRECTORS AND NON-EXECUTIVE DIRECTORS

ATTRIBUTE	DESCRIPTION
Independence (for independent directors only)	• Maintains independence as defined in section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Understanding of the business	• Demonstrates required understanding of the business of the company and its environment, strategy and risks. • Possesses and applies breadth of experience in viewing issues from alternative perspectives.
Time commitment	• Dedicates the time required for attending board / board sub-committee meetings. • Prepares for the board / board sub-committee meetings on the agenda ahead of time.
Integrity in functioning	• Independent thinker who shares own views in board discussions. • Demonstrates being an independent thinker, and avoids group-think.
Application of insights	• Applies own knowledge and insights on issues. • Flexible and responsive to change. • Is able to identify opportunities or risks that require closer scrutiny and probe further keeping in mind shareholders' interests.
Functioning	• Works effectively independently / collectively with board members. • Asks deep questions without being confrontational. • Understands and fulfills the functions as assigned by the Board members and the law.

ADDITIONAL PARAMETERS FOR PERFORMANCE EVALUATION OF CHAIRMAN

ATTRIBUTE	DESCRIPTION
Management of Board Agenda &	• Selection of issues & decisions as board meeting agenda items.
Information Flow	• Allocation of adequate time for debate on agenda items in board meetings.
	• Collation and presentation of information required to board members.
Management of Board Meetings	• Respecting diversity of views within board members by conducting discussions including views from all board members.
	• Managing discussions with efficiency to conclude clear decisions and action points.
Team Leadership	• Keeping the board members committed to actively engage in their responsibilities with adequate
	dedication of time for company familiarization, preparations and participation in meetings.
	• Drawing on the specific expertise & capabilities of each director.
	• Resolving conflicts between opposing points of view and converging on an approach to problems.
Personal Attributes	• The Chairperson displays efficient leadership, is open-minded, decisive, courteous, displays professionalism,
	able to coordinate the discussion, etc. and is overall able to steer the meeting effectively.
	• The Chairperson is impartial in conducting discussions, seeking views and dealing with dissent, etc.
	• The Chairperson is sufficiently committed to the Board and its meetings.
	• The Chairperson is able to keep shareholders' interest in mind during discussions and decisions.

With a view to bring in objectivity and independence in the process of performance evaluation of the Board, its committees and individual directors, the Company engaged the services of Grant Thornton Bharat LLP ('GTBL') to assist in conducting performance evaluation for FY 2021-22. GTBL conducted the assessment in line with the regulatory requirements and leading practices in the market, which, inter alia included the following parameters:

EVALUATION OF THE BOARD AS A WHOLE

• Assessing the structure of the board looking at its composition, constitution, and diversity and that of its committees.
• Assessing the competencies, and experience of the members.
• Assessing the dynamics and functioning of the board by looking at the annual board calendar, information availability, interactions, and communication among the board.
• Assessing board's role in formulation of company strategy.
• Assessing the integrity and the robustness of the financial and other controls regarding abusive related party transactions, vigil mechanism and risk management.
• Assessing monitoring of policies, strategy implementation and systems.
• Assessing the chairman's role.

EVALUATION OF THE COMMITTEES

• Assessing the discharge of its functions and duties as per its terms of reference.
• Assessing the process and procedures followed for discharging its functions.
• Assessing the size, structure, and expertise of the committee.
• Assessing the conduct of its meetings and procedures followed in conducting these meetings.

EVALUATION OF INDIVIDUAL DIRECTORS

A. MANAGING DIRECTOR / EXECUTIVE DIRECTOR

• Assessing the performance of the Managing Director / Executive Directors basis the following:
• Achievement of financial/business targets set by the Board.
• Developing and managing / executing business plans, operational plans, risk management and financial affairs of the organization.
• Display of leadership qualities i.e. correctly anticipating business trends, opportunities, and priorities affecting the company's prosperity and operations.
• Development of policies, and strategic plans aligned with the vision and mission of the company which harmoniously balance the needs of shareholders, clients, employees and other stakeholders.
• Establishment of an effective organization structure to ensure that there is management focus on key functions necessary for the organization to align with its mission.
• Managing relationships with the Board, management team, regulators, bankers, industry representatives and other stakeholders.
• Demonstrate high ethical standards and integrity, attendance at meetings, commitment to the organization.

B. INDEPENDENT DIRECTORS

Assessing the performance of the Independent Directors basis the following:

• Maintenance of independence and no conflict of interest.
• Exercise of objective independent judgment without any fear or favour directed towards the best interest of the company.
• Ability to contribute to and monitor corporate governance practice.
• Adherence to the code of conduct for independent directors.

C. NON-EXECUTIVE DIRECTORS

Assessing the performance of the Non-Executive Directors basis the following:

• Participation at the Board / Committee meetings.
• Commitment (including guidance provided to senior management outside of Board/ Committee meetings).
• Effective deployment of knowledge and expertise.
• Effective management of relationship with stakeholders.
• Integrity and maintaining confidentiality.
• Independence of behaviour and judgment; and impact and influence.

D. EVALUATION OF CHAIRPERSON OF THE BOARD

Assessing the performance of the Chairman basis the following:

• Managing relationship with the members of the Board and management.
• Demonstration of leadership qualities and able steering of meetings.
• Relationship and communication within the Board.
• Providing ease of raising of issues and concerns by the Board members.
• Promoting constructive debate and effective decision making at the board.
• Relationship and effectiveness of communication with the shareholders and other stakeholders.
• Promoting shareholder confidence in the Board.
• Personal attributes i.e., Integrity, Honesty, Knowledge.

BOARD SKILLS MATRIX

This board skills matrix provides a guide as to the core skills / expertise / competencies ('skills') (as required in the context of the Company's business and the sector in which it operates) for the Board of Directors of the Company ('Board') to function effectively and those actually available with the Board, as identified by the Board at its meeting held on May 06, 2019 pursuant to the requirements of Schedule V(C)(2)(h) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This matrix supplements the criteria as specified in the Company's Policy for appointment of Directors and Board Diversity (as may be amended or substituted from time to time).

The Board comprises of Directors who collectively have the following skills to effectively govern and direct the Company:
---------------------------------------------------------------------------------------------------------------------------	--	--	--

SKILLS	DESCRIPTION
Expertise in Shipping Business	In depth knowledge of shipping business and extensive experience of working in shipping industry.
Entrepreneurship	Ability of setting up and running a business, taking on risks, with a view to make profit.
Financial & Accounting expertise	Qualifications and/or experience in accounting, finance and economics and the ability to: • understand financial reporting; • analyze key financial statements; • critically assess financial viability and performance; • oversee budgets and the efficient use of resources.
Legal expertise	Ability to understand and oversee legal and regulatory compliances. This may include qualification and/or experience in legal field such as experience of judicial/quasi-judicial hearings, providing legal/ regulatory advice and guidance, etc.
Risk Management	Ability to identify and assess key risks to the organization; manage and monitor the risks; and design, implement and control the risk management framework.
Strategic Planning & Policy Development	Ability to think strategically; identify and critically assess strategic opportunities, threats and key issues for the organization; and develop effective strategies and policies.
Management skills	Qualification and/or experience in management. This may include demonstrated ability in managing complex projects, allocating resources, planning and measuring performance, etc.
Commercial Experience	A broad range of commercial/ business/ administrative experience in government agencies or large organisations.
Corporate Governance	Understanding of the role and responsibilities of the Board of Directors within the governance framework. Extensive experience at board level in large organizations.
Personal effectiveness	Personal attributes or qualities that are generally considered desirable to be an effective Director. This may include: • Ability to inspire, motivate and offer leadership to others. • Ability to make prudent business decisions based on assessment of market conditions and corporate values of the organization. • Appropriate level of engagement in Board and committee discussions. • Critical thinking and problem-solving skills. • Understanding of importance of teamwork to the success of the Board. • Commitment to the organization, its culture, values, ethics and people.

Note - Each Director may possess varied combinations of skills/ expertise within the described set of parameters and it is not necessary that all Directors possess all skills/ expertise listed therein.

The Board may review and update the aforesaid skills from time to time to ensure that the skills remain aligned with the Company's requirements as the Company and the industry, in which it operates, evolves.

GIVEN BELOW IS LIST OF CORE SKILLS, EXPERTISE AND COMPETENCIES OF THE INDIVIDUAL DIRECTORS:

NAME OF THE DIRECTOR	AREAS OF SKILLS/ EXPERTISE
Mr. K.M. Sheth	Expertise in Shipping Business Entrepreneurship Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Bharat K. Sheth	Expertise in Shipping Business Entrepreneurship Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Berjis Desai	Financial and Accounting Expertise Legal Expertise Risk Management Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Cyrus Guzder	Expertise in Shipping Business Entrepreneurship Financial and Accounting Expertise Legal Expertise Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Raju Shukla	Entrepreneurship Financial and Accounting Expertise Risk Management Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Ranjit Pandit	Financial and Accounting Expertise Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Ms. Rita Bhagwati	Financial and Accounting Expertise Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness

NAME OF THE DIRECTOR	AREAS OF SKILLS/ EXPERTISE
Dr. Shankar Acharya	Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Shivshankar Menon	Risk Management Strategic Planning & Policy Development Personal Effectiveness
Mr. T. N. Ninan	Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Uday Shankar	Entrepreneurship Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Vineet Nayyar	Expertise in Shipping Business Entrepreneurship Financial and Accounting Expertise Legal Expertise Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Ravi K. Sheth	Expertise in Shipping Business Entrepreneurship Financial and Accounting Expertise Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. Tapas Icot	Expertise in Shipping Business Legal Expertise Risk Management Strategic Planning and Policy Development Management Skills Commercial Experience Corporate Governance Personal Effectiveness
Mr. G. Shivakumar	Expertise in Shipping Business Financial and Accounting Expertise Risk Management Strategic Planning and Policy Development Management Skills Corporate Governance Personal Effectiveness

C. STAKEHOLDERS' RELATIONSHIP COMMITTEE

The Stakeholders' Relationship Committee oversees redressal of shareholders and investors grievances.

TERMS OF REFERENCE OF THE STAKEHOLDERS' RELATIONSHIP COMMITTEE ARE AS FOLLOWS:

• Resolving the grievances of the security holders of the Company including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings etc.
• Review of measures taken for effective exercise of voting rights by shareholders.
• Review of adherence to the service standards adopted by the Company in respect of various services being rendered by the Registrar & Share Transfer Agent.
• Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company.

COMPOSITION OF THE COMMITTEE

As on date, the Committee comprises of 1 Independent Director and 2 Executive Directors namely Mr. Cyrus Guzder (Chairman), Mr. Bharat K. Sheth and Mr. G. Shivakumar.

The Committee met once on May 07, 2021. The details of attendance of the members at the Committee meeting held during the year 2021-22 are as follows:

	MR. CYRUS GUZDER	MR. BHARAT K.	MR. G.
	(CHAIRMAN)	SHETH	SHIVAKUMAR
Number of meetings attended	1	1	1

Mr. Jayesh M. Trivedi, Company Secretary, is the Compliance Officer of the Company.

During the year under review, 18 complaints were received. All the complaints were replied / resolved to the satisfaction of the investors. There were no complaints pending as on March 31, 2022. 33 requests for dematerialization involving 14,944 shares were pending for approval as on March 31, 2022. The pending requests were duly approved and dealt with by the Company.

D. RISK MANAGEMENT COMMITTEE

BRIEF DESCRIPTION OF TERMS OF REFERENCE:

The function of monitoring and reviewing of the Risk Management Policy of the Company has been delegated by the Board of Directors to the Risk Management Committee.

The role and responsibilities of Risk Management Committee are as follows:

• To formulate a detailed risk management policy which shall include:

• a) A framework for identification of internal and external risks specifically faced by the Company, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.
• b) Measures for risk mitigation including systems and processes for internal control of identified risks.
• c) Business continuity plan.
• To ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the Company;
• To monitor and oversee implementation of the risk management policy, including evaluating the adequacy of risk management systems;
• To periodically review the risk management policy, at least once in two years, including by considering the changing industry dynamics and evolving complexity;
• To keep the Board of Directors informed about the nature and content of its discussions, recommendations and actions to be taken;
• To review the appointment, removal and terms of remuneration of the Chief Risk Officer (if any);
• To review cyber security;
• To perform such other function as may be delegated by the Board of Directors from time to time.

COMPOSITION OF RISK MANAGEMENT COMMITTEE

As on date, the Committee comprises of 3 Executive Directors, namely Mr. Bharat K. Sheth (Chairman), Mr. Tapas Icot, Mr. G. Shivakumar, 1 Non-Executive Director, namely Mr. Berjis Desai and 2 Independent Directors, namely Dr. Shankar Acharya and Ms. Rita Bhagwati (appointed as a member w.e.f. April 19, 2022).

During the year, the Committee met five times on April 22, 2021, July 15, 2021, August 24, 2021, October 14, 2021 and January 20, 2022. Details of attendance of members at the Committee meetings held during the year 2021-22 are as follows:

	MR. BHARAT K. SHETH (CHAIRMAN)	MR. BERJIS DESAI@	DR. SHANKAR ACHARYA\$	MR. URJIT PATEL\$#	MR. TAPAS ICOT	MR. G. SHIVAKUMAR	MR. JAYESH TRIVEDI*
Number of Meetings attended	5	-	3	3	5	5	2
*Ceased to be a member w.e.f. 29.07.2021
\$ Appointed as a member w.e.f. 29.07.2021
# Resigned as a Director w.e.f. 31.01.2022
@Appointed as a member w.e.f. 24.03.2022

Mr. Jayesh M. Trivedi, Company Secretary, is the Secretary of the Committee.

RISK MANAGEMENT

The Company has laid down procedures to inform Board members about the risk assessment and minimization procedures. These procedures are periodically reviewed to ensure that executive management controls risks through means of a properly defined framework.

Detailed note on Risk Management is given in the Board's Report.

The details of the commodity price risk and foreign exchange risk and related hedging activities are as follows:

Commodity price risk

• I. Commodity price risk is the risk of financial performance being adversely affected by fluctuations in the prices of commodities. In the shipping industry, bunker fuel is a major component of operating costs and hence risks arising out of volatility in oil prices in general and bunker fuel in particular needs to be managed.
• II. Exposure of the Company to commodity and commodity risks faced by the Company throughout the year:
• a) Total exposure of the Company to commodities: ` 6,47,14,79,356.57
• b) Exposure of the Company to various commodities:

COMMODITY NAME	EXPOSURE IN INR TOWARDS	EXPOSURE IN QUANTITY TERMS				% OF SUCH EXPOSURE HEDGED THROUGH COMMODITY DERIVATIVES
	THE PARTICULAR COMMODITY	TOWARDS THE PARTICULAR	DOMESTIC MARKET			INTERNATIONAL MARKET	TOTAL
		COMMODITY (QTY IN MTS)	OTC	EXCHANGE	OTC	EXCHANGE
Bunker*	6,47,14,79,356.57	1,49,683.33	-	-	30.73	-	30.73

*Fuel

c) The Company manages this risk by bunker hedging and reduces the exposure to fluctuating bunker costs using swaps, call options and fixed price forward contracts.

Foreign exchange fluctuation risk

Foreign exchange fluctuation risk arises from having revenues, expenses, assets or liabilities in a currency other than the reporting currency. In the case of the Company, a large part of revenues are denominated in US Dollars. Some part of this risk is compensated by having expenses, interest costs and loan repayments also in US Dollars. For the remaining, the Company hedges its risk using various instruments such as plain forward sales and range forwards.

GENERAL MEETINGS

Next Annual General Meeting and date of Book Closure

Date	July 29, 2022
Time	3.00 p.m.
Venue	The Company is conducting meeting through VC / OAVM pursuant to the MCA Circular dated May 5, 2020 and as such there is no requirement to have a venue for the AGM. For details please refer to the Notice of the AGM.
Dividend Payment Date	N.A.
Date of Book Closure	July 23, 2022 to July 29, 2022 (both days inclusive)

The Company shall provide to its members facility to exercise their right to vote on items listed in the Notice of the 74th Annual General Meeting by electronic means. Procedure for the same is set out in the Notice of Annual General Meeting.

None of the items to be transacted at the ensuing Annual General Meeting are required to be transacted only by means of voting through Postal Ballot.

GENERAL BODY MEETINGS HELD DURING PREVIOUS THREE FINANCIAL YEARS

The following are the details of General Body Meetings held during previous three financial years.

MEETING	TIME	LOCATION	SPECIAL RESOLUTIONS PASSED
71st Annual General Meeting	August 08, 2019 at 3.00 p.m.	Ravindra Natya Mandir, P. L. Deshpande Maharashtra Kala Academy, Near Siddhiv inayak Temple, Sayani Road, Prabhadevi, Mumbai 400 025	• Re-appointment of Mr. Cyrus Guzder as an Independent Director of the Company for a term of 3 years w.e.f. September 25, 2019. • Re-appointment of Mr. Vineet Nayyar as an Independent Director of the Company for a term of 3 years w.e.f. September 25, 2019.
72nd Annual General Meeting	July 30, 2020 at 3.00 p.m.	The meeting was conducted through VC / OAVM	• Re-appointment of Mr. K. M. Sheth as Director of the Company, who retired by rotation. • Re-appointment of Ms. Rita Bhagwati as an Independent Director of the Company for a second term of 5 years w.e.f. November 14, 2019. • Re-appointment of Dr. Shankar Acharya as an Independent Director for a second term of 5 years w.e.f. February 05, 2020. • Re-appointment of Mr. Bharat K. Sheth as a Whole Time Director of the Company designated as 'Deputy Chairman & Managing Director' for a term of 3 years w.e.f. April 01, 2020. • Re-appointment of Mr. G. Shivakumar as a Whole-time Director of the Company designated as 'Executive Director' for a term of 3 years with effect from November 14, 2019.
73rd Annual General Meeting	July 29, 2021 at 3.00 p.m.	The meeting was conducted through VC / OAVM	• Re-appointment of Mr. Tapas Icot as a Whole-time Director of the Company designated as 'Executive Director' for a term of 3 years with effect from November 02, 2021.

All the resolutions moved at the last Annual General Meeting held on July 29, 2021, were passed by remote e-voting and e-voting conducted at the Annual General Meeting.

All the Directors of the Company other than Mr. Ranjit Pandit attended the last Annual General Meeting held on July 29, 2021.

The Company has not passed any resolutions through postal ballot in the last year.

DISCLOSURES

• There were no transactions of material nature with the promoters, the directors or the management, their subsidiaries or relatives, etc. that may have potential conflict with the interests of the Company at large. However, the Company has annexed to the accounts a list of related parties as per Ind AS 24 and the transactions entered into with them.
• There were no instances of non-compliances nor have any penalties, strictures been imposed by Stock Exchanges or SEBI or any statutory authority during the last 3 years on any matter related to capital markets.

• The senior management has made disclosures to the Board relating to all material financial and commercial transactions stating that they did not have personal interest that could result in a conflict with the interest of the Company at large.
• The Deputy Chairman & Managing Director and the Chief Financial Officer have issued a certificate to the Board in compliance with Regulation 17(8) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 for the financial year ended March 31, 2022.
• The "Policy for determining Material subsidiaries" and "Policy for dealing with Related Party Transactions" are available on the website of the Company: https://www.greatship.com/investor-policy-forms.html#policy

MEANS OF COMMUNICATION TO SHAREHOLDERS

Half-yearly report sent to each household of shareholders	No. As the results of the Company are published in the newspapers, uploaded on the Company's website and press releases are also issued.
Quarterly, half yearly and annual results	Published in Business Standard, Free Press Journal and Navshakti.
Whether Company displays official news releases and presentations made to institutional investors or to the analysts on its website	Yes
Whether Management Discussion & Analysis Report is a part of Annual Report	Yes

Website of the Company: www.greatship.com

Your Company's official press releases are available and archived on the corporate website www.greatship.com. Presentations made to analysts, institutional investors and the media are posted on the website. The Company holds conference calls on declaration of its quarterly results, the audio/video recordings and transcripts of which are also posted on the website. The shareholders and general public visiting the website have greatly appreciated the contents and user friendliness of the corporate website.

SHAREHOLDERS INFORMATION

FINANCIAL CALENDAR

1st Quarterly Result	Fifth week of July 2022
2nd Quarterly Result	First week of November 2022
3rd Quarterly Result	Fourth week of January 2023
4th Quarterly Result	April / May 2023

LISTING ON STOCK EXCHANGES

STOCK EXCHANGE	STOCK CODE	ISIN NO.
BSE Ltd.	500620	INE017A01032
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai-400001
National Stock Exchange of India Ltd.	GESHIP	INE017A01032
Exchange Plaza, Bandra-Kurla Complex,
Bandra (E), Mumbai – 400 051

NON-CONVERTIBLE DEBENTURES

Wholesale-Debt Market – National Stock Exchange of India Ltd., Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051

The Company has paid the requisite Annual Listing Fees to both the Stock Exchanges for the financial year 2021-22.

SHARE TRANSFER SYSTEM

As per the provisions of Regulation 40(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository.

Share transmission or transposition requests received in physical form are processed within the prescribed time limits. Requests for dematerialization (demat) received from the shareholders are also processed within the prescribed time limits.

SEBI, vide its Circular dated January 25, 2022, has clarified that listed companies shall issue the securities only in demat mode while processing investor service requests pertaining to issuance of duplicate shares, transmission, transposition, sub-division/consolidation of share certificates, etc. A Share Transfer Committee comprising of members of the Board meets once in a week to consider the requests received.

OUTSTANDING WARRANTS

No warrants were outstanding as on March 31, 2022.

PLANT LOCATION

The Company has no plants.

DEBENTURE TRUSTEE

Vistra ITCL (India) Ltd. The IL&FS Financial Centre, Plot C- 22, G Block, 7th Floor Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Tel: 022 – 2659 3535 Fax: 022 – 2653 3297 Web: www.vistraitcl.com

ADDRESS FOR CORRESPONDENCE

COMPANY	TRANSFER AGENT
Share Department	KFin Technologies Ltd.	24/B, Raja Bahadur Mansion, Ground Floor,
Ocean House, 134-A, Dr. Annie Besant Road,	Selenium Tower B,	Ambalal Doshi Marg, Fort,
Worli, Mumbai - 400 018	Plot 31-32, Financial District,	Mumbai - 400023
Tel: 022-66613000/24922100	Nanakramguda, Serilingampally, Gachibowli,	Tel: 022-66235353
Fax: 022-24925900	Hyderabad - 500 032, Telangana
E-mail: shares@greatship.com	Toll free number - 1- 800-309-4001
	Email: einward.ris@kfintech.com

CREDIT RATINGS RECEIVED BY THE COMPANY ALONG WITH ANY REVISIONS DURING THE RELEVANT FINANCIAL YEAR:

I. CARE RATINGS LTD:

• a) Long Term / Short term Bank facilities: CARE AA+ Stable/ CARE A1+
• b) Non-Convertible Debentures: CARE AA+: Stable
• II. BRICKWORK RATINGS INDIA PRIVATE LTD: Listed secured/ unsecured redeemable NCDs: BWR AAA: Stable
• III. CRISIL:

Short term Commercial Paper: CRISIL A1+

Fees paid to Statutory Auditors

Total fees of ` 1,54,17,180 for FY 2021-22 was paid by the Company and its subsidiaries, on a consolidated basis, to Deloitte Haskins & Sells LLP, the Statutory Auditors of the Company, and all the entities in the network firm/network entity of which Statutory Auditors forms part.

ADDITIONAL SHAREHOLDERS INFORMATION

UNCLAIMED DIVIDENDS AND SHARES

Under the Companies Act, 2013, dividends that are unclaimed for a period of seven years are required to be transferred to the Investor Education and Protection Fund (IEPF) administered by the Central Government. An amount of 72,35,745 and 59,03,292 being unclaimed 60th (Final dividend) and 61st (Interim dividend) was transferred on November 11, 2021 and October 05, 2021 respectively to the IEPF.

During the year, 27,747 shares (in respect of which dividend has not been paid or claimed for seven consecutive years) were transferred to the IEPF pursuant to Section 124(6) of the Companies Act, 2013.

All unclaimed dividend for the year 2014-15 (61st final dividend) will be due for transfer to the IEPF on September 12, 2022 pursuant to Section 124(5) of the Companies Act, 2013. Shareholders who have not encashed the Dividend Warrants are requested to claim the amount from the Company's Share Department at the Registered Office of the Company.

All shares in respect of which dividend has not been paid or claimed for seven consecutive years will also be due for transfer by the Company to the IEPF on September 12, 2022 pursuant to Section 124(6) of the Companies Act, 2013.

Any claimant of dividend and shares transferred above shall be entitled to claim the same from IEPF.

The following table gives the dates of dividend declaration or payment since 2015 and the corresponding dates when unclaimed dividend and corresponding shares (if any) are due to be transferred to the IEPF.

DUE DATES OF TRANSFERRING UNCLAIMED DIVIDEND AND CORRESPONDING SHARES TO THE INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

YEAR	DIVIDEND NO.	TYPE	DATE OF DECLARATION	DUE DATE OF TRANSFER TO IEPF
2015	61	Final	12.08.2015	12.09.2022
2016	62	Interim	04.02.2016	06.03.2023
2016	62	2nd Interim	10.03.2016	10.04.2023
2017	63	Interim	03.02.2017	06.03.2024
2017	63	Final	10.08.2017	10.09.2024
2018	64	Final	10.08.2018	10.09.2025
2019	65	Final	08.08.2019	08.09.2026
2020	66	Interim	06.03.2020	06.04.2027
2020	66	2nd Interim	30.05.2020	30.06.2027
2021	67	Final	29.07.2021	29.08.2028
2022	68	Interim	29.10.2021	29.11.2028

THE FOLLOWING TABLE GIVES THE DETAILS OF UNCLAIMED DIVIDEND AMOUNT SINCE 2015

	UNCLAIMED DIVIDEND AS OF 31ST MARCH 2022
YEAR	DIV. NO.	TYPE	NO OF WARRANTS ISSUED	NO OF WARRANTS UNCLAIMED	% UNCLAIMED	AMOUNT OF DIVIDEND (LAKHS) | DIVIDEND<br>UNCLAIMED<br>( LAKHS)	% UNCLAIMED
2015	61	Final	74,691	11,068	14.82	10,554	103.28	0.98
2016	62	Interim	75,206	11,794	15.68	9,046	99.60	1.10
2016	62	2nd Interim	74,758	11,257	15.06	11,308	119.02	1.05
2017	63	Interim	74,888	12,922	17.26	5,427	63.87	1.18
2017	63	Final	74,331	12,206	16.42	9,800	110.59	1.13
2018	64	Final	68,244	7,502	10.99	10,855	90.69	0.84
2019	65	Final	66,830	6,556	9.81	8,102	66.34	0.82
2020	66	Interim	64,112	11,314	17.65	7,936	115.27	1.45
2020	66	2nd Interim	64,106	8,017	12.51	3,968	35.99	0.91
2021	67	Final	89,713	6,593	7.35	13,226	84.55	0.64
2022	68	Interim	81,874	6,981	8.53	6,613	45.23	0.68

EQUITY SHARES HELD IN UNCLAIMED SUSPENSE ACCOUNT

The details of unclaimed equity shares lying in the 'Unclaimed Suspense Account' are as follows:

PARTICULARS	NUMBER OF SHAREHOLDERS	NUMBER OF EQUITY SHARES
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on April 1, 2021	463	82,533
Number of shareholders who approached the Company for transfer of shares from suspense account during the year	1	360
Number of shareholders to whom shares were transferred from suspense account during the year	1	360
Total number of shares transferred to the IEPF Authority	31	4,202
Aggregate number of shareholders and the outstanding shares in the suspense account lying as on March 31, 2022	431	77,971

As per the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 all corporate benefits in terms of securities accruing on such shares viz. bonus shares, split etc. shall be credited to Unclaimed Suspense Account. The voting rights on such shares shall remain frozen till the rightful owner claims the shares. As and when such owners approach the Company, their shares shall be transferred to them after proper verification.

The concerned shareholders are requested to claim their shares by writing to the Company / RTA.

SHARES HELD IN DEMATERIALIZED FORM AND PHYSICAL FORM AS ON MARCH 31, 2022

SHAREHOLDERS HOLDING SHARES IN DEMATERIALIZED FORM MAY NOTE THAT:

• Instructions regarding bank details which they wish to have incorporated on their dividend warrants must be submitted to their depository participants. As per the regulations of NSDL and CDSL, the Company is obliged to print the bank details on the dividend warrants, as furnished by these depositories to the Company.
• Instructions already given by them for shares held in physical form will not automatically be applicable to the dividend paid on shares held in electronic form.
• Instructions regarding change of address, nomination and power of attorney should be given directly to the depository participants. The Company cannot entertain any such requests directly from the shareholders.
• The Company provides NECS/ECS facility for shares held in electronic form and shareholders are requested to avail of this facility by updating their bank account details with the depository participants.

SHAREHOLDING PATTERN:

DISTRIBUTION OF HOLDINGS AS ON MARCH 31, 2022

NO. OF SHARES HELD			SHAREHOLDERS		SHARES
FROM	TO	NUMBER	% TO TOTAL	NUMBER	% TO TOTAL
1	500	68,275	87.52	72,98,535	5.11
501	1000	4,635	5.94	34,18,865	2.39
1001	2000	2,510	3.22	36,36,207	2.55
2001	3000	841	1.08	20,95,356	1.47
3001	4000	427	0.55	15,14,158	1.06
4001	5000	280	0.36	12,84,178	0.90
5001	10000	541	0.69	38,69,014	2.71
10001 and Above		504	0.64	11,97,10,937	83.81
TOTAL		78,013	100.00	14,28,27,250	100.00

COMPANY'S SHARE PRICE COMPARED TO BSE SENSEX

96

MARKET PRICE DATA - HIGH / LOW DURING EACH MONTH IN THE YEAR 2021 – 22

| MONTH | HIGH PRICE () | LOW PRICE () | NO. OF SHARES |
|--------------|----------------|---------------|---------------|
| Apr-21 | 326.35 | 278.50 | 11,33,215 |
| May-21 | 429.00 | 311.50 | 13,59,837 |
| Jun-21 | 477.00 | 375.00 | 9,30,358 |
| Jul-21 | 392.40 | 334.50 | 10,38,338 |
| Aug-21 | 369.70 | 286.95 | 9,53,398 |
| Sep-21 | 379.00 | 348.75 | 5,98,203 |
| Oct-21 | 382.00 | 311.05 | 8,65,672 |
| Nov-21 | 351.80 | 291.25 | 2,57,109 |
| Dec-21 | 309.90 | 265.05 | 17,43,360 |
| Jan-22 | 326.00 | 294.50 | 3,68,627 |
| Feb-22 | 329.10 | 304.55 | 4,38,595 |
| Mar-22 | 367.45 | 304.00 | 4,86,975 |
| Source : BSE | | | |

STATUS OF COMPLIANCE WITH DISCRETIONARY REQUIREMENTS

Your Company continuously strives towards improving its Corporate Governance practices. Whilst your Company is fully compliant with the mandatory requirements of Regulation 17 to 27 and Regulation 46(2) and other applicable regulations of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the status of compliance of discretionary requirements is as follows:

THE BOARD

Mr. K. M. Sheth, Chairman of the Company, is entitled to maintain a Chairman's office at the Company's expense and also allowed reimbursement of expenses incurred in performance of his duties.

SHAREHOLDERS' RIGHTS

The financial results of the Company for every quarter are extensively published in the newspapers and are also uploaded on the Company's website. These are also available on website of the stock exchanges. In view of the same, half-yearly declaration of financial performance including summary of the significant events in last six-months is not sent to each household of shareholders.

MODIFIED OPINION(S) IN AUDIT REPORT

During the year under review there was no modified opinion(s) expressed by the Auditors on the Company's financial statements. The Company continues to adopt best practices to ensure the regime of financial statements with unmodified audit opinion.

SEPARATE POSTS OF CHAIRPERSON AND THE MANAGING DIRECTOR OR THE CHIEF EXECUTIVE OFFICER

Mr. K. M. Sheth holds the office of Non-Executive Chairman of the Company and Mr. Bharat K. Sheth holds the office of Deputy Chairman & Managing Director of the Company.

REPORTING OF INTERNAL AUDITOR

The internal auditors report directly to the Audit Committee.

DECLARATION BY THE DEPUTY CHAIRMAN & MANAGING DIRECTOR UNDER REGULATION 34(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 REGARDING ADHERENCE TO THE COMPANY'S CODE OF CONDUCT.

In accordance with Regulation 34(3) of the Securities And Exchange Board Of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, I hereby confirm that, all Directors and Senior Management personnel of the Company have affirmed compliance with the Code of Conduct laid down by the Company, as applicable to them for the Financial Year ended March 31, 2022.

For the Great Eastern Shipping Co. Ltd.

Bharat K. Sheth

Deputy Chairman & Managing Director Date: May 06, 2022

CERTIFICATE ON CORPORATE GOVERNANCE

To, The Members,

THE GREAT EASTERN SHIPPING COMPANY LIMITED

We have examined the compliance of conditions of Corporate Governance by The Great Eastern Shipping Company Limited (hereinafter referred as "Company") for the Financial year ended March 31, 2022 as prescribed under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and paras C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as "Listing Regulations").

We state that compliance of conditions of Corporate Governance is the responsibility of the management, and our examination was limited to procedures and implementation thereof adopted by the Company for ensuring compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion, and to the best of our information and according to our examination of the relevant records and the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as prescribed under Listing Regulations.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

This certificate is issued solely for the purposes of complying with Listing Regulations and may not be suitable for any other purpose.

For Mehta & Mehta,

Company Secretaries (ICSI Unique Code P1996MH007500)

Dipti Mehta

Partner

FCS No: 3667 CP No.: 23905 Place: Mumbai Date: May 06, 2022 UDIN: F003667D000279571

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To, The Great Eastern Shipping Company Limited, Ocean House, 134/ A, Dr. Annie Besant Road,

Worli, Mumbai – 400018.

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of The Great Eastern Shipping Company Limited having CIN L35110MH1948PLC006472 and having registered office at, Ocean House, 134/ A, Dr. Annie Besant Road, Worli, Mumbai – 400018 (hereinafter referred to as 'the Company'), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me / us by the Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March, 2022 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.

SR. NO.	NAME OF DIRECTORS	DIN	DATE OF APPOINTMENT IN COMPANY
1	K.M. Sheth	00022079	03/04/1970
2	Bharat K. Sheth	00022102	01/07/1989
3	Berjis Desai	00153675	27/10/2006
4	Cyrus Guzder	00080358	14/03/2003
5	Raju Shukla	07058674	01/06/2019
6	Ranjit Pandit	00782296	01/06/2019
7	Rita Bhagwati	06990589	14/11/2014
8	Shankar Acharya	00033242	05/02/2015
9	Vineet Nayyar	00018243	24/03/2004
10	Ravi K. Sheth	00022121	30/01/2006
11	G. Shivakumar	03632124	14/11/2014
12	Tapas Icot	00905882	12/08/2014

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For Mehta & Mehta,

Company Secretaries (ICSI Unique Code P1996MH007500)

Dipti Mehta

Partner

FCS No: 3667 CP No: 23905 Place: Mumbai Date: May 6, 2022 UDIN: F003667D000279547

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT 2021-22

[Pursuant to regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015]

SECTION A: GENERAL DISCLOSURES

I. DETAILS OF THE LISTED ENTITY

• 1. Corporate Identity Number (CIN) of the Listed Entity L35110MH1948PLC006472
• 1. Name of the Listed Entity
• The Great Eastern Shipping Company Limited
• 1. Year of incorporation

1948

• 1. Registered office address
• Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai 400018
• 1. Corporate address

Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai 400018

1. E-mail

shares@greatship.com

• 1. Telephone
• 022 66613000
• 1. Website

www.greatship.com

1. Financial year for which reporting is being done

2021-22

1. Name of the Stock Exchange(s) where shares are listed

BSE Ltd.

National Stock Exchange of India Ltd.

1. Paid-up Capital

` 142.77 crores.

1. Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report

Mr. Jayesh Trivedi President (Secl. & Legal) and Company Secretary Tel : 022 – 66613000

Email : jayesh_trivedi@greatship.com

1. Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together).

The disclosures under this report are made on a standalone basis.

II. PRODUCTS/SERVICES

1. Details of business activities (accounting for 90% of the turnover):

S. NO.	DESCRIPTION OF MAIN ACTIVITY	DESCRIPTION OF BUSINESS ACTIVITY	% OF TURNOVER OF THE ENTITY
1	Transport and storage	Water transport	95.47%

15. Products/Services sold by the entity (accounting for 90% of the entity's Turnover):

S. NO.	PRODUCT/SERVICE	NIC CODE	% OF TOTAL TURNOVER CONTRIBUTED
1	Shipping	50120	95.47%

III. OPERATIONS

1. Number of locations where plants and/or operations/offices of the entity are situated:

LOCATION	NUMBER OF PLANTS	NUMBER OF OFFICES	TOTAL
National	N.A.	1	1
International	N.A.	-	-

The registered office of the Company is situated in Mumbai, India. The Company has no plants. Ships of the Company trade in Indian as well as international waters.

17. Markets served by the entity:

a. Number of locations

LOCATIONS	NUMBER
National (No. of States)
International (No. of Countries)

The Company serves Indian as well as international markets. Substantial assets of the Company are ships, which are operating across the world, in view of which they can not be identified by any particular geographical area.

b. What is the contribution of exports as a percentage of the total turnover of the entity?

65.21%

c. A brief on types of customers

Customers of the Company are mostly oil majors, refineries, manufacturers, miners, producers, etc.

IV. EMPLOYEES

• 1. Details as at the end of Financial Year:
• a. Employees and workers (including differently abled):

S.	PARTICULARS	TOTAL (A)	MALE		FEMALE
NO.			NO. (B)	% (B / A)	NO. (C)	% (C / A)
	EMPLOYEES (SHORE STAFF)
1	Permanent (D)	224	175	78.13%	49	21.88%
2	Other than Permanent (E)	25	24	96.00%	1	4.00%
3	Total employees (D + E)	249	199	79.92%	50	20.08%
	EMPLOYEES (FLOATING STAFF)
4	Permanent (D)	-	-	-	-	-
5	Other than Permanent (E)	1812	1808	99.77%	4	0.23%
6	Total employees (D + E)	1812	1808	99.77%	4	0.23%
	WORKERS (NOT APPLICABLE)
7	Permanent (F)
8	Other than Permanent (G)
9	Total workers (F + G)

b. Differently abled Employees and workers: Nil

S.	PARTICULARS	TOTAL (A)	MALE		FEMALE
NO.			NO. (B)	% (B / A)	NO. (C)	% (C / A)
	DIFFERENTLY ABLED EMPLOYEES
1	Permanent (D)
2	Other than Permanent (E)
3	Total differently abled employees (D + E)
	DIFFERENTLY ABLED WORKERS
4	Permanent (F)
5	Other than permanent (G)
6	Total differently abled workers (F + G)

19. Participation/Inclusion/Representation of women

	TOTAL (A)	NO. AND PERCENTAGE OF FEMALES
		NO. (B)	% (B / A)
Board of Directors	12	1	8.33%
Key Management Personnel	1	-	-

20. Turnover rate for permanent employees and workers

	FY 2021-22 TURNOVER RATE IN CURRENT FY			FY 2020-21 TURNOVER RATE IN PREVIOUS FY			FY 2019-20 (TURNOVER RATE IN THE YEAR PRIOR TO THE PREVIOUS FY)
	MALE	FEMALE	TOTAL	MALE	FEMALE	TOTAL	MALE	FEMALE	TOTAL
Permanent Employees (Shore Staff)	10.00%	0.00%	10.00%	9.00%	7.00%	16.00%	7.00%	5.00%	12.00%
Permanent Employees (Floating Staff) (Not applicable)
Permanent Workers (Not applicable)

V. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)

1. Names of holding / subsidiary / associate companies / joint ventures

S. NO.	NAME OF THE HOLDING / SUBSIDIARY / ASSOCIATE COMPANIES / JOINT VENTURES (A)	INDICATE WHETHER HOLDING/ SUBSIDIARY/ ASSOCIATE/ JOINT VENTURE	% OF SHARES HELD BY LISTED ENTITY	DOES THE ENTITY INDICATED AT COLUMN A, PARTICIPATE IN THE BUSINESS RESPONSIBILITY INITIATIVES OF THE LISTED ENTITY? (YES/NO)
1	The Greatship (Singapore) Pte. Ltd.	Subsidiary	100.00%	No
2	The Great Eastern Chartering LLC (FZC)	Subsidiary	100.00%	No
3	The Great Eastern Chartering (Singapore) Pte. Ltd.	Subsidiary	100.00%	No
4	Great Eastern CSR Foundation	Subsidiary	100.00%	Yes
5	Great Eastern Services Limited	Subsidiary	100.00%	No
6	Greatship (India) Limited	Subsidiary	100.00%	Yes
7	Greatship Global Offshore Services Pte. Ltd.	Subsidiary*	100.00%	No
8	Greatship Global Energy Services Pte. Ltd.	Subsidiary*	100.00%	No
9	Greatship (UK) Limited	Subsidiary*	100.00%	No
10	Greatship Oilfield Services Ltd.	Subsidiary*	100.00%	No

* Wholly owned subsidiaries of Greatship (India) Limited

CSR activities of the Company and Greatship (India) Limited are guided by the Corporate Social Responsibility Policy of the Great Eastern Group. All the CSR activities are handled by Great Eastern CSR Foundation.

VI. CSR DETAILS

1. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes (ii) Turnover (in ): 29,66,39,25,464 (iii)Net worth (in ): 65,71,43,05,102

104

VII. TRANSPARENCY AND DISCLOSURES COMPLIANCES

1. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:

STAKEHOLDER GRIEVANCE GROUP REDRESSAL FROM WHOM MECHANISM COMPLAINT IS IN PLACE RECEIVED (YES/NO)			FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	(IF YES, THEN PROVIDE WEB-LINK FOR GRIEVANCE REDRESS POLICY)	NUMBER OF COMPLAINTS FILED DURING THE YEAR	NUMBER OF COMPLAINTS PENDING RESOLUTION AT CLOSE OF THE YEAR	REMARKS	NUMBER OF COMPLAINTS FILED DURING THE YEAR	NUMBER OF COMPLAINTS PENDING RESOLUTION AT CLOSE OF THE YEAR	REMARKS
Communities	N.A.	-	-	-	-	-	-
Investors (other than shareholders)	Yes	-	-	-	-	-	-
Shareholders	Yes	-	-	-	-	-	-
Employees and workers	Yes	-	-	-	-	-	-
Customers	Yes	-	-	-	-	-	-
Value Chain Partners	N.A.	-	-	-	-	-	-
Other (please specify)	-	-	-	-	-	-	-

Whistle Blower Policy is available on the Company's website – www.greatship.com

1. Overview of the entity's material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format

S. NO.	MATERIAL ISSUE IDENTIFIED	INDICATE WHETHER RISK OR OPPORTUNITY (R/O)	RATIONALE FOR IDENTIFYING THE RISK / OPPORTUNITY	IN CASE OF RISK, APPROACH TO ADAPT OR MITIGATE	FINANCIAL IMPLICATIONS OF THE RISK OR OPPORTUNITY (INDICATE POSITIVE OR NEGATIVE IMPLICATIONS)
1	Oil spills represent serious environmental risk in the shipping sector.	R	Oil spills may have adverse financial as well as reputational implications for the shipping companies. It may also have significant impact on marine ecosystems.	Our fleet is managed in accordance with international and local regulations. Preventing spills is one of the focus areas in the Environmental Management System. This risk is also covered and monitored regularly in the Risk Management System. The Company also has insurances in place to cover this risk.	Shipping companies may be held responsible for clean up costs and economic damages, which may run into millions of US dollars. This risk is largely covered by insurance.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC Principles and Core Elements.

	DISCLOSURE QUESTIONS	P1	P2	P3	P4	P5	P6	P7	P8	P9
	POLICY AND MANAGEMENT PROCESSES
1.	a. Whether your entity's policy/ policies cover each principle and its core elements of the NGRBCs. (Yes/No)	Yes
	b. Has the policy been approved by the Board? (Yes/No)	Yes
	c. Web Link of the Policies, if available	www.grestship.com
2.	Whether the entity has translated the policy into procedures. (Yes / No)	Yes
3.	Do the enlisted policies extend to your value chain partners? (Yes/No)	N.A.
4.	Name of the national and international codes/certifications/ labels/ standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.	ISO 9001: 2015	ISO 45001: 2018 OHSAS				ISO 14001: 2015
5.	Specific commitments, goals and targets set by the entity with defined timelines, if any.								Contributing aprox. ` 6.03 crores for CSR activities during FY 2021-22
6.	Performance of the entity against the specific commitments, goals and targets along-with reasons in case the same are not met.								Contributed ` 6.61 crores for CSR activities

Governance, leadership and oversight

1. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and achievements:

OUR VISION

• To lead our industry in Safety Standards, Environmental Protection, Energy Optimization and Quality of Operations.
• To be the provider of choice for our customers.

MISSION STATEMENT

Consistent with the Company's policy and philosophy of maintaining professional excellence in all spheres of activity involving Marine Bulk Transportation Services, including Quality, Health, Safety, Security, Environment and Social Responsibility, our mission shall be:

• To own, operate and manage efficient ships with zero spills to sea, zero incidents, zero tolerance to drugs and alcohol, while protecting the lives of shipboard personnel, cargo and Company's own assets and reducing environmental emissions by employing best management practices;
• To provide a highly efficient and competitive Marine Bulk Transportation Service of Quality, Cost, Reliability, Delivery and Security;
• To achieve excellence in our management systems and standards through continual improvement, by employing best practices through an efficient, responsive management and an empowered and highly motivated work force;
• To create enhanced value for our shareholders and other stakeholders.

Some of the key focus areas of the Company for FY 2021-22 were as follows:

a) To focus on the safety of seafarers given the issues posed by Covid-19 pandemic

A detailed protocol was set up for joining the vessels by the seafarers. A pan India vaccination campaign was embarked upon by the Company. 85.6% of the Company's seafarers are fully vaccinated. Since March 01, 2022 the Company permits only double vaccinated seafarers to join its vessels. The Company did not have a single case of COVID-19 onboard since May 2021.

• b) To implement various initiatives towards improving the company's environmental impact Details of such initiatives have been described in detail in this Report and ESG Report.
• 1. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy (ies).
• 1. Mr. Bharat K. Sheth

Deputy Chairman & Managing Director

• 2. Mr. Tapas Icot
• Executive Director
• 3. Mr. G. Shivakumar Executive Director & CFO
• 4. Mr. Jayesh Trivedi
• President (Secl. & Legal) & Company Secretary
• 1. Does the entity have a specified Committee of the Board/ Director responsible for decision making on sustainability related issues? (Yes / No). If yes, provide details.

No. The Company does not have a specified committee for decision making on sustainability related issues. However, such issues, if any, are placed before the Board of Directors and various Committees of Directors / Senior Management personnel as per their terms of reference from time to time.

10. Details of Review of NGRBCs by the Company:

SUBJECT FOR REVIEW		INDICATE WHETHER REVIEW WAS UNDERTAKEN BY DIRECTOR / COMMITTEE OF THE BOARD/ ANY OTHER COMMITTEE					FREQUENCY (ANNUALLY/ HALF YEARLY/ QUARTERLY/ ANY OTHER – PLEASE SPECIFY)
	P1	P2	P3	P4	P5	P6	P7	P8	P9	P1	P2	P3	P4	P5	P6	P7	P8	P9
Performance against above policies and follow up action			Board of Directorss							Annually
Compliance with statutory requirements of relevance to the principles, and, rectification of any non compliances		Board of Directors					Annually

1. If answer to question (11) above is "No" i.e. not all Principles are covered by a policy, reasons to be stated:

QUESTIONS	P1	P2	P3	P4	P5	P6	P7	P8	P9
The entity does not consider the Principles material to its business
(Yes/No)
The entity is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes/No)
The entity does not have the financial or human and technical
resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and decisions. The information sought is categorized as "Essential" and "Leadership". While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.

PRINCIPLE 1 Businesses should conduct and govern themselves with integrity and in a manner that is Ethical, Transparent and Accountable.

ESSENTIAL INDICATORS

1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:

SEGMENT	TOTAL NUMBER OF TRAINING AND AWARENESS PROGRAMMES HELD	TOPICS /PRINCIPLES COVERED UNDER THE TRAINING AND ITS IMPACT	%AGE OF PERSONS IN RESPECTIVE CATEGORY COVERED BY THE AWARENESS PROGRAMMES
Board of Directors	-
Key Managerial Personnel	1	Business Ethics	100.00%
Employees other than BoD and KMPs (Shore Staff)	21	Business Ethics, Health and Safety and Skill Upgradation	100.00%
Employees other than BoD and KMPs (Floating Staff)	52	Heath and Safety and Skill Upgradation	100.00%
Workers	-

1. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as disclosed on the entity's website): Nil

Monetary

	NGRBC PRINCIPLE	NAME OF THE REGULATORY/ ENFORCEMENT AGENCIES/ JUDICIAL INSTITUTIONS	AMOUNT (IN INR)	BRIEF OF THE CASE	HAS AN APPEAL BEEN PREFERRED? (YES/NO)
Penalty/ Fine
Settlement
Compounding fee

Non-Monetary

	NGRBC PRINCIPLE	NAME OF THE REGULATORY/ ENFORCEMENT AGENCIES/ JUDICIAL INSTITUTIONS	BRIEF OF THE CASE	HAS AN APPEAL BEEN PREFERRED? (YES/NO)
Imprisonment

Punishment

1. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed

CASE DETAILS	NAME OF THE REGULATORY/ ENFORCEMENT AGENCIES/ JUDICIAL INSTITUTIONS

• 1. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.
• The Code of Business Conduct and Ethics for the Board of Directors and Members of Senior Management as well as the Code of Business Conduct and Ethics for all other employees prohibit inducements and require compliance with the anti-corruption and anti-bribery laws. Copy of the Code of Business Conduct and Ethics for the Board of Directors and Members of Senior Management is available on the website of the Company, www.greatship.com
• 1. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption: None

	FY 2021-22	FY 2020-21
	CURRENT	PREVIOUS
	FINANCIAL YEAR	FINANCIAL YEAR
Directors
KMPs
Employees
Workers

6. Details of complaints with regard to conflict of interest: Nil

	FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	NUMBER	REMARKS	NUMBER	REMARKS
Number of complaints received in relation to issues of Conflict of Interest of the Directors
Number of complaints received in relation to issues of Conflict of Interest of the KMPs

1. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions on cases of corruption and conflicts of interest: Not applicable

LEADERSHIP INDICATORS

1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year: Not applicable

TOTAL NUMBER OF AWARENESS	%AGE OF VALUE CHAIN PARTNERS
TOPICS / PRINCIPLES COVERED UNDER	COVERED (BY VALUE OF BUSINESS
PROGRAMMES HELD	DONE WITH SUCH PARTNERS) UNDER
THE TRAINING	THE AWARENESS PROGRAMMES

1. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board?

The Code of Business Conduct and Ethics for the Board of Directors and Members of Senior Management provides for the process to avoid/ manage conflict of interest situations. Further, all contracts or arrangements, where any director is interested or transactions with related parties are handled in accordance with the process prescribed as per Section 184, 188 and other applicable provisions of the Companies Act, 2013 and Regulation 23 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe

ESSENTIAL INDICATORS

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR	DETAILS OF IMPROVEMENTS IN ENVIRONMENTAL AND SOCIAL IMPACTS
R&D	USD 1,37,198	-	See notes below
Capex	USD 10,751,000	USD 50,000

Financial Year 2020-21

During the year, saving of fuel from energy saving retrofits and use of superior anti-fouling hull coatings resulted in reduction of CO2 emission by 18,800 MT.

During the year, the Company started a process of replacing traditional lighting such as fluorescent, halogen and incandescent lights onboard its vessels with energy efficient LED lights. The use of LED lights will reduce the electrical power requirement and consequently the GHG emissions from each ship and also provide savings in consumables since the lifetime of LED lights are far longer than traditional lights. These replacements have been done completely on 1 vessel and in suitable areas of 2 vessels.

For a typical Bulk Carrier or Tanker loss of energy through hull resistance is around 30% and this increases with growth of hull roughness due to biofouling. To minimize growth of bio-fouling, the Company has applied superior anti-fouling coatings on 8 vessels during their respective dry dockings.

Financial Year 2021-22

During the year, saving of fuel from energy saving retrofits and use of superior anti-fouling hull coatings resulted in reduction of CO2 emission by 18,537 MT.

6 of the Company's vessels were retrofitted with Mewis Duct, a device which improves the flow of water on to propeller and thus its efficiency. It also helps in reduction of underwater noise.

During the year, the Company replaced traditional lighting such as fluorescent, halogen and incandescent lights onboard its vessels with energy efficient LED lights on 5 vessels.

For a typical Bulk Carrier or Tanker loss of energy through hull resistance is around 30% and this increases with growth of hull roughness due to bio-fouling. To minimize growth of bio-fouling, the Company has applied superior anti-fouling coatings on 10 vessels during their respective dry dockings. Hull cleaning/propeller polishing was carried out in 23 ships.

Research & Development – In our pursuit of suitable options for decarbonization we have conducted sea trials with sustainable biofuel blended VLSFO on one of our MR tankers to evaluate the impact on machineries and challenges in its storage and handling.

2. a. Does the entity have procedures in place for sustainable sourcing?

The Company is into a business of marine transportation of bulk commodities which does not involve sourcing of raw materials as an input for manufacturing any end product. Most of the Company's supplies to vessels are finished products, for example engine spares which are procured from maker or licensee, consumables from reputed oil majors, paint and chemical from manufacturers, general stores from ship chandlers who procure multiple line items from the market, consolidate and deliver them on board. So, in essence, the Company does not procure any raw material as input to our business activities. However, the Company looks for following criteria while selecting its vendor for a prospective business -

• 1. Sourcing from reputable suppliers known in the industry.
• 2. Vendors are maintaining registration under local/ regional laws.
• 3. Vendors are complying to National and International applicable legislations.
• 4. Vendors are maintaining management systems under ISO 9001 and 14001 or any other equivalent systems wherever applicable.
• 5. Suppliers are requested to meet following Company requirements additionally.
• a. In accordance with SOLAS Chapter 11-1/ Reg 3-5 supplies of materials which contain asbestos are prohibited on all ships and "asbestos free declaration" must be provided with every supply made to the vessel.
• b. The seller shall guarantee that no hazardous material identified under MEPC269(68) and EUSRR have been used in the supplies.
• c. The seller shall complete and provide Appendix A1: Supplier's Declaration of conformity and Appendix A2: Material Declaration form along with the items and other technical documentation as per the standard format provided under business associates on www.greatship.com
• d. Avoid use of plastic for the purpose of packing material. In lieu of which environment friendly packing material to be used. Whenever possible assist vessel in collecting back the packing material if the vessel so requests.
• b. If yes, what percentage of inputs were sourced sustainably? Not applicable.
• 1. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

The Company is into a business of marine transportation of bulk commodities and do not manufacture any product for sale. However waste generated on board during normal operation of ship are handled as per vessel specific garbage management plan and landed ashore to approved reception facilities for further processing. For the e-waste generated at shore offices, the Company has tied up with an approved local recycler. The Company tries to re-use the old laptops as far as possible before opting for disposal to recycler.

• 110
• 1. Whether Extended Producer Responsibility (EPR) is applicable to the entity's activities (Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same: Not applicable

LEADERSHIP INDICATORS

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?: Not Applicable

NIC CODE	NAME OF PRODUCT/ SERVICE	% OF TOTAL TURNOVER CONTRIBUTED	BOUNDARY FOR WHICH THE LIFE CYCLE PERSPECTIVE / ASSESSMENT WAS CONDUCTED	WHETHER CONDUCTED BY INDEPENDENT EXTERNAL AGENCY (YES/NO)	RESULTS COMMUNICATED IN PUBLIC DOMAIN (YES/NO) IF YES, PROVIDE THE WEB LINK.
-------------	--------------------------------	---------------------------------------	--------------------------------------------------------------------------------------	--------------------------------------------------------------------	---------------------------------------------------------------------------------------

1. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.

The Company is into marine transportation of bulk commodities where the shipping service has impact on Emissions, Ballast water and Domestic discharges. Below table describes the action taken by the organization to minimize the impact on each of these.

NAME OF PRODUCT/ SERVICE	DESCRIPTION OF RISK/ CONCERN	ACTION TAKEN
Shipping	Emissions	The Company abides by the existing regulations and guidelines set by the IMO regarding climate change mitigation and air pollution. It supports their climate strategy towards 2050, which aims to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 levels; and to reduce the total annual GHG emissions by at least 50% by 2050 compared to 2008 levels. The Company complies with the International Maritime Organization (IMO) - MARPOL Convention Annex VI which specifically addresses the prevention of air pollution from ocean-going ships. This MARPOL Convention seeks to control airborne emissions from ships including sulphur oxides (SOX), nitrogen oxides (NOX), ozone depleting substances (ODS), volatile organic compounds (VOC) and shipboard incineration. To reduce emissions, the Company has implemented following: • In order to improve air quality and protect the environment, from 1 January 2020, the IMO limit for sulphur in fuel oil used by ships operating outside of emission control areas ("ECAs") was reduced from 3.50% to 0.50%. This dramatic reduction in SOX emitted from ships will provide significant health and environmental benefits around the world, particularly for coastal populations and those living near ports. The Company has reduced the Sulphur oxide (SOX) emissions by following a mixed strategy of using low Sulphur fuel and
		installation of exhaust gas cleaning systems (EGCS) to comply with the above IMO regulation. • The Company's applicable vessels are in compliance with NOx emission requirements as per MAPROL Annex VI and maintains NOx technical file.
		• Since 2014, the Company has a dedicated department responsible for vessel performance management. They helped in enhancing fuel efficiency of vessels through advising on retro-fitment of energy saving devices and operational measures. The Company's list of emission reduction measures includes installation of Mewis duct, Propeller Boss Cap fins (PBCF), high efficiency Kappel Propeller, LED lighting, use of low friction hull coatings and onboard sensors driven data collection systems in order to enable fuel consumption optimization in real time on selected vessels.
		• Over the years, the Company has been consistently following fleet renewal program, selling some of our oldest and least efficient vessels and by acquiring modern and efficient ships. This has been an important contributor towards enhancing the energy efficiency of the Company's fleet and reducing its GHG emissions.

NAME OF PRODUCT/	DESCRIPTION OF RISK/	ACTION TAKEN
SERVICE	CONCERN
		• The Company is preparing to comply with the IMO's Energy Efficiency Existing Ship Index (EEXI) coming into force from 1st Jan 2023, which requires a 20-30% improvement in vessel design efficiency for its vessels depending upon their type, from the baseline introduced in 2013. The Company has done the sample EEXI calculations for its fleet with the support of Classification Societies and plan to fully comply with the regulation through a combination of engine power limitation (EPL) and other energy savings devices well before the target date. The Company is also conducting feasibility studies on other fuel optimization technologies in order to support compliance with the EEXI requirements. All vessels built after 2014 have Energy Efficiency Design Index (EEDI) certificates. • The Company has developed an inhouse program for tracking Carbon Intensity Indicator (CII) ratings for its fleet, which will help in monitoring the vessel's CII rating and appropriate action plan can be formulated accordingly. • To support the IMO 2030 strategy, the Company is exploring investments into alternative technologies and fuels. In preparation for tighter emission regulations, the Company includes analysis on suitable available options to achieve lower emission levels when considering new investments. • All the Company vessels are complying with regulation 12 of IMO MARPOL Annex VI on Ozone Depleting Substance (ODS). • Applicable Company vessels are complying with regulation 15 of IMO MARPOL Annex VI on Volatile Organic
		Compound (VOC) and have implemented Class approved VOC management plan.
	Ballast water	Ballast water is essential for safe and efficient shipping operations. It reduces stress on the vessel's hull, substituting weight lost due to consumption of potable water and fuel and changes to cargo load. However, loading and unloading untreated ballast water poses serious ecological, economic and health risks as ships become a vector for the transfer of organisms between ecosystems. A ballast water exchange system involves the substitution of water in a ship's ballast tanks using either a sequential, flow-through, dilution or other exchange method which is recommended or made obligatory by the IMO. A variety of technologies are used for ballast water treatment, these include i.e.: Filtration (physical); Chemical Disinfection (oxidizing and non-oxidizing biocides); Ultra-violet treatment; Deoxygenation treatment; Heat (thermal treatment) or Magnetic Field Treatment. A typical ballast water treatment system on board ships, use two or more technologies to ensure that the treated ballast water is compliant with the IMO standards. As of 31st March 2022, 76 percent of the Company's vessels are fitted with exchange systems and 47 percent have installed treatment technology. The Company intends to complete all installations of treatment systems by respective vessel's IMO mandated due date.
	Domestic Discharges	Sewage: The discharge of sewage from ships into the sea, can create a health hazard and contribute to marine pollution. Sewage can also lead to oxygen depletion and can be an obvious visual pollution in coastal areas – a major problem for countries with tourism industry. It is generally considered that on the high seas, the oceans are capable of assimilating and dealing with raw sewage through natural bacterial action. Therefore, the regulations in Annex IV of MARPOL prohibit the discharge of sewage into the sea within a specified distance from the nearest land, unless otherwise provided. All the Company vessels are fitted with Flag approved Sewage Treatment System in compliance with IMO's MAPROL Annex IV requirements. Additionally, some ships have holding arrangements to meet the local restriction with respect to discharge of treated sewage.

1. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry): Not applicable

INDICATE INPUT MATERIAL	RECYCLED OR RE-USED INPUT MATERIAL TO TOTAL MATERIAL
	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR

1. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format: Not applicable

		FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	RE-USED	RECYCLED	SAFELY DISPOSED	RE-USED	RECYCLED	SAFELY DISPOSED
Plastics (including packaging)
E-waste
Hazardous waste
Other waste

1. Reclaimed products and their packaging materials (as percentage of products sold) for each product category : Not applicable

INDICATE PRODUCT CATEGORY	RECLAIMED PRODUCTS AND THEIR PACKAGING MATERIALS AS % OF TOTAL PRODUCTS SOLD IN RESPECTIVE CATEGORY

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains

ESSENTIAL INDICATORS

1. a. Details of measures for the well-being of employees:

CATEGORY						% OF EMPLOYEES COVERED BY
	TOTAL (A)	INSURANCE	HEALTH	ACCIDENT INSURANCE		MATERNITY BENEFITS		PATERNITY BENEFITS		DAY CARE FACILITIES
		NUMBER (B)	% (B/A)	NUMBER (C)	% (C/A)	NUMBER (D)	% (D/A)	NUMBER (E)	% (E/A)	NUMBER (F)	% (F/A)
PERMANENT EMPLOYEES (SHORE STAFF)
Male	175	175	100.00%	175	100.00%	175	100.00%	NA	-	NA	-
Female	49	49	100.00%	49	100.00%	49	100.00%	NA	-	49	100.00%
Total	224	224	100.00%	224	100.00%	224	100.00%	NA	-	49	100.00%
OTHER THAN PERMANENT EMPLOYEES (SHORE STAFF)
Male	24	24	100.00%	NA	-	24	100.00%	NA	-	NA	-
Female	1	1	100.00%	NA	-	1	100.00%	NA	-	NA	-
Total	25	25	100.00%	NA	-	25	100.00%	NA	-	NA	-
PERMANENT EMPLOYEES (FLOATING STAFF)
Male	-	-	-	-	-	-	-	-	-	-	-
Female	-	-	-	-	-	-	-	-	-	-	-
Total	-	-	-	-	-	-	-	-	-	-	-
OTHER THAN PERMANENT EMPLOYEES (FLOATING STAFF)
Male	1808	1808	100.00%	1808	100.00%	NA	-	NA	-	NA	-
Female	4	4	100.00%	4	100.00%	4	100.00%	NA	-	NA	-
Total	1812	1812	100.00%	1812	100.00%	4	100.00%	-	-	-	-

b. Details of measures for the well-being of workers: Not applicable

CATEGORY			% OF EMPLOYEES COVERED BY
	TOTAL	HEALTH		ACCIDENT		MATERNITY		PATERNITY		DAY CARE
	(A)	INSURANCE		INSURANCE		BENEFITS		BENEFITS		FACILITIES
		NUMBER (B)	%	NUMBER (C)	%	NUMBER (D)	%	NUMBER (E)	%	NUMBER (F)	%
			(B/A)		(C/A)		(D/A)		(E/A)		(F/A)

PERMANENT WORKERS

Male

Female

Total

OTHER THAN PERMANENT WORKERS

Male

Female

Total

2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.

BENEFITS		FY 2021-22 CURRENT FINANCIAL YEAR			FY 2020-21 PREVIOUS FINANCIAL YEAR
	NO. OF EMPLOYEES COVERED AS A % OF TOTAL EMPLOYEES	NO. OF WORKERS COVERED AS A % OF TOTAL WORKERS	DEDUCTED AND DEPOSITED WITH THE AUTHORITY (Y/N/N.A.)	NO. OF EMPLOYEES COVERED AS A % OF TOTAL EMPLOYEES	NO. OF WORKERS COVERED AS A % OF TOTAL WORKERS	DEDUCTED AND DEPOSITED WITH THE AUTHORITY (Y/N/N.A.)
SHORE STAFF
PF	100.00%	N.A.	Y	100.00%	N.A.	Y
Gratuity	100.00%	N.A.	Y	100.00%	N.A.	Y
ESI	-	N.A.	-	0.40%	N.A.	Y
Others – Superannuation	28.06%	N.A.	Y	34.68%	N.A.	Y
Others – NPS	35.97%	N.A.	Y	31.85%	N.A.	Y
FLOATING STAFF
PF	100.00%	N.A.	Y	100.00%	N.A.	Y
Gratuity	100.00%	N.A.	Y	100.00%	N.A.	Y
ESI	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Others – Superannuation/	100.00%	N.A.	Y	100.00%	N.A.	Y

Pension/Annuity

All the eligible employees are covered for PF and Gratuity benefits.

3. Accessibility of workplaces

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard:

Currently, the Company does not have any differently abled employees. However, the Registered office of the Company is equipped with elevators, wheelchairs etc.

Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy: Currently, the Company does not have any differently abled employees. However, the Company's human resources policies and Code of Conduct do not tolerate any discrimination on the basis of race, colour, religion, disability, gender, national origin, age etc. The Company believes in creating an equal opportunity workplace for its employees.

1. Return to work and Retention rates of permanent employees and workers that took parental leave.

GENDER	PERMANENT EMPLOYEES		PERMANENT WORKERS
	RETURN TO WORK RATE	RETENTION RATE	RETURN TO WORK RATE	RETENTION RATE
Male	NA	NA	NA	NA
Female	100.00%	100.00%	NA	NA
Total	100.00%	100.00%	NA	NA

1. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.

Permanent Workers	NA
Other than Permanent Workers	NA
Permanent Employees	Yes. Grievance box in office for shore staff and grievance redressal
Other than Permanent Employees	mechanism as per Maritime Labour Convention for floating staff.

1. Membership of employees and worker in association(s) or unions recognised by the listed entity:

CATEGORY		FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	TOTAL EMPLOYEES / WORKERS IN RESPECTIVE CATEGORY (A)	NO. OF EMPLOYEES / WORKERS IN RESPECTIVE CATEGORY, WHO ARE PART OF ASSOCIATION(S) OR UNION (B)	% (B/A)	TOTAL EMPLOYEES / WORKERS IN RESPECTIVE CATEGORY (C)	NO. OF EMPLOYEES / WORKERS IN RESPECTIVE CATEGORY, WHO ARE PART OF ASSOCIATION(S) OR UNION (D)	% (D/C)
TOTAL PERMANENT EMPLOYEES (SHORE STAFF)	224	34	15.17%	218	31	14.22%
- Male	175	22	12.57%	174	22	12.64%
- Female	49	12	24.48%	44	9	20.45%
TOTAL EMPLOYEES (FLOATING STAFF)	1812	1812	100.00%	1734	1734	100.00%
- Male	1808	1808	100.00%	1732	1732	100.00%
- Female	4	4	100.00%	2	2	100.00%
TOTAL PERMANENT WORKERS (NOT APPLICABLE)
- Male
- Female

7. Details of training given to employees and workers:

CATEGORY FY 2021-22 CURRENT FINANCIAL YEAR						FY 2020-21 PREVIOUS FINANCIAL YEAR
	TOTAL (A)	ON HEALTH AND SAFETY MEASURES		ON SKILL UPGRADATION		TOTAL (D)	ON HEALTH AND SAFETY MEASURES		ON SKILL UPGRADATION
		NO. (B)	% (B/A)	NO. (C)	% (C/A)		NO. (E)	% (E/D)	NO. (F)	% (F/D)
EMPLOYEES (SHORE STAFF)
Male	175	49	28.00%	131	74.85%	174	157	90.22%	115	66.09%
Female	49	0	-	37	75.51%	44	40	90.90%	29	65.90%
Total	224	49	21.87%	168	75.00%	218	197	90.36%	144	66.05%
EMPLOYEES (FLOATING STAFF)
Male	2039	1799	88.22%	1826	89.55%	2211	1448	65.49%	1192	53.91%
Female	3	2	66.66%	2	66.66%	2	0	-	2	100.00%
Total	2042	1801	88.19%	1828	89.52%	2213	1448	65.43%	1194	53.95%
WORKERS (NOT APPLICABLE)
Male
Female
Total

1. Details of performance and career development reviews of employees and workers:

CATEGORY	FY 2021-22 CURRENT FINANCIAL YEAR			FY 2020-21 PREVIOUS FINANCIAL YEAR
	TOTAL (A)	NO. (B)	% (B/A)	TOTAL (C)	NO. (D)	% (D/C)
EMPLOYEES (SHORE STAFF)
Male	175	175	100.00%	174	174	100.00%
Female	49	49	100.00%	44	44	100.00%
Total	224	224	100.00%	218	218	100.00%
EMPLOYEES (FLOATING STAFF)
Male	1808	1808	100.00%	1732	1732	100.00%
Female	4	4	100.00%	2	2	100.00%
Total	1812	1812	100.00%	1734	1734	100.00%
WORKERS (NOT APPLICABLE)
Male
Female
Total

• 1. Health and safety management system:
• a. Whether an occupational health and safety management system has been implemented by the entity? (Yes). If yes, the coverage of such system?
• b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?
• c. Whether you have processes for workers to report the work related hazards and to remove themselves from such risks. (Not applicable)
• d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes)

Office: Our workplace is certified by DNV for adherence to OSHAS norms. The building is manned by security on a 24x7 basis and is supported by surveillance cameras. Water and food quality is tested periodically at accredited labs. We have tied up with prominent hospitals and diagnostic centres for annual health check ups for employees. A doctor visits the premises for everyday consultation for employees. Fire safety drills are conducted twice a year to familiarize staff on evacuation protocols. Fire detectors and alarms are placed at all floors of the building and tested regularly.

Ships: Besides meeting the requirements under ISM code and MLC, all ships are certified for ISO 45001:2018 standard which takes care of Occupational, Health and Safety aspect on board. All seafarers are provided with good quality food, safe drinking water, hygienic living quarters, safe working environment, control on work hours, onboard recreational facilities, insurance covers and adequate internet access to stay connected with family and friends. Additionally, seafarers can avail 24x7 remote medical support for illnesses and injuries, shore doctor consultancy in foreign ports wherever necessary and i-Call remote counselling service to maintain mental wellbeing. Ships are fitted with adequate life-saving and fire-fighting appliances which are maintained at all times, periodically inspected and tested. Seafarers are trained to use them in case of emergencies.

During the difficult times of COVID 19 pandemic, extraordinary measures were taken to give priority to the health and safety of the employees. Arrangements like work from home option for all shore employees, shared chartered flights & vessel diversion for crew sign on /sign off and telephone/email based counselling service from the experts were some of measures.

10. Details of safety related incidents, in the following format:

CATEGORY	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Employees	0.66	1.01
Workers	NA	NA
Employees	-	-
Workers	NA	NA
Employees	-	-
Workers	NA	NA
Employees	-	-
Workers	NA	NA

1. Describe the measures taken by the entity to ensure a safe and healthy work place. Refer Sr. No. 10 above

12. Number of complaints on the following made by employees and workers:

		FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	FILED DURING THE YEAR	PENDING RESOLUTION AT THE END OF YEAR	REMARKS	FILED DURING THE YEAR	PENDING RESOLUTION AT THE END OF YEAR	REMARKS
Working Conditions	-	-	-	-	-	-
Health & Safety	-	-	-	-	-	-

13. Assessments for the year:

% OF YOUR PLANTS AND OFFICES THAT WERE ASSESSED (BY ENTITY OR STATUTORY AUTHORITIES OR THIRD PARTIES)
DNV conducts OHSAS audit annually and the office is certified
100% of the Company's ships are assessed

1. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions.

There were no corrective actions required to be taken pursuant to health & safety audit / review of the Company's establishment.

LEADERSHIP INDICATORS

• 1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Yes) (B) Workers (Not applicable).
• 1. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners: Not applicable
• 1. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:

		TOTAL NO. OF AFFECTED EMPLOYEES/ WORKERS	NO. OF EMPLOYEES/WORKERS THAT ARE REHABILITATED AND PLACED IN SUITABLE EMPLOYMENT OR WHOSE FAMILY MEMBERS HAVE BEEN PLACED IN SUITABLE EMPLOYMENT
	FY2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR	FY2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Employees	-	-	-	-
Workers	NA	NA	NA	NA

1. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (No)

5. Details on assessment of value chain partners: Not applicable

	% OF VALUE CHAIN PARTNERS (BY VALUE OF BUSINESS DONE WITH SUCH PARTNERS) THAT WERE ASSESSED
Health and safety practices
Working Conditions

1. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners: Not applicable

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders

ESSENTIAL INDICATORS

1. Describe the processes for identifying key stakeholder groups of the entity.

Any category of individual, body corporate or organisation that adds value to the business of the Company, has significant interest in or impact on the business or operations of the Company is identified as a key stakeholder. Such identification is done by the Company based on internal deliberations.

1. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

STAKEHOLDER GROUP	WHETHER IDENTIFIED AS VULNERABLE & MARGINALIZED GROUP (YES/ NO)	CHANNELS OF COMMUNICATION (EMAIL, SMS, NEWSPAPER, PAMPHLETS, ADVERTISEMENT, COMMUNITY MEETINGS, NOTICE BOARD, WEBSITE, OTHER)	FREQUENCY OF ENGAGEMENT (ANNUALLY/ HALF YEARLY/ QUARTERLY/ OTHERS – PLEASE SPECIFY)	PURPOSE AND SCOPE OF ENGAGEMENT INCLUDING KEY TOPICS AND CONCERNS RAISED DURING SUCH ENGAGEMENT
Shareholders	No	Letters, reports, emails, website of the Company and stock exchanges, newspaper advertisements, meetings	Quarterly	• Communicating material business developments • Sharing financial and operational results • Seeking consent of the shareholders on certain business related matters
Debenture holders and Lenders	No	Letters, emails, website of the Company and stock exchanges, newspaper advertisements, meetings	As and when required	• Communicating material business developments • Sharing financial and operational results
Employees	No	Letters, emails, website of the Company, pamphlets, intranet, notice board	Ongoing basis	• Human resource policies and rules • Career management and growth prospects • Work culture, health and safety matters
Customers, suppliers and intermediaries engaged by the Company, such as agents, contractors, etc.	No	Letters, emails, website of the Company and stock exchanges, newspaper advertisements, meetings	Ongoing basis	• Business related matters

LEADERSHIP INDICATORS

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

There is no formal direct consultation process between various stakeholders and the Board. The senior management of the Company maintains a constant and proactive engagement with the stakeholders on various matters including economic, environmental and social matters. Key outcomes of such engagement, if any, are placed before the Board and its Committees from time to time.

1. Whether stakeholder consultation is used to support the identification and management of environmental and social topics (Yes). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

Following feedbacks from various stakeholders were used for improvements in the Company's procedures & practices:

• a) For the new upcoming SIRE 2.0, Familiarization of floating staff is being conducted through senior officer's seminar and induction process.
• b) During vetting inspection, it was observed by vetting inspectors that connectors of Oxygen Acetylene hoses of shipboard welding and burning equipment were not as per VIQ standards. Approved connectors are now being supplied to all vessels fleetwide.
• c) Basis the feedback from P&I circulars, media reports and agent's feedback, the document List of ports banning Open Loop Scrubbers was updated in procedures for the new countries who have imposed the restrictions.
• d) Procedure for testing of Major and Minor Lube Oil post any adverse initial analysis was revised.
• e) Basis the feedback from agents, the Company procedures were updated for the discharge of treated or untreated sewage prohibition requirements in Jebel Ali & PCFC ports of UAE.
• 1. Provide details of instances of engagement with and actions taken to address the concerns of vulnerable/ marginalized stakeholder groups.: Not applicable.

PRINCIPLE 5 Businesses should respect and promote human rights

ESSENTIAL INDICATORS

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:

CATEGORY		FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	TOTAL (A)	NO. OF EMPLOYEES /WORKERS COVERED (B)	% (B / A)	TOTAL (C)	NO. OF EMPLOYEES /WORKERS COVERED (D)	% (D / C)
EMPLOYEES (SHORE STAFF)
Permanent	224	201	89.73%	-	-	-
Other than permanent	25	7	28.00%	-	-	-
Total Employees	249	208	83.53%	-	-	-
EMPLOYEES (FLOATING STAFF)
Permanent	-	-	-	-	-	-
Other than permanent	2042	1041	50.98%	-	-	-
Total Employees	2042	1041	50.98%	-	-	-
WORKERS (NOT APPLICABLE)
Permanent
Other than permanent

Total Workers

1. Details of minimum wages paid to employees and workers, in the following format:

CATEGORY		FY 2021-22 CURRENT FINANCIAL YEAR		FY 2020-21 PREVIOUS FINANCIAL YEAR
	TOTAL	EQUAL TO			MORE THAN	TOTAL	EQUAL TO		MORE THAN
	(A)	MINIMUM WAGE		MINIMUM WAGE		(D)	MINIMUM WAGE		MINIMUM WAGE
		NO. (B)	% (B/A)	NO. (C)	% (C/A)		NO. (E)	% (E/D)	NO. (F)	% (F/D)
EMPLOYEES (SHORE STAFF)
Permanent	224	-	-	224	100.00%	218	-	-	218	100.00%
Male	175	-	-	175	100.00%	174	-	-	174	100.00%
Female	49	-	-	49	100.00%	44	-	-	44	100.00%
Other than	25	-	-	25	100.00%	30	-	-	30	100.00%
Permanent
Male	24	-	-	24	100.00%	28	-	-	28	100.00%
Female	1	-	-	1	100.00%	2	-	-	2	100.00%
EMPLOYEES (FLOATING STAFF)
Permanent	-	-	-	-	-	-	-	-	-	-
Male	-	-	-	-	-	-	-	-	-	-
Female	-	-	-	-	-	-	-	-	-	-
Other than	1812	-	-	1812	100.00%	1734	-	-	1734	100.00%
Permanent
Male	1808	-	-	1808	100.00%	1732	-	-	1732	100.00%
Female	4	-	-	4	100.00%	2	-	-	2	100.00%
WORKERS (NOT APPLICABLE)
Permanent
Male
Female
Other than
Permanent
Male

Female

74th Annual Report 2021-2022 Business Responsibility and Sustainability Report

3. Details of remuneration/salary/wages in the following format:

		MALE	FEMALE
	NUMBER	MEDIAN REMUNERATION/ SALARY/ WAGES OF RESPECTIVE CATEGORY	NUMBER	MEDIAN REMUNERATION/ SALARY/ WAGES OF RESPECTIVE CATEGORY
Board of Directors (Other than KMP)	9	18,60,000 | 1 | 28,60,000
Key Managerial Personnel	4	` 2,11,21,002	0	N.A.
Employees other than BoD and KMP	2051	7,10,196 | 57 | 22,74,050
Workers (Not applicable)

1. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (No)

The nature of business of the Company does not have human rights impacts. The business of the Company does not cause or contribute to human rights issues.

1. Describe the internal mechanisms in place to redress grievances related to human rights issues.

The Company has grievance box in office for shore staff and Company Procedures Manual – 16 (CPM 16) based on Maritime Labour Convention for floating staff for redressal of all grievances of the employees including human rights issues, if any.

6. Number of complaints on the following made by employees and workers:

			FY 2020-21 PREVIOUS FINANCIAL YEAR
FILED DURING THE YEAR	PENDING RESOLUTION AT THE END OF YEAR	REMARKS	FILED DURING THE YEAR	PENDING RESOLUTION AT THE END OF YEAR	REMARKS
-	-	-	1	0	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
			FY 2021-22 CURRENT FINANCIAL YEAR

1. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

Sexual Harassment (Prevention, Prohibition and Redressal) Policy of the Company prevents engaging in retaliatory acts against any employee who reports incident of alleged sexual harassment or participates in proceedings relating thereto. It is the policy of the Company to ensure that aggrieved employees or witnesses are not victimized or discriminated against. Such persons also have access to the Internal Complaints Committee which is authorized to take appropriate disciplinary action.

The Whistle Blower Policies of the Company offer protection to the whistle blowers against any unfair treatment such as retaliation, demotion, suspension/termination of service etc. Similar protection is given to any employee assisting in the said investigation. The whistle blowers may raise their concern to the Deputy Chairman & Managing Director, Chairman of the Audit Committee, Compliance Officer or Designated Person Ashore.

8. Do human rights requirements form part of your business agreements and contracts? (Yes)

The human rights requirements pertaining to employees are covered under the employment rules, Maritime Labour Convention and local collective bargaining agreement (CBA of INSA-MUI & INSA-NUSI) requirements.

9. Assessments for the year:

	% OF YOUR PLANTS AND OFFICES THAT WERE ASSESSED (BY ENTITY OR STATUTORY AUTHORITIES OR THIRD PARTIES)
Child labour	Office and all the ships are assessed.
Forced/involuntary labour	DNV conducts OHSAS audit annually & the office is certified
Sexual harassment
Discrimination at workplace
Wages
Others – please specify

1. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above. (Nil)

The Company is compliant of the relevant laws.

LEADERSHIP INDICATORS

1. Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints. There were no human rights grievances / complaints against the Company.

2. Details of the scope and coverage of any Human rights due-diligence conducted. The nature of business of the Company does not have human rights impacts. The human rights of the employees are protected under the Human Resource policies of the Company, which are generally reviewed from time to time.

3. 1. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016? The Registered office of the Company is equipped with elevators, wheelchairs etc.
4. 1. Details on assessment of value chain partners: Not Applicable

% OF VALUE CHAIN PARTNERS (BY VALUE OF BUSINESS DONE WITH SUCH PARTNERS) THAT WERE ASSESSED

Sexual Harassment
Discrimination at workplace
Child Labour
Forced Labour/Involuntary Labour
Wages
Others – please specify

1. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above: Not Applicable

121

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment

ESSENTIAL INDICATORS

1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

PARAMETER	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Total electricity consumption (A)	2974.53 GJ	2,227.85 GJ
Total fuel consumption (B)	11244191.97 GJ	10523668.3 GJ
Energy consumption through other sources (C)	-	-
Total energy consumption (A+B+C) (GJ)	11,246,786.66 GJ	10,525,335.17 GJ
Energy intensity per rupee of turnover (Total	3,205.29 GJ/Cr	3,154.68 GJ/Cr
energy consumption/turnover in rupees) (GJ/Cr.)
Energy intensity (optional) – the relevant
metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external

agency. No. The above data is not assessed by independent agency. Though Company's GHG assertion report which is as per ISO 14064-1 (2006) Greenhouse gases – Part 1 guidelines is verified by class DNV.

1. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.: Not applicable

3. Provide details of the following disclosures related to water in the following format:

PARAMETER	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Water withdrawal by source (in kilolitres)
(i) Surface water	-	-
(ii) Groundwater	-	-
(iii)Third party water	-	-
(iv)Seawater / desalinated water	166734.1 MT	163324.1 MT
(v) Others	-	-
Total volume of water withdrawal	166734.1 MT	163324.1 MT
(in kilolitres) (i + ii + iii + iv + v)
Total volume of water consumption	47.52	48.95
(in kilolitres) (MT/Cr.)
Water intensity per rupee of turnover	-	-
(Water consumed / turnover)
Water intensity (optional) – the	-	-
relevant metric may be selected by
the entity
		Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external

agency. No

1. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.: Not applicable

5. Please provide details of air emissions (other than GHG emissions) by the entity in the following format:

PARAMETER	PLEASE SPECIFY UNIT	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
NOx	MT	15891.5	16222.4
SOx	MT	2095.9	2167.9
Particulate matter (PM) PM10	MT	873.5	963.8
Persistent organic pollutants (POP)	-	-	-
Volatile organic compounds (VOC)	-	-	-
Hazardous air pollutants (HAP)	-	-	-
Others – please specify	-	-	-

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. No

1. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity in the following format:

PARAMETER	UNIT	FY 2021-22	FY 2020-21
		CURRENT FINANCIAL YEAR	PREVIOUS FINANCIAL YEAR
Total Scope 1 emissions	Metric tonnes of	997655.78 MT	1000662.46 MT
(Break-up of the GHG into CO2,	CO2 equivalent	Breakup:-	Breakup:-
CH4, N2O, HFCs, PFCs, SF6, NF3, if		CO2 from fuel = 979106.496 MT	CO2 from fuel = 982804 MT
available)		CO2e of CH4 =435.16 MT	CO2e of CH4 =523.9 MT
		CO2e of N2O= 14826.29 MT	CO2e of N2O=13,166.39 MT
		CO2e of R22= 128.48 MT	CO2e of R22= 646.8 MT
		CO2e of R404A= 3049.36 MT	CO2e of R404A= 3292.52MT
		CO2e of R407C= 109.99 MT	CO2e of R407C= 228.85MT
Total Scope 2 emissions (Break	Metric tonnes of	569.39 MT	365.784 MT
up of the GHG into CO2, CH4, N2O,	CO2 equivalent
HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2	MT of CO2 / Crore	284.48 MT/Cr	300.02 MT/Cr
emissions per rupee of turnover	of rupees
Total Scope 1 and Scope 2		-	-
emission intensity (optional) – the
relevant metric may be selected by
the entity

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. Yes, DNV Class

1. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.

Yes. The Company abides by the existing regulations and guidelines set by the IMO regarding climate change mitigation and air pollution. We support their climate strategy towards 2050, which aims to reduce CO2 emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 levels; and to reduce the total annual GHG emissions by at least 50% by 2050 compared to 2008 levels. Since 2014, the Company has a dedicated department responsible for vessel Performance Management. They helped in enhancing fuel efficiency of vessels through advising on retro-fitment of energy saving devices and operational measures which in turn reduced GHG emissions.

Following projects are being planned in future on our ships for reduction in GHG emissions:-

• a) MEWIS Duct
• b) High Performance Paints
• c) Periodical hull & propeller cleaning.

Additionally organization has formulated a working group which will do the research on the new decarbonization ideas and advise management as per their suitability.

124

1. Provide details related to waste management by the entity, in the following format: These details are not monitored considering the nature of

the business of the Company.
PARAMETER	FY 2021-22	FY 2020-21
	CURRENT FINANCIAL YEAR	PREVIOUS FINANCIAL YEAR
	Total Waste generated (in metric tonnes)
Plastic waste (A)
E-waste (B)
Bio-medical waste (C)
Construction and demolition waste (D)
Battery waste (E)
Radioactive waste (F)
Other Hazardous waste. Please
specify, if any. (G)
Other Non-hazardous waste generated (H).
Please specify, if any. (Break-up by composition i.e. by
materials relevant to the sector)
Total (A+ B + C + D + E + F + G + H)
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)
Category of waste
(i) Recycled
(ii) Re-used
(iii)Other recovery operations
Total
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration
(ii) Landfilling
(iii)Other disposal operations
Total Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external
agency. Not Applicable
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce

usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.: Not Applicable The Company is into a business of marine transportation of bulk commodities and do not manufacture any product for sale, however wastes generated on board during normal operation of ship are handled as per vessel specific garbage management plan and landed ashore to approved reception facilities for further processing.

1. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format: Not applicable

S. NO.	LOCATION OF OPERATIONS/ OFFICES	TYPE OF OPERATIONS	WHETHER THE CONDITIONS OF ENVIRONMENTAL APPROVAL / CLEARANCE ARE BEING COMPLIED WITH? (Y/N) IF NO, THE REASONS THEREOF AND CORRECTIVE ACTION TAKEN, IF ANY.

1. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year: Not applicable

NAME AND BRIEF EIA DETAILS OF NOTIFICATION NO. PROJECT	DATE	WHETHER CONDUCTED BY INDEPENDENT EXTERNAL AGENCY (YES / NO)	RESULTS COMMUNICATED IN PUBLIC DOMAIN (YES / NO)	RELEVANT WEB LINK

1. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Yes). If not, provide details of all such non-compliances, in the following format:

S. NO.	SPECIFY THE LAW/ REGULATION	PROVIDE DETAILS	ANY FINES / PENALTIES / ACTION	CORRECTIVE
	/ GUIDELINES WHICH WAS NOT	OF THE NON	TAKEN BY REGULATORY AGENCIES	ACTION TAKEN,
	COMPLIED WITH	COMPLIANCE	SUCH AS POLLUTION CONTROL BOARDS OR BY COURTS	IF ANY

LEADERSHIP INDICATORS

1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources in the following format:

PARAMETER	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
From renewable sources
Total electricity consumption(From solar panels installed in Institute) (A)	379.84 GJ	560.98 GJ
Total fuel consumption (B)	-	-
Energy consumption through other sources (C)	-	-
Total energy consumed from renewable sources (A+B+C)	379.84 GJ	560.98 GJ
From non-renewable sources
Total electricity consumption (D)	2594.69 GJ	1666.87 GJ
Total fuel consumption (E)	11244191.97 GJ	10523668.3 GJ
Energy consumption through other sources (F)	-	-
Total energy consumed from non-renewable sources (D+E+F)	11246786.66 GJ	10525335.17 GJ
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes, name of the external

agency. No

1. Provide the following details related to water discharged: Not applicable

PARAMETER	FY 2021-22	FY 2020-21
	CURRENT FINANCIAL YEAR	PREVIOUS FINANCIAL YEAR
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment
- With treatment – please specify level of treatment
(ii) To Groundwater
- No treatment
- With treatment – please specify level of treatment
(iii)To Seawater
- No treatment
- With treatment – please specify level of treatment
(iv)Sent to third-parties
- No treatment
- With treatment – please specify level of treatment
(v) Others
- No treatment
- With treatment – please specify level of treatment

Total water discharged (in kilolitres)

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

126

• 1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): Not applicable
• For each facility / plant located in areas of water stress, provide the following information:
  • (i) Name of the area
  • (ii) Nature of operations
  • (iii)Water withdrawal, consumption and discharge in the following format:

PARAMETER	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Water withdrawal by source (in kilolitres)
i) Surface water
ii) Groundwater
iii) Third party water
iv) Seawater / desalinated water
v) Others
Total volume of water withdrawal (in kilolitres)
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover
(Water consumed / turnover)
Water intensity
(optional) – the relevant metric may be selected by the entity
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment
- With treatment – please specify level of treatment
(ii) To Groundwater
- No treatment
- With treatment – please specify level of treatment
(iii)To Seawater
- No treatment
- With treatment – please specify level of treatment
(iv)Sent to third-parties
- No treatment
- With treatment – please specify level of treatment
(v) Others - No treatment
- With treatment – please specify level of treatment

Total water discharged (in kilolitres) Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

1. Please provide details of total Scope 3 emissions & its intensity, in the following format:

These details are not monitored considering the nature of the business of the Company.

PARAMETER	UNIT	FY 2021-22	FY 2020-21
		CURRENT FINANCIAL YEAR	PREVIOUS FINANCIAL YEAR
Total Scope 3 emissions	Metric
(Break-up of the GHG into CO2, CH4, N2O,	tonnes
HFCs, PFCs, SF6, NF3, if available)	of CO2
	equivalent

Total Scope 3 emissions per rupee of turnover

Total Scope 3 emission intensity (optional) –

the relevant metric may be selected by the entity

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

1. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.: Not applicable

1. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:

SR. NO	INITIATIVE UNDERTAKEN	DETAILS OF THE INITIATIVE (WEB-LINK, IF ANY, MAY BE PROVIDED ALONG WITH SUMMARY)	OUTCOME OF THE INITIATIVE
1	which includes – 1. Fitment of Mewis duct – 06 2. Led lighting – 05	In our efforts to reduce emissions, improve energy efficiency and conserve the environment, the Company has implemented 46 energy saving & emission reduction initiatives in this financial year on various vessels 3. High performance hull coatings – 10 4. EGCS (Scrubbers) installation – 01 5. Trials on biofuel done on one of the Company vessel 6. Hull Cleaning /Propeller polishing on vessels – 23	Reduction in emissions and improvement in energy efficiency
2		Use of Sewage treatment plant and collection in holding tank within port limits based on local requirements.	Reduction in sea water pollution
3		1. Use of Ballast Water Treatment and Exchange Systems. 2. Use of low friction hull coatings 3. Hull cleaning & propeller polishing basis the continuous monitoring of ships performance.	Protection of bio-diversity
4		Use of Incinerators, Compactors, Communiter, Food waste freezer.	Waste management

1. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

The BCMS (Business Continuity Management System) was put in place to outline the intent of the Company and its responsibilities and arrangements to ensure continuity of its vital services and critical functions in the event of an emergency or crisis.

The objectives of business continuity management are the following:

• Protect Human Resources (people), Information (physical & electronic) and Assets during a disruptive incident
• Ensure availability of resources needed for the establishment, implementation, maintenance and continual improvement of the BCMS
• Establish a holistic risk management strategy taking into account the internal and external issues along with the requirements of the interested parties; applicable legal, regulatory and statutory obligations
• Identify and prioritize activities which support the provision of the company's services
• Contain and minimize the impact of disruptive incidents on the company's revenue, operations and reputation
• Establish, implement and maintain a formal documented process for assisting the company to respond, recover and return to normal business state after an incident
• Identify and establish communication needs with employees, customers, partner entities, local community and other interested parties, including media
• Embed BCM culture among the company's business processes across all levels
• Promote BCM awareness in the organization by means of effective communication, education and training so employees are aware of the organizational objectives and their own roles in the program
• Establish methods for monitoring, measurement, analysis and evaluation of the BCMS and take corrective actions to continually improve the company's resilience posture
• 1. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard: Not Applicable
• 1. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts : Not Applicable

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent

ESSENTIAL INDICATORS

• 1. a. Number of affiliations with trade and industry chambers/ associations : 5
• b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to.

S. NO.	NAME OF THE TRADE AND INDUSTRY CHAMBERS/ ASSOCIATIONS	REACH OF TRADE AND INDUSTRY CHAMBERS/ ASSOCIATIONS (STATE/NATIONAL)
1	Indian National Shipowners' Association	National
2	Baltic and International Maritime Council (BIMCO)	International
3	Bombay Chamber of Commerce & Industry	State
4	Federation of Indian Export Organisations	National
5	Services Export Promotion Council	National

1. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity, based on adverse orders from regulatory authorities.

NAME OF AUTHORITY	BRIEF OF THE CASE	CORRECTIVE ACTION TAKEN
-	-	-

LEADERSHIP INDICATORS

1. Details of public policy positions advocated by the entity:

S. NO.	PUBLIC POLICY ADVOCATED	METHOD RESORTED FOR SUCH ADVOCACY	WHETHER INFORMATION AVAILABLE IN PUBLIC DOMAIN? (YES/NO)	FREQUENCY OF REVIEW BY BOARD (ANNUALLY/ HALF YEARLY/ QUARTERLY/ OTHERS – PLEASE SPECIFY)	WEBLINK, IF AVAILABLE
-	-	-	-	-	-

PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

ESSENTIAL INDICATORS

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year: Not applicable

NAME AND BRIEF DETAILS OF PROJECT	SIA NOTIFICATION NO.	DATE OF NOTIFICATION	WHETHER CONDUCTED BY INDEPENDENT	RESULTS COMMUNICATED IN PUBLIC	RELEVANT WEB LINK
			EXTERNAL AGENCY (YES / NO)	DOMAIN (YES / NO)

1. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format: Not applicable

S. NO.	NAME OF PROJECT FOR WHICH R&R IS ONGOING	STATE	DISTRICT	NO. OF PROJECT AFFECTED FAMILIES (PAFS)	% OF PAFS COVERED BY R&R	AMOUNTS PAID TO PAFS IN THE FY (IN INR)

1. Describe the mechanisms to receive and redress grievances of the community.: Not applicable. The nature of business of the Company does not have any impact on the community.

1. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

	FY 2021-22 CURRENT FINANCIAL YEAR	FY 2020-21 PREVIOUS FINANCIAL YEAR
Directly sourced from MSMEs/ small producers	2.33%	1.38%
Sourced directly from within the district and neighbouring districts	N.A.	N.A.

LEADERSHIP INDICATORS

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above): Not applicable

DETAILS OF NEGATIVE SOCIAL IMPACT IDENTIFIED CORRECTIVE ACTION TAKEN

1. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:

S. NO.	STATE	ASPIRATIONAL DISTRICT	AMOUNT SPENT (IN INR)
1	Maharashtra	Nandurbar, Gadchiroli	25,00,000*
	*Contribution towards the EdelGive Foundation led 'Collaborators for Transforming Education (CTE)' in Maharashtra, which covered the following
	districts - Amravati, Parbhani, Nandurbar, Gadchiroli, Solapur, Satara, Hingoli. Of this Nandurbar and Gadchiroli are part of the aspirational districts.
	Our money went to the common pool, that is across the entire project.

1. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized /vulnerable groups? (No) (b) From which marginalized /vulnerable groups do you procure? (c) What percentage of total procurement (by value) does it constitute?

2. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge: Not applicable

S. INTELLECTUAL PROPERTY NO. BASED ON TRADITIONAL KNOWLEDGE	OWNED/ ACQUIRED (YES/ NO)	BENEFIT SHARED (YES / NO)	BASIS OF CALCULATING BENEFIT SHARE
-------------------------------------------------------------------------	------------------------------	------------------------------	---------------------------------------

1. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved.: Not applicable

NAME OF AUTHORITY	BRIEF OF THE CASE	CORRECTIVE ACTION TAKEN

6. Details of beneficiaries of CSR Projects:

S. NO.	CSR PROJECT	NO. OF PERSONS BENEFITTED FROM CSR PROJECT	% OF BENEFICIARIES FROM VULNERABLE AND MARGINALISED GROUPS	NAMES OF VULNERABLE AND MARGINALIZED GROUPS
1	EDUCATION	• Enhanced capacities of around 9,200 teachers to improve the quality of teaching and learning process • More than 1.35 Lakh students educated through school education to graduate scholarships. • Around 2,287 students with low vision/blindness/deaf and deafblind accessed trainings and support services • Developed language and literacy skills of around 1,600 students from tribal families through Multi lingual Education program	Approx. more than 90%	Students from low-income families, tribal families, students with low vision, blindness, deaf and deafblind
2	LIVELIHOODS/ HOLISTIC	• Around 39,000 women provided with entrepreneurship trainings and business handholding support in agriculture and non-agriculture sectors. • Increase in income from avg. INR 2,000 pm to INR 13,500 pm (over 5 years). Current average earning is INR 1.62 Lakh/ year. • Around 17,000 students reached out through skill based programs, internships and job opportunities. • Average starting salary between INR 8,000 – 15,000 /month • Supported training of 119 athletes and 21 Para athletes who have the potential to win an Olympic medal. • Tokyo Olympics 2020 (India results) 4/ 7 medals won by athletes were supported by OGQ. 10/19 medals won by 9 para-athletes were supported by OGQ	Approx. more than 90%	Low-income families in rural areas and semi urban areas, women farmers, women, adolescent girls, children, youth, para-athletes.
3	HEALTH	• More than 60,800 women and 21,400 children provided with health services – including maternal care, nutrition support through clinics and community programs. • Around 15,000 men received general health care support. • Around 4,890 individuals provided with elderly care services and treatment. • A total of 229 free cranio-facial surgeries for 162 boys and 67 girls born with cleft lip and face deformities.	Approx. more than 90%	Low-income families in rural areas and semi urban areas, women - pregnant women, men, children, community members at large, children with facial and skull deformities, elderly persons.
4	COVID-19 RELIEF WORK	• Partnered with a total of 10 organisations for relief and rebuilding efforts during the year. • Around 50,000 individuals across India were reached out and supported through multiple relief projects–provided Type D oxygen cylinders, oxygen concentrators to Covid facilities, expansion of ICU capacities in hospitals with purchase of 2D Echo machine, ventilators, access to nutritious meals, medical kits, support to women dairy farmers, migrant families, artisans to rebuild their livelihoods and trauma care, education and basic support to orphaned children or at risk due to Covid.		Covid patients, low-income groups, daily wage-earners, migrants, tribal population, pregnant women, children severely affected by Covid – orphaned, at risk of abuse, women dairy farmers, artisans

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner

ESSENTIAL INDICATORS

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Feedback received from following stakeholders are analysed through RCA methodology and required corrective and preventive actions are implemented across the fleet.

• Oil Majors – vetting inspections.

• Terminal feedbacks
• Port state Inspections
• Flag state inspections

Complaints from charterers are handled as per agreed Charter party clauses for that voyage. Any other complaints are dealt in accordance with available contractual remedies.

1. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about: Not applicable

AS A PERCENTAGE TO TOTAL TURNOVER

Environmental and social parameters relevant to the product Safe and responsible usage Recycling and/or safe disposal

3. Number of consumer complaints in respect of the following:

	FY 2021-22 CURRENT FINANCIAL YEAR		REMARKS	FY 2020-21 PREVIOUS FINANCIAL YEAR
	RECEIVED DURING THE YEAR	PENDING RESOLUTION AT END OF YEAR		RECEIVED DURING THE YEAR	PENDING RESOLUTION AT END OF YEAR
Data privacy	-	-	-	-	-	-
Advertising	-	-	-	-	-	-
Cyber security	-	-	-	-	-	-
Delivery of essential services	-	-	-	-	-	-
Restrictive Trade Practices	-	-	-	-	-	-
Unfair Trade Practices	-	-	-	-	-	-
Other	-	-	-	-	-	-

1. Details of instances of product recalls on account of safety issues: Not applicable

	NUMBER	REASONS FOR RECALL
Voluntary recalls
Forced recalls

1. Does the entity have a framework/ policy on cyber security and risks related to data privacy? If available, provide a web-link of the policy.

The Company has adequate systems and processes in place for protecting information assets, handling business data and to minimize and respond to cyber security incidents. Cyber security is covered as part of the risk management framework of the Company. Confidential information shared by third parties, if any, is handled as per the non-disclosure agreements entered into with them.

1. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.: Nil

LEADERSHIP INDICATORS

• 1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available) : www.greatship.com
• 1. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.: Not applicable
• 1. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.: Not applicable
• 1. Does the entity display product information on the product over and above what is mandated as per local laws? (Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole?

The Company is in constant touch with its customers and obtains feedback on services rendered on an ongoing basis.

• 1. Provide the following information relating to data breaches: Nil
• a) Number of instances of data breaches along-with impact
• b) Percentage of data breaches involving personally identifiable information of customers

132

Asset Profile

74th Annual Report 2021-2022 JAG AARATI - 2011 built Kamsarmax Dry Bulk Carrier

Chairman's Statement

FLEET AS ON 31ST MARCH 2022

TYPE		VESSEL NAME	DWT (MT)	YR BUILT	AVERAGE AGE (YRS)
CRUDE OIL CARRIERS
Suezmax	1	JAG LALIT	1,58,344	2005
	2	JAG LOK	1,58,280	2005
	3	JAG LEENA	1,57,642	2010
	4	JAG LAKSHYA	1,57,642	2011
	4		6,31,908		14.34
Aframax	1	JAG LYALL	1,10,531	2006
	2	JAG LAVANYA	1,05,010	2004
	3	JAG LEELA	1,05,525	2011
	4	JAG LAXMI	1,05,525	2012
	4		4,26,591		13.77
TOTAL TONNAGE (DWT)	10,58,499
NO. OF SHIPS	8
AVERAGE AGE (YRS)	14.11
% OF TOTAL TONNAGE	29.6%
PRODUCT CARRIERS
Long Range Two	1	JAG LOKESH	1,05,900	2009
	2	JAG LARA	1,05,258	2012
	2		2,11,158		11.62
Long Range One	1	JAG AABHA	74,841	2008
	2	JAG AANCHAL	74,811	2008
	3	JAG AMISHA	74,889	2009
	4	JAG APARNA	74,859	2009
	4		2,99,400		13.12
Medium Range	1	JAG PAHEL	46,319	2004
	2	JAG PANKHI	46,273	2003
	3	JAG PRABHA	47,999	2004
	4	JAG PRAKASH	47,848	2007
	5	JAG PUSHPA	47,848	2007
	6	JAG PRERANA	47,824	2007
	7	JAG PRANAV	51,383	2005
	8	JAG PRANAM	48,694	2004
	9	JAG PADMA	47,999	2005
	10	JAG POOJA	48,539	2005
	11	JAG PUNIT	49,717	2016
	12	JAG PAVITRA	51,464	2008
	12		5,81,907		15.41
TOTAL TONNAGE (DWT)	10,92,465
NO. OF SHIPS	18
AVERAGE AGE (YRS)	14.05
% OF TOTAL TONNAGE	30.6%

TYPE		VESSEL NAME	DWT (MT)	YR BUILT	AVERAGE AGE (YRS)
GAS CARRIERS
LPG Carriers	1	JAG VISHNU	49,996	2002
	2	JAG VIJAYA	26,897	1997
	3	JAG VIRAAT	54,450	2007
	4	JAG VIKRAM	26,427	2006
	5	JAG VASANT	54,490	2006
	5		2,12,260		17.44
TOTAL TONNAGE (DWT)	2,12,260
NO. OF SHIPS	5
AVERAGE AGE (YRS)	17.44
% OF TOTAL TONNAGE	5.9%
DRY BULK CARRIERS
Capesize	1	JAG ANAND	1,79,250	2011
	2	JAG ALAIA	1,80,694	2014
	2		3,59,944		9.48
Kamsarmax	1	JAG AARATI	80,324	2011
	2	JAG ADITI	80,325	2011
	3	JAG ARNAV	81,732	2015
	4	JAG AJAY	82,094	2016
	5	JAG AALOK	82,023	2016
	6	JAG AKSHAY	82,044	2016
	7	JAG AMAR	82,094	2017
	7		5,70,636		7.27
Supramax	1	JAG ROHAN	52,450	2006
	2	JAG RISHI	56,719	2011
	3	JAG RANI	56,820	2011
	4	JAG RADHA	58,133	2009
	5	JAG RAJIV	56,103	2013
	5		2,80,225		11.80
TOTAL TONNAGE (DWT)	12,10,805
NO. OF SHIPS	14
AVERAGE AGE (YRS)	8.97
% OF TOTAL TONNAGE	33.9%
FLEET TOTAL
TOTAL TONNAGE (DWT)	35,74,029
NO. OF SHIPS	45
AVERAGE AGE (YRS)	12.55

ACQUISITIONS AND SALES DURING FY 2021-22

ACQUISITIONS

TYPE		VESSEL NAME	DWT (MT)	YR BUILT	MONTH OF ACQUISITION
GAS CARRIER
LPG Carrier	1	JAG VIKRAM	26,427	2006	Apr-2021
DRY BULK CARRIER
Supramax	1	JAG RAJIV	56,103	2013	May-2021
SALES
TYPE		VESSEL NAME	DWT (MT)	YR BUILT	MONTH OF SALE
CRUDE OIL CARRIER
Aframax	1	JAG LATA	1,05,716	2003	Sept-2021
GAS CARRIER
LPG Carrier	1	JAG VAYU	38,427	1996	June-2021

SUBSIDIARIES FLEET AS ON MARCH 31, 2022

GREATSHIP (INDIA) LIMITED AND ITS SUBSIDIARIES

CATEGORY		VESSEL/RIG NAME	COMPANY #	DWT (MT)	YEAR BUILT	AVERAGE AGE (YRS)
OFFSHORE SUPPORT VESSELS
Platform Supply Vessels	1	Greatship Dipti	GIL	3,329	2005
	2	Greatship Dhriti	GIL	3,329	2008
	3	Greatship Dhwani	GIL	3,304	2008
	4	Greatship Prachi	GIL	4,194	2015
	4			14,156		12.63
R Class Supply Vessels	1	Greatship Ramya	GGOS	2,242	2010
	2	Greatship Rashi	GIL	3,609	2011
	3	Greatship Roopa	GIL	3,656	2012
	4	Greatship Rachna	GIL	3,674	2012
	4			13,181		10.47
Anchor Handling Tug cum Supply Vessels	1	Greatship Anjali	GIL	2,188	2008
	2	Greatship Amrita	GIL	2,045	2008
	3	Greatship Asmi	GIL	1,634	2009
	4	Greatship Ahalya	GIL	1,643	2009
	5	Greatship Aarti	GIL	1,650	2009
	6	Greatship Aditi	GIL	2,045	2009
	7	Greatship Vidya	GIL	3,289	2012
	8	Greatship Vimla	GIL	3,311	2012
	8			17,805		12.47
Multi-purpose Platform	1	Greatship Maya	GGOS	4,252	2009
Supply and Support Vessels
	2	Greatship Manisha	GGOS	4,221	2010
TOTAL OFFSHORE SUPPORT VESSELS	2			8,473		11.94
NUMBER	18
TOTAL TONNAGE (DWT)	53,615
AVERAGE AGE (YEARS)	12
DRILLING UNITS
350' Jack Up Rigs	1	Greatdrill Chitra	GIL	N.A.	2009
	2	Greatdrill Chetna	GIL	N.A.	2009
	3	Greatdrill Chaaya	GIL	N.A.	2013
	4	Greatdrill Chaaru	GIL	N.A.	2015
	4					10.45
TOTAL DRILLING UNITS
NUMBER	4
AVERAGE AGE (YEARS)	10.45

# GIL stands for 'Greatship (India) Limited'; GGOS stands for 'Greatship Global Offshore Services Pte. Ltd.'

SALE DURING FY 2021-22

Greatship (India) Limited and its Subsidiaries

CATEGORY		VESSEL/RIG NAME	COMPANY #	DWT (MT)	YEAR BUILT	MONTH OF SALE
OFFSHORE SUPPORT VESSEL
R Class Supply Vessel	1	Greatship Rohini	GIL	3,684	2010	Mar-22

Financial Statements

74th Annual Report 2021-2022 Chairman's Statement

INDEPENDENT AUDITOR'S REPORT

To The Members of The Great Eastern Shipping Company Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of The Great Eastern Shipping Company Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2022, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2022, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matter

Key audit matter is the matter that, in our professional judgment, was of most significance in our audit of the standalone financial statements of the current period. This matter was addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. We have determined the matter described below to be the key audit matter to be communicated in our report.

KEY AUDIT MATTER	AUDITOR'S RESPONSE
	Assessment of recoverable amounts of vessels – (Refer notes 2(h) and 3 of the standalone financial statements)
As at March 31, 2022, the carrying amounts of the Company's vessels was ` 5323.21 crores, representing 49% of the total assets.	Our principal audit procedures included but were not limited to: • Obtaining a detailed understanding of key controls and processes with regard to identification of impairment indications, and assessment of recoverable amounts of the vessels where such indications exist, and testing operating effectiveness of such controls.
The Company assesses at the end of each reporting period whether there is any indication that a vessel may be impaired by considering internal and external sources of information.	• Assessing reasonableness of fair value of vessel considered by the Management by comparing the same with the valuations provided by external professional valuers.

The management assesses recoverable amount of each of the vessels where such indications exist, based on higher of fair value less cost to sell and value in use. The fair value of a vessel is estimated based on the valuation provided by external professional valuers, which is based on brokers' price ideas and market knowledge. The 'value in use' is determined by discounting estimated future cash flows as per management forecast over balance useful life of a vessel to its present value. The future cash flows are estimated based on various assumptions relating to charter hire rates based on published external industry forecasts and historical performance, deployment pattern, operating costs and other expenses, scrap value, and discount rate.

KEY AUDIT MATTER AUDITOR'S RESPONSE

• Evaluating and challenging the key inputs and assumptions considered for cash flow forecasts for estimating 'value in use' especially related to charter hire rates with reference to historical performance and published external industry forecast, expected deployment with reference to historical pattern, operating costs with reference to Management budget and historical actuals, scrap value with reference to prevailing and forecast rates, and those considered for discount rate for which we also involved our internal experts, and assessing mathematical accuracy of the 'value-in-use' model.

• Assessing adequacy and appropriateness of the disclosures in the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Board's report, Corporate Governance Report, Business Responsibility Report, The Year at a Glance, Financial Highlights and 5 Years at a Glance, but does not include the consolidated financial statements, standalone financial statements and our auditor's reports thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the Company to express an opinion on the standalone financial statements.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

• 1. As required by Section 143(3) of the Act, based on our audit we report that:
• a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
• b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
• c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
• d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
• e) On the basis of the written representations received from the directors as on March 31, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2022 from being appointed as a director in terms of Section 164(2) of the Act.
• f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting.
• g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended,

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

• h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
• i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
• ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
• iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
• iv. (a) The Management has represented that, to the best of it's knowledge and belief, as disclosed in the note 44 to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that, to the best of it's knowledge and belief, as disclosed in note 44 to the financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with section 123 of the Act, as applicable.

The first interim dividend declared and paid by the Company during the year and until the date of this report is in accordance with section 123 of the Companies Act 2013. The second interim dividend relating to the financial year 2021-22, declared by the Company is in accordance with section 123 of the Companies Act 2013 to the extent it applies to declaration of dividend. However, the said second interim dividend was not due for payment on the date of this audit report.

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 Mumbai, May 06, 2022 UDIN: 22101708AIQRDE4664

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of The Great Eastern Shipping Company Limited ("the Company") as of March 31, 2022 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

146

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2022, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 Mumbai, May 06, 2022 UDIN: 22101708AIQRDE4664

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that

• (i) In respect of Property, Plant and equipment,
• a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment, capital work-in-progress and relevant details of right-of-use assets.

(B) The Company has maintained proper records showing full particulars of intangible assets.

• b) The Company has a program of verification of property, plant and equipment, capital work-in-progress, and right-of-use assets so to cover all the items once every 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment were due for verification during the year and were physically verified by the Management during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
• c) According to the information and explanations given to us, the records examined by us, and based on the examination of the registered sale deed/ transfer deed/ conveyance deed provided to us, we report that, the title deeds of all the immovable properties (other than those that have been taken on lease including perpetual lease) are held in the name of the Company as at the balance sheet date. In respect of immovable properties that have been taken on lease and disclosed in the financial statements as property, plant and equipment and rightof-use assets, the lease agreements are duly executed in favour of the Company except the following:

DESCRIPTION OF IMMOVABLE	AS AT THE BALANCE SHEET DATE		HELD IN THE NAME OF	WHETHER PROMOTER,	PROPERTY HELD SINCE	REASON FOR NOT BEING HELD IN THE NAME OF THE COMPANY
PROPERTIES TAKEN ON LEASE	GROSS CARRYING VALUE AS AT MARCH 31, 2022	CARRYING VALUE AS AT MARCH 31, 2022		DIRECTOR OR THEIR RELATIVE OR EMPLOYEE	WHICH DATE
Land taken on perpetual lease	43.72 crore | 43.72 crore	Central Camera Company Private Limited	No	April 30, 1997	The Company has filed a Writ Petition in the Bombay High Court contesting demand on account of property tax of ` 3.10 crores raised by Bombay Municipal Corporation, as the same is time barred.

d) The Company has not revalued any of its property, plant and equipment (including Right of Use assets) and intangible assets during the year.

e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2022 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.

• (ii) In respect of Inventory,
• a) The inventories were physically verified during the year by the Management at reasonable intervals. In our opinion and according to the information and explanations given to us, the coverage and procedure of such verification by the Management is appropriate having regard to the size of the Company and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories when compared with books of account.
• b) According to the information and explanations given to us, at any point of time of the year, the Company has not been sanctioned any working capital facility from banks or financial institutions and hence reporting under clause (ii)(b) of the Order is not applicable.
• (iii) The Company has not provided any guarantee or security, and granted any loans or advances in the nature of loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or any other parties during the year. The investments in mutual funds made during the year are not, prima facie, prejudicial to the interest of the Company.
• (iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 186 of the Act in respect of investments. The Company has not granted any loans, made investments or provided guarantees or securities to parties covered under sections 185 and 186 of the Companies Act, 2013.
• (v) The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.
• (vi) The maintenance of cost records has not been specified for the activities of the Company by the Central Government under section 148(1) of the Companies Act, 2013.
• (vii) In respect of statutory dues:
• a) Undisputed statutory dues, including Goods and Service tax, Provident Fund, Employees' State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues applicable to the Company have been regularly deposited by it with the appropriate authorities in all cases during the year.

There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees' State Insurance, Income-tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues in arrears as at March 31, 2022 for a period of more than six months from the date they became payable.

b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2022 on account of disputes are given below:

NAME OF STATUTE	NATURE OF DUES	PERIOD TO WHICH THE AMOUNT RELATES	FORUM WHERE DISPUTE IS PENDING	AMOUNT (` IN CRORES )*
The Central Sales Tax Act, 1956	Sales Tax	1998-99	The Sales Tax Appellate Tribunal	0.87
The Bombay Sales Tax Act, 1959	Sales Tax	1998-99	The Sales Tax Appellate Tribunal	3.86
Customs Act, 1962	Custom Duty regarding vessels at different ports	2009-10	Commissioner of Customs (Appeals), Jamnagar	0.04
		2010-11 and 2011-12	CESTAT, Ahmedabad	0.50
		2011-12	Commissioner of Customs (Appeals), Bhubaneshwar	0.02
		2012-13	The High Court at Ahmedabad and Chennai	5.56
		2012-13	Commissioner of Customs (Appeals), Jamnagar	0.37
		2013-14	Commissioner of Customs (Appeals), Kolkata	0.01
		2021-22	Commissioner of CGST Appeals	0.57
Income Tax Act, 1961	Income Tax	2007-08 to 2010-11	Income Tax Appellate Tribunal, Mumbai	1.13
		2015-16 to 2016-17	Assistant Commissioner of Income Tax	2.59
		2011-12 to 2018-19	Deputy Commissioner of Income Tax	5.02

* These amounts are net of amounts paid under protest amounting to ` 32.85 crores.

• (viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 (43 of 1961) during the year.
• (ix) In respect of Borrowings,
• a) In our opinion, the Company has not defaulted in the repayment of loans or other borrowings or in payment of interest thereon to any lender during the year.
• b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
• c) To the best of our knowledge and belief, in our opinion, term loans availed by the Company were, applied by the Company during the year for the purposes for which the loans were obtained.
• d) On an overall examination of the financial statements of the Company, there are no funds raised on short-term basis and hence, reporting under clause 3(ix)(d) is not applicable.
• e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.
• f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries.

• (x) In respect of Issue of securities,
• a) The Company has not issued any of its securities (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
• b) During the year the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause (x)(b) of the Order is not applicable to the Company.
• (xi) In respect of Fraud,
• a) To the best of our knowledge, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.
• b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.
• c) As presented to us by the Management, there were no whistle blower complaints received by the company during the year.
• (xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.
• (xiii) In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.
• (xiv) In respect of Internal Audit,
• a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.
• b) We have considered, the internal audit reports issued to the Company during the year and covering the period up to March 31, 2022.
• (xv) In our opinion during the year the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
• (xvi) In respect of Section 45-IA
• a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause (xvi)(a), (b) and (c) of the Order is not applicable.
• b) The Group does not have any Core Investment Company (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) as part of the group and accordingly reporting under clause (xvi)(d) of the Order is not applicable.
• (xvii) The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.
• (xviii) There has been no resignation of the statutory auditors of the Company during the year.
• (xix) On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) In respect of contributions made towards ongoing projects implemented via trust controlled by the Company, the trust has transferred unspent Corporate Social Responsibility (CSR) amount, to a Special account before the date of this report and within a period of 30 days from the end of the financial year in compliance with the provision of section 135(6) of the Act.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah

Partner Membership No. 101708 Mumbai, May 06, 2022 UDIN: 22101708AIQRDE4664

PARTICULARS	NOTE NO.	AS AT 31/03/2022	AS AT 31/03/2021
ASSETS
NON-CURRENT ASSETS :
(a) Property, Plant and Equipment (b) Capital Work-in-progress	3 3	5423.66 22.71	5363.60 24.01
(c) Intangible Assets	4	0.20
(d) Intangible Assets under development	4	0.96
(e) Right-of-use Assets	33	3.37
(f) Financial Assets
(i) Non-Current Investments	5	1688.32	1687.08
(ii) Other Financial Assets	6	17.88	10.79
(g) Current Tax Assets (net)	7	67.32	70.71
(h) Other Non-Current Assets	8	6.00
		7230.42	7205.79
CURRENT ASSETS :
(a) Inventories	9	139.37	121.56
(b) Financial Assets
(i) Current Investments	10	1017.27	1289.62
(ii) Trade Receivables	11	209.31	151.60
(iii)Cash and Cash Equivalents	12	1115.82	1466.39
(iv)Bank Balances other than (iii) above	13	920.38	382.49
(v) Other Financial Assets	6	202.21	151.92
(c) Other Current Assets	8	133.73
		3738.09	3638.73
TOTAL ASSETS		10968.51	10844.52
EQUITY AND LIABILITIES
EQUITY :
(a) Equity Share Capital	14	142.77	146.97
(b) Other Equity	15	6428.66	5951.02
		6571.43	6097.99
NON-CURRENT LIABILITIES :
(a) Financial Liabilities
(i) Borrowings	16	2970.52	3241.03
(ii) Lease Liabilities (iii)Other Financial Liabilities	33 17	3.50 257.89	391.80
(b) Provisions	18	28.39
(c) Deferred Tax Liabilities (net)	19	17.46
		3277.76	3690.14
CURRENT LIABILITIES :
(a) Financial Liabilities
(i) Borrowings	16	459.04	474.22
(ii) Trade Payables	20
- total outstanding dues of micro enterprises and small enterprises		7.67
- total outstanding dues of creditors other than micro enterprises and small enterprises		280.64	216.52
(iii)Lease Liabilities	33	1.12
(iv)Other Financial Liabilities	17	288.20	294.85
(b) Other Current Liabilities	21	41.96
(c) Provisions	18	15.92	12.81
(d) Current Tax Liabilities (net)	22	24.77	24.02
		1119.32	1056.39

The accompanying notes are an integral part of the financial statements

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm Regn. No. : 117366W / W - 100018

Samir R. Shah Partner

M. No. : 101708

Mumbai : May 06, 2022 Mumbai : May 06, 2022

G. Shivakumar Executive Director & CFO

In terms of our report attached For and on behalf of the Board

K. M. Sheth Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director (DIN : 00080358)

THE GREAT EASTERN SHIPPING CO. LTD.

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2022

				(` in crores)
	PARTICULARS	NOTE NO.	CURRENT YEAR	PREVIOUS YEAR
I.	Revenue from Operations	23	2832.03	2674.12
II.	Other Income	24	134.36	218.73
III.	TOTAL INCOME (I + II)		2966.39	2892.85
IV.	EXPENSES :
	Fuel Oil and Water		498.12	353.56
	Port, Light and Canal Dues		188.70	161.70
	Consumption of Spares and Stores		150.25	166.76
	Employee Benefits Expense	25	478.04	457.69
	Finance Costs	26	276.29	227.31
	Depreciation and Amortisation Expense	27	435.94	438.65
	Other Expenses	28	108.50	21.31
	TOTAL EXPENSES		2135.84	1826.98
V.	PROFIT BEFORE TAX (III - IV)		830.55	1065.87
VI.	TAX EXPENSE :	29
	- Current Tax		25.00	25.00
	- Deferred Tax (net)		(6.12)	10.74
			18.88	35.74
VII.	PROFIT FOR THE YEAR (V - VI)		811.67	1030.13
VIII.	OTHER COMPREHENSIVE INCOME
	A.(i) Items that will not be reclassified to profit or loss
	(a) Remeasurement of defined employee benefit plans		1.81	10.37
	(b) Fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss		(14.32)	(29.50)
			(12.51)	(19.13)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-	-
	B.(i) Items that will be reclassified to profit or loss
	(a) Effective portion of gains/(losses) on designated portion of hedging instruments in a cash flow hedge		35.82	59.62
			35.82	59.62
	(ii) Income tax relating to items that will be reclassified to profit or loss		-	-
	Other Comprehensive Income (A(i-ii)+B(i-ii))		23.31	40.49
IX.	TOTAL COMPREHENSIVE INCOME (VII + VIII)		834.98	1070.62
X.	EARNINGS PER EQUITY SHARE : (IN `)	30
	(Face value per share ` 10/-)
	- Basic		55.42	70.09
	- Diluted		55.31	69.96

The accompanying notes are an integral part of the financial statements

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm Regn. No. : 117366W / W - 100018

Samir R. Shah Partner M. No. : 101708

G. Shivakumar Executive Director & CFO (DIN : 03632124)

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

In terms of our report attached For and on behalf of the Board

K. M. Sheth Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director (DIN : 00080358) Mumbai : May 06, 2022 Mumbai : May 06, 2022

74th Annual Report 2021-2022 Standalone Financial Statements I.EQUITY SHARE CAPITAL

				( ) ` in cro res
BA LA NC E A S A T A PR IL 1, 20 20	CH AN GE S IN EQ UI TY SH AR E C AP ITA L D UE TO PR IO R PE RI OD ER RO RS	RE ST AT ED BA LA NC E A S A T AP RI L 1 20 20 ,	CH AN GE S IN EQ UI TY SH AR E C AP ITA L D UR IN G TH E Y EA R	BA LA NC E A S A T M AR CH 3 1, 20 21
14 6.9 7	-	-	-	14 6.9 7

(` in crores)

BA LA NC E A S A T A PR IL 1, 20 21	CH AN GE S IN EQ UI TY SH AR E C AP ITA L D UE TO PR IO R PE RI OD ER RO RS	RE ST AT ED BA LA NC E A S A T AP RI L 1 20 21 ,	CH AN GE S IN EQ UI TY SH AR E C AP ITA L D UR IN G TH E Y EA R [ ] ( ) RE FE R NO TE 14 b	BA LA NC E A S A T M AR CH 3 1, 20 22
14 6.9 7	-	-	( ) 4.2 0	14 2.7 7

II.OTHER EQUITY

							( in ) ` cro res
			RE SE RV ES AN D S UR	PL US		ITE MS OF OT HE R CO MP RE HE NS IVE INC OM E	TO TA L O TH ER EQ UIT Y
	CA PIT AL RE SE RV E	GE NE RA L RE SE RV E	CA PIT AL RE DE MP TIO N RE SE RV E	TO NN AG E T AX RE SE RV E U ND ER SE CT ION 11 5VT OF TH E IN CO ME -TA X A CT, 196 1	RET AIN ED EA RN ING S	EF FEC TIV E P OR TIO N O F CA SH FL OW HE DG E
Ba lan A i l 1 20 20 at ce as p r ,	15 .98	32 98 .88	24 3.8 9	54 .00	13 44 .39	( ) 37 .06	49 20 .08
f it fo Pro he r t ea r y	-	-	-	-	10 30 .13	-	10 30 .13
( ) fo Ot he he ive inc e/ los r c om p re ns om s r he f inc ( fer Re N t et e t ote y ea r, n o om ax ) 15	-	-	-	-	( ) 19 .13	59 .62	40 .49
l c he ive inc fo he To ta r t om p re ns om e y ea r	-	-	-	-	10 .00 11	59 .62	10 70 .62
fer fro ine d E ing Tr Re ta an s m ar n s ( fer ) Re N 15 ote	-	-	-	18 0.0 0	( ) 18 0.0 0	-	-
f d iv i de d Pa nt y me o n	-	-	-	-	( ) 39 .68	-	( ) 39 .68
lan h 3 Ba M 1, 20 21 at ce as arc	15 .98	32 98 .88	24 3.8 9	23 4.0 0	21 35 .71	22 .56	59 51 .02

			RE SE RV ES AN D S UR	PL US		ITE MS OF OT HE R CO MP RE HE NS IVE INC OM E	TO TA L O TH ER EQ UIT Y
	CA PIT AL RE SE RV E	GE NE RA L RE SE RV E	CA PIT AL RE DE MP TIO N RE SE RV E	TO NN AG E T AX RE SE RV E U ND ER SE CT ION 11 5VT OF TH E IN CO ME -TA X A CT, 196 1	RET AIN ED EA RN ING S	EF FEC TIV E P OR TIO N O F CA SH FL OW HE DG E
Ba lan A i l 1 20 21 at ce as p r ,	15 .98	32 98 .88	24 3.8 9	23 4.0 0	21 35 .71	22 .56	59 51 .02
f it fo Pro he r t ea r y	-	-	-	-	81 1.6 7	-	81 1.6 7
( ) fo Ot he he ive inc e/ los r c om p re ns om s r he f inc ( fer Re N t et e t ote y ea r, n o om ax ) 15	-	-	-	-	( ) 12 .51	35 .82	23 .31
l c he ive inc fo he To ta r t om p re ns om e y ea r	-	-	-	-	79 9.1 6	35 .82	83 4.9 8
i l ise d fo bu ba k o f e ity ha Ut r y c qu s res du ing he ( fer ) Re N 14 t ote r y ea r	-	( ) 12 8.9 8	-	-	-	-	( ) 12 8.9 8
fer fro l R ( fer Tr Ge Re an s m ne ra es erv e ) No 15 te	-	( ) 4.2 0	4.2 0	-	-	-	-
fer fro Tr To e T R an s m nn ag ax es erv e ( fer ) Re N 15 ote	-	19 .00	-	( ) 19 .00	-	-	-
fer fro ine d E ing Tr Re ta an s m ar n s ( ) fer Re N 15 ote	-	-	-	15 0.0 0	( ) 15 0.0 0	-	-
bu ba k o f e ity ha Ta x o n y c qu s res	-	-	-	-	( ) 29 .96	-	( ) 29 .96
f d iv i de d Pa nt y me o n	-	-	-	-	( ) 19 8.4 0	-	( ) 19 8.4 0
lan h 3 Ba M 1, 20 22 at ce as arc	15 .98	31 84 .70	24 8.0 9	36 5.0 0	25 56 .51	58 .38	64 28 .66

The accompanying notes are an integral part of the financial statements In terms of our report attached For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLPChartered AccountantsFirm Regn. No. : 117366W/W - 100018

Samir R. ShahPartnerM. No. : 101708

G. ShivakumarExecutive Director & CFO(DIN : 03632124)

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

K. M. ShethChairman(DIN : 00022079)

Bharat K. ShethDeputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director(DIN : 00080358)

Mumbai : May 06, 2022 Mumbai : May 06, 2022

155

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	830.55	1065.87
Adjustments For :
Depreciation and amortisation expense	435.94	438.65
Interest income	(30.49)	(43.41)
Finance costs	276.29	227.31
(Gain)/Loss on settlement of derivative contracts	41.10	(31.47)
Net gain on investments	(55.48)	(79.09)
Net gain on disposal of property, plant and equipment	(48.29)	(85.68)
Bad debts and advances written off	1.09	0.29
Allowance for doubtful debts and advances (net)	(4.77)	(6.61)
Exchange differences on translation of assets and liabilities	(30.06)	26.43
Reversal of provision for loss on cancellation of capital contract	(14.99)	-
Changes in fair value on derivative transactions/other financial assets	(128.37)	(278.12)
Operating profit before working capital changes	1272.52	1234.17
Adjustments For :
(Increase)/Decrease in trade and other assets	(146.95)	152.84
(Increase)/Decrease in inventories	(17.81)	10.64
Increase/(Decrease) in trade payables	38.33	(52.56)
Increase/(Decrease) in other liabilities	27.87	(8.80)
Cash generated from operations	1173.96	1336.29
Direct taxes paid/(refund)	(20.86)	8.20
Net cash (used in)/generated from operating activities	1153.10	1344.49
B. CASH FLOWS FROM INVESTING ACTIVITIES
Payment for purchase of property, plant and equipment	(517.40)	(807.88)
Proceeds from disposal of property, plant and equipment	149.65	345.10
Purchase of current investments	(1442.53)	(1813.32)
Proceeds from disposal/redemption of investments	1770.30	1473.44
Investment in subsidiary	-	(0.10)
Placements of deposits with banks	(899.50)	(581.63)
Withdrawal of deposits with banks	364.93	388.22
Interest received	35.17	37.22
Net cash (used in)/generated from investing activities	(539.38)	(958.95)

	CURRENT YEAR	PREVIOUS YEAR
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	162.38	435.77
Repayments of borrowings	(491.33)	(277.33)
Dividend paid	(198.40)	(39.68)
Loss on principal settlement of derivative contracts related to borrowings	(136.92)	(59.92)
Gain on interest settlement of derivative contracts related to borrowings	95.82	91.39
Interest paid	(249.62)	(250.13)
Equity shares bought back (including tax on buyback)	(163.14)	-
Repayment of lease liability	(1.91)	(1.93)
Net cash (used in)/generated from financing activities	(983.12)	(101.83)
Net increase/(decrease) in cash and cash equivalents	(369.40)	283.71
Cash and cash equivalents at the beginning of the year	1466.39	1200.92
Exchange difference on translation of foreign currency cash and cash equivalents	18.83	(18.24)
Cash and cash equivalents at the end of the year	1115.82	1466.39

The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

Reconciliation for changes in liabilities arising from financing activities including both changes arising from cash flows and non-cash changes as per the requirement of amendment to Ind AS 7 :

						(` in crores)
PARTICULARS	AS AT	CASH		NON-CASH CHANGES		AS AT
	MARCH 31, FLOWS 2021 (NET)		FAIR VALUE CHANGES	FOREIGN EXCHANGE MOVEMENT	AMORTISED COST	MARCH 31, 2022
Foreign currency term loans from banks	1169.96	(128.95)	-	42.01	0.04	1083.06
Non-convertible debentures	2545.29	(200.00)	-	-	1.21	2346.50
Derivative transactions	425.21	(38.01)	(126.54)	-	-	260.66
TOTAL	4140.46	(366.96)	(126.54)	42.01	1.25	3690.22

(` in crores) PARTICULARS AS AT MARCH 31, 2020 CASH FLOWS (NET) NON-CASH CHANGES AS AT MARCH 31, 2021 FAIR VALUE CHANGES FOREIGN EXCHANGE MOVEMENT AMORTISED COST Foreign currency term loans from banks 1099.78 108.44 - (36.68) (1.58) 1169.96 Non-convertible debentures 2494.79 50.00 - - 0.50 2545.29 Derivative transactions 687.87 17.44 (280.10) - - 425.21 TOTAL 4282.44 175.88 (280.10) (36.68) (1.08) 4140.46

The accompanying notes are an integral part of the financial statements In terms of our report attached For and on behalf of the Board

For DELOITTE HASKINS & SELLS LLP Chartered Accountants Firm Regn. No. : 117366W/W - 100018

Samir R. Shah Partner M. No. : 101708 G. Shivakumar Executive Director & CFO (DIN : 03632124)

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

K. M. Sheth Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director (DIN : 00080358)

Mumbai : May 06, 2022 Mumbai : May 06, 2022

Notes to Standalone Financial Statements for the Year Ended March 31, 2022

NOTE 1 : CORPORATE INFORMATION

The Great Eastern Shipping Company Ltd. (the Company) is a public limited company registered in India under the provisions of the Companies Act, 1913 and has its registered office in Mumbai, Maharashtra, India. Its shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company is a major player in the Indian Shipping industry.

The financial statements for the year ended March 31, 2022 were approved by the Board of Directors and authorised for issue on May 06, 2022.

NOTE 2 : SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance :

These financial statements are the separate financial statements of the Company (also called standalone financial statements) and have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards), Rules, 2015 and relevant amendments and rules issued thereafter.

(b) Basis of Preparation and presentation :

The Financial Statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period.

(c) Current/Non-Current Classification :

Any asset or liability is classified as current if it satisfies any of the following conditions :

• (i) the asset/liability is expected to be realised/settled in the Company's normal operating cycle;
• (ii) the asset is intended for sale or consumption;
• (iii) the asset/liability is held primarily for the purpose of trading;
• (iv) the asset/liability is expected to be realised/settled within twelve months after the reporting period;
• (v) the asset is cash and cash equivalent or other bank balances unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date;
• (vi) in the case of a liability, the Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date;
• (vii) All other assets and liabilities are classified as non-current.

For the purpose of current/non-current classification of assets and liabilities, the Company has ascertained its normal operating cycle as twelve months.

(d) Use of Estimates :

The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management of the Company to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, disclosures of contingent assets and contingent liabilities as at the date of financial statements and the reported amounts of income and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in future periods which are affected.

Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of property, plant and equipment, useful lives of property, plant and equipment, provision, contingent liabilities and COVID-19.

Impairment of Property, plant and equipment :

Determining whether a ship is impaired requires an estimation of value in use and fair value less cost of disposal. The key estimates made in the value in use calculation include discount rates, revenue (having regard to past trend), operating profit growth rates and deployment of vessels. The discount rate is estimated using pre-tax rates that reflect current market assessments of the time value of money. The fair values are estimated based on valuations provided by independent valuers considering latest transactions of similar assets.

Useful lives and residual values of Property, plant and equipment :

Useful lives and residual values of property, plant and equipment are reviewed at each year end based on the best available information. The lives are based on historical experience with similar assets as well as anticipation of future events. Residual value of Fleet is estimated having regard to, inter alia, past trend of steel scrap prices.

Provisions and Contingent Liabilities :

The Company is a party to certain legal disputes, the outcomes of which cannot be assessed with a high degree of certainty. A provision is recognised where, based on the legal views and advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. Contingent liabilities are disclosed in Note 36 unless the possibility of a loss arising is considered remote. Management applies its judgement in determining whether a provision should be recorded or contingent liability should be disclosed.

COVID-19 :

The shipping operations of the Company have continued despite challenges posed by lockdowns and restrictions following the COVID-19 outbreak.

The internal financial reporting and controls of the Company have been operating satisfactorily with support of technology. The impact of COVID-19 pandemic has been varying across the types of assets. Whilst the volatility of freight rates has been higher than usual in some cases, the vessels have continued to remain deployed. Such higher volatility in the market is not expected to materially impact estimates of long-term rates considered in assessing recoverable amounts of the vessels. The Company does not foresee any challenge on recoverability of trade receivables given the creditworthiness of the customers and the subsequent recoveries. The Company has adequate resources including liquid investments, cash and cash equivalents to meet its financial obligations for the foreseeable future.

The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results.

(e) Property, plant and equipment :

Property, plant and equipment (PPE) are stated at acquisition cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenses related to acquisition, installation of the concerned assets and any attributable cost of bringing the asset to the condition of its intended use.

The Company identifies and determines cost of each part of an item of property, plant and equipment separately, if the part has a cost which is significant to the total cost of that item of property, plant and equipment and has a useful life that is materially different from that of the remaining item. Borrowing costs attributable to the acquisition or construction of a qualifying asset are also capitalised as part of the cost of the asset.

Capital work-in-progress and Capital advances :

Cost of assets not ready for intended use as on the Balance Sheet date, is shown as capital work-in-progress. Advances given towards acquisition of fixed assets outstanding at each balance sheet date are disclosed as Other Non-Current Assets.

Depreciation on Property, Plant and Equipment :

(i) Depreciation is recognised on Straight Line Method basis so as to write off the original cost of the asset less its estimated residual value over the estimated useful life. The estimated useful life of the assets is as under :

PROPERTY, PLANT AND EQUIPMENT :	ESTIMATED USEFUL LIFE
Fleet (Main)
- Crude Oil Tankers	20 years
- Product Tankers *	23 years
- Dry Bulk Carriers *	23 years
- Gas Carriers *	27 years
- Speed Boats	13 years
Fleet (Component)
- Grabs *	10 years
- Dry Dock *	Period from survey certificate date till the estimated date for next special survey
Leasehold Land	Lease period
Ownership Flats and Buildings	60 years
Furniture & Fixtures, Office Equipment *	5 years
Computers
- Servers and Networks	6 years
- End User Devices	3 years
Vehicles *	4 years
Mobiles *	2 years
Plant and Equipment *	10 years
Leasehold improvements	Lease period

* For these class of assets, based on internal technical assessment and past experience, the Management believes that the useful lives as given above, best represent the period over which the Management expects the use of the assets. The useful lives of these assets are different from the useful lives as prescribed under Part C of Schedule II to the Companies Act, 2013.

• (ii) Estimated useful life of the Fleet and Ownership Flats and Buildings is considered from the year of built. Estimated useful life in case of all other assets is considered from the date of acquisition by the Company.
• (iii)The estimated useful lives and residual values are reviewed at the end of each reporting period based on the conditions of the vessels, market conditions and other regulatory requirements, with the effect of any changes in estimate being accounted for on a prospective basis.

Derecognition :

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss.

(f) Intangible Assets :

Intangible assets are stated at acquisition cost less accumulated amortisation and accumulated impairment losses, if any. An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses on derecognition measured at difference between net disposal proceeds and the carrying amount of the asset, are recognised in the Statement of Profit and Loss.

Amortisation :

Intangible Assets with finite lives are amortised on a Straight Line basis over the estimated useful economic life. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit and Loss. The estimated useful life of intangible assets is mentioned below :

INTANGIBLE ASSETS :	ESTIMATED USEFUL LIFE
Software	5 years

The amortisation period and the amortisation method for an intangible asset with finite useful life are reviewed at the end of each financial year. If any of these expectations differ from previous estimates, such change is accounted for as a change in an accounting estimate.

(g) Asset classified as held for sale :

An item of Property, plant and equipment is classified as asset held for sale at the time when the Management is committed to sell/dispose off the asset as per Memorandum of Agreement entered into with the customer and the asset is expected to be sold/disposed off within one year from the date of classification.

Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

(h) Impairment :

The carrying amounts of the Company's Property, plant and equipment and intangible assets are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amounts are estimated in order to determine the extent of impairment loss, if any. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds its recoverable amount. The impairment loss, if any, is recognised in the Statement of Profit and Loss in the period in which impairment takes place.

Assessment of recoverable amount of the vessels is based on higher of fair value less cost to sell and its value in use calculations, with each vessel being regarded as one cash generating unit. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of a vessel and from its disposal at the end of its useful life. For calculating present value, future cash flows are discounted using a pre-tax discount rate that reflects current market rates and the risk specific to the vessel. Fair value less cost to sell is the best estimate of the amount obtainable from the sale of a vessel in an arm's length transaction between knowledgeable, willing parties, less the cost of disposal based on independent third-party broker valuations.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior accounting periods.

(i) Investments in subsidiaries :

Non-Current Investments in equity shares in subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down to its recoverable amount. On disposal of investments in subsidiaries, the difference between net disposal proceeds and the carrying amounts are recognised in the Statement of Profit and Loss. Non-current Investment in Preference Shares of subsidiary is measured at amortised cost as it is held within a business model whose objective is to hold this investment in order to collect the contractual cash flows and the contractual cash flows are solely payment of principal and interest on the principal amount outstanding.

(j) Inventories :

Inventories of fuel oil (includes returnable fuel oil from charterer as per terms of the time charter agreement), stores and spares at warehouse are carried at lower of cost and net realisable value. Stores and spares delivered on board the vessels are charged to Statement of Profit and Loss. Cost is ascertained on first-in-first-out basis. Net realisable value represents the estimated selling price for inventories less all costs necessary to make the sale or expected amount to be realised from use as estimated by the management, as applicable.

(k) Borrowing Costs :

Borrowing costs include interest, ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings availed on or after April 1, 2016, to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the acquisition/construction of the qualifying assets are capitalised as part of the cost of the asset, upto the date of acquisition/completion of construction. Other borrowing costs are recognised in profit and loss in the period in which they are incurred.

(l) Revenue Recognition :

Revenue is recognised upon transfer of control of promised services to customers at an amount that reflects the consideration which the Company expects to receive in exchange for those services.

The Company earns revenue from time and voyage charter.

Time Charter hire earnings are accrued on time proportion basis except where the charter party agreements have not been renewed/finalised, in which case it is recognised on provisional basis.

Revenue from voyage charters is recognised as income, by reference to the voyage progress on load-to-discharge basis, which has been assessed by management to be an appropriate measure of progress towards complete satisfaction of the performance obligations over time under Ind AS 115. Judgement is involved in estimating days to reach the load port and discharge port destinations impacting the calculation of income to be accrued for incomplete voyage. Management uses its judgement in estimating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption) and the distance of the trade route.

Demurrage revenue is recognised as the performance obligations under the contract is satisfied.

Pool revenue is recognised as the performance obligation is satisfied over time in accordance with the pooling agreement. Training fees included in other operating income are accounted on accrual basis.

Revenue is measured based on the consideration to which the Company expects to be entitled in contract with customer. The consideration is determined based on the price specified in the contract, net of address commission. Revenue excludes any taxes or duties collected on behalf of the Government which are levied on sales such as Goods and Services tax.

There is no significant financing component in any transaction.

(m) Expenses :

• (i) Fuel oil is charged to the Statement of Profit and Loss on consumption basis.
• (ii) Stores and spares delivered on board the ships are charged to the Statement of Profit and Loss.
• (iii)Expenses on account of general average claims/damages to ships are charged to the Statement of Profit and Loss in the year in which they are incurred. Claims against the underwriters are accounted for on acceptance of average adjustment by the adjustors.

(n) Leases :

Company as a Lessee

The Company's lease asset classes primarily consist of leases for office premises, warehouse and equipment rental. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether : (1) the contract involves the use of an identified asset (2) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over useful life of the underlying asset.

The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use assets if the Company changes its assessment of either exercising an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

Company as a Lessor

Leases can be classified as finance or operating leases. In making the assessment, certain indicators, such as whether the substantial risks and rewards of ownership of the underlying asset continue with the group, and whether the contract is for a major part of the economic life of the asset, are considered.

Based on the aforementioned assessment, the time charter contracts for vessels of the Company contain operating lease component for the purpose of Ind AS 116, Leases - Refer Note 33.

(o) Employee Benefits :

(i) Short-Term Employee Benefits :

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, performance incentives, etc., are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.

(ii) Post-Employment Benefits :

Liability is provided for retirement benefits of Provident Fund, Superannuation, Gratuity and Compensated Absences in respect of all eligible employees and for pension benefit to eligible Whole-time Directors of the Company.

(a) Defined Contribution Plan

Employee benefits in the form of Superannuation Fund and other Seamen's Welfare Contributions are considered as defined contribution plans and the contributions are charged to the Statement of Profit and Loss of the period when the contributions to the respective funds are due.

(b) Defined Benefit Plan

Retirement benefits in the form of Provident Fund administered by the Company, Gratuity and Pension plan for eligible Whole-time Directors are considered as defined benefit obligations and are provided for on the basis of actuarial valuations, using the projected unit credit method, as at the date of the Balance Sheet.

(iii) Other Long-Term Benefits

Long-term compensated absences are provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet.

Actuarial gain/loss, comprising of experience adjustments and the effects of changes in actuarial assumptions is recognised in the Statement of Other Comprehensive Income except for Long-term compensated absences where the same is immediately recognised in the Statement of Profit and Loss.

(p) Foreign Exchange Transactions :

(i) Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial statements are presented in 'Indian Rupees' (INR), which is also the Company's functional currency.

• 164
• (ii) The transactions in currencies other than the entity's functional currency (foreign currencies) are recorded at the rate of exchange that approximates the actual rate at the date of transaction. Non-monetary items, which are measured in terms of historical costs denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currency, remaining unsettled at the year end are translated at closing rates. The difference in translation of long term monetary assets acquired and liabilities incurred prior to April 1, 2016 and gains and losses on foreign currency transactions relating to acquisition of depreciable capital assets are added to or deducted from the cost of the asset and depreciated over the balance life of the asset; and in other cases, accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortised over the balance period of such long term asset/liability, by recognition as income or expense but not beyond March 31, 2020. The difference in translation of all other monetary assets and liabilities and realised gains and losses on other foreign currency transactions are recognised in the Statement of Profit and Loss.

(q) Financial Instruments :

Initial Recognition :

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through Profit or Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through Profit or Loss are recognised immediately in the Statement of Profit and Loss.

Subsequent measurement :

Financial Assets :

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value through Profit or Loss (FVTPL) or fair value through Other Comprehensive Income (FVOCI), depending on the classification of the financial assets. The purchase and sale of financial assets are accounted for at trade date.

Cash and Cash Equivalents :

Cash and cash equivalents include cash in hand, demand deposits with banks, other short term highly liquid financial instruments which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less.

Fixed deposit having residual maturity upto twelve months from the reporting period is considered as part of bank balances other than cash and cash equivalent. Fixed deposit with residual maturity more than twelve months from reporting period is classified under other non-current assets.

Debt Instruments :

Debt instruments are initially measured at amortised cost, fair value through Other Comprehensive Income ('FVOCI') or fair value through Profit or Loss ('FVTPL') till derecognition on the basis of (i) the entity's business model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.

(a) Measured at Amortised Cost :

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate ('EIR') method less impairment, if any. The amortisation using EIR and loss arising from impairment, if any, is recognised in the Statement of Profit and Loss.

Under the effective interest method, the future cash receipts are exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortisation using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial asset over the relevant period of the financial asset to arrive at the amortised cost at each reporting date. The corresponding effect of the amortisation under effective interest method is recognised as interest income over the relevant period of the financial asset. The same is recognised in the Statement of Profit and Loss.

(b) Measured at Fair value through Other Comprehensive Income (FVTOCI) :

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest and the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are subsequently measured at fair value through Other Comprehensive Income. Fair value movements are recognised in the Other Comprehensive Income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCI is reclassified to Profit or Loss.

Further, the Company, through an irrevocable election at initial recognition, has measured certain investments in equity instruments at FVTOCI. The Company has made such election on an instrument by instrument basis. These equity instruments are neither held for trading nor are contingent consideration recognised under a business combination. Pursuant to such irrevocable election, subsequent changes in the fair value of such equity instruments are recognised in OCI. However, the Company recognises dividend income from such instruments in the Statement of Profit and Loss.

On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is not reclassified from the equity to Statement of Profit and Loss. However, the Company may transfer such cumulative gain or loss into retained earnings within equity.

(c) Measured at Fair value through Profit or Loss (FVTPL) :

A financial asset not classified at either amortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including interest income and dividend income if any, recognised in the Statement of Profit and Loss.

Impairment of Financial Assets :

Expected credit losses (ECL) are recognised for all financial assets subsequent to initial recognition other than financials assets in FVTPL category. The Company's trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to lifetime expected losses i.e. expected cash shortfall. The impairment losses and reversals are recognised in the Statement of Profit and Loss.

In case of other assets, the Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance.

ECL impairment loss allowance recognised during the period is recognised in the Statement of Profit and Loss.

Derecognition of Financial Assets :

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. On derecognition of a financial asset, (except as mentioned above for financial assets measured at FVTOCI), the difference between the carrying amount and the consideration received is recognised in the Statement of Profit and Loss.

Financial liabilities and Equity Instruments :

Classification as Debt or Equity :

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity Instruments :

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial Liabilities :

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or it is designated as at FVTPL.

For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the

liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is recognised in profit or loss. Changes in fair value attributable to a financial liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method.

Derecognition of Financial Liabilities :

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or have expired. A substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.

Offsetting Financial Instruments :

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

Derivative Financial Instruments :

The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps, commodity swaps etc. Further details of derivative financial instruments are disclosed in Note 37.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Statement of Profit and Loss depends on the nature of the hedging relationship and the nature of the hedged item. The gains or losses on derivative contracts related to the acquisition of depreciable capital assets are added to or deducted from the cost of the assets and not recognised in the Statement of Profit and Loss.

Embedded Derivatives :

Derivatives embedded in non-derivative host contracts that are not financial instruments within the scope of Ind AS 109 are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

Hedge Accounting :

The Company designates certain hedging instruments, which include derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Note 37 sets out details of the fair values of the derivative instruments used for hedging purposes.

Fair Value Hedges :

Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are recognised in the Statement of Profit and Loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the designated portion of hedging instrument and the change in the hedged item attributable to the hedged risk are recognised in the Statement of Profit and Loss in the line item relating to the hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the Statement of Profit and Loss from that date.

Cash Flow Hedges :

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of Cash Flow Hedging Reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Statement of Profit and Loss.

Amounts previously recognised in Other Comprehensive Income and accumulated in equity (relating to effective portion as described above) are reclassified to the Statement of Profit and Loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from equity (but not as a reclassification adjustment) and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in Other Comprehensive Income and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Statement of Profit and Loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Statement of Profit and Loss.

(r) Taxation :

Tax expense for the year comprises current and deferred tax. The tax currently payable is based on taxable profit for the year. The Company's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to cover or settle the carrying value of its assets and liabilities.

Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction. Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws which is likely to give future economic benefits in the form of availability of set off against future income tax liability.

(s) Provisions and Contingent Liabilities :

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the consideration required to settle the present obligation at the Balance Sheet date. Where the time value of money is material, provisions are measured on a discounted basis.

Contingent liabilities are not recognised but disclosed unless the probability of an outflow of resources is remote. Contingent assets are disclosed where inflow of economic benefits is probable.

(t) Earnings per share :

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events, such as bonus issue, bonus element in a rights issue and shares split that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating Diluted Earnings per share, the net profit or loss for the period attributable to the equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

(u) Government Grants :

Government grants are not recognised until there is a reasonable assurance that the Company will comply with the conditions attached to them and that the grants will be received. Government grants are recognised in the Statement of Profit and Loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Government grants used to acquire non-current asset are recognised as deferred revenue in the Balance Sheet and transferred to the Statement of Profit and Loss on a systematic basis over the useful lives of the related assets.

Applicability of new and revised Ind AS :

New and amended standards adopted by the Company

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind AS 16 – Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022.

Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets – The amendment specifies that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted.

The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

NOTE 3 : PROPERTY, PLANT AND EQUIPMENT AND CAPITAL WORK-IN-PROGRESS

(i) Property, Plant and Equipment

PA RT ICU LA RS		GR OS S B	LO CK			DE PR EC IAT ION	/ I MP AIR ME NT		NE T B LO CK
	AS AT 1/0 4/2 02 1	AD DIT ION S DU RIN G T HE YE AR	DE DU CT ION S DU RIN G T HE YE AR	AS AT 31/ 03/ 202 2	AC CU MU LAT ED DE PR EC IAT ION / IM PA IRM EN T AS AT 31/ 03/ 202 1	ON DE DU CT ION S	FO R T HE YE AR	AC CU MU LAT ED DE PR EC IAT ION / IM PA IRM EN T AS AT 31/ 03/ 202 2	AS AT 31/ 03/ 202 2	AS AT 31/ 03/ 202 1
lee F t	80 67 .05	59 0.6 3	28 0.3 2	83 .36 77	28 05 .30	9.0 17 5	42 7.9 0	30 54 .15	53 23 .21	52 61 .75
( d ho l d a d La Fre n e n l L ) Pe etu rp a ea se [ ( ) ] fer Re N ote a	59 .80	-	-	59 .80	-	-	-	-	59 .80	59 .80
h ip lat d Ow F ne rs s a n i l d ing [ fer ( b ) ] Bu Re N ote s	55 .69	-	-	55 .69	25 .56	-	1.1 4	26 .70	28 .99	30 .13
lan d E ip P t a nt n qu me	12 .50	0.5 5	-	13 .05	8.5 3	-	0.5 7	9.1 0	3.9 5	3.9 7
itu ixt d Fu F rn re, ure s a n f f ic ip O e E nt qu me	40 .41	1.4 9	0.6 2	41 .28	35 .09	0.6 6	2.8 3	37 .26	4.0 2	5.3 2
h ic les Ve	18 .65	2.6 0	2.0 6	19 .19	16 .02	1.9 5	1.4 3	15 .50	3.6 9	2.6 3
	82 54 .10	59 5.2 7	28 3.0 0	85 66 .37	28 90 .50	18 1.6 6	43 3.8 7	31 42 .71	54 23 .66	53 63 .60

(` in crores)

PA RT ICU LA RS		GR OS S B	LO CK			DE PR EC IAT ION / I		NE T B	LO CK
	AS AT 1/0 4/2 020	AD DIT ION S G T DU RIN HE YE AR	DE DU CT ION S G T DU RIN HE YE AR	AS AT 31/ 03/ 202 1	AC CU MU LAT ED EC ION DE PR IAT / IM PA IRM EN T AS AT 31/ 03/ 202 0	ON DE DU CT ION S	FO R T HE YE AR	AC CU MU LAT ED DE PR EC IAT ION / IM PA IRM EN T AS AT 31/ 03/ 202 1	AS AT 31/ 03/ 202 1	AS AT 31/ 03/ 202 0
lee F t	77 36 .41	86 9.5 4	53 8.9 0	80 67 .05	26 54 .90	27 9.7 4	43 0.1 4	28 05 .30	52 61 .75	50 81 .51
( d ho l d a d La Fre n e n l L ) Pe etu rp a ea se [ ( ) ] fer Re N ote a	59 .80	-	-	59 .80	-	-	-	-	59 .80	59 .80
h ip lat d Ow F ne rs s a n [ fer ( ) ] Bu i l d ing Re N b ote s	55 .69	-	-	55 .69	24 .42	-	1.1 4	25 .56	30 .13	31 .27
P lan d E ip t a nt n qu me	12 .50	-	-	12 .50	7.8 0	-	0.7 3	8.5 3	3.9 7	4.7 0
itu ixt d Fu F rn re, ure s a n f f ic ip O e E nt qu me	39 .35	1.0 6	-	40 .41	32 .89	-	2.2 0	35 .09	5.3 2	6.4 6
h ic les Ve	19 .74	0.7 6	1.8 5	18 .65	15 .33	1.5 9	2.2 8	16 .02	2.6 3	4.4 1
	79 23 .49	87 1.3 6	54 0.7 5	82 54 .10	27 35 .34	28 1.3 3	43 6.4 9	28 90 .50	53 63 .60	51 88 .15

74th Annual Report 2021-2022 Standalone Financial Statements

(` in crores)

170Notes:

(a) Title deeds of Immovable Property not held in the name of the Company :

RE LE VA NT LI NE ITE M IN TH E BA LA NC E S HE ET	DE SC RI PT IO N OF O IT EM F PR OP ER TY	GR OS S CA NG RR YI VA LU E ( ) ` I N CR OR ES	TIT LE D EE D HE LD E O IN TH E N AM F	W HE TH ER TI TL E D EE D HO LD ER IS OM OT CT OR A PR ER DI RE , OR R EL AT IV E O F P RO MO TE R/ DI RE CT OR O R EM PL OY EE O F PR OM OT ER / DI RE CT OR	PR OP ER TY H EL D SI NC CH E W HI DA TE	RE AS ON FO R NO T B EIN G E O HE LD IN TH E N AM F TH E C OM PA NY
lan d Pro P ert t a p y, n ip Eq nt u me	d La n ( l Pe etu rp a ) Le as e	43 .72	l C Ce ntr a am era iva Co Pr te mp an y im ite d L	No	30 / 04 / 19 97	he ha f i le d T C om p an y s it it ion in he W Pe t t a r ba ig h Bo H Co t m y ur ing de d nt t co es ma n on f t ty ta ac co un o p ro p er x f ise d ` 3.1 0 o cr or es r a by ba ic ip l Bo Mu m y n a ion he Co at s t rp or , a sa me is im ba d. t e rre

• (b) The ownership flats and buildings include 11,760 (Previous Year : 11,760) being value of shares held in various co-operative societies.
• (c) Fleet with a carrying amount of 2849.13 crores (as at March 31, 2021 : 2814.03 crores) and buildings with a carrying amount of 0.51 crore (as at March 31, 2021 : 0.52 crore) have been mortgaged to secure borrowings (Refer Note 16).

(ii) Capital Work-in-progress

Capital Work-in-progress amounting to 22.71 crores (as at March 31, 2021 : 24.01 crores) consists of dry-dock expenses, scrubbers, ballast water management systems and other equipments on ships pending installation.

These activities are, inter-alia, predicated on availability of vessels and dry-dock yard. Any variations in cost or timeline are revisited and revised by the management on timely basis.

Capital work-in-progress ageing schedule :

As M h 3 1, 20 22 at arc					( ) ` in cro res
PA RT ICU LA RS		AM OU	NT IN CW IP FO R A P ER IO	D O F
	< 1 Y EA R	1-2 Y EA RS	2- 3 Y EA RS	M OR E T HA N 3 Y EA RS	TO TA L
j in Pro Pro ts ec g res s	16 .76	1.8 8	3.1 1	0.9 6	22 .71
	16 .76	1.8 8	3.1 1	0.9 6	22 .71

h 3 As M 1, 20 21 at arc					( in ) ` cro res
PA RT ICU LA RS	D O F
	< 1 Y EA R	1-2 Y EA RS	2- 3 Y EA RS	M OR E T HA N 3 Y EA RS	TO TA L
j in Pro Pro ts ec g res s	8. 63	2.2 6	9.3 9	3.7 3	24 .01
	8. 63	2.2 6	9.3 9	3.7 3	24 .01

NOTE 4 : INTANGIBLE ASSETS AND INTANGIBLE ASSETS UNDER DEVELOPMENT

(i) Intangible Assets

										( in ) ` cro res
PA RT ICU LA RS		GR OS	S B LO CK	AM OR TIS AT ION				NE T B LO CK
	AS AT 1/ 04 / 20 21	AD DIT ION S DU RIN G TH E Y EA R	DE DU CT ION S DU RIN G T HE YE AR	AS AT 31 / 03 / 20 22	AC CU MU LA TE D AM OR TIS AT ION AS AT 31 / 03 / 20 21	O N DE DU CT ION S	FO R TH E YE AR	AC CU MU LA TE D AM OR TIS AT ION AS AT 31 / 03 / 20 22	AS AT 31 / 03 / 20 22	AS AT 31 / 03 / 20 21
ftw So are	1.6 7	0.1 1	-	1.7 8	1.3 4	-	0.2 4	1.5 8	0.2 0	0.3 3
	1.6 7	0. 11	-	1.7 8	1.3 4	-	0.2 4	1.5 8	0. 20	0.3 3

(` in crores)

PA RT ICU LA RS	GR OS S B LO CK			AM OR TIS AT ION				NE T B LO CK
	AS AT 1/ 04 / 20 20	ION S AD DIT DU RIN G TH E Y EA R	CT ION S DE DU DU RIN G T HE YE AR	AS AT 31 / 03 / 20 21	AC CU MU LA TE D AM OR TIS AT ION AS AT 31 03 20 20 / /	O N DE DU CT ION S	FO R TH E YE AR	AC CU MU LA TE D AM OR TIS AT ION AS AT 31 03 20 21 / /	AS AT 31 / 03 / 20 21	AS AT 31 / 03 / 20 20
ftw So are	1.6 7	-	-	1.6 7	1.0 9	-	0.2 5	1.3 4	0.3 3	0.5 8
	1.6 7	-	-	1.6 7	1.0 9	-	0.2 5	1.3 4	0.3 3	0. 58

(ii) Intangible Assets under development

Intangible Assets under development amounting to 0.96 crore (as at March 31, 2021 : 0.12 crore) consist of software under development.

Intangible Assets under development aging schedule :

h 3 As M 1, 20 22 at arc					( in ) ` cro res
PA RT ICU LA RS		AM OU NT IN IN TA NG IB LE	A SS ET S U ND ER D EV EL OP	ME NT FO R A P ER IO D O F
	< 1 Y EA R	1-2 Y EA RS	2- 3 Y EA RS	M OR E T HA N 3 Y EA RS	TO TA L
j in Pro Pro ts ec g res s	0. 96	-	-	-	0.9 6
	0. 96	-	-	-	0.9 6

h 3 As M 1, 20 21 at arc					( in ) ` cro res
PA RT ICU LA RS		AM OU NT IN IN TA NG IB LE A SS ET S U ND ER D EV EL OP ME NT FO R A P ER IO D O F
	< 1 Y EA R	1-2 Y EA RS	2- 3 Y EA RS	M OR E T HA N 3 Y EA RS	TO TA L
j in Pro Pro ts ec g res s	-	-	0.1 2	-	0.1 2
	-	-	0.1 2	-	0.1 2

NOTE 5 : NON-CURRENT INVESTMENTS

172

	FACE	AS AT 31/03/2022			AS AT 31/03/2021
	VALUE | NO. OF<br>SHARES | IN CRORES	NO. OF SHARES	` IN CRORES
Investments in Equity Instruments : (Unquoted - valued at cost)
Subsidiaries :
- Greatship (India) Ltd.	10	11,13,45,500	1305.14	11,13,45,500	1305.14
- Great Eastern Services Limited	10	1,00,000	0.10	1,00,000	0.10
- The Greatship (Singapore) Pte. Ltd. of S\$ 1 each		5,00,000	1.15	5,00,000	1.15
- The Great Eastern Chartering L.L.C.(FZC) of AED 100 each		1,500	0.19	1,500	0.19
			1306.58		1306.58
Investments in Preference Shares : (Unquoted - valued at amortised cost)
Subsidiary :
- Greatship (India) Ltd.
24.60% Cumulative Redeemable Preference Shares (Refer Note (i))	10	4,45,00,000	186.23	4,45,00,000	184.99
22.50% Cumulative Redeemable Preference Shares (Refer Note (ii))	10	6,06,24,000	195.51	6,06,24,000	195.51
			381.74		380.50
Other Investments in Equity Instruments : (Unquoted - valued at cost)
Subsidiary :
- Great Eastern CSR Foundation	10	49,999	-	49,999	-
			-		-
			1688.32		1687.08
Aggregate amount of unquoted investments			1688.32		1687.08
Aggregate amount of impairment in value of investments			-		-

Notes :

(i) 24.60% 4,45,00,000 cumulative redeemable preference shares issued by a subsidiary company, Greatship (India) Limited, are redeemable at a premium of ` 30.90 per share in four equal annual tranches from April 1, 2025 to April 1, 2028, as per the terms of issue (modified from time to time) of these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be in part or in full subject to a minimum of 25,00,000 shares at a time. In case of early redemption, the premium on redemption would be determined at such time so as to provide an effective yield to maturity of 7.00% p.a. to the Company.

(ii) 22.50% 6,06,24,000 cumulative redeemable preference shares issued by a subsidiary company, Greatship (India) Limited, are redeemable at a premium of ` 20.00 per share in four equal annual tranches from April 1, 2025 to April 1, 2028, as per the terms of issue (modified from time to time) of these preference shares.

The subsidiary company has an option of early redemption by providing one month's notice to the Company. Early redemption can be in part or in full subject to a minimum of 25,00,000 shares at a time. The cumulative redeemable preference shares do not contain any equity component.

NOTE 6 : OTHER FINANCIAL ASSETS

(Unsecured)

				(` in crores)
	NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Considered good
(a) Security Deposits	0.60	0.55	0.07	0.06
(b) Mark-to-Market (MTM) Gains on Derivatives *	16.61	9.74	139.26	125.23
(c) Receivables on account of cancellation of Derivative Contracts	-	-	-	3.74
(d) Deposits on account of pool arrangement	-	-	46.23	20.96
(e) Insurance Claims	-	-	13.43	0.07
(f) Others	0.67	0.50	3.22	1.86
Considered doubtful
(a) Security Deposit	0.44	0.44	-	-
(b) Others	1.01	1.01	-	-
Less : Allowance for doubtful deposit and advances	(1.45)	(1.45)	-	-
	17.88	10.79	202.21	151.92

* Mark-to-market gains on derivatives include gains on derivatives designated and effective as hedging instruments classified as cash flow hedge amounting to 16.61 crores (as at March 31, 2021 : 9.74 crores) as non-current and 42.87 crores (as at March 31, 2021 : 26.33 crores) as current.

NOTE 7 : CURRENT TAX ASSETS (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Excess of Advance Payment of Income-tax and Tax Deducted/Collected at Source over Provision for Income-tax	67.32	70.71
	67.32	70.71

NOTE 8 : OTHER ASSETS

(Unsecured)

	(` in crores)
	NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Considered good
(a) Capital Advances	5.21	40.83	-	-
(b) Indirect tax balances/recoverable/credits	-	-	39.08	29.29
(c) Contract Assets *	-	-	62.16	24.28
(d) Others	0.79	3.12	32.49	21.58
Considered doubtful
(a) Others	5.98	5.98	-	-
Less : Allowance for doubtful advances	(5.98)	(5.98)	-	-
	6.00	43.95	133.73	75.15

* Contract assets relate to the unfinished voyages to represent the Company's right to consideration for services provided to date. Contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer.

NOTE 9 : INVENTORIES

(Valued at lower of cost and net realisable value)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Stores and Spares	0.07	0.31
(b) Fuel Oil	139.30	121.25
	139.37	121.56

Note :

The cost of inventories recognised as an expense during the year was 533.01 crores (Previous Year : 355.99 crores).

NOTE 10 : CURRENT INVESTMENTS

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Investments in Liquid Mutual Funds : Unquoted (valued at FVTPL)	1017.27	1289.62
	1017.27	1289.62
Aggregate carrying amount of unquoted investments	1017.27	1289.62
Aggregate amount of impairment in value of investments	-	-

Note :

Mutual Funds aggregating to 17.66 crores (as at March 31, 2021 : 39.40 crores) of the above have been placed under lien with a bank for derivative facilities given by it.

NOTE 11 : TRADE RECEIVABLES

(Unsecured)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Considered good	173.64	131.22
Considered doubtful	15.97	20.97
Unbilled Revenue	35.67	20.38
	225.28	172.57
Less : Allowance for doubtful receivables (expected credit loss allowance)	(15.97)	(20.97)
	209.31	151.60

Note :

Trade receivables are initially recognised at their original invoiced amounts i.e. the transaction price. Trade receivables are considered to be of short duration, and hence, not discounted. The customers generally have stable financial standings and high credit quality, and historical experience of collection of receivables also indicates that credit risk is low. All trade receivables are reviewed and assessed for recoverability on a regular basis. The trade receivables overdue for one year and above are provided for as expected credit loss. It is ensured that provision for expected credit loss is not less than the amount derived as per the provision matrix which is based on historically observed default rates over the expected life of trade receivables and forward looking estimates. Besides, specific evaluation is done mainly for demurrage receivable which is based on expected outcome of ongoing negotiations with counterparties. While there is no standard credit period offered, the average recovery period for trade receivables is up to 90 days.

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	20.97	26.06
Add : Allowance during the year	7.58	31.46
Less : Reversal during the year	(12.58)	(36.55)
Closing Balance	15.97	20.97

Trade receivables ageing schedule :

As at March 31, 2022	(` in crores)
----------------------	---------------

		OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	UNBILLED	LESS THAN 6 MONTHS	6 MONTHS - 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Undisputed trade receivable - considered good	35.67	155.63	17.85	0.02	-	0.11	209.28
Undisputed trade receivable - considered doubtful	-	6.85	1.35	0.64	0.52	0.08	9.44
Disputed trade receivable - considered good	-	-	0.03	-	-	-	0.03
Disputed trade receivable - considered doubtful	-	-	-	-	2.42	4.11	6.53
	35.67	162.48	19.23	0.66	2.94	4.30	225.28

As at March 31, 2021							(` in crores)
		OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	UNBILLED	LESS THAN 6 MONTHS	6 MONTHS - 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Undisputed trade receivable - considered good	20.38	115.86	9.83	-	-	-	146.07
Undisputed trade receivable - considered doubtful	-	6.23	1.81	2.84	1.58	0.12	12.58
Disputed trade receivable - considered good	-	5.53	-	-	-	-	5.53
Disputed trade receivable - considered doubtful	-	-	-	2.42	3.87	2.10	8.39
	20.38	127.62	11.64	5.26	5.45	2.22	172.57

* Where due date for payment is not specified/captured in the relevant system, disclosure has been made from the date of transaction.

NOTE 12 : CASH AND CASH EQUIVALENTS

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Balances with Banks in Current Accounts	1115.80	1466.37
(b) Cash on Hand	0.02	0.02
	1115.82	1466.39

NOTE 13 : BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Term Deposits having residual maturity upto 12 months *	909.48	365.55
(b) Balances with Banks - Unpaid Dividend Account	9.34	9.46
(c) Margin Money Deposits (placed with bank under lien against bank guarantees given)	0.01	0.01
(d) Interest Accrued on Bank Deposits	1.55	7.47
	920.38	382.49

* Term Deposits with original maturity of more than 3 months but less than 12 months 909.48 crores (as at March 31, 2021 : 365.55 crores).

NOTE 14 : EQUITY SHARE CAPITAL

	AS AT 31/03/2022		AS AT 31/03/2021
	NOS.	IN CRORES | NOS. | IN CRORES
Authorised :
Equity Shares of ` 10 each	30,00,00,000	300.00	30,00,00,000	300.00
Preference Shares of ` 10 each	20,00,00,000	200.00	20,00,00,000	200.00
	50,00,00,000	500.00	50,00,00,000	500.00
Issued :
Equity Shares of ` 10 each	14,31,53,522	143.15	14,73,52,845	147.35
	14,31,53,522	143.15	14,73,52,845	147.35
Subscribed and Fully Paid :
Equity Shares of ` 10 each	14,27,67,161	142.77	14,69,66,484	146.97
Add : Forfeited Shares ` 30,358 (as at	2,518	-	2,518	-
March 31, 2021 : ` 30,358)
	14,27,69,679	142.77	14,69,69,002	146.97

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

	CURRENT YEAR			PREVIOUS YEAR
	NOS.	IN CRORES | NOS. | IN CRORES
Equity Shares :
Issued :
Balance as per the last financial statements	14,73,52,845	147.35	14,73,52,845	147.35
Less : Shares bought back during the year [See Note (b) below]	(41,99,323)	(4.20)	-	-
Closing Balance	14,31,53,522	143.15	14,73,52,845	147.35
Subscribed and Fully Paid :
Balance as per the last financial statements	14,69,66,484	146.97	14,69,66,484	146.97
Less : Shares bought back during the year [See Note (b) below]	(41,99,323)	(4.20)	-	-
Closing Balance	14,27,67,161	142.77	14,69,66,484	146.97

(a) Terms/Rights attached to Equity Shares :

The Company has only one class of equity shares having a face value of ` 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) Pursuant to the approval of the Board of Directors for buyback of equity shares, the Company has bought back 41,99,323 equity shares of 10 each at an average price of 317.26 per share aggregating to ` 133.23 crores (excluding tax on buyback) and has extinguished 41,39,234 equity shares during the year and the balance 60,089 equity shares were extinguished till the date of board meeting.

The nominal value of the equity shares bought back has been reduced from the paid-up share capital. Consequently, the Issued, Subscribed and Paid-up Capital of the Company has been reduced by ` 4.20 crores. The premium paid on buyback of the equity shares has been appropriated from General Reserve.

(c) Details of shareholders holding more than 5% equity shares in the Company :

	AS AT 31/03/2022		AS AT 31/03/2021
	NOS.	% HOLDING	NOS.	% HOLDING
Equity shares of ` 10 each fully paid
Mr. Bharat Kanaiyalal Sheth *	1,56,00,000	10.93%	1,56,00,000	10.61%
Mr. Ravi Kanaiyalal Sheth *	1,58,99,023	11.14%	1,58,99,023	10.82%
Nalanda India Equity Fund Limited	1,05,24,139	7.37%	1,05,24,139	7.16%

* Shares held as Trustee.

• (d) There are no shares reserved for issue under options and contracts or commitments for the sale of shares.
• (e) 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)38,10,581 equity shares have been bought back during the financial year 2019-20. 41,99,323 equity shares have been bought back during the financial year 2021-22.
• (f) There are no securities convertible into equity/preference shares.
• (g) Under orders from the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522 (as at March 31, 2021 : 2,53,522) rights equity shares of the Company have been kept in abeyance in accordance with the Companies Act, 2013 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. Additional 40,608 (as at March 31, 2021 : 40,608) shares have also been kept in abeyance for disputed cases in consultation with the Bombay Stock Exchange. 92,231 (as at March 31, 2021 : 92,231) shares are unsubscribed out of the total offered to employees on rights basis during the earlier years.

(h) Shareholding of promoter :

Shares held by promoters at March 31, 2022 :

SR. NO.	PROMOTER NAME	NO. OF SHARES	% OF TOTAL SHARES	% OF CHANGES DURING THE YEAR
1	Kanaiyalal Maneklal Sheth	5,11,701	0.36%	0.17%
2	Bharat Kanaiyalal Sheth	5,19,490	0.36%	0.01%
3	Ravi Kanaiyalal Sheth	5,16,104	0.36%	0.01%
4	Rahul Ravi Sheth	1,08,521	0.08%	0.00%
5	Bharat K. Sheth (Trustee of GE RKS Trust)	1,56,00,000	10.93%	0.31%
6	Ravi K. Sheth (Trustee of GE BKS Trust)	1,58,99,023	11.14%	0.32%
	Promoters Group
1	Sachin Mulji	10,55,000	0.74%	0.02%
2	Kabir Mulji	5,29,615	0.37%	0.01%
3	Sangita Mulji	5,82,415	0.41%	0.01%
4	Amita R. Sheth	1,83,808	0.13%	0.00%
5	Jyotsna Kanaiyalal Sheth	14,400	0.01%	-0.16%
6	Rosaleen Mulji	4,32,000	0.30%	0.01%
7	Gopali Mulji	-	-	-
8	Jyoti B. Sheth	1,37,796	0.10%	0.00%
9	Nirja Bharat Sheth	1,05,317	0.07%	0.00%
10	Nisha Viraj Mehta	1,12,037	0.08%	0.00%
11	Arjun Ravi Sheth	50,040	0.04%	0.00%
12	A. H. Bhiwandiwalla Consultancy Private Limited *	-	-	-
13	Laadki Trading And Investments Ltd.	61,54,981	4.31%	0.12%
14	Gopa Investments Co. Pvt. Ltd.	4,24,000	0.30%	0.01%
	Total	4,29,36,248	30.07%	0.86%

* The Company has been voluntarily struck off the Register of Companies and dissolved with effect from January 31, 2022.

NOTE 15 : OTHER EQUITY

A. Summary of Other Equity

(Refer Statement of Changes in Equity for details of movement)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Capital Reserve	15.98	15.98
(b) General Reserve	3184.70	3298.88
(c) Capital Redemption Reserve	248.09	243.89
(d) Tonnage Tax Reserve under Section 115VT of the Income-tax Act, 1961	365.00	234.00
(e) Retained Earnings	2556.51	2135.71
(f) Cash Flow Hedging Reserve	58.38	22.56
	6428.66	5951.02

B. Nature of Reserves :

• (i) Capital Reserve : Capital Reserve was created on cancellation of convertible warrants during the year ended March 31, 2009.
• (ii) General Reserve : General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes.
• (iii) Tonnage Tax Reserve : Tonnage Tax Reserve is created as per the provisions of the Section 115VT of the Income-tax Act, 1961, whereby a minimum of 20% of book profits from the tonnage tax activities is to be utilised for acquiring new ships within 8 years.
• (iv) Retained Earnings : Retained Earnings are the profits that the Company has earned till date, less any transfers to reserves and dividend distributions to the shareholders.

The Board of Directors has -

• declared and paid an interim dividend of 4.50 per equity share of10/- each during the year. The outgo on this account was ` 66.13 crores.
• declared a second interim dividend of 5.40 per equity share of10/- each. The outgo on this account is ` 77.10 crores.

The total dividend for the year amounts to 9.90 per equity share. The total outgo on this account will be 143.23 crores.

Retained Earnings comprise of gain on remeasurement of defined employee benefit plans amounting to 1.81 crores (Previous Year : gain of 10.37 crores) and loss on fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss amounting to 14.32 crores (Previous Year : loss of 29.50 crores).

(v) Cash Flow Hedging Reserve : The Cash Flow Hedging Reserve is the cumulative effective portion of gains or losses arising on changes in fair values of designated portion of hedging instruments entered into for cash flow hedges. The gains or losses arising thereon are transferred to the Statement of Profit and Loss when hedged transaction affects the profit or loss.

NOTE 16 : BORROWINGS

(` in crores)

		NON-CURRENT		CURRENT MATURITIES OF LONG- TERM DEBT
		AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
	(a) Debentures :
	Secured - at amortised cost :
	Redeemable Non-Convertible Debentures of
	` 10,00,000 each -
(i)	8.85% 3000 Debentures redeemable on April 12, 2028	300.00	300.00	-	-
(ii)	8.05% 1500 Debentures redeemable on August 31, 2024	150.00	150.00	-	-
(iii)	8.05% 1500 Debentures redeemable on November 02, 2028 [Refer Notes (i) and (iii) below]	150.00	150.00	-	-
	Unsecured - at amortised cost :
	Redeemable Non-Convertible Debentures of
	` 10,00,000 each -
(i)	8.25% 1500 Debentures redeemable on May 25, 2027	150.00	150.00	-	-
(ii)	8.24% 2000 Debentures redeemable on November 10, 2026	200.00	200.00	-	-
(iii)	8.70% 2500 Debentures redeemable on May 06, 2026	250.00	250.00	-	-
(iv)	8.24% 2000 Debentures redeemable on	200.00	200.00	-	-
(v)	November 10, 2025 8.70% 2500 Debentures redeemable on	250.00	250.00	-	-
(vi)	May 31, 2025 7.99% 2500 Debentures redeemable on	250.00	250.00	-	-
(vii)	January 18, 2025 7.99% 2500 Debentures redeemable on
	January 18, 2024	250.00	250.00	-	-
	(viii) 9.70% 1000 Debentures redeemable on January 18, 2023	-	100.00	100.00	-
(ix)	9.70% 1000 Debentures redeemable on January 07, 2023	-	100.00	100.00	-
(x)	9.70% 500 Debentures redeemable on April 26, 2021	-	-	-	50.00
(xi)	9.70% 1500 Debentures redeemable on	-	-	-	150.00
	April 15, 2021 [Refer Note (iii) below]
		2150.00	2350.00	200.00	200.00
	(b) Term Loans from Banks :
	Secured - at amortised cost :
	Foreign Currency Loans from Banks [Refer Notes (ii) and (iii) below]	826.72	898.51	261.46	276.61
		826.72	898.51	261.46	276.61
	(c) Unamortised Finance Charges	(6.20)	(7.48)	(2.42)	(2.39)
	Total (a + b + c)	2970.52	3241.03	459.04	474.22

Notes :

• (i) 8.85% 3000 Secured Redeemable Non-Convertible Debentures of 10,00,000 each, redeemable on April 12, 2028, 8.05% 1500 Secured Redeemable Non-Convertible Debentures of 10,00,000 each, redeemable on August 31, 2024 and 8.05% 1500 Secured Redeemable Non-Convertible Debentures of ` 10,00,000 each, redeemable on November 02, 2028 are secured by exclusive charge on specified ships with 1.20 times cover on the market value of ships and additional security by way of mortgage on certain immovable property of the Company.
• (ii) Foreign currency USD loans availed from banks carry interest rates of LIBOR plus 100 to 156 bps (Previous Year : LIBOR plus 100 to 156 bps). The principal repayments are due quarterly, half yearly or annually. These loans are secured by mortgage of specific ships of the Company.
• (iii) The terms of repayments of non-current borrowings are as under :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
- between one to three years
Secured Debentures	150.00	-
Unsecured Debentures	500.00	450.00
Secured Loans from Banks	386.12	433.97
	1036.12	883.97
- between three to five years
Secured Debentures	-	150.00
Unsecured Debentures	900.00	700.00
Secured Loans from Banks	284.00	254.93
	1184.00	1104.93
- over five years
Secured Debentures	450.00	450.00
Unsecured Debentures	150.00	600.00
Secured Loans from Banks	156.60	209.61
	756.60	1259.61

NOTE 17 : OTHER FINANCIAL LIABILITIES

(` in crores)
	NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a) Unpaid Dividend	-	-	9.34	9.46
(b)Interest Accrued but not due on Borrowings	-	-	114.19	131.48
(c) Mark-to-Market Losses on Derivatives *	257.89	391.80	144.44	139.83
(d) Others	-	-	20.23	14.08
	257.89	391.80	288.20	294.85

* Mark-to-market losses on derivatives include losses on derivatives designated and effective as hedging instruments classified as cash flow hedge amounting to NIL (as at March 31, 2021 : 5.88 crores) as non-current and 1.56 crores (as at March 31, 2021 : 8.42 crores) as current.

NOTE 18 : PROVISIONS

				(` in crores)
	NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a) Provision for Employee Benefits (Refer Note 31)	28.39	29.12	3.33	3.41
(b) Vessel Performance/Offhire Claims (Refer Note below)	-	-	12.59	9.40
	28.39	29.12	15.92	12.81

Note :

The Company has recognised the following provisions in its accounts in respect of obligations arising from past events, the settlement of which is expected to result in an outflow embodying economic benefits.

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Vessel performance/offhire claims -
Provision has been recognised for the estimated liability for under-performance of certain vessels and offhire claims under dispute :
Opening Balance	9.40	4.36
Add : Addition during the year	9.66	5.97
Less : Reversal during the year	(6.47)	(0.93)
Closing Balance	12.59	9.40

NOTE 19 : DEFERRED TAX LIABILITIES (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Deferred Tax Liabilities (net) *	17.46	23.58
	17.46	23.58

* This is in relation to MTM gain on mutual funds and derivatives.

NOTE 20 : TRADE PAYABLES

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Dues to Micro and Small enterprises	7.67	4.28
(b) Dues to Subsidiary Companies (Refer Note 34)	0.67	0.65
(c) Dues to others	279.97	215.87
	288.31	220.80

Notes :

(i) Trade payables are recognised at their original invoiced amounts which represent their fair values on initial recognition. Trade payables are considered to be of short duration and are not discounted.

(ii) Disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under, to the extent the Company has received intimation from the "Suppliers" regarding their status under the Act :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Principal amount and the interest due thereon remaining unpaid to each supplier at the end of each accounting year (but within due date as per the MSMED Act)
- Principal amount due to Micro and Small enterprises	7.67	4.28
- Interest due on above	-	-
(b) Interest paid by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along-with the amount of the payment made to the supplier beyond the appointed day during the period	-	-
(c) Interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the period) but without adding interest specified under the Micro, Small and Medium Enterprises Development Act, 2006	-	-
(d) The amount of interest accrued and remaining unpaid at the end of each accounting year	-	-
(e) Interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprises	-	-

Dues to Micro and Small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

Trade payables ageing schedule :

As at March 31, 2022					(` in crores)
PARTICULARS			OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	< 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Micro and Small enterprises	6.53	0.75	0.29	0.10	7.67
Others	240.35	17.06	15.72	7.51	280.64
Disputed dues - Micro and Small enterprises	-	-	-	-	-
Disputed dues - Others	-	-	-	-	-
	246.88	17.81	16.01	7.61	288.31

As at March 31, 2021					(` in crores)
PARTICULARS	OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	< 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Micro and Small enterprises	3.57	0.51	0.18	0.02	4.28
Others	164.90	35.08	12.34	4.20	216.52
Disputed dues - Micro and Small enterprises	-	-	-	-	-
Disputed dues - Others	-	-	-	-	-
	168.47	35.59	12.52	4.22	220.80

* Where due date for payment is not specified/captured in the relevant system, disclosure has been made from the date of transaction.

NOTE 21 : OTHER CURRENT LIABILITIES

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Advances from Customers	28.17	15.53
(b) Statutory Liabilities	4.97	8.73
(c) Others	8.82	3.97
	41.96	28.23

NOTE 22 : CURRENT TAX LIABILITIES (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Excess of Provision for Income-tax over Advance Payment of Income-tax and Tax Deducted/ Collected at Source	24.77	24.02
	24.77	24.02

NOTE 23 : REVENUE FROM OPERATIONS

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Revenue from -
- Freight and Demurrage	1364.79	1428.41
- Charter Hire (Refer Note 42)	1433.05	1214.08
	2797.84	2642.49
(b) Other Operating Revenue	34.19	31.63
	2832.03	2674.12

NOTE 24 : OTHER INCOME

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Gain on disposal of Property, plant and equipment (net)	48.29	85.68
(b) Interest Income -
- on Bank Deposits (at amortised cost)	4.47	17.64
- on Preference shares investment in a Subsidiary (at amortised cost)	25.83	25.74
- on Others	0.19	0.03
	30.49	43.41
(c) Gain on sale/MTM of Current Investments (at FVTPL) *	55.48	79.09
(d) Miscellaneous Income	0.10	10.55
	134.36	218.73

* Net of MTM loss of 14.16 crores (Previous Year : includes MTM gain of 42.67 crores).

NOTE 25 : EMPLOYEE BENEFITS EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Salaries and Wages	427.00	412.67
(b) Contribution to Provident and Other funds (Refer Note 31)	19.20	17.48
(c) Staff Welfare Expenses	31.84	27.54
	478.04	457.69

NOTE 26 : FINANCE COSTS

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Interest Cost *	231.34	249.92
(b) Other Borrowing Costs	2.70	2.38
(c) Exchange differences regarded as an adjustment to Borrowing Costs	42.25	(24.99)
	276.29	227.31

* Includes loss arising on Interest Rate Swap transactions

NOTE 27 : DEPRECIATION AND AMORTISATION EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Depreciation on Property, plant and equipment	433.87	436.49
(b) Depreciation on Right-of-use Assets	1.83	1.91
(c) Amortisation on Intangible Assets	0.24	0.25
	435.94	438.65

NOTE 28 : OTHER EXPENSES

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Hire of Chartered Ships	12.26	25.92
(b) Brokerage and Commission	22.50	18.94
(c) Agency Fees	9.28	10.38
(d) Repairs and Maintenance -
- Fleet	106.74	89.03
- Buildings	3.54	3.13
- Others	9.21	7.68
	119.49	99.84
(e) Insurance -
- Fleet Insurance and Protection and Indemnity Club Insurance	34.06	31.95
- Others	2.21	1.69
	36.27	33.64
(f) Foreign Exchange Loss/(Gain) (net)	(73.01)	55.06
(g) Loss/(Gain) on Derivatives Transactions (net)	(90.35)	(309.59)
(h) Provision/(Reversal of Provision) for Loss on Cancellation of Capital Contract	(14.99)	14.99

	CURRENT YEAR	PREVIOUS YEAR
(i) Rates and Taxes	0.46	0.48
(j) Bad Debts and Advances Written off	1.09	0.29
(k) Allowance for doubtful debts and advances (net)	(4.77)	(6.61)
(l) Travelling Expenses	41.55	33.69
(m) Payments to Auditor (Refer Note below)	1.04	0.86
(n) Expenditure on Corporate Social Responsibility Activities (Refer Notes 34 & 40)	6.61	3.36
(o) Miscellaneous Expenses	41.07	40.06
	108.50	21.31

Note :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Payments to Auditor -
- Auditor	0.92	0.82
- For Other Services	0.10	0.04
- For Reimbursement of Expenses	0.02	-*
	1.04	0.86

* Amount less than ` One Lakh

NOTE 29 : TAX EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Current Tax	25.00	25.00
(b) Deferred Tax	(6.12)	10.74
	18.88	35.74

Reconciliation of estimated income tax expense at statutory income tax rate to income tax expense reported in the Statement of Profit and Loss is as follows:

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Profit before Income Tax	830.55	1065.87
Indian statutory income tax rate (including surcharge and cess)	25.17%	25.17%
Expected income tax expense as per Indian statutory income tax rate	209.03	268.26
Tax effect of adjustments to reconcile expected income tax expense to reported income tax
expense :
Profit attributable to tonnage tax activity (net of Deemed Tonnage Income)	(167.03)	(213.78)
Items liable to tax in the year of settlement/payment	(2.58)	(1.35)
Deduction under Section 80M of the Income-tax Act, 1961 in respect of dividend income	(6.19)	-
Gain on disposal/held for sale of Property, plant and equipment (net)	(12.15)	(21.56)
Others	(2.20)	4.17
Provision for Current Tax and Deferred Tax as per Books	18.88	35.74

The Company has opted for computation of its income from shipping activities under Tonnage Tax Scheme as per Section 115VA of the Income-tax Act, 1961. Thus, income from the business of operating ships is assessed on the basis of the Deemed Tonnage Income of the Company and no deferred tax is applicable to such income as there are no temporary differences.

The Company, with effect from financial year 2019-20, has chosen to exercise the option of lower tax rate of 25.17% (inclusive of surcharge and cess) under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019.

The contingent liability includes liability for matters arising out of disallowance under Section 14A of the Income-tax Act, 1961 upto Assessment Year 2018-19. Similar claims have been made by the Company for subsequent assessment years for which assessments are pending.

NOTE 30 : BASIC AND DILUTED EARNINGS PER SHARE

	CURRENT YEAR	PREVIOUS YEAR
(a) Net Profit After Tax (` in crores)	811.67	1030.13
(b) Number of Equity Shares
(i) Basic Earnings per Share :
Weighted Average Number of Equity Shares	14,64,60,377	14,69,66,484
(ii) Diluted Earnings per Share :
Weighted Average Number of Equity Shares	14,64,60,377	14,69,66,484
Shares deemed to be issued for no consideration in respect of :
- Rights Shares kept in abeyance	2,85,523	2,82,273
Weighted Average Number of Equity Shares adjusted for the effect of dilution	14,67,45,900	14,72,48,757
(c) Face Value of Equity Share (in `)	10.00	10.00
(d) Earnings per Share (in `)
- Basic	55.42	70.09
- Diluted	55.31	69.96

NOTE 31 : EMPLOYEE BENEFIT PLANS

A) Defined Contribution Plans :

(i) The Company has recognised the following amounts in the Statement of Profit and Loss for the year :

(` in crores)
PREVIOUS YEAR
5.52
1.27
0.85
0.92
0.66
0.10

(ii) General description of Defined Contribution Plans :

Superannuation Fund :

In addition to gratuity benefits, employees have the option to become a member of the Superannuation Fund Trust set up by the Company and receive benefits thereunder. It is a defined contribution plan. The Company makes contributions to the trust in respect of the said employees until their retirement or resignation. The Company recognises such contributions as an expense when incurred. The Company has no further obligation beyond its contribution.

National Pension Scheme (NPS) :

NPS is an additional option for offering retirement benefits to the employees. NPS is designed on defined contribution basis wherein the Company contributes to the employees account.

There is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from the investment of such wealth. The Company recognises such contributions as an expense when incurred. The Company has no further obligation beyond its contribution.

Seamen's Provident Fund :

The Company's contribution towards Provident Fund in respect of seamen i.e. crew who sail on Company's ships is paid to the Seamen's Provident Fund as per the National Maritime Board Agreement binding on the Company.

Seamen's Annuity Fund :

The Company's contribution towards Annuity in respect of seamen is paid to the Seamen's Annuity Fund as per the National Maritime Board Agreement binding on the Company.

Seamen's Rehabilitation Fund :

The Company's contribution towards rehabilitation in respect of seamen is paid to the National Maritime Board Rehabilitation and Welfare Trust as per the National Maritime Board Agreement binding on the Company.

Seamen's Gratuity Fund :

The Company's contribution towards Gratuity in respect of seamen is paid to the Seafarer's Welfare Fund Society as per the National Maritime Board Agreement binding on the Company.

B) Defined Benefit Plans and Other Long Term Benefits :

(i) Valuations in respect of Gratuity, Pension Plan for eligible Whole-time Directors, retired directors/spouses, Compensated Absences and Provident Fund have been carried out by an independent actuary as at the Balance Sheet date as per the Projected Unit Credit method, based on the following assumptions :

ACTUARIAL ASSUMPTIONS	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a) Discount Rate (p.a.)	6.86%	6.41%	6.86%	6.41%	6.86%	6.41%
(b) Salary Escalation Rate	4.00%-6.00% 4.00%-6.00%		-	-	6.00%	6.00%
(c) Mortality	IALM - Ultimate 2012-14	IALM - Ultimate 2012-14	LIC (a) (1996-98) Ultimate	LIC (a) (1996-98) Ultimate	IALM - Ultimate 2012-14	IALM - Ultimate 2012-14
(d) Withdrawal Rate	0.50%-11.67%	0.50%-9.33%	-		- 5.33%-11.67%	4.67%-9.33%
(e) Expected average remaining service (in years)	17.14	18.19	-	-	6.62	7.64
(f) Weighted average remaining duration of defined benefit obligation (in years)	8.45	7.05	-	-	3.73	4.31

(ii) Changes in present value of obligations :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Liability at the beginning of the year	26.97	26.82	28.22	30.02	2.93	2.57
Current Service Cost	1.14	1.15	-	-	0.15	0.60
Interest Cost	1.59	1.63	1.81	1.96	0.16	0.15
Actuarial (Gain)/Loss on obligations	1.71	0.63	(0.58)	(1.93)	0.31	0.13
Benefits Paid	(1.90)	(3.26)	(1.95)	(1.83)	(0.39)	(0.52)
Liability at the end of the year	29.51	26.97	27.50	28.22	3.16	2.93

(iii) Changes in Fair value of Plan Assets :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Fair Value of Plan Assets at the beginning of the year	29.76	25.49	-	-	-	-
Adjustment to Opening Balance	(1.06)	1.33	-	-	-	-
Return on Plan Assets excluding amount included in interest income	0.56	3.20	-	-	-	-
Interest Income	1.73	1.66	-	-	-	-
Employer's Contributions	1.64	1.34	1.95	1.83	0.39	0.52
Benefits Paid	(1.90)	(3.26)	(1.95)	(1.83)	(0.39)	(0.52)
Internal fund transfer	(0.77)	-	-	-	-	-
Fair Value of Plan Assets at the end of the year	29.96	29.76	-	-	-	-

(iv) Funded Status :

		(` in crores)
	GRATUITY
	AS AT 31/03/2022	AS AT 31/03/2021
Present value of funded defined benefit obligation	29.51	26.97
Fair value of plan assets	(29.96)	(29.76)
(Surplus)/Deficit of Plan assets over obligations	(0.45)	(2.79)

(v) Remeasurement of the net defined liability/(asset) :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
(Gain)/Loss on obligation due to change in demographic assumptions	0.22	0.44	-	-	-	-
(Gain)/Loss on obligation due to change in financial assumptions	(0.89)	0.19	-	-	(0.05)	0.01
(Gain)/Loss on obligation due to change in experience adjustments	2.38	-	(0.58)	(1.93)	0.36	0.11
Total Actuarial (Gain)/Loss	1.71	0.63	(0.58)	(1.93)	0.31	0.12

(vi) Actual Return on Plan Assets :

		(` in crores)
	GRATUITY
	CURRENT YEAR	PREVIOUS YEAR
Return on Plan Assets excluding interest Income	0.56	3.20
Interest Income	1.73	1.66
Actual Return on Plan Assets	2.29	4.86

(vii) Amount Recognised in the Balance Sheet :

	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Liability at the end of the year	29.51	26.97	27.50	28.22	3.16	2.93
Fair Value of Plan Assets at the end of the year	(29.96)	(29.76)	-	-	-	-
Short Term Liability	-	-	-	-	1.27	1.58
(Asset)/Liability recognised in the Balance Sheet (net)	(0.45)	(2.79)	27.50	28.22	4.43	4.51

(viii)Expenses recognised in the Statement of Profit and Loss :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Current Service Cost	1.14	1.15	-	-	0.15	0.60
Net Interest	(0.14)	(0.03)	1.81	1.96	0.16	0.15
Net Actuarial (Gain)/Loss to be recognised	-	-	-	-	0.31	0.12
Expenses recognised in the Statement of Profit and Loss	1.00	1.12	1.81	1.96	0.62	0.87

(` in crores)

(ix) Other Comprehensive Income (OCI) :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Actuarial (Gain)/Loss recognised for the period	1.71	0.63	(0.58)	(1.93)	-	-
Return on Plan Assets excluding interest Income	(0.56)	(3.20)	-	-	-	-
Total Actuarial (Gain)/Loss recognised in OCI	1.15	(2.57)	(0.58)	(1.93)	-	-

(x) The fair values of the plan assets at the end of the reporting period for each category, are as follows :

		(` in crores)
	GRATUITY
	AS AT 31/03/2022	AS AT 31/03/2021
Public Sector Bonds	-	0.30
HDFC Group Unit Linked Plan	29.96	29.46
Total	29.96	29.76

The fair values of the above instruments are determined based on quoted market prices in active markets.

(xi) Sensitivity Analysis :

				(` in crores)
PRESENT VALUE OF	DISCOUNT RATE		SALARY ESCALATION RATE
OBLIGATIONS	+1%	-1%	+1%	-1%
Gratuity	27.72	31.58	31.11	28.11
Pension	26.52	30.37	-	-
Compensated Absences	3.04	3.27	3.27	3.05

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

(xii) The defined benefit obligations shall mature after year ended March 31, 2022 as follows :

						(` in crores)
PRESENT VALUE OF OBLIGATIONS	FIRST YEAR	SECOND YEAR	THIRD YEAR	FOURTH YEAR	FIFTH YEAR	SIXTH TO TENTH YEAR
Gratuity	5.02	3.84	3.58	2.77	2.52	9.91
Pension	1.95	1.95	1.95	1.95	1.95	9.77
Compensated Absences	2.41	0.90	0.31	0.35	0.25	0.83

(xiii)General description of Defined Benefit Plans :

Gratuity Plan :

Gratuity is payable to all eligible employees of the Company on superannuation, death, permanent disablement or resignation in terms of the provisions of the Payment of Gratuity Act or as per the Company's scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn basic salary.

The defined benefit plan is administered by a separate fund that is legally separated from the Company. The Company's investment strategy in respect of its funded plan is implemented within the framework of the applicable statutory requirements.

The plan exposes the Company to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

- Investment/Interest Rate Risk

The Company is exposed to investment/interest rate risk if the return on the invested fund falls below the discount rate used to arrive at present value of the benefit.

- Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating from the employer for any reason.

- Salary Risk

The Company is exposed to higher liability if the future salaries rise more than assumption of salary escalation.

The Company does an Asset - Liability matching study each year in which the consequences of the strategic investment policies are analysed in terms of risk and return profiles.

Retirement Benefit Scheme including Pension Plan :

Under the Company's Retirement Benefit Scheme for the eligible Whole-time Directors, all the eligible Whole-time Directors are entitled to the benefits of the scheme only after attaining the age of 62 years, except for retirement due to physical disability or death while in office, in which case, the benefits shall start on his retirement due to such physical disability or death. The benefits are in the form of monthly pension @ 50% of his eligible salary subject to maximum of 1.25 crores p.a. during his lifetime. If he predeceases the spouse, she will be paid monthly pension @ 50% of eligible pension during her lifetime. Benefits include reimbursement of medical expenses for self and spouse, overseas medical treatment upto 0.50 crore for self/spouse, office space including office facilities in the Company's office premises. Benefits also include use of Company's car including reimbursement of driver's salary and other related expenses during his lifetime and in the event of his demise, his spouse will be entitled to avail the said benefit during her lifetime.

Compensated Absences :

All eligible union grade employees had an option to freeze the accumulated leave balance as on June 30, 2008. Such frozen accumulated leave balance will be encashed as per the last drawn basic salary at the time of superannuation, death, permanent disablement, resignation or promotion to the non-union category.

With effect from April 01, 2012, all eligible non-union employees have an option to freeze their leave accumulation days on 30th June every year and such frozen accumulated leave balance will be encashed as per the basic salary for the month of June of the relevant year for which leave was frozen at the time of superannuation, death, permanent disablement or resignation.

For all union and non-union grade employees, maximum leave that can be carried forward is 15 days.

The leave over and above 15 days is encashed and paid to employees on an annual basis.

Provident Fund :

Eligible employees of the Company receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government-administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government. The Company has an obligation to make good the shortfall, if any.

The details of fund and plan asset position are as follows :

		(` in crores)
FUNDED STATUS	AS AT 31/03/2022	AS AT 31/03/2021
Present value of funded defined benefit obligation	240.59	225.81
Fair value of plan assets	(247.49)	(226.00)
(Surplus)/Deficit of Plan assets over obligations	(6.90)	(0.19)

The plan assets have been invested in government securities, private and public sector bonds.

Assumptions used in determining the present value obligation of the interest rate guarantee :

ACTUARIAL ASSUMPTIONS	AS AT 31/03/2022	AS AT 31/03/2021
(a) Government of India (GOI) bond yield	6.86%	6.41%
(b) Average remaining tenure of investment portfolio (in years)	5.29	5.63
(c) Expected guaranteed interest rate *	8.10%	8.50%

* Rate recommended by Central Board of Trustees, EPF for the current year and previous year and the same is used for valuation purpose.

The Company contributed 6.93 crores to the Provident Fund Trust during the current year (Previous Year : 6.14 crores), and the same has been recognised in the Statement of Profit and Loss under the head Employee Benefits Expense.

During the current year, the Company has made provision of 1.53 crores (Previous Year : 1.55 crores), being the change in remeasurement of the defined benefit plans due to impairment in the value of certain investments made in securities by the trusts managing the defined benefit plans of the Company.

NOTE 32 : SEGMENT REPORTING

The Company is engaged only in shipping business segment and there are no separate reportable segments as per Ind AS 108, 'Operating Segments'.

Information concerning principal geographic areas is as follows :

			(` in crores)
(a)	PARTICULARS	CURRENT YEAR	PREVIOUS YEAR
	Revenue from operations :
	- Revenue from customers located outside India	1824.52	1526.40
	- Revenue from customers located within India	973.32	1116.09
		2797.84	2642.49

(b) Substantial assets of the Company are ships, which are operating across the world, in view of which they can not be identified by any particular geographical area.

(c) Information about major customers :

Included in revenue from operations of 2797.84 crores (Previous Year : 2642.49 crores) are revenues of approximately 242.89 crores (Previous Year : 347.04 crores) which arose from sales to the Company's largest customer. No other single customer contributed 10% or more to the Company's revenue for both current year and previous year.

NOTE 33 : RIGHT-OF-USE ASSETS (ROU) AND LEASE LIABILITIES

The Company's lease assets primarily consist of leases for buildings and IT equipments. The Company has elected to apply recognition exemption as per Ind AS 116 for leases which are expiring within 12 months from the date of transition by class of assets and leases for which the underlying asset is of low value on a lease by lease basis. The Company has also used the practical expedient provided by the standard when applying Ind AS 116 to leases. The Company has used a single discount rate to a portfolio of leases with similar characteristics.

Right-of-use Assets

The following is the movement in right-of-use assets :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	5.20	7.11
Depreciation	(1.83)	(1.91)
Closing Balance	3.37	5.20

The aggregate depreciation on ROU assets has been included under depreciation and amortisation expense in the Statement of Profit and Loss (Refer Note 27).

Lease Liabilities

The following is the movement in lease liabilities :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	6.07	7.44
Finance cost accrued during the year	0.46	0.59
Payment of lease liability	(1.91)	(1.96)
Closing Balance (Refer Note 37(E)(v))	4.62	6.07

NOTE 34 : RELATED PARTY TRANSACTIONS

(I) List of Related Parties :

(a) Parties where control exists :

Subsidiary Companies :

The Greatship (Singapore) Pte. Ltd., Singapore The Great Eastern Chartering L.L.C. (FZC), U.A.E. and its subsidiary : - The Great Eastern Chartering (Singapore) Pte. Ltd., Singapore Great Eastern CSR Foundation, India Great Eastern Services Ltd., India (w.e.f. June 23, 2020) Greatship (India) Ltd., India and its subsidiaries : - Greatship Global Offshore Services Pte. Ltd., Singapore - Greatship Global Energy Services Pte. Ltd., Singapore

• Greatship (UK) Ltd., UK
• Greatship Oilfield Services Ltd., India

(b) Key Management Personnel and close members of their family in employment with the Company :

Mr. K. M. Sheth	- Non-Executive Chairman, father of Mr. Bharat K. Sheth and Mr. Ravi K. Sheth
Mr. Bharat K. Sheth	- Deputy Chairman and Managing Director
Mr. Tapas Icot	- Executive Director and President-Shipping
Mr. G. Shivakumar	- Executive Director and Chief Financial Officer
Mr. Jayesh Trivedi	- Company Secretary
Mr. Ravi K. Sheth	- Non-Executive Director
Mr. Berjis Desai	- Non-Executive Director
Mr. Cyrus Guzder	- Non-Executive Director
Mrs. Rita Bhagwati	- Non-Executive Director
Dr. Shankar Acharya	- Non-Executive Director
Mr. Vineet Nayyar	- Non-Executive Director
Mr. Raju Shukla	- Non-Executive Director
Mr. Ranjit Pandit	- Non-Executive Director
Mr. Urjit Patel	- Non-Executive Director (up to January 31, 2022)
Mr. Rahul R. Sheth	- Son of Mr. Ravi K. Sheth

(c) Other related parties where transactions exist :

Employees' Benefit Plans :

The Provident Fund of The Great Eastern Shipping Company Ltd. The Great Eastern Shipping Co. Ltd. Employees Gratuity Fund The Great Eastern Shipping Co. Limited Executives Superannuation Fund The Great Eastern Shipping Co. Ltd. Floating Staff Superannuation Fund The Great Eastern Shipping Co. Ltd. Staff Superannuation Fund

(II) Transactions with Related Parties :

						(` in crores)
(A) NATURE OF TRANSACTIONS		SUBSIDIARY COMPANIES		OTHER RELATED PARTIES	KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Services received from	4.21	6.20	-	-	-	-
- The Greatship (Singapore) Pte. Ltd.
Interest income on preference shares investment	25.83	25.74	-	-	-	-
- Greatship (India) Ltd.
Services rendered to	1.25	1.94	-	-	-	-
- Greatship (India) Ltd.
Contribution towards	6.61	3.36	-	-	-	-
- Great Eastern CSR Foundation
Investment in Equity Share Capital	-	0.10	-	-	-	-
- Great Eastern Services Limited
Contribution to post-employment benefit plans (Refer Note (i) below)	-	-	14.64	7.72	-	-
Compensation to key management personnel and close members of their family
- Salaries	-	-	-	-	8.07	7.89
- Post-employment benefits (Refer Note (ii) below)	-	-	-	-	2.92	3.40
- Sitting fees	-	-	-	-	0.79	0.63
- Variable pay/Commission	-	-	-	-	6.32	6.45
- Dividend	-	-	-	-	45.43	8.91

(` in crores)
(B) OUTSTANDING BALANCES	SUBSIDIARY COMPANIES			OTHER RELATED PARTIES		KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Receivables	0.89	1.44	-	-	-	-
- Greatship (India) Ltd.
Interest Income Receivable	25.83	25.74	-	-	-	-
- Greatship (India) Ltd.
Payables	0.67	0.65	-	-	-	-
- The Greatship (Singapore) Pte Ltd.
0.23 crore (as at March 31, 2021 :<br> 0.23 crore)
- The Great Eastern Chartering L.L.C. (FZC)
0.44 crore (as at March 31, 2021 :<br> 0.42 crore)
- Post-employment benefit plans	-	-	(0.19)	(0.16)	-	-
- Variable pay/Commission payable	-	-	-	-	6.32	6.45
- Provision for retirement benefits	-	-	-	-	25.98	26.61

Notes :

(i) Contribution to post-employment benefit plans to the extent of 1.23 crores (Previous Year : 1.26 crores) in respect of key management personnel and close members of their family is included under Post-employment benefits.

(ii) Post-employment benefits include reversal of provision for retirement pension benefits payable 0.04 crore (Previous Year : provision made of 0.22 crore) on the basis of actuarial valuation as per the Retirement Benefits Scheme approved by the Board of Directors.

NOTE 35 : CAPITAL COMMITMENTS

		(` in crores)
PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
Estimated amount of contracts, net of advances paid thereon, remaining to be executed on	39.89	275.65
capital account and not provided for

NOTE 36 : CONTINGENT LIABILITIES

			(` in crores)
SR. NO.	PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
	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. *	4.73	4.73
(b)	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.	4.34	4.34
(c)	Demand for Custom Duty disputed by the Company. *	7.07	6.52
	[The Company has given bank guarantees amounting to 3.63 crores (as at<br>March 31, 2021 : 3.63 crores) against the said Custom Duty demand.]
(d)	Income Tax Demands for various Assessment Years disputed by the Company.	44.94	41.58
(e)	Demand for wharfage charges against which the Company has tendered a bank guarantee. Stay is obtained under a Writ Petition filed against Chennai Port Trust for restraining encashment of bank guarantee.	0.99	0.99

* Amounts pertaining to points above are excluding interest and penalty.

Notes :

(i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

• (ii) The Company does not expect any reimbursements in respect of the above contingent liabilities.
• (iii) The Company's pending litigations comprise of claims pertaining to proceedings pending with Income Tax, Custom, Sales Tax/VAT, Service Tax and other authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions were required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

NOTE 37 : FINANCIAL INSTRUMENTS

A. Capital Management :

The Company's capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.

The capital structure of the Company consists of net debt (borrowings as detailed in Note 16 and offset by cash and bank balances and current investments) and total equity of the Company.

The Company is not subject to any externally imposed capital requirements.

The Company's risk management committee reviews the capital structure of the Company on a regular basis considering the cyclicity of business.

The gearing ratio was as follows:

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Debt *	3552.37	3856.60
Less : Cash and bank balances (other than margin money deposits and unpaid dividend account) including current investments	(3044.12)	(3129.03)
Net debt	508.25	727.57
Total equity	6571.43	6097.99
Net debt to equity ratio	0.08	0.12

* Debt includes redeemable non-convertible debentures, term loans from banks and accrued interest.

B. Financial Assets and Liabilities :

The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which incomes and expenses are recognised, in respect of each class of financial asset, financial liability and equity instruments are disclosed in Note 2(q) to the financial statements.

The carrying amounts of financial instruments by categories are as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Financial Assets :
Measured at Amortised Cost *
- Investments in subsidiaries
- Preference shares	381.74	380.50
- Trade Receivables	209.31	151.60
- Cash and Cash Equivalents	1115.82	1466.39
- Other Bank Balances	920.38	382.49
- Other Financial Assets	64.22	27.74
Measured at Fair value through Profit or Loss
- Investments in Mutual Funds	1017.27	1289.62
- Derivative Contracts	96.39	98.90
Measured at Fair value through OCI
- Derivative Contracts	59.48	36.07
Total	3864.61	3833.31
Financial Liabilities :
Measured at Amortised Cost *
- Borrowings	3429.56	3715.25
- Trade Payables	288.31	220.80
- Other Financial Liabilities	148.38	161.09
Measured at Fair value through Profit or Loss
- Derivative Contracts	400.77	517.32
Measured at Fair value through OCI
- Derivative Contracts	1.56	14.31
Total	4268.58	4628.77

* The fair values of the financial assets and financial liabilities are not materially different (difference being in range of 5% of the carrying amounts) from their carrying amounts.

C. Fair value hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels :

Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

The following table presents assets and liabilities measured at fair value and classified by the level of the following fair value measurements hierarchy :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Financial Assets :
Measured at Level 2
- Investments in Mutual Funds	1017.27	1289.62
- Derivative Contracts	155.87	134.97
Total	1173.14	1424.59
Financial Liabilities :
Measured at Level 2
- Derivative Contracts	402.33	531.63
Total	402.33	531.63

Valuation technique and key inputs :

Investments in Mutual Funds are valued at the net asset value of the respective units. Derivative instruments are fair valued at the discounted cash flows. Future cash flows are estimated based on forward exchange/interest rates and contract forward/interest rates discounted at a rate that reflects the credit risk of various counterparties.

D. Derivative financial instrument and risk management :

The Company uses foreign exchange forward contracts and interest rate swaps to hedge its exposure to the movements in foreign exchange and interest rates. The use of these reduces the risk to the Company arising out of movement in exchange and interest rates. The Company does not use foreign exchange forward contracts and interest rate swaps for trading purpose. The Company has also entered into cross currency swaps to swap its INR borrowings into US dollars to mitigate the exchange risk arising out of foreign currency receivables. The interest rate swap component in the cross currency swap reduces the effective interest costs to the Company. The Company also uses commodity futures contracts for hedging the exposure to bunker price risk.

(i) Derivative instruments in hedging relationship (Cash Flow Hedges) :

(a) Interest Rate Swap Contracts :

DETAILS	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding	9	9
Principal Notional Amount (USD in million)	75.136	98.414
Fair Value gain/(loss)- net (` in crores) (Excluding interest accrued)	17.95	(8.32)
Maturity Period	Upto 7 Years	Upto 8 Years

(b) Bunker Swap Contracts :

DETAILS	AS AT 31/03/2022		AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	4	-	13	-
No of Units in MT under above contracts	14000	-	46500	-
Fair Value gain/(loss)- net (` in crores)	39.97	-	30.08	-
Maturity Period	Upto 1 Year	-	Upto 2 Years	-

The interest rate swaps are entered to hedge interest payments from floating to fixed on borrowings. The bunker swaps are entered to hedge the bunker price risk. Fair value gains/(losses) on the interest rate swaps contracts and bunker swap contracts recognised in Cash Flow Hedging Reserve are transferred to the Statement of Profit and Loss as part of interest expense and fuel oil and water expense on settlement. The fair value on reporting date is reported under "Other financial assets" and "Other financial liabilities".

The hedging gain recognised in other comprehensive income during the year is 65.74 crores (Previous Year : 57.15 crores) of which gain of 29.92 crores (Previous Year : loss of 2.47 crores) has been reclassified to Statement of Profit and Loss.

(ii) Derivative instruments not in hedging relationship :

(a) Forward Exchange Contracts :

DETAILS	AS AT 31/03/2022		AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	-	23	-	30
Foreign Currency Value (USD in million)	-	14.250	-	15.000
Fair Value gain/(loss)- net (` in crores)	-	0.74	-	2.50
Maturity Period	-	Upto 1 Year	-	Upto 1 Year

(b) Cross Currency Forward Exchange Contracts :

DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding		-	1
Foreign Currency Value (USD in million)	USD/EUR	-	1.198
Fair Value gain/(loss)- net (` in crores)		-	(0.15)
Maturity Period		-	Upto 1 Year

Forward exchange contracts and cross currency forward exchange contracts mentioned under (ii) above economically hedge the underlying exposures but hedge accounting is not opted for the same. The gains/(losses) on such are recognised in the Statement of Profit and Loss.

Forward exchange contracts and cross currency forward exchange contracts were entered into to hedge existing transactions/firm commitments denominated in foreign currency.

(iii) Currency Swap Contracts :

Currency Swap Contracts (INR to USD) :

DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding		34	36
Principal Notional Amount (` in crores)	INR/USD	2350.00	2550.00
Fair Value gain/(loss)- net (` in crores)		(305.12)	(420.77)
Maturity Period		Upto 7 Years	Upto 8 Years

The mark-to-market loss on above mentioned currency swap contracts is recognised in the Statement of Profit and Loss.

E. Market risk :

(i) Foreign currency risk management :

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuation arise.

The Company's exposure to unhedged foreign currency is listed as under :

DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
		(CURRENCY IN MILLIONS)	(CURRENCY IN MILLIONS)	(IN CRORES) | ( IN CRORES)
Loan Liabilities and Payables	AED	3.241	1.911	6.69	3.80
	AUD	0.057	0.009	0.32	0.05
	CAD	0.009	0.005	0.05	0.03
	CHF	0.014	0.008	0.11	0.06
	CNY	-	0.023	-	0.03
	DKK	0.643	1.159	0.73	1.34
	EUR	0.890	1.106	7.50	9.48
	GBP	0.066	0.050	0.66	0.50
	JPY	55.608	20.735	3.46	1.37
	NOK	0.152	0.125	0.13	0.11
	SAR	0.028	-	0.06	-
	SEK	0.019	0.02	0.02	0.02
	SGD	0.963	0.805	5.39	4.38
	USD	535.654	590.042	4059.72	4313.80
	ZAR	0.085	-	0.04	-
Receivables	AUD	0.007	0.002	0.04	0.01
	AED	0.007	-	0.01	-
	CHF	0.013	0.008	0.11	0.06
	DKK	0.670	0.909	0.76	1.05
	EUR	0.467	0.704	3.93	6.04
	GBP	0.095	0.091	0.94	0.92
	JPY	9.535	9.355	0.59	0.62
	NOK	0.110	0.035	0.10	0.03
	SGD	0.079	0.069	0.44	0.38
	USD	41.505	17.193	314.57	125.70
Bank Balances	AED	0.168	0.010	0.35	0.02
	EUR	-	0.092	-	0.79
	SGD	0.066	0.277	0.37	1.51
	USD	264.168	248.505	2002.13	1816.82

Sensitivity Analysis :

A 5% strengthening/weakening of Indian Rupee against key currencies to which the Company is exposed (net of hedge), with all other variables being held constant, would have led to approximately a gain/loss of 88.03 crores (Previous Year : 119.05 crores) in the Statement of Profit and Loss.

(ii) Interest rate risk :

The Company has mix of fixed and floating rate loans and generally uses Interest rate swaps as cash flow hedges of future interest payments, which have economic effect of converting the borrowings from floating to fixed interest rate loans. Under the Interest rate swaps, the Company agrees with other parties to exchange, at specified intervals, the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal amounts.

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Company are principally denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Company hedges its US dollar interest rate risk through interest rate swaps to reduce the floating interest rate risk. The Company has exposure to interest rate risk, arising principally on changes in base lending rate and LIBOR rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts.

The following table provides a breakup of the Company's fixed and floating rate borrowings :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Fixed Rate Borrowings	2350.00	2550.00
Floating Rate Borrowings	1088.18	1175.12
Total Borrowings (Gross)	3438.18	3725.12

Sensitivity Analysis :

The sensitivity analysis has been determined based on the exposure to interest rates for floating rate liabilities. A 0.50% decrease in interest rates would have led to approximately gain of 2.83 crores (Previous Year : 3.04 crores) in the Statement of Profit and Loss. A 0.50% increase in interest rate would have led to an equal but opposite effect.

(iii) Price risk :

The Company is mainly exposed to the price risk due to its investment in debt mutual funds. The price risk arises due to uncertainties about the future market values of these investments.

Sensitivity Analysis :

A 1% increase in prices would have led to approximately an additional gain of 10.17 crores (Previous Year : 12.90 crores) in the Statement of Profit and Loss. A 1% decrease in prices would have led to an equal but opposite effect.

(iv) Credit risk management :

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. The major class of financial asset of the Company are bank deposits, derivatives, mutual funds and trade receivables. For credit exposures to customer, the management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors.

As the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented in the Balance Sheet.

Cash and Cash Equivalents, derivatives and mutual fund investments :

Credit risk on cash and cash equivalents is limited as the Company invests in deposits with banks with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual funds units from reputed funds. For derivative and financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks having high credit ratings assigned by credit rating agencies.

Trade receivables :

Trade receivables consist of a large number of various types of customers, spread across geographical areas. Credit risk arising from trade receivables is managed in accordance with the Company's established policy, procedures and control relating to customer credit risk management. Ongoing credit evaluation is performed on these trade receivables and where appropriate, allowance for losses are provided.

Exposure to credit risk :

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was 3864.61 crores as at March 31, 2022 (as at March 31, 2021 : 3833.31 crores), being the total of the carrying amount of investment in subsidiaries (other than investments in equity instruments of subsidiaries), cash and cash equivalents, other bank balances, trade receivables, investments in mutual funds and other financial assets including derivatives instruments.

The ageing analysis of the trade receivables of the company that are past due but not provided as doubtful debts is as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Overdue
- Less than 180 days	155.66	121.39
- More than 180 days	17.98	9.83
	173.64	131.22

The carrying amounts of trade receivables provided as doubtful debts are as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Overdue
- Less than 180 days	6.85	6.23
- More than 180 days	9.12	14.74
Less : Allowance for doubtful debts	(15.97)	(20.97)
	-	-

(v) Liquidity risk management :

Liquidity risk may arise from inability to meet financial obligations, including loan repayments and payments for vessel acquisitions. This is dealt with by keeping low leverage, as a result of which the Company is able to borrow even in challenging markets. It is also mitigated by keeping substantial liquidity at all times, which enables the Company to capitalise on any opportunities that may arise.

The following table shows the maturity analysis of the financial liabilities based on contractually agreed undiscounted cash flows :

				(` in crores)
	PAYABLE WITHIN 1 YEAR	PAYABLE WITHIN 2 - 5 YEARS	PAYABLE MORE THAN 5 YEARS	TOTAL
As at March 31, 2022
Borrowings	461.46	2220.12	756.60	3438.18
Interest Commitments	217.22	533.15	50.58	800.95
Trade payables	288.31	-	-	288.31
Unpaid Dividend	9.34	-	-	9.34
Interest Accrued but not due on Borrowings	114.19	-	-	114.19
Derivative Contracts	144.44	111.76	146.13	402.33
Other Financial Liabilities	20.23	-	-	20.23
Lease Liabilities	1.12	3.50	-	4.62
	1256.31	2868.53	953.31	5078.15
As at March 31, 2021
Borrowings	476.61	1988.90	1259.61	3725.12
Interest Commitments	221.94	664.61	119.37	1005.92
Trade payables	220.80	-	-	220.80
Unpaid Dividend	9.46	-	-	9.46
Interest Accrued but not due on Borrowings	131.48	-	-	131.48
Derivative Contracts	139.83	132.32	259.48	531.63
Other Financial Liabilities	14.08	-	-	14.08
Lease Liabilities	1.46	4.61	-	6.07
	1215.66	2790.44	1638.46	5644.56

NOTE 38 : GOVERNMENT GRANTS

The Company receives government assistance in the form of Duty Free Credit Entitlement Certificates (DFCEC) under Service Exports From India Scheme (SEIS), which are issued to eligible Indian service providers having free foreign exchange earnings. It can be utilised for duty-free imports of office and professional equipment, spares, furniture and consumables or any other items notified by the Government from time to time.

Following are the balances of DFCEC held by the Company :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	-	0.72
Less : Amount utilised during the year	-	(0.72)
Closing Balance	-	-

NOTE 39 : PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS COVERED UNDER SECTION 186 OF THE COMPANIES ACT, 2013

• (a) No loans or guarantees have been given to subsidiaries during the year.
• (b) The particulars of the Company's investments in wholly owned subsidiaries are disclosed in Note 5.

NOTE 40 : CORPORATE SOCIAL RESPONSIBILITY (CSR)

			(` in crores)
SR. NO.	PARTICULARS	CURRENT YEAR	PREVIOUS YEAR
(a)	Amount required to be spent by the Company during the year,	5.03	1.22
(b)	Amount of expenditure incurred,	6.61	3.36
(c)	Shortfall at the end of the year,	-	-
(d)	Total of previous years shortfall,	-	-
(e)	Reason for shortfall,	Not Applicable	Not Applicable
(f)	Nature of CSR activities, The areas of CSR activities undertaken by the Company through the Great Eastern CSR Foundation, a trust setup for the purpose are : - COVID -19 : Support & rehabilitation program. - Education : Foundation is committed to support initiatives that aim to improve the quality of education, with a focus on building capacities of teachers and educators. - Health : Foundation aims to improve health outcomes for adolescent girls, pregnant women, infants, other women and communities at large. - Livelihoods : Foundation aims to enhance livelihood opportunities for women and youth by supporting organisations that focus on skill building, women empowerment and sustainable farming practices. - Sports : Foundation for Promoting Sports and Games and contributing to their Olympic Gold Quest (OGQ) program, for training and support of athletes and para athletes who have the potential to win Olympic Gold Medals.
(g)	Details of related party transactions, e.g., contribution to a trust controlled by the Company in relation to CSR expenditure as per relevant Accounting Standard (Refer Note 34),	6.61	3.36
(h)	Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year shall be shown separately.	-	-

NOTE 41 : CONTRACT BALANCES

		(` in crores)
PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
Trade Receivables	173.64	131.22
Contract Assets	97.83	44.66
Contract Liabilities	28.17	15.53

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Revenue recognised in the reporting period included in opening contracted liabilities	15.53	21.56

Contract assets include mainly unbilled revenue. Contract liabilities are towards charter hire received in advance and part of the freight amount received for incomplete voyages which will be recognised as per progress of the voyage.

Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the remaining performance obligation related to contracts as the original expected duration of these contracts is one year or less.

Payment terms differ for each charter party contract. In case of time charter, the amounts receivable from customers become due in advance on raising of invoice and in case of voyage charter, on expiry of credit period which on an average is a maximum of 90 days.

NOTE 42 : TIME CHARTER

The Company has entered into time charter agreements for vessels.

Future charter hire receivables under these time charter arrangements are as follows :

		(` in crores)
PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
Total Future Time Charter Receivables *
- Less than 1 year	379.26	439.32
- More than 1 year and less than 5 years	150.64	7.14
- More than 5 years	-	-

* the receivables (undiscounted) are calculated on full term employment basis at operating days rates as per time charter agreements.

Note :

The Company's operations include deployment of vessels on time charter basis for short term. The operation and maintenance of the vessels given on time charter, which includes specialised activities, is responsibility of the Company under the contract. Accordingly, the Company deploys trained and skilled crew to run the vessels for providing logistics services or for shipment of cargo, and ensures maintenance of these assets including dry docking, as per applicable regulatory standards. The charterer does not deploy its crew for these activities. The time charter rate negotiated with the charterer for provision of services which, inter-alia, involves all the above activities is a lumpsum day rate as per the industry practice, and hence, it is not possible to segregate any lease component embedded in the time charter rate for the purposes of the Ind AS 116.

NOTE 43 : ANALYTICAL RATIOS

SR NO.	PARTICULARS	CURRENT YEAR	PREVIOUS YEAR	% VARIANCE	REASONS FOR VARIANCE
(i)	Current Ratio (in times) [Current Assets/Current Liabilities]	3.34	3.44	-3.05%
(ii)	Debt Equity Ratio (in times) [Total Debt/Total Equity]	0.52	0.61	-14.75%
(iii)	Debt Service Coverage Ratio (in times) [Profit after tax plus Interest and Depreciation/Interest and lease payments expense plus Principal Repayments (net of refinancing) made during the period]	1.99	3.36	-40.94%	Higher repayment of debt vis a vis previous year.
(iv)	Return on Equity [Net Profit after tax/Average Shareholders' Equity]	12.81%	18.45%	-30.56%	Reduction in profit and increase in average net worth.
(v)	Inventory Turnover Ratio (in times) [Fuel Oil and Water cost for the period/ Average Inventory]	3.82	2.79	36.88%	Increase in fuel cost during the current year.
(vi)	Trade Receivables Turnover Ratio (in times) [Revenue from Operations (excluding other operating revenue for the period)/ Average Trade Receivables for the period ]	15.50	12.17	27.44%	Increase in turnover and reduction in average receivables during the year.
(vii)	Trade Payables Turnover Ratio (in times) [Total Expenses excluding interest and depreciation/Average Trade Payables for the period ]	5.59	4.74	17.99%
(viii)	Net Capital Turnover Ratio (in times) [Total Income/Working Capital]	1.13	1.12	1.12%
(ix)	Net Profit Ratio [Net Profit after tax/Total Income]	27.36%	35.61%	-23.16%
(x)	Return on Capital Employed [Earnings before interest and taxes/ Capital Employed]	11.05%	13.15%	-15.96%
(xi)	Return on Investments [Gain on Current Investments (at FVTPL)/Average Current Investments]	4.81%	7.32%	-34.31%	Lower returns on debt mutual funds.

NOTE 44 : OTHER STATUTORY INFORMATION

• (i) The Company does not have any benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.
• (ii) The Company has not taken any loans from banks or financial institutions against security of current assets and is not required to file quarterly returns or statements.
• (iii) The Company is not declared wilful defaulter by bank or financial institution or lender during the year.

• (iv) The Company does not have any transactions with companies struck off.
• (v) The Company does not have any charges or satisfaction which is yet to be registered with the Registrar of Companies beyond the statutory period.
• (vi) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
• (vii) The Company has used the borrowings from banks and financial institutions for the specific purpose for which they were obtained.
• (viii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall :
• (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or
• (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
• (ix) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall :
• (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or
• (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
• (x) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income-tax Act, 1961).
• (xi) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES/JOINT VENTURES

Form AOC - I

[Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014] PART "A" : SUBSIDIARIES

											( ) ` i n c ror es
SR	O NA ME F T HE	GR EA ST SH IP	GR EA T	TH E G RE AT	GR EA T	GR EA T	GR EA TS HI P	GR TS EA HI P	GR TS EA HI P	GR TS EA HI P	GR TS EA HI P
NO	SU BS IDI AR Y	( ) SIN GA PO RE	EA ST ER N	EA ST ER N	EA ST ER N	EA ST ER N	( ) IN DIA	GL OB AL	GL OB AL	( ) UK LIM ITE D	OI LF IEL D
		PT E.L TD	CH AR TE RIN G	CH AR TE RIN G	CS R	SE RV ICE S	LIM ITE D	OF FS HO RE	EN ER GY		SE RV IES LT D.
			( C) L.L .C FZ	( ) SIN GA PO RE	FO UN DA TIO N	LIM ITE D		SE RV ICE S	SE RV ICE S
1	fro wh ich be Da te it m ca me	28 /03 /19 94	01 /20 04 /11	PT E. LT D. /04 /20 13 17	26 /02 /20 15	23 /06 /20 20	26 /06 /20 02	PT E. LT D. 08 /05 /20 07	PT E. LT D. 23 /10 /20 06	29 /10 /20 10	09 /07 /20 15
	ub sid iar a s y
2	Re rtin eri od po g p	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22	31 /03 /20 22
3	Re rtin po g c urr en cy	SG D	US D	US D	INR	INR	INR	US D	US D	US D	INR
4	ha Exc e R ate ng as on	5<br>5.9<br>7 | 7 5.7 9	7<br>5.7<br>9 | 1 .00	1<br>.00 | 1 .00	7<br>5.7<br>9 | 7 5.7 9	7<br>5.7<br>9 | 1 .00
	31 /03 /20 22
5	Sh l ita are ca p	2.8 0	0.3 1	96 .63	0.0 5	0.1 0	1.3 11 5	53 8.5 7	37 .90	3.7 9	0.2 6
6	lus Re s & se rve su rp	3.3 5	19 0.1 0	( ) 59 .89	0.0 1	-	20 28 .86	( 0) 1.5	76 .28	1.7 0	( 8) 0.0
7	To tal set as s	6.4 6	19 2.7 4	50 .88	0.0 7	0.1 0	39 05 .31	55 5.0 7	11 4.7 8	19 .98	0.1 8
8	tal Li ab iliti To es	0.3 1	2.3 3	14 .14	0.0 1	- *	17 65 .10	18 .00	0.6 0	14 .49	-
9	(e lud Inv ing est nts me xc	-	10 7.4 0	-	-	-	32 .80	-	-	-	-
	) inv in s ub sid iar ies est nt me
10	Tu rno ve r	4.4 7	.24 11	-	6.6 1	-	61 5.7 4	0.0 11 4	1.0 0	0.0 2	-
11	( s) fit/ los bef Pro ta xat ion ore	( 2) 0.5	( ) 23 .20	( ) 48 .03	( 1) 0.0	- *	( 5) 17 1.3	22 .23	( 1) 0.1	( 3) 2.4	( 1) 0.0
12	fo Pro vis ion ion r ta xat	-	-	-	-	-	( ) 22 .30	-	0.0 4	-	-
13	fit/ ( s) aft Pro los ati tax er on	( 2) 0.5	( ) 23 .20	( ) 48 .03	( 1) 0.0	- *	( 5) 14 9.0	22 .23	( 5) 0.1	( 3) 2.4	( 1) 0.0
14	Pro sed di vid d po en	-	-	-	-	-	-	-	-	-	-
15	f s ha reh old % o ing	10 0%	10 0%	10 0%	10 0%	10 0%	10 0%	10 0%	10 0%	10 0%	10 0%

* less than ` one lakh

Notes :

• 1. Great Eastern Services Limited and Greatship Oilfield Services Limited are yet to commence operations.
• 2.Figures include foreign currency translation adjustment.

Part "B" : NOT APPLICABLE

G. ShivakumarExecutive Director & CFO(DIN : 03632124) Jayesh M. Trivedi Company Secretary (M. No. : 2822)

For and on behalf of the BoardK. M. Sheth

Chairman(DIN : 00022079)

Bharat K. ShethDeputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder

Director(DIN : 00080358)

Mumbai : May 06, 2022

INDEPENDENT AUDITOR'S REPORT To the Members of the Great Eastern Shipping Company Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of The Great Eastern Shipping Company Limited ("the Parent") and its subsidiaries, (the Parent and its subsidiaries together referred to as "the Group"), which comprise the Consolidated Balance Sheet as at March 31, 2022, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of reports of the other auditors on separate financial statements of the subsidiaries referred to in the Other Matters section below, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ('Ind AS'), and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2022, and their consolidated profit, their consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing specified under section 143 (10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matter

Key audit matter is the matter that, in our professional judgment, was of most significance in our audit of the consolidated financial statements of the current period. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. We have determined the matter described below to be the key audit matter to be communicated in our report.

KEY AUDIT MATTER	AUDITOR'S RESPONSE
Assessment of recoverable amounts of Vessels and Drilling Rigs – (Refer note 1(o), 5 and 30 of the consolidated financial statements)
The Group carries significant amount of property, plant and equipment on the statement of financial position, mainly in the form of vessels and drilling rigs aggregating to ` 8712.47 crores representing 62% of the total assets as at March 31, 2022.	Our Principal Audit Procedures included but were not limited to: • Obtaining a detailed understanding of key controls and processes with regard to identification of impairment indications, and assessment of recoverable amounts of the vessels and drilling rigs, where such indications exist, and testing operating effectiveness of such controls.
The Group assesses at the end of each reporting period whether there is any indication that a vessel and drilling rig may be impaired by considering internal and external sources of information.	• Assessing reasonableness of fair value of vessel and drilling rig considered by the Management by comparing the same with the valuations provided by external professional valuers.

The management assesses recoverable amount of each of the vessels and drilling rigs where such indications exist, based on higher of fair value less cost to sell and value in use. The fair value of a vessel and drilling rig is estimated based on the valuation provided by external professional valuers, which is based on brokers' price ideas and market knowledge. The 'value in use' is determined by discounting estimated future cash flows as per management forecast over balance useful life of a vessel and drilling rig to its present value. The future cash flows are estimated based on various assumptions relating to charter hire rates based on published external industry forecasts and historical performance, deployment pattern, operating costs and other expenses, scrap value, and discount rate.

KEY AUDIT MATTER AUDITOR'S RESPONSE

• Evaluating and challenging the key inputs and assumptions considered for cash flow forecasts for estimating 'value in use' especially related to charter hire rates with reference to historical performance and published external industry forecast, expected deployment with reference to historical pattern, operating costs with reference to Management budget and historical actuals, scrap value with reference to prevailing and forecast rates, and those considered for discount rate for which we also involved our internal experts, and assessing mathematical accuracy of the 'value-in-use' model.
• Assessing adequacy and appropriateness of the disclosures in the financial statements.

Information Other than the Financial Statements and Auditor's Report Thereon

• The Parent's Board of Directors is responsible for the other information. The other information comprises the information included in the Board's Report, Corporate Governance Report, Business Responsibility Report, The Year at a Glance, Financial Highlights and 5 Years at a Glance, but does not include the consolidated financial statements, standalone financial statements and our auditor's reports thereon.
• Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
• In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, compare with the financial statements of the subsidiaries audited by the other auditors, to the extent it relates to these entities and, in doing so, place reliance on the work of the other auditors and consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Other information so far as it relates to the subsidiaries, is traced from their financial statements audited by the other auditors.
• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management's Responsibility for the Consolidated Financial Statements

The Parent's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated changes in equity of the Group in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Parent Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Parent has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial statements.

We communicate with those charged with governance of the Parent and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements / financial information of 6 subsidiaries, whose financial statements / financial information reflect total assets of 888.27 crores as at March 31, 2022, total revenues of 114.24 crores and net cash outflows amounting to ` 12.62 crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of subsection (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.

Certain of these subsidiaries are located outside India whose financial statements/ financial and other information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the financial statements/ financial and other information of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Parent's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of the other auditors and the conversion adjustments prepared by the management of the Parent and audited by us.

Our opinion on the consolidated financial statements above and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

Report on Other Legal and Regulatory Requirements

• 1. As required by Section 143(3) of the Act, based on our audit and on the consideration of the reports of the other auditors on the separate financial statements/ financial information of the subsidiaries referred to in the Other Matters section above we report, to the extent applicable that:
• a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
• b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.
• c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements.
• d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under Section 133 of the Act.
• e) On the basis of the written representations received from the directors of the Parent as on March 31, 2022 taken on record by the Board of Directors of the Company and the reports of the statutory auditors of its subsidiary companies incorporated in India, none of the directors of the Group companies incorporated in India is disqualified as on March 31, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
• f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate Report in "Annexure A" which is based on the auditors' reports of the Parent and subsidiary companies, incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of internal financial controls over financial reporting of those companies.

g) With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended,

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Parent to its directors during the year is in accordance with the provisions of section 197 of the Act.

• h) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
• i) The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group.
• ii) Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
• iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Parent. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the subsidiary companies incorporated in India.
• iv) (a) The respective Managements of the Parent and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, as disclosed in note 46 to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Parent or any of such subsidiaries to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Parent or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. (b) The respective Managements of the Parent and its subsidiaries which are companies incorporated in India, whose financial statements have been audited under the Act, have represented to us that, to the best of their knowledge and belief, as disclosed in note 46 to the consolidated financial statements, no funds have been received by the Parent or any of such subsidiaries from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Parent or any of such subsidiaries shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances performed by us and those performed by the auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our notice that has caused us to believe that the representations under subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.

v) The final dividend proposed in the previous year, declared and paid by the Parent during the year is in accordance with section 123 of the Act, as applicable.

The first interim dividend declared and paid by the Parent during the year and until the date of this report is in accordance with section 123 of the Companies Act 2013. The second interim dividend relating to the financial year 2021-22, declared by the Parent is in accordance with section 123 of the Companies Act 2013 to the extent it applies to declaration of dividend.

However, the said second interim dividend was not due for payment on the date of this audit report.

1. With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the Companies (Auditor's Report) Order, 2020 ("CARO"/ "the Order") issued by the Central Government in terms of Section 143(11) of the Act, according to the information and explanations given to us, and based on the CARO reports issued by us included in the consolidated financial statements to which reporting under CARO is applicable, we report that there are no qualifications or adverse remarks in the CARO reports of the said companies included in the consolidated financial statements.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 UDIN: 22101708AIQRKB8809

Mumbai, May 06, 2022

74th Annual Report 2021-2022 Consolidated Financial Statements

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

In conjunction with our audit of the consolidated financial statements of The Great Eastern Shipping Company Limited (hereinafter referred to as "Parent") as of and for the year ended March 31, 2022, we have audited the internal financial controls over financial reporting of the Parent and its subsidiary companies, which are companies incorporated in India, as of that date.

Management's Responsibility for Internal Financial Controls

The respective Board of Directors of the Parent, its subsidiary companies, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Parent and its subsidiary companies, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") issued by the Institute of Chartered Accountants of India and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting of the Parent and its subsidiary companies, which are companies incorporated in India.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations given to us, the Parent and its subsidiary companies, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2022, based on the criteria for internal financial control over financial reporting established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 UDIN: 22101708AIQRKB8809

Mumbai, May 06, 2022

			(` in crores)
PARTICULARS	NOTE NO.	AS AT 31/03/2022	AS AT 31/03/2021
ASSETS
I. NON-CURRENT ASSETS :
(a) Property, Plant and Equipment	5	8849.65	9007.06
(b) Capital Work-in-progress	5	23.32	24.34
(c) Intangible Assets	6	0.22	0.38
(d) Intangible Assets under development	6	0.96	0.12
(e) Right-of-use Assets	36	26.67	34.52
(f) Financial Assets
(i) Non-Current Investments	7	0.78	0.65
(ii) Other Financial Assets	8	34.27	16.72
(g) Current Tax Assets (net)	9	96.16	130.44
(h) Other Non-Current Assets	10	31.93	78.27
		9063.96	9292.50
II. CURRENT ASSETS :
(a) Inventories	11	224.25	208.65
(b) Financial Assets
(i) Current Investments	12	1156.69	1349.49
(ii) Trade Receivables	13	315.20	270.58
(iii)Cash and Cash Equivalents	14	1558.32	1761.47
(iv)Bank Balances other than (iii) above	15	1278.62	987.63
(v) Other Financial Assets	8	227.43	188.44
(c) Other Current Assets	10	144.13	86.32
		4904.64	4852.58
TOTAL ASSETS		13968.60	14145.08
EQUITY AND LIABILITIES I. EQUITY :
(a) Equity Share Capital	16	142.77	146.97
(b) Other Equity	17	7908.53	7557.30
		8051.30	7704.27
II. NON-CURRENT LIABILITIES :
(a) Financial Liabilities
(i) Borrowings	18	3977.48	4394.34
(ii) Lease Liabilities	36	22.98	29.70
(iii)Other Financial Liabilities	19	258.17	405.44
(b) Provisions	20	41.07	41.88
(c) Deferred Tax Liabilities (net)	21	158.62	183.17
(d) Other Non-Current Liabilities	22	15.70	18.03
		4474.02	5072.56
III. CURRENT LIABILITIES :
(a) Financial Liabilities
(i) Borrowings	18	647.98	616.36
(ii) Trade Payables	23
- total outstanding dues of micro enterprises and small enterprises		12.80	10.22
- total outstanding dues of creditors other than micro enterprises and small enterprises		339.94	304.27
(iii)Lease Liabilities	36	7.02	6.67
(iv)Other Financial Liabilities	19	332.20	347.11
(b) Other Current Liabilities	22	49.02	32.81
(c) Provisions	20	17.49	14.47
(d) Current Tax Liabilities (net)	24	36.83 1443.28	36.34 1368.25

The accompanying notes are an integral part of the consolidated financial statements

G. Shivakumar Executive Director & CFO (DIN : 03632124) Jayesh M. Trivedi Company Secretary (M. No. : 2822)

In terms of our report attached For and on behalf of the Board For DELOITTE HASKINS & SELLS LLP

Chartered Accountants Firm Regn. No. : 117366W / W - 100018

Samir R. Shah Partner

M. No. : 101708

(DIN : 00080358) Mumbai : May 06, 2022 Mumbai : May 06, 2022

THE GREAT EASTERN SHIPPING CO. LTD.

K. M. Sheth Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2022

				(` in crores)
	PARTICULARS	NOTE NO.	CURRENT YEAR	PREVIOUS YEAR
I.	Revenue from Operations	25	3508.94	3336.55
II.	Other Income	26	160.18	231.82
III.	TOTAL INCOME (I + II)		3669.12	3568.37
IV.	EXPENSES :
	Fuel Oil and Water		523.12	361.82
	Port, Light and Canal Dues		191.72	163.34
	Consumption of Spares and Stores		234.95	243.90
	Employee Benefits Expense	27	722.11	698.96
	Finance Costs	28	370.09	242.14
	Depreciation and Amortisation Expense	29	697.93	700.43
	Impairment Loss	30	7.74	46.11
	Other Expenses	31	301.78	168.99
	TOTAL EXPENSES		3049.44	2625.69
V.	PROFIT BEFORE TAX (III - IV)		619.68	942.68
VI.	TAX EXPENSE :	32
	- Current Tax		25.27	24.39
	- Deferred Tax (net)		(35.27)	(0.23)
VII.	PROFIT FOR THE YEAR (V - VI)		(10.00) 629.68	24.16 918.52
	VIII. OTHER COMPREHENSIVE INCOME
	A.(i) Items that will not be reclassified to profit or loss
	(a) Remeasurement of defined employee benefit plans		3.49	16.67
	(b) Equity instruments through Other Comprehensive Income		-	0.09
	(c) Fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss		(14.32)	(29.50)
			(10.83)	(12.74)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		0.37	1.05
	B.(i) Items that will be reclassified to profit or loss
	(a) Exchange differences in translating the financial statements of foreign operations		29.84	(29.78)
	(b) Effective portion of gains/(losses) on designated portion of hedging instruments in a cash flow hedge		70.59	79.49
			100.43	49.71
	(ii) Income tax relating to items that will be reclassified to profit or loss		10.34	6.12
IX.	Other Comprehensive Income (A(i-ii)+B(i-ii)) TOTAL COMPREHENSIVE INCOME (VII + VIII)		78.89 708.57	29.80 948.32
	Profit for the Year attributable to :
	-Owners of the Company		629.68	918.52
	-Non-controlling interest		-	-
	Other Comprehensive Income for the Year attributable to :
	-Owners of the Company		78.89	29.80
	-Non-controlling interest		-	-
	Total Comprehensive Income for the Year attributable to :
	-Owners of the Company		708.57	948.32
	-Non-controlling interest		-	-
X.	EARNINGS PER EQUITY SHARE : (IN `)	33
	(Face value per share ` 10/-)
	- Basic		42.99	62.50
	- Diluted		42.91	62.38

The accompanying notes are an integral part of the consolidated financial statements In terms of our report attached For and on behalf of the Board

Samir R. Shah	Jayesh M. Trivedi
Partner	Company Secretary
For DELOITTE HASKINS & SELLS LLP	G. Shivakumar
Chartered Accountants	Executive Director & CFO
Firm Regn. No. : 117366W / W - 100018	(DIN : 03632124)

M. No. : 101708

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

K. M. Sheth

Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder

Director (DIN : 00080358) Mumbai : May 06, 2022 Mumbai : May 06, 2022

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2022

I.EQUITY SHARE CAPITAL

				( ) ` i n c ror es
BA LA NC E A S A T A PR IL 1, 20 20	CH AN GE S IN E Q UI TY	RE ST AT ED B AL AN CE A S	CH AN GE S IN E Q UI TY	BA LA NC E A S A T MA RC H 31 ,
	SH AR E C AP ITA L D UE T O	AT	SH AR E C AP ITA L D UR IN G	20 21
	PR IO R PE RI OD E RR OR S	AP RI L 1 20 20 ,	TH E Y EA R
14 6.9 7	-	-	-	14 6.9 7

(` in crores)

BA LA NC E A S A T A PR IL 1, 20 21	CH AN GE S IN E Q UI TY	RE ST AT ED B AL AN CE A S	CH AN GE S IN E Q UI TY	BA LA NC E A S A T MA RC H 31 ,
	SH E C O AR AP ITA L D UE T	AT	SH E C G AR AP ITA L D UR IN	20 22
	PR IO R PE RI OD E RR OR S	AP RI L 1 20 21 ,	TH E Y EA R
			[ ] ( b ) RE FE R NO TE 1 6
1 46 .97	-	-	( ) 4. 20	1 42 .77

II.OTHER EQUITY

						( ` i n c
				SE ES RE RV	D S US AN UR PL			MS OF OT ITE HE	R C OM PR EH EN	SIV NC OM E I E	TO L O TA TH ER
	CA PIT AL RE SE RV E	SE CU RIT IES PR EM IUM RE SE RV E	GE NE RA L RE SE RV E	CA PIT AL RE DE MP TIO N RE SE RV E	TO NN AG E T AX RE SE RV E U ND ER SE CT ION 11 5V T OF TH E IN CO ME TA X A CT, 19 61	ST AT UT OR Y RE SE RV E	RE TA INE D EA RN ING S	EQ UIT Y INS TR UM EN TS TH RO UG H OT HE R CO MP RE HE NS IVE INC OM E	EFF EC TIV E PO RT ION OF CA SH FL OW HE DG E	FO RE IGN CU RR EN CY TR AN SLA TIO N RE SE RV E	EQ UIT Y
Ba lan at A il ce as pr 1, 2 020	21 .04	74 .76	34 70 .63	24 3.8 9	135 .50	0.1 3	193 7.7 4	1.2 2	( ) 68 .29	832 .05	664 8.6 7
fit for th Pro e y ear	-	-	-	-	-	-	918 .52	-	-	-	918 .52
Oth er hen siv com pre e e/( los s) for inc om the of net ye ar, x ( Ref inc e ta om er 17) No te	-	-	-	-	-	-	( 88) 13.	0.0 9	75 .11	( ) 31 .52	29 .80
al Tot hen siv com pre e inc e fo r th om e y ear	-	-	-	-	-	-	904 .64	0.0 9	75 .11	( ) 31 .52	948 .32
nsf er f Tra rom ed Ret ain Ear nin gs ( 17) Ref No te er	-	-	-	-	180 .50	-	( ) 179 .19	( 1) 1.3	-	-	-
f d ivid end Pay nt o me	-	-	-	-	-	-	( ) 39 .68	-	-	-	( ) 39 .68
Tra nsf er f rom eig n C For urr enc y nsl Tra atio n R ese rve ( Ref 17) No te er	-	-	-	-	-	-	1.1 0	-	-	( 0) 1.1	-
lan Ba at ce as rch Ma 31 , 20 21	21 .04	74 .76	34 70 .63	24 3.8 9	31 6.0 0	0.1 3	26 24 .60	-	6.8 2	79 9.4 3	75 57 .30

` in crores)

221

				RE SE RV ES	AN D S UR PL US			ITE MS OF OT HE	R C OM PR EH EN	SIV E I NC OM E	TO TA L O TH ER
	CA PIT AL RE SE RV E	SE CU RIT IES PR EM IUM RE SE RV E	GE NE RA L RE SE RV E	CA PIT AL RE DE MP TIO N RE SE RV E	TO NN AG E T AX RE SE RV E U ND ER SE CT ION 11 5V T OF TH E IN CO ME CT, 19 TA X A 61	ST AT UT OR Y RE SE RV E	RE TA INE D EA RN ING S	EQ UIT Y INS TR UM EN TS TH RO UG H OT HE R CO MP RE HE NS IVE INC OM E	EFF EC TIV E PO RT ION OF CA SH FL OW HE DG E	FO RE IGN CU RR EN CY TR AN SLA TIO N RE SE RV E	EQ UIT Y
Ba lan at A il ce as pr 1, 2 02 1	21 .04	74 .76	34 70 .63	24 3.8 9	31 6.0 0	0.1 3	262 0 4.6	-	6.8 2	79 9.4 3	30 75 57.
fit for th Pro e y ear	-	-	-	-	-	-	629 .68	-	-	-	629 .68
Oth er hen siv com pre e e/( los s) for inc om the of net ye ar, x ( inc Ref e ta om er 17) No te	-	-	-	-	-	-	( 20) 11.	-	61 .74	28 .35	78 .89
Tot al hen siv com pre e e fo r th inc om e y ear	-	-	-	-	-	-	618 .48	-	61 .74	28 .35	70 8.5 7
Uti lise d f buy bac k or of sha ity equ res du ring th e y ear ( 16) Ref No te er	-	-	( ) 128 .98	-	-	-	-	-	-	-	( ) 128 .98
nsf er f Tra rom Ge al R ner ese rve ( 17) Ref No te er	-	-	( 0) 4.2	4.2 0	-	-	-	-	-	-	-
nsf er f Tra rom To Tax nna ge Res erv e ( Ref 17) No te er	-	-	19. 00	-	( 00) 19.	-	-	-	-	-	-
Tra nsf er f rom ain ed nin Ret Ear gs ( Ref 17) No te er	-	-	-	-	150 .50	-	( ) 150 .50	-	-	-	-
Tax bu bac k o f on y sha ity equ res	-	-	-	-	-	-	( ) 29 .96	-	-	-	( ) 29 .96
f d Pay ivid end nt o me lan Ba at ce as rch Ma 31 , 20 22	- 21 .04	- 74 .76	- 33 56 .45	- 24 8.0 9	- 44 7.5 0	- 0.1 3	( ) 198 .40 28 64 .22	- -	- 68 .56	- 827 .78	( ) 198 .40 79 08 .53

The accompanying notes are an integral part of the consolidated financial statements

For DELOITTE HASKINS & SELLS LLPChartered Accountants

Firm Regn. No. : 117366W / W - 100018 Samir R. Shah

PartnerM. No. : 101708

G. ShivakumarExecutive Director & CFO(DIN : 03632124)

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

In terms of our report attached For and on behalf of the Board K. M. Sheth

Chairman(DIN : 00022079)

Bharat K. ShethDeputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder

Director(DIN : 00080358) Mumbai : May 06, 2022 Mumbai : May 06, 2022

74th Annual Report 2021-2022 Consolidated Financial Statements

STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	619.68	942.68
Adjustments For :
Depreciation and amortisation expense	697.93	700.43
Impairment expense	7.74	46.11
Interest income	(9.85)	(32.24)
Finance costs	370.09	242.14
(Gain)/Loss on settlement of derivative contracts	41.10	(31.47)
Net gain on investments	(66.06)	(101.92)
Net gain on disposal of property, plant and equipment	(53.11)	(85.84)
Loss on discarded asset	1.48	-
Loss on asset held as sale/scrap	12.56	-
Loss on account of fire on ship	-	20.80
Bad debts and advances written off/(written back)	1.09	(0.24)
Allowance for doubtful debts and advances (net)	(23.90)	(14.82)
Exchange differences on translation of assets and liabilities	(33.66)	35.79
Reversal of provision for loss on cancellation of capital contract	(14.99)	-
Changes in fair value on derivative transactions/other financial assets	(119.47)	(280.78)
Operating profit before working capital changes	1430.63	1440.64
Adjustments For :
(Increase)/Decrease in trade and other assets	(138.15)	143.97
(Increase)/Decrease in inventories	(15.54)	6.60
Increase/(Decrease) in trade payables	19.66	(32.86)
Increase/(Decrease) in other liabilities	16.49	(22.61)
Cash generated from operations	1313.09	1535.74
Direct taxes paid/(refund)	9.47	(1.57)
Net cash (used in)/generated from operating activities	1322.56	1534.17
B. CASH FLOWS FROM INVESTING ACTIVITIES Payment for purchase of property, plant and equipment	(574.19)	(866.06)
Proceeds from disposal of property, plant and equipment	162.29	345.26
Purchase of current investments	(1555.56)	(1862.24)
Proceeds from disposal/redemption of current investments	1817.26	1579.06
Withdrawal of deposits with banks	964.84	741.66
Placement of deposits with banks	(1207.15)	(839.25)
Interest received	17.70	28.40
Net cash (used in)/generated from investing activities	(374.81)	(873.17)

	CURRENT YEAR	PREVIOUS YEAR
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	162.38	435.77
Repayments of borrowings	(640.75)	(612.83)
Dividend paid	(198.40)	(39.68)
Loss on principal settlement of derivative contracts related to borrowings	(136.92)	(59.92)
Gain on interest settlement of derivative contracts related to borrowings	95.82	91.39
Interest paid	(298.42)	(310.68)
Equity shares bought back (including tax on buyback)	(163.14)	-
Repayment of lease liability	(9.18)	(9.34)
Net cash (used in)/generated from financing activities	(1188.61)	(505.29)
Net increase/(decrease) in cash and cash equivalents	(240.86)	155.71
Cash and cash equivalents at the beginning of the year	1761.47	1614.22
Exchange difference on translation of foreign currency cash and cash equivalents	37.71	(8.46)
Cash and cash equivalents at the end of the year	1558.32	1761.47

The above Statement of Cash Flows has been prepared under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows".

Reconciliation for changes in liabilities arising from financing activities including both changes arising from cash flows and non-cash changes as per the requirement of amendment to Ind AS 7 :

						(` in crores)
PARTICULARS	AS AT	CASH		NON-CASH CHANGES		AS AT
	MARCH 31, 2021	FLOWS (NET)	FAIR VALUE CHANGES	FOREIGN EXCHANGE MOVEMENT	AMORTISED COST	MARCH 31, 2022
Foreign currency term loans from banks	2466.41	(278.37)	-	86.64	4.03	2278.71
Non-convertible debentures	2544.29	(200.00)	-	-	2.46	2346.75
Derivative transactions	425.21	(71.73)	(78.75)	-	-	274.73
TOTAL	5435.91	(550.10)	(78.75)	86.64	6.49	4900.19

						(` in crores)
PARTICULARS	AS AT	CASH		NON-CASH CHANGES		AS AT
	MARCH 31, 2020	FLOWS (NET)	FAIR VALUE CHANGES	FOREIGN EXCHANGE MOVEMENT	AMORTISED COST	MARCH 31, 2021
Foreign currency term loans from banks	2784.20	(227.06)	-	(92.91)	1.88	2466.11
Non-convertible debentures	2492.62	50.00	-	-	1.67	2544.29
Derivative transactions	687.87	17.44	(280.10)	-	-	425.21
TOTAL	5964.69	(159.62)	(280.10)	(92.91)	3.55	5435.61

The accompanying notes are an integral part of the consolidated financial statements

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants Firm Regn. No. : 117366W/W - 100018

Samir R. Shah Partner M. No. : 101708

G. Shivakumar

Executive Director & CFO (DIN : 03632124)

Jayesh M. Trivedi Company Secretary (M. No. : 2822)

In terms of our report attached For and on behalf of the Board

K. M. Sheth

Chairman (DIN : 00022079)

Bharat K. Sheth Deputy Chairman & Managing Director (DIN : 00022102)

Cyrus Guzder Director (DIN : 00080358) Mumbai : May 06, 2022 Mumbai : May 06, 2022

Notes to the Consolidated Financial Statements for the Year Ended March 31, 2022

CORPORATE INFORMATION :

The Great Eastern Shipping Company Ltd. (the Holding Company) is a public limited Company registered in India under the provisions of the Companies Act, 1913 and has its registered office in Mumbai, Maharashtra, India. Its shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company along with its subsidiaries is a major player in the Indian Shipping and Oil drilling services industry.

The consolidated financial statements comprise financial statements of The Great Eastern Shipping Company Ltd., the Holding Company and its subsidiaries (collectively the Group). The consolidated financial statements for the year ended March 31, 2022 were approved by the Board of Directors and authorised for issue on May 06, 2022.

NOTE 1 : SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of Compliance :

These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendments and rules issued thereafter.

(b) Basis of Preparation and Presentation :

The Financial Statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period.

(c) Current/Non-Current Classification :

Any asset or liability is classified as current if it satisfies any of the following conditions :

• (i) The asset/liability is expected to be realised/settled in the Group's normal operating cycle;
• (ii) The asset is intended for sale or consumption;
• (iii)The asset/liability is held primarily for the purpose of trading;
• (iv)The asset/liability is expected to be realised/settled within twelve months after the reporting period;
• (v) The asset is cash and cash equivalent or other bank balances unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date;
• (vi)In the case of a liability, the group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date;
• (vii)All other assets and liabilities are classified as non-current.

For the purpose of current/non-current classification of assets and liabilities, the Group has ascertained its normal operating cycle as twelve months.

(d) Use of Estimates :

The preparation of financial statements in conformity with the recognition and measurement principles of Ind AS requires management of the Group to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, disclosures of contingent assets and contingent liabilities as at the date of financial statements and the reported amounts of income and expenses during the period. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in future periods which are affected.

Key sources of estimation of uncertainty at the date of the financial statements, which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, is in respect of impairment of property, plant and equipment, useful lives of property, plant and equipment, provision, contingent liabilities and COVID-19.

Impairment of Property, plant and equipment :

Determining whether a ship, support vessel or a rig is impaired requires an estimation of value in use and fair value less cost of disposal. The key estimates made in the value in use calculation include discount rates, revenue (having regard to past trend), operating profit growth rates and deployment of ships, support vessels or rigs. The discount rate is estimated using pre-tax rates that reflects current market assessments of the time value of money. The fair values are estimated based on valuations provided by independent valuers considering latest transactions of similar assets.

Useful lives and residual values of Property, plant and equipment :

Useful lives and residual values of property, plant and equipment are reviewed at each year end based on the best available information. The lives are based on historical experience with similar assets as well as anticipation of future events. Residual value of Fleet is estimated having regard to, inter alia, past trend of steel scrap prices.

Provisions and Contingent Liabilities :

The Group is a party to certain legal disputes, the outcomes of which cannot be assessed with a high degree of certainty. A provision is recognised where, based on the legal views and advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. Contingent liabilities are disclosed in Note 39 unless the possibility of a loss arising is considered remote. Management applies its judgement in determining whether or not a provision should be recorded or contingent liability should be disclosed.

COVID-19 :

The shipping and offshore operations of the Group have continued despite challenges posed by lockdowns and restrictions following the COVID-19 outbreak.

The internal financial reporting and controls of the Group have been operating satisfactorily with support of technology. The offshore assets are under term contracts with reputed customers and continue to operate under the charter hire agreements, and the management does not expect any material impact on medium to long-term charter rates considered in assessing recoverable amounts of the aforementioned assets. For shipping, the impact of COVID-19 pandemic has been varying across the types of assets. Whilst the volatility of freight rates has been higher than usual in some cases, the vessels have continued to remain deployed. Such higher volatility in the market is not expected to materially impact estimates of long-term rates considered in assessing recoverable amounts of the vessels. The Group does not foresee any challenge on recoverability of trade receivables given the creditworthiness of the customers and the subsequent recoveries. The Group has adequate resources including liquid investments, cash and cash equivalents to meet its financial obligations for the foreseeable future.

The impact of COVID-19 may be different from that estimated as at the date of approval of these financial results.

(e) Property, plant and equipment :

Property, plant and equipment (PPE) are stated at acquisition cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenses related to acquisition, installation of the concerned assets and any attributable cost of bringing the asset to the condition of its intended use.

The Group identifies and determines cost of each part of an item of property, plant and equipment separately, if the part has a cost which is significant to the total cost of that item of property, plant and equipment and has a useful life that is materially different from that of the remaining item. Borrowing costs attributable to the acquisition or construction of a qualifying asset are also capitalised as part of the cost of the asset.

Capital work-in-progress and Capital advances :

Cost of assets not ready for intended use as on the balance sheet date, is shown as capital work-in-progress. Advances given towards acquisition of fixed assets outstanding at each balance sheet date are disclosed as Other Non-Current Assets.

(f) Depreciation on Property, Plant and Equipment :

(i) Depreciation is recognised on Straight Line Method basis so as to write off the original cost of the asset less its estimated residual value over their estimated useful life. The estimated useful lives of the assets are as under :

PROPERTY, PLANT AND EQUIPMENT :	ESTIMATED USEFUL LIFE
Fleet (Main)
- Crude Oil Tankers	20 years
- Product Tankers *	23 years
- Dry Bulk Carriers *	23 years
- Gas Carriers *	27 years
- Speed Boats	13 years
Offshore support vessels	20 years
Modern Rigs	30 years
Fleet/Rigs (Component)
- Grabs *	10 years
- Dry Dock *	Period from survey certificate date till the estimated date for next special survey
Leasehold Land	Lease period
Ownership Flats and Buildings	60 years
Furniture & Fixtures, Office Equipment *	5 years
Computers
- Servers and Networks	6 years
- End User Devices	3 years
Vehicles *	4 years
Mobiles *	2 years
Plant and Equipment *	3 to 10 years
Leasehold improvements	Lease period

* For these class of assets, based on internal technical assessment and past experience, the Management believes that the useful lives as given above, best represent the period over which the Management expects the use of the assets. The useful lives of these assets are different from the useful lives as prescribed under Part C of Schedule II to the Companies Act, 2013.

• (ii) Estimated useful life of the Fleet, Rigs and Ownership Flats and Buildings is considered from the year of built. Estimated useful life in case of all other assets is considered from the date of acquisition by the Group.
• (iii) The estimated useful lives and residual values are reviewed at the end of each reporting period based on the conditions of the vessels, market conditions and other regulatory requirements, with the effect of any changes in estimate being accounted for on a prospective basis.

Derecognition :

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the Statement of Profit and Loss.

(g) Intangible Assets :

Intangible assets are stated at acquisition cost less accumulated amortisation and accumulated impairment losses, if any. An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses on derecognition measured at difference between net disposal proceeds and the carrying amount of the asset, are recognised in the Statement of Profit and Loss.

Amortisation :

Intangible Assets with finite lives are amortised on a Straight Line basis over the estimated useful economic life. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Profit and Loss. The estimated useful life of intangible assets is mentioned below :

INTANGIBLE ASSETS :	ESTIMATED USEFUL LIFE
Software	5 years
The amortisation period and the amortisation method for an intangible asset with finite useful life are reviewed at the end of each financial year.

If any of these expectations differ from previous estimates, such change is accounted for as a change in an accounting estimate.

(h) Asset classified as held for sale :

An item of property, plant and equipment is classified as asset held for sale at the time when the Management is committed to sell/dispose off the asset as per Memorandum of Agreement entered into with the customer and the asset is expected to be sold/disposed off within one year from the date of classification.

Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

(i) Inventories :

Inventories of fuel oil (includes returnable fuel oil from charterer as per terms of the time charter agreement), stores and spares on rigs and at warehouse are carried at lower of cost and net realisable value. Stores and spares delivered on board the vessels are charged to Statement of Profit and Loss. Stores and spares of Rigs are charged to Statement of Profit and Loss on consumption basis. Cost is ascertained on first-infirst-out basis for fuel oil and on weighted average basis for stores and spares on Rigs. Net realisable value represents the estimated selling price for inventories less all costs necessary to make the sale or expected amount to be realised from use as estimated by the management, as applicable.

(j) Borrowing Costs :

Borrowing costs include interest, ancillary cost incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings availed on or after April 1, 2016, to the extent they are regarded as an adjustment to the interest cost. Borrowing costs that are directly attributable to the acquisition/construction of the qualifying assets are capitalised as part of the cost of the asset, upto the date of acquisition/completion of construction. Other borrowing costs are recognised in profit and loss in the period in which they are incurred.

(k) Revenue Recognition :

Revenue from shipping activities : Revenue in shipping business is recognised upon transfer of control of promised services to customers at an amount that reflects the consideration which the Group expects to receive in exchange for those services. The Group earns revenue from time and voyage charter. Time Charter hire earnings are accrued on time proportion basis except where the charter party agreements have not been renewed/finalised, in which case it is recognised on provisional basis. Revenue from voyage charters is recognised as income, by reference to the voyage progress on a load-to-discharge basis, which has been assessed by management to be an appropriate measure of progress towards complete satisfaction of the performance obligations over time under Ind AS 115. Judgement is involved in estimating days to reach the load port and discharge port destinations impacting the calculation of income to be accrued for incomplete voyage. Management uses its judgement in estimating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption) and the distance of the trade route.

Demurrage revenue is recognised as the performance obligations under the contract is satisfied. Pool revenue is recognised as the performance obligation is satisfied over time in accordance with the pooling agreement. Training fees included in other operating income are accounted on accrual basis.

Revenue from offshore activities : The Group earns revenue from drilling and offshore support services performed by deploying rigs and support vessels under contracts with customers. Revenue from drilling services is earned on performance of activity which are paid on a day rate basis over the period of the contract as and when specified services are rendered, which may vary depending upon the nature of operations of rigs during the day. Such daytime consideration is attributed to the distinct time period to which it relates within the contract term, and therefore, is recognised as the services are performed. Revenue from offshore support services is earned on a day rate basis as per the terms of the contract and is recognised accordingly. Revenue is measured based on the consideration to which the Group expects to be entitled in contract with a customer. The consideration is determined based on the price specified in the contract, net of address commission, liquidated damages, offhire and downtime rebates.

Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and the revenue can be reliably measured. Revenue in excess of invoicing is classified as contract assets (unbilled revenue). Revenue excludes any taxes or duties collected on behalf of the government which are levied on such services such as goods and services tax.

(l) Expenses :

• (i) Fuel oil is charged to the Statement of Profit and Loss on consumption basis.
• (ii) Stores and spares delivered on board the ships/offshore support vessels are charged to the Statement of Profit and Loss. Stores and spares of rigs are charged to revenue on consumption basis.
• (iii)Expenses on account of general average claims/damages to ships are charged to the Statement of Profit and Loss in the year in which they are incurred. Claims against the underwriters are accounted for on acceptance of average adjustment by the adjustors.

(m) Leases :

Group as a Lessee :

The Group's lease assets classes primarily consist of leases for office premises, warehouse and equipment rental. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether : (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognises a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over useful life of the underlying asset.

The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use assets if the Group changes its assessment of either exercising an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

Group as a Lessor :

Leases can be classified as finance or operating leases. In making the assessment, certain indicators, such as whether the substantial risks and rewards of ownership of the underlying asset continue with the group, and whether the contract is for a major part of the economic life of the asset, are considered.

Based on the aforementioned assessment, the time charter contracts for ships, support vessels and rigs of the Group contain operating lease component for the purpose of Ind AS 116, Leases - Refer Note 36.

(n) Employee Benefits :

(i) Short-Term Employee Benefits :

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, performance incentives, etc., are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.

(ii) Post-Employment Benefits :

Liability is provided for retirement benefits of Provident Fund, Superannuation, Gratuity and Compensated Absences in respect of all eligible employees and for pension benefit to eligible Whole-time Directors of the Group.

(a) Defined Contribution Plan :

Employee benefits in the form of Superannuation Fund, Government administered Provident Fund and other Seamen's Welfare Contributions are considered as defined contribution plans and the contributions are charged to the Statement of Profit and Loss for the period when the contributions to the respective funds are due.

(b)Defined Benefit Plan :

Retirement benefits in the form of Provident Fund administered by the Group, Gratuity and Pension plan for eligible Whole-time Directors are considered as defined benefit obligations and are provided for on the basis of actuarial valuations, using the projected unit credit method, as at the date of the Balance Sheet.

(iii)Other Long-Term Benefits :

Long-term compensated absences are provided for on the basis of an actuarial valuation, using the projected unit credit method, as at the date of the Balance Sheet.

Actuarial gain/loss, comprising of experience adjustments and the effects of changes in actuarial assumptions is recognised in the Statement of Other Comprehensive Income except for Long-term compensated absences where the same is immediately recognised in the Statement of Profit and Loss.

Employee Share Based Payments :

Equity settled stock options granted under the Group's Employee stock option (ESOP) schemes are accounted as per the accounting treatment prescribed by SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note on Accounting for Employee Share based payments issued by ICAI. Consequent to the introduction of the encashment scheme, the liability in respect of outstanding options is measured at fair value as per the scheme and the difference in the fair value and the exercise price is amortised over the vesting period as employee compensation with a credit to provisions.

(o) Asset Impairment :

The carrying amounts of the Group's Property Plant and Equipment are reviewed annually or more frequently to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amounts are estimated in order to determine the extent of impairment loss, if any. An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds its recoverable amount. The impairment loss, if any, is recognised in the Statement of Profit and Loss in the period in which impairment takes place.

Assessment of recoverable amount of the vessels/rigs is based on higher of fair value less cost to sell and its value in use calculations, with each vessel/rig being regarded as one cash generating unit. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of a vessel/rig and from its disposal at the end of its useful life. For calculating present value, future cash flows are discounted using a pre-tax discount rate that reflects current market rates and the risk specific to the vessel/rig. Fair value less cost to sell is the best estimate of the amount obtainable from the sale of a vessel/rig in an arm's length transaction between knowledgeable, willing parties, less the cost of disposal based on independent third-party broker valuations.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, however subject to the increased carrying amount not exceeding the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior accounting periods. A reversal of an impairment loss is recognised immediately in the Statement of Profit and Loss.

(p) Foreign Exchange Transactions :

Items included in the financial statements of the Group are measured using the currency of the primary economic environment in which each entity of the Group operates ('the functional currency'). The financial statements are presented in 'Indian Rupees'(INR), which is also the Holding Company's functional currency.

The transactions in currencies other than each entity's functional currency (foreign currencies) are recorded at the rate of exchange that approximates the actual rate at the date of transaction. Non-monetary items, which are measured in terms of historical costs denominated in a foreign currency are reported using the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currency, remaining unsettled at the year-end are translated at closing rates. The difference in translation of long term monetary assets acquired and liabilities incurred prior to April 1, 2016 and gains and losses on foreign currency transactions relating to acquisition of depreciable capital assets are added to or deducted from the cost of the asset and depreciated over the balance life of the asset; and in other cases, accumulated in a Foreign Currency Monetary Item Translation Difference Account and amortised over the balance period of such long term asset/liability, by recognition as income or expense but not beyond March 31, 2020. The difference in translation of all other monetary assets and liabilities and realised gains and losses on other foreign currency transactions are recognised in the Statement of Profit and Loss.

Translation of financial statements of foreign entities :

For the purpose of consolidation, the assets and liabilities of the foreign operations are translated to Indian rupees at the exchange rate prevailing on the balance sheet date, and the income and expenses at the average rate of exchange. Exchange differences arising on such translation are recognised as currency translation reserve under equity. Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation) are recognised initially in other comprehensive income and reclassified from equity to profit or loss on repayment of the monetary items. Exchange differences arising from the translation of a foreign operation previously recognised in currency translation reserve in equity are not reclassified from equity to profit or loss until the disposal of the operation.

(q) Financial Instruments :

Initial Recognition :

Financial assets and financial liabilities are recognised when a Group becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through Profit or Loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through Profit or Loss are recognised immediately in the Statement of Profit and Loss.

Subsequent Measurement :

Financial Assets :

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value through Profit or Loss (FVTPL) or fair value through Other Comprehensive Income (FVOCI), depending on the classification of the financial assets. The purchase and sale of financial assets are accounted for at trade date.

Cash and Cash Equivalents :

Cash and cash equivalents include cash in hand, demand deposits with banks, other short term highly liquid financial instruments which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less.

Fixed deposit having residual maturity upto twelve months from the reporting period is considered as part of bank balances other than cash and cash equivalent. Fixed deposit with residual maturity more than twelve months from reporting period is classified under other non-current assets.

Debt Instruments :

Debt instruments are initially measured at amortised cost, fair value through Other Comprehensive Income ('FVOCI') or fair value through Profit or Loss ('FVTPL') till derecognition on the basis of (i) the entity's business model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.

(a) Measured at Amortised Cost :

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate ('EIR') method less impairment, if any. The amortisation using EIR and loss arising from impairment, if any, is recognised in the Statement of Profit and Loss.

Under the effective interest method, the future cash receipts are exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortisation using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of principal repayments, if any) of the financial asset over the relevant period of the financial asset to arrive at the amortised cost at each reporting date. The corresponding effect of the amortisation under effective interest method is recognised as interest income over the relevant period of the financial asset. The same is recognised in the Statement of Profit and Loss.

(b) Measured at Fair value through Other Comprehensive Income (FVTOCI) :

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest and the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, are subsequently measured at fair value through Other Comprehensive Income. Fair value movements are recognised in the Other Comprehensive Income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCI is reclassified to Profit or Loss.

Further, the Group, through an irrevocable election at initial recognition, has measured certain investments in equity instruments at FVTOCI. The Group has made such election on an instrument by instrument basis. These equity instruments are neither held for trading nor are contingent consideration recognised under a business combination. Pursuant to such irrevocable election, subsequent changes in the fair value of such equity instruments are recognised in OCI. However, the Group recognises dividend income from such instruments in the Statement of Profit and Loss.

On derecognition of such financial assets, cumulative gain or loss previously recognised in OCI is not reclassified from the equity to Statement of Profit and Loss. However, the Group may transfer such cumulative gain or loss into retained earnings within equity.

(c) Measured at Fair value through Profit or Loss (FVTPL) :

A financial asset not classified at either amortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including interest income and dividend income if any, recognised in the Statement of Profit and Loss.

Impairment of Financial Assets :

Expected credit losses (ECL) are recognised for all financial assets subsequent to initial recognition other than financials assets in FVTPL category. The Group's trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to lifetime expected losses i.e. expected cash shortfall. The impairment losses and reversals are recognised in the Statement of Profit and Loss.

In case of other assets, the Group determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognised as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognised as loss allowance. ECL is recognised in the Statement of Profit and Loss.

Derecognition of Financial Assets :

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. On derecognition of a financial asset, (except as mentioned above for financial assets measured at FVTOCI), the difference between the carrying amount and the consideration received is recognised in the Statement of Profit and Loss.

Financial Liabilities and Equity Instruments :

Classification as Debt or Equity :

Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity Instruments :

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

Financial Liabilities :

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL.

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or it is designated as at FVTPL.

For financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. The remaining amount of change in the fair value of liability is recognised in profit or loss. Changes in fair value attributable to a financial liability's credit risk that are recognised in other comprehensive income are not subsequently reclassified to profit or loss; instead, they are transferred to retained earnings upon derecognition of the financial liability.

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method.

Derecognition of Financial Liabilities :

The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. A substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.

Offsetting Financial Instruments :

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty.

Derivative Financial Instruments :

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward contracts, interest rate swaps, currency swaps, commodity swaps etc. Further details of derivative financial instruments are disclosed in Note 40.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in the Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the Statement of Profit and Loss depends on the nature of the hedging relationship and the nature of the hedged item. The gains or losses on derivative contracts related to the acquisition of depreciable capital assets are added to or deducted from the cost of the assets and not recognised in the Statement of Profit and Loss.

Embedded Derivatives :

Derivatives embedded in non-derivative host contracts that are not financial instruments within the scope of Ind AS 109 are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

Hedge Accounting :

The Group designates certain hedging instruments, which include derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk. Note 40 sets out details of the fair values of the derivative instruments used for hedging purposes.

Fair Value Hedges :

Changes in fair value of the designated portion of derivatives that qualify as fair value hedges are recognised in the Statement of Profit and Loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the designated portion of hedging instrument and the change in the hedged item attributable to the hedged risk are recognised in the Statement of Profit and Loss in the line item relating to the hedged item.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the Statement of Profit and Loss from that date.

Cash Flow Hedges :

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in Other Comprehensive Income and accumulated under the heading of Cash Flow Hedging Reserve. The gain or loss relating to the ineffective portion is recognised immediately in the Statement of Profit and Loss.

Amounts previously recognised in Other Comprehensive Income and accumulated in equity (relating to effective portion as described above) are reclassified to the Statement of Profit and Loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, such gains and losses are transferred from equity (but not as a reclassification adjustment) and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognised in Other Comprehensive Income and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the Statement of Profit and Loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in the Statement of Profit and Loss.

(r) Taxation :

Tax expense for the year comprises current and deferred tax. The tax currently payable is based on taxable profit for the year. The Group's liability for current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to cover or settle the carrying value of its assets and liabilities.

Consolidated Financial Statements

Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction. Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws which is likely to give future economic benefits in the form of availability of set off against future income tax liability.

(s) Provisions and Contingent Liabilities :

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the consideration required to settle the present obligation at the Balance Sheet date. Where the time value of money is material, provisions are measured on a discounted basis.

Contingent liabilities are not recognised but disclosed unless the probability of an outflow of resources is remote. Contingent assets are disclosed where inflow of economic benefits is probable.

(t) Earnings per share :

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events, such as bonus issue, bonus element in a rights issue and shares split that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating Diluted Earnings per share, the net profit or loss for the period attributable to the equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

(u) Government Grants :

Government grants are not recognised until there is a reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received. Government grants are recognised in the Statement of Profit and Loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Government grants used to acquire non-current asset are recognised as deferred revenue in the Balance Sheet and transferred to the Statement of Profit and Loss on a systematic basis over the useful lives of the related assets.

Applicability of new and revised Ind AS :

New and amended standards adopted by the Group

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind AS 16 – Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022.

Ind AS 37 – Provisions, Contingent Liabilities and Contingent Assets - The amendment specifies that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted.

The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

234

NOTE 2 : BASIS OF CONSOLIDATION

The consolidated financial statements relate to The Great Eastern Shipping Company Ltd., (GESCO) the Holding Company and its subsidiaries (collectively referred to as the Group). The consolidated financial statements of the Holding Company with its subsidiaries have been prepared in accordance with the requirements of Ind AS 110, 'Consolidated Financial Statements'. The financial statements of the Holding Company and its subsidiaries are combined on a line by line basis and intra group balances, intra group transactions and unrealised profits/(losses) are fully eliminated.

In case of foreign subsidiaries, revenue items are consolidated at an average rate prevailing during the year. All assets and liabilities are converted at the rates prevailing at the end of the year. Exchange gains/(losses) arising on conversion are recognised under Foreign Currency Translation Reserve.

In the consolidated financial statements, 'Goodwill' represents the excess of the cost to the Company of its investment in the subsidiaries over its share of equity, at the respective dates on which the investments are made. Alternatively, where the share of equity as on the date of investment is in excess of cost of investment, it is recognised as 'Capital Reserve' in the consolidated financial statements.

NOTE 3 :

The financial statements of the subsidiaries used in the consolidation are drawn upto the same reporting date as that of the Holding Company i.e. March 31, 2022.

NOTE 4 :

The subsidiary companies considered in these consolidated financial statements are :

SR. NO.	NAME OF THE COMPANIES	COUNTRY OF INCORPORATION	OWNERSHIP IN % EITHER DIRECTLY OR THROUGH SUBSIDIARIES
			AS AT 31/03/2022	AS AT 31/03/2021
1	The Greatship (Singapore) Pte. Ltd.	Singapore	100%	100%
2	The Great Eastern Chartering L.L.C. (FZC)	U.A.E.	100%	100%
2a	The Great Eastern Chartering (Singapore) Pte. Ltd. (wholly owned subsidiary of The Great Eastern Chartering L.L.C. (FZC))	Singapore	100%	100%
3	Greatship (India) Ltd.	India	100%	100%
3a	Greatship Global Energy Services Pte. Ltd. (wholly owned subsidiary of Greatship (India) Ltd.)	Singapore	100%	100%
3b	Greatship Global Offshore Services Pte. Ltd. (wholly owned subsidiary of Greatship (India) Ltd.)	Singapore	100%	100%
3c	Greatship (UK) Ltd. (wholly owned subsidiary of Greatship (India) Ltd.)	U.K.	100%	100%
3d	Greatship Oilfield Services Ltd. (wholly owned subsidiary of Greatship (India) Ltd.)	India	100%	100%
4	Great Eastern CSR Foundation	India	100%	100%
5	Great Eastern Services Limited (incorporated on June 23, 2020)	India	100%	100%

(i) Property, Plant and Equipment

												(	) ` i n c ror es
ICU RS PA RT LA			GR OS S B LO	CK				DE PR EC IAT	ION /IM PA IRM EN	T		NE T B	LO CK
	AS AT	AD DIT ION S	DE DU CT ION S	OT HE R	AS AT	AC CU MU LAT ED	ON	FO R	OT HE R	IMP AIR ME NT	AC CU MU LAT ED	AS AT	AS AT
	1/0 4/2 021	G DU RIN	G T DU RIN HE	ST S AD JU ME NT	31/ 03/ 202 2	DE PR EC IAT ION /	CT ION S DE DU	TH E	ST S AD JU ME NT	LOS S	DE PR EC IAT ION /	31/ 03/ 202 2	31/ 03/ 202 1
		TH E Y EA R	YEA R	[RE ] (c ) FER NO TE		IMP AIR ME NT		YEA R	[RE ] (c ) FER NO TE	[RE FER NO TE	IMP AIR ME NT
						AS AT				30]	AS AT
						31/ 03/ 202 1					31/ 03/ 202 2
Flee t	108 32. 76	617 .79	416 .47	17. 01	110 51. 09	44 53. 05	292 .64	556 .86	7.0 7	7.7 4	473 2.0 8	63 19. 01	637 9.7 1
Rig s	322 0.8 9	11. 20	4.7 5	-	322 7.3 4	720 .81	4.7 5	117 .82	-	-	833 .88	23 93 .46	250 0.0 8
d (F hol d a nd Lan ree	59. 80	-	-	-	59. 80	-	-	-	-	-	-	59 .80	59. 80
ual se) Per Lea pet
[Re e (a ) ] fer Not
Ow shi p F lats d ner an	55. 69	-	-	-	55. 69	25. 56	-	1.1 4	-	-	26. 70	28 .99	30. 13
[Re e (b ) ] Bui ldin fer Not gs
Lea seh old Im ent pro vem s	5.3 0	-	-	-	5.3 0	5.3 0	-	-	-	-	5.3 0	-	-
Pla nd nt a Equ ipm ent	73. 59	19 .25	-	-	92. 84	47. 79	-	7.6 6	-	-	55. 45	37 .39	25. 80
nitu Fixt nd Fur re, ure s a	50. 79	1.8 2	0.8 1	0.0 6	51 .86	44. 17	0.6 6	3.3 4	0.0 3	-	46. 88	4.9 8	6.6 2
Offi Equ ipm ent ce
Veh icle s	28. 13	4.0 0	3.3 6	-	28. 77	23. 21	3.1 4	2.6 8	-	-	22. 75	6.0 2	4.9 2
	143 26 .95	65 4.0 6	42 5.3 9	17. 07	145 72 .69	53 19. 89	30 1.1 9	68 9.5 0	7.1 0	7.7 4	572 3.0 4	88 49 .65	90 07 .06

(` in crores)

PA RT ICU LA RS			GR OS S B LOC	K				DE PR EC IAT	ION /IM PA IRM EN T			NE T B	LOC K
	AS AT	AD DIT ION S	DE DU CT ION S	OT HE R	AS AT	AC CU MU LAT ED	ON	FO R	OT HE R	IMP AIR ME NT	AC CU MU LAT ED	AS AT	AS AT
	1/0 4/2 020	DU RIN G	DU RIN G T HE	AD JU ST ME NT S	31/ 03/ 202 1	DE PR EC IAT ION /	DE DU CT ION S	TH E	AD JU ST ME NT S	LOS S	DE PR EC IAT ION /	31/ 03/ 202 1	31/ 03/ 202 0
		TH E Y EA R	YEA R	[RE ) ] NO (c FER TE		IMP AIR ME NT		YEA R	[RE ) ] NO (c FER TE	[RE NO FER TE	IMP AIR ME NT
						AS AT				30]	AS AT
						31/ 03/ 202 0					31/ 03/ 202 1
Fle et	105 53. 76	916 .13	577 .24	(59 ) .89	108 32. 76	419 1.1 0	318 .08	562 .02	(28 ) .10	46. 11	44 53. 05	637 9.7 1	636 2.6 6
Rig s	322 9.6 6	8.6 6	17 .43	-	322 0.8 9	622 .93	17 .43	11 5.3 1	-	-	720 .81	250 0.0 8	260 6.7 3
d (F Lan hol d a nd ree	59. 80	-	-	-	59. 80	-	-	-	-	-	-	59. 80	59 .80
) ual Per pet Le ase
[Re fer e (a ) ] Not
shi lats d Ow p F ner an	69 55.	-	-	-	69 55.	24. 42	-	1.1 4	-	-	25. 56	30 .13	31 .27
[Re fer e (b ) ] Bui ldin Not gs
seh old Lea	5.3 0	-	-	-	5.3 0	5.3 0	-	-	-	-	5.3 0	-	-
Imp ent rov em s
Pla nd nt a Equ ipm ent	69. 78	3.8 1	-	-	73. 59	41. 27	-	6.5 2	-	-	47. 79	25. 80	28 .51
nd Fur nitu Fixt re, ure s a	49. 60	1.2 5	-	(0.0 6)	50 .79	41. 40	-	2.7 9	(0. 02)	-	44. 17	6.6 2	8.2 0
Offi Equ ipm ent ce
Veh icle s	29. 61	1.0 7	2.5 5	-	28. 13	22. 08	2.2 9	3.4 2	-	-	23. 21	4.9 2	3 7.5
	140 53 .20	93 0.9 2	59 7.2 2	(5 5) 9.9	143 26 .95	49 48 .50	33 7.8 0	69 1.2 0	(2 2) 8.1	46 .11	53 19. 89	90 07 .06	91 04 .70

Notes :

(a) Title deeds of Immovable Property not held in the name of the Group :

RE LE VA NT L IN E IT EM IN T HE BA LA NC E S HE ET	DE SC RI PT IO N OF IT EM O F PR OP ER TY	GR OS S CA RR YI NG VA LU E ( ` I N ) CR OR ES	TI TL E D EE D HE LD IN T HE NA ME O F	W HE TH ER T IT LE D EE D HO LD ER IS A P RO MO TE R, DI RE CT OR O R RE LA TI VE OF P RO MO TE R/ DI RE CT OR OR E MP LO YE E O F PR OM OT ER / DI RE CT OR	PR OP ER TY HE LD SI NC E CH W HI DA TE	RE AS ON FO R NO T BE IN G HE LD IN T HE N AM E O F T HE G RO UP
lan d Pro P ert t a p y, n Eq uip nt me	d ( l La Pe etu n rp a ) Le as e	43 .72	Ce l C ntr a am era Co Pr iva te mp an y d Lim ite	No	30 / 04 / 19 97	he l din ha f i le d T H Co o g mp an y s a W rit Pe tit ion in he B ba Hig h t om y de d Co sti urt nte co ng ma n on f p f ` 3 .10 t o ert tax ac co un rop o y d by ba l ise B Mu nic ip cro res ra om y a Co ion he is tim rat t rpo , a s s am e e ba d. rre

• (b) The ownership flats and buildings include 11,760 (Previous Year : 11,760) being value of shares held in various co-operative societies.
• (c) During the current year, other adjustments comprise of exchange difference on translation of foreign operations amounting to 9.94 crores (Gross block : 17.01 crores and accumulated depreciation : 7.07 crores). During the previous year, other adjustments comprise of (i) derecognition of carrying amount of damage components of a support vessel of a subsidiary due to fire on board the vessel amounting to 20.80 crores (Gross block : 42.91 crores and accumulated depreciation : 22.11 crores) - Refer Note 44 and (ii) exchange difference on translation of foreign operations amounting to 11.04 crores (Gross block : 17.04 crores and accumulated depreciation/impairment : ` 6.00 crores).
• (d) Fleet and Rigs with a carrying amount of 4872.75 crores (as at March 31, 2021 : 4911.28 crores) and buildings with a carrying amount of 0.51 crore (as at March 31, 2021 : 0.52 crore) have been mortgaged to secure borrowings (Refer Note 18).

(ii) Capital Work-in-progress

Capital Work-in-progress amounting to 23.32 crores (as at March 31, 2021 : 24.34 crores) consists of dry-dock expenses, scrubbers, ballast water management systems and other equipments on ships pending installation.

These activities are, inter-alia, predicated on availability of vessels and dry-dock yard. Any variations in cost or timeline are revisited and revised by the management on timely basis.

h 3 As M 1, 20 22 at ar c					( ) ` i n c ror es
PA RT IC UL AR S		AM OU	NT IN C W IP FO R A P ER IO	D OF
	< 1 Y EA R	1- 2 Y EA RS	2- 3 Y EA RS	MO RE T HA N 3 Y EA RS	TO TA L
Pro j in Pro ts ec g res s	17 .37	1.8 8	3.1 1	0.9 6	23 .32
	7.3 1 7	1.8 8	3. 11	0.9 6	23 .32
As M h 3 1, 20 21 at ar c					( ) ` i n c ror es
PA RT IC UL AR S		AM OU	NT IN C W IP FO R A P ER IO	D OF
	< 1 Y EA R	1- 2 Y EA RS	2- 3 Y EA RS	MO RE T HA N 3 Y EA RS	TO TA L
Pro j in Pro ts ec g res s	8. 96	2.2 6	9.3 9	3.7 3	24 .34
	8 .9 6	2.2 6	9.3 9	3.7 3	24 .34

Capital work-in-progress ageing schedule :

NOTE 6 : INTANGIBLE ASSETS AND INTANGIBLE ASSETS UNDER DEVELOPMENT

(i) Intangible Assets

									(	` i ) n c ror es
PA RT ICU LA RS		GR OS S B LOC K				AM OR TIS AT ION
	AS AT	AD DIT ION S	DE DU CT ION S	AS AT	AC CU MU LAT ED	ON DE DU CT ION S	FO R T HE YE AR	AC CU MU LAT ED	AS AT	AS AT
	1/0 4/2 02 1	DU RIN G T HE	DU RIN G T HE	31/ 03/ 202 2	AM OR TIS AT ION			AM OR TIS AT ION	31/ 03/ 202 2	31/ 03/ 202 1
		YE AR	YE AR		AS AT			AS AT
					31/ 03/ 202 1			31/ 03/ 202 2
Sof twa re	6.7 8	0.1 1	-	6.8 9	6.4 0	-	0.2 7	6.6 7	0.2 2	0.3 8
	6.7 8	0.1 1	-	6.8 9	6.4 0	-	0.2 7	6.6 7	0.2 2	0.3 8

(` in crores)

PA RT ICU LA RS	GR OS S B LO CK					AM OR TIS AT ION
	AS AT	ION S AD DIT	CT ION S DE DU	AS AT	AC CU MU LAT ED	ON CT ION S DE DU	FO R T HE YE AR	AC CU MU LAT ED	AS AT	AS AT
	1/0 4/2 02 0	DU RIN G T HE	DU RIN G T HE	31/ 03/ 20 21	AM OR TIS AT ION			AM OR TIS AT ION	31/ 03/ 20 21	31/ 03/ 20 20
		YE AR	YE AR		AS AT			AS AT
					31/ 03/ 202 0			31/ 03/ 20 21
Sof twa re	6.7 8	-	-	6.7 8	6.1 2	-	0.2 8	6.4 0	0.3 8	0.6 6
	6.7 8	-	-	6.7 8	6.1 2	-	0.2 8	6.4 0	0.3 8	0.6 6

(ii) Intangible Assets under development

Intangible Assets under development amounting to 0.96 crore (as at March 31, 2021 : 0.12 crore) consist of software under development.

Intangible Assets under development aging schedule :

h 3 As M 1, 20 22 at arc					( ) ` i n c ror es
PA RT IC UL AR S		AM OU NT IN IN TA NG IB LE	A SS ET S UN DE R DE VE LO	PM EN T FO R A P ER IO D OF
	< 1 Y EA R	1- 2 Y EA RS	2- 3 Y EA RS	M OR E T HA N 3 Y EA RS	TO TA L
j in Pro ts Pro ec g res s	0. 96	-	-	-	0.9 6
	0 .9 6	-	-	-	0.9 6

h 3 As M 1, 20 21 at arc					( ` i ) n c ror es
PA RT IC UL AR S		AM OU NT IN IN TA NG IB LE	A SS ET S UN DE R DE VE LO	PM EN T FO R A P ER IO D OF
	< 1 Y EA R	2 Y RS 1- EA	2- 3 Y RS EA	OR 3 Y RS M E T HA N EA	TO TA L
Pr oj in Pr ts ec og res s	-	-	0.1 2	-	0. 12
	-	-	0. 12	-	0. 12

NOTE 7 : NON-CURRENT INVESTMENTS

		AS AT 31/03/2022	AS AT 31/03/2021
	NO. OF SHARES	IN CRORES | NO. OF SHARES | IN CRORES
Investments in Equity Instruments
Equity Shares : (Quoted - valued at FVTPL)
Scorpio Tankers RG	4,824	0.78	4,824	0.65
		0.78		0.65
Aggregate carrying amount of quoted investments		0.78		0.65
Aggregate market value of quoted investments		0.78		0.65
Aggregate amount of impairment in value of investments		-		-

NOTE 8 : OTHER FINANCIAL ASSETS

(Unsecured)

				(` in crores)
	NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Considered good
(a) Deposits with maturity period of more than 12 months	-	2.97	-	-
(b) Security Deposits	3.51	3.51	0.08	0.07
(c) Mark-to-Market (MTM) Gains on Derivatives *	30.09	9.74	143.88	127.91
(d) Receivables on account of cancellation of Derivative Contracts	-	-	-	3.74
(e) Deposits on account of pool arrangement	-	-	46.23	20.96
(f) Insurance Claims	-	-	13.43	0.07
(g) Others	0.67	0.50	23.81	35.69
Considered doubtful
(a) Security Deposit	0.44	0.44	-	-
(b) Others	1.01	1.01	-	-
Less : Allowance for doubtful deposit and advances	(1.45)	(1.45)	-	-
	34.27	16.72	227.43	188.44

*Mark-to-market gains on derivatives include gains on derivatives designated and effective as hedging instruments classified as cash flow hedge amounting to 29.98 crores (as at March 31, 2021 : 9.74 crores) as non-current and 46.14 crores (as at March 31, 2021 : 28.22 crores) as current.

NOTE 9 : CURRENT TAX ASSETS (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Excess of Advance Payment of Income-tax and Tax Deducted/Collected at Source over Provision for Income-tax	96.16	130.44
	96.16	130.44

NOTE 10 : OTHER ASSETS

(Unsecured)

				(` in crores)
		NON-CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Considered good
(a) Capital Advances	9.26	47.09	-	-
(b) Security Deposits	21.88	28.06	-	-
(c) Indirect tax balances/recoverable/credits	-	-	39.08	29.29
(d) Contract Assets *	-	-	62.16	24.28
(e) Others **	0.79	3.12	42.89	32.75
Considered doubtful
(a) Others **	5.98	5.98	-	-
Less : Allowance for doubtful advances	(5.98)	(5.98)	-	-
	31.93	78.27	144.13	86.32

* Contract assets relate to the unfinished voyages to represent the Group's right to consideration for services provided to date. Contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer.

** Others mainly include advances to suppliers, masters, agents and others.

NOTE 11 : INVENTORIES

(Valued at lower of cost and net realisable value)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Stores and Spares on Board Rigs	66.00	67.19
(b) Fuel Oil	158.25	141.46
	224.25	208.65

Note :

Inventories of stores and spares on rigs and fuel oil on vessels and rigs are recognised as expense on consumption and stores and spares relating to vessels are recognised as expense when delivered on board the vessels. The cost of inventories recognised as an expense during the year was 642.71 crores (Previous Year : 441.39 crores).

NOTE 12 : CURRENT INVESTMENTS

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Investments in Equity Shares : Quoted (valued at FVTPL)	106.62	52.32
Investments in Liquid Mutual Funds : Unquoted (valued at FVTPL)	1050.07	1297.17
	1156.69	1349.49
Aggregate carrying amount of quoted investments	106.62	52.32
Aggregate market value of quoted investments	106.62	52.32
Aggregate carrying amount of unquoted investments	1050.07	1297.17
Aggregate amount of impairment in value of investments	-	-

Note :

Mutual Funds aggregating to 17.66 crores (as at March 31, 2021 : 39.40 crores) of the above have been placed under lien with a bank for derivative facilities given by it.

NOTE 13 : TRADE RECEIVABLES

(Unsecured)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Considered good	222.54	203.15
Considered doubtful	18.87	24.11
Unbilled Revenue	92.66	67.43
	334.07	294.69
Less : Allowance for doubtful receivables (expected credit loss allowance)	(18.87)	(24.11)
	315.20	270.58

Note :

Trade receivables are initially recognised at their original invoiced amounts i.e. the transaction price. Trade receivables are considered to be of short duration, and hence, not discounted. The customers generally have stable financial standings and high credit quality, and historical experience of collection of receivables also indicates that credit risk is low. All trade receivables are reviewed and assessed for recoverability on a regular basis. The trade receivables overdue for one year and above are provided for as expected credit loss. It is ensured that provision for expected credit loss is not less than the amount derived as per the provision matrix which is based on historically observed default rates over the expected life of trade receivables and forward looking estimates. Besides, specific evaluation is done mainly for demurrage receivable which is based on expected outcome of ongoing negotiations with counterparties. While there is no standard credit period offered, the average recovery period for trade receivables is up to 90 days. The movement in expected credit loss during the year is as follows :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	24.11	37.67
Add : Allowance during the year	8.81	32.65
Less : Reversal during the year	(14.05)	(46.21)
Closing Balance	18.87	24.11

Trade receivables ageing schedule:

As at March 31, 2022								(` in crores)
							OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	UNBILLED	NOT DUE	LESS THAN 6 MONTHS	6 MONTHS - 1 YEAR	1-2 YEARS		2-3 YEARS MORE THAN 3 YEARS	TOTAL
Undisputed trade receivable - considered good	92.66	27.41	173.52	21.45	0.02	-	0.11	315.17
Undisputed trade receivable - considered doubtful	-	-	7.79	1.35	0.92	0.52	1.76	12.34
Disputed trade receivable - considered good	-	-	-	0.03	-	-	-	0.03
Disputed trade receivable - considered doubtful	-	-	-	-	-	2.42	4.11	6.53
	92.66	27.41	181.31	22.83	0.94	2.94	5.98	334.07

As at March 31, 2021								(` in crores)
		OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	UNBILLED	NOT DUE	LESS THAN 6 MONTHS	6 MONTHS - 1 YEAR	1-2 YEARS		2-3 YEARS MORE THAN 3 YEARS	TOTAL
Undisputed trade receivable - considered good	67.43	21.34	165.80	10.48	-	-	-	265.05
Undisputed trade receivable - considered doubtful	-	-	6.23	2.98	2.84	1.99	1.68	15.72
Disputed trade receivable - considered good	-	-	5.53	-	-	-	-	5.53
Disputed trade receivable - considered doubtful	-	-	-	-	2.42	3.87	2.10	8.39
	67.43	21.34	177.56	13.46	5.26	5.86	3.78	294.69

* Where due date for payment is not specified/captured in the relevant system, disclosure has been made from the date of transaction.

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Balances with Banks in Current Accounts	1558.27	1761.44
(b) Cash on Hand	0.05	0.03
	1558.32	1761.47

NOTE 15 : BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Term Deposits having residual maturity upto 12 months *	1224.97	960.03
(b) Balances with Banks - Unpaid Dividend Account	9.34	9.46
(c) Margin Money Deposits	42.75	4.77
(d) Interest Accrued on Bank Deposits	1.56	13.37
	1278.62	987.63

* Term Deposits with original maturity of more than 3 months but less than 12 months 1224.97 crores (as at March 31, 2021 : 960.03 crores).

Margin Money given as security :
Margin Money Deposits comprise of -
(i) Placed with bank under lien against bank guarantees given	0.01	0.01
(ii) Placed with bank for derivative facilities given by bank	39.65	4.76
(iii)Earmarked for customs	3.09	-
	42.75	4.77

NOTE 16 : EQUITY SHARE CAPITAL

	AS AT 31/03/2022		AS AT 31/03/2021
	NOS.	IN CRORES | NOS. | IN CRORES
Authorised :
Equity Shares of ` 10 each	30,00,00,000	300.00	30,00,00,000	300.00
Preference Shares of ` 10 each	20,00,00,000	200.00	20,00,00,000	200.00
	50,00,00,000	500.00	50,00,00,000	500.00
Issued :
Equity Shares of ` 10 each	14,31,53,522	143.15	14,73,52,845	147.35
	14,31,53,522	143.15	14,73,52,845	147.35
Subscribed and Fully Paid :
Equity Shares of ` 10 each	14,27,67,161	142.77	14,69,66,484	146.97
Add : Forfeited Shares ` 30,358	2,518	-	2,518	-
(as at March 31, 2021 : ` 30,358)
	14,27,69,679	142.77	14,69,69,002	146.97
Reconciliation of the shares outstanding at the beginning and at the end of the financial year :
	CURRENT YEAR		PREVIOUS YEAR
	NOS.	IN CRORES | NOS. | IN CRORES
Equity Shares :
Issued :
Balance as per the last financial statements	14,73,52,845	147.35	14,73,52,845	147.35
Less : Shares bought back during the year	(4,199,323)	(4.20)	-	-
[See Note (b) below]
Closing Balance	14,31,53,522	143.15	14,73,52,845	147.35
Subscribed and Fully Paid :
Balance as per the last financial statements	14,69,66,484	146.97	14,69,66,484	146.97
Less : Shares bought back during the year	(4,199,323)	(4.20)	-	-
[See Note (b) below]
Closing Balance	14,27,67,161	142.77	14,69,66,484	146.97

(a) Terms/Rights attached to Equity Shares :

The Holding Company has only one class of equity shares having a face value of ` 10 each. Each holder of equity shares is entitled to one vote per share. The Holding 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 Holding Company, after distribution of all preferential amounts in proportion to their shareholding.

(b) Pursuant to the approval of the Board of Directors for buyback of equity shares, the Holding Company has bought back 41,99,323 equity shares of 10 each at an average price of 317.26 per share aggregating to ` 133.23 crores (excluding tax on buyback) and has extinguished 41,39,234 equity shares during the year and the balance 60,089 equity shares were extinguished till the date of board meeting.

The nominal value of the equity shares bought back has been reduced from the paid-up share capital. Consequently, the Issued, Subscribed and Paid-up Capital of the Holding Company has been reduced by ` 4.20 crores. The premium paid on buyback of the equity shares has been appropriated from General Reserve.

(c) Details of shareholders holding more than 5% equity shares in the Holding Company :

	AS AT 31/03/2022		AS AT 31/03/2021
	NOS.	% HOLDING	NOS.	% HOLDING
Equity shares of ` 10 each fully paid
Mr. Bharat Kanaiyalal Sheth *	1,56,00,000	10.93%	1,56,00,000	10.61%
Mr. Ravi Kanaiyalal Sheth *	1,58,99,023	11.14%	1,58,99,023	10.82%
Nalanda India Equity Fund Limited	1,05,24,139	7.37%	1,05,24,139	7.16%

* Shares held as Trustee.

• (d) There are no shares reserved for issue under options and contracts or commitments for the sale of shares.
• (e) 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)38,10,581 equity shares have been bought back during the financial year 2019-20. 41,99,323 equity shares have been bought back during the financial year 2021-22.
• (f) There are no securities convertible into equity/preference shares.
• (g) Under orders from the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992, the allotment of 2,53,522 (as at March 31, 2021 : 2,53,522) rights equity shares of the Holding Company have been kept in abeyance in accordance with the Companies Act, 2013 till such time as the title of the bonafide owner is certified by the concerned Stock Exchanges. Additional 40,608 (as at March 31, 2021 : 40,608) shares have also been kept in abeyance for disputed cases in consultation with the Bombay Stock Exchange. 92,231 (as at March 31, 2021 : 92,231) shares are unsubscribed out of the total offered to employees on rights basis during the earlier years.

(h) Shareholding of promoter :

	Shares held by promoters at March 31, 2022
SR. NO.	PROMOTER NAME	NO. OF SHARES	% OF TOTAL SHARES	% OF CHANGES DURING THE YEAR
1	Kanaiyalal Maneklal Sheth	5,11,701	0.36%	0.17%
2	Bharat Kanaiyalal Sheth	5,19,490	0.36%	0.01%
3	Ravi Kanaiyalal Sheth	5,16,104	0.36%	0.01%
4	Rahul Ravi Sheth	1,08,521	0.08%	0.00%
5	Bharat K. Sheth (Trustee of GE RKS Trust)	1,56,00,000	10.93%	0.31%
6	Ravi K. Sheth (Trustee of GE BKS Trust)	1,58,99,023	11.14%	0.32%
	Promoters Group
1	Sachin Mulji	10,55,000	0.74%	0.02%
2	Kabir Mulji	5,29,615	0.37%	0.01%
3	Sangita Mulji	5,82,415	0.41%	0.01%
4	Amita R. Sheth	1,83,808	0.13%	0.00%
5	Jyotsna Kanaiyalal Sheth	14,400	0.01%	-0.16%
6	Rosaleen Mulji	4,32,000	0.30%	0.01%
7	Gopali Mulji	-	-	-
8	Jyoti B. Sheth	1,37,796	0.10%	0.00%
9	Nirja Bharat Sheth	1,05,317	0.07%	0.00%
10	Nisha Viraj Mehta	1,12,037	0.08%	0.00%
11	Arjun Ravi Sheth	50,040	0.04%	0.00%
12	A. H. Bhiwandiwalla Consultancy Private Limited *	-	-	-
13	Laadki Trading And Investments Ltd.	61,54,981	4.31%	0.12%
14	Gopa Investments Co. Pvt. Ltd.	4,24,000	0.30%	0.01%
TOTAL		4,29,36,248	30.07%	0.86%

* The Company has been voluntarily struck off the Register of Companies and dissolved with effect from January 31, 2022.

NOTE 17 : OTHER EQUITY

A. SUMMARY OF OTHER EQUITY :

(Refer Statement of Changes in Equity for details of movement)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Capital Reserve	21.04	21.04
(b) Securities Premium Reserve	74.76	74.76
(c) General Reserve	3356.45	3470.63
(d) Capital Redemption Reserve	248.09	243.89
(e) Tonnage Tax Reserve under Section 115VT of the Income-tax Act, 1961	447.50	316.00
(f) Statutory Reserve	0.13	0.13
(g) Retained Earnings	2864.22	2624.60
(h) Cash Flow Hedging Reserve	68.56	6.82
(i) Foreign Currency Translation Reserve	827.78	799.43
	7908.53	7557.30

B. NATURE OF RESERVES :

• (i) Capital Reserve : Capital Reserve was created on cancellation of convertible warrants during the year ended March 31, 2009.
• (ii) Securities Premium Reserve : Securities Premium Reserve is used to record the premium on issue of securities of the Group. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
• (iii) General Reserve : General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes.
• (iv) Tonnage Tax Reserve : Tonnage Tax Reserve is created as per the provisions of the Section 115VT of the Income-tax Act, 1961, whereby a minimum of 20% of book profits from the tonnage tax activities is to be utilised for acquiring new ships within 8 years.
• (v) Statutory Reserve : Statutory Reserve is created by appropriating 10% of the profit of subsidiary company, The Great Eastern Chartering L.L.C. (FZC), as required by the implementing regulations of Sharjah Airport International Free Zone Authority. The said subsidiary company can discontinue such annual transfers when the reserve totals 50% of the paid up share capital. The reserve is not available for distribution except as provided in the Federal Law. No such transfer was made during the year as the minimum requirement of the reserve at 50% of the share capital has been reached.
• (vi) Retained Earnings : Retained Earnings are the profits that the Group has earned till date, less any transfers to reserves and dividend distributions to the shareholders.

The Board of Directors has -

• declared and paid an interim dividend of 4.50 per equity share of10/- each during the year. The outgo on this account was 66.13 crores. - declared a second interim dividend of 5.40 per equity share of 10/- each. The outgo on this account is 77.10 crores.

The total dividend for the year amounts to 9.90 per equity share. The total outgo on this account will be 143.23 crores.

Retained Earnings comprise of gain on remeasurement of defined employee benefit plans (net of tax) amounting to 3.12 crores (Previous Year : gain of 15.62 crores) and loss on fair value changes relating to own credit risk of financial liabilities designated at fair value through profit or loss amounting to 14.32 crores (Previous Year : loss of 29.50 crores).

• (vii) Cash Flow Hedging Reserve : The Cash Flow Hedging Reserve is the cumulative effective portion of gains or losses arising on changes in fair values of designated portion of hedging instruments entered into for cash flow hedges. The gains or losses arising thereon are transferred to the Statement of Profit and Loss when hedged transaction affects the profit or loss.
• (viii)Foreign Currency Translation Reserve : Exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. Indian Rupees) are recognised directly in Other Comprehensive Income and accumulated in the Foreign Currency Translation Reserve. Exchange differences previously accumulated in the Foreign Currency Translation Reserve (in respect of translating the net assets of foreign operations) are reclassified to the Statement of Profit and Loss on the disposal of the foreign operation.

					(` in crores)
			NON-CURRENT	CURRENT
		AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a)	Debentures :
	Secured - at amortised cost :
	Redeemable Non-Convertible Debentures of ` 10,00,000 each -
	(i) 8.85% 3000 Debentures redeemable on April 12, 2028	300.00	300.00	-	-
	(ii) 8.05% 1500 Debentures redeemable on August 31, 2024	150.00	150.00	-	-
	(iii) 8.05% 1500 Debentures redeemable on November 02, 2028	150.00	150.00	-	-
	[Refer Notes (i) and (iii) below]
	Unsecured - at amortised cost :
	Redeemable Non-Convertible Debentures of ` 10,00,000 each -
	(i) 8.25% 1500 Debentures redeemable on May 25, 2027	150.00	150.00	-	-
	(ii) 8.24% 2000 Debentures redeemable on November 10, 2026	200.00	200.00	-	-
	(iii) 8.70% 2500 Debentures redeemable on May 06, 2026	250.00	250.00	-	-
	(iv) 8.24% 2000 Debentures redeemable on November 10, 2025	200.00	200.00	-	-
	(v) 8.70% 2500 Debentures redeemable on May 31, 2025	250.00	250.00	-	-
	(vi) 7.99% 2500 Debentures redeemable on January 18, 2025	250.00	250.00	-	-
	(vii) 7.99% 2500 Debentures redeemable on January 18, 2024	250.00	250.00	-	-
	(viii) 9.70% 1000 Debentures redeemable on January 18, 2023	-	100.00	100.00	-
	(ix) 9.70% 1000 Debentures redeemable on January 07, 2023	-	100.00	100.00	-
	(x) 9.70% 500 Debentures redeemable on April 26, 2021	-	-	-	50.00
	(xi) 9.70% 1500 Debentures redeemable on April 15, 2021	-	-	-	150.00
	[Refer Note (iii) below]
		2150.00	2350.00	200.00	200.00
(b)	Term Loans from Banks :
	Secured - at amortised cost :
	Foreign Currency Loans from Banks	1837.64	2059.36	453.97	422.83
	[Refer Notes (ii) and (iii) below]
		1837.64	2059.36	453.97	422.83
(c)	Unamortised Finance Charges	(10.16)	(15.02)	(5.99)	(6.47)
	Total ((a) +(b) + (c))	3977.48	4394.34	647.98	616.36

Notes :

(i) 8.85% 3000 Secured Redeemable Non-Convertible Debentures of 10,00,000 each, redeemable on April 12, 2028, 8.05% 1500 Secured Redeemable Non-Convertible Debentures of 10,00,000 each, redeemable on August 31, 2024 and 8.05% 1500 Secured Redeemable Non-Convertible Debentures of ` 10,00,000 each, redeemable on November 02, 2028 are secured by exclusive charge on specified ships with 1.20 times cover on the market value of ships and additional security by way of mortgage on immovable property of the Holding Company.

(ii) Foreign currency USD loans availed from banks carry interest rates of LIBOR plus 100 to 215 bps (Previous Year : LIBOR plus 100 to 215 bps). The principal repayments are due quarterly, half yearly or annually. These loans are secured by mortgage of specific ships and rigs, assignment of earnings, charge on earning account and insurance contracts/policies of respective rigs of the Group.

(iii) The terms of repayments of non-current borrowings are as under :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
- between one to three years
Secured Debentures	150.00	-
Unsecured Debentures	500.00	450.00
Secured Loans from Banks	1397.04	883.23
	2047.04	1333.23
- between three to five years
Secured Debentures	-	150.00
Unsecured Debentures	900.00	700.00
Secured Loans from Banks	284.00	966.52
	1184.00	1816.52
- over five years
Secured Debentures	450.00	450.00
Unsecured Debentures	150.00	600.00
Secured Loans from Banks	156.60	209.61
	756.60	1259.61

NOTE 19 : OTHER FINANCIAL LIABILITIES

				(` in crores)
	NON - CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a) Unpaid Dividend	-	-	9.34	9.46
(b) Interest Accrued but not due on Borrowings	-	-	114.62	132.01
(c) Mark-to-Market Losses on Derivatives*	258.17	405.44	162.09	154.31
(d) Others	-	-	46.15	51.33
	258.17	405.44	332.20	347.11

* Mark-to-market losses on derivatives include loss on derivatives designated and effective as hedging instruments classified as cash flow hedge amounting to NIL (as at March 31, 2021 : 14.29 crores) as non-current and 3.75 crores (as at March 31, 2021 : 22.24 crores) as current.

NOTE 20 : PROVISIONS

				(` in crores)
		NON - CURRENT		CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Provision for Employee Benefits (Refer Note 34)	41.07	41.88	4.90	5.07
Vessel Performance/Offhire Claims (Refer Note below)	-	-	12.59	9.40
	41.07	41.88	17.49	14.47

Note :

The Group recognised the following provisions in its accounts in respect of obligations arising from past events, the settlement of which is expected to result in an outflow embodying economic benefits.

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
VESSEL PERFORMANCE/OFFHIRE CLAIMS -
Provision has been recognised for the estimated liability for under-performance of certain vessels and offhire claims under dispute :
Opening Balance	9.40	4.36
Add : Addition during the year	9.66	5.97
Less : Reversal during the year	(6.47)	(0.93)
Closing Balance	12.59	9.40

NOTE 21 : DEFERRED TAX LIABILITIES (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Deferred Tax Liabilities (net)	158.62	183.17
	158.62	183.17

Note :

				(` in crores)
DEFERRED TAX (ASSETS)/LIABILITIES IN RELATION TO :	AS AT 01/04/2021	RECOGNISED IN STATEMENT OF PROFIT AND LOSS	RECOGNISED IN OTHER COMPREHENSIVE INCOME	AS AT 31/03/2022
Property, plant and equipment	246.21	12.13	1.49	259.83
Defined benefit obligations	1.74	-	0.37	2.11
Fair value of hedging instruments in a cash flow hedge	(4.54)	-	8.85	4.31
Unabsorbed depreciation	(84.06)	(41.29)	-	(125.35)
Mark-To-Market gains/(losses) on mutual funds and derivatives	23.58	(6.12)	-	17.46
Others	0.24	0.01	-	0.25
	183.17	(35.27)	10.71	158.62

				(` in crores)
DEFERRED TAX (ASSETS)/LIABILITIES IN RELATION TO :	AS AT 01/04/2020	RECOGNISED IN STATEMENT OF PROFIT AND LOSS	RECOGNISED IN OTHER COMPREHENSIVE INCOME	AS AT 31/03/2021
Property, plant and equipment	203.89	40.58	1.74	246.21
Defined benefit obligations	0.69	-	1.05	1.74
Fair value of hedging instruments in a cash flow hedge	(8.92)	-	4.38	(4.54)
Unabsorbed depreciation	(32.75)	(51.31)	-	(84.06)
Mark-To-Market gains on mutual funds	12.84	10.74	-	23.58
Others	0.48	(0.24)	-	0.24
	176.23	(0.23)	7.17	183.17

Income from shipping activities of the Group in India is assessed on the basis of deemed tonnage income in accordance with the provisions of Section 115VA of the Income-tax Act, 1961 and no deferred tax is applicable to such income as there are no taxable temporary differences. Income from operation of vessels and rigs operating outside the limits of the port of Singapore is also exempt under Section 13A of the Singapore Income Tax Act. Consequently, deferred tax is recognised in respect of the taxable temporary differences relating to rigs and other non tonnage income.

NOTE 22 : OTHER LIABILITIES

				(` in crores)
		NON - CURRENT	CURRENT
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
(a) Advances from Customers	-	-	28.36	16.12
(b) Government Grants	15.70	18.03	-	-
(c) Statutory Liabilities	-	-	11.66	12.52
(d) Others	-	-	9.00	4.17
	15.70	18.03	49.02	32.81

NOTE 23 : TRADE PAYABLES

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
(a) Dues to Micro and Small enterprises	12.80	10.22
(b) Dues to others	339.94	304.27
	352.74	314.49

Notes :

Trade payables are recognised at their original invoiced amounts which represent their fair values on initial recognition. Trade payables are considered to be of short duration and are not discounted and the carrying values are assumed to approximate their fair values.

Trade payables ageing schedule :

As at March 31, 2022						(` in crores)
PARTICULARS	OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	NOT DUE	< 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Micro and Small enterprises	2.80	8.85	0.75	0.30	0.10	12.80
Others	24.31	259.48	18.09	16.01	22.05	339.94
Disputed dues - Micro and Small enterprises	-	-	-	-	-	-
Disputed dues - Others	-	-	-	-	-	-
	27.11	268.33	18.84	16.31	22.15	352.74

As at March 31, 2021						(` in crores)
PARTICULARS		OUTSTANDING FOR FOLLOWING PERIODS FROM DUE DATE OF PAYMENT/DATE OF TRANSACTION *
	NOT DUE	< 1 YEAR	1-2 YEARS	2-3 YEARS	MORE THAN 3 YEARS	TOTAL
Micro and Small enterprises	2.52	6.26	1.24	0.18	0.02	10.22
Others	30.02	191.47	40.70	12.61	29.47	304.27
Disputed dues - Micro and Small enterprises	-	-	-	-	-	-
Disputed dues - Others	-	-	-	-	-	-
	32.54	197.73	41.94	12.79	29.49	314.49

* Where due date for payment is not specified/captured in the relevant system, disclosure has been made from the date of transaction.

NOTE 24 : CURRENT TAX LIABILITIES (NET)

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Excess of Provision for Income-tax over Advance Payment of Income-tax and Tax Deducted/	36.83	36.34
Collected at Source
	36.83	36.34

NOTE 25 : REVENUE FROM OPERATIONS

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Revenue from -
- Freight and Demurrage	1364.79	1428.41
- Charter Hire (Refer Note 43)	2107.22	1873.66
	3472.01	3302.07
(b) Other Operating Revenue	36.93	34.48
	3508.94	3336.55

NOTE 26 : OTHER INCOME

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Gain on disposal of Property, plant and equipment (net)	53.12	85.84
(b) Dividend from Units in Mutual Funds (at FVTPL)	0.56	0.71
(c) Interest Income -
- on Bank Deposits (at amortised cost)	9.65	32.21
- on Others	12.10	0.03
	21.75	32.24
(d) Gain on sale/MTM of Current Investments (at FVTPL) *	66.06	100.86
(e) Miscellaneous Income	18.69	12.17
	160.18	231.82

* Net of MTM loss of 14.28 crores (Previous Year : includes MTM gain of 42.66 crores).

NOTE 27 : EMPLOYEE BENEFITS EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Salaries and Wages	645.72	629.75
(b) Contribution to Provident and Other funds (Refer Note 34)	26.83	25.16
(c) Staff Welfare Expenses	49.56	44.05
	722.11	698.96

NOTE 28 : FINANCE COSTS

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Interest Cost *	281.58	311.98
(b) Other Borrowing Costs	7.24	8.27
(c) Exchange differences regarded as an adjustment to Borrowing Costs	81.27	(78.11)
	370.09	242.14

* Includes loss arising on Interest Rate Swap transactions.

NOTE 29 : DEPRECIATION AND AMORTISATION EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Depreciation on Property, plant and equipment	689.50	691.20
(b) Depreciation on Right-of-use Assets	8.16	8.95
(c) Amortisation on Intangible Assets	0.27	0.28
	697.93	700.43

NOTE 30 : IMPAIRMENT LOSS

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Impairment Loss on Property, plant and equipment	7.74	46.11
	7.74	46.11

Note :

The Group carried out review of 'recoverable amount' of rigs and support vessels, and recognised an impairment loss of 7.74 crores for three support vessels (Previous Year : 28.32 crores for four support vessels). The 'recoverable amount' of an asset is determined as higher of fair value less cost to sell and 'value in use' (present value of estimated future cash flows expected from an asset) as per Ind AS 36, Impairment of Assets. The discount rate used for estimation of the net present value was 6.17% p.a. (Previous Year : 6.16% p.a.).

The market value of the fleet and rigs is based on valuations provided by independent valuers considering the recent market prices of assets with similar age, obsolescence, transactions in the market, general market trends and quotes from owners.

NOTE 31 : OTHER EXPENSES

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Hire of Chartered Ships/Equipment	11.98	25.72
(b) Brokerage and Commission	22.87	19.58
(c) Agency Fees	11.11	12.19
(d) Repairs and Maintenance -
- Fleet	148.92	130.59
- Buildings	3.62	3.31
- Others	10.28	9.03
	162.82	142.93
(e) Insurance -
- Fleet Insurance and Protection and Indemnity Club Insurance	48.53	46.15
- Others	4.45	3.71
	52.98	49.86
(f) Loss on Asset held for sale/scrap	12.56	-
(g) Foreign Exchange Loss/(Gain) (net)	(77.35)	73.18
(h) Loss/(Gain) on Derivatives Transactions (net)	(48.53)	(313.31)
(i) Provision/(Reversal of Provision) for Loss on Cancellation of Capital Contract	(14.99)	14.99
(j) Loss on account of Fire on Ship (Refer Note 44)	-	20.80
(k) Rent (Refer Note 36)	0.70	0.36
(l) Rates and Taxes	11.02	0.56
(m)Bad Debts and Advances Written off	1.09	0.29
(n) Allowance for doubtful debts and advances (net)	(5.06)	(14.73)
(o) Travelling Expenses	51.40	47.15
(p) Expenditure on Corporate Social Responsibility Activities	6.61	12.78
(q) Miscellaneous Expenses	102.57	76.64
	301.78	168.99

NOTE 32 : TAX EXPENSE

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
(a) Current Tax	25.27	24.39
(b) Deferred Tax (net)	(35.27)	(0.23)
	(10.00)	24.16

The reconciliation of estimated income tax expense at statutory income tax rate to income tax expense reported in the Statement of Profit and Loss is as follows:

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Profit before Income Tax	619.68	942.68
Indian statutory income tax rate (including surcharge and cess)	25.17%	25.17%
Expected income tax expense as per Indian statutory income tax rate	155.96	237.25
Tax effect of adjustments to reconcile expected income tax expense to reported income
tax expense :
Profit attributable to tonnage tax activity (net of Deemed Tonnage Income)	(150.27)	(186.25)
Items liable to tax in the year of settlement/payment	(2.58)	(1.35)
Deduction under Section 80M of the Income-tax Act, 1961 in respect of dividend income	(6.19)	-
Income exempt from income tax	(4.71)	(0.93)
Expenses/reversal not considered for tax purpose (net)	(3.32)	(3.68)
Tax on income at different rates	9.49	(7.38)
Gain on disposal/held for sale of Property, plant and equipment (net)	(12.15)	(21.56)
Impact on account of consolidation adjustment	5.16	5.17
Impact of earlier year's tax adjustment	-	(1.21)
Others	(1.39)	4.10
Provision for Current Tax and Deferred Tax as per Books	(10.00)	24.16

The Group has opted for computation of its income from shipping activities under Tonnage Tax Scheme as per Section 115VA of the Income-tax Act, 1961. Thus, income from the business of operating ships is assessed on the basis of the Deemed Tonnage Income of the Group and no deferred tax is applicable to such income as there are no temporary differences.

The Holding Company and its Indian subsidiary company have chosen to exercise the option of lower tax rate of 25.17% (inclusive of surcharge and cess) under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019.

The contingent liability includes liability for matters arising out of disallowance under Section 14A of the Income-tax Act, 1961 upto Assessment Year 2018-19. Similar claims have been made by the Holding Company for subsequent assessment years for which assessments are pending.

NOTE 33 : BASIC AND DILUTED EARNINGS PER SHARE

	CURRENT YEAR	PREVIOUS YEAR
(a) Net Profit After Tax (` in crores)	629.68	918.52
(b) Number of Equity Shares
(i) Basic Earnings per Share :
Weighted Average Number of Equity Shares	14,64,60,377	14,69,66,484
(ii) Diluted Earnings per Share :
Weighted Average Number of Equity Shares	14,64,60,377	14,69,66,484
Shares deemed to be issued for no consideration in respect of :
- Rights Shares kept in abeyance	2,85,523	2,82,273
Weighted Average Number of Equity Shares adjusted for the effect of dilution	14,67,45,900	14,72,48,757
(c) Face Value of Equity Share (in `)	10.00	10.00
(d) Earnings per Share (in `)
- Basic	42.99	62.50
- Diluted	42.91	62.38

NOTE 34 : EMPLOYEE BENEFIT PLANS

A) Defined Contribution Plans :

(i) The Group has recognised the following amounts in the Statement of Profit and Loss for the year :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Contribution to Employees Provident Fund	2.14	2.75
Contribution to Employees Superannuation Fund	6.21	5.74
Contribution to National Pension Scheme	1.71	1.64
Contribution to Seamen's Provident Fund	2.01	2.00
Contribution to Seamen's Annuity Fund	0.76	1.54
Contribution to Seamen's Rehabilitation Fund	0.08	0.66
Contribution to Seamen's Gratuity Fund	0.28	0.37

(ii) General description of Defined Contribution Plans :

Provident Fund :

In accordance with the Indian law, all eligible employees of the subsidiary company Greatship (India) Limited (GIL) are entitled to receive benefits under the provident fund, a defined contribution plan in which both the employee and employer (at a determined rate) contribute monthly. GIL contributes as specified under the law to the Government administered provident fund plan. A part of the GIL's contribution is transferred to the Government administered pension fund. This plan is a defined contribution plan as the obligation of the employer is limited to the monthly contributions made to the fund. The contributions made to the fund are recognised as an expense in the Statement of Profit and Loss under Employee Benefits Expense.

In accordance with the Singapore law, all eligible employees (Singapore citizens and Permanent Residents in Singapore) of GIL are entitled to receive benefits under the Central provident fund, a defined contribution plan, based on age brackets, in which both the employee and employer (at a determined rate) contribute monthly. GIL contributes as specified under the law to the Government administered provident fund plan. This plan is a defined contribution plan as the obligation of the employer is limited to the monthly contributions made to the fund. The contributions made to the fund are recognised as an expense in the Statement of Profit and Loss under Employee Benefits Expense.

Superannuation Fund :

In addition to gratuity benefits, employees have the option to become a member of the Superannuation Fund Trust set up by the Group and receive benefits thereunder. It is a defined contribution plan. The Group makes contributions to the trust in respect of the said employees until their retirement or resignation. The Group recognises such contributions as an expense when incurred. The Group has no further obligation beyond its contribution.

National Pension Scheme (NPS) :

NPS is an additional option for offering retirement benefits to the employees. NPS is designed on defined contribution basis wherein the Group contributes to the employees account.

There is no defined benefit that would be available at the time of exit from the system and the accumulated wealth depends on the contributions made and the income generated from the investment of such wealth. The Group recognises such contributions as an expense when incurred. The Group has no further obligation beyond its contribution.

Seamen's Provident Fund :

The Group's contribution towards Provident Fund in respect of seamen i.e. crew who sail on Group's ships is paid to the Seamen's Provident Fund as per the National Maritime Board Agreement binding on the Group.

Seamen's Annuity Fund :

The Group's contribution towards Annuity in respect of seamen is paid to the Seamen's Annuity Fund as per the National Maritime Board Agreement binding on the Group.

Seamen's Rehabilitation Fund :

The Group's contribution towards rehabilitation in respect of seamen is paid to the National Maritime Board Rehabilitation and Welfare Trust as per the National Maritime Board Agreement binding on the Group.

Seamen's Gratuity Fund :

The Group's contribution towards Gratuity in respect of seamen is paid to the Seafarer's Welfare Fund Society as per the National Maritime Board Agreement binding on the Group.

B) Defined Benefit Plans and Other Long Term Benefits :

(i) Valuations in respect of Gratuity, Pension Plan for eligible Whole-time Directors, retired directors/spouses, Compensated Absences and Provident Fund have been carried out by an independent actuary as at the Balance Sheet date as per the Projected Unit Credit method, based on the following assumptions :

ACTUARIAL ASSUMPTIONS	GRATUITY PENSION PLAN			COMPENSATED ABSENCES
	AS AT	AS AT	AS AT	AS AT	AS AT	AS AT
	31/03/2022	31/03/2021	31/03/2022	31/03/2021	31/03/2022	31/03/2021
(a) Discount Rate (p.a.)	6.78%-6.86%	6.41%-6.45%	6.86%-7.09%	6.41%-6.45%	6.78%-6.86%	6.41%-6.45%
(b) Salary Escalation Rate	4.00%-6.00%	4.00%-6.00%	-	-	5.00%-6.00%	5.00%-6.00%
(c) Mortality	IALM -	IALM -	LIC (a)	LIC (a)	IALM -	IALM -
	Ultimate	Ultimate	(1996-98)	(1996-98)	Ultimate	Ultimate
	2012-14	2012-14	Ultimate	Ultimate	2012-14	2012-14
(d) Withdrawal Rate	0.50%-20.00%	0.50%-20.00%	-		- 5.33%-11.67%	4.67%-9.33%
(e) Expected average remaining service (in years)	7.55-17.14	5.00-18.19	-	-	6.62-7.55	7.61-7.64
(f) Weighted average remaining duration of defined benefit obligation (in years)	5.03-8.55	3.68-8.40	-	-	3.73-4.58	4.31-4.46

(ii) Changes in present value of obligations :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Liability at the beginning of the year	45.14	43.71	39.32	43.60	3.54	3.13
Current Service Cost	3.67	3.42	-	-	0.18	0.69
Interest Cost	2.64	2.58	2.53	2.83	0.19	0.18
Actuarial (Gain)/Loss on obligations	(0.13)	(0.44)	(0.83)	(5.28)	0.32	0.10
Benefits Paid	(3.85)	(4.13)	(1.95)	(1.83)	(0.48)	(0.56)
Liability at the end of the year	47.47	45.14	39.07	39.32	3.75	3.54

(iii) Changes in Fair value of Plan Assets :

	(` in crores)
	GRATUITY			PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Fair Value of Plan Assets at the beginning of the year	47.42	41.15	-	-	-	-
Adjustment to Opening Balance	(0.95)	1.33	-	-	-	-
Return on Plan Assets excluding amount included in interest income	0.75	5.11	-	-	-	-
Interest Income	2.86	2.62	-	-	-	-
Employee's Contributions	0.75	-	-	-	-	-
Employer's Contributions	1.64	1.34	1.95	1.83	0.48	0.56
Benefits Paid	(3.85)	(4.13)	(1.95)	(1.83)	(0.48)	(0.56)
Internal fund transfer	(0.77)	-	-	-	-	-
Fair Value of Plan Assets at the end of the year	47.85	47.42	-	-	-	-

(iv) Funded Status :

		(` in crores)
	GRATUITY
	AS AT 31/03/2022	AS AT 31/03/2021
Present value of funded defined benefit obligation	47.47	45.14
Fair value of plan assets	(47.85)	(47.42)
(Surplus)/ Deficit of Plan assets over obligations	(0.38)	(2.28)

(v) Remeasurement of the net defined liability/(asset) :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
(Gain)/Loss on obligation due to change in demographic assumptions	0.22	0.48	-	-	-	-
(Gain)/Loss on obligation due to change in financial assumptions	(1.25)	0.13	0.39	(0.08)	(0.06)	0.01
(Gain)/Loss on obligation due to change in experience adjustments	0.91	(1.04)	(1.22)	(5.20)	0.38	0.08
Total Actuarial (Gain)/Loss	(0.12)	(0.43)	(0.83)	(5.28)	0.32	0.09

(vi) Actual Return on Plan Assets :

		(` in crores)
	GRATUITY
	CURRENT YEAR	PREVIOUS YEAR
Return on Plan Assets excluding interest Income	0.75	5.11
Interest Income	2.86	2.62
Actual Return on Plan Assets	3.61	7.73

256

(vii) Amount Recognised in the Balance Sheet :

						(` in crores)
	GRATUITY		PENSION PLAN		COMPENSATED ABSENCES
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Liability at the end of the year	47.47	45.14	39.07	39.32	3.75	3.54
Fair Value of Plan Assets at the end of the year	(47.85)	(47.42)	-	-	-	-
Short Term Liability	-	-	-	-	1.94	2.25
(Asset)/Liability recognised in the Balance Sheet (net)	(0.38)	(2.28)	39.07	39.32	5.69	5.79

(viii)Expenses recognised in the Statement of Profit and Loss :

						(` in crores)
	GRATUITY			PENSION PLAN		COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Current Service Cost	3.67	3.42	-	-	0.18	0.69
Net Interest	(0.22)	(0.04)	2.53	2.83	0.19	0.18
Net Actuarial (Gain)/Loss to be recognised	-	-	-	-	0.32	0.09
Expenses recognised in the Statement of Profit and Loss	3.45	3.38	2.53	2.83	0.69	0.96

(ix) Other Comprehensive Income (OCI) :

						(` in crores)
	GRATUITY		PENSION PLAN			COMPENSATED ABSENCES
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Actuarial (Gain)/Loss recognised for the period	(0.12)	(0.43)	(0.83)	(5.28)	-	-
Return on Plan Assets excluding interest income	(0.75)	(5.11)	-	-	-	-
Total Actuarial (Gain)/Loss recognised in OCI	(0.87)	(5.54)	(0.83)	(5.28)	-	-

(x) The fair values of the plan assets at the end of the reporting period for each category, are as follows :

		(` in crores)
	GRATUITY
	AS AT	AS AT
	31/03/2022	31/03/2021
Public Sector Bonds	-	0.30
HDFC Group Unit Linked Plan	47.85	47.12
Total	47.85	47.42

The fair values of the above instruments are determined based on quoted market prices in active markets.

(xi) Sensitivity Analysis :

				(` in crores)
PRESENT VALUE OF OBLIGATIONS	DISCOUNT RATE			SALARY ESCALATION RATE
	+1%	-1%	+1%	-1%
Gratuity	44.68	50.68	49.75	45.43
Pension	36.77	43.39	-	-
Compensated Absences	3.61	3.90	3.89	3.62

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

(xii) The defined benefit obligations shall mature after year ended March 31, 2022 as follows :

						(` in crores)
PRESENT VALUE OF OBLIGATIONS	FIRST YEAR	SECOND YEAR	THIRD YEAR	FOURTH YEAR	FIFTH YEAR	SIXTH TO TENTH YEAR
Gratuity	8.36	5.44	5.56	4.27	4.03	16.21
Pension	1.95	1.95	1.95	1.95	1.95	9.77
Compensated Absences	2.63	0.95	0.37	0.41	0.28	0.99

(xiii)General description of Defined Benefit Plans :

Gratuity Plan :

Gratuity is payable to all eligible employees of the Group on superannuation, death, permanent disablement or resignation in terms of the provisions of the Payment of Gratuity Act or as per the Group's scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn basic salary.

The defined benefit plan is administered by a separate fund that is legally separated from the Group. The Group's investment strategy in respect of its funded plan is implemented within the framework of the applicable statutory requirements.

The plan exposes the Group to a number of actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

- Investment/Interest Rate Risk

The Group is exposed to investment/interest rate risk if the return on the invested fund falls below the discount rate used to arrive at present value of the benefit.

- Longevity Risk

The Group is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating from the employer for any reason.

- Salary Risk

The Group is exposed to higher liability if the future salaries rise more than assumption of salary escalation.

The Group does an Asset - Liability matching study each year in which the consequences of the strategic investment policies are analysed in terms of risk and return profiles.

Retirement Benefit Scheme including Pension Plan :

Under the Group's Retirement Benefit Scheme for the eligible Whole-time Directors of the Holding Company and Managing Director for Greatship (India) Limited are entitled to the benefits of the scheme only after attaining the age of 62 years, except for retirement due to physical disability or death while in office, in which case, the benefits shall start on his retirement due to such physical disability or death. The benefits are in the form of monthly pension @ 50% of his eligible salary subject to maximum of 1.25 crores p.a. during his lifetime. If he predeceases the spouse, she will be paid monthly pension @ 50% of eligible pension during her lifetime. Benefits include reimbursement of medical expenses for self and spouse, overseas medical treatment upto 0.50 crore for self/spouse, office space including office facilities in the Group's office premises. Benefits also include use of Group's car including reimbursement of driver's salary and other related expenses during his lifetime and in the event of his demise, his spouse will be entitled to avail the said benefit during her lifetime.

Compensated Absences :

All eligible union grade employees had an option to freeze the accumulated leave balance as on June 30, 2008. Such frozen accumulated leave balance will be encashed as per the last drawn basic salary at the time of superannuation, death, permanent disablement, resignation or promotion to the non-union category.

With effect from April 1, 2012, all eligible non-union employees have an option to freeze their leave accumulation days on 30th June every year and such frozen accumulated leave balance will be encashed as per the basic salary for the month of June of the relevant year for which leave was frozen at the time of superannuation, death, permanent disablement or resignation.

For all union and non-union grade employees, maximum leave that can be carried forward is 15 days.

The leave over and above 15 days is encashed and paid to employees on an annual basis.

Provident Fund :

Eligible employees of the Holding Company receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Holding Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Holding Company contributes a portion to the Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government-administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government. The Holding Company has an obligation to make good the shortfall, if any.

The details of fund and plan asset position are as follows :

Funded Status :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Present value of funded defined benefit obligation	240.59	225.81
Fair value of plan assets	(247.49)	(226.00)
(Surplus)/Deficit of Plan assets over obligations	(6.90)	(0.19)

The plan assets have been invested in government securities, private and public sector bonds.

Assumptions used in determining the present value obligation of the interest rate guarantee :

ACTUARIAL ASSUMPTIONS	AS AT 31/03/2022	AS AT 31/03/2021
(a) Government of India (GOI) bond yield	6.86%	6.41%
(b) Average remaining tenure of investment portfolio (in years)	5.29	5.63
(c) Expected guaranteed interest rate *	8.10%	8.50%

* Rate recommended by Central Board of Trustees, EPF for the current year and previous year and the same is used for valuation purpose.

The Holding Company contributed 6.93 crores to the Provident Fund Trust during the current year (Previous Year : 6.14 crores), and the same has been recognised in the Statement of Profit and Loss under the head Employee Benefits Expense.

During the current year, the Holding Company has made provision of 1.53 crores (Previous Year : 1.55 crores), being the change in remeasurement of the defined benefit plans due to impairment in the value of certain investments made in securities by the trusts managing the defined benefit plans of the Holding Company.

NOTE 35 : SEGMENT REPORTING

The Group has identified two business segments as reportable segments on the basis of nature of business. The business segments comprise 1) Shipping business and 2) Offshore business.

The segments are defined as components of Group for which discrete financial information is available that is evaluated regularly by the Managing Director of the Holding Company in deciding how to allocate resources and assessing performance. Revenues and expenses attributable to segments are reported under each reportable segments.

Assets and liabilities that are attributable to segments are disclosed under each reportable segments.

(a) Segment reporting :

						(` in crores)
	SHIPPING		OFFSHORE		TOTAL
	CURRENT	PREVIOUS	CURRENT	PREVIOUS	CURRENT	PREVIOUS
Revenue :	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR
Total Revenue	2977.84	2917.42	718.58	678.84	3696.42	3596.26
Less : Inter Segment Revenue					27.30	27.89
Net Revenue					3669.12	3568.37
Results :
Profit/(Loss) before Interest and Tax	1041.68	1285.23	(51.91)	(100.41)	989.77	1184.82
Less : Interest	276.29	227.31	93.80	14.83	370.09	242.14
Total Profit/(Loss) before Tax	765.39	1057.92	(145.71)	(115.24)	619.68	942.68
Provision for Taxation :
- Current Tax	25.00	25.01	0.27	(0.62)	25.27	24.39
- Deferred Tax (net)	(6.12)	10.74	(29.15)	(10.97)	(35.27)	(0.23)
Net Profit/(Loss)	746.51	1022.17	(116.83)	(103.65)	629.68	918.52
Other Information :
Capital Expenditure	517.40	807.88	56.79	58.18	574.19	866.06
Depreciation and Amortisation Expense	435.94	438.65	261.99	261.78	697.93	700.43
Impairment Loss	-	-	7.74	46.11	7.74	46.11
Interest Income	5.06	19.52	16.69	12.72	21.75	32.24

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Assets
- Shipping	9478.58	9371.24
- Offshore	4490.02	4773.84
Total	13968.60	14145.08
Liabilities
- Shipping	4414.52	4748.59
- Offshore	1502.78	1692.22
Total	5917.30	6440.81

(b) Information concerning principal geographic areas is as follows :

			(` in crores)
(i)	REVENUE FROM OPERATIONS :	CURRENT YEAR	PREVIOUS YEAR
	- Revenue from customers located outside India	1946.49	1641.35
	- Revenue from customers located within India	1525.52	1660.72
		3472.01	3302.07

(ii) Substantial assets of the Group are ships/rigs, which are operating across the world, in view of which they can not be identified by any particular geographical area.

(c) Information about major customers :

Included in revenue from operations arising from offshore segment of 674.17 crores (Previous Year : 659.58 crores) are revenues of approximately 535.82 crores (Previous Year : 550.79 crores) which arose from sales to the Group's largest customer. No other single customer contributed 10% or more to the Group's revenue for both current year and previous year.

NOTE 36 : RIGHT-OF-USE ASSETS (ROU) AND LEASE LIABILITIES

The Group's lease assets primarily consist of leases for buildings and IT equipments. The Group has elected to apply recognition exemption as per Ind AS 116 for leases which are expiring within 12 months from the date of transition by class of assets and leases for which the underlying asset is of low value on a lease by lease basis. The Group has also used the practical expedient provided by the standard when applying Ind AS 116 to leases. The Group has used a single discount rate to a portfolio of leases with similar characteristics.

Right-of-use Assets (ROU)

The following is the movement in right-of-use assets :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	34.52	17.79
Addition	0.31	25.68
Depreciation	(8.16)	(8.95)
Closing Balance	26.67	34.52

The aggregate depreciation on ROU assets has been included under depreciation and amortisation expense in the Statement of Profit and Loss.

Lease Liabilities :

The following is the movement in lease liabilities :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	36.37	18.42
Addition	0.31	25.89
Finance cost accrued during the year	2.50	1.60
Payment of lease liability	(9.18)	(9.54)
Closing Balance (Refer Note 40(E)(v))	30.00	36.37

Rental expenses recorded for short term lease were 0.61 crore (Previous Year : 0.43 crore) for the year ended March 31, 2022.

NOTE 37 : RELATED PARTY TRANSACTIONS

(I) List of Related Parties :

a) Key Management Personnel and close members of their family in employment with the Holding Company :

Mr. K. M. Sheth - Non-Executive Chairman, father of Mr. Bharat K. Sheth and Mr. Ravi K. Sheth Mr. Bharat K. Sheth - Deputy Chairman and Managing Director Mr. Tapas Icot - Executive Director and President-Shipping Mr. G Shivakumar - Executive Director and Chief Financial Officer Mr. Jayesh Trivedi - Company Secretary Mr. Ravi K. Sheth - Non-Executive Director of Holding Company, Executive Director of subsidiary company Mr. Berjis Desai - Non-Executive Director Mr. Cyrus Guzder - Non-Executive Director Mrs. Rita Bhagwati - Non-Executive Director Dr. Shankar Acharya - Non-Executive Director Mr. Vineet Nayyar - Non-Executive Director Mr. Raju Shukla - Non-Executive Director Mr. Ranjit Pandit - Non-Executive Director Mr. Urjit Patel - Non-Executive Director (up to January 31, 2022) Mr. Rahul R. Sheth - Son of Mr. Ravi K. Sheth Ms. Nirja B. Sheth - Daughter of Mr. Bharat K. Sheth

b) Other related parties where transactions exist : Employees' Benefit Plans :

The Provident Fund of The Great Eastern Shipping Company Ltd. The Great Eastern Shipping Co. Ltd. Employees Gratuity Fund The Great Eastern Shipping Co. Limited Executives Superannuation Fund The Great Eastern Shipping Co. Ltd. Floating Staff Superannuation Fund The Great Eastern Shipping Co. Ltd. Staff Superannuation Fund Greatship (India) Limited Employees Gratuity Trust

(II) Transactions with Related Parties :

				(` in crores)
(a) NATURE OF TRANSACTIONS	OTHER RELATED PARTIES		KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS
	CURRENT YEAR	PREVIOUS YEAR	CURRENT YEAR	PREVIOUS YEAR
Contribution to post-employment benefit	15.10	5.21	-	-
plans (Refer Note (i) below)
Compensation to key management personnel
and close members of their family
- Salaries	-	-	12.93	12.58
- Post-employment benefits (Refer Note (ii)	-	-	3.40	0.90
below)
- Sitting fees	-	-	0.90	0.71
- Variable pay/Commission	-	-	8.64	8.72
- Dividend	-	-	45.43	8.91

(b) OUTSTANDING BALANCES	OTHER RELATED PARTIES		KEY MANAGEMENT PERSONNEL AND THEIR CLOSE FAMILY MEMBERS
	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
Payables
- Post-employment benefit plans	(0.35)	(0.54)	-	-
- Variable pay/Commission payable	-	-	8.64	8.72
- Provision for retirement benefits	-	-	37.54	37.71

Notes :

(i) Contribution to post-employment benefit plans to the extent of 1.23 crores (Previous Year : 1.26 crores) in respect of key management personnel and close members of their family is included under Post-employment benefits.

(ii) Post-employment benefits include provision for retirement pension benefit payable amounting to 0.43 crore (Previous Year : reversal of provision of 2.28 crores) on the basis of actuarial valuation as per the Retirement Benefits Scheme approved by the Board of Directors.

NOTE 38 : CAPITAL COMMITMENTS

		(` in crores)
PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
Estimated amount of contracts, net of advances paid thereon, remaining to be executed on	42.96	289.69
capital account and not provided for

NOTE 39 : CONTINGENT LIABILITIES

			(` in crores)
SR. NO.	PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
	Claims against the Group, not acknowledged as debts :
(a)	Sales Tax demands under BST Act, CST Act and VAT Act. *	7.60	208.26
(b)	Demand from the Office of the Collector and District Magistrate, Mumbai City and from Brihanmumbai Mahanagarpalika towards transfer charges for transfer of premises not acknowledged by the Holding Company.	4.34	4.34
(c)	Demand for Custom Duty disputed by the respective Companies. *	24.59	21.83
	[The Holding Company has given bank guarantees amounting to 3.63 crores (as at<br>March 31, 2021 : 3.63 crores) against the said Custom Duty demand.]
(d)	Service Tax Demands disputed by the respective Companies. *	384.83	418.38
	Demand pertains to jurisdictional applicability on charter hire, excess utilisation of CENVAT Credit, supply of fuel/diesel by the charterers and non-payment of service tax under reverse charge mechanism on various input services received from foreign vendors. Appeals have been filed against these demand orders before the appellate authorities.
(e)	Income Tax Demands for various Assessment Years disputed by the respective Companies.	55.07	64.96
(f)	Demand for wharfage charges against which the Holding Company has tendered a Bank Guarantee. Stay is obtained under a Writ Petition filed against Chennai Port Trust for restraining encashment of Bank Guarantee.	0.99	0.99
	* Amounts pertaining to points above are excluding interest and penalty.

Notes :

(i) It is not practicable for the Group to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings as it is determinable only on receipt of judgements/decisions pending with various forums/authorities.

(ii) The Group does not expect any reimbursements in respect of the above contingent liabilities.

(iii) The Group's pending litigations comprise of claims pertaining to proceedings pending with Income Tax, Custom, Sales Tax/VAT, Service Tax and other authorities. The Group has reviewed all its pending litigations and proceedings and has adequately provided for where provisions were required and disclosed as contingent liabilities where applicable, in its financial statements. The Group does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

NOTE 40 : FINANCIAL INSTRUMENTS

A. Capital Management :

The Group's capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Group.

The capital structure of the Group consists of net debt (borrowings as detailed in Note 18 and offset by cash and bank balances and current investments) and total equity of the Group.

The Group is not subject to any externally imposed capital requirements.

The Group's risk management committee reviews the capital structure of the Group on a regular basis considering the cyclicity of business.

The gearing ratio was as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Debt *	4756.23	5164.20
Less : Cash and bank balances (other than margin money deposits and unpaid dividend account) including current investments	(3941.54)	(4087.33)
Net debt	814.69	1076.87
Total equity	8051.30	7704.27
Net debt to equity ratio	0.10	0.14

* Debt includes redeemable non-convertible debentures, term loans from banks and accrued interest.

B. Financial Assets and Liabilities :

The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which incomes and expenses are recognised, in respect of each class of financial asset, financial liability and equity instruments are disclosed in Note 1(q) to the financial statements.

The carrying amounts of financial instruments by categories are as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Financial Assets :
Measured at Amortised Cost *
- Trade Receivables	315.20	270.58
- Cash and Cash Equivalents	1558.32	1761.47
- Other Bank Balances	1278.62	987.63
- Other Financial Assets	87.73	67.51
Measured at Fair value through Profit or Loss
- Investments in Mutual Funds	1156.69	1349.49
- Investments in Quoted Equity Shares	0.78	0.65
- Derivative Contracts	97.85	99.69
Measured at Fair value through OCI
- Derivative Contracts	76.12	37.96
Total	4571.31	4574.98

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Financial Liabilities :
Measured at Amortised Cost *
- Borrowings	4625.46	5010.70
- Trade Payables	352.74	314.49
- Other Financial Liabilities	200.12	229.17
Measured at Fair value through Profit or Loss
- Derivative Contracts	416.51	523.22
Measured at Fair value through OCI
- Derivative Contracts	3.74	36.53
Total	5598.57	6114.11

* The fair values of the financial assets and financial liabilities are not materially different (difference being in range of 5% of the carrying amounts) from their carrying amounts.

C. Fair value hierarchy :

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels :

• Level 1 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3 Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

The following table presents assets and liabilities measured at fair value and classified by the level of the following fair value measurements hierarchy :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Financial Assets :
Measured at Level 1
- Investments in Quoted Equity Shares	107.40	52.97
Measured at Level 2
- Investments in Mutual Funds	1050.07	1297.17
- Derivative Contracts	173.97	137.65
Total	1331.44	1487.79
Financial Liabilities :
Measured at Level 2
- Derivative Contracts	420.25	559.75
Total	420.25	559.75

Valuation technique and key inputs :

Investments in Mutual Funds are valued at the net asset value of the respective units. Derivative instruments are fair valued at the discounted cash flows. Future cash flows are estimated based on forward exchange/interest rates and contract forward/interest rates discounted at a rate that reflects the credit risk of various counterparties. Quoted equity shares are valued at bid prices in an active market.

D. Derivative financial instrument and risk management :

The Group uses foreign exchange forward contracts and interest rate swaps to hedge its exposure to the movements in foreign exchange and interest rates. The use of these reduces the risk to the Group arising out of movement in exchange and interest rates. The Group does not use foreign exchange forward contracts and interest rate swaps for trading purpose. The Group has also entered into cross currency swaps to swap its INR borrowings into US dollars to mitigate the exchange risk arising out of foreign currency receivables. The interest rate swap component in the cross currency swap reduces the effective interest costs to the Group. The Group also uses commodity futures contracts for hedging the exposure to bunker price risk. The Group has also entered into freight forwarding agreements to hedge cash flow risk from freight prices.

(i) Derivative instruments in hedging relationship (Cash Flow Hedges) :

(a) Interest Rate Swap Contracts :

DETAILS	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding	29	29
Principal Notional Amount (USD in million)	221.164	267.694
Fair Value gain/(loss)- net (` in crores) (Excluding interest accrued)	31.81	(30.54)
Maturity Period	Upto 7 Years	Upto 8 Years

(b) Forward Exchange Contracts :

DETAILS	AS AT 31/03/2022		AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	-	23	-	20
Foreign Currency Value (USD in million)	-	11.500	-	10.000
Fair Value gain/(loss)- net (` in crores)	-	0.59	-	1.89
Maturity Period	-	Upto 1 Year	-	Upto 1 Year

(c) Bunker Swap Contracts :

DETAILS	AS AT 31/03/2022			AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	4	-	13	-
No of Units in MT under above contracts	14000	-	46500	-
Fair Value gain/(loss)- net (` in crores)	39.97	-	30.08	-
Maturity Period	Upto 1 Year	-	Upto 2 Years	-

The interest rate swaps are entered to hedge interest payments from floating to fixed on borrowings. The bunker swaps are entered to hedge the bunker price risk. Forward exchange contracts were entered to hedge existing transactions/firm commitments denominated in foreign currency. Fair value gains/(losses) on the interest rate swap contracts and bunker swap contracts recognised in Cash Flow Hedging Reserve are transferred to the Statement of Profit and Loss as part of interest expense and fuel oil and water expense on settlement. The fair value on reporting date is reported under "Other financial assets" and "Other financial liabilities".

The hedging gain recognised in other comprehensive income during the year is 95.74 crores (Previous Year : 71.94 crores) of which gain of 25.15 crores (Previous Year : loss of 7.55 crores) has been reclassified to Statement of Profit and Loss.

(ii) Derivative instruments not in hedging relationship :

(a) Forward Exchange Contracts :

DETAILS	AS AT 31/03/2022		AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	-	23	-	30
Foreign Currency Value (USD in million)	-	14.250	-	15.000
Fair Value gain/(loss)- net (` in crores)	-	0.74	-	2.50
Maturity Period	-	Upto 1 Year	-	Upto 1 Year

(b)Interest Rate Collar Contracts :

DETAILS	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding	3	3
Principal Notional Amount (USD in million)	19.280	21.710
Fair Value gain/(loss)- net (` in crores)	(0.20)	(5.90)
Maturity Period	Upto 3 Years	Upto 4 Years

(c) Cross Currency Forward Exchange Contracts :

DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding		-	1
Foreign Currency Value (USD in million)	USD/EUR	-	1.198
Fair Value gain/(loss)- net (` in crores)		-	(0.15)
Maturity Period		-	Upto 1 Year

(d) Freight Forwarding Agreement :

DETAILS	AS AT 31/03/2022		AS AT 31/03/2021
	PURCHASE	SALE	PURCHASE	SALE
Total No. of contracts outstanding	14	-	1	-
Days	370	-	90	-
Average USD/day	22115.20	-	16400.00	-
Fair Value gain/(loss)- net (` in crores)	(14.07)	-	0.79	-
Maturity Period	Upto 1 Year	-	Upto 1 Year	-

Forward exchange contracts, interest rate collar contracts, freight forwarding agreement and cross currency forward exchange contracts mentioned under (ii) above economically hedge the underlying exposures but hedge accounting is not opted for the same. The gains/ (losses) on such are recognised in the Statement of Profit and Loss.

Forward exchange contracts, freight forwarding agreement and cross currency forward exchange contracts were entered to hedge existing transactions/firm commitments denominated in foreign currency.

(iii) Currency Swap Contracts :

Currency Swap Contracts (INR to USD) :
DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021
Total No. of contracts outstanding		34	36
Principal Notional Amount (` in crores)	INR/USD	2350.00	2550.00
Fair Value gain/(loss)- net (` in crores)		(305.12)	(420.77)
Maturity Period		Upto 7 Years	Upto 8 Years

The mark-to-market loss on above mentioned currency swap contracts is recognised in the Statement of Profit and Loss.

E. Market risk :

(i) Foreign currency risk management :

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuation arise.

DETAILS	CURRENCY	AS AT 31/03/2022	AS AT 31/03/2021	AS AT 31/03/2022	AS AT 31/03/2021
			(CURRENCY IN MILLIONS) (CURRENCY IN MILLIONS)	(IN CRORES) | ( IN CRORES)
Loan Liabilities	AED	3.265	1.919	6.74	3.82
and Payables
	AUD	0.057	0.009	0.32	0.05
	BRL	-	8.256	-	10.72
	CAD	0.009	0.005	0.05	0.03
	CHF	0.014	0.008	0.11	0.06
	CNY	-	0.023	-	0.03
	DKK	0.643	1.159	0.73	1.34
	EUR	1.095	1.429	9.22	12.25
	GBP	0.096	0.080	0.95	0.81
	JPY	58.966	31.139	3.66	2.06
	MYR	0.897	0.356	1.62	0.63
	NOK	0.152	0.358	0.13	0.31
	SAR	0.028	-	0.06	-
	SEK	0.020	0.020	0.02	0.02
	SGD	1.714	2.542	9.59	13.82
	USD	695.599	772.298	5271.94	5646.27
	ZAR	0.145	1.148	0.08	0.57
Receivables	AED	0.007	-	0.01	-
	AUD	0.007	0.002	0.04	0.01
	CHF	0.013	0.008	0.11	0.06
	DKK	0.670	0.909	0.76	1.05
	EUR	0.768	0.750	6.47	6.43
	GBP	0.097	0.091	0.96	0.92
	JPY	16.543	9.355	1.03	0.62
	MYR	10.093	2.776	18.20	4.89
	NOK	0.110	0.035	0.10	0.03
	SGD	0.247	0.148	1.39	0.81
	USD	42.300	32.000	320.59	233.95
Bank Balances	AED	0.168	0.010	0.35	0.02
	EUR	0.038	0.191	0.32	1.64
	GBP	0.062	0.083	0.62	0.84
	SGD	0.299	0.633	1.68	3.44
	USD	307.520	304.086	2330.70	2223.18

The Group's exposure to unhedged foreign currency is listed as under :

Sensitivity Analysis :

A 5% strengthening/weakening of Indian Rupee against key currencies to which the Group is exposed (net of hedge), with all other variables being held constant, would have led to approximately a gain/loss of 131.33 crores (Previous Year : 160.75 crores) in the Statement of Profit and Loss and Other Comprehensive Income.

(ii) Interest rate risk :

The Group has mix of fixed and floating rate loans and generally uses Interest rate swaps as cash flow hedges of future interest payments, which have economic effect of converting the borrowings from floating to fixed interest rate loans. Under the Interest rate swaps, the Group agrees with other parties to exchange, at specified intervals, the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal amounts.

Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the Group are principally denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Group hedges its US dollar interest rate risk through interest rate swaps to reduce the floating interest rate risk. The Group has exposure to interest rate risk, arising principally on changes in base lending rate and LIBOR rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts.

The following table provides a breakup of the Group's fixed and floating rate borrowings :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Fixed Rate Borrowings	2350.00	2550.00
Floating Rate Borrowings	2291.61	2482.19
Total Borrowings (Gross)	4641.61	5032.19

Sensitivity Analysis :

The sensitivity analysis has been determined based on the exposure to interest rates for floating rate liabilities. A 0.50% decrease in interest rates would have led to approximately gain of 4.34 crores (Previous Year : 4.58 crores) in the Statement of Profit and Loss. A 0.50% increase in interest rate would have led to an equal but opposite effect.

(iii) Price risk :

The Group is mainly exposed to the price risk due to its investment in debt mutual funds. The price risk arises due to uncertainties about the future market values of these investments.

Sensitivity Analysis :

A 1% increase in prices would have led to approximately an additional gain of 10.17 crores (Previous Year : 12.90 crores) in the Statement of Profit and Loss. A 1% decrease in prices would have led to an equal but opposite effect.

(iv) Credit risk management :

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The major class of financial assets of the Group are bank deposits, derivatives, mutual funds and trade receivables. For credit exposures to customer, the management assesses the credit quality of the customer, taking into account its financial position, past experience and other factors.

As the Group does not hold any collateral, the maximum exposure to credit risk for each class of financial instruments is the carrying amount of that class of financial instruments presented on the Statement of Balance Sheet.

Cash and Cash Equivalents, derivatives and mutual fund investments :

Credit risk on cash and cash equivalents is limited as the Group invests in deposits with banks with high credit ratings assigned by international and domestic credit rating agencies. Investments primarily include investments in liquid mutual funds units from reputed funds. For derivative and financial instruments, the Group attempts to limit the credit risk by only dealing with reputable banks having high credit ratings assigned by credit rating agencies.

Trade receivables :

Trade receivables consist of a large number of various types of customers, spread across geographical areas. Credit risk arising from trade receivables is managed in accordance with the Group's established policy, procedures and control relating to customer credit risk management. Ongoing credit evaluation is performed on these trade receivables and where appropriate, allowance for losses are provided.

Exposure to credit risk :

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was 4571.31 crores as at March 31, 2022 (as at March 31, 2021 : 4574.98 crores), being the total of cash and cash equivalents, other bank balances, trade receivables, investments in mutual funds and other financial assets including derivatives instruments.

The ageing analysis of the trade receivables of the Group that are past due but not provided as doubtful debts is as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Overdue
- Less than 180 days	200.93	192.67
- More than 180 days	21.61	10.48
	222.54	203.15

The carrying amounts of trade receivables provided as doubtful debts are as follows :

		(` in crores)
	AS AT 31/03/2022	AS AT 31/03/2021
Overdue
- Less than 180 days	8.81	8.20
- More than 180 days	10.06	15.91
Less : Allowance for doubtful debts	(18.87)	(24.11)
	-	-

(v) Liquidity risk management :

Liquidity risk may arise from inability to meet financial obligations, including loan repayments and payments for vessel acquisitions. This is dealt with by keeping low leverage, as a result of which the Group is able to borrow even in challenging markets. It is also mitigated by keeping substantial liquidity at all times, which enables the Group to capitalise on any opportunities that may arise.

The following table shows the maturity analysis of the financial liabilities based on contractually agreed undiscounted cash flows :

				(` in crores)
	PAYABLE WITHIN 1 YEAR	PAYABLE WITHIN 2 - 5 YEARS	PAYABLE MORE THAN 5 YEARS	TOTAL
As at March 31, 2022
Borrowings	653.97	3231.04	756.60	4641.61
Interest Commitments	245.46	565.03	50.58	861.07
Trade payables	352.74	-	-	352.74
Unpaid Dividend	9.34	-	-	9.34
Interest Accrued but not due on Borrowings	114.62	-	-	114.62
Derivative Contracts	146.69	112.04	146.13	404.86
Other Financial Liabilities	46.15	-	-	46.15
Lease Liabilities	7.02	22.98	-	30.00
	1575.99	3931.09	953.31	6460.39
As at March 31, 2021
Borrowings	622.83	3149.75	1259.61	5032.19
Interest Commitments	253.02	722.61	119.37	1095.00
Trade payables	314.49	-	-	314.49
Unpaid Dividend	9.46	-	-	9.46
Interest Accrued but not due on	132.01	-	-	132.01
Borrowings
Derivative Contracts	154.31	145.96	259.48	559.75
Other Financial Liabilities	51.33	-	-	51.33
Lease Liabilities	6.67	29.70	-	36.37
	1544.12	4048.02	1638.46	7230.60

NOTE 41 : GOVERNMENT GRANTS

The Group receives government assistance in the form of Duty Free Credit Entitlement Certificates (DFCEC) under Service Exports From India Scheme (SEIS), which are issued to eligible Indian service providers having free foreign exchange earnings. It can be utilised for duty-free imports of office and professional equipment, spares, furniture and consumables or any other items notified by the Government from time to time.

Following are the balances of DFCEC held by the Group :

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Opening Balance	-	0.72
Less : Amount utilised during the year	-	(0.72)
Closing Balance	-	-

NOTE 42 : CONTRACT BALANCES

		(` in crores)
PARTICULARS	AS AT 31/03/2022	AS AT 31/03/2021
Trade Receivables	222.54	203.15
Contract Assets	154.82	91.71
Contract Liabilities	28.36	16.12

		(` in crores)
	CURRENT YEAR	PREVIOUS YEAR
Revenue recognised in the reporting period included in opening contracted liabilities	16.12	22.12

Contract assets include mainly unbilled revenue. Contract liabilities are towards charter hire received in advance and part of the freight amount received for incomplete voyages which will be recognised as per progress of the voyage.

Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation related to contracts as the original expected duration of these contracts is one year or less.

Payment terms differ for each charter party contract. In case of time charter, the amounts receivable from customers become due in advance on raising of invoice and in case of voyage charter, after expiry of credit period which on an average is a maximum of 90 days.

NOTE 43 : TIME CHARTER

The Group has entered into time charter agreements for vessels and rigs.

Future charter hire receivables under these time charter arrangements are as follows :

	(` in crores)
AS AT 31/03/2022	AS AT 31/03/2021
938.47	817.77
945.69	421.50
-	-

* the receivables (undiscounted) are calculated on full term employment basis at operating days rates as per time charter agreements.

Note :

The Group's operations include deployment of vessels on time charter basis and provision of drilling services involving use of rigs for short to medium term. The operation and maintenance of the rigs and vessels given on time charter, which includes specialised activities, is responsibility of the Group under the contract. Accordingly, the Group deploys trained and skilled crew to undertake offshore drilling operations using the rigs and to run the vessels for providing logistics services or for shipment of cargo, and ensures maintenance of these assets including dry docking, as per applicable regulatory standards. The charterer does not deploy its crew for these activities. The time charter rate negotiated with the charterer for provision of services which, inter-alia, involves all the above activities is a lumpsum day rate as per the industry practice, and hence, it is not possible to segregate any lease component embedded in the time charter rate for the purposes of the Ind AS 116.

NOTE 44 :

270

During the year, the Group has sold the vessel viz. Greatship Rohini (which had met with a major fire accident during the year ended March 31, 2021) at a gain of 4.69 crores being the difference between the sale proceeds and the carrying amount of the vessel on the date of sale. The Group had earlier charged off to profit and loss damaged components of 20.80 crores and recognised an impairment loss of ` 17.79 crores during the year ended March 31, 2021. The insurance claim is under evaluation by the insurer, and hence not recognised.

NOTE 45 : ADDITIONAL INFORMATION AS REQUIRED BY SCHEDULE III OF THE COMPANIES ACT, 2013

As at and for the year ended March 31, 2022

O IS NA ME F E NT ER PR E	SS S, NE T A ET AS SE TS M IN LIA BI LIT	i.e TO TA L ., US T OT AL IES		SH OF OR LO SS AR E I N PR IT		SH OT AR E I N HE R CO MP RE HE NS IV E I NC OM E		SH TO AR E I N TA L CO MP RE HE NS IV E I NC OM E
	AS % O F CO NS OL IDA TE D NE T A SS ET S	I<br>N C<br>RO<br>RE<br>S | AS<br>%<br>O<br>F<br>CO<br>NS<br>OL<br>IDA<br>TE<br>D<br>PR<br>OF<br>IT<br>OR<br>LO<br>SS | I N C RO RE S	AS % O F CO NS OL IDA TE D OT HE R CO MP RE HE NS IV E IN CO ME	I<br>N C<br>RO<br>RE<br>S | AS<br>%<br>O<br>F<br>CO<br>NS<br>OL<br>IDA<br>TE<br>D<br>TO<br>TA<br>L<br>CO<br>MP<br>RE<br>HE<br>NS<br>IV<br>E<br>IN<br>CO<br>ME | I N C RO RE S
Pa t ren
he T G t E te rea as rn S hip ing C d. Lt p o.	81 .62 %	65 71 .43	12 8.9 0%	81 1.6 7	29 .55 %	23 .31	11 7.8 4%	83 4.9 8
In d ian S bs i d iar ies u
( ) Gr hip In dia Lt d. ts ea	32 .35 %	26 04 .61	-22 .82 %	( ) 14 3.6 9	61 .63 %	48 .62	-13 .42 %	( ) 95 .07
Gr t E CS R te ea as rn da tio Fo un n	0.0 0%	0.0 6	0.0 0%	( ) 0.0 1	-	-	0.0 0%	( ) 0.0 1
Gr t E Se rvi te ea as rn ce s d Lim ite	0.0 0%	0.1 0	-	-	-	-	-	-
ign bs i d iar ies Fo S re u
he G hip T ts rea ( ) d. Sin Pte . L t g ap ore	0.0 8%	6.1 6	-0. 08 %	( ) 0.5 2	0.1 4%	0.1 1	-0. 06 %	( ) 0.4 1
he T G t E te rea as rn ( ) C ha rin L.L .C. FZ C rte g	2.1 8%	17 5.5 2	-6. 00 %	( ) 37 .78	8.5 8%	6.7 7	-4. 38 %	( ) 31 .01
	11 6.2 3%	93 57 .88	10 0.0 0%	62 9.6 7	99 .90 %	78 .81	10 0.0 0%	70 8.4 8
Int erc om pa ny E lim ina tio / ns dju A stm ts en	-16 .23 %	( ) 13 06 .58	0.0 0%	0.0 1	0.1 0%	0. 08	0.0 0%	0.0 9
TO TA L	10 0.0 0%	80 51 .30	10 0.0 0%	62 9. 68	10 0.0 0%	78 .89	10 0.0 0%	70 8. 57

As at and for the year ended March 31, 2021

NA ME O F E NT ER PR IS E	NE T A SS ET S, AS SE TS M IN LIA BI LIT	i.e TO TA L ., US OT T AL IES	SH AR E I N PR OF IT OR LO SS		SH AR E I N OT HE R CO NS NC OM MP RE HE IV E I E		SH AR E I N TO TA L CO NS NC OM MP RE HE IV E I E
	AS % O F CO NS OL IDA TE D NE T A SS ET S	I<br>N C<br>RO<br>RE<br>S | AS<br>%<br>O<br>F<br>CO<br>NS<br>OL<br>IDA<br>TE<br>D<br>PR<br>OF<br>IT<br>OR<br>LO<br>SS | I N C RO RE S	AS % O F CO NS OL IDA TE D OT HE R CO NS MP RE HE IV E IN CO ME	I<br>N C<br>RO<br>RE<br>S | AS<br>%<br>O<br>F<br>CO<br>NS<br>OL<br>IDA<br>TE<br>D<br>TO<br>TA<br>L<br>CO<br>NS<br>MP<br>RE<br>HE<br>IV<br>E<br>IN<br>CO<br>ME | I N C RO RE S
Pa t ren
he G T t E te rea as rn hip d. S ing C Lt p o.	79 .15 %	60 97 .99	11 2.1 5%	10 30 .13	13 5.8 7%	40 .49	11 2.9 0%	10 70 .62
d bs d In ian S i iar ies u
( ) hip dia d. Gr In Lt ts ea	35 .04 %	26 99 .68	-14 .28 %	( ) 13 1.1 2	-14 .26 %	( ) 4.2 5	-14 .27 %	( ) 13 5.3 7
Gr CS t E te R ea as rn Fo da tio un n	0.0 0%	0.0 7	-1. 01 %	( ) 9.3 1	-	-	-0. 98 %	( ) 9.3 1
Gr t E Se rvi te ea as rn ce s Lim ite d	0.0 0%	0.1 0	-	-	-	-	-	-
Fo ig n S bs i d iar ies re u
T he G hip ts rea ( ) Sin d. Pte . L t g ap ore	0.0 8%	6.4 9	0.0 0%	0.0 2	0.3 0%	0.0 9	0.0 1%	0.1 1
T he G t E te rea as rn ( ) ha C rin L.L .C. FZ C rte g	2.6 8%	20 6.5 2	3.1 4%	28 .82	-22 .21 %	( ) 6.6 2	2.3 4%	22 .20
	11 6.9 6%	90 10 .85	10 0.0 0%	91 8.5 4	99 .70 %	29 .71	10 0.0 0%	94 8.2 5
Int erc om pa ny lim E ina tio / ns dju A stm ts en	.96 % -16	( ) 13 06 .58	0.0 0%	( ) 0.0 2	0.3 0%	0.0 9	0.0 0%	0.0 7
TO TA L	10 0.0 0%	04 .27 77	10 0.0 0%	91 8. 52	10 0.0 0%	29 .80	10 0.0 0%	94 8.3 2

NOTE 46 : OTHER STATUTORY INFORMATION

• (i) The Group does not have any benami property, where any proceeding has been initiated or pending against the Group for holding any benami property.
• (ii) The Group has not taken any loans from banks or financial institutions against security of current assets and is not required to file quarterly returns or statements.
• (iii) The Group is not declared wilful defaulter by bank or financials institution or lender during the year.
• (iv) The Group does not have any transactions with companies struck off.
• (v) The Group does not have any charges or satisfaction which is yet to be registered with Registrars of Companies beyond the statutory period.
• (vi) The Group has complied with the number of layers prescribed under clause (87) of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.
• (vii) The Group has used the borrowings from banks and financial institutions for the specific purpose for which they were obtained.
• (viii) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall :
• (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (ultimate beneficiaries) or
• (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
• (ix) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Group shall :
• (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or
• (b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
• (x) The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income-tax Act, 1961).
• (xi) The Group has not traded or invested in Crypto currency or Virtual currency during the financial year.

74TH ANNUAL REPORT 2021-22

Registered Office Ocean House, 134/A, Dr. Annie Besant Road, Worli, Mumbai - 400 018