Great Eastern Shipping Co. Ltd. — Capital/Financing Update 2023

Jun 22, 2023

Our Ref.: S/2023/JMT June 22, 2023

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),

BSE Scrip code: 500620 Trading Symbol - GESHIP

Dear Sir/Madam,

Sub: Intimation of Credit Ratings under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (the "Regulations'), please find below the ratings assigned by CRISIL Ratings Limited vide their letters dated June 21, 2023 for the Company as follows:

S. NO.	CREDIT RATING	INSTRUMENT/	EXISTING	REVISED CREDIT
	AGENCY	FACILITY	CREDIT RATING	RATING
1.	CRISIL Ratings Limited	Rs. 2150 Crore	-	CRISIL AA+/
		Non		Stable
		Convertible		(pronounced
		Debentures		as CRISIL
				double A plus
				rating with
				Stable Outlook)

	Rs.	50	Crore	CRISIL	A1+	Rating
	Commercial			(pronounced		withdrawn
	Paper			as CRISIL A one		since		the
				plus rating)			instrument	has
						not		been
						placed till date
						and		the
						Company does
						not	plan	to
						place		the
						same	in	the
						near future.

The rating letters received from CRISIL Ratings Limited are attached as Annexures.

You are requested to take note of the above.

Thanking You,

Yours faithfully,

For The Great Eastern Shipping Co. Ltd.

Jayesh M. Trivedi Digitally signed by: JAYESH M TRIVEDI DN: CN = JAYESH M TRIVEDI C = IN O = Personal Date: 2023.06.22 10:11:53 +05'30' JAYESH M TRIVEDI

President (Secl. & Legal) & Company Secretary

CONFIDENTIAL

RL/GREEAST/320643/NCD/0623/63441/152066231 June 21, 2023

Mr. G Shivakumar Executive Director & Chief Financial Officer The Great Eastern Shipping Company Limited $134/A.$ Dr. Annie Besant Road, Worli. Mumbai City - 400018 9820041213

CRISIL

Ratings

Dear Mr. G Shivakumar,

Re: CRISIL Rating on the Rs. 2150 Crore Non Convertible Debentures of The Great Eastern Shipping Company Limited

We refer to your request for a rating for the captioned Debt instrument.

CRISIL Ratings has, after due consideration, assigned a CRISIL AA+/Stable (pronounced as CRISIL double A plus rating with Stable outlook) rating to the captioned Debt instrument. Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

Further, in view of your decision to accept the CRISIL Ratings, we request you to apprise us of the instrument details (in the enclosed format) as soon as it has been placed. In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL Ratings will be necessary.

As per our Rating Agreement, CRISIL Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL Ratings reserves the right to withdraw, or revise the rating / outlook assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL Ratings believes may have an impact on the rating. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s.

As per SEBI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at debtissue@crisil.com. This will enable CRISIL Ratings to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us at debtissue@crisil.com for any clarification you may need.

Should you require any clarification, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

otale

Ankit Kedia Associate Director - CRISIL Ratings

Nivedita Shibu Associate Director - CRISIL Ratings

Disclaimer: A rating by CRISIL Ratings reflects CRISIL Ratings' current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does
not constitute an audit of the rated entity by CRI considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings' criteria are available without charge to the public on the web site, www.crisilratings.com. CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at CRISILratingdesk@crisil.com or at 1800-267-1301

CRISIL Ratings Limited

A subsidiary of CRISIL Limited, an S&P Global Company Corporate Identity Number: U67100MH2019PLC326247 CONFIDENTIAL

RL/GREEAST/320643/CP/0623/63439 June 21, 2023

Mr. G Shivakumar Executive Director & Chief Financial Officer The Great Eastern Shipping Company Limited $134/A,$ Dr. Annie Besant Road, Worli, Mumbai City - 400018 9820041213

Dear Mr. G Shivakumar,

Re: Withdrawal of CRISIL Rating for the Rs.50 Crore Commercial Paper of The Great Eastern Shipping Company Limited

All ratings assigned by CRISIL Ratings are kept under continuous surveillance and review.

This is in relation to your letter dated June 05, 2023 requesting CRISIL Ratings to withdraw the outstanding rating on the captioned Debt Programme.

CRISIL Ratings has, after due consideration, withdrawn the "CRISIL A1+" (pronounced as CRISIL A one plus rating) rating assigned to the captioned Debt Programme since the instrument has not been placed till date.

Should you require any clarification, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

Hatale

Ankit Kedia Associate Director - CRISIL Ratings

Nivedita Shibu Associate Director - CRISIL Ratings

Disclaimer: A rating by CRISIL Ratings reflects CRISIL Ratings' current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRI considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings' criteria are available without charge to the public on the web site, www.crisilratings.com. CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.cristinatings.com or contact Customer Service Helpdesk at CRISIL Cating CRISIL ratings on the contact Customer Service Helpdesk at

CRISIL Ratings Limited

A subsidiary of CRISIL Limited, an S&P Global Company Corporate Identity Number: U67100MH2019PLC326247

CRISIL

Ratings