Great Eastern Shipping Co. Ltd. — Interim / Quarterly Report 2021

Sep 22, 2021

Our Ref.: S/2021/JMT September 22, 2021

BSE Limited National Stock Exchange of India Limited Mumbai – 400 001 Mumbai – 400 051

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

Dear Sir/ Madam,

Sub: Separate Limited Review Reports for the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2021.

Ref: Emails from BSE dated August 21, 2021 and from NSE dated September 6, 2021 regarding submission of separate Limited Review Reports.

The Unaudited Financial Results (UFR) for the quarter ended June 2021 were submitted to the Exchanges on July 29, 2021 well within the time stipulated under Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsequently after submissions we received emails from BSE on August 21, 2021 and from NSE on September 6, 2021 to which we replied vide our letter dated September 16, 2021 that we are in the process of obtaining separate limited review reports from our Auditors as directed by the exchanges.

After completing the required process as directed by our Auditors, we have obtained separate reports for Consolidated as well as Standalone. We enclose herewith the separate Limited Review Reports i.e. Standalone and Consolidated, for the quarter ended June 30, 2021 issued by the Company's Statutory Auditors, Deloitte Haskins & Sells LLP.

In view of the above submission of separate Limited Review Reports, the note no. 5 of the UFR has been revised to reflect the same (as enclosed). Except the said revision in note no. 5, all figures and other details in the UFR remain unchanged.

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

Chartered Accountants One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India

Phone: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED

• 1. We have reviewed the Unaudited Standalone Financial Results of The Great Eastern Shipping Company Limited (the "Company"), included in the accompanying Statement of Financial Results for the quarter ended June 30, 2021 (the "Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, which includes the unaudited standalone financial results for the quarter ended June 30, 2021 ("Standalone Financial Results").
• 1. The Standalone Financial Results is the responsibility of the Company's Management and has been approved by the Company's Board of Directors at their meeting held on July 29, 2021. These Standalone Financial Results, have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Standalone Financial Results, included in the accompanying Statement based on our review.
• 1. We conducted our review of the Standalone Financial Results, included in the accompany Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

1. Based on our review conducted and procedures performed as stated in paragraph 3, nothing has come to our attention that causes us to believe that the Standalone Financial Results, included in the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

2. We had issued a combined review report dated July 29, 2021 (i.e. one review report on both the unaudited standalone financial results and the unaudited consolidated financial results for the quarter ended June 30, 2021) since the board of directors, at their meeting held on July 29, 2021, had approved a combined statement (i.e. one statement giving both the unaudited standalone financial results and the unaudited consolidated financial results for the quarter ended June 30, 2021). We have been informed by the Management that BSE Limited and National Stock Exchange of India Limited, where the Company's equity shares are listed requires two separate review reports, notwithstanding the Statement of unaudited results approved by the board of directors as aforesaid, is combined. We have accordingly issued this separate report on the unaudited standalone financial results included in the accompanying Statement for the quarter ended June 30, 2021 and have not carried out any additional review procedures on events subsequent to July 29, 2021. Also refer our separate report of even date on the limited review of the unaudited consolidated financial results for the quarter ended June 30, 2021.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 UDIN: 21101708AAAADZ9550

Mumbai, July 29, 2021 (September 21, 2021 as to effect the circumstances arising from the matter described in paragrpagh 5 above)

Chartered Accountants One International Center, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India

Phone: +91 22 6185 4000 Fax: +91 22 6185 4101

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED

• 1. We have reviewed the Unaudited Consolidated Financial Results of The Great Eastern Shipping Company Limited (the "Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group"), for the quarter ended June 30, 2021, included in the accompanying Statement of Financial Results for the quarter ended June 30, 2021 (the "Statement") , being submitted by the Parent, pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, which includes the unaudited consolidated financial results for the quarter ended June 30, 2021 ("Consolidated Financial Results").
• 1. The Consolidated Financial Results is the responsibility of the Parent's Management and approved by the Parent's Board of Directors at their meeting held on July 29, 2021. These Consolidated Financial Results, have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Consolidated Financial Results, included in the accompanying Statement based on our review.
• 1. We conducted our review of the Consolidated Financial Results, included in the accompanying Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

• 1. The Consolidated Financial Results in the Statement includes financial results | financial information of the entities listed in Annexure "A" to this report.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results, included in the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial results | financial information of 6 subsidiaries included in the Consolidated Financial Results, whose interim financial results | financial information reflect total revenue of Rs. 28.73 crores for quarter ended June 30, 2021, total loss after tax of Rs. 18.68 crores for quarter ended June 30, 2021 and total comprehensive loss of Rs. 18.68 crores for quarter ended June 30, 2021, as considered in the Consolidated Financial esults. These interim financial results | financial information have been reviewed by other auditors whose reports have been furnished to us by the Management of the Parent/ such other auditors and our conclusion on Consolidated Financial Results in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Certain of these subsidiaries are located outside India whose interim financial results | financial information have been prepared in accordance with accounting principles generally accepted in their countries and which have been reviewed by the other auditors under generally accepted review standards applicable in such countries. The Parent's Management has converted the interim financial results | financial information of such subsidiaries from accounting principles generally accepted in their countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's Management. Our conclusion on the Consolidated Financial Results in so far as it relates to the amounts and disclosures of such subsidiaries located outside India, is based solely on the reports of the other auditors, and the conversion adjustments prepared by the Management of the Parent and reviewed by us, and the procedures performed by us as stated in paragraph 3 above.

Our report on the Consolidated Financial Results is not modified in respect of these matters.

1. We had issued a combined review report dated July 29, 2021 (i.e. one review report on both the unaudited standalone financial results and the unaudited consolidated financial results for the quarter ended June 30, 2021) since the board of directors, at their meeting held on July 29, 2021, had approved a combined statement (i.e. one statement giving both the unaudited standalone financial results and the unaudited consolidated financial results for the quarter ended June 30, 2021). We have been informed by the Management that BSE Limited and National Stock Exchange of India Limited, where the Parent's equity shares are listed requires two separate review reports, notwithstanding the Statement of unaudited results approved by the board of directors as aforesaid, is combined. We have accordingly issued this separate report on the unaudited consolidated financial results included in the accompanying Statement for the quarter ended June 30, 2021 and have not carried out any additional review procedures on events subsequent to July 29, 2021. Also refer our separate report on the limited review of the unaudited standalone financial results of even date.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Samir R. Shah Partner Membership No. 101708 UDIN: 21101708AAAAEA2694

Mumbai, July 29, 2021 (September 21, 2021 as to effect the circumstances arising from the matter described in paragrpagh 7 above)

Annexure "A"

List of entities:

• i. Greatship (India) Limited
• ii. Greatship Global Energy Services Pte. Ltd.
• iii. Greatship Global Offshore Services Pte. Ltd.
• iv. Greatship (UK) Limited
• v. Greatship Oilfield Services Limited
• vi. The Greatship (Singapore) Pte. Ltd
• vii. Great Eastern Charterring L.L.C. (FZC)
• viii. The Great Eastern Chartering (Singapore) Pte. Ltd.
• ix. Great Eastern CSR Foundation
• x. Great Eastern Services Limited

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

CONSOLIDATED							STANDALONE
Quarter Ended Year Ended			Particulars	Quarter Ended			Year Ended
30.06.2021	31.03.2021	30.06.2020	31.03.2021		30.06.2021	31.03.2021	30.06.2020	31.03.2021
	(UNAUDITED) (UNAUDITED) (UNAUDITED)		(AUDITED)			(UNAUDITED) (UNAUDITED) (UNAUDITED)		(AUDITED)
769.18	739.95	1068.37	3336.55	1. Revenue from operations	626.94	577.40	905.47	2674.12
				2. Other income
12.34	28.06	0.13	85.84	(a) Profit on sale of ships and other assets (net)	12.32	28.06	0.13	85.68
34.86	30.75	50.92	145.98	(b) Other income	39.99	21.21	51.49	133.05
47.20	58.81	51.05	231.82		52.31	49.27	51.62	218.73
816.38	798.76	1119.42	3568.37	3. Total income [ 1 + 2 ]	679.25	626.67	957.09	2892.85
				4. Expenses
115.98 45.68	89.61 42.14	102.05 36.36	361.82 163.34	(a) Fuel oil and water (b) Port, light and canal dues	109.17 45.27	87.11 41.27	99.98 36.22	353.56 161.70
52.72	66.28	53.50	243.90	(c) Consumption of spares and stores	33.99	46.84	41.98	166.76
182.37	174.64	175.35	698.96	(d) Employee benefits expense	125.10	112.63	119.02	457.69
49.21	(54.29)	(68.02)	(313.31)	(e) Net (gain)/loss due to change in fair value/ settlement of derivative contracts (net)	25.56	(51.94)	(68.40)	(309.59)
(25.57)	(0.39)	7.50	73.18	(f) Foreign exchange (gain)/loss, (net)	(30.15)	(1.07)	5.75	55.06
98.47	79.13	75.79	242.14	(g) Finance costs	74.12	62.79	61.09	227.31
179.43	167.91	180.91	700.43	(h) Depreciation and amortisation expense	115.05	102.70	115.96	438.65
-	46.11	-	46.11	(i) Impairment on certain assets	-	-	-	-
113.07	142.38	79.82	409.12	(j) Other expenses	78.14	78.61	66.81	275.84
811.36	753.52	643.26	2625.69	Total expenses	576.25	478.94	478.41	1826.98
				5. Profit before tax [ 3 - 4 ]
5.02	45.24	476.16	942.68		103.00	147.73	478.68	1065.87
				6. Tax expense -
9.05	4.14	5.20	24.39	- Current tax	9.00	4.00	5.00	25.00
(16.39)	(7.91)	3.22	(0.23)	- Deferred tax (net)	(5.26)	(0.76)	8.41	10.74
(7.34)	(3.77)	8.42	24.16		3.74	3.24	13.41	35.74
12.36	49.01	467.74	918.52	7. Profit for the period [ 5 - 6 ]	99.26	144.49	465.27	1030.13
				8. Other comprehensive income/(loss)
(2.98)	1.34	5.22	(12.74)	(a) Items that will not be reclassified to Profit or Loss	(1.48)	0.38	1.02	(19.13)
0.12	(0.85)	(0.61)	(1.05)	(b) Income tax relating to items that will not be reclassified to Profit or Loss	-	-	-	-
29.37 (0.87)	42.97 (2.61)	0.43 0.03	49.71 (6.12)	(c) Items that will be reclassified to Profit or Loss (d) Income tax relating to items that will be reclassified to Profit or Loss	13.84 -	32.36 -	6.37 -	59.62 -
25.64	40.85	5.07	29.80		12.36	32.74	7.39	40.49
38.00	89.86	472.81	948.32	9. Total comprehensive income for the period [ 7 + 8 ]	111.62	177.23	472.66	1070.62

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

		CONSOLIDATED			STANDALONE
Quarter Ended			Year Ended	Particulars	Quarter Ended			Year Ended
30.06.2021	31.03.2021	30.06.2020	31.03.2021		30.06.2021	31.03.2021	30.06.2020	31.03.2021
	(UNAUDITED) (UNAUDITED) (UNAUDITED)		(AUDITED)			(UNAUDITED) (UNAUDITED) (UNAUDITED)		(AUDITED)
12.36 -	49.01 -	467.74 -	918.52 -	10. Profit for the period attributable to: -Owners of the Company -Non-controlling interest
25.64 -	40.85 -	5.07 -	29.80 -	11. Other comprehensive income for the period attributable to: -Owners of the Company -Non-controlling interest
38.00 -	89.86 -	472.81 -	948.32 -	12. Total comprehensive income for the period attributable to: -Owners of the Company -Non-controlling interest
146.97	146.97	146.97	146.97	13. Paid-up equity share capital (Face Value Rs.10/- per share)	146.97	146.97	146.97	146.97
			7557.30	14. Other equity				5951.02
0.84 0.84	3.33 3.33	31.83 31.77	62.50 62.38	15. Earnings per share (of Rs.10 each) (not annualised for the quarter) (in Rupees) (a) Basic (b) Diluted See accompanying notes to the financial results	6.75 6.74	9.83 9.81	31.66 31.60	70.09 69.96

THE GREAT EASTERN SHIPPING COMPANY LIMITED

Regd. Office: Ocean House, 134-A, Dr. Annie Besant Road, Mumbai 400018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472

REPORTING OF CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES

The Company is mainly engaged in shipping business and there are no separate reportable segments as per Ind AS 108 for standalone results. Hence segment information is given below for consolidated results only.

	CONSOLIDATED
		Year Ended
	30.06.2021 (UNAUDITED)	31.03.2021 (UNAUDITED)	30.06.2020 (UNAUDITED)	31.03.2021 (AUDITED)
a) Segment Revenue :
Shipping	679.05	640.11	958.00	2917.42
Offshore	144.32	166.49	167.89	678.84
Sub-total	823.37	806.60	1125.89	3596.26
Less : Inter Segment Revenue	6.99	7.84	6.47	27.89
Total	816.38	798.76	1119.42	3568.37
b) Segment Results :
Shipping	67.87	149.95	457.05	1022.17
Offshore	(55.51)	(100.94)	10.69	(103.65)
Total	12.36	49.01	467.74	918.52
c) Segment Assets :
Shipping	9249.63	9371.77	8815.34	9371.77
Offshore	4681.39	4773.84	5234.32	4773.84
Total Assets	13931.02	14145.61	14049.66	14145.61
d) Segment Liabilities :
Shipping	4517.66	4749.12	4785.76	4749.12
Offshore	1671.09	1692.22	2035.14	1692.22
Total Liabilities	6188.75	6441.34	6820.90	6441.34