AR_2008-09 GE Shipping

8/14/2019 AR_2008-09 GE Shipping

1/108

61st

ANNUAL

REPORT

2008-09

THE GREAT EASTERN SHIPPING CO. LTD.

NAVIGATING WITH

PATIENCEPERSEVERANCE&

8/14/2019 AR_2008-09 GE Shipping

2/108

61st Annual Report 2008-2009

Contents...

Notice.....................................................................................................02

Chairmans Statement.....................................................................06

Directors Report ................................................................................07

Corporate Governance Report ......................................................16

Asset Profle .........................................................................................27

The Year at a Glance .........................................................................36

Financial Highlights ..........................................................................37

10 Years at a Glance .........................................................................38

Auditors Report .................................................................................39

Detailed Financial Statements ......................................................43

Consolidated Financial Statements ............................................72

Statements pertaining to Subsidiaries ............. ............. ......... 101

61st Annual General Meeting

Date : June 26, 2009 Time: 03.00 p.m.

Venue:Rama Watumal Auditorium, K. C. College, Churchgate, Mumbai 400 020

8/14/2019 AR_2008-09 GE Shipping

3/108

61st annual report 2008-201

Board o Directors

K. M. shh executive chairman

Bh K. shh deputy chairman & managing director

r. n. sh

ah V. shh

C Gzd

Kki Mi

Vi nBji Di

rvi K. shh executive director

committees

audit committee shareholder/investors grievance committee remuneration committee

Kki Mi chairman C Gzd chairman C Gzd chairman

r. n. sh Bji Di r. n. sh

C Gzd ah V. shh Bji Di

Bji Di

Jh M. tivdi company secretary

registered office share transfer agent* auditors

oc H sh svic (Idi) pv. ld. Kiw & Mi

134 / a, D. ai B rd 13a/B, smhi Whig Cmx, 2d K Hig

Wi skik th exchg l 127, Mhm Gdhi rd

Mmbi 400 018 o adhi-K rd, skik, adhi (e) Mmbi 400 001

Mmbi 400 072

* Kindly note the change in the Share Transfer Agents address.

8/14/2019 AR_2008-09 GE Shipping

4/108

tHe Great eastern sHIppInG CoMpany lIMIteD

NOTICE i hb giv h h six Fi a G Mig tHe Great eastern sHIppInG Co. ltD. wi b hd rWm adiim, K. C. Cg, Chchg, Mmbi 400 020 Fid, J 26, 2009 03.00 .m. (I.s.t.) cwig bi :

1. t civ, cid d d h adid Bc sh Mch 31, 2009 d h pf d l acc hdd h d gh wih h adi d Dic r h.

2. t i Dic i c M. C Gzd, wh i b i d big igib, him

im.

3. t i Dic i c M. Bji Di, wh i b i d big igib, him im.

4. t i adi d fx hi mi.

5. t cid d, i hgh f, wih wih mdifci() h wig i sci ri:

resolVeD tHat h vii sci 314 d h icb vii, i , h Cmi1956 h c h Cm b d i hb ccdd M. nij shh, iv Dic h Cm, d ci hd, wih c m ocb 6, 2008, fc c f i Ghi (Idi) limid, wh wbidi h Cm, i fc/m cig mi xcdig r.50,000 mh.

resolVeD FurtHer tHat h Bd Dic h Cm b d hb hid d ch c, mdd d hig i d giv c h bv i.

B od h B

Jayesh M. TrMmbi, M 8, 2009 Cm sc

Registered Oce :oc H, 134/aD. ai B rdWi, Mmbi 400 018

Notes :

1. a MeMBer entItleD to attenD anD Vote Is entItleD to appoInt a proXy to attenD anD Vote InsteaD oF HIManD a proXy neeD not Be a MeMBer.

2. th im iig px m b did wih h Cm i rgid ofc h 48 hb h im hdig h mig.

3. th rgi Mmb d sh t Bk h Cm wi mi cd m J 18, 2009 J 26, (bh d iciv).

4. p sci 205a h Cmi ac, 1956, cimd dividd h 40h dividd h 199id b h Cm ocb 5, 1994 hv b d h G rv acc h C GvmMmb wh hv chd h Dividd W h id id qd cim h m mrgi Cmi, Mhh, C/. C Gvm ofc Bidig, a Wig, 2d F, nx rv BIdi, CBD B 400 614.

5. Cq h mdm b-ci (5) sci 205a vid Cmi (amdm) ac, 1999, h Cmh d h cimd dividd h 2000-2001 (47h f dividd) h Iv edci d pFd. a cimd dividd h 2001-2002 (48h f dividd) wi b d h Iv edcipci Fd b ag 24, 2009. shhd wh hv chd h Dividd W h id qd cim h m m h Cm sh dm h rgid ofc h Cm b ag 10, 2009.

6. th ex sm sci 173 h Cmi ac, 1956, i c h ci bi n.5 hibv, i xd h.

Notice

8/14/2019 AR_2008-09 GE Shipping

5/108


Annexure to Notice

Explanatory Statement as required under Section 173(2) o the Companies Act, 1956.

Item No. 5 (Special Resolution) :

M. nij shh jid Ghi (Idi) limid, wh wd bidi h Cm, ofc Mkig wih m ocb 6, 2008. sh h M dg (M.sc.) i shiig, td & Fic m C Bi sch, ld, u gdig (B.sc.) i Bi admiii m Cdi uivi, W, u.K. H m :

1. Cidd r. 4,00,000 m (x. r. 33,000 mh).

2. Hig l sbid.

3. li ic cv h Ghi (Idi) limid.

4. pmc iciv icb i ccdc wih h Ghi (Idi) limid.

th mi h mid bv wd xcd r. 50,000 mh.

M. nij shh i h dgh M. Bh K. shh, D Chim & Mgig Dic h Cm.

sci 314(1)(b) h Cmi ac, 1956 vid h, iv dic h hd fc c f d bidi h cm, cig mh mi h r. 10,000 h m i vd h mmb h cm. th ci vid kig v h mmb h f mig h mmbhd hdig ch fc c f.

y Dic cmmd h i Im n. 5 v.

M. K. M. shh, M. Bh K. shh d M. rvi K. shh, big iv M. nij shh, m b dmd b id i id i. n h h Dic h Cm ccd id i h id i.

B od h B

Jayesh M. TrieMmbi, M 8, 2009 Cm sc

Registered Oce:oc H, 134/aD. ai B rdWi, Mmbi 400 018

8/14/2019 AR_2008-09 GE Shipping

6/108


Inormation as required under Clause 49 (Iv)(G) o the Listing Agreement in respect o Directobeing re-appointed

(A) Mr. Cyrus Guzder

M. C Gzd h M Dg (H) m tii Cg, Cmbidg uivi, u.K. i ecmic & oisdi.

H i h Chim & Mgig Dic aFl piv ld. (m aiigh ld.) Fdd i 1945, aFl i mi-divi

cm ggd i giic, ci vic d gb igh wdig.

H hd v im ii i h tv Id cii i h . H i h Chim CdiIdi Idi (CII) ni Cmmi ti d lgiic.

a d M. Gzd hd 986 qi h i h Cm.

a m h Cm, M. Gzd i h Bd Dic h wig bic imid cmi :

Bp Idi ld.

Mhid Hid & r Idi ld.

n.s. Gzd & Cm ld.

Zi r ld.

a m big mmb h adi Cmmi d Chim rmi Cmmi d shhd/IvGivc Cmmi h Cm, M. Gzd i chim/mmb h wig cmmi:

name of the company name of the committee member/chairman

Mhid Hid & r Idi ld. adirmi

ChimMmb

(B) Mr. Berjis Desai

Idcd h Bd i 2006, M. Bji Di i mi sici d i c h Mgig p J. saci, dig w fm. M. Di h cmd hi B.a. (H) (Fi C), ll.B. (Fi C Fi) bh m uiv Bmb, ll.B. (w ll.M. - Fi C Fi, d Fi) m uivi Cmbidg, u.K. d sici (Fi C m Bmb Icd lw sci.

M. Di h b cicig w ic 1980 d w d udwdi, udhi & Bji. H ciizfci & cii w, cd fc, ciii d otC diviv w h ivm. I ddh h xiv xic bh abi d C i ii cmmci w dmic bi

M. Di i q k d cc d mi. H h b wkig ji wih Idi di d i cmi i Idi w. H i mmb amic abii acii, th BmIcd lw sci d th ld C Ii abii. H i abi h th lC Ii abii d ICC (Idi).

a d, M. Di hd 1,00,800 qi h h Cm.

a m h Cm, M. Di i h Bd Dic h wig bic imid cmi :

si Idi (Idi) limid

noCIl limid

pj Idi limid

emc phmcic limid

Ghi (Idi) limid

Cm Ci limid

Dk nii limid

8/14/2019 AR_2008-09 GE Shipping

7/108


a m big mmb h adi Cmmi, rmi Cmmi d shhd/Iv GivCmmi h Cm, M. Di i chim/mmb h wig cmmi :

name of the company name of the committee member/chairman

si Idi (Idi) ld. shhd & GivcadiCmii rmish/Db t

MmbMmbChimMmb

noCIl limid sh t

Iv Givc

Chim

Chimpj Idi limid Cmi d sh am Chim

emc phmcic ld. adiCmii rmi

MmbMmb

Cm Ci limid Iv Givc Chim

Ghi (Idi) limid adi Mmb

8/14/2019 AR_2008-09 GE Shipping

8/108


Chairmans Statement

D shhd,

th fci 2008-09 wi g dw i h chic hi

h m m d id c vii. thiw h i gb cm d i ic h hiig

id. Whi h wd wid h c/iizi m

gb bkig gi d bi civi ggig, h k

mk hd fm h m i. th d bk c h h hd,w v high vii i xicd i h im bh

hiic high w hiic w igh .

I h mid ch vim, G e h mdb w. thi h b ib d h igh h

i mgm m d h Cm cviv

ig gi which h w b h gidig ici hi

Cm. y Cm h cdd f r.1384.82 c d bi d r.1417.83 c cidd bi d h

cd dividd r.8.00 h.

th k h gb cm i c v bigh h us,eu, uK d h mj W cmi jcig giv

GDp gwh 2009. Gb d vm xcd hik.

Cci i wd i ik imc h w mj div hiig, viz., g cmi

dmd. a h i wd xm ci i h hd h hiig id. I cvim, Cm i dig ci d gig i c h gh im.

y Cm bidi, Ghi (Idi) limid, h w chivd igifc iz i d h d

r.44.7 c h cidd f Cm. th cmig i ik mch bigg cibm hm h k divi 9 w --h- v d w bi 350 Jck rig.

lkig hd, I h chgig bi vim. H I wd ik -mhiz

q m i ci khd Cm iv id v h im ch

high v mc d i xcc w kig m h i, cg vim.

Fi, I wd ik hk m cg, h d bd v hi iig

cmmim.

Wih wm gd,

K. M. Shethexciv Chim

8/14/2019 AR_2008-09 GE Shipping

9/108


directors report

8/14/2019 AR_2008-09 GE Shipping

10/108


y Dic d h 61 a r h bi d i Cm d adacc h fci dd Mch 31, 2009.

Financial Perormance

y Cm h h 9h i cci chivd cd f :

rs. in l

2008-09 200

t Icm 336474 320

t exdi 194505 180

Prot beore tax 141969 140

l : pvii xi

- C x 4375 4

- Fig Bf x 125

Prot or the year ater tax 137469 135

add : pi id djm 1013

138482 135

l : t tg tx rv acc d sci115Vt h Icm-x ac, 1961

23000 22

115482 113

add : t m rv d sci 33aC h Icm-tx ac, 1961

- 24

add : t m exchg Fci rv - 2

115482 139

add : s bgh wd m vi 183949 90

Amount aailable or appropriation 299431 230

Appropriations :

- t G rv 14000 20

- Iim Dividd eqi sh 12183 22

- tx Dividd 2071 3

Balance Carried Forward 271177 183

th icm h w cdd r. 336474 kh gi r. 320351 kh i h vi d n p i id djm r. 138482 kh gi r. 135681 kh i h vi .

Diidend on Equity Shares

F h d viw, Dic dcd 3 iim dividd gggig r. 8 h.

th ggg w cc h qi dividd h wd b r. 14254 kh icdig x dividd. i 10.29% (vi 19.70%).

th Bd d cmmd f dividd h d viw.

Conertible Warrants

o h 5005000 w d ag 09, 2007 ci pm d n exciv Dic i b10000 w w cvd i eqi sh h dmid ic r. 312.75. th bc 4995000 wwhich w cvd d vb mk cdii, d ccd h xi h 18 mh id. ah m h i, h m r. 1598.40 kh big h m civd m h w hd @ r. 3w d id.

Allotment o Further Shares

Dig h , h Cm d 5760 eqi sh r. 10 ch h d civd m th sci C(ti oc ig tci i scii) ac, 1992 h 332290 righ eqi sh hd i bc.

Directors Report

8/14/2019 AR_2008-09 GE Shipping

11/108


Subsidiaries

Greatship (India) Limited

Ghi (Idi) limid (GIl), hvig cmmcd cmmci civii dig Fy 07, i bihig i mi vi

vid i h h g xi d dci dmi gb d i Idi. y Cm h i d iv

r. 85200 kh i h qi h ci d r. 26400 kh i h c h ci GIl kig h ivm

w qi d c r. 111600 kh.

GIl h chivd f r.5063 kh d bi d r.4472 kh cidd bi h dd M

31, 2009. th wh GIl Fy 09 w r. 128376 kh cmd r.68845 kh Fy 08 cidd bi.

GIl, gwih i bidii, i c wig 5 pm s V (psV), 5 ach Hdig tg cm s V

(aHtsV). I i ig 1 ichd Jck rig d 1 ichd psV. I ddii, GIl wih i bidii h cmmi

ci xdi usD 719 mii (x. r.3595 c) 16 m . th icd 4 Mi pm s

& s V, 2 Mi s V (MsV), 4 pm/roV s V, 5 aHtsV d 350 Jck r

th ik b divd bw Fy 10 d Fy 12.

GIl h 4207000 w (cvib i qi h) dig. Dig Fy 09, GIl gd 311900 ck i

m d vi em sck oi schm. GIl h 998900 ck i dig.

o nvmb 10, 2008, GIl icd cm md Ghi DoF sb pjc piv limid h

i d ji v wih DoF sb asa, nw. th ji v wi c b jc ii. Gh

DoF sb pjc piv limid i wh wd bidi GIl. th f fci Ghi DoF sb

pjc piv limid wi d Mch 31, 2010. Hwv, h cc h imid cidi hv b

md h id nvmb 10, 2008 Mch 31, 2009.

GIl h wig h wh wd bidii:

) Ghi Gb Hdig ld., Mii

b) Ghi Gb oh svic p. ld., sig

c) Ghi Gb eg svic p. ld., sig

Ghi Hdig B.V., nhd, which w wh wd bidi GIl, w vi iqidd J 29, 2008

Other subsidiariesa m GIl d i bidii, Cm h wig h wh wd bidii -

) th G e shiig C. ld ld.

b) th Ghi (sig) p. ld.

c) th G e Chig llC (FZC)

Subsidiaries accounts

th C Gvm, i xci h w cd b b ci (8) sci 212 h Cmi ac, 1956, h

dicd h h vii cid i b ci (1) sci 212 h Cmi ac, 1956 h i c

h bidii h Cm h fci dd Mch 31, 2009. accdig, h cc h bidi

cmi hv b chd h Bc sh h Cm Mch 31, 2009. th cc

bidi cmi d h d did imi wi b md vib h iv h Cm d bidi

cmi kig ch imi i im. th cc h bidi cmi vib

ici, dig bi h, h rgid ofc h Cm d h hd fc h civ bidi

cmi. a h m h xmi , m ciig bi fci di h Cm bidi

h dd Mch 31, 2009 i icdd i h a r.

8/14/2019 AR_2008-09 GE Shipping

12/108


0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Mar-09Feb-09Jan-09Dec-08Nov-08Oct-08Sep-08Aug-08Jul-08Jun-08May-08Apr-08

VLCC Suezmax Aframax MR

Management Discussion and Analysis

Company Perormance

I Fy 09, h Cm cdd icm r. 336474 kh (vi r. 320351 kh) d d pBIDr. 199182 kh (vi r. 189316 kh).

Tanker Business

Market Trend and Analysis

Tanker aerage spot earnings oer the year $ d

Source: Clarksons

Fwig m Fy 08, Fy 09 v w g k. th g k mk i h f h h w mdiv b b i dci, imid gwh d cvi/cig d g i k. Hwvc wd cm h hd dim imc gb i dmd. Wd i dmd hk b 0.3%, 0.28 m

b d (b/d), i 2008, cdig gwh 1.3% i 2007. th cd h w dcd i dmd, ciic, opeC c d cdi cch which imcd k dmd.

th wd k icd 416.9 mii dw h d h fci , 7.5% high h h 387.7 mii dwh bgiig Fy 08-09.

exm vii d cd high cd i ic chcizd h i mk i 2008. a opeC c i 2007, h2008 d wih iv w i ivi d i ic $100 diic wd d. opeC h hd iciv i i i h cci imi w chd i J, ic v $147 b. opeC cd icd 3 4 c i h f h h , wih h Midd e icig b 5 6 c. thi g gw h mi div h g k mk i 2008. Hwv, h gb cm wkd h i h cd 2008 i ic vi cd d opeC cd c 4.2 mii b d i smb. sic ocmic wih dci djm cmbid wih high iv v d icd k divi, ig bmii dw i h q Fy 09, dv imcd k ig wd h d Fy 09.

Company Perormanceth k bi ccd d 67% h Cm v d 59% h ig f.

I Fy 08-09, d 64% h k ig w divd m h mk. th cd k, iciv id, d vg tCy $ 41200/d (vi $ 30000/d). th dc ci, iciv d d vg tCy $ 23700/d (vi $ 20250/d).

Tanker Fleet Changes

th k Cm d 31 k gggig 2.38 mii dw, wih vg g 9.9 ( M31, 2009) gi 33 k gggig 2.35 mii dw wih vg g 10.53 Mch 31, 2008.

8/14/2019 AR_2008-09 GE Shipping

13/108


0

25000

50000

75000

100000

125000

150000

175000

200000

225000

Mar-09Feb-09Jan-09Dec-08Nov-08Oct-08Sep-08Aug-08Jul-08Jun-08May-08Apr-08

Capesize Panamax Supramax

Dig h , Cm k div w db h lg g (lr1) dc k Jg abh i nvmb2008 d Jg ach i Dcmb 2008.

sbq db h k Jg amih w divd Cm i ai 2009.

Dig h , Cm d h wig v

pdc k Jg pg i J 2008 d G ci Jg V i Fb 2009.

Dig h , Cm divd dc k Jg pj d Jg a i ai 2008.

sbq Cm divd dc k Jg p i M 2009.

Dig Fy 08-09, Cm cd d w szmx k, bh which b divd i 2011. th kw bidig d Cm w h v.

Outlook or the Tanker Market

a h Iea, wd i dmd i xcd dc b b 2.4 mii b d ( b 2.8%) i 2009. 2009gig b gh h wd c wih v fci cii d cmb widig gb imbcW xc igifc dci i h iizi k d h igifc dc i igh gmk m 2008 2009.

th gb k dbk c d b 161.3 mii dw, 38.7% h h d Mch 2009. o hxim 49.7 mii dw, 12% c , i d div i h bc cd 2009. Wih b mii dw mv xcd, h gwh i k i 2009 wi b b 9-10%. ov, vg k igFy 10 xcd b igifc w h i Fy 09.

Dry Bulk BusinessMarket Trend and Analysis

Dry bulk aerage earnings oer the year $ d

Source: Baltic Exchange

th 2008 w xdi vii i h d bk hiig id. sg d bk ig dig h fh 2008 cd i c gb fci m d miv idi c d icd cdi vibithi v imid d bk d d hc dmd d bk g.

Dig h f h 2008, h id (Chi i ic) dv h b d i i d c. I i chd im high, cckig d 7% ic m h b. th w iiv id Chi w mi im h cdd h ag omic. I 2008 i cdd b 444 mii i , b60 mii m h h 2007. Md gwh (b 2.8%) cibd g ig dih f h h . Hwv, gb cmic dw dig h cd h h cm vd dmdmic h d bk c. td cdi w d h gb bkig m d i h mh h c lhm Bh. Cmmdi ic mmd m im high cig m e d Chi s mj c

8/14/2019 AR_2008-09 GE Shipping

14/108


bck dci, hb dv hmig dmd mj d bk w mi ik i d ckig c. Mwhg ivi bi h Chi gd icm d d bk i. rdcd cgwd d im hi hb icig d bk g vibii. th wd d bk icd 4mii dw h d Fy 09, b 7% high h h 396.7 mii dw h bgiig Fy 09.

Company Perormance

th d bk cibd d 33% h Cm v d 41% h ig f. th vg tCy bk v, iciv d id, w xim$ 39800/d cmd $38400/d i h vi .

Dry Bulk Fleet Changes

th d bk d 8 v gggig 0.50 mii dw, wih vg g 13.3 ( Mch 31, 2009gi 13 v gggig 0.72 mii dw wih vg g 14.48 Mch 31, 2008.

Dig h , Cm d h wig v

Hdiz bk ci Jg Vid i nvmb 2008, Hmx bk ci Jg rihi i Dcmb 2008 d Hdmx ci Jg riddhi i Mch 2009.

Dig h , Cm divd pmx bk ci Jg akh i ai 2008 d Hdiz bk ci Jg Vi M 2008.

sbq Cm wi div Hdmx bk ci Jg ri d Jg r i Q1 Fy 10.

Dig h , Cm hd ccd smx bk ci Jg rh. Hwv h h v cdb ccdd d b d. th v ci b Cm .

D h dmic chg i gb cmic k, Cm ccd h d w w bidig smx ci x. 57000 dw.

t bk w bidig d Cm w ix v.

Outlook or the Dry Bulk Market

pc h d bk mk ixicb ikd gb cmic cdii. Dmd mj d bk cmmdi xcd cc/mi bdd giv (i h igh ) bk cmic k oeCD ci. Whi Chi x c cd b icd dmd i h dvd cmi, h dmic dmd d cmmdii, gvm im ckg, cd ig iiv i. thi cd b h idd b ig cdi vibiiw cmmdi ic. Hwv, h d bk v dbk d b 295.7 mii dw, b 70% h xi, h d Mch 2009. o hi, xim 63.2 mii dw, 15% c , i d div i h b cd 2009. Whi h cd b ig/cci, v h d bk gwh i ik mi (d 8-9%). ov, vg d bk ig i Fy 10 xcd b w h i Fy 09.

Asset valuesscd-hd v md d d k wid d 40-60% v h whi md d d dci w d 60-80% i v dig h m id. nw bidig ic k d bk hv igifc v h vi . Hwv, i h bc w-bidig d big cd, i i difc qm h .

Risks and Concerns

Economic risk: shiig i gb bi wh mc i c ikd h h gb cm. thig Cm cd b imcd giv i h gb cmic ii d imv v h g

volatility : ov d bv h cmic ik h hiig id i imcd b m h-m d gi ciic , wh chg c. thi i g m vii i h igh mk, which i imc Cm ig.

y Cm h md hdg m hi ik b ig i im ch i . F h 200xim h h Cm ig d h b cvd i hi m.

Single hull tankers in the feet : 81% Cm k i db-hd. th ig h k i h cb vb h chg i gi h m k c. Hwv, h xiig ig h k ik hd i h .

Shipboard personnel : Idi fc ci b i g dmd v h wd. Giv h vb x c iig Idi-ggd v, i i bcmig icig difc Cm c fc cbmig h md d chg wdwid dig. thi i m v k d m bcm hid gwh.

8/14/2019 AR_2008-09 GE Shipping

15/108


OPEC action : I h opeC dcid c h, hi cmbid wih g ivi d icd w bidig divicd giv imc h dmd k.

Foreign Exchange and Risk Management

y Cm v m i g dmid i us d, d hi x h Cm pf d l acccc ci. a igifc hi x i hdgd b dmiig m h db vicig bigi i uD, d bc g h ig x icd i us D. th cc x i mgig hdg dc ik ig xchg wd d i cc. th h cc i fv .

a Mch 31, 2009, Cm hd wd d ii usD 207 mii, wih mximm miig

h . th vg wi dig cc m h 20% xcd v v .

y Cm dii bw usD dmid db which i g lIBor ikd ig bi. th Cm hm kig ib hdg w i fxd i i d miimiz i civ bwig c. a Mch 32009, Cm hd fxd bk 60%, d 40% ig bi. Wih h v w usD lIBor w i w, h Cm i kig h hc h i h fxd im.

Quality, Saety, Health & Enironment

Dig h , wih c Qi, s, Hh & evim Mgm sm, v i ci h wvi d m hv b w d Imi tchg bd m. thi md Mgm sm fci d b m d i dcii mkig.

Piracy Risk

Wih ci ic icid i G ad & w d smi, Cm h i c Cd pci

miig h ci ik i v iig hgh h w. th Cd pcic i dd g bd chgig h ci d mgig b id cic.

Training and Ealuation o Floating Sta

I d d wih hg d dciig cw cmc, Cm i ciig i i hcicw ki hgh vi kid iig gmm; hibd w h-bd. sh-bd iig cig i ckig, d vi, hgi c. h b idcd w.

I-h dvd cm bd Cmc evi sm w ji (ofc d egi) w idcdig h .

Compliance with Saety & Enironment Protection Legislation

sic Cm v wdwid d, h v hv cm wih d i vigi Ii Miim ogizi which icb ii b gi d ccifc ddii qim wh viiig ch . Dig h , m h b i c h Cm v cm wih V G pmi (VGp) qim u.s. Gvm which h cm i c dih . VGp i dichg m hi i us w.

Great Eastern Institute o Maritime Studies (GEIMS)

G e Ii Miim sdi (GeIMs) m i ici i 2006 h md mkb g. GeIMs i ig i cci wih ix bch d, im iig b 300 cd i bh giig mi fd.

th iii bch d d m GeIMs i 2006 d wd hv jid Cm v. th bmhg ji v i xcd g vid i im cm. GeIMs i gig hv cii cdc stCW cwhich wi cmmc h ic i d. GeIMs cdmic cci i c ig d h bwih viw qi fc. th dic ig gmm i c mid d ci wd wh d, wh hv id h bf m ch iig.

GeIMs h b cc i hvig gd c d d i c b cidd bc civ miim dcih d i i f miim Ii.

Consolidated Financial Statements

th Cidd Fici sm hv b d b Cm i ccdc wih h qim ccig dd id b th Ii Chd acc Idi. th did Cidd Fici smgh wih adi r h m h a r.

th g cdd cidd f i id djm r.141783 kh h d viw cm r.138482 kh h Cm. th nwh h g Mch 31, 2009 w r. 523210 kh cmd r492822 kh h Cm.

8/14/2019 AR_2008-09 GE Shipping

16/108


Debt Fund Raising

D icd cci xi dig h , h Cm h id d r. 37098 kh h wci xdi bidig gib gi r. 68118 kh i h vi . D hi v bwigCm g db : qi i w 0.62 : 1 d ( ch) db : qi i w 0.25 : 1 Mch 31, 2009.

Internal Control System and their adequacy

y Cm h iid i c m which dq h i bi d h iz i. I h bgiig h , h c h di xci d h k bi c d cd ik b did dcidd i ci wih h adi Cmmi. th I adi i cid b fm x Chacc d cv dm. a igifc di bvi d w ci h d h aCmmi. th adi Cmmi cmi 4 Idd Dic wih h Chim big w qifdcv wih m iig acc d Fic. th adi Cmmi m 4 im dig h .

Role o Inormation Technology

y Cm h b ci cig m c civ w immig It iiiiv, wicmmiig h qi d h m im miiig h high v chgic m.

y Cm i i h c immig mi It iiiiv b igig wih h bi, ik gdig hd h bd w i high dcivi, iiiig i cmmici bw hi d h v cmmici c d b ccivi. I ici h b idcd wihi h gizi ich fcic i d--d i d ic h bdig mg m d bgig wihgizi.

y Cm h k f wd G-It b w idcig h c cig cic mhgh Gvm hizd cc gizi.

Human Resources

Fcd w k dig h hc cmc d cmmim v m, h w mi Hm ci.

y Cm hd icid i h B em sv cdcd b Hwi aci. thi v icii gv vb iigh hw h m civ h gii. a h Hwi B em Md Engaged Emplow d c d iv imv bi . th em eggm c h Cm w 78%. th s gv iigh i h wk cic d ici h h gizi i Idi. th sv d fdigb hd wih h mgm w h m h gizi.

Wih viw cig hc h qi d wh id GeIMs ji Cd & Gd

egi, Cm Cc gmm hd b gizd. th gmm im bidig w b mic, hcig h qi d divi d b h GeIMs. a hi iiiiv h Cm cvd 15giig cg i Bg, Cimb, Hdbd d Mg.

yg ld pgm (ylp) i di gmm digd d g bcm civ bid div gizi c d bi bjciv. Dig h , gmm w cd h g mg bid dhi cbiii, x d i i wk. th gm vidd h ici i ci c ci d bid m ii c ci.mhdgi d w bi c di, i, c b c.

lik w , Cm wid hiic icii m i m i h Mmbi Mh 2009.

y Cm hd m gh 195 h d 314 ig Mch 31, 2009.

Directors

M. C Gzd d M. Bji Di i b i d big igib, hmv -im.Corporate Goernance

y Cm w C Gvc cmi mch b seBI id ddi i h 2005. y Cmcmid wih h md vii C 49 h liig agm, ig C Gvc. a ci C Gvc m h Dic r d h cifc m h Cm di cfh cmic cdii C Gvc i icdd i h a r.

Risk Management Process

I ccdc wih qim C 49 h liig agm, Cm h bihd rik Mgm

8/14/2019 AR_2008-09 GE Shipping

17/108


gmm i bi ik. th gmm i bi h di h xiig ik mgm c d cic h Cm d h vvd cd ch ik mgm mg igifc ik cd b Cm.

th rik Mgm mwk d ig gim b h Cm d dm whh i igifcik idifd d cd, d i imi c c d vhd.

th rik Mgm mwk ivv ik idifci, m, m/ci , viw d ig ci c.

y Dic biv h Cm h d ik m d miimii cd i c.

Directors Responsibility Statementp h qim sci 217 (2aa) h Cmi ac, 1956 h Bd Dic hb h:

i. i i h cc, h icb ccig dd hd b wd (gwih xiig mi d) d h h mi d;

ii. h hv, cd h ccig ici d id hm ci d md jdgm d im h b d d giv d i viw h i h Cm h d h fc

d h f h Cm h id;

iii. h Dic hv k d fci c h mic dq ccig cd i ccdc wh vii h Cmi ac, 1956 gdig h h Cm d vig d dcid d h igii;

iv. h hv d h cc gig cc bi.

Companies (Disclosure o Particulars in the Report o Board o Directors) Rules, 1988p nifci n. Gsr 1029 dd 31.12.1988 Cm i qid ih cibd imi gdicvi g d chg bi, shiig Id i cvd b h chd h id . th d Fig exchg eig d og :

rs. in lakh

() Fig exchg d cc igh, ch hi ig, c. 27879

(b) Fig exchg d icdig ig x, ci m, dw m cqiii hi ( ), i m, c.

19200

Particulars o Employees

sm sci 217(2a) h Cmi ac, 1956 (ac), d wih h Cmi (pic emr, 1975, i xd hi r. a cmd b sci 219 h ac, mmb vidd wih bidgd cc

Mmb di civig h sm sci 217(2a) wi b vidd h m ci wi qm hm.

Auditors

M Kiw & Mi, h adi Cm, wh hd fc i h cci h hcmig aG Mig big igib, hmv -im.

Appreciation

y Dic x hi ic hk cm, ch, vd, iv, hhd, hiig g, bkic cmi, ci d idmi cb, c d dvi hi cid hgh h y Dic ic ckwdg h igifc cibi md b h m hi ddicd vich Cm.

y Dic g h Gvm Idi, Mii shiig, tch, Mii pm & n G

Mii Fic, Dic G shiig, p ahii, onGC ld., Mci Mi Dm d vih hii hi c-i. y Dic k wd hi cid .

F d bh Bd Dic

K.M. SheMmbi, M 08, 2009 exciv Chim

8/14/2019 AR_2008-09 GE Shipping

18/108


1. Companys Philosophy on Code o Goernance

th Cm biv h d c cic bd , cdibii d ccbii i i i m cc. th cic wi h Cm, hvig gd cmiiv xigci, cdc i i i ch h wd bid h cfdc i vi khd i i, d i Bd igi.

2. Board o Directors

th c ic i hv i mix exciv d Idd Dic mii h iddc Bd d h Bd ci gvc d mgm. th Bd Dic h Cm himm cmbii exciv d n exciv Dic d cmi 9 Dic Mch 31, 2009 which n-exciv Dic. a h Cm h exciv Chim, h qim C 49 h liagm, 50% h Bd hd cmi Idd Dic. accdig h Cm h 5 Idd Di Mch 31, 2009. th cmii h Bd, nmb Dichi, Mmbhi/Chimhi i bic cmd di h h Cm hd b h n exciv Dic Mch 31, 2009 w :

name of the director no. of otherdirectorships#

committeemembership@

chairperson ofcommittees@

shares of the compaheld by the non

executive director

Promoter Executive Directors

M. K. M. shh - - - -

M. Bh K. shh 1 - - -

M. rvi K. shh 2 1 - -

Promoter Non Executive Director

M. ah V. shh - - - 2124081

Independent Directors

M. r. n. sh 4 2 1 50000

M. C Gzd 4 - 1 986

M. Kki Mi 12 7 2 640

M. Vi n 5 1 - 23005

M. Bji Di 7 4 2 100800

# Excludes Directorships in private limited companies, foreign companies and Section 25 companies.@Includes memberships of Audit and Shareholders Grievance Committees. Membership does not include Chairmanshi

Committees.M. K. M. shh i h h M. Bh K. shh d M. rvi K. shh.

a h vii h Cmi ac, 1956, 1/3 d h Dic ib i b i qid i . accdig, M. C Gzd d M. Bji Di ib i b i h 61 a G Mig igib -ci.

ai h mmb i ivid h v im h nic h a G Mig kig hi vh id -im. th imi qid d C 49 (IV)(G) h liig agm i xd nic h a G Mig.

Code o Conduct

a p whm h Cd Cdc i icb hv fmd cmic wih h Cd Cdc h fcidd Mch 31, 2009. a dci hi c, d igd b h D Chim & Mgig Dic, i xd h

Board Meetings

th Bd Mig h Cm gvd b cd gd. th Bd mmb, i ci wih h Chim big m h cidi h Bd. a im h agd bckd b cmhiv bckgimi b h Bd k imd dcii. agd g cicd v d i h m h Bd.

Dig h dd Mch 31, 2009, 5 Bd Mig w hd M 02, 2008, J 18, 2008, ocb 24, 2008, J2009 d Mch 20, 2009. th dc Dic h Bd Mig hd dig h 2008-09 i w :

Corporate Goernance Report

8/14/2019 AR_2008-09 GE Shipping

19/108


name of the director no. of meetings attended

M. K. M. shh 5

M. Bh K. shh 5

M. rvi. K. shh 5

M. ah V. shh 5

M. r. n. sh 5

M. C Gzd 5

M. Kki Mi 5

M. Vi n 4M. Bji Di 5

3. Committees

t c civ h i d xdi i h div m, h Bd h cid Cmmi wih cifc m c/c. th Cmmi mwd g h Bd hCh/m c. th i d di qid hi dcii vidd b h xciv/mgmtg b hm gd wih h mgm viwd idic d mid-c cci cid th mi h mig Cmmi h Bd cd b h Bd dici/ig.

A) Audit Committee

th mgm i imi ib i c d fci ig c. th Bd Dic hv h adi Cmmi vi h c d h cc d im dic h mii

igi d qi fci c d ig.Terms o reerence

n ovig h Cm fci ig c d h dic i fci imi h fci m cc, fci d cdib.

n rcmmdig h im d mv x di, fxi di d v m h vic.

n rviwig wih mgm h fci m b bmii h Bd, cig imi :

a chg i ccig ici d cic.

Mj ccig i bd xci jdgm b mgm.

Qifci i d di .

sigifc djm iig di.

th gig cc mi.

Cmic wih ccig dd.

Cmic wih ck xchg d g qim ccig fci m.

a d ci i.. ci b h Cm mi , wih m h mgmhi bidii iv c. h m hv i cic wih h i h Cm g.

rviwig wih h mgm, x d i di, h dqc i c m.

rviwig h dqc i di ci.

Dici wih i di igifc fdig d w h.

rviwig h fdig i ivigi b h i di i m wh h i cd igi i i c m mi d ig h m h B

Dici wih x di b h di cmmc, d c di w -di dici ci cc.

rviwig h Cm fci d ik mgm ici.

t k i h bi d i h m h di, db hd, hhd c -m dcd dividd) d cdi.

8/14/2019 AR_2008-09 GE Shipping

20/108


Composition o Audit Committee

a d h Cmmi cmi 4 Idd Dic, m, M. Kki Mi, M. r. n. sh, M. C GzdM. Bji Di. th Cmmi m 4 im M 02, 2008, J 18, 2008, ocb 24, 2008 d J 30, 2009. Ddc h mmb h Cmmi mig hd dig h 2008-09 i w :

mr. keki mistry(chairman)

mr. r. n. sethna mr. cyrus guzder mr. berjis desa

nmb mig dd 4 4 4 4

th adi Cmmi Mig dd b h pid C, Chi Fici ofc, iv Iadi Fim d s adi. Whv qid, h D Chim & Mgig Dic d h i fci Cm qd d h mig. M. Jh M. tivdi, Cm sc, i h sc h Cmmi

B) Remuneration Committee

Terms o reerence

th rmi Cmmi i mwd dmi h Cm ic cifc mi ckg WhDic icdig i igh d h cmi d m d i wihi h mwk h vid cm gvig h m.

Composition o Remuneration Committee

a d h Cmmi cmi 3 Idd Dic, m, M. C Gzd, M. r. n. sh d M. Bji Dth Cmmi m wic M 02, 2008 d J 18, 2008. Di dc mmb h Cmmi mig

dig h 2008-09 i w :mr. cyrus guzder

(chairman)mr. r. n. sethna mr. berjis desai

nmb mig dd 2 2 2

M. Jh M. tivdi, Cm sc, i h sc h Cmmi.

The Remuneration Policy

th rmi Cmmi h Bd i cid i cmic wih seBI gidi. th Cmmi i mw m h cmi c h Whim Dic d viw h m m im im bd cmc m, gwh i bi w fbii d ig h mi wih h b cviig i h id.

Cidig h viig k h hiig id, h rmi Cmmi iid h Cmmii b

h Whim Dic. M. K.M. shh, M. Bh K. shh, M. rvi K. shh hv b id Cmmii 1 im, 2 im1.5 im hi cidd s gi hi im 2 im, 4 im d 4 im hi cids civ. simi h Bd Dic iid h Cmmii b h n-Whim Dic.

Details o Remuneration paid/to be paid to all Directors or FY 2008-09

(amount in

name of director salary* benefits commiss

M. K. M. shh 1,99,99,992 2,69,533 200,00

M. Bh K. shh 2,07,00,000 5,07,961 414,00

M. rvi K. shh 1,39,99,992 5,09,036 210,00

M. C Gzd - - 10,00

M. Kki Mi - - 10,75

M. Vi n - - 7,50M. r. n. sh - - 9,00

M. ah V. shh - - 7,75

M. Bji Di# - - 9,25

Total 5,46,99,984 12,86,530 8,78,25

* Salary includes contribution to provident fund and superannuation fund.

# The payment of sitting fees for Board and Committee meetings has been discontinued with effect from May 02, 2Mr. Berjis Desai was paid Rs. 5000 as sitting fees for a meeting of the special committee of Directors held prior to May 02, 2008.

8/14/2019 AR_2008-09 GE Shipping

21/108


n Cmmii h exciv Dic i id dmid b h rmi Cmmi bd ci mm d fbii h Cm d i wihi h v imi fxd b h mmb.

n Cmmii h n exciv Dic i dmid kig i cc fbii h Cm, h vgidc h Dic h vi bi iiiiv d dcii h Bd v, mmbhi/chimhivi cmmi Dic.

n p, h Cm d hv chm g ck i.

n th Cm h ci ihi ci wih i n exciv Dic h h m cmmii hm.

n th rmi Cmmi h md rim Bf schm h Whim Dic. th Bvd schm h b md civ m J 01, 2005. th schm vid vii i, mdicimbm d h bf h iig Whim Dic. accdig h bi ci vi m r. 7.78 c (r. 26.31 kh w vd dig h vi ) h b vidd dig h ib Whim Dic hi im.

C) Shareholder/Inestors Grieance Committee

th shhd/Iv Givc Cmmi v d hhd d iv givc.

Terms o reerence

n e d hhd d iv cmi ig h, -ci bc h,

n rd iv cmi i c -ci dividd/ i/ m dmi

h, db, bd ch h im, which dmb.Composition o the Committee

a d h Cmmi cmi 3 n exciv Dic m M. C Gzd, M. Bji Di d M. ah V. shth Cmmi m wic M 02, 2008 d ocb 24, 2008. th di dc h mmb h Cmmimig hd dig h 2008-09 i w:

mr. cyrus guzder(chairman)

mr. berjis desai ms. asha v. sheth

nmb mig dd 2 2 2

n M. Jh M. tivdi, Cm sc, i h Cmic ofc h Cm.

n Dig h d viw, 47 cmi w civd m iv which w id/vd h icih iv.

n 4 q ivvig 1507 h d 12 q dmiii ivvig 5649 h w dig v Mch 31, 2009. th dig q w d vd d d wih b h Cm.

4. Risk Management

th Cm h id dw cd im Bd mmb b h ik m d miimizi cd. thcd idic viwd h xciv mgm c ik hgh m dfmwk.

Did rik Mgm i giv i h Dic r.

5. General Meetings

Next Annual General Meeting and date o Book Closure

D J 26, 2009tim 3.00 .m.

V rm Wm adiim, K. C. Cg, Chchg, Mmbi 400 020

D Bk c J 18, 2009 J 26, 2009 (bh d iciv)

n h im b cd h ig a G Mig qid b d b p B.

8/14/2019 AR_2008-09 GE Shipping

22/108


General Body Meetings held during preious three nancial years

th wig h di G Bd Mig hd dig vi h fci .

meeting time location special resolutions passed

58h aGMig

Dcmb 18, 2006 3.00 .m.

rm Wm adiim,K. C. Cg, Chchg,Mmbi 400 020

pm cmmii n WhDic.

aim M. K. M. shh WhDic digd exciv Chim.

accdig c M. Kki shh hd ci hd fc c f iCm fc h Cm.

59h aGMig

J 26, 2007 3.00 .m.

Chv C,G. Jgh Bh Mg,n schiv Gmkh,Mmbi 400 021

ai i aic n. 117a aic aci h Cm dig m M. s. J. Md iig m M. Bh K. shh drvi K. shh.

ahiig h Bd i 5005000 Wcvib i qi h h Cmci pm d n exciv Dich Cm d i i.

60h aG

Mig

J 18, 2008 3.00 .m.

rm Wm adiim,K. C. Cg, Chchg,

Mmbi 400 020

rvii i mi M. K. M. shh.

pm im ddii cmmii Whim Dic h fci 2007

a i mvd h a G Mig hd J 18, 2008 w d b hw hd b qmji mmb dig h mig.

a h Dic h Cm h h M. Vi n dd h a G Mig hd J 18, 20

6. Disclosures

) th w ci mi wih i pm, h Dic h Mgm, hi bidiiiv c. h m hv i cic wih h i h Cm g. Hwv, h Cm h h cc i d i accig sdd 18 d h ci d i wih hm.

b) th w ic -cmic hv i, ic b imd b sck exchg se hi dig h 3 m d ci mk.

c) th i mgm h md dic h Bd ig mi fci d cmmci cig h h did hv i h cd i cic wih h i h Cm g.

d) th D Chim d Mgig Dic d h Chi Fici ofc hv id cifc h Bcmic wih C 49 (V) h liig agm h Fici y dd Mch 31, 2009.

7. Means o Communication to Shareholders

H- ch hhd hhd n, h r h Cm bihd iw d id.

Q, h d pbihd i Bi sdd, Hid Bi li, p J d nvhki.

Whh Cm di fci w di md iii iv h

i wbi

y

Whh MD & a i y

Website o the Company: www.greatship.com

y Cm fci vib d chivd h c wbi www.ghi.cm. pmd , iii iv d h mdi d h wbi. th Cm hd cc cdci i q , h ci which d h wbi. th hhd d g viiig h wbi hv g cid h c d idi h c wbi.

8/14/2019 AR_2008-09 GE Shipping

23/108


8. Shareholders Inormation

Financial Calendar

1 Q r l wk J 2009

2d Q r l wk ocb 2009

3d Q r Fih wk J 2010

4h Q r l wk ai 2010/f wk M 2010

Listing on Stock Exchanges

stock exchange stock code isin no.Bmb sck exchg limidphiz Jjbh twD sMmbi 400 001

500620

Ine 017a01032ni sck exchg Idi ld.exchg pzBd-K CmxBd (e)Mmbi 400 051

GesHIp

global depository receipts non convertible debentures

e MtF Mk - lxmbg sck exchg

Kdibk s.a.lxmbgi sci am43, Bvd rl-2955 lxmbg, r. C.lxmbg B 6395

Wh Db Mk ni sck exchg Idi l

exchg pzBd-K Cmx, Bd (e)Mmbi 400 051

Share Transer System

sh t q civd i hic m gid wihi vg id 15 d. a sh t Cmmicmiig mmb h Bd m c i wk cid h h. rq dmiii(dm) civd m h hhd cd wihi vg id 15 d.

Outstanding GDRs

52268.6 GDr (qiv 261343 qi h) w dig Mch 31, 2009.

Outstanding Warrants

n W w dig Mch 31, 2009.

Plant Location

th Cm h .

Address or correspondence

company transfer agent*

sh Dmoc H, 134-aD. ai B rdWi, Mmbi - 400 018t : 022-66613000/24922200Fx : 022-24925900e-mi : [email protected]

sh svic (Idi) pv. ld.13a/B, smhi Whig Cmx2d F, skik th exchg lo adhi-K rd, skik, adhi (e)Mmbi - 400 072t : 022-67720300/67720400Fx : 022-28591568

e-mi : [email protected]

912, rhj CF p J rdnim piMmbi - 400 021t : 022-22881569/66134700Fx : 022-22825484

* Kindly note the new address of the Transfer Agent

9. Additional Shareholders Inormation

Unclaimed Diidends

ud h Cmi ac, 1956, dividd h cimd id v qid b d Iv edci d pci Fd dmiid b h C Gvm. a m r. 2819241 big cim47h (Fi) dividd w d ag 23, 2008 h Iv edci d pci Fd bihd b h CGvm d sci 205C h Cmi ac, 1956.

8/14/2019 AR_2008-09 GE Shipping

24/108


th wig b giv h d dividd dci m ic 2002 d h cdig d wh cdividd d b d h Iv edci d pci Fd.

Due dates o transerring unclaimed Diidend to the Inestor Education and Protection Fund (IEPF)

year dividend no. type date of declaration due date of transfer to iepf

2002 48 Fi 25.07.2002 24.08.2009

2003 49 Fi 24.07.2003 23.08.2010

2004 50 (I) Iim 30.01.2004 01.03.2011

2004 50 Fi 25.06.2004 25.07.2011

2005 51 (I) 1 Iim 29.10.2004 28.11.2011

2005 51 (I) 2d Iim 27.01.2005 26.02.2012

2005 51 Fi 24.06.2005 23.07.2012

2006 52 (I) 1 Iim 27.10.2005 25.11.2012

2006 52 (I) 2d Iim 30.01.2006 28.02.2013

2006 52 (I) 3d Iim 28.04.2006 27.05.2013

2007 53 (I) 1 Iim 27.10.2006 26.11.2013

2007 53 (I) 2d Iim 25.01.2007 24.02.2014

2007 53 Fi 26.07.2007 25.08.2014

2008 54 (I) 1 Iim 19.10.2007 18.11.2014

2008 54 (I) 2d Iim 29.01.2008 28.02.2015

2008 54 (I) 3d Iim 02.05.2008 01.06.2015

2009 55 (I) 1 Iim 24.10.2008 23.11.2015

2009 55 (I) 2d Iim 30.01.2009 01.03.2016

th wig b giv h di cimd dividd m ic 2002.

Unclaimed Diidend as on March 31, 2009

year div. no. type no. ofwarrants

issued

no ofwarrantsunclaimed

%warrantsunclaimed

amount ofdividenddeclared

(rs. in lakhs)

amount ofdividend

unclaimed(rs. in lakhs)

% ofdividen

unclaim

2002 48 Fi 159175 7538 4.74 6981 35.33 0.51

2003 49 Fi 145716 8691 5.96 7613 44.27 0.58

2004 50(I) Iim 128230 9577 7.47 4758 29.83 0.63

2004 50 Fi 134202 8672 6.46 7613 42.58 0.562005 51(I) Iim 121451 10081 8.30 6662 44.68 0.67

2005 51(I) 2d Iim 121169 10237 8.45 4758 33.87 0.71

2005 51 Fi 121845 9811 8.05 5710 38.33 0.67

2006 52(I) Iim 123110 10088 8.19 7613 51.36 0.67

2006 52(I) 2d Iim 118343 10908 9.22 4758 36.61 0.77

2006 52(I) 3d Iim 114247 10420 9.12 6662 47.78 0.72

2007 53(I) Iim 115379 9640 8.36 6090 46.25 0.76

2007 53(I) 2d Iim 117090 9555 8.16 4568 35.09 0.77

2007 53 Fi 100167 8996 8.98 6852 46.87 0.68

2008 54(I) Iim 95754 9463 9.88 6090 46.08 0.76

2008 54(I) 2d Iim 99140 9758 9.84 5329 39.67 0.742008 54(I) 3d Iim 98740 9338 9.46 11421 77.14 0.68

2009 55(I) Iim 102383 11174 10.91 3807 33.69 0.88

2009 55(I) 2d Iim 102554 17942 17.50 3807 49.01 1.29

Electronic Clearing Serices (ECS) or payment o diidend

t vid h ik /ici dividd w i i d/ d chm, hhdqd vi eCs cii wh dividd dic cdid i cic m hi civ bk cc. cdi dividd. th eCs ici m c b bid ih m h Cm sh t agofc h rgid ofc h Cm.

8/14/2019 AR_2008-09 GE Shipping

25/108


shhd cd i c wh eCs cii i vib, m bmi hi bk di. thi wi b h Cmic hi imi h dividd w d h v d chm.

Shares held in dematerialised orm

Shareholders holding shares in dematerialised orm may note that :

Ici gdig bk di which h wih hv icd hi dividd w m b bmidhi di ici. a h gi nsDl d CDsl, h Cm i bigd i h bk di h dividd w, ihd b h dii h Cm.

Ici d giv b hm h hd i hic m wi mic b icb h dividd h hd i cic m.

Ici gdig chg dd, mii d w hd b giv dic h diici. th Cm c i ch q dic m h hhd.

th Cm vid eCs cii h hd i cic m d mid i, hhd mwih vi hi cii.

Shareholding Pattern

Physical 4.26%

Shareholding - Demat and Physical Form Shareholders holding shares in Demat and Physical form

Demat 95.74%CDSL 12.46%

Physical 26.04%

NSDL 61.50%

Shareholding Pattern as on March 31, 2008 Shareholding Pattern as on March 31, 2009

NRIs/OCBs 0.88%FIs 13.03%

Promoters 29.75%Individuals 28.09%

FIIs 21.04%GDRs 0.16%

Bodies Corporte 7.05%

NRIs/OCBs 0.88%FIs 15.41%

Promoters 30.21%Individuals 27.14%

FIIs 18.99%GDRs 0.17%

Bodies Corporate 7.20%

8/14/2019 AR_2008-09 GE Shipping

26/108


Distribution o Holdings as on March 31, 2009

no. of shares held share holders no. of shares

from to number % to total shares % to tota

0 500 90619 86.905 10333442 6.785

501 1000 6467 6.202 4668869 3.066

1001 2000 3490 3.347 4924430 3.234

2001 3000 1209 1.159 2988229 1.962

3001 4000 656 0.629 2311128 1.518

4001 5000 352 0.338 1593760 1.047

5001 10000 739 0.709 5222977 3.430

10001 anD aBoVe 742 0.712 120246849 78.959

Total 104274 100.00 152289684 100.00

Companys Share Price Compared to BSE Sensex

8000

9000

10000

11000

12000

13000

14000

15000

16000

17000

18000

2009Mar

2009Feb

2009Jan

2008Dec

2008Nov

2008Oct

2008Sep

2008Aug

2008Jul

2008Jun

2008May

2008Apr

50

100

150

200

250

300

350

400

450

500

550

600BSE Sensex

Great Eastern Share Price

Market price data high/low during each month in the year 2008- 09

month market price (rs.) volume

High lw sh

ai 2008 458.70 365.00 1206566

M 2008 537.20 431.10 3798322

J 2008 514.40 368.15 1687277

J 2008 444.30 316.05 1957561

ag 2008 432.90 376.10 1229146smb 2008 389.80 270.25 1996784

ocb 2008 316.00 138.60 1834725

nvmb 2008 232.85 151.20 2576525

Dcmb 2008 231.90 144.10 4534765

J 2009 248.90 142.00 2801579

Fb 2009 222.50 162.30 5142456

Mch 2009 189.90 142.60 2725073

Source: BSE

8/14/2019 AR_2008-09 GE Shipping

27/108


10. Status o Compliance with non mandatory requirements

y Cm ci iv wd imvig i C Gvc cic. Whi Cm i cmiwih h md qim h C 49 h liig agm, h di md qim dC 49 h liig agm viwd b h Bd m im im. th h md qimi w :

Oce space or Non Executie Chairman

th Cm h exciv Chim d h h i vidig fc n exciv Chim d i

th Cm h cifc cifd Idd Dic. th ci Idd Dic xcd id 9 .

a Idd Dic h Cm hv h qii qifci d xic which i h Cm which, i h ii h Cm, wd b hm cib civ h Cm i hi cci IddDic.

Remuneration Committee

th Cm h rmi Cmmi, h di which mid wh i hi a r.

Shareholders rights to receie nancial results

th fci h Cm v q xiv bihd i h w d Cm wbi bid big vib h seBI wbi www.bidi.ic.i

Audit qualications

Dig h d viw h w di qifci i h Cm fci m. th Cm cid b cic h gim qifd fci m.

Training o Board members

Dig h adi Cmmi d Bd Mig, h mgm d h wkig Dic giv xiv bifg Bd mmb h bi h Cm.

Mechanism or ealuating perormance o Non Executie Board members

th mc vi h n exciv Bd mmb i d b h Bd bd h cii d h Bd/Cmmi mig h cibi md h id mig.

Whistle Blower Policy

ov h w , h Cm h iid c d w wk c. I vid w w

cmmici m, which im vid m c m xchg hi viw d i cc cihi igi. thi h cd i miiig d cgi wkig vim. th Cm i cfd d kid i i civ, which h d i bidig i cmb gb cmi. a h ii d h Whi Bw pic m d cd, h Cm h c ih md dd ch ic

8/14/2019 AR_2008-09 GE Shipping

28/108


Declaration by the Deputy Chairman & Managing Director under Clause 49 o the Listing Agrement regarding adherence to the Companys Code o Conduct.

I ccdc wih C 49 b c I (D) h liig agm wih h sck exchg, I hb cfm hDic d si Mgm h Cm hv fmd cmic wih h Cd Cdc id dwh Cm, icb hm h Fici y dd Mch 31, 2009.

F th G e shiig C. ld.

Bharat K. ShethD Chim & Mgig Dic

Mmbi, M 08, 2009

Auditors Certicate on Corporate Goernance

t h Mmb ,

th G e shiig C. ld.,

Mmbi.

W hv xmid h cmic cdii C Gvc b G e shiig C. ld. (h Cm h dd Mch 31, 2009, id i C 49 h liig agm h id Cm wih h sexchg.

th cmic cdii C Gvc i h ibii h mgm. o xmii w imi

cd d immi h, dd b h Cm ig h cmic wih h cdii CGvc. I i ih di xi ii h fci m h Cm.

I ii d h b imi d ccdig h xi giv , w ci h h Cmcmid wih h cdii C Gvc id i h bv mid liig agm.

W h ch cmic i ih c h vibii h Cm h fcic civwih which h mgm h cdcd h i h Cm.

F d bh

Kalyaniwalla & Mistry

Chd acc

v. R. Mehta

pM. n. 32083

Mmbi, M 08, 2009

8/14/2019 AR_2008-09 GE Shipping

29/108


asset profile

8/14/2019 AR_2008-09 GE Shipping

30/108


category type vessel name dwt (mt) yearbuilt

avg(

Crude Oil Carriers

t tg (Dw) 1,567,786 suezmax 1 Jg li 158,344 2005

n. shi 12 2 Jg lk 158,280 2005

avg ag () 9.5 3 Jg lkh 152,485 1989% t tg 54.4 4 Jg lk 147,834 1996

5 Jg l 147,080 2000

6 Jg lkhi 174,093 2000

6 938,116

aframax 1 Jg l 110,531 2006

2 Jg l 105,716 2003

3 Jg l 105,148 1999

4 Jg lxmi 105,051 1999

5 Jg lv 105,010 2004

6 Jg lmh 98,214 19876 629,670

Product Carriers

t tg (Dw) 795,791 long range one 1 Jg abh 74,841 2008

n. shi 18 2 Jg ach 74,811 2008

avg ag () 10.5 2 149,652

% t tg 27.6

medium range 1 Jg pm 50,596 1984

2 Jg pvi 50,600 1985

3 Jg ph 46,319 20044 Jg pkhi 46,346 2003

5 Jg p 45,693 1995

6 Jg pdi 45,684 1996

7 Jg p 37,145 2007

8 Jg p 37,159 2007

9 Jg pkh 47,848 2007

10 Jg ph 47,848 2007

11 Jg p 47,824 2007

11 503,062

Fleet as on March 31, 2009

general purpose 1 Jg pi 29,139 1982

2 Jg pi 29,139 1981

3 Jg pk 27,402 1985

4 Jg pgi 27,400 1985

5 Jg pw 29,998 1988

5 143,078 2

8/14/2019 AR_2008-09 GE Shipping

31/108



avg.ag(yr

Gas Carriers

t tg (Dw) 17,577 lpg carriers 1 Jg Vij 17,577 1991

n. shi 1 1 17,577 18.0

avg ag (y) 18.0

% t tg 0.6

Dry Bulk Carriers

t tg (Dw) 500,470 capesize 1 Jg aj 164,796 1996

n. shi 8 1 164,796 13.0

avg ag (y) 13.3

% t tg 17.4 panamax 1 Jg av 71,122 1995

1 71,122 14.0

supramax 1 Jg r 52,179 2001

2 Jg rh 52,364 2003

2 104,543 7.0

handymax 1 Jg r 45,659 2000

2 Jg rvi 45,342 1997

3 Jg ri 41,545 1984

3 132,546 15.0

handysize 1 Jg Vikm 27,463 1980

1 27,463 29.0

Fleet Total

t tg (Dw) 2,881,624

n. shi 39

avg ag (y) 10.5

Fleet as on March 31, 2009

8/14/2019 AR_2008-09 GE Shipping

32/108


Acquisitions

category type vessel name dwt (mt) year built monthadditio

New Built Delieries

pdc tk lg rg o (lr1) Jg ach 74,840 2008 Dc-08lg rg o (lr1) Jg abh 74,811 2008 nv-08

Sales

category type vessel name dwt (mt) year built monthsale

pdc tk

G p Jg pg 29,990 1982 J-08

G p Jg pj 29,990 1982 a-08

pmx Jg a 66,183 1986 a-08

G Ci

lpG Jg V 28,400 1978 Fb-09

D Bk Ci

Hdmx Jg riddhi 47,240 1997 M-09

Hdmx Jg rihi 41,093 1984 Dc-08

Hdiz Jg Vid 27,451 1977 nv-08

Hdiz Jg Vik 26,781 1977 M-0

pmx Jg akh 73,250 1994 a-08

Acquisitions and Sales during FY 2008-09

Acquisitionscategory type vessel name dwt (mt) year

built

pdc tk

lg rg o Jg amih 74,889 2009

Sales

category type vessel name dwt(mt) year built

pdc tk

Mdim rg Jg p 37,159 2007

Transcations between April 1, 2009 to May 8, 2009

8/14/2019 AR_2008-09 GE Shipping

33/108


vessels on Order as on May 8, 2009

category type shipyard dwt (mt) month ofcontracting

expecteddelivery

New Building Order Book position

Cd Ci szmx Hdi Hv Idi ld. 158,000 J-08 Mid 2011

szmx Hdi Hv Idi ld. 158,000 J-08 ed 2011

pdc Ci

lg rgo

stX shibidig C. ld. 74,500 M-06 Mid 2009

D Bk Ci

Kmmx stX shibidig C. ld. 80,800 oc-07 e 2011

Kmmx stX shibidig C. ld. 80,800 oc-07 Mid 2011

smx Cc (Zhh) shid C. ld. 57,000 Dc-07 ed 2010

smx Cc (Zhh) shid C. ld. 57,000 Dc-07 e 2011

Kmmx spp shibidig C. ld. 81,000 Dc-07 Mid 2011

Kmmx spp shibidig C. ld. 81,000 Dc-07 Mid 2011

vessels Contracted to sell as on May 8, 2009

category type vessel name dwt (mt) year built expecteddelivery

pdc tk

Mdim rg Jg p 37,145 2007 Fy2010

D Bk Ci

Hdmx Jg ri 41,545 1984 Q1 Fy2010

Hdmx Jg r 45,659 2000 Q1 Fy2010

8/14/2019 AR_2008-09 GE Shipping

34/108


Subsidiary Fleet as on March 31, 2009



avg.(ye

Oshore Support vessel

nmb 8

avg ag () 3.00

platform supplyvessel

1 Ghi Dih 3,115 1999

2 Ghi Di 3,350 2003

3 Ghi Dii 3,300 2005

4 Ghi Dhii 3,318 2008

5 Ghi Dhwi 3,303 2008

5 16,386

anchor handling tugcum supply vessel

1 Ghi aji 2,209 2008

2 Ghi ami 1,997 2008

3 Ghi akhi 1,639 2009

3 5845

Fleet Total

nmb 8

t tg (dw) 22,231

avg ag () 3.00

Greatship Global Oshore Serices Pte. Ltd., Singapore

category vessel name dwt (mt) yearbuilt

avg.(ye

Oshore Support vessel


1 *Ghi abh 2,200 2009

Fleet Total

nmb 1

t tg (dw) 2,200

avg ag () o

*cqid d bck bi

8/14/2019 AR_2008-09 GE Shipping

35/108


Acquisitions in Subsidiaries during FY 2008-09



month oaddition

New Built Delieries

oh s V anchor handling tugcum supply vessel

Ghi ami 1,997 2008 a-08

platformsupply vessel

Ghi Dhii 3,318 2008 s-08

platformsupply vessel

Ghi Dhwi 3,303 2008 nv-08


Ghi akhi 1,639 2009 Fb-09

Greatship Global Oshore Serices Pte. Ltd., Singapore

category type vessel name dwt (mt) year

built

month o

addition

New Built Delieries

oh s V


*Ghi abh 2,200 2009 Fb-09

*cqid d bck bi.

Acquisitions between April 1, 2009 and May 8, 2009



month oaddition

New Built Delieries

oh s V


Ghi ami 1,634 2009 ai-09

8/14/2019 AR_2008-09 GE Shipping

36/108


Subsidiary Order Book as on May 8, 2009

category type shipyard month ofcontracting

expectdelive

New Building Order Book Position

Oshore Support vessels in Greatship (India) Limited

anchor handling tug

cum supply vessel

lb shibidig &

egiig p. ld., sig

s-06 Q1 Fy2


lb shibidig &egiig p. ld., sig

s-06 Q2 Fy2

platform/rov supportvessel

Cmb Dckd pc,sik

ai-08 Q2 Fy2


Cmb Dckd pc,sik

ai-08 Q4 Fy2


Ddck Wd sigp. ld., sig

J-08 Q4 Fy2


Ddck Wd sigp. ld., sig

J-08 Q1 Fy2

Oshore Support vessels in Greatship Global Oshore Serices Pte. Ltd., Singapore


Cmb Dckd pc,sik

J-07 Q1 Fy2

multipurpose platformsupply and support vessel

K sigmi p. ld.,sig

J-07 Q2 Fy2


K sigmi p. ld.,sig

J-07 Q3 Fy2


K sigmi p. ld.,sig

J-07 Q3 Fy2


K sigmi p. ld.,sig

J-07 Q4 Fy2


Cmb Dckd pc,sik

Dc-07 Q4 Fy2


Cmb Dckd pc,sik

Dc-07 Q1 Fy2

multipurposesupport vessel

Mzg Dck limid,Mmbi

s-07 Q1 Fy2

multipurposesupport vessel

Mzg Dck limid,Mmbi

s-07 Q1 Fy2

Drilling Unit inGreatship Global Energy Serices Pte. Ltd., Singapore

jack up rig K F ld., sig J-06 Q3 Fy2

8/14/2019 AR_2008-09 GE Shipping

37/108


financials

8/14/2019 AR_2008-09 GE Shipping

38/108


The Year at a Glance

march 31, 2009 march 31, 2008

rs.(in lakhs)

us$(in millions)

rs.(in lakhs)

us$(in million

(except for earnings & cash earnings per share)

For the year

t rv 336474 736 320351

oig pf (pBIDt) 199182 436 189316

n pf 138482 303 135681

Ch pf 180331 395 169776

pBIDt cg v 59.20 59.20 59.10 5

r eqi (cg) 30.43 30.43 37.47 3

eig h (r./us$) 90.94 1.99 89.11

Ch ig h (r./us$) 118.41 2.59 111.50

Dividd m 14254 31 26723

(Icdig x dividd)Ci Ivm 122085 267 154418

At the end o the year

t 878839 1733 711636 1

Fixd 537401 1060 483259 1

t db 306655 605 248458

n wh 492822 972 417339 1

eqi Ci 15229 30 15227

Fig i us$ ivd b cvig r fg h vg cvi h im d c d im, giv bw, cii cmii

r./us$

exchg r 2008-09 2007-08

-avg 45.71 40.40

-Cig 50.72 40.12

8/14/2019 AR_2008-09 GE Shipping

39/108


Financial Highlights

0

30000

60000

90000

120000

150000

2008-092007-082006-072005-062004-05

80879

83860 88331

135681 138482

Net Profit Rs. in lakhs

0

50000

100000

150000

200000

250000

300000

350000

2008-092007-082006-072005-062004-05

211923

234208 225110

320351

336474

Revenues Rs. in lakhs

0.00

0.20

0.40

0.60

0.80

1.00

2008-092007-082006-072005-062004-05

0.95:1

0.78:1

0.72:1

0.60:10.62:1

Debt Equity Ratio

0

5000

10000

15000

20000

25000

30000

2008-092007-082006-072005-062004-05

19711 19485 20171

26723

14254

Dividend Payout Rs. in lakhs

0

10

20

30

40

50

2008-092007-082006-072005-062004-05

43.80

40.64

32.39

37.47

30.43

Return on Networth Percent

0

5

10

15

20

25

30

2008-092007-082006-072005-062004-05

24.04 23.84

20.81

25.26

21.00

Return on Capital Employed Percent

8/14/2019 AR_2008-09 GE Shipping

40/108


rs. in la

1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008

Prot & Loss A/c

rv 99446 115502 119535 100715 142635 211923 234208 225110 320351 336

oig pf(pBIDt)

36843 47397 50478 45273 74000 115905 134307 128233 189316 199

pat 11140 17653 19719 22729 47113 80879 83860 88331 135681 138

Balance Sheet

What the Company owned

Fixd a 168043 161544 181026 182260 255195 320133 286505 381241 483259 537

Ivm& n Ca 43193 37644 46065 56430 59938 106148 139029 145327 182538 262

Dd txi(n) - - - - - 406 - - -

total 211236 199188 227091 238690 315133 426687 425534 526568 665797 799

What The Company Owedl 100535 82639 93393 102086 145900 207975 186915 219789 248458 306

Dd txi(n) - - 10072 12739 12476 - - - -

total 100535 82639 103465 114825 158376 207975 186915 219789 248458 306

Shareholders Funds

eqi shCi 25884 21778 20256 19033 19033 19034 15227 15227 15227 15

pc shCi - 9500 17000 7500 7500 - - - -

aiciM - eqi

W - - - - - - - - 1602 rv &s 86927 87320 88031 98425 130693 199870 223392 291552 400510 477

Mic. exd. ( hx w/) (2110) (2049) (1661) (1093) (469) (192) - - -

total 110701 116549 123626 123865 156757 218712 238619 306779 417339 492

Db-qi ri 0.91:1 0.86:1 1.04:1 0.94:1 1.03:1 0.95:1 0.78:1 0.72:1 0.60:1 0.

r onwh (%) 9.69 16.01 17.57 19.52 34.80 43.80 40.64 32.39 37.47 3

eig p sh(I r.) 4.30 8.00 8.80 11.40 24.30 42.34 55.07 58.01 89.11 9

Dividd p

sh (I r.) 1.50 2.75 4.00 4.00 6.50 9.00 11.22 11.50 15.00

10 Years at a Glance

8/14/2019 AR_2008-09 GE Shipping

41/108


Report o the Auditors to the Members oThe Great Eastern Shipping Company Limited

1) W hv did h chd Bc sh th G e shiig Cm limid Mch 31, 2009 d h pf d l acc d Ch Fw sm h Cm h dd h d, bh xd hth fci m h ibii h Cm mgm. o ibii i x ii h fci m bd di.

2) W cdcd di i ccdc wih diig dd g ccd i Idi. th sdd qi hw d m h di bi b c b whh h fci m mmim. a di icd xmiig, bi, vidc ig h m d dic i h fcm. a di icd ig h ccig ici d d igifc im md b mgm w vig h v fci m i. W biv h di vid b bi ii.

3) a qid b h Cmi (adi r) od, 2003, id b h C Gvm Idi i m sc227 (4a) h Cmi ac, 1956, w x h m h m cifd i gh 4 d 5 h od.

4) Fh cmm i h ax d i gh (3) bv, w h :

) W hv bid h imi d xi, which h b kwdg d bi w c

h di.

b) I ii, bk cc qid b w hv b k b h Cm m xmii ch bk.

c) th Bc sh, pf d l acc d Ch Fw sm d wih b hi i gm wih bk cc.

d) I ii, h Bc sh, pf d l acc d Ch Fw sm d wih b hi cmwih h accig sdd d i b-ci (3C) sci 211 h Cmi ac, 1956.

) Wih qiig ii, w dw i :

i) n 13 schd 20, n acc gdig chg i ccig ic, h ifci ib h Mii C ai iig gh 46 i accig sdd (as) 11 th ec Chg

i Fig exchg r. Cq h, h Cm h d ccig h xchg diciig g-m ig cc m im ig cqiii dcib ci i c ch d h ig cc ig cqiii dcib migr. 54023 kh h dd Mch 31, 2009 ddd h c ch . th cdig gir. 12260 kh ( dcii r. 1005 kh) h dd Mch 31, 2008 h b vd G rv d ddcd m h c ch .

ii) th Cm h wih c m ai 1, 2008 dd h ici hdg ccig cidaccig sdd (as) 30 Fici Im rcgii d Mm, i c divici d i hdg cc, i d bk ic ik. accdig, h id g mig r. 36002 kh ch diviv ci which hv b digd hdgig ihi d which qi civ hdg, hv b cdd i h Hdgig rv ccFh, cci r. 511 kh h b dbid h Hdgig rv cc i ccdc wh ici hdg ccig.

iii) Cq h chg i h id ccig ici, h fxd Mch 31, 2009 highb r. 40427 kh, c ibiii high b r. 36312 kh, dcii h i high b r. 22kh, f h i high b r. 53197 kh d h rv Mch 31, 2009 high b r. 44kh.

8/14/2019 AR_2008-09 GE Shipping

42/108


) I ii d h b imi d ccdig h xi giv , h id ccwih h h, giv h imi qid b h Cmi ac, 1956 i h m qid d g d i viw i cmi wih h ccig ici g ccd i Idi:

i) i h c h Bc sh, h i h Cm Mch 31, 2009;

ii) i h c h pf d l acc, h f h Cm h dd h d; d

iii) i h c h Ch Fw sm, h ch w h dd h d.

5) o h bi wi i civd m h Dic h Cm Mch 31, 2009, d kcd b h Bd Dic, w h h Dic h Cm i diqifd Mch 31, 2m big id Dic i m c (g) b-ci (1) sci 274 h Cmi ac, 1956.

F d bh

Kalyaniwalla & MistryChd acc

vira R. MehtapMmbhi n: 32083pc : Mmbi

D: M 08, 2009

8/14/2019 AR_2008-09 GE Shipping

43/108


Annexure to the Auditors Report

rd i pgh 3 v d h cc th G e shiig Cm limid h dd Mch 31, 2009:

1. () th Cm h miid cd hwig ic, icdig qiiv di d iifxd .

(b) th fxd hic vifd b h mgm hd gmm vifci. I iih qc vifci i b hvig gd h iz h Cm d h i . t

b kwdg mi dicci w d ch vifci.

(c) I ii, bi h fxd h b did b h Cm dig h .

2. () th mgm h cdcd hic vifci iv b iv.

(b) I ii, h cd wd b h mgm ch hic vifci b d dqi i h iz h Cm d i bi.

(c) I ii, h Cm i miiig cd iv. th dicci icd hic vifci ivi cmd h bk cd w mi i i h i h Cm d m hv b d wih i h bk cc.

3. () th Cm h gd , cd cd, cmi, fm h i cvd i gi miid d sci 301 h ac. accdig, gh 4 (iii) (b), (c) d (d) h od

icb.(b) th Cm h k , cd cd, m cmi, fm h i cvd

h gi miid d ci 301 h ac. accdig, gh 4 (iii) (), d (g) h od icb.

4. I ii d ccdig h imi d xi giv , h i dq i c cmm wih h iz h Cm d h i bi, h ch iv d fxd , h gd d vic. Fh h bi xmii d ccdig h imi d xigiv , mj wk i h id i c m h b icd.

5. () Bd h di cd id b d ccdig h imi d xi vidd b mgm, h ic cc gm d i sci 301 h ac hv b dh gi qid b miid d h ci.

(b) I ii d ccdig h imi d xi giv , h ci md i cch cc gm hv b md ic which b hvig gd h viig mkic h v im.

6. I ii d ccdig h imi d xi giv , h Cm h ccd dm h bic wihi h mig sci 58a, 58aa h v vii h ac.

7. I ii, h Cm h i di m, which i cmm wih h iz d i bi

8. a imd , h mic c cd h b cibd b h C Gvm d sci209(1)(d) h Cmi ac, 1956 i c h civii cid b h Cm.

9. () accdig h imi d xi giv d ccdig h bk d cd dcd xmid b , i ii, xc h vid d d ig , h Cm i g gi diig did d icdig sh s pvid Fd, Iv edci d pci F

em s Ic, Icm x, s x, Wh x, svic x, exci d, Cm d, C, d h d wih h i hii. W imd h i c ig i i ib cc ci h vid d d i viw h h Cm civii. th Cm gmk d hc m h i hii d f dmii h bc, i , i id.

(b) accdig h bk cc d cd dcd d xmid b , h d s x, Icx, Cm d, Wh x, svic x, exci d c which hv b did cc dih h h d bw :

8/14/2019 AR_2008-09 GE Shipping

44/108


no. name of the statute nature of dues amount(rs. in lakhs)

period to which theamount relates

forum wheredispute is pendi

1 th Cm ac, 1962 Im d 31 2000-01 High C, Mm

2 th tmid Gs tx ac, 1959

l x 1740 1995-96 1997-98

th s txa tib

3 th C s txac, 1956 & Bmbs x ac, 1959

s tx 746 1995-96 1998-99 d2001-02

th s txa tib

4 Mhh ldrv Cd, 1966

t chg fc mi dh chm dmg

124 2002-03 th High C Bmb

t Chg fc pmi

310 2003-04 e DmJi MiciCmmii

5 Mj p tac, 1963

Dmd pigd Bh Chg g g

137 2001-02 2002-03

Kk HighC Bg

10. th Cm hd ccmd h d h fci d i h icd ch i h c d i h immdi cdig fci .

11. accdig h imi d xi giv d h cd xmid b , h Cm h d

i m d fci iii bk db hd.

12. accdig h imi d xi giv d h cd xmid b , h Cm h g d dvc h bi ci b w dg h, db h cii.

13. I ii d ccdig h imi d xi giv , h h civii h Cm c ci icb h chi d d idhi/m bf d/cii.

14. I ii, h Cm h miid cd h ci d cc h ivm d h Cm d im i hv b md hi. th ivm md b h Cm hd i i w xc h x h xmi d sci 49 h ac.

15. accdig h imi d xi giv d h cd xmid b , h Cm h giv g k b i bidii m bk fci iii, hwv, i ii, h m d cdih im ci jdici h i h Cm.

16. a imd , h m w id b h Cm h which h w bid.

17. o h bi v xmii h Bc sh d Ch Fw h Cm d h imixi giv , w h h cm h iid d id h-m bi g-ivm.

18. th Cm h d 10,000 h i bi cvd i h rgi miid d s301 h Cmi ac, 1956. I ii, h ic which ch h hv b id i im ci jd h i h Cm.

19. accdig h xi giv , cii hv b cd i c h db id b h Cm

20. th Cm h id m hgh bic i i h c .

21. Bd h di cd md d h imi d xi giv b h mgm, w d b h Cm h b icd d dig h .

F d bh Kalyaniwalla & MistryChd acc

vira R. MehtapMmbhi n: 32083pc: MmbiD: M 08, 2009

8/14/2019 AR_2008-09 GE Shipping

45/108


detailed

financial statements

8/14/2019 AR_2008-09 GE Shipping

46/108

The greaT easTern shipping company limiTed

T s t bv t t t B st.

a rt tt t F b t BF b Kalyaniwalla & Mistry K. M. Sheth extv cct att Bharat K. Sheth dt c & m dtVira R. Mehta Jayesh M. Trivedi R. N. Sethna dtpt c stmb, m 08, 2009 mb, m 08, 2009

Balance Sheet as at March 31, 2009.

rs. in la

schedule current

year

previ

y

Sources o Funds :

s F :

ct 1 15229 15

at m - eqt Wt - 1rv s 2 477593 400

492822 417

l F :

s l 3 306655 248

TOTAL 799477 665

Application o Funds :

Fx at : 4

g Bk 654039 620

l : dt ( t) 180103 172

nt Bk 473936 447

s ctt/ct wk-- 63465 35

537401 483

ivtt 5 125096 92

ct at, l av :

ivt 6 4573 5

s dbt 7 13018 12

c Bk b 8 183399 108

ot ct t 9 2159 2

l av 10 13193 7

216342 136

l : ct lbt pv :

ct lbt 11 75226 41pv 12 3099 3

it V (t) 1037

79362 45

nt ct at 136980 90

TOTAL 799477 665

st at p 19

nt at 20

8/14/2019 AR_2008-09 GE Shipping

47/108

61sT annual reporT 2008-2045

Proft and Loss Account or the Year Ended March 31, 2009.

rs. in lakh

schedule current

year

previou

yea

Income :

i ot 13 317233 30627

ot i 14 19241 1407

336474 32035

Expenditure :ot ex 15 125941 12034

att & ot ex 16 11351 1068

itt & F 17 15364 1492

dt 34849 3409

it v 7000

194505 18005

Proft beore tax 141969 14029

l : pv txt

- ct tx 4375 450

- F Bt tx 125 12

4500 462

Proft or the year ater tax 137469 13567

a : p jtt 18 1013

138482 13568

l : T t T Tx rv at st

115VT t i-tx at, 1961 23000 2250

115482 11318

a : T rv st 33ac t

i-tx at, 1961 - 2400

a : T ex Ftt rv - 250

- 2650

115482 13968

a : s bt w v 183949 9099

Amount available or appropriation 299431 23067

Appropriations :- T t g rv 14000 2000

- it dv eqt s 12183 2284

- Tx dv 2071 388

28254 4672

Balance Carried Forward 271177 18394

Basic earnings per share (in Rs.) 90.94 89.1

Diluted earnings per share (in Rs.) 90.75 88.3

st at p 19

nt at 20

T s t bv t t t pt & l at.


8/14/2019 AR_2008-09 GE Shipping

48/108


Cash Flow Statement or the Year Ended March 31, 2009.

rs. in lacurrent

year

prev

A. Cash Flow From Operating Activitiesnt pt B Tx 141969 140ajtt F :

p jtt 1013dt 34849 34it v 7000

itt (10537) (8itt 15364 14dv v (2925) (2ct t b tt 3364dt v vtt (356)pt vtt (nt) (3469) (pt t (50) (1B bt/v wtt 271pv bt bt (384)F x (4163) (14

ot pt B Wk ct c 181946 163ajtt F :

T & ot rvb (684)ivt 642 (1it V (nt) 131 (T pb 4586 6

c gt ot 186621 171

Tx p (4563) (4Net Cash From Operating Activities 182058 166

B. Cash Flow From Investing Activitiesp x t (83762) (153s x t ( t 1) 27147 19p ivtt (424689) (393s ivtt 435348 373aqt b/jt vt (47589) (38d vtt t 6043 7itt v 10823 9dv v 2925 2

Net Cash From/(Used in) Investing Activities (73754) (174

C. Cash Flow From Financing Activitiesp 28at tw eqt Wt -p t bw 37098 78rt t bw (39023) (32dv (18935) (18Tx dv (3235) (3itt (16116) (15

Net Cash From/(Used In) Financing Activities (40183) 10

Net increase/(decrease) in cash and cash equivalents 68121Cash and cash equivalents as at April 1, 2008 (reer note 2) 111296 108Cash and cash equivalents as at March 31, 2009 (reer note 2) 179417 111

Notes :1) pt , t , qt

t t t 2) c qvt march 31,

2009

marc

2c Bk B 183399 108et x t [()/] (3982) 2

c qvt tt 179417 1113) c qvt r. 1469 k (pv y r. 1004 k) w /

t t t t t b bk.


8/14/2019 AR_2008-09 GE Shipping

49/108


Schedule Annexed to and orming part o the Balance Sheet as at March 31, 2009.

rs. in lakh

current

year

previo

ye

Schedule 1 :

Share Capital :

at :

30,00,00,000 eqt s r.10 30000 30020,00,00,000 p s r.10 20000 200

50000 500

i :

15,27,08,445 (pv y 15,26,98,445) eqt s r.10 15271 152

15271 152

sbb :

15,22,92,202 (pv y 15,22,76,442) eqt s r.10 15229 152

15229 152

p- :

15,22,89,684 (pv y 15,22,73,924) eqt s r.10 - 15229 152

15229 152

Notes :1. ot bv, 74,39,858 (pv y 74,39,858) tt - t t tt wtt

b v .2. T p- eqt s ct r. 0.30 k (pv y r. 0.30 k), t t

c a r. 0.31 k (pv y r. 0.31 k).

8/14/2019 AR_2008-09 GE Shipping

50/108


rs. in la

current

year

prev

Schedule 2 :

Reserves and Surplus :

() ct rv :

at t wt t x 1598(b) ct rt rv :

a t B st 23854 23() rv st 33ac t i-tx at, 1961 :

a t B st - 24

l : T t pt & l at - 24

-

() T Tx rv at u st

115VT t i-tx at, 1961 :

a t B st 67000 44

a : T pt l at 23000 22

90000 67

() dbt rt rv :

a t B st 5750 5

() ex Ftt rv :

a t B st - 2l : T t pt l at - 2

-() h rv at :

(l)/ vtv tt t fw (36513)() s p at :

a t B st 12601 12a : p t 30

12631 12() g rv :

a t B st 107356 87a : ex t t t v

, jt t t x t (t t) (12260)

a : T pt l at 14000 20109096 107

(j) pt l at 271177 183477593 400

Schedule 3 :

Secured Loans :

() T l -

- F Bk 297922 238

s b t , t bk t

vt t t b t ( t 4).

(b) n-cvtb dbt* -

() s rb n-cvtb dbt

r. 1,00,00,000 -- 6.05 % b stb 19, 2010.** 8733 8

() s rb n-cvtb dbt

r. 50,00,000 -

- 10.25 % ( 7) m 25, 2008. - 1

* s b t vb t .

** lbt dbt t t vb gt o lt

t t t -.

306655 248

8/14/2019 AR_2008-09 GE Shipping

51/108


Schedule4:

FixedAssets:

rs.inl

akhs

ct

dt

it

ntBk

pt

aat

a

1,

2008

atF

Thy

dt

Fthy

[nt5(b)]

aat

mh31,

2009

ut

mh31,

2008

ajtt/

dtF

ats/

d

F

Th

y

ut

mh31,

2009

aat

a1,

2008

F

Thy

[nt5(

)]

ut

mh31,

2009

aat

mh31,

2009

Ft

606

211

522

062

93619

135236

60313

51087

63

9517

606211

159921

159562

**34503

33040

34

128

33

399

159546

159921

8755

8755

700

0 -

15755

8755

464216

437535

pt&mh

1

379

1

299

232

205

410

125

1201

1379

468

463

137

125

130

130

461

468

- -

- -

- -

740

911

l

(Fh&

ptl)

4

934

4

934

- -

- -

4934

4934

- -

- -

- -

- -

- -

- -

- -

4934

4934

owhFt

Bg*

4

364

4

311

264

406

-

353

4628

4364

1092

1035

-

108

170

165

1262

1092

135

135

- -

135

135

3231

3137

Ft,F

xt

oeqt

2

616

2

677

180

261

49

322

2747

2616

2175

2298

47

322

210

199

2338

2175

- -

- -

- -

409

441

Vh

922

655

148

487

58

220

1012

922

444

449

49

207

211

202

606

444

- -

- -

- -

406

478

SUB-T

OTAL

620

426

535

938

94443

136595

60830

52107

65

4039

620426

164100

163807

34736

33802

34

849

34

095

164213

164100

8890

8890

700

0 -

15890

8890

473936

447436

shtt/c

twk--pg

63465

35823

537401

483259

Notes:

*

ThowhFt&Bgr.0.1

3kh(pv

yr.0.1

3kh),bgvhhv-tvt.

**

ajtt/dt

t/ft

r.1005khbgt

tthgxhgg

thvt

t

hg

txtttthtxbthcgh46atgst(as)11tvThmt

ctatttmh31,2

009.

(pvgt)

8/14/2019 AR_2008-09 GE Shipping

52/108


current year previous ye

face

value

rs.

no. of

units

rs. in

lakhs

no. of

units

r

la

Schedule 5 :

Investments :(a) Long Term Investments :

(At cost - ully paid unless stated otherwise)Equity Shares : Unquoted

sb :T gt et s c. l lt. st.p 10

16,000 26 16,000

T gt (s) pt. lt. s$ 1 5,00,000 114 5,00,000T gt et ct l.l.c. -FZc aed 100 1,500 19 1,500gt (i) lt. 10 8,61,00,000 85200 6,51,00,000 64Jt Vt :cgu lt lt 10 69,75,000 698 50,87,500 at :B st lt. 10 - - 1,67,85,787 2

86057 67l : pv t v t

vtt 44485613 66

p s : uqtsb :gt (i) lt. 10 8,80,00,000 26400 -

112013 66(b) Current Investments :

(At lower o cost and air value - ully paid)Mutual Funds : Unquotedr t :B i p - Qt dv rvtt 10 - -

1,76,46,8601

Tt i st T i p itttWk dv rvtt

1000 - - 1,49,488 1

Jm m m F s p p - d dv 10 - - 75,40,948

Jm - itv F Qt p 6 - ittt dv p 10 - - 50,31,795 hsBc Fx dbt F - ittt Ftt dv 10 - - 4,82,26,338 4icici pt ittt i p p - dv 10 - - 3,50,97,042 3Tt Fx i pt s c3 ittt F- dv

10 - - 50,00,000

Tt Fx i pt F s a2 ittt- dv

10 - - 2,50,96,907 2

Tt Ft rt F l T - i 10 - - 2,45,25,195 2Tt d B F ot a - dv 10 - - 1,91,13,969 2sBi dbt F s - 90 d-20 (26-Fb-08) - dv 10 - - 2,00,53,066 2sBi dbt F s - 30 d-1 (13-m-08) - dv 10 - - 3,00,60,243 3sbb t :dsp Bk rk B F - rt Qt dv

rvtt

11 18,28,510 193 -

Ft st T i F ittt p ddv

10 5,40,63,014 5408 -

hdFc st T p dv ot rvtt 10 1,93,90,946 2005 - hsBc Fx dbt - ittt p dv 10 2,10,36,630 2052 - Ktk B st T - mt dv 10 2,10,90,842 2126 - r i F - rt p - mt dv 10 97,84,138 999 - r lqt F - d dv p 10 29,99,538 300 -

13083 25125096 92

8/14/2019 AR_2008-09 GE Shipping

53/108


rs. in lak

current

year

previo

yeSchedule 6 :Inventories :

- F 4573 524573 52

Schedule 7 :Sundry Debtors :(Unsecured)() dbt tt v x t :

- c 925 6- c bt 1515 19

2440 26(b) ot dbt :

- c 12093 117- c bt 16

12109 11714549 143

l : pv bt bt 1531 1913018 123

Schedule 8 :

Cash and Bank Balances :() c 1(b) B wt bk :

- o t t 2539 10- o t t 140992 1017

143531 1027

() B wt t bk :- o t wt aBn amro Bk, l 12896 49

(mx B r. 35669 k,pv y r. 33923 k)

- o t t t wt aBn amro Bk, l 2032(mx B r. 6431 k,

pv y r. n)

- o t t wt aBn amro Bk, db 1(mx B r. 68 k,

pv y r. 68 k)- o t wt ct Bk, l 63

(mx B r. 63 k,pv y r. 7 k)

- o t t wt ct Bk, l 1417 11(mx B r. 1417 k,

pv y r. 1150 k)- o t t wt r Bk st, l 27

(mx B r. 287 k,pv y r. 555 k)

- o t wt hsBc, l 472(mx B r. 559 k,

pv y r. n)- o t wt hsBc, s 135(mx B r. 235 k,

pv y r. n)- o t t wt pjb nt Bk (itt) lt., l 22824

(mx B r. 22824 k,pv y r. n)

39867 61183399 1088

8/14/2019 AR_2008-09 GE Shipping

54/108


rs. in la

current

year

prev

Schedule 9 :Other Current Assets :

itt t 2159 22159 2

Schedule 10 :

Loans and Advances :(Unsecured - considered good, unless otherwise stated)() av vb k v t b v 5625 4

(nt v bt v r. 160 k,pv y r. 97 k)

(b) at t t 3646 2() dvtv ctt rvb 3356() B wt ct, pt Tt t. 10() av t i-tx & tx t t 556

(nt pv txt - r. 12295 k, pv y r. 10615 k)13193 7

Schedule 11 :Current Liabilities :() s ct

- ott t t t -- d t t t 24445 20

(b) d t sb c 112() av ct h 1014 3() dvtv ctt pb (t) 36312() lbt tw ivt et ptt F, t

- u v 779() ot lbt 3832() itt bt t 3290 3() m rt b 873 1() it v b 4569 11

75226 41

Schedule 12 :Provisions :() pv tx v 776 1(b) pv rtt bt 2323 1

3099 3

8/14/2019 AR_2008-09 GE Shipping

55/108


Schedules Annexed to and orming part o the Proft and Loss Account or the year endedMarch 31, 2009.

rs. in lak

current

year

previou

yea

Schedule 13 :

Income From Operations :

Ft d 168305 13769ct h 114595 12037

pt s 25447 2894

g tt (t) 8158 1787

m ot i 728 138

317233 30627

Schedule 14 :

Other Income :

dv :

- b 18 1

- t vtt 2907 241

2925 242

itt (g) :- t t 8820 730

- t 694 87

- t 1023 18

(i-tx t t r. 1718 k, 10537 836

pv y r. 1606 k)

pt ivtt :

- t vtt 3641

- t vtt (t) - 18

3641 18

pv t vtt wtt bk (t) 356

pt t (t) 50 158

pv bt bt & v wtt bk (t) 384m i 1348 150

19241 1407

Schedule 15 :

Operating Expenses :

F o Wt 47370 2908

pt, lt c d 13841 965

stv, dt & c ex 778 61

h t 6380 3098

Bk & c 4009 334

a F 989 81

W, B ot ex - Ft st 18215 1688ctbt t pvt & ot F - Ft st 549 22

st 5712 643

r & mt - Ft 21377 1765

i & ptt cb F 3377 318

V mt ex 264 56

s ot ex 1595 90

ct t s B /s tt (t) - xt t 1485

125941 12034

8/14/2019 AR_2008-09 GE Shipping

56/108


rs. in l

current

year

prev

y

Schedule 16 :

Administration & Other Expenses :

st ex -

- s, aw & B 6484 5

- st W ex 166

- ctbt t pvt & ot F 5647214 6

rt 48

i 84

r mt -

- B 57

- ot 383

440

pt Tx 14

at rt 70

m ex 3038 2

l t vtt 172

B bt v wtt 271pv bt bt & v (nt) -

11351 10

Schedule 17:

Interest & Finance Charges :

itt Fx l 15838 15

ot itt 4

F 370

16212 15

l : p-v tt t 848

15364 14

Schedule 18:Prior Period Adjustments :

i-tx jtt 1013

st v x -

1013

8/14/2019 AR_2008-09 GE Shipping

57/108


Schedule 19

Signifcant Accounting Policies :

(a) Accounting Convention :

T ttt t t t vt, wt g atat p i, t at st b t ittt ct att i tv t c at, 1956 t t xtt b.

(b) Use o Estimates :

T t ttt t wt t t q tt t k tt t tt t t t b t bt t t t ttt t t x t . mt bv ttt tt t t ttt t b. at t t tt.

(c) Fixed Assets :

Fx t tt t t t t. ct x t t qt bwt tt . ex t tt btt t qt t jt t t t t t.

(d) Investments :

() ivtt t -t t vtt.

() l-t vtt t t. pv t, , t v -t vt t , t t t t.

() ct vtt tt t w t v t tt , , t v

(e) Inventories :

ivt t w t t zb v. ct t t--t-t b.

() Incomplete voyages :

it v t t v t t x t v w w tt t t B st t.

(g) Borrowing Costs :

Bw t tt t ttbtb t t qt/tt t q t t

t t, t t t qt/t tt.

(h) Revenue recognition :

Ft t v b. ct t bxt w t t t t v t b w/, w t vb.

(i) Operating expenses :

() Ft t t x t v t v b.

() st v b t t v.

() ex t v / t wtt t w t c t t wt t b v jtt b t jt.

(j) Employee benefts :

lbt v tt bt vt , t, tt v t t b bt t wt t t c.

() d ctbt p

e bt t st F, pvt F t s W ctbt tbt t tbt t t pt l t wt tbt t t tv .

8/14/2019 AR_2008-09 GE Shipping

58/108


() d Bt p

rtt bt t gtt t p W-t dt bt bt v t b t vt, t jt t t tt t t t B st.

() ot -t bt

l-t t b v t b t vt, t jt tt t, t t t t B st.

at /, x jtt t t t t t t pt l at.

(k) Depreciation :

() dt v t wt 95% t t t t v t tt tt b t s XiV t t c at, 1956, wv . T b t t tt t t :

ett u /t t

Ft

- s h Tk stt v b 5%,

wv

20 t 23 *

- db h Tk 20 t 25 - d Bk c 23 t 30

- g c 27 t 30

l stt l

ow ft b Wtt w v 5%

Ft & Fxt, oeqt, t.

stt 5

ct stt 3

V stt 4

pt & m stt 10

* sbjt t t btt v b tt t m 31, 2010.() dt ft v t b ot at t v t

t t v t .

() i t t t tt t, 95% t t wtt v t t . hwv, t t t b t , tt b t t, tb t t t bqt .

(l) Asset Impairment :

T t t c tb tb t vw t b t t tt wt t t t. i t xt, t t vb t tt t t t xtt t , . a t z wv t t t x t vb t. T t , , t tt

pt l t w t tk .W t bqt v, t t t t t t v ttt vb t, wv bjt t t t t x t t tt wv b t (t tt t) t b z t t t .

(m) Foreign Exchange Transactions :

() Tt t t x t t t. mt t bt t , tt t t tt t t.

8/14/2019 AR_2008-09 GE Shipping

59/108


T tt -t t t bt tt t t qt b t t t t t t t t t v t b t t t t F cit Tt d at t v t b -t t/bt, bt tb m 31, 2011 b x. T tt t t bt t tt t pt lat.

() Fw x tt t t t t t t k tt bb t tt tt t x t t tt w t t tt t pt l at, xt tt t t t qt b t t, w t t t t t t. p t w x tt t x v t t tt.

() c w w t t t tt t t t tt t wt t t tt -t t t bt.

(n) Derivative Financial Instruments and Hedging :

T c t t vtv tt t k tt bb t tt, tt t k bk k. T t t tt wt t vtv t h tt, , t t t t b T t vtv t t t t bt. T c

t t t vtv t .

c Fw h :

Fw x tt t t t k tt bb tt, w t t, tt t w t t tt, tt q fw wt t t t at st (as)30 F itt: rt mt. T t tt ttq tv t h rv t z t ttt pt l t w t tt t pt l t t t t t -t t qt.

g t tv tt t t pt l at. W t tt xt t t tt w v t hrv t t t ttt pt l t.

(o) Provision or Taxation :

Tx x bt t tx.

() pv t -tx t b t b t i-tx at, 1961.i tvt t b t t c.

() d -tx t , btw txb t wt b v bqt t t- tvt t c. T tx t t t t t t t

b tx t w, t btt t t b t t.

(p) Provisions and Contingent Liabilities :

pv t t t t bb bt, t t w b b

tt.

ctt lbt t b bt tt t vt bt t xt b t t t vt t w wt t t tc.

8/14/2019 AR_2008-09 GE Shipping

60/108


Schedule 20:

Notes on Accounts :

1. Contingent Liabilities : rs. in la

sr.

no.

particulars current

year

prev

() gt v b bk t t b t c. 26712 43

(b) gt b bk v b b /jt vt. 409

() gt v t bk/ b b. 128192 132

() s Tx BsT at t 1995-96,1996-97,1997-98,1998-99,2001-02,t w t c .

746

() l Tx bt t tt t t c, t w tc v tt t m h ct.

1740 1

() pb bt t tt btt/. 59

() d t o t ct & dtt mtt, mb ct Bb mk tw t t tkw b t c.

434

2. Share Capital :

u t s ct (T o t t Tt st) at, 1992, - t tt 2,85,922 (pv y 2,91,682) t qt t c v b kt b wtt 206a t c at, 1956, t t t tt t b w t b t

stk ex. a t 40,608 (pv y 40,608) v b kt b t tt wt t Bb stk ex. d t 5760 (pv y n) qt v b tt t kt b.

3. Warrants against Share Capital :

T c at 09, 2007, tt 50,05,000 vtb wt t t pt n extvdt, t t t t b t t t t J 26, 2007, t r. 312.75 . e wt w vtb t eqt s t v r. 10/-, t t t twt , t t t x 18 t t t tt t wt.

ot t 50,05,000 wt, 10,000 wt w vt t eqt s. d t t vb ktt, w t jt v wt, t b 49,95,000 wt w t vt. at wt t t t r. 1598 k b t t v t t w @ r. 32/- b t t t t v.

4. Secured Loans :

T bk t usd 53 t bk t t b w t bk t usd 2.5 vt inter-alia, t t b tv t t 1.25 t t bw.

5. Fixed Assets :

() ett t tt, t v t, t b xt t t v - r. 236883 k (pv y r.211838 k).

(b) T t x t ftt t t /() tt ( t w v), t t t t t qt b t t /() w tt t tt qt b t, t t t x t t r. 54023 k.c

t t t v t t t x t t t t tt x b t c v mt ct a tt t m 31, 2009 r.13265k.

() T t t t c l t t W t t b t t t c.

() T c t r. 70 t bk t vw wt at st (as) 28 qt t t vb v t t. i t t t, t bk v t t, t t t t t t t kt b ft t xtt t.

8/14/2019 AR_2008-09 GE Shipping

61/108

61s

AR_2008-09 GE Shipping

Documents

Transcript of AR_2008-09 GE Shipping