Great Eastern Shipping : GIL Annual Report FY2021-22

ANNUAL

REPORT

2021-2022

www . greatshipglobal . com

C O NT E NTS

CORPORATE INFORMATION	03
KEY PERFORMANCE INDICATORS (CONSOLIDATED)	04
MANAGEMENT STATEMENT	06
BOARD'S REPORT	08
MANAGEMENT DISCUSSION AND ANALYSIS	17
CORPORATE GOVERNANCE REPORT	25
FLEET PROFILE	53
AUDITOR'S REPORT	55
FINANCIAL STATEMENTS	65
STATEMENT PERTAINING TO SUBSIDIARIES	129
CONSOLIDATED FINANCIAL STATEMENTS	130

CORPORATE INFORMATION

BOARD OF DIRECTORS

CHAIRMAN	Mr. Bharat K. Sheth
MANAGING DIRECTOR	Mr. Ravi K. Sheth
EXECUTIVE DIRECTORS	Mr. P. R. Naware
	Mr. Alok Mahajan
INDEPENDENT DIRECTORS	Mrs. Bhavna Doshi
	Mrs. Rita Bhagwati
	Mr. Shaleen Sharma
REGISTERED OFFICE	One International Center
	Tower 3, 23rd Floor
	Senapati Bapat Marg
	Elphinstone Road (West)
	Mumbai 400 013
CORPORATE IDENTITY NUMBER	U 63090 MH 2002 PLC 136326
AUDITORS	Deloitte Haskins & Sells LLP
	Chartered Accountants
	Indiabulls Finance Center
	Tower 3, 27th - 32th Floor
	Senapati Bapat Marg
	Elphinstone Road (West)
	Mumbai 400 013
CHIEF FINANCIAL OFFICER	Mr. G. Shivakumar
COMPANY SECRETARY	Ms. Amisha Ghia
WEBSITE	www.greatshipglobal.com

Annual Report 2021-2022

Key performance indicators (consolidated)

5 years at a glance

																` in Crores
			FY 2017-18	FY 2018-19	FY 2019-20	FY 2020-21	FY 2021-22
Profit & Loss A/c
Total Income	995.67	956.02	846.80	668.22	730.18
Operating Profit (PBIDT)	541.88	500.46	348.78	205.75	216.80
Net Profit (PAT)	(376.38)	(7.88)	(64.75)	(131.12)	(143.69)
Balance Sheet
What the Company owned
Fixed Assets	4,272.14	4,082.29	3,940.88	3,673.15	3,449.91
Investments & Net Current Assets (net of long term portion of current liabilities & provisions)	926.09	1,065.63	933.16	678.42	708.18
TOTAL ASSETS	5,198.23	5,147.92	4,874.04	4,351.57	4,158.09
What the Company owed
Loans*	2,346.93	2,252.83	2,038.99	1,651.89	1,553.48
Shareholders' Funds
Equity Share Capital	111.35	111.35	111.35	111.35	111.35
Reserves & Surplus	2,739.95	2,783.74	2,723.70	2,588.33	2,493.26
TOTAL	2,851.30	2,895.09	2,835.05	2,699.68	2,604.61
TOTAL LIABILITIES	5,198.23	5,147.92	4,874.04	4,351.57	4,158.09
												(US$ in Millions)
	IN US DOLLARS	FY 2017-18	FY 2018-19	FY 2019-20	FY 2020-21	FY 2021-22
	Profit & Loss A/c
	Total Income (US$ mn)	154.42			137.42			119.96			89.87				98.35
	Operating Profit (PBIDT)	84.04			71.94			49.41			27.67				29.20
	PAT (US$ mn)	(58.37)			(1.13)			(9.17)			(17.64)				(19.35)
	Balance Sheet
	What the Company owned
	Fixed Assets	655.49			590.35			520.80			502.41				455.19
	Investments & Net Current Assets (net of long term portion of current liabilities & provisions)		142.09			154.10			123.32			92.80				93.44
	Total Assets		797.58			744.46			644.12			595.21				548.63
	What the Company owed
	Loans*	360.10			325.79			269.46			225.95				204.97
	Shareholders' Funds
	Equity Share Capital	17.08			16.10			14.72			15.23				14.69
	Reserves & Surplus		420.40			402.57			359.94			354.03				328.97
	TOTAL		437.48			418.67			374.66			369.26				343.66
	TOTAL LIABILITIES		797.58			744.46			644.12			595.21				548.63
			FY 2017-18	FY 2018-19	FY 2019-20	FY 2020-21	FY 2021-22
Debt-equity Ratio*	0.82	0.78	0.72	0.61	0.60
Net Debt-equity Ratio*	0.46	0.39	0.35	0.32	0.30
Return On Operating Networth (%)	(12.40)	(0.27)	(2.26)	(4.74)	(5.42)
Return On Operating Capital Employed (%)	(4.01)	3.43	1.87	(1.96)	(0.57)
Earning Per Share (in `)	(33.80)	(0.71)	(5.82)	(11.78)	(12.90)

* includes preference share capital

Key Performance Indicators (Consolidated) | 4

Annual Report 2021-2022

5 years trend

Operating Profit (PBIDT)	(` in Crores)
(after adjusting impairment)

1000
800
600	541.88	500.46
400			348.78
			205.75	216.80
200
0	2017-18	2018-19	2019-20	2020-21	2021-22
			Total Income		(` in Crores)
1,600
1,400
1,200	995.67
1,000	956.02	846.80
800				688.14	730.18
600
400
200
0	2017-18	2018-19	2019-20	2020-21	2021-22

NET PROFIT/(LOSS) (PAT)

(` in Crores)

200
100
0		(7.88)
(100)		(64.75)
(200)				(131.12)	(143.69)
(300)
(400)	(376.38)
(500)	2017-18	2018-19	2019-20	2020-21	2021-22

Net Debt to Equity

0.60
0.50	0.46
0.40		0.39	0.35
		0.32
0.30				0.30
0.20
0.10
0	2017-18	2018-19	2019-20	2020-21	2021-22

		Return on Operating Net Worth
6%
4%
2%
0		(0.27%)
-2%
-4%			(2.26%)
-6%				(4.74%)	(5.42%)
-8%
-10%
-12%	(12.40%)
-14%
2017-18	2018-19	2019-20	2020-21	2021-22

		Fixed assets*	(` in Crores)
5000
4,272.14	4,082.29	3,940.88
4000
	3,673.15**
		3,449.91
3000
2000
1000
0
2017-18	2018-19	2019-20	2020-21	2021-22

Return on Operating Capital Employed

6%
4%		3.43%
2%			1.87%
0
-2%					(0.57%)
			(1.96%)
-4%	(4.01%)
-6%	2017-18	2018-19	2019-20	2020-21	2021-22

* Figures are net of Impairment:

Impairment loss recognised in each FY is as follows:

FY 18 ` 206.39 crores, FY 19 ` 9.39 crores, FY 20 ` NIL Crores, FY 21 ` 46.11 Crores and FY 22 ` 7.74 Crores.

** Includes decapitalisation of assets ` 20.80 crores.

Key Performance Indicators (Consolidated) | 5