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GE Shipping standalone net profit drops to Rs 46.26 cr for Sep ended FY17 qtr

Standalone net profit of Great Eastern Shipping Ltd has declined to Rs 46.26 crore for Sep ended 2017 quarter against the standalone net profit of Rs 170.53 crore recorded during Sep ended 2016 quarter (Year On Year), says a release on 10th Nov. Standalone total income of the company dipped to Rs 557.96 crore during the review quarter against the standalone total income of the company at Rs 578.93 crore logged during year ago review quarter. During the Year On Year period, consolidated net profit crashed to Rs 6.86 crore versus Rs 286.17 crore; consolidated total income dropped to Rs 815.22 crore vis-à-vis Rs 956.67 crore.

During the quarter under review, the company contracted to buy and took delivery of a secondhand medium gas carrier built in 1997 renamed as “Jag Vijaya”. The subsidiary of the company had availed the exemptions contained in Ind AS 101—first time adoption of Indian Accounting Standards relating to use of air values of certain items of property, plant & equipment as their deemed cost as on the transition date. Accordingly, carrying values of certain items of property, plant & equipment amounting to Rs 4,558.03 crore have been restated at their fair value of Rs 3,465.26 crore as on 1st April 2015.

Credit Rating

The credit rating for non-convertible debentures of the company is Care AAA (outlook stable) by Credit Analysis and Research Limited and BWR AAA (Outlook stable) by Brickwork Ratings India Pvt Ltd. There was no change in the rating during the six months ended Sept 30, 2017.  Asset cover available, in case of non-convertible debt securities: As per the terms of issue of 2,400 secured redeemable non-convertible debentures of Rs 10 lac each, the company has created and maintained exclusive charge on ships(with 1.25 times cover on book value of ships) and additional security by way of mortgage on immovable property.

 


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