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.
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.