60th annual report 2011-12

HINDUSTAN SHIPYARD LIMITED

PAPERS TO BE LAID ON THE TABLE OF LOK SABHA/RAJYA SABHA

AUTHENTICATED

RAKSHA RAJYA MANTRI

Board of Directors . . . . 01

Chairman’s Statement . . . . 02

Notice . . . . 05

Directors’ Report 6 . . . . 06

Auditors’ Report31 . . . . 35

Comments of the C & AG of India36 . . . . 40

Balance Sheet . . . . 42

Profit & Loss Statement . . . . 43

Notes to the Accounts . . . . 44

Notes forming part of Accounts . . . . 54

Cash Flow Statement . . . . 67

Social Overheads . . . . 68

Last 10 years at a glance . . . . 70

Ships built . . . . 72

CO

NT

EN

TS

OUR VISION

To be a National Leader in

Ship & Submarine building and Repairs

OUR MISSION

To imbibe the latest in

Ship / Submarine building and

repair technology and serve

the defence, maritime and

oil sectors through all round

excellence in quality, delivery

and durability

1 !

1 !

VAdm N N KumarAVSM, VSM

Shri Gyanesh Kumar, IAS

Dr. Devi SinghShri Rakesh MahajanDirector (Finance & Commercial)

Cmde K S Subramanian, NM, IN (Retd.)

Director (Shipbuilding)

Cmde K L N PrasadDirector (Corporate Planning & Personnel)

Cmde Ashok Bhal, VSM, IN(Retd.)

Director (Strategic Projects)

RAdm N K Mishra, NM, IN (Retd.)

Chairman & Managing Director

BOARD OF DIRECTORS

PERMANENT SPECIAL INVITEES

VAdm DSP VARMAPVSM, AVSM,VSM, IN(Retd.)

DG, AKANKSHAH

Shri RAJNISH KUMARAddl. FA & Jt. Secretary

Ministry of Defence (Fin)

AUDITORS

M/s G R Kumar & Co.Chartered Accountants

Visakhapatnam

BANKERS

• Indian Bank

• State Bank of India

• UCO Bank

• Syndicate Bank

• Canara Bank

Shri Inaitula BaigCompany Secretary

Registered Office

Gandhigram, Visakhapatnam - 530005

(As on date of AGM)

2 Hindustan Shipyard Limited

CHAIRMAN’S STATEMENT

Dear Shareholders,

It gives me great pleasure to extend a warm

welcome to all of you at the 60th Annual General

Meeting of your Company.

The Annual Report for the year ended 31st Mar

2012 along with the Directors’ Report and audited

Annual Accounts of the Company have been

circulated to you and with your permission, I take

them as read.

World Shipbuilding Industry

The shipbuilding industry is closely linked to developments in global shipping industry. Therefore, any slowdown

in the shipping industry adversely affects the prospects of the shipbuilding industry. The Industry is passing through

turbulent times since economic slowdown in 2008 and recovery is likely to take some more time. As regards world

shipbuilding industry, China leads with major share with 41% whereas South Korea, Japan, Europe and others have

shares of 33%, 20%, 2% and 4% respectively. As far as high value orders are concerned, Korea leads with 50% and

other shipbuilding nations like China, Europe, Japan and other countries have 32%, 6% 5% and 7% respectively.

Indian Shipbuilding Industry

The Indian shipbuilders occupy 6th rank in the list of order book accounting for 1.36% of the global order

book (in CGT). Correspondingly, the order book of Indian shipbuilders aggregates to 3.01 mn DWT with 168 vessels

on order. The Indian shipbuilders specialize in construction of offshore vessels. However, the size of the dry bulk

vessels as against the offshore vessels in terms of carrying capacity (i.e. DWT) being high, the former vessel category

constituted approximately 87.5% of the Indian order book. In terms of the number of vessels on order, the Offshore

and Specialised vessels accounted for 38.7% of the total order book. Indian Shipbuilding Industry stands adversely

affected, post expiry of the “Shipbuilding Subsidy Scheme” and, with no announcement of the renewal of the said

scheme; the Indian shipyards are rendered cost ineffective as compared to their global peers. Further, in the absence

of ‘infrastructure industry’ status to the Shipbuilding Industry in India is at a disadvantageous position compared to

other major global shipbuilding nations.

Company’s Performance & Major highlights of the Year 2011-12

Your Company is an old and premier shipyard of the country of historical importance. Your yard has always

strived towards better productivity and optimum utilization of resources. The total income of the Company during

the year is ` 604.34 Cr as compared to ` 686.17 Cr of last year. Your company has recorded a loss of ` 85.98 Cr

during the said financial year. The losses in the Financial Year 2011-12 are mainly attributable to reduction in turnover,

increase in pay & benefits and provision towards Liquidated Damages. Consequently, the accumulated losses are

also increased to `1016.08 Cr as on 31 Mar 2012.

The Major highlights of the year 2011-12 are as under

Ø Ministry of Defence, Govt. of India has sanctioned an amount of ` 457.36 Cr for Phase – I modernisation (i.e.

Refurbishment & Replacement of plant and Machinery) as an advance towards construction of LPDs.

Chairman's Statement

3Annual Report 2011-12

Ø Your company has received an LOI for construction of one Fleet Support Vessel for Indian Navy.

Ø Some of the noteworthy achievements during the year are as follows :-

- Delivery of first of the five IPV series, first 50 ton Bollard Pull Tug for VPT and Third 53000 DWT Bulker

for M/s GML.

- Launching of last of the five series of IPV for Indian Coast Guard

- Keels were laid for two 50 ton Bollard Pull Tugs for Kandla Port Trust

- Repairs of ONGC Jack Up Rig was completed and the RIG was handed over to ONGC on 03 Aug 2012.

- The Ship repair division has undertaken repairs of eighteen vessels including two foreign flag.

- The Medium Refit cum Upgradation of INS Sindhukirti is under progress and recorded a cumulative

production of 65% till end of Jul 2012.

Your yard is going through crisis as the company’s order book and financial position is unhealthy. The issues

are further compounded with aged workforce, old & outlived machinery etc. The Management is putting its best

efforts to bring the company back on track.

As brought out in last year, the company aims to complete the orders of Five IPVs for Coast Guard and 53,000

DWT Bulkers for M/s GML by end of Mar 2013 and thereafter the company’s focus will be on warship building. The

company has already delivered the first vessel of five IPV in the FY 2011-12 and balance vessels are at advanced

stages of construction. These vessels would be delivered in the FY 2012-13. Efforts are also being made to complete

other orders within the contract schedules with no further time and cost overrun.

Strategic Initiatives

A dedicated department has been constituted namely “Business Strategy Department” to improve the

company’s marketing strategies and to secure new orders. The company is also revamping some of the existing

systems which will result in higher productivity and growth. Other strategic initiatives of the management include

Turnkey Rate Contracts, Collaboration with Design Partners, revamping of Design Department, etc. Discussions are

in progress for alliance with M/s BHEL and ONGC for construction, repair and maintenance of land based oil rigs.

Your Company is also in talks with Fisheries Survey of India for MoU for maintenance of their vessels. Your company’s

management is putting all its efforts to turn around the Company.

Grading vide Memorandum of Understanding

The performance of the company for the year 2011-12, based on self appraisal is “Good” in terms of the MoU

signed with the Ministry of Defence.

Corporate Governance

Good Corporate Governance has always been the hallmark of your Company. The philosophy of the Company

is to ensure transparency in its dealings and compliance of country’s laws and regulations in order to promote

ethical conduct of business. Quarterly compliance reports for Corporate Governance are sent to the Administrative

Ministry as per applicable guidelines. The process to fill up the vacant positions of Independent Directors is at an

advanced stage. A separate section on Corporate Governance furnishing applicable details forms part of the Directors’

Report.

Yard Modernisation

The present infrastructure of yard is out dated. Accordingly, there is an urgent need to refurbish and also

renew plant and machinery to meet the future challenges. The yard has planned to modernise the yard in two

phases. In the first phase, the existing infrastructures will be refurbished and obsolete equipments will be renewed.



Against LPD project, the yard has already received ` 457.36 Cr for the same from Govt. of India. In the second phase

of modernisation, it is envisaged to upgrade the yard infrastructure to enable construction of sophisticated warships

and strategic vessels for Indian Navy and Coast Guard.

Future Outlook

HSL is a major shipyard on the East Coast of India. The yard has been brought under the administrative

control of Ministry of Defence in Feb 2010. Accordingly, the yard needs to realign its business strategy towards

warship and submarine building /repairs for the Indian Navy and Coast Guard. The Ministry of Defence has nominated

the yard for construction of Landing Platform Dock (LPDs) and, constructions of other vessels are also planned in

the near future. Presently, modernisation of the yard with funds made available against LPD project is afoot.

Considering the acquisition plans of the Indian Navy & Coast Guard, the future of the yard looks bright.

Human Resource Developments

The age profile of the employees of your Company and consequent superannuation of experienced personnel

in near future is a matter of concern. The management is striving hard to augment the manpower through inductions

and skill up-gradation to meet the future challenges.

Auditors’ Comments

The Statutory Auditors Report has already been circulated to all the shareholders. I am glad to inform you

that the C &AG after having reviewed your Company’s accounts for the year ending 31 Mar 2012 have given a “Nil”

comment certificate.

Acknowledgements

On behalf of the Board, I would like to thank you, our esteemed shareholders, for your continuing confidence

and support. I take this opportunity to thank Ministry of Defence, Naval & Coast Guard Authorities, Dredging

Corporation of India, Visakhapatnam Port Trust, ONGC Ltd for their unstinted support. I also acknowledge the

support extended by the State Governments, Central Government, other statutory bodies and all other local

authorities and agencies. Last but not the least, I thank all the employees of HSL for their sustained endeavours in

meeting the challenges posed before the organisation. I also thank the trade unions for their constructive cooperation.

Jai Hind.

(N K Mishra)

Rear Admiral, IN (Retd.)

Chairman & Manging Director

Visakhapatnam

21 Sep 2012



NOTICE OF 60th ANNUAL GENERAL MEETING

Notice is hereby given that the 60th Annual General Meeting of the Shareholders of Hindustan Shipyard Ltd., will be

held on Friday, the 21st September, 2012 at 11.00 AM at HSL Board Room, Hindustan Shipyard Limited, Gandhigram,

Visakhapatnam-530 005 to transact the following business :

ORDINARY BUSINESS

1) Adoption of Annual Accounts of the Company for the year 2011-12

To receive, consider and adopt the Balance Sheet as at 31 Mar 2012 and the Profit & Loss Account for the

year ended 31 Mar 2012 and the Reports of the Directors and Auditors thereon.

2) To fix the remuneration of the Statutory Auditors to be appointed by the Comptroller & Auditor General of

India for the Financial Year 2012-13.

By order of the Board

Hindustan Shipyard Limited

New Delhi (Inaitula Baig)

29 Aug 2012 Company Secretary

NOTES: (a) A member entitled to attend and vote is entitled to appoint a Proxy to attend and vote instead

of himself and a proxy need not be a member of the Company.

(b) The instrument appointing the Proxy, if any, should, in order to be effective, be deposited at the

Registered Office of the Company not less than 48 hours before the time of holding the meeting.

To

All the Shareholders,

Statutory Auditors,

Directors & Chairman of the Audit Committee.

Permanent Special Invitees

Notice


DIRECTORS’ REPORT FOR THE YEAR 2011-12

The Shareholders,

Hindustan Shipyard Limited

Gentlemen,

Your Directors are pleased to present the 60th Annual Report on the working of the Company for the financial year

2011-12. The audited Profit & Loss account for the financial year 2011-12 and the Balance Sheet, as on 31 Mar

2012, together with the report of the auditors of the Company and the comments of the Comptroller & Auditor

General of India on the Auditors’ Report under Section 619 (4) of the Companies Act, 1956 are appended to this

report.

1. CAPITAL STURCTURE

The Authorised Equity Share Capital and Paid-up Equity Share Capital of the Company as on 31 Mar 2012

stood at ` 304.00 Cr and ` 301.99 Cr respectively.

2. PERFORMANCE HIGHLIGHTS

2.1 Financial Parameters

The Company has recorded a loss of ` 85.98 Cr during the year 2011-12. The stated loss is due to reduction in

turnover, increase in pay & benefits and provision towards Liquidated Damages. The Accumulated Losses

have increased to ` 1016.08 Cr as on 31 Mar 2012 from ` 930.10 Cr reported last year.

2.2 Value of Production

The Company achieved a value of production of ` 564.04 Cr during the Financial Year 2011-12.

2.3 MOU Rating

In terms of the parameters finally arrived at as against the Memorandum of Understanding signed with

Government for the year 2011-12, the performance of the Company is expected to be rated as “Good”.

3. DIVISION-WISE PERFORMANCE

3.1. Shipbuildng

The Shipbuilding Division of your Company achieved a Value of Production of ` 254.76 Cr for 2011-12 as

against ` 294.74 Cr in the previous year.

Directors Report


3.1.1. Main Events

The following events have been achieved during the year 2011-12 in Shipbuilding Division: -

Sl Events Date ofevents Description of Vessel Owner

(a) Fresh Orders 30 Dec 2011 03 Nos 25 T Bollard Indian Navy

concluded Pull Tugs

30 Dec 2011 First of (02 Nos) Visakhapatnam Port Trust

50 T BP Tug

(b) Deliveries 05 Jan 2012 First of (05 Nos) Indian Coast Guard

Inshore Patrol Vessel

17 Feb 2012 Third (of 05 Nos) GML, Chennai

53000 DWT Bulker

(c) Floating / 15 Jul 2011 Launching of Fifth (of 05 Nos) Indian Coast Guard

Launching Inshore Patrol Vessel

(d) Keel Laying 04 Jan 2012 First (of 02 Nos) Kandla Port Trust

50-Ton BP Tug

04 Jan 2012 Second (of 02 Nos) Kandla Port Trust

50-Ton BP Tug

Directors Report

Delivery Ceremony MV Good Trade, VC 11138 (Third of 05 Nos 53000 DWT Bulker) to GML, Chennai


3.1.2. Order Book Position

The present order book of the yard comprise 23 Vessels of which 10 vessels are under various stages of

construction. As on 31 Mar 12, the value of Shipbuilding orders is worth ` 1133.22 Cr. The details of the

order book are as under:-

Sl Yard No Type of the Vessel No of Owner Balance

Vessels Contract

Value

(In ` Cr)

(a) 11139 - 11140 53,000 DWT Diamond 2 GML, Chennai 147.07

series Bulk Carriers

(b) 11155 - 11158 Inshore Patrol Vessels 4 Indian Coast Guard 75.65

(c) 11161 50-Ton Bollard Pull Tug 1 Visakhapatnam Port Trust 5.40

(d) 11162 - 11164 50-T Bollard Pull Tug 3 Indian Navy 149.68

(e) 11165 - 11172 Inshore Patrol Vessels 8 Indian Coast Guard 551.12

(f) 11173 - 11174 50 T Bollard pull Tugs 2 Kandla Port Trust 91.20

(g) 11175 - 11177 25 T Bollard Pull Tugs 3 Indian Navy 113.10

Total 23 1133.22

Directors Report

Delivery of M.V.A.W. Delima, VC11160 to Visakhapatnam Port Trust

Delivery of IPV “Rani Abbakka” VC11154 to Indian Coast Guard


Directors Report

Handing over of Jack Up Rig "SAGAR RATNA" to ONGC after a major repair at HSL

3.1.3. Production/ Physical Performance

Shipbuilding production in DWT and capacity utilisation achieved during the year 2011-12 as compared to

previous year are as under: -

Sl Description Unit 2011-12 2010-11

(a) Installed capacity as reckoned DWT 75250 75250

(at 3.5 Standard Pioneer Ships per annum)

(b) Actual Production achieved DWT 56437 61583

(c) Capacity Utilisation Percentage 75% 82%

(d) Productivity achieved M.hrs/DWT 45 42.5

3.2 SHIP REPAIRS

3.2.1 During the year, Ship Repair Division has undertaken repairs of 18 vessels (including 2 Foreign Flag) of diverse

types. The customers include Indian Navy, DCI, SCI, ONGC & VPT etc. The repair dock was utilised to the

optimum level. The turnover of Ship Repair Division during the year is ` 193.51 Cr as against ` 280.98 Cr of

last year.

3.2.2 Major Work during the Year 2011-12

(a) Major repairs Jack up Rig ‘SAGAR RATNA’ owned by ONGC is under final stages of completion. This is an

order worth more than ` 500 Cr.

(b) Completion of repairs of INS Sandhayak worth ` 46.42 Cr.

(c) Repairs of Dredge XIV at ` 18.05 Cr, Dredge IX at ` 15 Cr and Sagar Vijay for ` 15.00 Cr.


Directors Report

In ` Cr

Description Ship Building Ship Repairs Retrofit Unallocated Total

Total Income 262.29 204.03 115.86 22.16 604.34

Profit/(Loss) before Depreciation,

Interest and Income Tax & Extra-

ordinary Items(PBDIT) (54.26) 23.12 (4.00) (31.05) (66.19)

Depreciation 5.90 0.50 1.57 - 7.97

Interest & Finance Charges 3.66 7.50 0.44 0.22 11.82

Profit / (Loss) (63.82) 15.12 (6.01) (31.27) (85.98)

5. CONTRIBUTION TO NATIONAL EXCHEQUER

Your Company’s contribution to the National

Exchequer is ` 32.69 Cr during the year 2011-12 by

way of Income Tax, Service Tax, Customs Duty, Excise

Duty and VAT.

6. FUTURE OUTLOOK

HSL is a major shipyard on the East Coast of India.

The yard has been brought under the administrative

control of Ministry of Defence in Feb 2010.

Accordingly, the yard needs to realign its business

strategy towards warship and submarine building

for the Indian Navy and Indian Coast Guard. The

Ministry of Defence has nominated the yard for

construction of Landing Platform Dock (LPDs) and

construction of strategic vessels are also planned in

near future. Both, Indian Navy and Indian Coast

Guard have embarked upon massive acquisition

plans and accordingly the future of the yard looks

bright.

7. MODERNISATION

The present infrastructure of yard is outdated and

almost lived its life. Accordingly, there is an urgent

need to refurbish and also renew plant and

machinery to meet the future challenges. The

management has planned to modernise the yard in

two phases as under:-

3.3 Retrofit Division

The Value of Production on account of submarine repairs during the year 2011-12 was ` 115.77 Cr as against

` 83.27 Cr of the last year.

4. OPERATING RESULTS

4.1 The summarised financial results of the Company for the year 2011-12 is as under:

Visit of VAdm. N.N. Kumar, AVSM, VSM, CWP&A, MoD(N)

on 30 Sep 2011

Visit of High level MoD Team, Additional Secretary (DP) and

Joint Secretary (NS) on 01 Nov 2011


Phase-I. Against LPD project, the yard has received

` 457.36 Cr for refurbishment and renewal of

existing Plant & Machinery. Action has been initiated

to expend this amount in a planned manner.

Phase-II. In the second phase of modernisation of

the yard, infrastructure would be augmented to

enable construction of sophisticated warships and

strategic vessels for Indian Navy and Coast Guard.

8. DRAWING & DESIGN OFFICE

In the CAD/CAM Centre, in-house designs of Tugs

(for Kandla Port Trust, Indian Navy, and

Visakhapatnam Port Trust) and Water Barges (for

Indian Navy) have been developed using Tribon M3

Directors Report

Visit of IG S.P. Sharma PTM, TM,

Commander Coast Guard (East) on 03 Nov 2011

Celebration of 41st National Safety Day

Fire Service Week (14-20 Apr)

Demonstration on Extinguisition of Fire

software. The Design Office has also carried out inclining experiment and validated the stability of ONGC Rig,

which has undergone major refit at HSL. Digitisation of design drawings/data and augmentation of Tribon

Licenses has been planned for implementation during Financial Year 2012-13.

9. QUALITY ASSURANCE

Surveillance Audit by Lloyds was completed during

05-07 Jul 2011. The re-certification audit for renewal

of certificate of approval of ISO 9001: 2008 was

carried out during 14-17 Nov 2011. Due to change

of scope, a fresh certification process is in progress

by IRQS, a sister concern of Indian Register of

Shipping (IRS). We hope to complete this activity

by end Sep 2012.

10. SAFETY, SECURITY & PRODUCTIVITY

The yard places utmost importance to safety of its

employees. During the year, Plant Safety inspection

was carried out by the safety personnel for

identifying the unsafe conditions / unsafe acts and

remedial measures for rectifying the same were

suggested and implemented. The Safety department

conducted Central Safety Committee meeting on

safety with all members, co-opted members, other

invitees, committee members and office bearers.

Safety banners / posters / caution boards are

displayed in order to create safety awareness among

all employees. Safety training programmes were

organised and photo identity cards were issued to

personnel who have undergone Safety Training

Programme. 41st National Safety Day was observed,

in which the Chairman & Managing Director

administered the safety pledge to all officers and

representatives of unions/associations. Prizes were

distributed to winners of the safety competitions

that were conducted during the Safety Week.


Employees of HSL have been deputed to participate in safety competitions conducted by the Andhra Pradesh

Chapter of National Safety Council, Hyderabad on the occasion of 41st National Safety Day Celebrations.

11. INFORMATION TECHNOLOGY

Your Company has successfully implemented the following tasks under IT initiatives during the year:-

(a) Initiated Information Technology upgrade plan.

(b) Increase in E-mail IDs for wider coverage.

(c) Commissioning of E-procurement portal.

(d) Commissioning of online Vendor Registration

portal.

(e) Introduction of leased internet service from

BSNL to improve the access speed and usage.

Your Company is in the process to re-design the HSL

website with the help of NIC. It is intended to create

a dynamic website which provide more efficiency

and support e-Procurement.

12. ENVIRONMENTAL ASPECTS

Your Company continues to be environment friendly

and has fulfilled all the statutory requirements of

central and state pollution control boards. The

Company is committed to meet all the stipulated

standards for maintaining and protecting the

environment.

13. INDUSTRIAL RELATIONS

The industrial relations were cordial and

harmonious during the year 2011-12.

14. WELFARE ACTIVITIES

Your Company’s concern for welfare of the

employees continues to be paramount and various

welfare measures have been implemented. The

Hindustan Shipyard Recreation(HSR) club assisted

by the Company undertakes the recreational

activities for the employees. The Company has also

provided crèche facility for the children of lady

employees. HSR club conducted 63rd Republic Day

and 66th Independence Day on 26 Jan 12 and 15 Aug

12 respectively at Colony Parade Ground. Cultural

Programmes were arranged by HSR Club on these

occasions.

15. TRAINING

Training was imparted to large number of ITI Trade

Apprentices in the designated trades. During the

year 2011-12, 386 Trade Apprentices have

Directors Report

Visit of Department related Parliamentary Committee on Science &

Technology, Environment & Forests on 21 Oct 2011

63rd Republic Day Celebrations

66th Independence Day Celebrations


successfully completed training and were awarded National Apprenticeship Certificates by Govt of India,

Ministry of Labour and Employment, NCVT, RDAT, Hyderabad.

Training was also imparted to Graduate Engineers and Diploma Holders. 11 Engineering Graduates, 3 Technician

(Diploma) Apprentices were imparted training under the Apprentices Act and awarded Certificate of

Proficiencies by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training

(SR), Chennai, during the year 2011-12.

HSL also arranged in-plant training and extended facilities for project work to 977 students of various

Engineering Colleges, Management Institutions and Marine Institutions.

16. GENDER BUDGETING

In pursuance of the instructions of the Government of India, a “Gender Budgeting Cell” has been constituted

with four women Officers to act as a Nodal Agency for all gender responsive budgeting initiatives and to

ensure effective implementation of general development programme for women employees like training,

advancement of skills, provision of welfare amenities at work place etc. There are presently 89 women

employees in the yard.

17. MEDICAL BENEFITS

HSL runs two dispensaries i.e., one in the yard which works from 7 AM to 10 PM and the other at residential

area of colony which works round the clock to cater for the needs of employees and their dependents. Out

patient medical facilities are extended through treatment by a system of panel doctors for employees of HSL.

Under referral system, there are five hospitals which are used for in-patient treatment of HSL employees and

HSL pays medical bills directly to these hospitals for their services. Majority of employees along with and

their dependents are covered under the Medical Reimbursement Scheme for hospitalization. During the

year, an amount of ` 4.90 Cr was expended towards medical treatment of employees and their dependents.

Two ambulances are available at yard dispensary round the clock. Annual Eye Check up by Ophthalmologist

from Government Hospital was also arranged, for crane operators and drivers.

18. CORPORATE SOCIAL RESPONSIBILITY

HSL considers Corporate Social Responsibility (CSR) as a means to serve the society including all stake holders.

All activities under the Company’s CSR vision forms an integral part of the business function and covers

community development initiatives prioritised on local needs.

Though, as per DPE guidelines, loss making units are not required to allocate funds for CSR activities, HSL

continues to display its commitment towards CSR by way of voluntary services of employees and nominated

management representatives. Besides this the Company has provided free electricity and water charges for

the six educational institutions functioning under Gandhigram Educational Society. The expenditure on this

account was ` 77993 during the year.

As regards sustainable development activity, the Company runs a Tailoring Centre through its Ladies Club.

This centre employs widows of employees and is engaged in stitching boiler suits for personnel of HSL. Material

and other infrastructure is being made available by the Company.

The Gandhigram Educational Society, HSL Rovers Scouts and HSL Recreation Club are engaged to provide in

social service towards and promote cultural, educational and national integration through various programmes

and awareness activities.

19. CORPORATE GOVERNANCE REPORT

A report on Corporate Governance & compliance certificate is placed at Annexure-1.

20. MANAGEMENT DISCUSSION AND ANALYSIS

A report on Management Discussion and Analysis is placed at Annexure-2.

Directors Report


21. RESERVATION OF POSTS FOR SCs/STs

Your Company has complied with all Govt directives

with regard to reservation of posts for SC/ST.

Representation of SC/ST employees in various

categories of posts as on 01 Jan 12, Recruitments

made & numbers filled by members of SCs/STs

during the calendar year 2011 and representation

of Ex-Servicemen & Women employees as on 01 Jan

12 are placed at Annexures 3 to 5 respectively.

22. RESERVATION OF PHYSICALLY HANDICAPPED

3% reservation for physically handicapped in all

groups viz A, B, C and D posts are being complied as

per the Govt of India rules. Backlog posts of

physically handicapped candidates were filled in

officer cadre during May 2012. Present percentage

of physically handicapped employees is 2.95% and

the shortfall will be filled as and when recruitment

is taken up.

23. OFFICIAL LANGUAGE IMPLEMENTATION

Official Language Implementation Committee

meetings were held regularly. Employees were

imparted Hindi training under the Hindi Teaching

Scheme. During the year, 90 employees participated

in Hindi workshops. In order to ensure the

compliance of official language policy of Govt. of

India and to encourage the use of Hindi, an inter-

departmental monthly incentive scheme is already

Directors Report

Visit of Smt. K.Kamala Kumari, Member of

National SC & ST Commission on 18 Aug 2012

Visit ofHon’ble Chairman & Members of Parliamentary

Committee on Welfare of SC/STs on 24 & 25 Jan 2012

in place. The Company’s Annual Report, MOU and documents under Section 3(3) of Official Language Act are

being issued bilingually. To encourage the employees to read Hindi books, a separate Hindi Library has been

set up. Hindi Fortnight was observed during 01-14 Sep 2011. On this occasion, various competitions were

organised and cash awards were presented to successful employees in Prabodh, Praveen and Pragya

examinations conducted under Hindi Training scheme.

24. ACTIVITIES OF VIGILANCE DEPARTMENT

Vigilance department which is functioning in HSL under the guidance of Central Vigilance Commission keeps

constant vigil on various activities of HSL. As a part of the above, Vigilance Department has been providing

necessary assistance / guidance as and when required. Vigilance Awareness Week was observed between 31

Oct 2011 and 05 Nov 2011. As part of Vigilance Awareness Week, vigilance oath was administered and banners

were displayed to create better vigilance awareness. Debate competition and seminar conducted with

involvement of HSL employees and the students of HSL junior and Degree College. Workshops on ‘Disciplinary

Proceedings’ and ‘Tendering Procedures’ were conducted on 28 Nov 2011 for the benefit of executives.

25. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005

As per directives of the Govt of India, the RTI Act 2005 is being complied, for which required infrastructure

has been put in place. An RTI portal in the Company’s website is being maintained. Periodical reports on the

progress of implementation of the Act are being submitted to statutory authorities/Government. All necessary

information as per the provisions of RTI Act 2005 is being furnished to information seekers regularly. During

the year 2011-12, your Company received 79 applications (directly and through MoD) and all of them have

been replied.


26. CONSERVATION OF ENERGY

Information required under the Companies (Amendment) Act 1988 pertaining to Conservation of Energy,

Technology Absorption and Foreign earnings and outgo is placed at Annexure-6.

27. PARTICULARS OF EMPLOYEES

During the year 2011-12, no employee of HSL drew remuneration in excess of Rs 24 Lakhs per annum,

(ie ` 2 Lakhs per month). Hence, the information required under Section 217(2A) of the Companies Act 1956,

read with the Companies (Particulars of Employees) Amendment Rules 2002, is ‘NIL’.

28. STATUTORY AUDITORS

M/s G R Kumar & Co., Visakhapatnam had been appointed as Statutory Auditors of the Company for the

financial year 2011-12 by the C&AG as per Section 619(2) of the Companies Act 1956. The fees payable to

Statutory Auditors for the year 2011-12 was ` 1,40,000 exclusive of out of pocket expenses.

Replies of the Board of Directors on the observations of Statutory Auditors on the Accounts of the Company

for the Year ended 31 Mar 12 are placed at Annexure- 7.

29. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act 1956 with respect to the Directors'

Responsibility Statement, following is hereby confirmed:-

(a) That in preparation of the annual accounts, the applicable accounting standards have been followed

alongwith proper explanation relating to material departures.

(b) That the Directors have selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state

of affairs of the Company as on 31 Mar 2012 and of the loss of the Company for the financial year

ended 31 Mar 2012.

(c) That the Directors have taken proper & sufficient care for maintenance of adequate accounting records

in accordance with the provisions of Companies Act 1956 for safeguarding the assets of the Company

and for preventing and detecting fraud and other irregularities.

(d) That the Directors have prepared the annual accounts on a going concern basis.

30. ACKNOWLEDGEMENTS

Your Directors express their deep appreciation and place on record their gratitude to the Department of

Defence Production, Ministry of Defence and Department of Public Enterprise for their administrative support

and guidance. Your Directors are particularly grateful to the Indian Navy and Coast Guard, Dredging Corporation

of India, Oil & Natural Gas Corporation Limited, Visakhapatnam Port Trust, Controller of Defence

Accounts(Navy), Government of Andhra Pradesh, Departments of Customs, Income Tax, Excise, Service Tax &

Sales Tax. The Directors also acknowledge their gratitude to the clients and all classification societies, in

particular, IRS, ABS and DNV, who have ensured quality and adherence to the standards. Your Directors also

place on record their appreciation for the assistance extended by the Company’s bankers Indian Bank and

valuable advice rendered and co-operation extended by the Statutory Auditors i.e., M/s GR Kumar & Co.,

Internal Auditors i.e., M/s Brahmaya & Co and the Officers & Staff of the offices of Principal Director of

Commercial Audit & Ex-Officio Member Audit Board, Bangalore and their Headquarters. Your Directors wish

to place on record their appreciation to all employees at various levels for their hard work, dedication and

commitment.

FOR AND ON BEHALF OF

THE BOARD OF DIRECTORS

(NK Mishra)

New Delhi Rear Admiral IN (Retd.)

29 Aug 2012 Chairman & Managing Director

Directors Report


Annexure –1

REPORT ON CORPORATE GOVERNANCE

(For the Year 2011-12)

As per the Guidelines issued by the Department of Public Enterprises, Government of India, a Report on compliance

of the provisions on Corporate Governance is enumerated in succeeding paragraphs.

PHILOSOPHY ON CORPORATE GOVERNANCE

1. Hindustan Shipyard Limited constantly endeavours to adopt and maintain highest standards of ethics in all

spheres of its business activities. The company firmly believes that its business role is based on adherence to

fundamental principles of Corporate Governance like honesty, integrity, accountability, adequate disclosures,

legal & statutory compliances, and to protect, promote and safeguard interests of all stakeholders. It also

strives to carryout its business obligations with good corporate values duly discharging its duties for maximum

level of transparency in decision making to avoid conflicts of interests. It also accords due importance to

adherence the adopted corporate values and objectives and discharging social responsibilities as a responsible

corporate citizen.

BOARD OF DIRECTORS

2. Composition of the Board. The Board of Directors during the Financial Year 11-12 comprised seven members

viz. four Whole Time Directors (Including the Chairman and Managing Director), two Part time Government

Directors, and one Part time Non official Director (Independent Directors).

3. The details of the members of the board during the Financial Year ended on 31 Mar 12 are as under: -

Name of the Directors Period Category of Directorship No. of Other

Directorship

RAdm KC Sekhar 01 Apr 2011 to Chairman & Managing Director

AVSM, VSM, IN (Retd) 31 Jul 2011 (Addl. Charge) 1

RAdm N K Mishra 01 Aug 2011 to Chairman & Managing Director Nil

NM, IN (Retd) 31 Mar 2012

Shri Rakesh Mahajan 01 Apr 2011 to Whole Time Director Nil

31 Mar 2012

Cmde K S Subramanian 04 Jun 2011 to Whole Time Director Nil

NM, IN (Retd) 31 Mar 2012

Cmde KLN Prasad 19 Dec 2011 to Whole Time Director Nil

IN (Retd) 31 Mar 2012

VAdm NN Kumar 01 Apr 2011 to Part-time Govt. Director 1

AVSM, VSM 31 Mar 2012

Shri Gyanesh Kumar, IAS 01 Apr 2011 to Part-time Govt. Director 3

31 Mar 2012

Capt PVK Mohan 01 Apr 2011 to Part-time Non official Director 3

05 Jun 2011 (Independent)

Dr Devi Singh 18 May 2011 to Part-time Non official Director 5

31 Mar 2012 (Independent)



4. The following directors have joined on the Board of HSL during the financial year 2011-12 and upto the date

of this report: -

(a) Commodore K L N Prasad, IN, (Retd.) has assumed the charge as Director (Corporate Planning &

Personnel) on 19 Dec 2011 FN vide Ministry’s letter no. 2(2)/2011/HSL/D (SY) dated 01 Dec 2011.

(b) Commodore Ashok Bhal, VSM, IN (retd.) has assumed the charge as Director (Strategic Projects) on 02

Apr 2012 FN vide MoD letter 2(3)/2011/HSL/D (SY) dated 13 Jan 2012.

Brief profiles of the above mentioned Directors are as under:

Commodore K L N Prasad, IN (Retd.)

Cmde K L N Prasad, IN (Retd.) has assumed charge as Director (Corporate Planning & Personnel) of Hindustan

Shipyard Limited (HSL) on 19 Dec 2011 FN.

Cmde K L N Prasad, IN(Retd.) was commissioned into Electrical Branch of the Indian Navy in Aug 1977. He has

held various important staff, technical and training assignments in his long career of over 34 years in the

Navy.

He has more than three decades of experience in various facets of submarine operations, maintenance and

acquisition involving both conventional and strategic platforms. He has undergone intensive training with

OEMs in Germany, USA, France etc in Maintenance and operation of German origin SSK submarines. Besides

serving onboard Russian and German origin submarines, he has served as Joint Director of Submarine

Acquisition and Project Director, Project 75 at Naval HQ, where he was closely associated with the indigenous

construction of six Scorpene Class Submarines of French design at MDL, Mumbai. He has also served in DRDO

as the Director (Electrical and IT) at HQ ATV Project and as Project Director, Underwater Ranges, Goa. He has

been a member of various high level defence and inter governmental delegations concerning the submarine

acquisition program of Indian Navy.

Commodore Ashok Bhal, VSM, IN (Retd.)

Cmde Ashok Bhal has assumed charges as Director (Strategic Projects) of Hindustan Shipyard Limited,

Visakhapatnam with effect from 02 Apr 2012 FN.

An Electrical Engineer (B.E. from IIT Roorkee and M.Tech from IIT Kharagpur) with MBA, he has held several

afloat and ashore appointments in the Indian Navy before joining HSL. Besides serving as Electrical Officer of

four Naval Ships and fleet Electrical officer of Eastern Fleet, some of the important assignments held by him

include Commanding officer INS Tunir, Addl DirectorGeneral WESEE, DGM of Naval Dockyard, Visakhapatnam

and Chief Quality Assurance officer, Mumbai. He is a fellow of Institute of Electronics and Communication

Engineers and has been trained at USA on VLF Communication. He has been awarded Vishisht Seva Medal for

devotion to duty by the President of India.



Name of the Directors Category of Directorship No. of Other

Directorship

RAdm NK Mishra, NM, IN(Retd.) Chairman & Managing Director Nil

Shri. Rakesh Mahajan Whole Time Director Nil

Cmde K.S Subramanian, NM, IN, (Retd) Whole Time Director Nil

Cmde K L N Prasad, IN (Retd.) Whole Time Director Nil

Cmde Ashok Bhal, VSM, IN (Retd.) Whole Time Director Nil

VAdm N.N.Kumar, AVSM, VSM, IN Part-time Govt. Director 1

Dr Devi Singh Part-time Non official Director 5

(Independent)

Shri Gyanesh Kumar, IAS Part-time Govt. Director 4

5. The Board of Directors of HSL as on the date of this report is as under:-

6. One post of Part Time Non Official Director (Independent Director) has fallen vacant due to completion of

tenure of Capt. P V K Mohan on 6 Jun 2011. Further the strength of Functional Directors has been increased

to five, which is more than 50% of the total strength. This has necessitated appointment of three additional

Part time Non-official Directors (Independent Directors) on the Board of HSL. The said vacancies have been

intimated to the Ministry for further action. Hence the present composition of the Board of Directors of the

company is not in accordance with DPE guidelines.

BOARD MEETINGS

7. The Board meets regularly and is responsible for the proper direction and management of the Company.

During the financial year ended 31 Mar 2012, Seven Board Meetings were held on 29 Apr 2011, 26 May 2011,

27 Jun 2011, 23 Aug 2011, 16 Sep 2011, 29 Nov 2011 and 21 Feb 2012.

DIRECTORS ATTENDANCE

8. Details of Directors attendance at the Board Meetings and Annual General Meeting are given below.

Name of the Directors No. of Meetings

Held during the Attended Attendance

tenure of Directors at last AGM

RAdm K C Sekhar, IN (Retd.) 3 3 -

RAdm N K Mishra, IN (Retd) 4 4 Yes

Shri. Rakesh Mahajan 7 7 Yes

Cmde K S Subramanian, IN (Retd.) 5 5 Yes

Cmde K L N Prasad, IN (Retd.) 1 1 -

Capt P V K Mohan 2 1 -

Dr Devi Singh 6 4 Yes

Shri. Gyanesh Kumar 7 5 No

VAdm NN Kumar, AVSM, VSM 7 6 Yes



BOARD PROCEDURE

9. Board Meetings are held at least once in every quarter, and more often if considered necessary, focusing on

business requirements. Every Board meeting is convened by giving proper and appropriate advance notice to

the Board Members after obtaining approval from Chairman & Managing Director. Detailed Agenda,

Management Reports and, other relevant documents are generally circulated well in advance to the members

of the Board in order to have meaningful, informed and focused decisions at the meeting. To address specific

urgent need, Board meetings are also called in shorter notice and sometimes considering business exigencies,

Resolutions are also passed in circulation which is confirmed by the Board members in its very next meeting.

10. In general agenda papers are prepared by the concerned officials, concurred by the Functional Directors and

put up for approval of Chairman & Managing Director. Duly approved Board notes and agenda papers are

circulated among the Board members by the Company Secretary.

11. The Board and its members have complete access to all information of the company. The Board is also free to

recommend inclusion of any matter in agenda for discussion. If necessary, senior management is also called

to provide additional inputs to the items being discussed by the Board / committee.

PERMANENT SPECIAL INVITEES ON THE BOARD

12. Vice Admiral(Retd.) D.S.P.Varma, Director General, Akankshah, New Delhi & Dr S.C.Pandey, IAAS, Additional

FA(P) & JS, MoD continued to be the permanent special invitees on the Board of HSL during the Financial Year

2011-12. As on the date of this report, Shri. Rajnish Kumar, Addl. FA & Joint Secretary, Ministry of

Defence(Finance) has been appointed as Permanent Special Invitee in place of Dr SC Pandey vide MoD letter

2(4)/2011/HSL/D(SY), dated 09 Aug 12.

AUDIT COMMITTEE

13. The Audit Committee of the Board comprises of three members viz. One Part time non official Director as the

Chairman of the Audit Committee and Two Part time Official Directors as the members of the Audit Committee.

During the Financial Year, following were the Audit Committee Members: -

(a) Dr Devi Singh Chairman

(Part Time Non official Director)

(b) VAdm N N Kumar Member

(Part Time Official Director)

(c) Shri Gyanesh Kumar Member

(Part Time Official Director)

14. Since only one Non official Part time Director is on the Board of HSL, Audit committee was reconstituted with

one Part Time Non Official Director and two Part time Government Directors. Hence the composition of

Audit Committee is also not in accordance with the Corporate Governance Guidelines issued by Department

of Public Enterprise.

15. The terms of reference of the Audit Committee are as specified in Sec 292A of the Companies Act, 1956 and

the guidelines issued by the Department of Public Enterprises. The primary function of the committee is to

assist the Board of Directors in fulfilling its responsibilities by reviewing the financial reports; the company’s

systems of internal controls regarding finance, accounting and legal compliance by the management and

Board.



16. The Audit Committee reviews Internal Audit Reports, meets Statutory Auditors and Internal Auditors and

discusses their findings, suggestions and other related matters and reviews the half yearly and annual financial

statements before their submissions to the Board .

17. The Chairman of the Committee apprises the Board about the observations of the Audit Committee during

the Board meeting. The minutes of the Audit Committee meetings are placed before the Board for noting.

18. During the financial year 2011-12, three meetings of the Audit Committee were held on 27 Jun 2011, 23 Aug

2011 and 21 Feb 2012.

19. The attendance of the members of the Audit Committee during the financial year 2011-12 is given below:

Name of the member No of meetings

Held during the tenure Attended

Dr Devi Singh 3 3

Shri Gyanesh Kumar, IAS 3 2

VAdm N N Kumar, VSM, IN 3 3

PROCUREMENT SUB COMMITTEE

20. In order to obviate procedural delays in connection with procurement of high value equipment, a Sub-

committee of the Board with vested financial power was constituted in the 366th Board meeting held on 21

Feb 2012 with the following Members: -

(a) RAdm N K Mishra, NM, IN (Retd.) Chairman


(b) Dr Devi Singh Member

Part time Non official Director

(c) Shri Rakesh Mahajan Member

Director (Finance & Commercial)

(d) Concerned Functional Director Member

21. The Terms of Reference of the committee include powers to approve proposals for procurement of order for

required assets/capital expenditure items, material, equipment, tools, stores & spares, imports, approvals of

works, sub-contracts, and facility hire valued above ` 5 Cr and up to the value of ` 20 Cr in each case for

sanctioned projects except nomination cases.

22. During the Financial year 2011-12, no meeting of the Procurement Sub-Committee was held.

REMUNERATION OF WHOLE TIME DIRECTORS

23. The remuneration of Whole Time Directors is fixed by the Government as the Company is a Government

Company within the meaning of Sec 617 of Companies Act, 1956.

REMUNERATION TO PART TIME DIRECTORS

24. Part-time Official Directors are not eligible for sitting fees attended by them. The Part-time Non-Official

(Independent) Directors are paid sitting fees as per the provisions of the Companies Act, 1956 for attending



each meeting of the Board /committee (s) of the Board and reimbursed actual expenditure for attending the

meeting of the Board/Board Committee (s).

CODE OF BUSINESS CONDUCT AND ETHICS

25. As per guidelines issued by Department of Public Enterprises, the company has formulated “Code of Business

Conduct and Ethics for Board Members and Senior Management” for better Corporate Governance and fair/

transparent practices. A copy of the same has been circulated to all concerned and also available in the

website of the Company. The Board members and senior management personnel, to whom the said code is

applicable, have affirmed compliance of the same for the year ended 31 Mar 12.

ANNUAL GENERAL MEETING

26. The details of the last three Annual General Meetings of the company are given below:-

Year Date Time Location

2008-09 22.09.2009 04.00 P.M. Transport Bhavan, New Delhi

2009-10 24.09.2010 11.00 A.M. Shipyard House, New Delhi

2010-11 16.09.2011 11.00 A.M Shipyard House, New Delhi

WHISTLE BLOWER POLICY

27. The company has framed a whistle blower policy with the approval of Board of Directors in its 366th Board

Meeting held on 21 Feb 2012 to protect its whistle blowers. The whistle blower policy has been circulated to

all HoDs and displayed in the website.

RISK MANAGEMENT POLICY

28. The company is in process of framing a Risk Management Policy.

DISCLOSURES

29. During the year 2011-12, the company has not entered into any transactions with any Director that may have

potential conflict with the interest of the company at large. The members of the Board, apart from receiving

Director’s remuneration (wherever applicable), do not have any material or pecuniary relationship or

transaction with the company which in judgment of the Board may affect independence of judgment of the

Directors.

30. During the last three years, there has been no instance of non-compliance by the company on any matter

related to Companies Act, 1956 or any Industrial Law.

31. The guidelines issued by the Department of Public Enterprises, Govt of India have been complied with.

32. The company has not incurred any expenditure which is not for the purpose of Company’s Business, nor has

the company incurred any expenditure which is person in nature for the Board of Directors and Top

Management.

* * *



DECLARATION

As provided under the guidelines on Corporate Governance for CPSEs 2010 issued by the Department of

Public Enterprise, Government of India, it is hereby declared that all Board members and Senior Management

personnel have affirmed compliance with the code of conduct for Directors and Senior Management personnel of

Hindustan Shipyard Limited for the year ended 31 Mar 2012.

For Hindustan Shipyard Limited

New Delhi (N K Mishra)

29 Aug 2012 Rear Admiral, IN (Retd.)




Annexure – 2

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Introduction

1. The Hindustan Shipyard Ltd is a fully owned Central Public Sector Undertaking of Govt of India under the

administrative control of Ministry of Defence. The company was incorporated in 1952 and has its registered

office and works situated at Visakhapatnam. The administrative control of company changed from Ministry

of Surface Transport & Shipping to Ministry of Defence in Feb 2010 to support the Indian Navy & Coast Guard

in their respective expansion plans.

Industry Structure and Developments

2. The Indian shipbuilding industry consists of around 32 public and private sector yards. In recent years, it has

witnessed entry of new shipbuilders from the private sector. With liberalisation policy of the Government,

these shipbuilders have become serious competitors to Defence Public Sector yards.

3. With opening of Defence market to Private Sector, your Company is facing a stiff competition. To meet this

stiff competition an intensive modernisation has been planned. On successful completion of same, your

Company will be able to meet the future challenges and remain competitive in domestic as well global markets.

The modernisation is expected to be completed by end of 2013. The major customers of your Company i.e.

Indian Navy and Coast Guard have announced ambitious expansion plans and your Company is putting its

best efforts to secure good orders from its major customers. This would help the yard to turn around &

become profit making.

SWOT Analysis

4. In the changing environment, your Company has identified the following strengths, weaknesses, opportunities

and threats:-

(a) Strengths.

• Largest Shipyard on East coast of India.

• Ergonomically well laid out facilities with steel throughput capacity of 20000 tons per year.

• Only shipyard with submarine repair capability on East coast.

• Large covered Building Dock for un-interrupted work round the year.

• Strategically located at the harbor entrance with water depth of about 10 meters.

• Located close to major customers like Eastern Naval Command, DCI and VPT

• Capable of building ships up to 80000 DWT

• Excellent quality of work with low rejection rates

• 850m of wharfage with adequate cranage

• Large Dry dock and wet basin with exclusive workshops to facilitate ship repairs

• Cranage to handle blocks/loads upto 300 tons

Management Discussion & Analysis


• Three low bed transporters up to 200 tons capacity

• ISO 9001-2008 certified yard

• Good Quality Assurance systems and test facilities

(b) Weaknesses.

• Aging work force with low productivity

• Dilution of expertise on account of retirement/superannuation of workforce

• Old plant and machinery with frequent breakdown

• Acute cash/working capital constraints

• Lack of sufficient orders

• High costs /overheads due to increased wages

(c) Opportunities.

• Increased requirements of ships to meet Defence & coastal security needs

• Large scope for repairs due to increased maritime/offshore fleet & platforms

• Possibility of entering into mutually beneficial AMCs with major customers to ensure long term

orders

• Construction of Strategic Vessels

• Possibility of Joint Ventures to leverage strength

(d) Threats.

• Competition from private sector shipyards

• Poaching of competent personnel by other shipyards

• De-motivation of workforce due to lack of orders and poor financial & security environment

Infrastructure Modernisation and Diversification

5. The Modernisation Project embarked upon by the

Company to meet the future challenges in terms of

technology and workload is being implemented in

two phases. An amount of ` 457.36 Cr for the said

modernisation has been provided by the Govt of

India as an advance towards construction of LPD

Project for the Indian Navy.

6. Tendering action has been initiated for replacement

of EOT Cranes, Welding Equipment, Exhaust

Ventilation, Submersible and Ballast Pumps, DSN

System in workshops and HT Cables. Selection &

appointment of a Project Consultant is under

process. The company also plans to implement ERP

system to streamline processes.


Visit of Additional Secretary Defence Production

on 10 Mar 2012


Segment-wise / Product-wise Performance

7. Your Company has three major revenue segments i.e. Shipbuilding, Ship Repairs & Submarine Retrofit. The

Total Turnover during the Financial Year 2011-12 from these segments was ` 564.04 Crs.

8. Segment wise performance during the FY 2011-12 was as under:-

(a) Shipbuilding

(i) Your Company has delivered 03 vessels

during the FY 2011-12 i.e. first IPV of five IPV

series for Indian Coast Guard, first of two 50

T Bollard Pull Tug for Visakhapatnam Port

Trust and third of six 53,000 DWT Bulk Carrier

for M/s Good Earth Maritime Limited. Also,

keels were laid for two KPT vessels and last

of five IPVs “Rani Rashmoni”, was launched

from the slipway. The Shipbuilding Division

of your Company has recorded a turnover of

` 254.76 Cr during the financial year.

(ii) Your Company also received an order

for 03 Nos. 25 Ton Bollard Pull Tugs for Indian

Navy. Your Company is putting its best efforts

to improve the productivity and order book

by securing major orders from Indian Navy

and Coast Guard.

(b) Ship Repairs

(i) Your Company has undertaken repairs

of 18 Vessels, which includes two of Foreign

Flag and balance of Indian Navy, DCI, SCI,

ONGC and VPT etc. Ship Repair segment of

your Company has always been profitable and

is being given utmost thrust as it carries

higher margin in comparision to shipbuilding

segment. During the entire year, the repair

dry dock was utilised to its most optimum

level.

(ii) The Ship repair Division recorded a

Turnover of ` 193.51 Cr. during the financial

year.

(c) Submarine Retrofit

Submarine retrofit is a niche activity in repair

domain requiring high skill set and


Visit of RAdm. Sekhar Mittal, NM CSO(Tech),

Eastern Naval Command on 26 Nov 2011

Visit of Ms. S.Rawla, IAS, Secretary BRPSE,

Department of Public Enterprises on 09 May 2012

Visit of National Technical Research Organization Team,

New Delhi on 30 May 2012


competence. The Submarine Retrofit Division of your Company has been concentrating on refit of

submarines of Indian Navy. Presently INS Sindhukirti, an EKM Class submarine is under Medium Refit-

cum-Upgradation. The turnover of this Division during the financial year was Rs 115.77 Cr.

Future Outlook

9. As reported, the Company has been transferred from MoS to MoD in Feb 2010 and poised to play a major

role in the expansion plan of Indian Navy and Coast Guard. Your Company is giving its maximum thrust to

Warship Building and aligning its capabilities towards Construction of warships / submarines. As brought out

above, your Company is undergoing modernisation, which will enhance the yard’s capabilities.

Risks & Concerns

10. The major concern of the Company is Low Order Book, Financial Position and the yard is also facing problems

of aged workforce, outdated plant & machinery etc. This leads to suboptimal production & associated

problems. Efforts are in hand to secure high value orders in near future. Towards this, Ministry of Defence has

nominated the yard to construct Landing Platform Dock & 75(I) submarines. However contract finalisation is

likely to take some time, which is a cause of concern.

11. In order to secure high value orders, a specialised department namely “Business Strategy Department” has

been created to improve the marketing strategies of the Company. The Company is putting its best efforts to

market itself and the Company is expecting some high value orders in near future from Indian Navy and Coast

Guard. With the increase of the order book and productivity, your Company expects to earn profits in future.

Internal Control System & their Adequacy

12. Your Company has an adequate system of Internal Controls implemented towards achieving effectiveness &

efficiency of operations and compliance with applicable laws and regulations. The system comprises clear

defined organisation structure, pre-identified authority levels and procedures issued by the management

covering all vital and important areas of activities. viz. Purchase, Material Control, Works, Finance & Accounts,

Personnel etc.

13. The Management monitors compliances to Company’s procedures and policies with well defined annual

audit programme. The significant audit observations are reported to the Audit Committee of the Board of

Directors.

Financial Performance of the Company

14. The Financial performance during the year as compared to last year is as under:-

` in Crores

Details As on31 Mar 12 As on31 Mar 11

Turnover 604.34 686.17

Profit /(loss) Before Depreciation, Interest & Tax (66.19) (265.47)

Profit / (Loss) Before Tax (85.98) 165.18*

Profit / (Loss) after Tax (85.98) 54.99

Cumulative Profits / (Losses) (1016) (930)

(The PBT is positive due to Financial restructuring amount of ` 452.68 Cr considered as Income)



Development in Human Resource

15. Employees are the most valuable resource of any Company. Therefore the Company gives utmost importance

to training & development of its human resources to maximise their contribution. The employees were

nominated for various in-house / external seminars and training modules. Awareness training on occupational

health safety, environment & fire fighting were conducted during the year.

16. The Company runs an Apprentice Training School to meet the need for skilled manpower. During the Year,

386 Trade Apprentices have successfully completed training and were awarded National Apprenticeship

Certificates by Govt of India, Ministry of Labor and Employment, NCVT, RDAT, Hyderabad.

17. Training was also imparted to Graduate Engineers and Diploma Holders. 11 Engineering Graduates, 3

Technician(Diploma) Apprentices were imparted training under the Apprentices Act and awarded Certificate

of Proficiencies by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training

(SR), Chennai, during the year 2011-12. HSL also arranged in-plant training and extended project work facilities

to 977 students of various Engineering Colleges, Management Institutions and marine Institutions.

Industrial Relations

18. The industrial relations were cordial and harmonious during the financial year.

Environment Aspects

19. Your Company continues to be environment friendly and has fulfilled all the statutory requirements of central

and state pollution control boards.

Corporate Social Responsibility

20. HSL considers Corporate Social Responsibility (CSR) a mean to serve the society including all stake holders. All

activities under the Company’s CSR Vision form an integral part of its Business Function and covers community

development initiatives prioritised on local needs.

21. As part of sustainable development activity, the Company uses the services of few of the widows of employees

through the Tailoring Centre run by the HSL Ladies Club, for stitching boiler suits for officers, staff and workmen,

by providing the material, sewing machines etc and paying them on piece rate basis.

22. The Gandhigram Educational Society, the HSL Rovers Scouts and HSL Recreation Club are providing much

needed impetus to social service in promotion of cultural, educational and national integration through various

programs and awareness activities.

� � �



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Annexure - 6

INFORMATION AS PER SECTION 217(1)(E) READ WITH THE COMPANIES

(DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988 AND

FORMING PART OF THE DIRECTORS’ REPORT FOR THE YEAR 2011-12

CONSERVATION OF ENERGY

a) Energy conservation measures taken:

b) Additional investments and proposals, if any,

being implemented for reduction of

consumption of energy.

c) Impact of the measures at (a) & (b) above for

reduction of energy consumption and

consequent impact on the cost of production

of goods during the year 2011-12.

1. Reduction in lighting to optimum levels.

2. Running of heavy loads like Air Compressors

are restricted to minimum.

3. Operation of Distribution Transformer

around 70% loading by turning off during

off Peak Hours.

4. Switching off Plant & Machinery when not

in use.

5. Replacement of old welding Machines with

New welding machines including energy

saving units.

6. Replacements of old switchgear & old PLCA

cables with suitable capacity XLPE Cables &

New Switch gear etc.

7. Replacement of old lighting with energy

efficient CFL lamps.

Nil

5,70,498 Units

d) Particulars with respect to conservation of energy:

F O R M – A

Power and Fuel Consumption Current Year Previous Year

1. Electricity

a) Purchased units 1,22,99,502 1,11,79,800

Total Amount ` 5,57,96,267 ` 5,36,32,960

Rate per Unit ` 4.53 ` 4.79

b) Own generation Nil Nil

2. Coal Nil Nil

3. Furnace Oil Nil Nil

4. Consumption per unit of production N.A. N.A.

Annexure - 6


F O R M - B

A. RESEARCH & DEVELOPMENT

1. Specific areas in which R&D was carried out

2. Benefits derived as a result of the above R&D

3. Future Plan of Action

4. Expenditure on R&D

(a) Capital;

(b) Recurring (Revenue)

In house Designs development for

• 25 Ton Bollard Pull Tug for Indian Navy

• IPVs concept design for Indian Coast Guards

• Offshore Patrol Vessels concept design for

Indian Coast Guard

• Saving in Design cost and time.

• Developing in house capabilities in Design.

• Strengthening of Design infrastructure by

adding skilled designers and arranging

training to personnel.

• Proposal to augment the design capabilities

by adding more Tribon licenses in the near

future as a part of the Phase-1 modernisation

B. TECHNOLOGYY ABSORPTION, ADAPTATION AND INNOVATIONS

Nil

C. FOREIGN EXCHANGE EARNINGS & OUTGO

a) Activities relating to export Initiatives taken

to increase export market for products and

services and export plans.

b) Total Foreign Exchange used and earned:

Used :

a) Material procurement ` 192.22 Crores

b) Others ` 2.54 Crores

Total ` 194.76 Crores

Earned ` 3.38 Crores

Nil

Nil

Annexure - 6


Annexure -7

OBSERVATIONS OF THE STATUTORY AUDITORS ON THE ACCOUNTS OF

THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2012 AND THE REPLIES OF


4(g) (a) Accounting of liabilities towards

unsettled and incomplete sub-contract work

at the end of the year on estimated basis.

Accounting of liabilities towards un-settled &

incomplete sub-contract works at the end of the

year is made based on technical assessment /

estimation of part work completion at the end of

the year. This is as per Generally Accepted

Accounting Principles.

4(g) (b) Effect of using estimates for arriving

at the total contract cost for the purpose of

recognition of income from Ship Building

contracts under percentage completion

method including recognition of anticipated

loss on Ship building contracts and for

recognition of income from Ship repairs

activity under proportionate completion

method and the consequent impact if any on

the profitability and current assets as on the

Balance Sheet date is not ascertainable.

The Accounting Policy No. 4(A) to Note 16 for

accounting of income in respect of Ships under

construction is in line with Accounting Standard-7

as per which total cost for completion of the

contract is to be estimated to arrive at the

percentage completion.

The Accounting Policy No. 4(B) to Note 16 for

accounting of income from other activities including

Ship repairs and Submarine activities on accrual

basis by adopting proportionate completion method

is in line with Accounting Standard-9. Hence

recognition of income is as per Accounting

Standards.

Sl. Observation Reply

1.

2.

FOR AND ON BEHALF OF


(N.K. Mishra)

New Delhi Rear Admiral (Retd.)

29 Aug 2012 Chairman and Managing Director

Annexure - 7


G.R. Kumar & Co.

Chartered Accountants

Audit | Consulting & Project Advisory | Direct & Indirect Tax

AUDITOR’S REPORT

The

Members of Hindustan Shipyard Limited,

New Delhi.

1. We have audited the attached Balance Sheet of Hindustan Shipyard Limited (“the Company”) as at 31st

March, 2012, Profit & Loss Account for the year ended on that date annexed thereto and cash flow statement

for the year ended on that date. These financial statements are the responsibility of the Company’s

management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These

Standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material mis-statement. An audit includes examining, on a test basis, evidence

supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in

terms of sub-section (4A) of Section 227 of “the Companies Act, 1956” of India (the Act) and on the basis of

such checks as we considered appropriate and according to the information and explanations given to us, we

set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph 3, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purposes of our audit.

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as

appears from our examination of such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the

books of account.

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the

accounting standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.

e) We have placed reliance on technical/commercial evaluation by management in respect of valuation

of ship-building under construction and income accrued in respect of ship repair and submarine retrofit

activities and provisions towards related sub-contract and off-loaded jobs at the end of the year.

f) Kind attention is drawn to the following :

i. Para 18 of Note 16(B), regarding non receipt of letters of balance confirmation from various

customers.

ii. Para B(1.4 & 1.5) to Note 16 (Notes to Accounts), wherein details of various demands and claims

totaling ` 36,549.49 lacs, contested by the company before different judicial and appellate

authorities and arbitration proceedings; are provided. The said matters stated therein are all

sub-judice and are yet to attain finality.

Auditor's Report


iii. Para 2 to Note 4 (Notes to Accounts), wherein an amount of ` 45,736 lacs was received from

Ministry of Defence, Government of India in Dec 2011; towards 'Refurbishment and replacement

of machinery and infrastructure'. Since the same has remained unutilised as at year-end; the

same has been disclosed under "Advance from Customers" and AS-12 (Accounting for

Government Grants) would be applied as and when utilized.

g) In our opinion and to the best of our information and according to the explanations given to us, the

said accounts give the information required by the Companies Act, 1956, in the manner so required

and subject to the following :-

a) Accounting of liabilities towards unsettled and incomplete sub-contract work, at the end of the

year on an estimated basis.

b) Effect of using estimates for arriving at the total contract cost for the purpose of recognition of

income from ship building contracts under percentage completion method, including recognition

of anticipated loss on ship building contracts and for recognition of income from ship repair

activities under proportionate completion method and the consequent impact, if any, on the

profitability and current assets as on the Balance sheet date is not ascertainable.

express a true and fair view, in conformity with the accounting principles generally accepted in

India.

a. in the case of the Balance Sheet of the state of affairs of the Company as at 31st March,

2012.

b. in the case of the Profit and Loss account, of the Profit for the year ended on that date.

c. in case of the cash flow statement, of the cash flows for the year ended on that date.

d) The provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to the company

in terms of Notification No. G.S.R.829(E) dated October 21, 2003 issued by Department of

Company Affairs, Government of India

For G R Kumar & Co.,


(Firm Regn No. 004941S)

Visakhapatnam

16 Jul 2012 (G R Kumar)

Partner

Membership No. 052367

Auditor's Report


ANNEXURE TO THE AUDITOR’S REPORT

REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

i) a) While the Company has maintained proper records showing full particulars, including quantitative details

of fixed assets, some of the fixed assets were not readily identifiable with the plant identification numbers

in the register. The company has initiated steps to record the asset identification numbers on such

assets. Further, Management needs to strengthen internal control procedures with respect to

capitalization to plant & machinery items including defining its "put to use".

b) The fixed assets have been physically verified by the management during the year in accordance with

a phased programme of verification which, in our opinion, is reasonable having regard to the size of

the Company and the nature of its assets. According to the information furnished to us, no material

discrepancies have been noticed on such verification.

c) The Fixed Assets disposed off by the Company during the year do not form a substantial part thereof

ii) a) Physical verification of inventory has been conducted during the year by the management at reasonable

intervals.

b) The procedures of physical verification of inventory followed by the management are reasonable and

adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is

maintaining proper records of inventory. The discrepancies noticed on such verification between the

physical stocks and the book records were not material.

iii) a) The Company has not granted any loans either secured or unsecured to companies, firms, or other

parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly

sub-clause (b),(c) & (d) of clause (III) of paragraph 4 of the order are not applicable.

b) The Company has not taken any loans, secured or unsecured from companies, firms, or other parties

covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub-

clauses (f) & (g) of clause (iii) of paragraph 4 of the Order are not applicable.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal

control systems commensurate with the size of the company and the nature of its business with regard to

purchase of inventory, fixed assets and sale of goods and services.

v) a) According to the information and explanations given to us there are no contracts or arrangements

referred to section 301 of the Companies Act, 1956, which are required to be entered in the register

maintained under the section.

b) Accordingly, the provision of the sub-clause (b) of clause (v) of paragraph 4 of the order is not applicable

to the Company.

vi) The Company has not accepted any deposits from public. Accordingly clause (VI) of paragraph 4 of the order

is not applicable

Auditor's Report


vii) Although the Company has an internal audit system, which is commensurate with its size and nature of its

business, yet in our opinion the same needs to be strengthened with respect to Scope, Coverage, Report

Content etc., Further, the emphasis should shift from traditional transaction-based auditing to risk-based

auditing.

viii) According to the information and explanations given to us, maintenance of cost records is not required under

section 209(1)(d) of the Companies Act,1956 in respect of the business activities carried out by the Company.

ix) a) According to the records of the Company, the company is regular in depositing with appropriate

authorities undisputed current statutory dues including provident fund, employees state insurance,

income tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory

dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect

of income tax, sales tax, wealth tax, service tax, customs duty, excise duty , cess and other material

statutory dues applicable to it were in arrears as at 31st March, 2012 for a period of more than six

months from the date they became payable.

c) As at 31st March, 2012, there are no cases undisputed dues, which have not been deposited with the

respective authorities in respect of statutory dues, except disputed penal interest on belated remittances

of Provident fund of ` 109.78 lakhs pending before the Hon'ble High Court of Andhra Pradesh, ESI dues

of ` 254.70 lacs, an amount of ` 2650.50 lakhs together with interest and penalities thereon in respect

of Service Tax payable in respect of INS Sindhukeerti and ̀ 17.93 lacs towards other dues to Government.

x) The Company has accumulated losses which are more than fifty percent of its net worth. Beside it has incurred

cash loss in the financial year covered by our audit and the immediately preceding financial year.

xi) The Company has no overdues outstanding in respect of any loans from financial institutions or banks.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares,

debentures and other securities. Accordingly clause (xii) of paragraph 4 of the order is not applicable.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the clause

(xiii) of paragraph 4 of the order is not applicable.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other instruments.

Accordingly the clause (xiv) of paragraph 4 of the order is not applicable.

xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

Accordingly the clause (xv) of paragraph 4 of the order is not applicable.

xvi) During the year, the company has received a sum of ` 45,736 lacs for refurbishment & replacement of

machinery and infrastructure from Government of India, Ministry of Defence; and the same has remained

unutilized as at year end.

Auditor's Report


xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of

the Company, we report that no funds raised on short term basis have been used for long term Investment.

xviii) During the year, the Company has not made any preferential allotment of shares. Accordingly the clause

(xviii) of paragraph 4 of the Order is not applicable.

xix) The Company has not issued any debentures so far. Accordingly clause (xix) of paragraph 4 of the Order is not

applicable

xx) During the year, the Company has not raised money by Public issue. Accordingly the clause (xx) of paragraph

4 of the Order is not applicable.

xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or

reported during the course of our audit.

For G R Kumar & Co.,


(Firm Regn No. 004941S)

Visakhapatnam

16 Jul 2012 (G R Kumar)

Partner

Membership No. 052367

Auditor's Report


C & AG Comments


ACCOUNTS

Accounts


For and on behalf of the Board of Directors As per our report of even dateFor G.R.Kumar & Co.

Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S

RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-

(Finance & Commercial) CA G.R. Kumar(Partner)

Sd/- M. No. 52367INAITULA BAIG

Company Secretary

New Delhi13 Jul 2012

Balance Sheet as at 31st March, 2012` in lakhs

Sl.No. Particulars Note No. As at As at

31st March, 2012 31st March, 2011

I. EQUITY AND LIABILITIES

i. Shareholders’ Funds

Share capital 1 30,199.22 30,199.22

Reserves and surplus 2 (101,599.06) (93,000.72)

ii. Non-current liabilities 3

Long term borrowngs 37,221.25 62,767.25

Other long term liabilities 982.42 1,198.65

Long term provisions 17,909.30 15,761.60

iii. Current Liabilities 4

Short term borrowings 10,482.31 9,319.82

Trade payables 16,685.06 16,905.94

Other current liabilties 97,861.39 67,971.64

Short term provisions 18,229.41 12,321.10

TOTAL 127,971.30 123,444.50

II. ASSETS

i. Non-current assets 5

Fixed assets

Tangible assets 7,538.26 7,683.77

Intangible assets - -

Capital work-in-progress 1,443.45 1,240.07

Long term loans and advances 295.27 317.03

Other non-current assets 10,972.07 10,713.76

ii. Current assets 6

Inventories 25,319.11 33,165.24

Trade receivables 12,877.62 13,960.24

Cash and cash equivalents 51,959.43 30,586.20

Short term loans and advances 7,605.00 14,727.92

Other current assets 9,961.09 11,050.27

TOTAL 127,971.30 123,444.50

Significant Accounting Policies and Notes to Accounts 16

Notes 1 to 6 from an Integral Part of Balance Sheet

Balance Sheet







Company Secretary


Profit and Loss Statement for the year ended March, 2012` in lakhs

Sl.No. Particulars Note No. Year ended Year ended


III. INCOME

Turnover (Revenue from Operations) 7 56,403.95 65,899.74

Less: Taxes & Duties (2,966.18) (2,450.16)

Net turnover 53,437.77 63,449.58

Other Income 8 4,029.75 2,717.85

Total Income 57,467.52 66,167.43

IV. EXPENSES

Materials consumed 9 25,584.81 48,981.26

Sub-contracting and Other Direct Expenses 10 9,907.24 7,978.43

Employee benefits 11 19,990.48 25,748.32

Other expenses 12 2,846.50 2,682.07

Finance costs 13 1,182.42 1,434.64

Depreciation 5 796.68 767.73

Provisions and losses 14 5,633.62 7,189.43

Prior period expenditure (net) 15 521.58 562.78

Transfers (397.47) (427.85)

Total expenditure 66,065.86 94,916.81

V. Profit before exceptional & extraordinary items and tax (III-IV) (8,598.34) (28,749.38)

VI. Exceptional items - -

VII. Profit before extraordinary items and tax (V-VI) (8,598.34) (28,749.38)

VIII. Extraordinary items

1. Grant in aid from GoI (FR) - 45,268.00

IX. Profit before tax (VII-VIII) (8,598.34) 16,518.62

X. Taxes

1. Current tax

a) Income tax for the year - 4,482.60

b) MAT credit entitlement - (4,482.60)

2. Deferred tax - 11,018.63

XI. Profit / (Loss) for the period (IX+X) (8,598.34) 5,499.99

XII. Earnings per equity share (Basic) (284.72) 182.12

Notes 7 to 15 form an Integral Part of Profit and Loss statement

Profit & Loss Statement


NOTES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2012

` in lakhs

I. EQUITY AND LIABILITIES

Note - 1 As at As at


SHARE CAPITAL

Authorised

30,40,000 - Equity Shares of `1000 each

(Previous year 30,40,000- Equity Shares of ` 1000 each) 30,400.00 30,400.00

Issued, Subscribed and fully paid-Up

30,19,922 Equity Shares of ` 1,000 each fully paid-up

(Previous year 30,19,922- Equity Shares of ` 1000 each) 30,199.22 30,199.22

Total - Note : 1 30,199.22 30,199.22

Notes: Subscribed and paid-up share capital includes:Equity shareholder holding more than 5% of equity shares along with the

number of equity shares held is as given below:

Name of the shareholder As at As at


Number of shares Number of shares

President of India (100%) 30,19,922 30,19,922



RESERVES AND SURPLUS

Capital Reserve

Balance in Capital reserve 9.50 9.50

Deficit

Opeing Balance (93,010.22) (98,510.21)

Add: Net Profit / (Loss) for the current period (8,598.34) 5,499.99

Closing Balance (101,608.56) (93,010.22)

Total - Note : 2 (101,599.06) (93,000.72)

Notes




NON-CURRENT LIABILITIES ` in lakhs ` in lakhs

Long term borrowings

Unsecured

GoI Loan in perpetuity (Refer Note : 1) 37,221.25 37,221.25

Term Loan from SBI together with Interest

accrued and due thereon - 25,546.00

37,221.25 62,767.25

Other long term liabilities

Caution Deposits 10.07 1.38

Advances from customers 172.64 380.33

Trade payables (OPF) (Refer Note : 2) 163.72 171.87

Other liabilities (Refer Note : 3) 635.99 645.07

982.42 1,198.65

Long term provisions

Provision for employee benefits

Gratuity (Refer Note : 4) 9,893.96 9,337.75

Leave encashment (Refer Note : 5) 3,532.74 1,941.25

Other provisions

Provision for Income Tax (Refer Note : 6) 4,482.60 4,482.60

17,909.30 15,761.60

Total - Note : 3 56,112.97 79,727.50

Notes:

1 Represents loan received from GoI as “Loan in Perpetuity” upon conversion of Loans taken from GoI and accrued interest

upto FY 2009-10 amounting ` 37221.25 Lakhs

2 This amount excludes ` 5139.33 lakhs pertains to claim of Essar Oil Ltd towards Off shore platform works and similar

amount to be received from ONGC

3 Represents interest accrued on ONGC loan and is payable on finalisation of arbitration

4 Gratuity of the company is a self administered fund and provision for gratuity excludes deposits amounting ` 923.16

lakhs held with gratuity trust

5 Leave encashment of the company are non funded.

6 Provision for income tax is for the FY 2010-11

Notes




CURRENT LIABILITIES ` in lakhs ` in lakhs

Short-term borrowings :

Secured loans :

Cash credit accounts in Indian Bank (Refer Note : 1) 10,482.31 9,319.82

Trade payables 16,685.06 16,905.94

Other Current Liabilities

Advances from customers (Refer Note No : 2) 91,156.51 59,467.12

Other liabilities (Refer Note : 3)) 6,419.46 7,556.64

Deposits 285.42 336.61

Temporary overdraft from banks - 611.27

97,861.39 67,971.64

Short term provisions

Provision for employee benefits

Gratuity 2,336.00 2,000.00

Leave encashment 679.00 500.00

Other provisions

Liquidated damages (Refer Note : 4) 5,652.83 584.16

Provision for contingencies - 193.95

Provision for future losses (Refer Note : 5) 8,381.67 8,083.75

Guarantee Repairs 1,179.91 959.24

18,229.41 12,321.10

Total - Note : 4 143,258.17 106,518.50

Notes:

1 Cash credit facility from Indian Bank is secured by hypothecation of Fixed and Current Assets of the company

2 Advance from customers include a sum of `45736 lakhs received from Ministry of Defence, Government of India in Dec

2011; for refurbishment and replacement of machinery and infrastructure for construction of advanced technology war

ships. The same has remained unutilised as at year-end.

3 Out of the said amount ` 5313.74 lakhs payable toward wage revision arrears

4 Out of the said amount ` 3610.76 lakhs towards Sagar Ratna Repairs, (ONGC) and ` 799.76 lakhs towards 2 No 50 Ton

Tugs (VPT)

5 Provision for future losses computed as per AS-7 “Construction Contracts” issued by ICAI in respect of Ships under

construction

Notes


II ASSETS



1) NON-CURRENT ASSETS ` in lakhs ` in lakhs

Fixed Assets :

Gross Block (Tangible) 22,967.22 22,496.99

Depreciation 15,428.96 14,813.22

Net Block- Tangible 7,538.26 7,683.77

Gross Block (In-tangible) 139.82 139.82

Depreciation 139.82 139.82

Net Block- Intangible - -

Capital Works in Progress 1,443.45 1,240.07

8,981.71 8,923.84

Long term Loans and Advances (unsecured)

Deposits with Customs, Port Trust and other Govt. Agencies 295.27 317.03

Income Tax deducted at source 1,884.13 1,627.60

Advance tax 4,577.34 4,575.56

MAT Credit entitlement 4,510.60 4,510.60

11,267.34 11,030.79

Total - Note : 5 20,249.05 19,954.63

Notes : Advance tax and MAT credit entitlement is for the FY 2010-11

Notes


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Note - 6 As at As at31st March, 2012 31st March, 2011

CURRENT ASSETS ` in lakhs ` in lakhs

Inventories (Refer Note: 1)

Steel 2,121.79 4,932.79

Stores & Spares , equipment and other Materials 21,419.98 21,631.58

Timber 56.75 45.09

Materials-in-Transit and under inspection 1,634.87 6,619.82

Steel Cut Pieces on shop floor and Scrap (Refer Note: 2) 361.23 290.21

25,594.62 33,519.49

Less : Provision for : Obsolescence of materials 51.70 130.44

Difference between Bin cards & PSL balances 223.81 223.81

25,319.11 33,165.24

Trade receivables

Unsecured

Debts outstanding for more than 6 months:

Considered good 8,306.61 2,061.67

Considered doubtful 1,722.09 1,531.24

10,028.70 3,592.91

Other debts, considered good 4,571.01 11,898.57

14,599.71 15,491.48

Less: Provision for doubtful debts 1,722.09 1,531.24

12,877.62 13,960.24

Cash and Cash Equivalents

Cash on Hand 1.91 1.32

Balances with scheduled banks in:

Term and other Deposit accounts 51,843.41 30,442.45

Current accounts 114.11 142.43

51,959.43 30,586.20

Short term loans and Advances

Short term loand and advances

Employees 48.12 38.88

Suppliers of materials & services 6,633.03 13,975.42

Others 881.28 632.24

Prepaid Expenses 140.16 178.97

7,702.59 14,825.51

Less : Provision for Doubtful Advances 97.59 97.59

7,605.00 14,727.92

Other Current Assets

Interest Accrued on term deposits 1,254.61 55.86

Accrued Income (OPF) 146.92 146.92

Accrued Income (Refer Note: 3) 8,559.56 10,847.49

9,961.09 11,050.27

Total - Note : 6 107,722.25 103,489.87

Notes:

1. Inventories are as valued and certified by the management

2. Value of Steel Cut Pieces on shop floor and Scrap is based on technical estimate

3. Accrued Income is in respect of Ship Building, Ship Repairs & Submarine Retrofit activities and it includes income forthe previous financial years amounting ` 558 lakhs (Ship Building: ` 145 lakhs and Retrofit: ` 413 lakhs)

Notes


NOTES FORMING PART OF THE PROFIT AND LOSS STATEMENT

FOR THE YEAR ENDED MARCH 31, 2012

Note - 7 Year ended Year ended31st March, 2012 31st March, 2011

Turnover (Revenue from Operations) ` in lakhs ` in lakhs

Sale of products - (Refer Note: 1)

Shipbuilding - Contractual Income 21,093.54 24,197.88

- Government subsidy (Refer Note: 2) 4,183.88 4,951.72

Sale of services

Repair works 17,892.60 26,661.77

Dry dock hire charges 294.73 109.05

Wet basin hire charges 278.46 345.71

DDSR Other services 699.30 621.41

Submarine Retrofit 11,576.60 8,326.90

Misc. works 7.05 -

Other operating revenue

Sale of scrap, stores & disposable materials (Net of VAT) (Refer Note: 3) 377.79 685.30

Total - Note : 7 56,403.95 65,899.74

Notes:

1. Income from ship building is recognised as per AS-7 “Construction Contracts” issued by ICAI

2. Company is eligible subsidy @30% on 53K Bulkers under construction for GML

3. Sale of scrap, stores & disposable materials excludes VAT amounting ` 26.44 lakhs (` 30.46 lakhs)


Other Income

Interest from banks & others (Refer Note No: 1) 1,810.46 235.80

Foreign Exchange variation 283.96 229.28

Rent (Net of Service Tax) (Refer Note No: 2) 81.02 90.51

Fines and forfeitures 217.26 362.32

Miscellaneous Receipts 154.80 84.06

Profit on sale of Assets 84.12 100.65

Provisions of earlier years no longer required 1,398.13 1,615.23

Total - Note : 8 4,029.75 2,717.85

Notes:

1. Interest income includes ` 1127..05 lakhs earned on deposits of ` 45736 lakhs for upgradation of infrastructure provided

by GoI in December, 2011

2. Rent excludes service tax amounting ` 5.5 lakhs (` 5.61 lakhs)

Notes



Materials Consumed ` in lakhs ` in lakhs

Steel 3,185.72 4,898.08

Stores & Spares 1,801.10 769.69

Timber 34.19 29.03

Direct Materials, Machinery & Equipment used in

Ship Construction 7,885.35 20,673.55

Shiprepair 5,200.18 15,684.73

Submarine Retrofit 6,228.70 6,520.52

Reduction in value of shipbuilding equipment 1,153.22 -

25,488.46 48,575.60

Add: Stores procurement expenses 96.35 405.66

Total - Note : 9 25,584.81 48,981.26


Sub-contracts & Off-loaded jobs

Sub contract & off-loaded job expenses in :

Ship Construction 3,073.63 2,636.43

Ship Repairs 3,282.22 2,449.02

Submarine Retrofit 830.72 468.56

Other Direct Expenses in :

Ship Construction (Refer Note-1) 686.88 504.80

Ship Repairs 1,037.20 655.87

Submarine Retrofit 755.10 1,068.80

Builders Risk Insurance in Ship Constuction 241.49 194.95

Total - Note : 10 9,907.24 7,978.43

Notes:

1. Other Direct Expenses in Ship Construction includes ` 150 lakhs provision for Guarantee Repairs

Notes



Pay & Benefits to employees ` in lakhs ` in lakhs

Salaries, Wages, Allowances etc., 13,375.96 11,081.17

Wage revision arrears 170.41 5,143.33

Contribution to Provident Fund and other funds 1,290.22 1,050.02

Gratuity 2,176.61 6,851.24

Leave Encashment 2,267.94 1,029.53

Expenses on Training, Stipend etc. 71.31 81.57

Employees Welfare Expenses 638.03 511.46

Total - Note : 11 19,990.48 25,748.32


Other expenses

Power and Fuel (Refer Note-1) 644.76 592.06

Water Charges 66.11 48.68

Rates and taxes (including customs duty on scrap sales) 48.25 117.06

Fire and Other Insurance 234.64 170.00

Rent 146.70 100.18

Repairs and Maintenance to :

Plant and Machinery 647.58 693.82

Buildings 160.40 150.73

Other Assets 95.69 64.53

Printing and Stationery 2.78 4.90

Local conveyance charges 116.64 92.90

Travelling Expenses 63.77 53.11

Communication expenses 9.01 34.28

Advertisement and Publicity 94.07 49.12

Salaries and other Expenses of Customs Staff 77.69 102.08

Demurrage Charges 152.34 73.32

Directors’ Fees and Expenses:

Directors’ Fees 0.03 0.12

Travelling Expenses 20.89 23.09

Auditors’ Remuneration :

Statutory Audit 1.57 1.55

Expenses 0.04 0.10

Miscellaneous Expenses 263.54 310.44

Total - Note : 12 2,846.50 2,682.07

Notes:

1. Power & Fuel and water charges are considered as net of recovery


Interest & Finance Charges

Interest on :

Bank term loans & Cash Credit 964.89 1,056.99

Inter-corporate loans from various Port Trusts - 175.85

Others 22.49 75.19

Bank Charges 195.04 126.61

Total - Note : 13 1,182.42 1,434.64

Notes



Provisions and Losses ` in lakhs ` in lakhs

Provisions made:

Obsolescence of Materials 3.75 110.48

Reduction in SR Bills 159.67 94.43

Future losses 297.92 6,564.47

Liquidated Damages 5,025.18 186.23

Contingencies - 193.95

Doubtful Debts 128.71 16.17

Losses:

Reductions in SR Bills 15.39 23.34

Stores written off - 0.03

On Sale of Assets 3.00 0.33

Total - Note : 14 5,633.62 7,189.43


Prior Period Adjustments

A Income

Materials & Freight 43.27 20.47

Taxes & Duties 14.29 -

Miscellaneous 6.63 -

64.19 20.47

B Expenditure

SC Direct Expenses 487.35 103.69

RF Direct Expenses 61.53 -

GoI Guarantee fee - 69.52

Materials & Freight - 18.13

Interest - 176.06

Taxes & Duties - 138.67

Repairs and Maintenance 12.84 8.88

Rent 3.91 24.23


Miscellaneous 15.16 36.10

585.77 583.25

Net Expenditure / (Income) 521.58 562.78

Notes


Note – 16

Notes Forming Part of the Accounts for the year ended 31st March 2012

A. ACCOUNTING POLICIES

1. ACCOUNTING CONVENTIONS:

The financial statements are prepared under the historical cost conventions in accordance with Generally

Accepted Accounting Principles in India and provisions of the Companies Act, 1956. Generally, revenues are

recognized on accrual basis with provisions made for known losses and expenses.

2. ASSETS:

(a) Fixed assets:

Fixed Assets are stated at cost less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive

of freight, duties, taxes, incidental expenses relating to cost of acquisition (net of VAT), interest during

construction period and the cost of installation/erection as applicable.

(b) Intangible assets :

Expenditure incurred on software will be capitalized under intangible assets and shall include expenditure on

procurement of software, acquisition / development of software and up-gradation / enhancement of existing

software resulting in enhancement of economic benefits.

However all embedded software without separate value and included in hardware is capitalized along with

cost of hardware.

Fixed assets, Capital work-in-progress and capital advances are segregated as non-current assets.

3. INVENTORIES:

i) Steel, Timber, Spares and other stores are valued at Weighted Average Cost or net realizable value whichever

is lower. Obsolescence is provided for on the basis of technical estimate.

ii) Direct Materials and Stores items in offshore platform activities are valued at cost or net realizable value

whichever is lower under specific identification and FIFO respectively.

iii) Cost includes expenses of procurement including all taxes and duties other than VAT.

iv) Scrap is valued at estimated realisable value.

4. INCOME:

Income is recognised in accounts:

A. i) In respect of ships under construction, on the basis of percentage completion method, taking into

account the proportion that the contract cost incurred for work performed upto the reporting date

bears to the estimated total contract cost for completion.

Cost for the above purpose includes value of direct materials including Machinery and other ship borne

equipment issued for specific ship, direct labour, direct expenses and general overheads excluding

administrative overheads and overheads attributable to idle time.

ii) In respect of ships delivered during the year at the balance price including claims for extra works and

cost escalation realisable from owners.

iii) For the purpose of recognition of profit, weightage shall be given to the following three factors, which

shall reach a minimum of 20% individually.

a. The proportion that cost incurred to date bears to the estimated total cost of the contract,

Notes


b. Stage completion and

c. Revenue received.

B. Income from other activities including ship repair and submarine refit activities is accounted for on accrual

basis by adopting proportionate completion method.

C. Income is inclusive of Excise Duty, Sales Tax and Service Tax and is net of Rebates and other Deductions under

the respective contracts.

D. Claims in respect of Insurance are accounted for on acceptance basis taking into account the acceptances

received within 15 days of the end of the financial year.

E. The income in respect of all the activities is captioned as “Turnover”.

5. GOVERNMENT GRANTS:

i) Capital grants / subsidy:

Capital grants / subsidy relating to specific assets are reduced from the gross values of assets and capital

grants for project capital subsidy are credited to capital reserve and retained till the requisite conditions are

fulfilled.

ii) Revenue grants / subsidy:

a) Grant-in-aid received from Government of India for implementation of Voluntary Retirement Scheme

is matched with related costs through Profit & Loss Account . Unutilized grants are shown under Current

Liabilities.

b) Price subsidy received / receivable from Government of India in respect of ships is considered as income

on the basis of percentage completion of the respective ships.

c) All other revenue grants are credited to Profit & Loss Account.

6. EXCISE DUTY:

Excise Duty wherever applicable is accounted for as and when the products are cleared from the yard.

7. DEPRECIATION:

Depreciation is provided for under straight-line method in accordance with schedule XIV of the Companies

Act, 1956 as amended, in respect of assets capitalised on or after 01-04-1988. In respect of assets capitalised

prior to 01-04-1988 depreciation is provided under straight-line method at the rates worked out adopting

the management’s estimates of useful lives of the respective assets as under:

Name of the Asset Life

1. Buildings

a. Class I Factory Buildings 33 years

b. Class II Factory Buildings 20 years

c. Class I Non-Factory buildings 58 years

2. Plant and Machinery 19 years

3. Furniture and Fixtures 29 years

4. Motor Vehicles 7 years

5. Dry Dock/Wet Dock and Slipways 50 years

6. Boats and Launches 20 years

Depreciation on additions/disposals made during the year is charged prorata by grouping them on quarterly basis.

Intangible assets will be amortized over a period of 5 years.

Notes


8. BORROWING COSTS:

a) Borrowing Costs relating to the acquisition/construction of qualifying assets are capitalised until the

time all the substantial activities necessary to prepare the qualifying assets for their intended use are complete.

b) A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended

use.

c) All other borrowing costs are charged to revenue.

9. EMPLOYEE BENEFITS:

(i) Defined Contribution Plan

Employee Benefits in the form of Employee Pension Fund is considered as Defined Contribution plan and the

contributions are charged to the Profit & Loss Account of the year when the contributions to the said fund

are due.

(ii) Defined Benefit Plan

Retirement Benefit in the form of Gratuity, is considered as Defined Benefit Obligation and is provided for on

the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.

Employee Benefit in the form of Employee Provident Fund is considered as Defined Benefit plan and the

contributions are charged to the Profit & Loss Account of the year when the contributions to the said fund

are due.

(iii) Other Long Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial valuation using the Projected

Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses, if any, are immediately recognized in the Profit & Loss Account.

10. EMPLOYEE SEPARATION COSTS:

Compensation to Employees who have opted for Retirement under the Voluntary Retirement Scheme of the

Company is charged to the Profit and Loss account in the year of exercise of option, net of grant in aid

received / receivable in the year of payment.

11. PROVISION FOR FUTURE LOSSES:

In the case of Ship Building activities where current estimates of total contract cost exceeds the expected

realisable value, provision is fully made for such anticipated loss in accordance with AS 7 issued by the Institute

of Chartered Accountants of India.

12. PROVISION FOR SUNDRY DEBTORS:

Provision is made for all debts considered doubtful of recovery having regard to the following consideration–

Notes


a) Time barred debts from the Government / Government departments / Government companies are

generally not treated as doubtful debts.

b) Provision for bad and doubtful debts is generally made for debts outstanding for more than three

years, excepting those which are considered realizable based on a case to case basis.

13. FOREIGN EXCHANGE TRANSACTIONS:

Assets and liabilities in foreign currencies are translated at rates of exchange prevailing as on the Balance

Sheet date. Gains/losses arising out of fluctuations in exchange rates both on settlement and on conversion

of liabilities are adjusted to revenue.

14. NORMAL OPERATING CYCLE:

(i) “Normal operating cycle is project-wise as the time period from the date of effectiveness of the contract

to the date of completion of the project.

(ii) “Completion of Project” is till the date that all the issues between the parties are mutually settled by

them other than resorting to legal means.

15. CAPITAL EXPENDITURE FUNDED THROUGH NAVAL SHIP PROJECTS:

The Capital Expenditure funded through Naval Ship Projects is netted-off from the corresponding fixed assets.

The net amount so arrived at is shown as the carrying amount of such fixed assets.

Any remaining balance(s) excess/shortfall is shown as non-current asset/liability as the case may be.”

16. MISCELLANEOUS:

(i) Loose tools:

Loose tools are charged to revenue on issue of the same from stores

(ii) Liquidated damages:

Provision for liquidated damages is made in the accounts as per the contractual provision / proportionate

liability basis keeping in view the delay caused by the factors beyond the control of company.

(iii) Guarantee repairs:

Provision for liability for guarantee repairs made in the accounts at the time of delivery on the basis of

estimation.

(iv) DISCLOSURE OF EXPENDITURE:

All items of expenditure are stated under nominal heads at gross figures and the aggregate amount allocated/

transferred to other heads on functional basis is shown separately except direct labour.

Notes


1. Contingent liabilities

1.1. Irrevocable letters of credit outstanding

1.2. Counter guarantees given to banks for guarantees issued on behalf of

the company

1.3. Estimated amount of contracts remaining to be executed on capital

account and not provided for

1.4. Demands raised against the company by various authorities, contested

at various courts, appellate authorities etc and not provided for:

1.4.1. Property tax on commercial complex for the years from 1984-85 to

1994-95.

1.4.2. Penal interest on belated remittances of Provident Fund contributions

during the period from May 2002 to Feb., 2005, contested u/s 7(i) of

EPF & MP Act, 1952. HSL had approached Hon’ble High Court of Andhra

Pradesh after dismissal of appeal by PF Appellate Tribunal. The Hon’ble

High Court has issued stay orders on PF Appellate Tribunal order subject

deposit of a sum of ` 35.00 lakhs by the company. Accordingly, HSL

had deposited the said amount. Presently, the case is pending in Hon’ble

High Court of Andhra Pradesh.

1.4.3. (a) ESI dues in respect of ‘C’ series workmen for the period from

1-4-1998 to 30-9-2000 together with interest thereon (` 6.64 lakhs

paid under protest grouped under deposit recoverable)

(b) ESI dues in respect of temporary workmen for the period from April,

1998 to Oct., 1999, contractors contribution for the period from Apr.,

1985 to March, 1993.

1.4.4. Service tax demand in respect of INS Sindhukeerti

1.4.5. Demands of various suppliers of goods and services

1.4.6. Non Agricultural Land Assessment tax demands for the year 2000-01

1.4.7. Demands in respect of service matters of employees having financial

impact.

Total (1.4.)

1.5. Claims against the company, which are under arbitration and not

provided for:

1.5.1. Counter –Claims of ONGC towards liquidated damages, penal interest

and interest on interest in respect of construction of well platforms

(net of provision).

1.5.2. Claims of Essar Oil Limited (EOL) towards OPF works (net of provision

made of ` 4370.33 lakhs and counter claim of HSL on ONGC of ` 769

lakhs).

1.5.3. a) On rejection of it’s claims towards L.D. and other claims by HSL,

M/s Good Earth Maritime Ltd., (G.M.L.) invoked the arbitration clause

for the vessel No. VC 11115, VC 11116 and VC 11117 and the same is

under arbitration.

B. NOTES ON ACCOUNTS

(` in lakhs)

2011-12 2010-11

6834.69 4639.71

18710.30 12996.40

-- --

13.39 13.39

109.78 109.78

74.46 70.48

2650.50 2081.30

397.23 457.00

4.54 4.54

1381.92 1381.92

4812.06 4298.65

8638.00 8638.00

10733.43 9196.40

12366.00 11443.00

180.24 180.24

Notes


b) In respect of Vessel No. VC 11118, VC 11136, VC 11137 and VC

11138 which were delivered and VC 11139 to VC 11141 which are

under construction, no provision towards of LD is made, since the same

is not applicable as per Contracts.

1.5.4. No provision has been made in respect of Liquidated Damages for

vessels INS Sandhayak & INS Kumbhir in the financial year 2010-11

which are undergoing refits since HSL sought for extension of time for

completion of refit works and the same is under consideration by Indian

Navy. Necessary provision made for LD in the year 2011-12.

Total (1.5)

In respect of items mentioned under 1.4 and 1.5 above, the Company has been advised by the Counsel that said

demands and claims are not sustainable in law.

2. Contingent Assets:

2.1. Recognition of income (net of provision) in earlier years towards mark-

up on materials procured and works executed in respect of offshore

platforms for ONGC, pending finalization of arbitration.

2.2. Recognition of income in earlier years towards escalation and extra

jobs for VC 1120, pending finalization of arbitration award.

4. As per Accounting Standard 15 ’Employees Benefits’, the disclosure of Employee Benefits as

defined in the Accounts Standard are given below:

Defined Contribution Plan

Contribution to Defined Contribution plan, recognized as expense for the year are as under:

(` in lakhs)

2011-12 2010-11

Employer’s Contribution to Pension Fund 167.76 186.97

Defined Benefit Plan

The employees’ gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of

obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which

recognizes each period of service as giving rise to additional unit of employee benefit entitlement and

measures each unit separately to build up the final obligation. The obligation for leave encashment is

recognized in the same manner as gratuity.

2011-12 2010-11

-- 242.78

31737.43 29520.18

669.39 669.39

129.15 129.15

Notes


I. Reconciliation of opening and closing balances of Defined Benefit obligation

(` in Lakhs)

Details Gratuity Earned Leave Sick Leave

(Funded) Encashment (Unfunded)

(Unfunded)

Defined Benefit obligation at beginning of the year. - Current Year. 12187.17 1828.77 612.48

(Previous year) 6009.29 1307.91 470.61

Interest Cost - Current Year 923.60 126.40 -

(Previous year) 451.56 89.96 -

Current Service Costs - Current Year 263.75 397.29 168.22

(Previous year) 572.96 211.76 141.87

Benefits Paid - Current Year (1284.40) (497.45) -

(Previous year) (729.55) (366.80) -

Actuarial loss/(gain) on obligation - Current Year 1063.00 1576.03 -

(Previous year) 997.54 585.94 -

Defined Benefit obligation at year end - Current Year 13153.12 3431.04 780.70

(Previous year) 12187.17 1828.77 612.48

II. Reconciliation of opening and closing balances of fair value of plan assets

(` in lakhs)

Details 2011-12 2010-11

Fair value of plan assets at beginning of the period. 849.42 793.23

Expected return on plan assets 73.47 67.42

Contribution 1284.40 729.55

Benefits paid (1284.40) (729.55)

Actuarial (loss)/gain on obligation (balancing figure) 0.28 (11.23)

Fair value of Plan Assets as at the end of the period 923.17 849.42

III. Reconciliation of fair value of assets and obligations as at 31/03/2012

(` in lakhs)

Gratuity Leave Sick Leave

Encashment (Unfunded)

(Unfunded)

Fair value of plan assets - Current Year 923.17 - -

(Previous year) 849.42 - -

Present value of obligation - Current Year 13153.12 3431.04 780.70

(Previous year) 12187.17 1828.77 612.48

Amount recognized in Balance Sheet - Current Year 12229.96 3431.04 780.70

(Previous year) 11337.75 1828.77 612.48

Notes


IV. Expenses recognized during the year (in the statement of Profit & Loss Account)

(` in lakhs)

Description Gratuity Leave Sick

(Funded) Encashment Leave

(unfunded) (Unfunded)

Current Service Cost - Current Year 263.75 397.29 168.22

(Previous year) 572.96 211.76 141.87

Interest Cost - Current Year 923.60 126.40 -

(Previous year) 451.56 89.96 -

Expected return on plan assets - Current Year 73.47 - -

(Previous year) 67.42 - -

Actuarial (gain)/loss - Current Year 1063.00 1576.03 -

(Previous year) 1008.77 585.94 -

Expenses recognized in the statement of P&L a/c - Current Year 2176.61 2099.77 168.22

(Previous year) 6851.24 887.66 141.87

V. Investment Details

(Percentage invested)

Description Gratuity as on 31.03.12 Gratuity as on 31.03.11

GoI Securities - -

Special Deposit Scheme 14 15

Others (T.D.R.s) 86 85

Total : 100 100

VI. Principal Actuarial Assumptions

Gratuity (Funded)(%) Leave Encashment (Unfunded)(%)

31.03.2011 31.03.2012 31.03.2011 31.03.2012

Discount Rate 8.00 8.50 8.00 8.50

Salary escalation rate 11.00 6.00 11.00 6.00

Attrition rate 1.00 1.00 1.00 1.00

Expected rate of return on plan assets 8.65 9.00 - -

Salary escalation by taking into account inflation, seniority, promotion and other factors. Attrition rate by reference

to past experience and expected future experience and includes all types of withdrawals other than death but

including those due to disability.

Discount rate has been determined by reference to market yields on the Balance Sheet date on Govt. Bonds of Term

consistent with estimated term of the obligations.

As per the enterprise’s accounting policy actuarial gains and losses are recognized immediately during the same

year itself.

Notes


The fact that Provident Fund element is also to be included while computing relevant salary for encashment of

leave has been taken into account.

The above information is certified by the Actuary.

2011-12 2010-11

Employer’s Contribution to Provident Fund (` in lakhs) 1122.46 863.68

The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund Act, 1952. The conditions

for grant of exemption stipulate the employer shall make good deficiency, if any, in the interest rate declared by the

Trust vis-a-vis statutory rate. The Guidance issued by the Accounting Standard Board (ASB) on implementing AS-15.

Employee Benefits (revised 2005) states that Provident Funds set up by employers, which requires interest shortfall

to be met by the Employer needs to be treated as Defined Benefit Plan. The fund does not have any deficit or

interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e., Government interest to be

paid on Provident Fund Scheme exceeds rate of interest earned on Investments) pending the issuance of guidance

note from the Actuarial Society of India, the Company’s Actuary has expressed his inability to reliably measure the

same.

Notes


5. SEGMENT REPORT

The company operates in Shipbuilding, Ship repair and Sub-marine Retrofit business segments. Information in respect

of the said segments as required by AS 17, issued by Institute of Chartered Accountants of India, is given as under

` in lakhs

Particulars Ship Ship Retrofit Un-allocated Total

building repairs

Segment Income:

Sales 23,817.39 19,083.54 11,576.60 - 54,477.53

Taxes collected 1,467.08 81.55 - - 1,548.63

Other operating income (scrap sales) 191.48 186.31 - - 377.79

Turnover / Revenue from operations 25,475.95 19,351.40 11,576.60 - 56,403.95

Other Income 752.64 1,051.73 9.10 2,216.28 4,029.75

Total Income 26,228.59 20,403.13 11,585.70 2,216.28 60,433.70

Segment Expenditure:

Materials & Direct Expenses incl. taxes 18,477.95 11,060.32 8,487.78 70.60 38,096.65

Direct Labour 2,270.55 468.20 643.15 - 3,381.90

Total Segment expenditure 20,748.50 11,528.52 9,130.93 70.60 41,478.55

Segment Result 5,480.09 8,874.61 2,454.77 2,145.68 18,955.15

Overheads 10,174.38 2,960.54 2,993.13 5,270.05 21,398.10

Provisions and Adjustments 1,687.70 4,401.73 62.78 3.18 6,155.39

Net Segment Result (6,381.99) 1,512.34 (601.14) (3,127.55) (8,598.34)

MAT for the year - -

MAT Credit entitlement - -

Deferred Tax - -

Total Result (6,381.99) 1,512.34 (601.14) (3,127.55) (8,598.34)

Other information

Segment Assets 28,420.98 21,228.10 18,453.66 65,007.78 133,110.52

Segment Liabilities 59,526.54 33,751.27 31,938.31 109,493.47 234,709.58

Capital Expenditure - - - 692.33 692.33

Depreciation 589.96 49.90 156.82 - 796.68

Non-cash expenditure other than Dep. - - - - -

Notes


6. Information in respect of related parties in terms of AS 18, issued by

the Institute of Chartered Accountants of India are:

a) Related parties:

Key Management Personnel:

i) RAdm NK Mishra, NM, IN (Retd), Chairman & Managing

Director from 1st Aug, 2011

ii) Rear Adml. Chandra Sekhar, IN (Retd), Chairman & Managing

Director of M/s GRSE Ltd., Kolkata has held the post of

Chairman & Managing Director of company as additional

charge from 1st Jan, 2011 to 31st July, 2011

iii) Shri. Rakesh Mahajan, Director (Finance & Commercial)

iv) Cmde KS Subramanian, NM, IN (Retd), Director (Shipbuilding)

from 4th June, 2011

v) Cmde KLN Prasad, IN (Retd), Director (Corporate Planning &

Personnel) from 19th Dec, 2011

b) Details of transactions carried out with the above stated related

parties:

Remuneration paid during the year (` In lakhs)

7. a) Net profit/(Loss) as per profit and loss account (` In lakhs)

b) Weighted average number of equity shares used as Denominator

for calculating EPS

c) Earnings per share: Profit/(Loss) – Basic in `

8. As per technical evaluation, there is no impairment in the carrying cost

of cash generating units of the company in terms of Accounting Standard

(AS 28), issued by the Institute of Chartered Accountants of India.

9. The estimated cost of completion of vessels under construction has

been revised to ` 113170 lakhs as at 31.3.2012 from ` 124876 lakhs as

at 31.3.2011.

2011-12 2010-11

46.36 27.21

(8598.34) 5499.99

3019922 3019922

(285) 182

-- --

113170 124876

10. Materials Consumed

Description Unit 2011-12 201011

Qty Value Qty Value

` in lakhs ` in lakhs

Steel M.T 9698 3197.65 15553 4898.08

Pipes Meters 3703 11.60 13000 33.45

Paints Litres 38400 51.02 140082 250.19

Pipe Fittings and others Nos. 12236 27.72 38010 134.89

Ship Machinery and Equipt. 7885.35 20673.55

Ship Repair Materials 5200.18 15684.73

Retrofit Materials 6228.70 6520.52

Others 2886.24 380.19

Total 25488.46 48575.60

Notes


i) Value of all Imported Materials including components and spare

parts consumed during the year

ii) Value of all Indigenous Materials including components and spare

parts consumed during the year

iii) Percentage of item (i) to total consumption

iv) Percentage of item(ii) to total consumption

2011-12 2010-11

Break up of Materials Consumed:

` in lakhs

22216.99 43159.81

3548.15 5415.79

86 89

14 11

11. Expenditure and Earnings in Foreign Currency

` In lakhs

1.1 i) Royalty, Know-how and Professional Consultancy fees

ii) Travelling Expenses

iii) Others

1.2 CIF value of imported materials, components & spare parts and capital

goods.

2 Earnings in Foreign Currency from ship repair activity

2011-12 2010-11

-- --

4.45 --

249.83 586.69

19222.55 29888.91

337.85 11640.90

12. Disclosure of information in respect of Ships under construction as per Accounting Standard-7 “Construction

Contracts”

` In lakhs

Particulars / Nature of Vessel 5OT TUGS IPV’s 53K BULKERS 50T TUGS 50T TUGS

Vessel No: 11162-64 11154-58 11138-41 11160-61 11173-74

Owner NAVY ICG GEML VPT KPT

1 Contract Revenue Recognized up to

31st March, 2012 727.79 12619.62 36381.41 7169.21 30.79

2 Contract Expenses Recognized 777.46 27655.63 50080.28 4390.96 30.79

3 Recognized Profits / (Losses) (49.66) (10013.07) (10659.27) 2778.59 -

4 Expected Losses Recognized (870.15) (1295.12) (7369.62) - -

5 Total Recognized Profits / Losses (919.81) (11308.19) (18028.88) 3010.41 774.58

6 Advances Received 3668.45 13146.65 32690.69 7198.24 2735.88

7 Costs Relating to Future Activity 14278.50 3836.97 35354.55 308.34 7927.38

8 Progressive Billing 3668.45 13146.65 32690.69 7198.24 2735.88

9 Gross Amount due from Customers 15479.07 21952.15 67405.94 7997.60 8732.76

10 Gross Amount due to Customers -- -- -- -- --

Notes


S.No Particulars 2011-12 2010-11

i. Salary and Allowances 36.82 20.84

ii. Contribution to Provident Fund & Group Gratuity Scheme. 6.42 3.76

iii.. Reimbursement of Entertainment Expenses 2.77 2.49

iv. Reimbursement of Medical Expenses 0.09 0.06

v. Value of Perquisite in respect of use of car (as per I.T. rules) 0.26 0.06

Total 46.36 27.21

13. Details of Remuneration to Chairman & Managing Director and other whole-time Directors:

` in lakhs

14. Impact due to change in accounting policies:

a) Due to change in accounting policy in respect of revenue recognition of shipbuilding, the turnover

has been increased by ` 2970.64 lakhs and increase in material consumption by `3006.97 lakhs

thereby loss for the current year is increased by ` 36.33 lakhs.

b) Due to change in accounting policy in allocating depreciation in the cost of ship construction

for revenue recognition, the turnover has decreased by 9.88 lakhs and loss on inventory cost of

direct materials decreased by ̀ 82.17 lakhs and increase in provision for future losses by ̀ 733.49

lakhs and thereby increase in loss by `825.54 lakhs.

c) In the current year HSL has included new accounting policies in respect of intangible assets,

depreciation thereon, capital expenditure funded by naval projects, normal operating cycle and

miscellaneous policies. These new additions have no financial impact on the accounts of the

company.

15. a) Names of SSI units, where payments are outstanding for more than 30 days could not be given

in the absence of separate registration for the said SSI units with the company.

b) In the absence of registration by Micro and Small Scale industries the information pertaining to

these suppliers / service providers could not be furnished.

16. The reconciliation of balances as per price stores ledger and Bin Cards is a continuous process

17. Certain Advances and Provisional Liabilities for Purchases remain unadjusted, pending link up between

the same.

18. Balances of Debtors / Creditors are subject to confirmation / reconciliation.

19. Previous year’s figures have been regrouped / rearranged wherever necessary.

For and on behalf of the Board of Directors In terms of our reportof even Date attachedFor G.R.Kumar & Co.





Company Secretary


Notes







Company Secretary


Particulars Year ended Year ended


A. Cash flow from operating activities:

Net Profit/(loss) before Extraordinary & Prior period items (8,076.76) (28,186.60)

Adjustments for:


Interest paid 1,182.42 1,434.64

Interest received (1,810.46) (235.80)

Loss/(profit) on sale of fixed assets (81.12) (100.32)

Operating Cash flow before working capital changes,

Extraordinary & Prior Period items (7,984.26) (26,320.35)

Prior Period items: Net Expenditure 521.58 562.78

Operating Cashflow before working capital changes & after

Extraordinary & Prior Period items (8,505.84) (26,883.13)

Adjustments for working capital changes:

Inventories 7,846.13 14,724.53

Trade and other receivables 9,058.17 (19,577.01)

Trade and other payables 37,508.65 10,624.55

Cash generated from operation (A) 45,907.11 (21,111.06)

B. Cashflow from Investing acitivities:

Purchase of fixed assets (692.33) (1,585.01)

Capital Work-in-progress (203.37) 6.98

Sale of fixed assets 117.30 110.96

Interest received 1,810.46 235.80

Net Cash from investing operation (B) 1,032.06 (1,231.28)

C. Cashflow from financing activities:

Proceeds from Share Capital - -

Proceeds from Borrowings from GOI & Banks (24,383.51) 3,063.61

Grant in aid from GoI - 45,268.00

Interest paid (1,182.42) (1,434.64)

Net Cash from financing operation (C) (25,565.93) 46,896.97

D. Net Increase in Cash & Cash

Equivalent (A)+(B)+(C) 21,373.24 24,554.63

Cash and cash equivalent at the beginning of the year 30,586.19 6,031.56

Cash and cash equivalent at the end of the year 51,959.43 30,586.19

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2012` in lakhs

Cash Flow Statement


NOTE

1. Interest on capital outlay on Township and Residential quarters and for providing other Social Amenities (original cost of`562.12 lakhs written down value ` 158.91 lakhs as on 31.03.2012) has not been taken into account since this has beenfinalised out of Equity Share Capital except for an amount of ` 0.45 lakhs out of grant of Andhra Pradesh in respect ofGandhigram High School.

2. The figures of Township Expenditure and Income have been collected only to the extent practicable from the accountsof the company. The expenditure has been in the individual primary heads in the Profit and Loss Account.

3. Previous year’s figures have been recast wherever necessary.

SCHEDULE OF NET EXPENDITURE ON TOWNSHIP, RESIDENTIAL QUARTERS AND OTHER SOCIAL OVERHEADS

FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2012

Description 2011-12 2010-11

Details Details Total Details Details Total

Note - 17

EXPENDITURE ON TOWNSHIP

AND RESIDENTIAL QUARTERS

Administration & Maintenance:

Salaries, Wages & Other Benefits 341.00 260.41

Housing Estate Site Rent 14.13 14.13

Property Tax on Residential Buildings 0.81 2.09

Electricity and Water Charges 202.99 137.73

Repairs and Maintenance 61.43 65.45

Colony Security 53.92 54.16

Miscellaneous Expenditure 5.14 679.41 1.98 535.95


690.09 547.11

Less: Income-Rent 90.51 90.51

Electricity and Water Charges 99.30 189.09 500.29 99.30 189.80 357.30

Expenditure on Social Overheads:

Schools and Educational Facilities 35.90 47.25

Less: Educational Grant -35.90 0.00 -43.03 4.22

On Medical facilities 710.62 559.37

On Subsidised Canteen 136.20 110.05

On Subsidised lunch for Officers,

Staff and Workmen 186.62 322.82 198.54 308.58

On Subsidised transport :

Boats and launches 57.80 57.80 46.44

On Social & Cultural Activities 0.53 1091.77 0.56 919.18

1592.05 1276.48Expenditure on Public Relations and Publicity:

Salaries 12.50 10.34

Publicity 17.30 1.44

29.80 11.78

(` in lakhs)

For and on behalf of the Board of Directors

Sd/- Sd/-RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)

Director Chairman and Managing Director(Finance & Commercial)

Sd/-INAITULA BAIG

Company Secretary


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s(1

10

3.3

3)

(11

55

.36

)(1

16

3.2

5)

(11

57.0

6)

(85

6.1

3)

(847

.32

)(9

87

.33

)(9

85

.00

)(9

30

.01

)(1

01

5.9

9)

No

n-c

urr

en

t Li

abili

ties

Lon

g te

rm b

orr

ow

ings

93

6.4

49

43

.94

98

1.4

49

81

.69

61

0.6

95

24

.72

55

9.1

55

93

.83

627

.67

372

.21

Oth

er

lon

g tr

m l

iab

iliti

es6

.08

6.0

86

.08

6.0

86

.08

6.3

66

.36

6.3

61

1.9

99

.83

Lon

g te

rm p

rovi

sio

ns

30

.42

43

.02

39

.67

43

.63

10

6.1

71

14

.02

12

9.6

19

5.8

81

57.6

11

79

.09

Cu

rre

nt

Liab

iliti

es

Sho

rt t

erm

bar

row

ings

0.0

06

.26

6.4

46

.83

70.4

78

9.7

86

8.2

49

6.4

09

3.2

01

04

.82

Trad

e p

ayab

les

49

.19

61

.92

20

0.3

31

13

.66

12

8.9

41

57.4

01

34

.87

21

9.0

31

69

.06

16

6.8

5

Oth

er

curr

en

t l

iab

iliti

es1

90

.91

16

6.1

81

46

.10

49

5.3

76

86

.61

61

7.8

46

92

.06

67

7.7

86

79

.71

97

8.6

2

Sho

rt t

erm

pro

visi

on

s3

3.6

13

6.2

22

0.9

02

4.3

26

3.6

137

.76

37.0

33

2.7

21

23

.21

18

2.2

9

Tota

l2

65

.13

237

.57

374

.52

65

8.8

39

65

.75

98

1.5

79

41

.98

10

38

.99

12

34

.43

127

9.7

1

AS

SE

TS

No

n-c

urr

en

t as

sets

:

Fix

ed a

sse

ts -

Tan

gib

le4

8.7

24

4.6

34

1.9

43

9.3

14

4.5

35

3.4

06

3.7

16

8.7

776

.84

75

.38

-

In

tan

gib

le0

.00

0.0

00

.00

0.0

00

.00

0.8

70

.17

0.0

00

0

-

Cap

ital

wo

rk in

pro

gres

s0

.64

0.6

90

.20

0.5

24

.01

6.2

35

.16

12

.47

12

.40

14

.44

Lon

g te

rm l

oan

s an

d a

dva

nce

s2

.24

2.9

32

.45

2.7

83

.10

3.5

43

.08

3.3

03

.17

2.9

5

Oth

er

no

n-c

urr

en

t as

sets

0.0

00

.00

0.0

00

.00

11

3.2

21

05

.67

11

3.1

01

23

.99

10

7.1

41

09

.72

Cu

rre

nt

Ass

ets

Inve

nto

rie

s5

3.0

94

6.2

29

2.3

61

55

.38

13

2.0

62

53

.55

372

.15

478

.90

33

1.6

52

53

.19

Trad

e r

ece

ivab

les

78

.57

80

.55

14

0.6

55

1.4

91

40

.55

14

8.0

51

17

.23

11

0.0

71

39

.60

12

8.7

8

Cas

h &

cas

h e

qu

ival

en

ts6

0.4

63

6.7

527

.52

18

4.1

92

81

.70

21

1.8

41

15

.47

60

.31

30

5.8

65

19

.59

Sho

rt t

erm

lo

ans

and

ad

van

ces

17

.36

23

.95

66

.82

13

5.3

61

64

.67

12

6.7

21

18

.83

11

7.6

41

47.2

876

.05

Oth

er

curr

en

t as

sets

4.0

51

.85

2.5

88

9.8

08

1.9

17

1.7

03

3.0

86

3.5

41

10

.50

99

.61

Tota

l2

65

.13

237

.57

374

.52

65

8.8

39

65

.75

98

1.5

79

41

.98

10

38

.99

12

34

.44

127

9.7

1

Net

Wo

rth

(98

1.5

2)

(10

26

.05

)(1

02

6.4

4)

(10

12

.75

)(7

06

.82

)(5

66

.31

)(6

85

.34

)(6

83

.01

)(6

28

.02

)(7

14

.00

)

*Ne

t W

ort

h =

Pai

d u

p C

apit

al+

Res

erv

es a

nd

Su

rplu

s

10 Years at a Glance


(` i

n c

rore

s)

20

02

-03

20

03

-04

20

04

-05

20

05

-06

20

06

-07

20

07

-08

20

08

-09

20

09

-10

20

10

-11

20

11

-12

PR

OFI

T A

ND

LO

SS A

CC

OU

NT:

Inco

me

:

Ship

bu

ildin

g3

9.6

73

9.8

77

9.4

71

39

.94

15

9.9

52

02

.15

19

4.1

72

53

.61

29

1.4

92

54

.76

Ship

re

pai

rs6

8.6

86

8.8

01

35

.12

87

.90

93

.02

10

8.4

61

44

.13

26

6.0

427

7.3

81

93

.51

Re

tro

fit

42

.65

10

.48

10

.71

15

.74

74.6

67

3.9

157

.52

99

.31

83

.27

11

5.7

7

Wo

rk-i

n-P

rogr

ess

4.4

30

.55

(10

.07

)2

8.2

94

5.6

04

1.3

66

4.3

2(1

0.5

3)

(48

.29

)0

.00

Oth

er

Inco

me

9.2

47

.50

21

.75

47.0

12

6.5

48

4.2

63

8.1

45

3.6

03

4.0

34

0.3

0

Tota

l1

64

.67

127

.20

23

6.9

83

18

.88

39

9.7

75

10

.14

49

8.2

86

62

.03

637

.88

60

4.3

4

Exp

en

dit

ure

:

Mat

eri

als

42

.75

38

.03

10

3.0

81

44

.54

19

0.1

92

22

.55

26

4.6

63

44

.57

44

1.5

22

55

.85

Dir

ect

Exp

en

ses

17

.38

24

.97

39

.65

43

.60

80

.16

89

.88

62

.10

94

.39

79

.78

99

.07

Pay

& B

en

efit

s7

2.4

27

7.7

87

7.8

88

2.6

79

2.6

48

0.9

11

26

.93

12

9.8

92

57.4

81

99

.90

Taxe

s an

d D

uti

es3

.20

2.7

84

.29

8.5

91

3.4

92

0.3

72

8.6

82

3.2

52

4.5

02

9.6

6

Oth

er

Exp

en

ses

12

.11

12

.38

14

.23

15

.50

19

.12

25

.91

31

.03

27.8

52

6.8

22

8.4

7

Pro

visi

on

s an

d L

oss

es1

6.5

81

9.2

88

.48

14

.03

45

.15

8.7

41

4.0

71

8.6

77

1.8

95

6.3

4

Pri

or

pe

rio

d A

dju

stm

en

ts0

.88

1.3

5(0

.86

)(1

.92

)(3

87

.40

)(7

.66

)5

4.4

43

.46

5.6

35

.21

Extr

aord

inar

y it

em

s0

.00

0.0

00

.00

0.0

04

1.3

10

.08

0.0

00

.00

0.0

00

.00

Tran

sfe

rs(9

.28

)(2

.85

)(1

1.6

4)

(3.3

2)

(3.8

4)

(4.4

5)

(4.3

2)

(5.1

2)

(4.2

8)

(3.9

7)

Tota

l1

56

.04

17

3.7

22

35

.11

30

3.6

99

0.8

24

36

.33

577

.59

63

6.9

69

03

.34

67

0.5

3

Pro

fit

/ (L

oss

) b

efo

re i

nte

rest

,

De

pre

ciat

ion

& E

xtra

ord

inar

y it

em

s8

.63

(46

.52

)1

.87

15

.19

30

8.9

57

3.8

1(7

9.3

1)

25

.07

(26

5.4

6)

(66

.19

)

Gra

nt

fro

m G

oI

0.0

00

.00

0.0

00

.00

0.0

00

.00

0.0

00

.00

45

2.6

80

.00

De

pre

ciat

ion

5.1

24

.32

4.1

54

.07

4.0

65

.82

6.9

36

.46

7.6

87

.97

Inte

rest

1.0

51

.19

5.6

14

.93

34

.70

44

.51

50

.49

52

.41

14

.35

11

.82

Pro

fit

/ (L

oss

) b

efo

re t

ax2

.46

(52

.03

)(7

.89

)6

.19

270

.19

23

.48

(13

6.7

3)

(33

.80

)1

65

.19

(85

.98

)

Inco

me

Tax

0.0

00

.00

0.0

00

.00

78

.27

5.4

96

.85

(31

.86

)4

4.8

30

.00

MA

T cr

edit

en

eti

tle

me

nt

0.0

00

.00

0.0

00

.00

0.0

00

.00

0.0

00

.00

(44

.83

)0

.00

Def

erre

d T

ax (

asse

t) /

lia

bili

ty0

.00

0.0

00

.00

0.0

0(1

09

.01

)6

.66

(3.5

7)

(4.2

6)

11

0.1

90

.00

Ne

t P

rofi

t /

(Lo

ss)

2.4

6(5

2.0

3)

(7.8

9)

6.1

93

00

.93

11

.33

(14

0.0

1)

2.3

25

5.0

0(8

5.9

8)

Pro

fit

& L

oss

Ap

pro

pri

atio

n0

.00

0.0

00

.00

0.0

00

.00

2.5

20

.00

0.0

00

.00

0.0

0

Cu

mu

lati

ve P

rofi

t /

(Lo

ss)

(11

03

.43

)(1

15

5.4

6)

(11

63

.35

)(1

157

.16

)(8

56

.23

)(8

47.4

2)

(98

7.4

3)

(98

5.1

0)

(93

0.1

0)

(10

16

.08

)

FIN

AN

CIA

L P

OS

ITIO

N A

ND

PE

RFO

RM

AN

CE

OF T

HE

CO

MP

AN

Y

10 Years at a Glance


HIN

DU

STA

N S

HIP

YA

RD

LIM

ITE

D :

: V

ISA

KH

AP

AT

NA

M

SH

IPS

BU

ILT

S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

1.

“Ja

lau

sha

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.17

92

2-0

6-1

94

61

4-0

3-1

94

82

6-1

0-1

94

8

2.

“Ja

lap

rab

ha

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.17

92

2-0

8-1

94

62

0-1

1-1

94

80

7-0

4-1

94

9

3.

“Ku

tub

tari

” (P

ass

en

ge

r Fe

rry)

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

Ltd

.,-

23

-05

-19

47

18

-12

-19

48

19

-05

-19

49

4.

“Ja

lap

raka

sh”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

. Lt

d.,

8.1

38

27

-05

-19

48

08

-08

-19

49

20

-12

-19

49

5.

“Ja

lap

an

kh

i” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

8.1

50

07

-10

-19

49

06

-12

-19

49

04

-04

-19

50

6.

“Ja

lap

ad

ma

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.13

72

6-0

1-1

95

01

4-0

9-1

95

01

8-0

1-1

95

1

7.

“Ja

lap

ala

ka”

Th

e S

cin

dia

S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.14

12

6-0

1-1

95

02

7-1

2-1

95

00

3-0

4-1

95

1

8.

“Bh

ara

tmit

ra”

Th

e B

ha

rat

Lin

e L

imit

ed

8.1

34

28

-09

-19

50

26

-03

-19

51

02

-07

-19

51

9.

“Ja

gra

ni”

Th

e G

rea

t E

ast

ern

sh

ipp

ing

Co

mp

an

y L

imit

ed

8.1

25

09

-05

-19

51

15

-12

-19

51

09

-06

-19

52

10

.“J

ala

pra

tap

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.12

50

9-0

5-1

95

12

7-0

2-1

95

20

9.0

8.1

95

2

11

.“J

ala

pu

shp

a”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

. Lt

d.,

8.0

87

26

-12

-19

51

09

-07

-19

52

17

-10

-19

52

12

.“B

ha

ratr

atn

a”

Th

e B

ha

rat

Lin

e L

imit

ed

8.1

00

21

-07

-19

52

26

-08

-19

53

15

-07

-19

54

13

.“J

ala

pu

tra

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

.,8

.11

42

1-0

7-1

95

20

9-1

1-1

95

31

9-0

8-1

95

4

14

.“J

ala

vih

ar”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

7.2

48

01

-12

-19

53

16

-08

-19

54

22

-06

-19

55

15

.“J

ala

vija

ya”

Th

e S

cin

dia

Ste

am

Na

viga

tio

n C

o.,

Ltd

.,7

.31

13

0-0

9-1

95

32

6-0

3-1

95

52

9-1

2-1

95

5

16

.“V

idyu

t” L

an

d C

ust

om

s D

ep

art

me

nt

(Mo

tor

Lau

nch

)1

9-1

0-1

95

31

8-0

8-1

95

41

8-0

3-1

95

8

17

.“J

ala

vish

nu

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

o.

Ltd

7.3

22

16

-12

-19

53

02

-11

-19

55

23

-05

-19

56

18

.“S

tate

of

Ku

tch

” T

he

Ea

ste

rn S

hip

pin

g C

orp

ora

tio

n L

imit

ed

8.2

53

02

-09

-19

54

29

-03

-19

56

25

-11

-19

56

19

.“A

dya

r” M

ad

ras

Po

rt T

rust

(Ko

rt N

ozz

le T

ug

)2

7-0

9-1

95

43

1-1

2-1

95

52

5-0

9-1

95

7

20

.“A

nd

am

an

s” M

inis

try o

f H

om

e A

ffa

irs

2.4

70

(Pa

sse

ng

er

cum

Ca

rgo

Ve

sse

l)1

0-0

8-1

95

52

5-0

7-1

95

60

4-1

2-1

95

7

21

.“S

tate

of

Ori

ssa

” T

he

Ea

ste

rn S

hip

pin

g C

orp

ora

tio

n L

td.,

8.1

60

08

-12

-19

55

16

-02

-19

57

31

-12

-19

57

22

.“J

ala

vikra

m”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td7

.31

21

6-0

4-1

95

62

9-0

7-1

95

72

6-0

3-1

95

8

Ships Built


23

.“J

ala

vee

ra”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

7.3

12

04

-08

-19

56

22

-11

-19

57

26

-07

-19

57

24

.“J

ag

mit

ra”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

6.3

91

31

-08

-19

57

05

-07

-19

58

10

-06

-19

59

25

.“D

hru

vak”

Ind

ian

Na

vy

(Mo

ori

ng

Ve

sse

l)2

7-0

1-1

95

61

6-0

7-1

95

81

6-1

1-1

95

9

26

.“I

nd

ian

In

du

stry

” T

he

In

dia

Ste

am

ship

Co

mp

an

y L

td.,

6.4

19

07

-12

-19

57

12

-12

-19

58

27

-10

-19

59

27

.“J

aya

laksh

mi”

Ne

w D

ho

lera

Ste

am

ship

s Li

mit

ed

5,4

05

22

-08

-19

57

22

-04

-19

59

27

-01

-19

60

28

.“S

tate

of

Utt

ar

Pra

de

sh”

Th

e E

ast

ern

Sh

ipp

ing

Co

rpo

rati

on

Ltd

.,9

,63

20

3-1

0-1

95

93

1-1

2-1

95

91

6-0

1-1

96

1

29

.“R

.S.V

. H

ald

ia”

Ca

lcu

tta

Po

rt C

om

mis

sio

ne

rs(P

ort

Su

rve

y V

ess

el)

16

-11

-19

60

11

-06

-19

60

25

-03

-19

61

30

.“S

tate

of

Ra

jast

ha

n”

Th

e E

ast

ern

Sh

ipp

ing

Co

rpo

rati

on

Ltd

.,9

,64

42

2-0

1-1

95

92

9-0

4-1

96

01

8-0

5-1

96

1

31

.“V

ish

van

idh

i” T

he

We

ste

rn S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,9

,66

61

1-0

5-1

95

90

6-0

9-1

96

00

2-1

0-1

96

1

32

.“S

tate

of

Pu

nja

b”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,5

57

02

-12

-19

59

16

-04

-19

61

06

-04

-19

62

33

.“V

ish

va S

ha

nti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,60

62

9-0

9-1

96

02

5-0

1-1

96

11

4-0

9-1

96

2

34

.“V

ish

va P

rem

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,56

52

7-0

8-1

96

02

0-1

2-1

96

12

8-0

1-1

96

3

35

.“V

ish

va M

aya

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,57

72

2-0

9-1

96

00

6-0

4-1

96

23

0-0

4-1

96

3

36

.“V

ish

va M

an

ga

l” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,60

80

5-0

5-1

96

11

7-0

8-1

96

22

3-0

9-1

96

3

37

.“J

ala

Ka

la”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

12

,91

31

2-1

0-1

96

12

9-0

3-1

96

31

2-1

1-1

96

4

38

.“D

ars

ha

k”

Ind

ian

Na

vy

(Su

rve

y V

ess

el)

14

-10

-19

57

02

-11

-19

59

28

-12

-19

64

39

.“S

tate

of

Ma

dh

ya P

rad

esh

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,87

30

8-0

1-1

96

21

5-1

0-1

96

30

4-0

5-1

96

5

40

.“R

oh

ini”

Hin

du

sta

n S

hip

yard

Lim

ite

d(L

au

nch

)2

0-0

8-1

96

5

41

.“J

ala

Ke

nd

ra”

Th

e S

cin

dia

Ste

a N

avi

ga

tio

n C

o.,

Ltd

.,1

2,9

47

24

-05

-19

62

16

-04

-19

64

29

-01

-19

66

42

.“S

tate

of

We

st B

en

ga

l” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,91

50

6-0

9-1

96

20

5-1

2-1

96

43

1-0

3-1

96

6

43

.“J

ala

kan

ta”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

12

,91

22

6-0

4-1

96

30

1-0

7-1

96

50

2-0

8-1

96

6

44

.“S

tate

of

Myso

re”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,9

23

13

-11

-19

63

09

-12

-19

65

11

-10

-19

66

45

.“V

ish

va T

ej”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

86

04

-05

-19

64

01

-10

-19

66

02

-10

-19

67

46

.“V

ish

va T

irth

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,88

60

8-0

1-1

96

52

8-1

2-1

96

60

3-1

2-1

96

7

47

.“V

ish

va S

eva

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,95

92

3-0

8-1

96

52

6-1

96

70

2-0

3-1

96

8

S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

Ships Built


S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

48

.“V

ish

va S

idd

hi”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,9

72

24

-12

-19

65

15

-11

-19

67

12

-09

-19

68

49

.“V

ish

va B

ha

kti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,93

72

3-0

1-1

96

81

5-0

4-1

96

82

9-0

1-1

96

9

50

.“V

ish

va S

ho

ba

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,93

11

3-0

2-1

96

72

4-0

9-1

96

81

1-0

5-1

96

9

51

.“V

ish

va S

ha

kti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,90

01

9-0

5-1

96

72

0-0

3-1

96

91

7-1

2-1

96

9

52

.“V

ish

va D

ha

rma

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,85

22

2-1

1-1

96

70

8-1

0-1

96

92

0-0

4-1

97

0

53

.“V

ish

va V

ikra

m”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

81

06

-06

-19

68

09

-02

-19

70

12

-09

-19

70

54

.“S

ha

nti

” T

he

Vis

akh

ap

atn

am

Po

rt T

rust

Lau

nch

12

-03

-19

70

14

-12

-19

70

31

-12

-19

70

55

.“V

ish

va S

ars

ha

n”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

83

16

-12

-19

68

20

-07

-19

70

02

-07

-19

71

56

.“W

alc

ha

nd

” H

ind

ust

an

Sh

ipya

rd L

imit

ed

(La

nd

ing

Cra

ft)

01

-05

-19

71

14

-07

-19

71

30

-09

-19

71

57

.“V

ish

va N

aya

k”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

81

26

-06

-19

69

30

-11

-19

70

22

-10

-19

71

58

.“

T.S

. R

aje

nd

ra”

Th

e D

ire

cto

rate

Ge

ne

ral

of

Sh

ipp

ing

(Tra

inin

g S

hip

)2

0-1

0-1

96

92

5-0

4-1

97

12

7-0

3-1

97

2

59

.“B

om

ba

y D

uck

-II”

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

(Dre

dg

er)

27

-08

-19

71

12

-07

-19

72

11

-02

-19

73

60

.“V

ish

va K

aru

na

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

13

,96

72

6-0

8-1

97

00

2-1

1-1

07

10

2-0

3-1

97

3

61

.“V

ish

va Y

ash

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

13

,98

61

8-0

3-1

97

01

7-0

3-1

97

21

8-0

5-1

97

3

62

.“V

ish

va M

am

ta”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,9

71

23

-12

-19

70

23

-08

-19

72

16

-10

-19

73

63

.“V

ish

va B

an

da

n”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,7

65

30

-06

-19

71

06

-03

-19

73

04

-03

-19

74

64

.V

ish

va M

ad

hu

ri”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,7

62

25

-11

-19

71

17

-08

-19

73

16

-08

-19

74

65

.“I

nd

ian

En

du

ran

ce”

Ind

ia S

tea

m S

hip

Co

mp

an

y L

td.,

14

,19

72

9-0

3-1

97

22

6-0

1-1

97

41

6-0

3-1

97

5

66

.“J

ag

Do

ot”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,29

81

1-0

9-1

97

22

2-0

6-1

97

42

3-0

3-1

97

5

67

.“J

ag

at

Pri

ya”

De

mp

o S

tem

ship

s Lt

d.,

21

,39

33

0-0

8-1

97

30

3-1

0-1

97

43

0-1

1-1

97

5

68

.“S

ag

ari

ka-1

” O

il &

Na

tura

l G

as

Co

mm

issi

on

(Su

pp

ly c

um

Cre

w V

ess

el)

05

-04

-19

74

07

-08

-19

75

28

-02

-19

76

69

.“J

ag

Dh

ir”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,38

32

8-0

1-1

97

41

4-0

3-1

97

52

0-0

3-1

97

6

70

.“S

ag

ari

ka-2

” O

il &

Na

tura

l G

as

Co

mm

issi

on

(Su

pp

ly c

um

Cre

w V

ess

el)

18

-12

-19

74

30

-11

-19

75

30

-03

-19

76

71

.“J

ag

Dh

arm

a”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,42

02

6-0

6-1

97

42

4-0

7-1

97

50

6-0

9-1

97

6

72

.“I

nd

ian

Exp

lore

r” I

nd

ia S

tea

m S

hip

Co

mp

an

y L

td.,

14

,08

90

7-1

0-1

97

41

7-1

1-1

97

53

0-1

0-1

97

6

Ships Built


S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

73

.“J

ag

De

esh

” T

he

Gre

at

Ea

ste

rn S

hip

pin

g C

om

pa

ny L

td.,

21

,40

61

6-0

3-1

97

63

0-0

3-1

97

61

2-0

3-1

97

7

74

.“D

am

od

ar

Ga

nga

” D

am

od

ar

Bu

lk C

arr

iers

Ltd

.,2

1,3

65

26

-07

-19

75

24

-10

-19

76

25

-06

-19

77

75

.“I

nd

ian

Gra

ce”

Ind

ia S

tea

m S

hip

Co

mp

an

y Lt

d.,

21

,28

32

1-1

1-1

97

52

3-1

2-1

97

62

9-0

3-1

97

8

76

.“I

nd

ian

Glo

ry”

Ind

ian

Ste

am

Sh

ip C

om

pa

ny L

td.,

21

,34

42

6-0

2-1

97

60

4-0

8-2

97

72

7-1

0-1

97

8

77

.`“

Jala

Go

da

vari

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

om

pa

ny

Ltd

.,2

0,9

14

02

-07

-19

76

16

-03

-19

78

16

-04

-19

79

78

.“J

ala

go

vin

d”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

mp

an

y L

td,

20

,86

82

5-1

0-1

97

60

3-1

1-1

97

80

5-1

2-1

97

9

79

.“J

ala

go

pa

l” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

om

pa

ny L

td.,

20

,85

01

2-0

4-1

97

71

1-0

7-1

97

91

1-0

9-1

98

0

80

.“J

ala

go

uri

” T

he

Sci

nd

ia S

tea

m N

avi

ga

tio

n C

om

pa

ny L

td.,

20

,85

42

5-1

0-1

97

70

1-1

2-1

97

92

7-0

3-1

98

1

81

.“

Ten

ne

ti”

Hin

du

sta

n S

hip

yard

Ltd

.,(L

an

din

g C

raft

)2

9-1

0-1

98

00

6-0

5-1

98

12

9-0

9-1

98

1

82

.“S

tate

of

Ha

rya

na

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,70

01

9-0

3-1

97

92

7-0

7-1

98

01

6-0

6-1

98

3

83

.“N

an

d R

ati

” E

ssa

r B

ulk

Ca

rrie

r Lt

d.,

26

,71

00

9-0

3-1

98

13

0-0

1-1

98

31

6-0

7-1

98

4

84

.“S

tate

of

Gu

jara

t” T

he

sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,78

93

0-0

5-1

97

90

3-0

6-1

98

11

2-1

2-1

98

4

85

.“S

am

ud

rika

-4”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

31

22

-04

-19

84

24

-11

-19

84

09

-12

-19

85

86

.“S

am

ud

rika

-5”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

40

22

-05

-19

84

10

-03

-19

85

19

-03

-19

86

87

.“L

ok M

ah

esw

ari

” B

ulk

Ca

rrie

r, S

DF

C /

Mo

gh

ul

Lin

e L

td.,

26

,72

80

3-1

0-1

98

12

0-0

8-1

98

33

1-0

3-1

98

6

88

.“S

am

ud

rika

– 6

” O

PS

SV

Oil

& N

atu

ral

Ga

s C

om

mis

sio

n1

,24

01

2-0

8-1

98

42

9-0

1-1

98

52

4-0

9-1

98

6

89

.“S

tate

of

Ori

ssa

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,80

60

5-1

2-1

97

91

0-0

1-1

98

20

8-0

7-1

98

6

90

.“P

rab

hu

Da

ya”

Tola

ni

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

26

,71

30

4-0

2-1

98

32

5-1

1-1

98

40

2-0

3-1

98

7

91

.“S

am

ud

rika

-7”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

42

12

-08

-19

84

23

-06

-19

86

28

-05

-19

87

92

.“S

ag

ar

Bh

ush

an

” (D

rill S

hip

) O

il &

Na

tura

l G

as

Co

mm

issi

on

9,1

13

12

-08

-19

84

18

-08

-19

85

04

-11

-19

87

93

.“L

ok R

aje

swa

ri”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,6

39

05

-03

-19

82

16

-07

-19

84

27

-10

-19

88

94

.“

Mu

nd

esw

ari

” –

C.I

.W.C

82

5

(Ba

rge

)1

-8-1

98

72

7-1

0-1

98

80

3-0

3-1

98

9

95

.“

Ma

nja

ri”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

10

-11

-19

88

03

-03

-19

89

96

.“

Ma

ha

na

di”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

27

-10

-19

88

03

-03

-19

89

97

.“

Ma

nd

akin

i” –

C.I

.W.C

82

5

(Ba

rge

)1

-8-1

98

71

0-1

1-1

98

80

3-0

3-1

98

9

Ships Built


S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

98

.“

Ma

tla

” –

C.I

.W.C

82

5

(Ba

rge

)1

-8-1

98

71

0-0

1-1

98

90

3-0

3-1

98

9

99

.“

Arg

o”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

07

-02

-19

89

03

-03

-19

89

10

0.

“Lo

k P

raka

sh”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,7

90

19

-07

-19

84

24

-03

-19

85

12

-04

-19

89

10

1.

“Lo

k P

rem

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

26

,71

43

0-0

3-1

98

52

9-0

5-1

98

72

3-0

2-1

99

0

10

2.

“IN

S S

avit

ri”

OP

V,

Ind

ian

Na

vy

OP

V2

5-0

6-1

98

82

3-0

5-1

98

92

0-1

1-1

99

0

10

3.

“IN

S G

ha

ria

l” G

RS

E /

In

dia

n N

av

yLS

TL

30

-11

-19

89

01

-04

-19

91

02

-05

-19

91

10

4.

“IN

S S

ara

yu

” O

PV

, In

dia

n N

avy

OP

V2

5-0

6-1

98

81

6-1

0-1

98

91

04

-10

-19

91

10

5.

“IN

S S

ha

rad

a”

Ind

ian

Na

vy

OP

V1

6-0

6-1

98

92

2-0

8-1

99

01

6-1

2-1

99

2

10

6.

“IN

S P

rata

p”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,7

18

28

-08

-19

85

31

-07

-19

88

28

-06

-19

93

10

7.

“IN

S S

uja

ta”

OP

V,

Ind

ian

Na

vy

OP

V1

6-0

6-1

98

92

3-1

0-1

99

10

3-1

1-1

99

3

10

8.

“Am

bic

a”

HS

D O

ile

r In

dia

n N

av

y1

,00

00

1-0

9-1

99

31

0-1

2-1

99

42

3-0

1-1

99

5

10

9.

“Ma

ha

rash

tra

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

18

-09

-19

86

23

-09

-19

92

06

-01

-19

96

11

0.

“Sw

ata

ntr

a”

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

30

T.B

.P T

ug

10

-09

-19

94

29

-03

-19

97

12

-09

-19

97

11

1.

“M.V

. G

oa

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

20

-11

-19

94

22

-03

-19

96

15

-01

-19

98

11

2.

M.V

. S

wa

raj

Dw

ee

p –

A &

N A

dm

inis

tra

tio

n1

20

0 P

ass

en

ge

r-cu

m-

Ca

rgo

Ve

sse

l2

2-0

3-1

99

41

1-1

2-1

99

60

9-1

2-1

99

9

11

3.

“Ma

ha

tma

” –

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

50

T B

.P.

Tug

05

-07

-19

98

22

-03

-19

99

17

-01

-20

00

11

4.

“Sa

rda

r P

ate

l” T

he

Vis

akh

ap

atn

am

Po

rt T

rust

50

T B

.P.

Tug

05

-07

-19

98

22

-03

-19

99

27

-05

-20

00

11

5.

“M.V

.Ta

mil

Na

du

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

13

-04

-19

97

21

-10

-19

98

15

-09

-20

00

11

6.

“M.V

. R

AN

GA

T”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

30

-09

-19

99

27

-10

-20

00

16

-10

-20

01

11

7.

M.V

. B

AR

ATA

NG

” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l3

0-0

9-1

99

92

7-1

0-2

00

01

7-0

1-2

00

2

11

8.

“M.T

KA

BIN

I” –

Ne

w M

an

ga

lore

Po

rt T

rust

50

T B

.P.

Tug

17

-08

-19

99

19

-04

-20

01

03

-08

-20

02

11

9.

“I.N

.S

GA

J” -

A

TV

P H

.Q (

Ind

ian

Na

vy)

25

T B

.P T

ug

18

-01

-20

00

31

-08

-20

01

04

-10

-20

02

12

0.

“M.T

. T

IRA

CO

L -

II”

– M

arm

uga

o P

ort

Tru

st4

5T

B.P

. Tu

g1

1-1

0-1

99

91

5-1

1-2

00

13

1-0

3-2

00

3

12

1.

“M.V

. C

HO

ULD

AR

” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l1

0-1

1-1

99

90

5-0

1-2

00

11

0-1

1-2

00

3

Ships Built


S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

12

2.

“M.T

. C

HA

PO

RA

- I

I” –

Ma

rmu

ga

o P

ort

Tru

st4

5T

B.P

. Tu

g1

1-1

0-1

99

92

5-0

1-2

00

22

4-1

2-2

00

3

12

3.

“M.V

. T

EA

L” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l1

0-1

1-1

99

90

5-0

1-2

00

12

9-0

1-2

00

4

12

4.

“M.V

. Jo

lly B

uo

y”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

18

.11

.19

99

23

.04

.20

01

20

.05

.20

04

12

5.

“F.C

Ra

vi B

” –

M/s

Sa

rat

Ch

att

erj

ee

& C

o.

17

.5 T

on

s F

loa

tin

g C

ran

e2

9.0

2.2

00

00

5.0

9.2

00

30

9.0

5.2

00

4

12

6.

“M.V

. W

an

do

or”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

18

.11

.19

99

23

.04

.20

01

15

.07

.20

04

12

7.

FR

P L

au

nch

– V

isa

kh

ap

atn

am

Po

rt T

rust

Lau

nch

02

.01

.20

05

12

8.

“M.V

. H

ut

Ba

y”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

06

.10

.20

02

11

.02

.20

05

12

9.

“G.H

.D.

Sa

ga

r D

urg

a”

– V

isa

kh

ap

atn

am

Po

rt T

rust

50

0 M

3 D

red

ge

r3

0.0

9.1

99

90

5.0

9.2

00

30

9.0

2.2

00

5

13

0.

1st .

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

02

.02

.20

05

13

1.

2nd B

arg

e f

or

A &

N A

dm

inis

tra

tio

n1

0 x

8 x

2 M

ete

rs0

2.0

2.2

00

5

13

2.

3rd

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

02

.02

.20

05

13

3.

4th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

08

.02

.20

05

13

4.

5th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

11

.02

.20

05

13

5.

6th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

08

.02

.20

05

13

6.

“M.V

. S

tra

it I

sla

nd

” A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

11

.01

.20

03

20

.05

.20

05

13

7.

“M.V

.Jh

an

si R

an

i fo

r V

isa

kh

ap

atn

am

Po

rt T

rust

50

T B

.P.T

ug

03

.11

.20

00

17

.06

.20

03

01

.09

.20

05

13

8.

OR

V S

ag

ar

Ma

nju

sha

, N

ati

on

al

Inst

itu

te o

f O

cea

n T

ech

no

log

yB

uo

y T

en

de

r cu

m

Re

sea

rch

ve

sse

l2

3.1

2.2

00

40

3.1

1.2

00

51

4.0

6.2

00

6

13

9.

M.L

.Ra

dh

a N

ag

ar

for

A &

N.

Ad

min

.U

tility

La

un

ch1

8.0

7.2

00

6

14

0.

M.L

Utt

ava

fo

r A

& N

Ad

min

.U

tility

La

un

ch1

8.0

7.2

00

6

14

1.

M.L

.Nim

bu

tala

fo

r A

& N

Ad

min

.U

tility

La

un

ch0

2.1

1.2

00

6

14

2.

M.L

.Nil

am

ba

r fo

r A

& N

Ad

min

.U

tility

La

un

ch0

2.1

1.2

00

6

14

3.

M.V

.Go

od

Pro

vid

en

ce,

for

30

,00

0 D

WT

Tra

de

r

M/s

. G

oo

de

art

h M

ari

tim

e L

imit

ed

(G

ML)

, C

he

nn

ai

seri

es

Bu

lk c

arr

ier

29

.07

.20

05

22

.01

.20

07

31

.05

.20

07

Ships Built


14

4.

M.V

. G

oo

d P

rin

ces,

fo

r G

ML,

Ch

en

na

i.3

0,0

00

DW

T T

rad

er

seri

es

Bu

lk c

arr

ier

18

.01

.20

06

16

.05

.20

07

23

.01

.20

08

14

5.

M.V

.Go

od

Pa

cifi

c, f

or

GM

L, C

he

nn

ai

30

,00

0 D

WT

Tra

de

r

seri

es

Bu

lk c

arr

ier

02

.01

.20

07

03

.01

.20

08

07

.05

.20

08

14

6.

M.V

.Ka

vara

tti,

fo

r U

TL

Ad

min

istr

ati

on

70

0 P

ass

en

ge

rs-1

60

T

Ca

rgo

ve

sse

l2

1.1

0.2

00

01

4.0

2.2

00

52

7.0

6.2

00

8

14

7.

“M.V

. B

am

bo

oka

” fo

r A

& N

Ad

min

istr

ati

on

15

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

14

.06

.20

04

06

.11

.20

08

14

8.

“M.V

. N

ort

h P

ass

ag

e f

or

A &

N A

dm

in.

15

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

14

.06

.20

04

06

.11

.20

08

14

9.

M.V

. Ja

l Su

dh

ak,

for

Vis

akh

ap

atn

am

Po

rt T

rust

Oil

reco

very

an

d p

ollu

tio

n

con

tro

l ve

sse

l1

8.1

0.2

00

31

5.1

0.2

00

82

7.0

4.2

00

9

15

0.

M.V

. G

oo

d P

ilg

rim

s fo

r G

ML,

Ch

en

na

i3

0,0

00

DW

T T

rad

er

seri

es

Bu

lk c

arr

ier

18

.12

.07

14

.11

.20

08

10

.08

.20

09

15

1.

M.T

Isw

ari

, fo

r N

ew

Ma

ng

alo

re P

ort

Tru

st3

2-T

. B

olla

rd P

ull t

ug

20

-01

-07

05

.06

.20

08

17

.08

.20

09

15

2.

M.V

. G

oo

d P

rid

e f

or

GM

L, C

he

nn

ai

53

,00

0 D

WT

Dia

mo

nd

seri

es

Bu

lk c

arr

ier

09

.01

.20

08

23

.03

.20

09

12

.04

.20

10

15

3.

M.V

.Go

od

Pre

ced

en

t fo

r G

ML,

Ch

en

na

i5

3,0

00

DW

T D

iam

on

d

seri

es

Bu

lk c

arr

ier

21

.03

.20

09

29

.03

.20

10

05

.02

.20

11

15

4.

Mr.

A.W

. D

elim

a f

or

VP

T, V

isa

kh

ap

atn

am

50

-T B

olla

rd p

ull T

ug

21

.03

.20

09

14

-07

-20

10

30

-12

-20

11

15

5.

Ra

ni

Ab

ba

kka

fo

r In

dia

n C

oa

st G

ua

rdIn

sho

re P

atr

ol

Ve

sse

l2

5-0

6-2

00

72

8-0

5-2

00

90

5-0

1-2

01

2

15

6.

M.V

. G

oo

d T

rad

e f

or

GM

L, C

he

nn

ai

53

,00

0 D

WT

Dia

mo

nd

31

-03

-20

10

31

-03

-20

11

17

-02

-20

12

Se

rie

s B

ulk

Ca

rrie

r

S.N

O.

Nam

e of

the

Shi

p /

Nam

e of

the

Ow

ner

Dead

Wei

ght

Date

of

Layi

ngDa

te o

fDa

te o

f

Tonn

esKe

elLa

unch

ing/

Floa

ting

Deliv

ery

Ships Built

60th annual report 2011-12

Documents