62nd annual report 2013-14

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 Address . . . . 02

Notice . . . . 05

Directors’ Report . . . . 07

Corporate Governance Report . . . . 18

Management Discussion & Analysis Report . . . . 28

Auditors’ Report . . . . 39

Comments of the C & AG of India . . . . 44

Balance Sheet . . . . 46

Profit & Loss Accounts . . . . 47

Notes to the Accounts . . . . 48

Notes forming part of Accounts . . . . 58

Cash Flow Statement . . . . 71

Social Overheads . . . . 72

Last 10 years at a glance . . . . 74

Ships built . . . . 76

Contents

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 !

BOARD OF DIRECTORS(As on date of AGM)

RAdm N K MishraNM, IN (Retd.)

Chairman & Managing Director

Shri Ashok KK MeenaIAS

VAdm A V SubhedarAVSM, VSM

Shri Skand R TayalIFS (Retd.)

Independent Director

Shri Samirendra ChatterjeeIAS (Retd.)

Independent Director

Cmde KS SubramanianNM, IN (Retd.)

Director (Shipbuilding)

Cmde Ashok BhalVSM, IN (Retd.)

Director (Strategic Projects)

BANKERS

• Indian Bank

• State Bank of India

• UCO Bank

• Syndicate Bank

• Andhra Bank

• Canara Bank

Shri V R S Naga SarmaChief Financial Officer &

General Manager (Finance)

Registered Office :Gandhigram Post Office,

Gandhigram, Visakhapatnam - 530005

PERMANENT SPECIAL INVITEES

VAdm K R NairAVSM, VSM

Chief of Materiel, Indian Navy

VAdm A G ThapliyalAVSM & Bar

DG, Indian Coast Guard

Shri Rajnish KumarAddl. FA & JS (RK), MOD

RAdm Anil Kumar SaxenaNM

DGND, Indian Navy

Dr V Bhujanga RaoDS, CCR & D, DRDO

Shri Inaitula BaigCompany Secretary

Corporate Identity Number (CIN)U74899AP1952GOI076711

STATUTORY AUDITORS

M/s B V Rao & Co.Chartered Accountants, Visakhapatnam

COST AUDITORS

CMA U PrakashCost Accountant, Visakhapatnam

INTERNAL AUDITORS

M/s Ambica & IshaChartered Accountants, Visakhapatnam

2 Hindustan Shipyard Limited

CHAIRMAN’S STATEMENT IN 62nd AGM

Dear Shareholders,

1. I have the great pleasure in welcoming you to this 62nd Annual

General Meeting of your company and share some of significant

achievements during the year under review. The Directors Report, &

Audited Financial Statements have already been circulated to you,

with your permission, I take them as read.

2. Before I move to performance of our company, I would like to

highlight the some of the issues of Global Shipbuilding vis-a-vis Indian

Shipbuilding Industry.

World Shipbuilding Industry

3. Global Shipbuilding Industry continues to be dominated by China, Korea and Japan. In the interim, other

countries such as Vietnam, Brazil and Philippines and Turkey have made impressive inroads. The global recession,

that severely hit the Industry in beginning 2009, is now showing signs of improvement. By end of 2014, it is hoped

that the Industry will recover and this heralds good fortunes for HSL.

Shipbuilding Industry in India

4. India has an extensive coastline of more than 7,515 km and has a pool of trained man-power that best suits

shipbuilding Industry. However, Indian shipbuilding industry has not been able to capitalize its strengths and remains

far behind in the international stage.

5. As per an analysis conducted by ASSOCHAM, Indian Shipbuilding & Ship Repair Industry is likely to witness

opportunities worth Rs 25,000 Cr in coming years as over 41% of Indian ships have crossed 20 years of operations.

India has a total of 1,122 ships in its fleet and 41 per cent of this fall in the age group of 20 years and more.

Considering that the average life of a shipping vessel is about 26 years, most of the existing vessels need to be

replaced. An average cost of constructing a large vessel is about $100 million. Therefore, the size of this opportunity

would be $3.3 billion.

6. Commercial ship construction at Indian shipyards is dwindling and all private shipyards are now looking for

share in the Defense Shipbuilding which is commercially very attractive. There is also a trend to encourage

participation of private yards in defence shipbuilding. This will throw major challenges to HSL in the coming years.

7. Now I move ahead to the major highlights of your Company and its performance during the period under

review.

Major Highlights

8. The Major highlights of the year 2013-14 are as under

(a) Despite severe financial crisis, the yard has delivered five vessels during the year under review.

(b) Some of the noteworthy achievements are as follows

(i) Delivery of Second of 05 nos Inshore Patrol Vessels for Indian Coast Guard.

(ii) Delivery of M V Good Day, fourth of 05 nos (53000 DWT) Bulk Carriers to M/s GML, Chennai

(iii) Launching & Delivery of 03 nos. 50 Ton Bollard Pull Tugs to Indian Navy

(iv) Repair of 20 Vessels of different types for Indian Navy, DCI, ONGC and VPT etc..

(v) The refit of INS Sindhukirti and Project VC 11184 has been put back on track.

Chairman's Statement

3Annual Report 2013-14

Performance

9. The total income of the company during the year is Rs 519.07 Cr as compared to Rs 562.50 Cr of last year.

Your company has recorded a loss of Rs 46.21 Cr during the said financial year. The losses in the Financial Year

2013-14 are mainly attributable to lean Order Book, reduction in turnover, increase in Pay & Benefits and provision

towards liquidated damages. Consequently, the accumulated losses are increased to Rs 1117.37 Cr as on 31 Mar

2014.

10. As reported last year, your company’s financial position continues to be poor and a cause of concern. It has

not been possible to obtain loans from Banks due to the yards poor financial parameters. Notwithstanding above,

the yard has put all efforts to continue production from its internal accruals and funds drawn from RRMI. In order to

ease out the situation, the company has drawn Rs 110 Cr (approx) from the Refurbishment & Replacement of

Machineries & Infrastructure (RRMI) funds for completion of IPVs, Tugs and Sindukirthi submarine etc. The same

would be replenished from the receivables of the said projects. This has been done with the approval of the Board.

Present State of the Yard

11. Our yard is equipped with huge docks, large slipways and adequate carnage. We have a water front of 1000 M

with alongside depth of 10 M all year round. These facilities are conducive to build large ocean going vessels and far

outweigh facilities at other DPSU yards. Keeping this in mind, and that the yard is co-located with large Naval

Establishments, the yard was brought under administrative control of Ministry of Defence in 2010 to undertake

construction of strategic vessels. Pending said transfer, the yard was directed not to take any orders of commercial

ships, presumably to keep the assets at HSL ready for building strategic vessels.

12. Things have changed since the transfer to MoD. Construction of strategic assets has been shelved. The yard is

languishing with orders of only 12 small tugs. Although, some big projects have been nominated, these are with

riders which make them economically unattractive and even these have been inordinately delayed. In the interim,

Defence Procurement Policy has been amended which promotes competition with private shipyards. Accordingly,

HSL is being denied orders on nomination and made to compete with economically sound private yards. In contrast,

other DPSU yards continue to enjoy orders on nomination.

13. It is a myth that HSL is inefficient. This has created such negativity that HSL was not even given RFP for ASW

Crafts and also not nominated for Fleet Support Ships. However, despite serious financial constraints the present

management have been able to put EKM refit and P-11184 back on track. All naval refits during last three years

have been completed on time and few of them which were required for operational commitments have been

delivered before time. In the last FY, the yard delivered 05 new ships, largest amongst all yards (including DPSU

yards) in the country. As regards performance, the net loss of the yard in last three years have been diminishing

year on year (2011-12 Rs 86 Cr, 2012-13 Rs 55 Cr & Rs 2013-14 Rs 46 Cr)

14. With your permission, now I would like to move ahead with some other aspects of the company.

Grading vide Memorandum of Understanding

15. The Performance of the company for the year, based on self appraisal is “Good” in terms of the MoU signed

with the Ministry of Defence.

Corporate Governance

16. Your Company constantly endeavors 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 carry out 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 to the adopted corporate values and

objectives and discharging social responsibilities as a responsible corporate citizen. A detailed report on Corporate

Governance forms part of the Directors Report.



Financial Restructuring

17. As reported in our earlier reports, the Govt. of India has already sanctioned two Financial Restructuring

Packages to the yard. One in 1997 and another in 2011. Both the Financial Restructuring packages failed to turn

around the yard as both packages did not address the issue of Negative Net worth, Working Capital and Order Book

Improvement. The restructuring packages have addressed only to clear of the legacy liabilities and did not fetch any

financial support towards working capital.

18. This issue has been brought to the notice of Ministry of Defence and in order to turn around the yard, a Fresh

Financial Restructuring proposal to turn net-worth positive and provide working capital has been forwarded to the

Ministry. Presently, the proposal of the yard is under consideration at Ministry.

Future Outlook

19. Our strategic location, well laid out facilities, expertise and experience of our personnel and a conducive

market are indicative of a bright future for the yard. However, the current financial constraints need to be tackled

to remain alive. High value orders such as LPDs and SOVs are on the horizon and thus will increase our Order book

from Rs. 1500 Cr now to at least Rs.12,000 Cr in next two years. The aging workforce would retire in next 2-3 years

and will open avenues for induction of new workforce. We have already inducted around 60 Management Trainees

in last two years and they would be trained to tackle the new orders. Overall the future is bright but the present

dark clouds of financial constraints needs immediate attention.

Human Resource Development

20. Attrition of Permanent workforce is an emerging concern of the yard. In order to tide over the issue and

considering the financial position of the yard, inductions in critical areas are being done through direct recruitment.

Recently, the yard has recruited 31 Management Trainees besides lateral induction.

21. Your company continues to impart training to the new entrants and existing employees as well to increase

the productivity. Your company believes that Human Resource of the company is a valuable asset and put its best

efforts to nurture it through proper training & motivation.

Acknowledgements

22. I would like to conclude by thanking Central and State government authorities, the Ministry of Defence, the

Naval and coast guard authorities, the Dredging Corporation of India Limited, Shipping Corporation of India Limited,

The Oil & Natural Gas Corporation Limited , M/s Good Earth Maritime Limited and the Shareholders for the trust

they have reposed on us. I would like to place on record our thanks to the Comptroller & Auditor General of India,

the Principal Director of Commercial Audit and Ex-Officio Member, the Statutory Auditors, Internal Auditors for the

valuable suggestions and co-operation. I also acknowledge with gratitude the continual assistance and guidance

received from Indian Navy and Coast Guard. Last but not the least I appreciate the vital role and hard work put in by

all employees of the company to achieve its Goal and Board of Directors who have supported the company to

sustain in the tough times.

Jai Hind.

Visakhapatnam (N K Mishra)

23 Sep 2014 Rear Admiral , IN (Retd.)




NOTICE OF

62nd ANNUAL GENERAL MEETING

NOTICE is hereby given that the 62nd Annual General meeting of the Shareholders of the Hindustan Shipyard Ltd.,

will be held on Tuesday, the 23rd September, 2014 at 1200 hours at Registered Office at the Board Room, HSL

Registered & Corporate Office, Gandhigram, Visakhapatnam-530 005 to transact the following business:

1. Ordinary Business:

(a) To receive, consider and adopt the Directors’ Report and the Audited Accounts for the year

ended 31 March, 2014 along with the Auditors Report thereon.

(b) To fix the remuneration of the Auditors to be appointed by the Comptroller & Auditor General of India

for the financial year 2014-15.

2. SPECIAL BUSINESS

(c) To approve the remuneration of the Cost Auditors for the financial year ending 31 Mar 15 and in this

regard to consider and if thought fit, to pass with or without modification(s) the following resolution as an

Ordinary Resolution.

“RESOLVED THAT, pursuant to the provisions of Section 148 and all other applicable provisions

of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules,2014 (including any

statutory modification(s) or re-enactment thereof, for the time being in force), the cost Auditors

appointed by the Board of Directors of the Company, to conduct the audit of the cost records of

the Company, for the financial year ending 31 Mar 2015, be paid the remuneration as set out in

the Statement annexed to the Notice convening this Meeting.

RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to

do all acts and take all such steps as may be necessary, proper or expedient to give effect to this

resolution.”

By order of the Board

Hindustan Shipyard Limited

Visakhapatnam (Inaitula Baig)

11th Jul 2014 Company Secretary

Notice


Notes :

1. A member entitled to attend and vote at the Annual General Meeting (the “Meeting”) is entitled to appoint

a Proxy to attend and vote instead of himself and a proxy need not be a member of the Company. The

instrument appointing proxy should, however, be deposited at the Registered Office of the Company not less

than 48 hours before the commencement of the meeting.

2. A Statement pursuant to Section 102 (1) of the Companies Act 2013, relating to the special Business to be

transacted at the Meeting is annexed hereto.

3. Relevant documents referred to in the accompanying Notice and the Statement are open for inspection by

the Members at the Registered Office of the Company on all working days, during business hours up to the

date of the meeting.

4. The comments of the comptroller and Auditor General of India under section 619(4) of the Companies Act,

1956 on the Accounts of the Company have not been received so far. These are expected to be received

shortly and will be placed before the Meeting.

To

All the Shareholders,

Directors & Chairman of the Audit Committee.

Permanent Special Invitees

Statutory Auditors,

STATEMENT PURSUANT TO SECTION 102 (1) OF

THE COMPANIES ACT, 2013 (“the Act”)

Item No. (c)

The Board has approved the appointment of CMA Prakash Uppalapati, Practicing Cost & Management Accountant as

Cost Auditor to conduct the audit of the cost records of the Company for the financial year ending 31 Mar 15 at an

audit fee of Rs.50,000/- plus taxes.

In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)

Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the shareholders of the Company.

Accordingly, consent of the Members is sought for passing an Ordinary Resolution as set out at item No. (c) of the

Notice for ratification of the remuneration payable to the Cost Auditors for the financial year ending 31 Mar 2015.

None of the Directors / Key Managerial Personnel of the Company / their relatives are, in any way concerned or interested,

financially or otherwise, in the resolution set out at Item No.(c) of the Notice.

The Board recommends the Ordinary Resolution set out at Item No. (c) of the Notice for approval by the shareholders.

By Order of the Board


(InaitulaBaig)

Company Secretary

Date: 11 Jul 2014

Place: New Delhi

Notice


DIRECTORS’ REPORT FOR THE YEAR 2013-14

The Shareholders,


Gentlemen,

1. Your Directors are pleased to present the 62nd Annual Report on the working of the Company for the financial

year 2013-14. The audited Profit & Loss account for the financial year 2013-14, Balance Sheet, as on 31 Mar 14,

together with report of the auditors of the Company and comments of Comptroller & Auditor General of India on

the Auditors’ report under Section 619 (4) of the Companies Act, 1956 are appended to this report.

Capital Structure

2. As on 31 Mar 14, the authorised share capital and paid up equity share capital of the Company are at Rs

304.00 Cr and Rs 301.99 Cr respectively.

Performance Highlights

2. Financial Parameters. During the year 2013-14, your Company has recorded a loss of Rs 46.21 Cr. The stated

loss is due to reduction in Ship Repair turnover. With this, the accumulated losses as on 31 Mar 14 has increased to

Rs 1117.37 Cr as compared to Rs 1071.16 Cr reported last year. The negative net worth of the Company has increased

from Rs 769.17 Cr to Rs 815. 38 Cr

3. Value of Production. During the financial Year 2013-14, your Company achieved a value of production of

Rs 453.39 Cr.

4. MOU Rating. The performance of the Company during the year 2013-14 is expected to be rated as “Good” in

accordance with the MOU parameters signed with the Government.

Division-Wise Performance

Shipbuilding

5. The Shipbuilding Division of your Company has achieved a Value of Production of Rs. 239.14 Cr for 2013-14 as

against Rs.194.66 Cr in the previous year. The yard has set a target turnover of Rs 375 Cr for the current Financial

Year 2014-15

6. Delivery. During the Financial year 2013-14, the yard has delivered 05 Vessels which include one bulk carrier,

one IPV and three 50 T BP Tugs. This is the largest delivery amongst all private and DPSU yards in the country. This

is a record for the yard and considered a significant achievement as this has been achieved despite severe financial

crunch.

Directors Report

DHIRAJ, SAHAS & HIMMAT, 3 No 50 T BP Tugs delivered to Indian Navy


Directors Report

7. The following are the major events during the year 2013-14 :

Sl Events Date Description Owner

(a) Floating / 02 Aug 13 Dhiraj, Second of 03 Nos. 50 T Bollard Pull Tug Indian Navy

Launching 02 Aug 13 Sahas, Third of 03 Nos. 50 T Bollard Pull Tug Indian Navy

13 Jan 14 Himat, First of 03 Nos. 50 T Bollard Pull Tug Indian Navy

(b) Delivery 08 May 13 ICGS Rani Avantibai, second of 05 Nos. Inshore ICGPatrol Vessel

29 Jul 13 MV Good Day, fourth of 05 nos. (53000 DWT) M/s GMLBulk Carriers

24 Dec 13 Dhiraj, Second of 03 Nos. 50 T Bollard Pull Tug Indian Navy

24 Dec 13 Sahas, Third of 03 Nos. 50 T Bollard Pull Tug Indian Navy

31 Mar 14 Himmat, First of 03 Nos. 50 T Bollard Pull Tug Indian Navy

8 Order Book Position. The present order book of the yard comprise 24 Vessels, which are under various

stages of construction. As on 31 Mar 14, the value of Shipbuilding orders is worth Rs 1558.91 Cr. The details of the

order book are as under:

Sl Yard Nos Type of the Vessel Owner No of Balance

Vessels Contract

Value(In Rs Cr)

(a) 11140 53,000 DWT Diamond series GML, Chennai 1 36.88

Bulk Carriers

(b) 11156 – 58 Inshore Patrol Vessels Indian Coast Guard 3 12.15

(c) 11165 – 72 Inshore Patrol Vessels Indian Coast Guard 8 551.12

(d) 11173 – 74 50 T Bollard pull Tugs Kandla Port Trust 2 54.37

(e) 11175 – 77 25 T Bollard Pull Tugs Indian Navy 3 110.24

(f) 11178 – 83 10T Bollard Pull Tugs Indian Navy 6 122.13

(g) 11184 VC 11184 Indian Navy 1 672.02

Total 24 1558.91

Visit of VAdm B.K. Verma, AVSM, COS, ENC on 31st January 2014ICGS Rani Avantibai, second of 05 Nos. Inshore Patrol Vessel

delivered to Indian Coast Guard


Directors Report

9. Production/ Physical Performance. Shipbuilding production in DWT and capacity utilisation achieved during

the year 2013-14 as compared to previous year are as under:

(a) The Installed capacity of the yard is 3.5 Pioneer Class vessels, each of 21500 DWT. Hence, the annual

capacity of the yard works out to 75,250 DWT.

(b) As against this, the yard has achieved a capacity utilisation of 38,694 DWT which is 51.42 % of installed

capacity. The capacity utilisation for the last year was 49,458 DWT which translates to 65.73% capacity

utilisation. The reduction of the capacities utilisation is primarily attributed to Low Order Book and poor

financial health to support procurements of materials and payment to service providers.

(c) The man-hours consumed for each DWT in the current year is recorded as 44.68 manhrs against 46

man-hours recorded last year.

Ship Repairs

10. During the year, Ship Repair Division has undertaken repairs of 20 vessels of different types for Indian Navy,

DCI, SCI, ONGC & VPT etc. The Value of Production of Ship Repair Division during the year is Rs 68.70 Cr as against

Rs 152.98 Cr recorded last year. The decrease is due to overall recession in the maritime sector resulting in reduction

in high value Ship Repair orders. The yard has set a target turnover of Rs 150 Cr for the current Financial

Year 2014-15.

Submarine Repairs

11. During the year 2013-14, the Value of Production in respect of submarine repairs was Rs 145.56 Cr as against

Rs 134.79 Cr of the last year. The target Value of Production for Financial Year 2014-15 is Rs 125 Cr. The initial value

of the Contract was Rs 629.01 Cr, subsequently the Cost has been revised to Rs 990.52 Cr to cater for requirements

of additional material, documentation, infrastructure, Growth of Work, Taxes, Exchange Rate Variation and renewal

of main line cables. The Contractual DP of the project expired on 28 Feb 2014. Statement of Case for extension of

DP upto 31 Mar 2015 and additional sanction of Rs 80 Cr has been submitted to Indian Navy on 07 Feb 2014. The

hull repairs of the submarine have been completed and installation of Engineering, Electrical & Weapon equipment

and piping systems are in progress. The cumulative completion of work as on 31 Mar 14 is 85%.

Description In Rs. Cr

Ship Building Ship Repairs Retrofit Unallocated Total

VoP 239.13 68.70 145.56 0.00 453.39

Other Income 11.21 48.40 2.21 3.85 65.67

Total Income 250.34 117.10 147.77 3.85 519.06

Expenditure 246.24 21.20 87.42 0.00 354.86

Profit/(Loss) before Depreciation,

Interest and Income Tax (PBDIT) (87.56) 73.86 30.33 (46.06) (29.43)

Depreciation 5.59 0.40 1.54 0.00 7.53

Interest & Finance Charges 2.70 5.80 0.02 0.73 9.25

Net Profit / (Loss) (95.85) 67.66 28.77 (46.79) (46.21)

Operating Results

12. The summarised financial results of the Company for the year 2013-14 are as under: -


Directors Report

Contribution to National Exchequer

13. The contribution of your Company by way of Income tax, service tax, customs duty, excise duty and VAT to

the national exchequer is Rs 26.49 Cr during the year 2013-14.

Future Outlook

14. Backed by a blend of expertise and experience of serving the domestic shipping needs, HSL is now poised to

take up the challenges of the global market in a big way. With a major thrust towards diversification, the technological

capabilities of the yard are channeled to cater to the growing needs of Defence sector. HSL, under administrative

control of MoD, has already been earmarked to undertake construction of various war vessels including IPVs, LPDs

and submarines. Collaboration with specialists in the relevant field is on the anvil. Technology up-gradation is planned

in the critical areas. The Ministry has also pledged to place high value orders. Despite competition from new yards

that are coming up, the future of the yard is bright and with Defence orders, the yard can reach new heights.

Modernisation

15. The present infrastructure of yard is outdated and almost outlived 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 :

(a) Phase-I. Rs 457.36 Cr has been sanctioned by Govt. of India for Refurbishment & Replacement of Machinery

& Infrastructure (RRMI) under LPD Project. The amount was received on 23 Dec 11. As on date orders worth

Rs 41.43 Cr have been placed, out of which procurement/ work for an amount of Rs 13.07 Cr is completed.

Items Procured and works completed are Fire Tender, Fabrication of Building Dock Gate, Casting and repairs

of RCC keel blocks and installation of CCTV surveillance system etc. Tenders valued Rs 127.79 Cr is under

progress which includes Level luffing cranes at DDSR and new Panel Blasting & Painting Bay.

(b) Phase-II. The second phase of modernisation involves augmentation of infrastructure to enable construction

of sophisticated warships and strategic vessels for Indian Navy and Coast Guard. This would be funded through

Projects such as SOVs and P 75(I).

Design

16. During the year 2013-14, the design department has undertaken the following activities:

(a) Basic designs for 10 T Bollard Pull Tugs

(b) Detailed design of 50 T Bollard Pull Tugs for Kandla Port Trust and 25 T Bollard Pull Tugs for Indian Navy

have been completed successfully.

(c) During the period under review design capabilities of the yard have been augmented substantially to

meet the growing demand of Defence Ship buildings. The new softwares procured are as under.

(i) 40 Nos Aveva Marine CAD/CAM licenses.

(ii) Existing 25 Nos standalone AUTOCAD licenses increased to 35 nos networked AUTOCAD 2014

licences.

(d) Requisite training has also been imparted.

(e) Installation of Access Control System in DDO

(f) Design ToT contract for 08 IPVs Project for Indian Coast Guard has been signed with M/s Garden Reach

Shipbuilders and Engineers Limited.

(g) The Design office is now engaged with Validation of drawings submitted by M/s Vik Sandwik, Chennai

for project VC 11184.


Directors Report

Quality Assurance

17. During 23-24 Dec 13, Surveillance Audit for ISO 9001:2008 Quality Management System was undertaken by

IRQS, Mumbai and the ISO certificate validity was extended upto Sep 2014. In order to improve the quality

consciousness, an in-house lead auditor training course was conducted by IRQS, Mumbai during 13-17 May 14.

18. The Department of Defence Production, MoD had

declared Financial Year 2013-14 as “Year of Quality”. In

this regard following activities were conducted during the

year 2013-14.

(a) 03 Seminars with involvement of local PSUs

and 14 workshops on various topics by

eminent personalities from IRS, DNV, ABS etc.

(b) Quality meetings with Indian Navy & Indian

Coast Guard

(c) 07 Competitions on Quality Awareness

(d) Display of banners at important locations.

(e) Distribution of handouts of ISO 9001:2008

quality policy of organisation

(f) Institution of awards for best workshops and work centres

19. The Concluding session of Year of Quality 2013-14 was conducted on 30 Apr 2014. The Chief Guest of the

event was Shri C Sri Rama Murthy, Chief Operating Officer from IRS, Mumbai. The function was well attended and

prizes were distributed to winners of competitions conducted during 2013-14.

Safety

20. The management is committed to an accident free and safe working environment. During the year, Plant

Safety inspections were undertaken by safety personnel. Unsafe practices have been identified and remedial measures

have been indicated. During the period under review, regular Central Safety Committee meetings involving members,

co-opted members, other invitees, committee members and office bearers were conducted. Safety banners, posters,

caution boards are displayed in order to create safety awareness among employees.

21. Safety training programmes were organised for workmen and supervisors and employees of contract workers.

22. 43rd National Safety Day was observed on 04 Mar

14. The Chairman & Managing Director administered the

safety pledge to all personnel of the yard. Safety

competitions were conducted during the Safety Week and

Prizes were distributed to winners. Employees of the yard

were deputed to participate in safety competitions

conducted by the Andhra Pradesh Chapter of National

Safety Council, Hyderabad and Shri S K Durga Prasad did

HSL proud bagging First prize in Telugu Essay Writing and

Telugu Poem contest.

National Safety Day on 4th March 2014

Presentation on Quality by Sri Amith Bhatnagar,

Principal Surveyor, IRS on the eve of Year of Quality 2013-14


Directors Report

23. Fire Service Week was observed during 14 - 20 Apr 13 to create fire safety awareness. Lecture-cum-

Demonstration was organised by Fire Service Department. The function was well attended by all personnel of the

yard.

Information Technology

24. Following IT initiatives were undertaken during the year.

(a) Employee self-service applications have been developed in-house and available on HSL intranet portal

to provide information on Individual Provident Fund Balance, Nominee details etc.

(b) The Servers have been upgraded to improve the performance of ERP application and the storage space

of intra-mail communications have been enhanced.

(c) Unified Storage Solution has been implemented to provide secured, encrypted central enterprise storage

space for data sharing requirements of LAN users across the yard.

Environmental Aspects

25. 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 to maintain

and protect the environment.

Industrial Relations

26. During the year 2013-14, the Industrial Relation of

the Company remained peaceful and harmonious.

Welfare Activities

27. Your Company’s concern for the welfare of the employees continues to be paramount and during the year

various welfare measures were implemented. Hindustan Shipyard Recreation (HSR) club assisted by the Company

to undertake various recreation activities for the employees. The Company has renovated and refurbished Crèche

facility provided for the Children of Lady employees. HSR Club organised 67th Independence Day and 65th Republic

Day celebrations on 15 Aug 2013 and 26 Jan 2014 respectively at Colony Parade Ground. Cultural Programes were

also organised by the HSR Club on these occasions.

Plantation of Sapling by Sri Ashok K.K. Meena, JS (NS), MOD

Fire Week Celebrations on 14 – 20 April 2014


Directors Report

Training

28. A large number of ITI Apprentices were trained on designated trades. During the year 2013-14, 229 Trade

Apprentices have successfully completed their training and were awarded National Apprenticeship Certificates by

Govt of India, Ministry of Labour and Employment, NCVT, RDAT, Hyderabad. Presently 212 Trade Apprentices are

undergoing apprenticeship training under the Apprentices Act.

29. Training was also imparted to Graduate Engineers and Diploma Holders. 20 Engineering Graduates, 04

Technician (Diploma) Apprentices were trained under the Apprentices Act and awarded Certificate of Proficiencies

by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training (SR), Chennai.

30. The yard also provided on job training and extended facilities for project work to 1114 students of various

Engineering Colleges, Management Institutions and marine Institutions.

Gender Budgeting

31. In pursuance of the directives 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 92 women employees in the yard.

Medical Benefits

32. Your Company runs two dispensaries. The dispensary in the yard works from 07 AM to 10 PM and the other

at residential colony works round the clock to cater for the needs of employees and their dependents. Two ambulances

are available at yard dispensary round the clock. Outpatient medical facilities are extended through a panel of

doctors. Medical facilities are being extended to the employees through referral hospitals and full medical expenses

are being borne by the company in case of hospitalisation due to accidents that occur while on duty. Under referral

system, there are five hospitals which are used for in-patient treatment. The Company bears medical expenses

which are directly paid to the concerned hospitals. Majority of employees and their dependents are covered under

the Medical Reimbursement Scheme for hospitalisation. During the year, an amount of Rs 4.72 Cr was expended

towards medical treatment of employees and their dependents. For crane operators and drivers, annual Eye Check

up by Ophthalmologist from Government Hospital, were arranged. Medical checkups to all Staff and Workmen of

the Company who have crossed more than 50 years of age are taken up under occupational health service. All

retired employees both self and spouse are issued Medical cards to get concessional rates in clinical /lab charges,

without any additional financial burden for the yard.

Celebration of Independence Day


Directors Report

Reservation of Posts for SCs/STs

33. 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, recruitments made & numbers filled by members

of SCs/STs during the calendar year 2013 and

representation of Ex-Servicemen & Women employees are

placed at annexure 3, 4 & 5 respectively.

Reservation for Physically Handicapped

34. Reservation for physically handicapped in all groups

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

directives of Govt. of India. Present percentage of

physically handicapped employees is 3.01% as against

required 3%.

Official Language Implementation

35. Official Language Implementation Committee

meetings and Hindi Workshops were held regularly. Under

‘Hindi Teaching Scheme’, training classes for Hindi Learning

& Typing were conducted for the employees. During the

year, 80 employees participated in Hindi workshops. To

ensure, compliance of Official language policy of Govt. of

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

monthly incentive scheme is being followed. The Annual

Report, MOU and other documents of the company are

being issued bilingually. To encourage the employees to

read Hindi books, a separate Hindi Library has been set

up. Presently the library has 350 books.

36. Hindi Fortnight was observed during 01-14 Sep 2013. On this occasion, various competitions were organised

and cash awards were presented to winners.

Implementation of Right to Information Act, 2005

37. 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 website of the Company is being maintained. Periodical reports on the

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

38. All necessary information as per the provisions of RTI Act 2005 are being furnished to information seekers

regularly. During the year 2013-14, your Company received 103 applications (directly and through MoD) and all of

them have been replied.

Corporate Social Responsibility

39. The yard continues to show its commitment towards CSR even though it is not required to allocate dedicated

funds towards CSR being a loss making organization. As a part of it, the Board of Directors has constituted a Board

level sub-Committee on CSR and Sustainability and formulated a CSR & Sustainability Policy and Plan for the year

2013-14. The Chairman of the Committee is Shri Samirendra Chatterjee, IAS (Retd.), Non-official Part time Director.

40. A Senior Management Committee on CSR & Sustainability has also been constituted to monitor the

implementation of the CSR Plan for the year 2013-14. The Senior Management Committee is chaired by an officer

Hindi Day Celebrations

123rd Birth Anniversary Celebrations of Dr. B.R. Ambedkar


Directors Report

in General Manger Cadre with HODs/ Senior Officers from concerned Departments of the yard as its members. The

Committee overseen and implemented the CSR Plan for the year 2013-14.

41. The company has identified some of the need based CSR initiatives for the betterment of the local people and

society with minimum financial commitment. Towards this, an amount of Rs 1,05,000/- was spent during the year

2013-14. The following activities have been undertaken for the betterment of all stakeholders, local people and the

society at large as a part of CSR initiative of the Company:

CSR Activities

(a) World Ozone Day on 16 Sep 2013. A rally was conducted to create public awareness of the dangers of

Ozone depletion and the need to reduce use of CFCs, Carbon emissions etc by over two hundred school and

college students and staff from the educational institutions functioning in HSL township, Members of HSL

Rover Scouts and Scout band.

(b) International Coastal Cleanup Day on 21 Sep 13. 150 (Approx) enthusiastic school and college students

and Staff from educational institutions functioning in the HSL township in Gandhigram, members of the

Rovers Scouts, members of CSR Senior Management Committee of the Company participated to clean up the

sea shore along Varun Beach.

(c) Mega Medical Camps. On 20 Oct 13 & 30 Mar 14 two Mega Medical camps were organised for the

betterment of the weaker sections of society. Renowned Doctors of various specializations rendered their

valuable support for the cause and free medicines were distributed to needy patients. Around 1000 people of

weaker section benefitted from the camp.

(d) World Environment Protection Day. On 26

Nov 13, “World Environment Protection Day was

observed. Essay writing, quiz, slogan and debate

competitions were conducted and prizes were

distributed to winners. A street play titled “Vriksho

Rakshati Rakshitaha” was also staged at Main Gate,

which drew huge crouds and appreciated by one

and all. In addition members of school children,

teachers and Rover Scouts took out a rally to stress

upon the importance of environment protection.

(e) Blood Donation Camp. On 30 Nov 13, a Blood

Donation camp was organised in association with

Lions Club of Visakhapatnam. A record number of

254 employees of HSL donated blood. Senior Officers and members of the CSR Committee, Doctors and

Paramedical Staff including representatives of the Unions/Associations participated in the event.

(f) National Energy Conservation Day. On 14 Dec 2013, as a part of Energy Conservation day, the yard

organised a short play titled “Meere Aalochinchandi” in residential colony to create awareness among colony

residents regarding energy conservation.

(g) National Road Safety Week (11-17 Jan 14). On 17 Jan 2014, as a part of National Road Safety Week,

the yard organised “Sticking of Black Sticker” on the head light of vehicles to dissuade driving with high beam

at Scindhia Junction. Around 1500 vehicles (two wheelers/ four wheelers) were stickered by employees of

HSL and H.S. Rover Scouts with the help of local police.

(h) “Arrive Alive” campaign for Road Safety. 400 (Approx) students along with Lecturers & Teachers of

Hindustan Shipyard Junior College, HS Degree College, Gandhigram Vidya Nililayam and other educational

institutions participated in a rally on Traffic Safety Awareness organised by the yard.

Playlet on World Environment Protection Day on 26th November 2013


Directors Report

(i) Environment Protection. Saplings were planted in the yard by Chairman of CSR & Sustainability

Committee, Directors and many Senior Officers towards environment protection.

(j) Free Internship Training to Students. Free internship training was imparted to 52 students of

various colleges and educational institutions under CSR activity during the year 2013-14. Also, two

physically handicapped students were exempted from payment of fee towards Project and research

work at HSL under CSR initiatives during the year 2013-14.

(k) Augmentation of Libraries of Colleges run by

Gandhigram Education Society. HSL has taken

necessary steps to augment the libraries of the

colleges run by Gandhigram Education Society to

provide quality education to the students of

economically backward and weaker sections of the

society. Shri Samirendra Chatterjee, Chairman of the

CSR Committee handed over books worth

Rs.30, 000/- to the Principals of Junior and Degree

Colleges in the Colony.

Sustainability: Your Company has organised Training

Programs/ Workshops/ Seminars for Executives, Staff &

Workmen, Year of Quality and taken Energy Saving

Measures as part of its sustainability activities.

42. Apart from the above, the company also bears the expenditures towards electricity and water charges of the

six educational institutions functioning under Gandhigram Education Society (GES). The expenditure on this account

was Rs 71089/- during the year 2013-14.

Corporate Governance Report

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

Management Discussion and Analysis

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

Activities of Vigilance Department

45. Vigilance department in HSL is functioning under the guidance of Central Vigilance Commission and constant

vigil on various activities of HSL is being looked after by the department. Preventive Vigilance was the focus during

the period under review. The main thrust has been given to transparency in procurement through acceleration of e-

procurement and vendor development. Vigilance Awareness Week was observed from 28 Oct 13 to 02 Nov 13 to

emphasise the importance of enhanced probity and spread awareness against Corruption. As a part of Vigilance

Awareness Week, vigilance oath was administered and banners were displayed to create awareness. On 30 Oct

2013, a seminar was conducted on “Promoting Good Governance-positive contribution of vigilance”. Workshops

on the subject “Disciplinary proceedings & Tendering Procedures” were organised on 29 May 13, 20 Jun 13, 31 Jul

13 and 27 Sep 13 respectively through eminent speakers. During the year, rotation of employees in sensitive posts

has been done based on departmental exigencies, feasibility and work requirement.

Conservation of Energy

46. 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.

Shri Samirendra Chatterjee, Chairman of the CSR Committee

handed over books to the Principals of Junior and Degree Colleges


Directors Report

Particulars of Employees

47. During the year 2013-14, no employee of HSL drew remuneration in excess of Rs 60 Lakhs per annum, (ie Rs

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

the Companies (Particular of Employees) Amendment Rules 2011, be treated as ‘NIL’.

Statutory Auditors

48. M/s B V Rao & Co., Visakhapatnam had been appointed as Statutory Auditors of the Company for the financial

year 2013-14 by the Comptroller & Auditor General of India. The fees payable to Statutory Auditors for the year

2013-14 was Rs 1,60,000/- exclusive of Service tax and other pocket expenses.

The reply of the management to the observations of C&AG is placed at Annexure – 7.

Directors’ Responsibility Statement

49. 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 had been followed

along with proper explanation relating to material departures.

(b) That the Directors had 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 14 and the loss of the Company for the financial year ended 31 Mar 14.

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

in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

Acknowledgements

50. The Board of Directors acknowledge with gratitude, the valuable guidance & support received from the

Department of Defence Production, Ministry of Defence and Department of Public Enterprise. Your Directors are

particularly thankful to the valued customers i.e. Indian Navy and Coast Guard, Dredging Corporation of India, Oil &

Natural Gas Corporation Limited, Visakhapatnam Port Trust, Kandla Port Trust, Shipping Corporation of India etc.

Your Directors also express their gratitude to Controller of Defence Accounts (Navy), Government of Andhra Pradesh,

Departments of Customs, Income Tax, Excise, Service Tax & Sales Tax for their kind support. The Directors also

acknowledge their gratitude to the clients and all Classification Societies, who have ensured quality and adhered 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 B V Rao & Co., Internal Auditors i.e., M/s. Ambika-Isha & Co. and the Officers & Staff of the Offices of the

Principal Director of Commercial Audit & Ex-Officio Member Audit Board, Bangalore and their Headquarters. Your

Directors also wish to place on record its deep appreciation for the valuable contribution of the employees at

various levels for their hard work, dedication and commitment and look forward to their continued involvement

and spirited team effort towards achieving the future goals.

FOR AND ON BEHALF OF

THE BOARD OF DIRECTORS

(NK Mishra)

New Delhi Rear Admiral IN (Retd.)

11 July 2014 Chairman & Managing Director


Annexure –1

REPORT ON CORPORATE GOVERNANCE

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.

2. Philosophy on Corporate Governance: 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

3. Composition of the Board: The Board of Directors during the Financial Year 13-14 comprised 09 Members

viz. 04 Whole time Directors (Including the Chairman and Managing Director), 02 Part time Government Directors

and 03 Part time Non Officials Directors (Independent Directors).

4. The details of the members of the Board during the Financial Year ended on 31 Mar 14 are as under:


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

Directorship

RAdm N K Mishra, NM 01 Apr 13 to Chairman &Managing Director Nil

31 Mar 14

Shri Rakesh Mahajan, 01 Apr 13 to Whole time Director Nil

10 Oct 13

Cmde K S Subramanian 01 Apr 13 to Whole time Director Nil

31 Mar 14

Cmde K L N Prasad 01 Apr 13 to Whole time Director Nil

31 Mar 14

Cmde Ashok Bhal, VSM 01 Apr 13 to Whole time Director Nil

31 Mar 14

VAdm K R Nair, AVSM,VSM 01 Apr 13 to Part-time Govt. Director 1

31 Mar 14

Shri Ashok K K Meena, IAS 01 Apr 13 to Part-time Govt. Director 2

31 Mar 14

Dr Devi Singh 01 Apr 13 to Part-time Non official Director 5

31 Mar 14 (Independent)

Shri Skand R Tayal, IFS 01 Apr 13 to Part-time Non official Director 1


Shri Samirendra Chatterjee, IAS 05 Apr 13 to Part-time Non official Director 0




5. As on date of this report, Vice Admiral AV Subedhar, AVSM, VSM has been appointed as Non official Part time

Director w.e.f 18 Jun 2014 in the place of Vice Admiral K R Nair, AVSM, VSM vide Govt. of India letter 2(12)/2007-

D(SY) dated 23 Jun 2014.

Profiles of new Director

6. Vice Admiral A V Subhedar, AVSM, VSM. Vice Admiral AV Subhedar has commissioned in Indian Navy in

August 1977. He is a post graduate in Marine Engineering from Pune University. During his career, spanning over

Three and half decades, Admiral held important assignments, both Afloat and Ashore. He has served on five frontline

warships including a Tenure as Fleet Engineer Officer, Western Fleet in 1998. His important ashore appointments

include Director Naval Training and Ship Production at Naval Headquarters, Director Machinery Trials and Acceptance

Authority (Mumbai), Warship Production Superintendent (Mumbai), General Manager (Refit) Naval Dockyard

Visakhapatnam, Chief Staff Officer(Technical), Eastern Naval Command, Visakhapatnam and Admiral Superintendent,

Naval Dockyard, Mumbai. As Director General Naval Projects, Mumbai, he was responsible for planning and execution

of major technical and marine infrastructure for the Navy on West Coast. For his Meritorious service of exceptionally

high order in Indian Navy, he has been awarded as Vishisht Seva Medal in 2009 and Ati Vishisht Seva Medal in 2011

by the President of India.

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

Name of the Directors Category of Directorship No. of Other

Directorship

R Adm Nikunj Kishore Mishra, NM, IN (Retd) Chairman & Managing Director Nil

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

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

V Adm A V Subhedar, AVSM, VSM, IN Part-time Govt. Director 1

Shri Ashok K K Meena, IAS Part-time Govt. Director 2

Shri Skand R Tayal, IFS (Retd) Part-time Non official Director 1

(Independent)

Shri Samirendra Chatterjee, IAS (Retd) Part-time Non official Director Nil

(Independent)

8. During the year and upto the date of this report the following Directors has left the board due to

superannuation / completion of tenures of their appointment:

(a) Vice Admiral K R Nair, AVSM, VSM has completed his tenure as Part time Official Director on 18 Jun

2014. Vice Admiral A V Subhedar, AVSM, VSM has been appointed as Part time official Director in lieu.

(b) Shri Rakesh Mahajan, Director (Finance & Commercial) has relinquished his office of Director (Finance

& Commercial) on 10 Oct 2013 on acceptance of his resignation by the Competent Authority at Ministry

of Defence.

(c) Dr Devi Singh, has completed his tenure as Part time official Director on 17 May 2014.

(d) Cmde (Retd.) K L N Prasad, Director (Corporate Planning & Personnel) expired on 20 Jun 2014. Thus the

post of Director (Corporate Planning & Personnel) has fallen vacant.

9. The Board of Directors wishes to place on record the appreciation of the services rendered by the outgoing

Directors. The Board also deeply regret on the sad and sudden demise of Cmde (Retd.) K L N Prasad.



10. Dr Devi Singh has completed his tenure on 17 May 2014 and thus one post of Independent Director post has

fallen vacant since 18 May 2014. Therefore, as on the date of the report, there is one vacancy of Independent

Director needs to be filled by the Govt. of India.

11. Permanent Special Invitees on the Board : During the Year, the following Permanent Special Invitees continued

on the Board:

(a) Shri Rajnish Kumar, Addl FA & JS (RK), MOD

(b) Rear Admiral Anil Kumar Saxena, NM

(c) Dr V Bhujanga Rao, DS, CCR&D, (NS& IC), DRDO

12. In addition, during the Financial year 2013-14 and upto the date of this report, the Govt. of India appointed

the following Permanent Special Invitees on the Board:

(a) Vice Admiral Anurag G Thapliyal, AVSM & Bar, Director General, Indian Coast Guard

(b) Vice Admiral K R Nair, AVSM, VSM, Chief of Materiel, Indian Navy

13. Board Meetings. The Board meets at regular intervals during which the company affairs are discussed and

decisions are taken. During the financial year ended 31 Mar 2014, Seven Board Meetings were held on 17 May

2013, 27 Jun 2013, 23 Jul 2013, 12 Sep 2013, 30 Sep 2013, 02 Dec 2013 and 26 Feb 2014.

14. Directors Attendance. 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 N K Mishra, NM (Retd) 7 7 Yes

Shri Rakesh Mahajan 5 5 Yes

Cmde K S Subramanian, NM (Retd) 7 6 Yes

Cmde K L N Prasad (Retd) 7 6 Yes

Cmde Ashok Bhal, VSM, (Retd) 7 7 Yes

Shri Ashok K K Meena, IAS 7 6 -

VAdm K R Nair, AVSM, VSM 7 5 -

Dr Devi Singh 7 6 Yes

Shri Skand R Tayal, IFS 7 5 -

Shri Samirendra Chatterjee 7 6 -

15. Board Procedure. 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 through proper and appropriate

advance notice to the Board Members after obtaining approval from Chairman & Managing Director. Detailed

agenda, management reports, 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

needs, Board meetings are also called at short notice and sometimes considering business exigencies, Resolutions

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



16. 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.

17. The Board and its members have complete access to all informations 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.

18. Audit Committee. The Audit Committee of the Board comprises three members viz. Two Part time non

official Directors and One Part time Official Director. The Audit Committee is being chaired by a Non official part

time Director. The following were the Audit Committee Members during the Financial Year 2013-14.

(a) Dr. Devi Singh Chairman

(Part Time Non official director)

(b) Shri Skand R Tayal Member

(Part Time Non official director)

(c) Shri Ashok K K Meena, IAS Member

(Part Time Official director)

19. 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 to fulfill its responsibilities through review of financial reports, internal control systems for

finance, accounting and legal compliance by the management and Board.

20. 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.

21. The Chairman of the Committee apprises the Board regarding observations of the Audit Committee during

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

22. During the financial year 2013-14, four meetings of the Audit Committee were held on 23 Jul 2013, 12 Sep

2013, 02 Dec 2013, and 26 Feb 2014.

23. The attendance of the members of the Audit Committee during the financial year 2013-14 is given below

Name of the member No of meeting

Held during the tenure Attended

Dr Devi Singh 4 4

Shri Skand R Tayal, IFS (Retd.) 4 4

Shri Ashok K K Meena, IAS 4 4

24. Procurement Sub Committee: 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 (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

25. In view of the resignation of Director (Finance & Commercial), the Procurement Sub Committee was

reconstituted in 380th Meeting of the Board of Directors held on 26 Feb 2013 with the following members

(a) Rear Admiral N K Mishra, NM (Retd.) Chairman


(b) Shri Samirendra Chatterjee Member

Part time non official Director

(c) Concerned Functional Director Member

26. The terms of reference of the committee include powers to approve proposals for procurement of order for

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

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

projects except nomination cases. However, the financial powers of Procurement Sub Committee to approve the

proposals were revised for procurement of materials and equipments value above Rs 25 Cr upto Rs 50 Cr for the

Project VC 11184 only.

27. During the Financial year 2013-14, one meeting of the Procurement Sub-Committee was held on 30 Sep 13

where all members were present.

28. Project Review Sub Committee. In order to review

important Govt. Sanctioned Projects and executed by the

Company, a Project Review Sub Committee (PRSC) of the

Board of Director was constituted in the 372nd Meeting of

Board of Director held on 14 Feb 13. The PRSC comprise

following Directors as members:

(a) Shri Skand R Tayal, IFS (Retd.) Chairman


(b) Shri Rakesh Mahajan Member


(c) Concerned Functional Director Member

29. The terms of reference of the Committee are as follows:

(a) Detailed Review of technical and financial progress achieved with reference to the milestones fixed

and scope and specifications prescribed.

(b) Review adherence to contractual provisions and approved procurement policy of the company in

important cases of procurement.

(c) To identify deficiencies in the extant procedures and to make suggestions for improvement.

Visit of Ambassador (Retd) Skand R. Tayal, Independent Director



30. In view of the resignation of Director (Finance & Commercial), the Project Review Sub Committee was

reconstituted in 380th Meeting of the Board of Directors with the following members

(a) Shri Skand R Tayal, IFS (Retd.) Chairman


(b) Cmde K S Subramanian, NM (Retd.) Member


(c) Cmde K L N Prasad, (Retd.) Member

Director (Corporate Planning & Personnel)

(d) Cmde Ashok Bhal, VSM (Retd.) Member

Director (Strategic Project)

31. During the Financial year 2013-14, three meetings of the Project Review Sub-Committee were held on 10 Apr

2013, 23 Jul 2013 and 26 Feb 2014.

32. The attendance of the members of the Project Review Sub-Committee during the financial year 2013-14 is

given below:



Shri Skand R Tayal, IFS (Retd.) 3 3

Shri Rakesh Mahajan 2 2

Cmde K S Subramanian, NM (Retd.) 3 3

Cmde K L N Prasad, (Retd.) 3 2

Cmde Ashok Bhal, VSM (Retd) 3 3

33. Human Resource Committee. In order to address HR related issues that require the attention of the Board,

the Board in its 379th Meeting 02 Dec 2013 constituted the Human Resource Committee. The HR Committee comprise

following Directors as members:

(a) Shri Samirendra Chatterjee Chairman


(b) Cmde K S Subramanian, NM Member


(c) Cmde K L N Prasad Member



(a) To review and recommend the proposals towards revision in payment of allowances/benefits to the

employees.

(b) To examine the proposals related to other HR related issues like promotion policy of the company,

welfare measures for employees, IR issues etc. and give its recommendations.

(c) To review and monitor the execution of HR Plan in alignment with company’s objective and future

business expansions and recommend the same to the Board for approval

35. During the Financial year 2013-14, one meeting of the HR Committee was held on 25 Jan 2014 where all

members were present.


36. Corporate Social Responsibility and Sustainability Sub-Committee. In order to formulate the CSR &

Sustainability Policy and review the activities undertaken, the Board in its 374th Meeting held on 17 May 14 had

constituted the CSR & Sustainability with following Directors as its members



(b) Shri Rakesh Mahajan Member


(c) Cmde K L N Prasad Member


37. In view of the resignation of Director (Finance & Commercial), the CSR & Sustainability Sub Committee was

reconstituted in 379th Meeting of the Board of Directors held on 02 Dec 2013 with the following members



(b) Cmde K L N Prasad Member


(c) Cmde Ashok Bhal, VSM Member

Director (Strategic Project)


(a) Formulate and recommend to the Board, Corporate Social Responsibility and Sustainable Development

Policy which shall indicate the activities to be undertaken by the Company.

(b) Recommend the amount of expenditure to be incurred on the activities referred in clause (a).

(c) Monitor the Corporate Social Responsibility and Sustainable Development Policy of the Company from

time to time.

39. During the Financial year 2013-14, four meeting of the CSR & Sustainability Sub-Committee was held on 23

Jul 2014, 25 Jan 2014, 26 Feb 2014 and 26 Mar 2014.

40. The attendance of the members of the CSR & Sustainability Sub Committee during the financial year 2013-14

is given below:



Shri Samirendra Chatterjee 4 3

Shri Rakesh Mahajan 1 1

Cmde K L N Prasad, (Retd.) 4 4

Cmde Ashok Bhal, VSM (Retd) 3 3



41. Remuneration of Whole-time Directors. The remuneration of Whole Time directors is fixed by the Government

as the Company is a Government Company within the meaning of Sec 2 (45) of Companies Act, 2013.

42. Remuneration to Part Time Directors. 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, 2013 for each meeting of the Board /Committees (s) of the Board and reimbursed actual expenditure to attend

the meeting of the Board/Board Committee (s).

43. Code of Business Conduct and Ethics. 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 on 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 14.

44. General Meetings. The details of the last three Annual General Meetings and Extra Ordinary General Meetings

of the company are given below:

Year Date Time Location

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

2011-12 21.09.2012 11.00 A.M HSL Board Room, Visakhapatnam

2012-13 30.09.2013 10.00 A.M HSL Board Room, Visakhapatnam

Extraordinary

General Meeting 27.05.2014 11.00 A.M HSL Board Room, Visakhapatnam

45. Whistle Blower Policy. The Company has its Whistle

Blower Policy and the same has been displayed on the

Website of the Company.

46. Risk Management Policy. The company has framed

a Risk Management Policy and the same has been

approved by the Board. As on the date, the policy is under

implementation.

47. Disclosures. During the year 2013 -14, the company

has not entered into any transactions with any Directors

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.

48. 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 Laws.


62nd Annual General Meeting on 23 Sep 2014



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

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

has the Company incurred any expenditure which is person in nature for the Board of Directors and top management.

——————x——————

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 2014.

For Hindustan Shipyard Limited

Place: New Delhi (N K Mishra)

Date: 11 Jul 2014 Rear Admiral, IN (Retd.)



Annexure – 2

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry Structure and Developments

1. The Indian shipbuilding industry consists of public and private sector yards. India has around 32 shipbuilding

yards operating in public & private sectors. in recent years, the industry has witnessed entry of new shipbuilders

from the private sector. With liberalisation policy of the Government and promulgation of Defence Procurement

Policy-2013 (DPP 2013), these shipbuilders have become serious competitors to Defence Public Sector yards.

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

competition, an intensive modernisation programme has been planned. On successful completion of the said

modernisation programme, your Company will be able to meet the future challenges and remain competitive. The

major customers of your Company, ie Indian Navy & Coast Guard, have announced ambitious expansion plans and

your Company is putting its best efforts to secure lucrative orders from these customers. This would help the yard

to turn around & become profit making.

SWOT Analysis

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

and threats:-

(a) Strengths

· Largest Shipyard on East Coast of India.

· Only Shipyad on East Coast with submarine repair capability

· Large covered building dock for un-interrupted work.

· Strategically located with water depth of about 10 meters

· Capable to build all kinds of vessels up to 80,000 DWT

· 850m of wharfage with more than adequate cranage

· Large Dry dock and wet basin with exclusive workshops for ship repairs

· Cranage to handle blocks/ loads upto 300 tons

· Three low bed transporters up to 200 tons capacity

(b) Weaknesses

· Aging work force with low productivity

· Old plant and machinery with frequent breakdowns

· Acute cash/ working capital constraints

· Difficulty to retain good contractors & vendors view irregular payments

· Weak supply chain management

· Lack of high value orders

· High overheads due to increased wages

· Low teeth to tail ratio

(c) Opportunities

· Increased requirements of ships to meet coastal security/ Defence needs

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

· National need to Create second line Submarine Construction

· Navy’s requirement for Strategic Vessels to meet Defence needs.

· Need for large special ships to collect Intelligence information

· Medium Repair/ Mid Life update of Submarines

Management Discussion & Analysis



(d) Threats

· Loss of expertise due superannuation.

· Poaching by sister PSUs & upcoming yards

· Loss of business due new yards on East Coast

· Uneven playing field compared to Private Yards

· Volitile Exchange Rate Variation

· Unfavourable judgements for legal cases

· Nonpayment of statutory dues to employees leading to legal tangles and IR climate.

· Changing International Maritime Laws

Infrastructure Modernisation

4. As reported last year, the Refurbishment & Replacement of Machineries and Infrastructure is under progress

with financial support from Govt. of India under LPD Project. In this regard Rs 457.36 Cr has been sanctioned by

Govt. of India for the said purpose. The present status of activities pertaining to RRMI activities till date is as follows:-

(a) As on date orders worth Rs 41.43 Cr have been placed, out of which procurement/ work for an amount

of Rs 13.07 Cr is completed. Items Procured and works completed includes Fire Tender, Fabrication of Building

Dock Gate, Casting and repairs of RCC keel blocks and installation of CCTV surveillance system etc.

(b) Tenders valued Rs 127.79 Cr is under progress which includes Level luffing cranes at DDSR and new

Panel Blasting & Painting Bay

Segment-wise or Product-wise Performance

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

Value of Production during the Financial Year 2013-14 from these segments was Rs.453.40 Crs.

6. Segment wise performance during the FY 2013-14 were as under:-

(a) Shipbuilding. Your Company has delivered 05 Vessels which include one 53,000 DWT Bulk carrier of

M/s GML, Chennai, one IPV and three 50 T BP Tugs. This is the largest delivery amongst all private and DPSU

yards during the year 2013-14. The Shipbuilding Division of your Company has recorded a VOP of Rs 239.14

Cr during the said period.

(b) Ship Repairs. Your Company has undertaken Repairs of 20 Vessels of Indian Navy, DCI, SCI, ONGC and

VPT etc. Ship Repair segment of your Company has always been considered as profitable and is being given

utmost thrust as it carries higher margin comparative to shipbuilding segment. It is unfortunate that Indian

Navy has delayed committed refits of two vessels due to operational reasons. Thus the repair dock could not

be used to its desired potential and also the turnover of repair division was adversely afftected. The Ship

Repair Division recorded a VOP of Rs 68.70 Cr during the year 2013-14.

(c) Retrofit. Submarine Retrofit Division of your Company concentrates on refit of Submarines. Presently

INS Sindhukirti, an EKM Class Submarine is under Medium Refit-cum-Upgradation. The VOP of this Division

during the Financial Year 2013-14 was Rs 145.56 Cr. This is a presitigeous refit and has been inordinately

delayed to various reasons. However, during the year 2013-14, the refit has made noticeable progress and

the project has been put back on track.

Future Outlook

7. Our strategic location, expertise experience of our personnel and a conducive market are indicative of a

bright future for the yard. However, the current financial constraints need to be tackled to remain alive. High value

orders such as LPDs and SOVs are on the horizon and thus will increase our Order book from Rs. 1500 Cr now to at

least Rs.12,000 Cr in next two years. The aging workforce would retire in next 2-3 years and will open avenues for

induction of new workforce. We have already inducted around 60 Management Trainees and they would be trained

to tackle the new orders. Overall the future is bright but the present dark clouds of financial constraints needs

immediate attention.



Risks & Concerns

8. Presently the major concern of the Company is shortage of funds and low order book. The ongoing projects

were all taken in distress and all these are loss making. Due to inadequate Working Capital, ongoing projects are

being adversely affected as the yard unable to make timely payments to contractors, service providers and suppliers.

Other areas of concerns include negative networth, aged workforce, high attrition of permanent workforce due

superannuation, old and aged plant & machineries etc. This in all lead to slippage of contract schedules, increase in

the cost and imposition of Liquidated Damages. Due to new procurement policies of the Government for defence

equipment, the company is at risk of loosing business to private players.

9. Acute shortage of funds (working capital) is affecting the yard adversely. Due to irregular payments, reliable

suppliers and contractors are slowly losing their interest. The salaries and wages of the employees are barely met by

drawing the funds from other projects leading to delay in projects. Further, though the present order book comprises

24 vessels of various categories. 22 of them are small which are not suited to a yard designed for large ships. The

present order book is Rs 1559 Cr which is far below break even orderbook of Rs 5,000 Cr. Further, the Ship Repair

business of the Company which has always been profitable, has been drastically reduced due to down turn in the

maritime sector. Even the Ship Repair orders placed on nomination by Indian Navy has been delayed by almost a

year which had adverse effect on the Ship Repair business.

10. Another area of concern is that the high value orders i.e. LPDs, SOV and Project 75 (I) which have been

nominate have been delayed. Hence, these orders will not be of any immediate help.

Financial Restructuring

11. As reported in our earlier reports, the Govt. of India has already sanctioned two Financial Restructuring

Package to the yard. One in 1997 and another in 2011. Both the Financial Restructuirng packages failed to turn

around the yard as both packages did not address the issue of Negetive Networth, Working Capital and Order Book

Imporvement. The restructuring packages have addressed only to clear of the legacy liabilities and did not fetch any

financial support towards working capital. As a result, the ongoing projects have been delayed leading to imposition

of LD and also low turnover. Year on year the yard has been recoding losses and presently the financial health is

precarious and the yard is unable to pay statutory dues like salaries, wages, PF, Gratuity etc. Employees of the yard

have even filed cases before Regional Labour Commissioner to release their terminal benefit at the earliest which

has now become a cause of concern. The situation has been temporaily brought under control through a temporay

loan of Rs 46 Cr, from funds allocated for repair of infrasrucrure, to pay gratuity liabilities.Further, with the above

temporary measure, the yard has been able to progress the ongoing projects.

12. These issues have been brought to the notice of Ministry of Defence and in order to turn around the yard, a

Fresh Financial Restructuring proposal has been forwarded to the Ministry. Presently, the proposal of the yard is

under consideration at Ministry.

Internal Control System and their Adequacy

13. Your Company has a robust system of Internal Controls to achieve effective and efficient operations, reliability

of financial reports and compliance to applicable laws and regulations. The system comprises clear defined

organisatonal 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.

14. For the year 2013-14, your Company has outsourced internal audit to M/s Ambica & Isha, Chartered

Accountants, Visakhapatnam which is a Chartered Accoutant firm of repute.

15. The Internal Control Systems are reviewed regularly by the Audit Committee. The adequacy of Internal Control

procedures is also reviewed by the Statutory Auditors in their Audit Report. Your Company, being owned by

Government, is subject to Government Audit also.



Financial Performance of the Company

16. The Financial performance of your Company during the year as compared to the last year are as under.

In Rs Cr

Details As on 31 Mar 14 As on 31 Mar 13

Total Income 519.06 562.50

Profit / (Loss) Before Depreciation, Interest & Tax (29.43) (29.52)

Profit / (Loss) Before Tax (46.21) (55.17)

Profit / (Loss) after Tax (46.21) (55.17)

Cumulative Profits / (Losses) (1117.37) (1071.26)

17. The reasons for losses in the Financial Year 2013-14 have been analysed and points to operational performance

of the Company. The reduction in total income, increase in pay and allowances and provision for LD have all

contributed to losses shown in the profit and loss statements. Consequently, the contribution has also reduced and

inadequate to meet the fixed expenses of the yard.

18. The present order book comprise 24 vessels of Rs 1569 Cr against a breakeven orderbook of Rs 5,000 Cr,

Accordingly, the compny has posted losses.

Development in Human Resource

19. The company places paramount importance on its human resourse. Regular training and skill improvement

programmes have been undertaken to ensure that the employees are full trained to handle state of art technology.

Awareness training on occupational health safety, environment & fire fighting were also conducted during the year.

20. There has been no induction at lower levels and accordingly the middle management is almost non existent.

This has been addressed and 34 Management Trainees and other Senior Officers in the ranks of DGM/AGM/GM

have been inducted during the year.

21. During the Year, 229 Trade Apprentices have been successfully trained at our Apprentice Training School.

These personnel have been awarded National Apprenticeship Certificates iisued by Govt. of India, Ministry of Labour

and Employment, NCVT, RDAT, Hyderabad.

Industrial Relations

22. The industrial relations were cordial and harmonious during the year 2013-14.

Environment Aspects

23. 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.

Corporate Social Responsibility

24. Being Loss making, it is not mandatory to allocate dedicated funds towards CSR. However your yard remains

committed to CSR. As a part of it, the Board of Directors has constituted a Board level sub-Committee to oversee

and guide CSR activities. A CSR & Sustainability Policy and Plan for the year 2013-14 has been evolved. In addition,

a Senior Management Committee on CSR & Sustainability has also been constituted to monitor the implementation

of the CSR Plan for the year 2013-14.

25. The company has identified some of the need based CSR initiatives for the betterment of the local people and

society with limited financial commitment. Towards this, an amount of Rs 1,05,000/- was spent during the year

2013-14. The activities undertaken during the year 2013-14 has been detailed in the Diectors Report.

****


Annexure - 3

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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 2013-14

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 2013-14.

1. Optimisation of Lighting levels and use of CFL lamps.

2. Use of heavy loads (Air Compressors etc) restricted to

minimum.

3. Operation of Distribution Transformer limited to 70%.

4. Strict compliance of Plant & Machinery running hours.

5. Replacements of old welding machines with new energy

efficient welding machines.

6. Use of capacitor banks to improve the power factor thereby

reducing the overall power consumption.

7. Replacement of old switchgear & old PLCA cables with new

generation XLPE Cables & new Switch gear etc.

8. Replacements of old Air Conditioners with BEE certified star

rated appliances

NIL

3,52,600 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 74,97,500 Units 92,39,000 Units

Total Amount ` 6,92,40,500 ` 5,90,72,714

Rate per Unit ` 9.2 ` 6.4

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

In house Designs development for

· Basic designs for 10 T Bollard Pull Tugs

· Detailed design of 50 T Bollard Pull Tugs for Kandla

Port Trust and 25 T Bollard Pull Tugs for Indian Navy

have been completed successfully

· Saving in Design cost and time.

· Enhancement of in-house Design capabilities.

With the recent procurement of 40 Aveva Marine

Design licenses and 10 additional Autocad 2014

licenses, the yard plans to improve the quality of

production and design by laying emphasis on composite

drawings which are essential for modular construction.

B. TECHNOLOGY 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 ` 124.44 Crores

b) Others ` 4.73 Crores

Total ` 129.17 Crores

Earned ` 1.47 Crores

Nil

.........

.........

Annexure - 6

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)


Annexure -7

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION

619(4) OF THE COMPANIES ACT,1956 ON THE ANNUAL ACCOUNTS OF HINDUSTAN

SHIPYARD LIMITED FOR THE YEAR ENDED 31 MARCH 2014 AND THE REPLIES OF THE

BOARD OF DIRECTORS

Comments on Balance Sheet

Equity and Liabilities:

Current Liabilities (Note-4)

Other Current Liabilities: Rs 857.29 crore

Advances from GoI for RRMI:

Rs 488.55 crore

A reference is invited to the Comments of the

Comptroller and Auditor General of India on the

annual accounts of the Company for the year 2012-

13 wherein non-provision for liability for interest of

Rs 42.18 crore earned during 2011-12 and 2012-13

to be credited to Government was pointed out. The

interest was earned by the Company on advance

funds received for Refurbishment and Replacement

of Machinery and Infrastructure (RRMI) Scheme not

utilised for the intended purpose within the

stipulated period of one year but kept in term

deposits. As per terms of the sanction, the interest

was to be credited to Government.

During the year 2013-14 also, the Company neither

paid the above interest to Government nor provided

for the liability. Further, the Company utilised Rs

103.05 crore from RRMI funds for meeting various

working capital requirements in contravention of the

terms of sanction. Hence, notional interest of Rs

5.53 crore that would have been earned if invested

in similar term deposits was also not credited to

Government in accordance with the terms of

sanction.

Non-provision for interest earned on the RRMI funds

to be credited to Government resulted in

understatement of liability as well as accumulated

loss by Rs 47.71 crore.

In Dec 2011, the GoI has sanctioned an amount of Rs

457.36 Cr for “Refurbishment and Replacement of

Machinery and Infrastructure (RRMI) at HSL. As per

the sanction, HSL is required to submit utilization

certificate within one year and in case of non-

utilization of the sanctioned amount within one year,

interest earned on the unutilized funds would be

credited to the Govt. As per interpretation of HSL,

interest earned within one year. i.e. Rs 42.18 Cr will

be to the credit of HSL and interest earned on

unutilized funds beyond one year will be to the credit

of the Government. Accordingly, interest of Rs 42.18

Cr earned within one year was accounted as ‘other

income’ in the years 2011-12 & 2012-13. However,

since Govt. Audit had taken a different view on the

accounts for FY 2012-13 and intimated that the said

interest of Rs 42.18 Cr should be shown as a liability

of HSL, the company had approached MoD for a

clarification/ approval for retention of the said

interest. Further in Feb 2014, the company has

submitted a Fresh Financial Restructuring Proposal

(FFR), in which the interest earned on RRMI funds up

to 31 Dec 2013 of Rs 72.64 Cr including the above

said interest of Rs 42.18 Cr was sought as Grant-in-

Aid. The said FFR proposal is under active

consideration of GoI. In view of the said position, no

provision was made towards the said interest of

Rs 42.18 Cr.

In addition to the above, considering the financial

condition of the yard, the Board had approved

temporary utilization of RRMI funds up to Rs 110.00

Cr for completion of on-going Defence projects with

a condition that such drawal be replenished on

receipt of stage payments of the respective projects.

In this regard, the company has utilized an amount

of Rs 103.05 Cr as on 31 Mar 2014. The computation

of interest of Rs 5.53 Cr on the said drawals is only

Comment Company's Reply

Annexure - 7


FOR AND ON BEHALF OF

THE BOARD OF DIRECTORS

(N.K. Mishra)

Visakhapatnam Rear Admiral (Retd.)

08 Sep 2014 Chairman and Managing Director

Annexure - 7

Comment Company's Reply

on notional basis and not an earned interest. Since

the Sanction letter of GoI stipulates condition with

regard to interest earned only, the company is of the

opinion that no provision is required towards the said

notional interest.

The above position has been disclosed at Note No.14

(a) & (b) in the Notes forming Part of Accounts.


B.V. Rao & Co.Chartered Accountants

INDEPENDENT AUDITOR’S REPORT

To

The Members,

Hindustan Shipyard Limited,

VISAKHAPATNAM

Report on the Financial Statements

We have audited the accompanying Financial Statements of Hindustan Shipyard Limited (herein after called

‘the company’), which comprise the Balance Sheet as at 31st March 2014, the statements of Profit and Loss

and Cash Flow for the year ended 31st March 2014 and a Summary of Significant Accounting Policies and

other explanatory information.

The Management’s Responsibility for the Financial Statements

The Company’s management is responsible for the preparation of these Financial Statements that give a true

and fair view of the financial position, financial performance and cash flows of the company in accordance

with the Accounting Standards notified under the Companies Act, 1956 (the Act) read with the general Circular

no. 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs, GoI, in respect of Section 133 of

the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. This

Responsibility includes the design, implementation and maintenance of internal control relevant to the

preparation and presentation of the Financial Statements that give a true and fair view and are free from

material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted

our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of

India. Those Standards require that we comply with ethical requirements and plan and perform the audit to

obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

Financial Statements. The procedures selected depend on the Auditor’s judgement, including the assessment

of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making

those risk assessments, the auditor considers internal control relevant to the company’s preparation and fair

presentation of the Financial Statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal

control. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of the accounting estimates made by management, as well as evaluating the overall

presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

audit opinion.

Auditor's Report


Emphasis of Matter

Without qualifying our opinion, we draw attention to the following:

a) Note 17 of Notes to accounts, regarding –non receipt of letters of balance confirmation from various

customers/creditors.

b) Note 14 (a) & (b) of Notes to accounts, No provisions are made towards interest of Rs.42.18 crores

for the years 2011-12 &2012-13 and notional interest of Rs.5.53 crores for the year 2013-14 to GOI

pending utilization of RRMI funds as per terms of the sanction.

Opinion

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

statements give the information required by the Act in the manner so required and give a true and fair view

in conformity with the accounting principles generally accepted in India:

(i) In the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) In the case of the statement of profit and loss, of the profit for the year ended on that date; and

(iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2003 (the Order) issued by the Central Government

of India in terms of Section 227(4A) of the Act, we give in the Annexure a statement on the matters specified

in paragraphs 4 and 5 of the Order.

2. As required by Section 227(3) of the Act, 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 purpose 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 those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this

report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, the Statement of Profit and loss and the Cash Flow Statement comply

with accounting standards notified under the Act read with the General Circular 15/2013 dated 13th

September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,

2013.

e) The provisions of section 274(1)(g) of the Act, are not applicable to this company vide notification

No.G.S.R.829(E) dated October 21,2003 issued by Department of company affairs, Government of India.

Place: New Delhi FOR B.V.RAO & Co.

Date: 11-07-2014 CHARTERED ACCOUNTANTS

F.R.N 003118S

(CA.B.Vinay Kumar)

Partner

(M.No:223723)

Auditor's Report


Auditor's Report

ANNEXURE TO THE AUDITOR’S REPORT

Referred to point no.1 of Report on Other Legal and Regulatory Requirements of our Report of even date

1. Fixed Assets

(a) Although the company has maintained proper records showing full particulars including quantitative

details of fixed assets and situation of fixed assets, some of the fixed assets were not readily identifiable

with the plant identification numbers noted in the register. The company has initiated steps to record

the asset identification numbers on such assets.

(b) The fixed assets have been physically verified by the management in a phased periodical manner, which

in our opinion is reasonable, having regard to the size of the company and nature of its assets. No

material discrepancies were noticed on such verification;

(c) The Company has not disposed off substantial part of fixed assets during the year and the going concern

status of the Company is not affected.

2. Physical verification and reconciliation of Inventories

(a) Physical verification of inventory has been conducted by the management at reasonable interval during

the year;

(b) In our opinion and according to the information and explanations given to us, the procedures of physical

verification of inventories followed by the management are reasonable and adequate in relation to the

size of the company and nature of its business.

(c) The company has maintained proper records of inventories. As explained to us, there were no material

discrepancies noticed on physical verification of inventories as compared to the book records.

3. Loans and Advances to parties covered in register maintained under section 301 of the Companies Act,

1956 (the Act)

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

covered in the register maintained under section 301 of the companies Act, 1956.

(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.

4. Internal Control systems

In our opinion and according to the information and explanations given to us, there is an adequate internal

control system commensurate with the size of the company and the nature of its business for the purchases

of inventories and fixed assets and for sale of goods and services. During the course of our audit we have not

observed any continuing failure to correct major weakness in such internal control system.

5. Transactions to be entered into Register maintained under Section 301 of the Act.

According to the information and explanations given to us, there were no contracts or arrangements referred

to in section 301 of Companies Act,1956 that need to be entered into Register required to be maintained in

pursuance of Section 301 of the Companies Act, 1956. In view of the above, clause 4(v)(b) is not applicable.

6. Acceptance of Deposits from Public

According to the information and explanations given to us, the company has not accepted any deposit from

the public. Therefore, the provisions of clause(vi) of the paragraph 4 of the order are not applicable to the

company.

7. Internal Audit System

In our opinion, the Company has an internal audit system commensurate with the size and nature of its

business.


Auditor's Report

8. Maintenance of Cost Records

We have broadly reviewed the books of accounts maintained by the Company pursuant to the Rules made by

the Central Government for the maintenance of Cost Records under Section 209(1) (d) of the Companies Act,

1956. We are informed that compilation of cost accounting records for the current year is in progress and

hence we have not carried out a detailed examination of the records with a view to determine whether they

are accurate and complete.

9. Payments and remittances to Statutory Authorities

(a) According to the records of the Company, undisputed statutory dues including Provident Fund, Income

Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory

dues applicable to it have been generally deposited regularly with the concerned authorities. On a

broad examination and according to the information and explanations given to us, we have not come

across any undisputed amounts payable in respect of the aforesaid dues that were in arrears as at 31st

March 2014, for a period of more than six months from the date they became payable.

(b) As at March 31, 2014, according to the records of the company and information and explanations

given to us, the following are the dues on account of Provident Fund, Employee State Insurance, Property

Tax, Service Tax and Cess, VAT, NALA Tax matters that have not been deposited on account of any

dispute:

Name of Nature Amount Period to which From Subject Matterthe of (Rs. in the amount where

Statute dues lacs) relates pending

GVMC Property 13.39 1984-85 to High Court Property Tax on Commercial ComplexTax 1994-95

EPF & MP Penal 109.78 May, 2002 to High Court Penal Interest on belated remittancesAct, 1952 Interest Feb, 2005 of Provident Fund Contributions

ESI Act ESI dues + 83.29 April 1,1998 to High Court ESI dues in respect of ‘C’ SeriesInterest Sep 30, 2000 workmen

ESI Act ESI dues 180.24 April 1985 to High Court ESI dues in respect of temporaryMarch 1993 workmen and contractor’s

contribution

Finance Service 2081.31 2005 to 2007 CESTAT Service Tax demand in respect of INSAct, 1994 Tax Sindhukeerthi

Finance Service 367.70 2001 to 2012 CESTAT Service Tax demand in respect of ShipAct, 1994 Tax Repairs

APVAT Act VAT 2552 2006 to 2011 STAT, ADC VAT demand in respect of Ship Repairs

RR Act, NALA Tax 4.54 2000-01 AP State Non-Agricultural Land Assessment Tax1864 Revenue Demands

Dept.

TOTAL 5392.25

10. Accumulated Losses

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.

11. Repayment of dues to Banks or Financial Institutions

In our opinion and according to the records produced to us, the Company has not defaulted in repayment of

its dues to any Financial Institution or Bank during the year.


Auditor's Report

12. Loans and Advances on the basis of security by way of pledge of Shares etc.

In our opinion and according to the information and explanations given to us, the Company has not granted

any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. Chit Fund or Nidhi / Mutual Benefit Fund / Society

In our opinion the Company is not a chit fund or a nidhi /mutual benefit fund / society. Therefore, the provisions

of clause (xiii) of paragraph 4 of the order are not applicable to the Company.

14. Trading in Shares etc.

In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments.

Accordingly, the provisions of clause (xiv) of paragraph 4 of the order are not applicable to the Company.

15. Guarantee for Loan taken by others

We are informed that the Company has not given any guarantee for loans taken by others from banks or

financial institutions.

16. Application of Term Loans

According to the information and explanation given to us, during the year the company has not availed of any

term loan, within the meaning of the clause (xvi) of paragraph 4 of the order.

17. Usage of Short Term and Long Term Funds

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

and vice versa.

18. Preferential Allotment of Shares

According to the information and explanations given to us, the Company has not made any preferential

allotment of shares to parties and companies covered in the register maintained under Section 301 of the

Act, during the year.

19. Issue of Debentures

According to the information and as per records, the Company has not issued debentures during the year.

20. End use of money raised by Public Issue

According to the information and explanations given to us, the Company has not raised money by public

issues during the year.

21. Frauds

FCM Travels, a service provider, inflated domestic and international air travel tickets arranged during the

period from September 2009 to March 2013 by Rs. 47.80 lacs and FCM Travels has given the credit note for

the above specified amount and the same adjusted in the books of the company as on 31-03-2014.

Except as stated above, according to the information and explanations given to us, no fraud on or by the

company has been noticed or reported during the year that causes the financial statements to be materially

misstated.

Place: New Delhi FOR B.V.RAO & Co.

Date: 11 Jul 2014 CHARTERED ACCOUNTANTS

Regn. No. (F.R.N) 003118S

(CA.B.Vinay Kumar)

Partner

M.No:223723


Comments of the Comptroller and Auditor General of India under Section 619 (4) of the Companies Act, 1956

on the annual accounts of Hindustan Shipyard Limited, Visakhapatnam for the year ended 31 March 2014.

The Preparation of financial statements of Hindustan Shipyard Limited, Visakhapatnam for the year ended 31

March 2014 in accordance with the financial reporting frame work prescribed under the Companies Act, 1956 is the

responsibility of the management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor

General of India under Section 619 (2) of the Companies Act, 1956 is responsible for expressing opinion on these

financial statements under Section 227 of the Companies Act, 1956 based on independent audit in accordance with

the Standards on Auditing prescribed by their professional body, the Institute of Chartered Accountants of India.

This is stated to have been done by them vide their Audit Report dated 11 July 2014.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit under section

619 (3) (b) of the Companies Act, 1956 of the financial statements of Hindustan Shipyard Limited, Visakhapatnam

for the year ended 31 March 2014. This supplementary audit has been carried out independently without access to

working papers of Statutory Auditors and is limited primarily to inquiries of Statutory Auditors and Company Personnel

and a selective examination of some of the accounting records. Based on my supplementary Audit, I would like to

highlight the following significant matters under section 619 (4) of the Companies Act 1956 which have come to my

attention and which in my view are necessary for enabling a better understanding of the financial statements and

the related Audit report.

Comments on Balance Sheet

Equity and Liabilities :

Current Liabilities (Note-4)

Other Current Liabilities : `857.29 crores

Advances from GoI for RRMI : `488.55 crore

A reference is invitied to the Comments of the Comptroller and Auditor General of India on the annual accounts of

the Company for the year 2012-13 wherein non-provision for liability for interest of `42.18 crore earned during

2011-12 and 2012-13 to be credited to Government was pointed out. The interest was earned by the Company on

advance funds received for Refurbishment and Replacement of Machinery and Infrastructure (RRMI) Scheme not

utilised for the intended purpose within the stipulated period of one year but kept in term deposits. As per terms of

the sanction, the interest was to be credited to Government.

During the year 2013-14 also, the Company neither paid the above interest to Government nor provided for the

liability. Further, the Company utilised `103.05 crore from RRMI funds for meeting various working capital

requirements in contravention of the terms of sanction. Hence, notional interest of `5.53 crore that would have

been earned if invested in similar term deposits was also not credited to Government in accordance with the terms

of sanction.

Non-provision for interest earned on the RRMI funds to be credited to Government resulted in understatement of

liability as well as accumulated loss by `47.71 crore.

For and on behalf of the

Comptroller & Auditor General of India

Sd/-

(V. K. Girijavallabhan, IA&AS)

Pr. Director of Commercial Audit &

Ex-offcio Member, Audit Board, Bangalore

Place: Bangalore

Date: 28 August 2014

C & AG Comments


ACCOUNTS

Accounts


For and on behalf of the Board of Directors As per our report of even dateFor B.V. Rao & Co

Chartered AccountantsSd/- Sd/- Firm Reg. No.003118S

Cmde KS SUBRAMANIAN, NM, IN (Retd) R Adm N K MISHRA, NM, IN (Retd)Director (Shipbuilding) Chairman and Managing Director Sd/-

CA B. Vinay Kumar(Partner)

Sd/- Sd/- M. No. 223723INAITULA BAIG VRS NAGA SARMA

Company Secretary General Manager (Finance) &

Place : New Delhi Chief Financial OfficerDate : 11 Jul 2014

Balance Sheet as at 31st March, 2014` in lakhs

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

31-March-2014 31-March-2013

I EQUITY AND LIABILITIES

i Shareholders’ Funds

Share capital 1 30,199.22 30,199.22

Reserves and surplus 2 (1,11,737.42) (1,07,116.45)

ii Non-current liabilities 3

Long term Borrowings 37,221.25 37,221.25

Other long term liabilities 1,571.78 1,190.75

Long term provisions 11,974.48 12,429.63

iii Current Liabilities 4

Short term borrowings 9,608.18 10,360.33

Trade payables 20,242.42 19,276.92

Other current liabilties 85,729.31 89,060.38

Short term provisions 15,702.31 19,096.93

TOTAL 1,00,511.53 1,11,718.96

II ASSETS

i Non-current assets 5

Fixed assets

Tangible assets 7,384.13 7,596.31

Intangible assets 3.61 -

Capital work-in-progress 697.37 1,155.74

Long term loans and advances 418.34 380.57

Other non-current assets 7,413.14 8,221.95

ii Current assets 6

Inventories 13,608.59 13,569.38

Trade receivables 17,888.34 23,015.32

Cash and Bank balances 40,406.94 47,184.48

Short term loans and advances 2,774.39 4,668.58

Other current assets 9,916.68 5,926.63

TOTAL 1,00,511.53 1,11,718.96

Significant Accounting Policies and other Notes to

Accounts forming part of Accounts 17

Notes 1 to 6 form an Integral Part of Balance Sheet

Balance Sheet


Profit and Loss Statement for the year ended 31 March, 2014` in lakhs

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

31-March-2014 31-March-2013

III INCOME

Turnover (Revenue from Operations) 7 45,339.99 48,384.17

Less: Taxes & Duties (2,295.14) (2,080.68)

Net turnover 43,044.85 46,303.49

Other Income 8 6,566.65 7,866.33

Total Income 49,611.50 54,169.82

IV EXPENSES

Materials consumed 9 18,605.01 23,838.90

Sub-contracting and Other Direct Expenses 10 9,954.61 7,691.31

Employee benefits 11 18,789.59 18,306.66

Other expenses 12 2,740.45 2,642.41

Interest & Finance costs 13 925.52 1,777.08

Depreciation 5 752.52 788.77

Provisions and losses 14 1,913.06 4,067.13

Prior period expenditure (net) 15 812.82 841.05

Transfers (289.85) (266.10)

Total expenditure 54,203.73 59,687.21

V Profit before exceptional & extraordinary items

and tax (III-IV) (4,592.23) (5,517.39)

VI Exceptional items - income / (expenditure) 16 (28.74) -

VII Profit before extraordinary items and tax (V-VI) (4,620.97) (5,517.39)

VIII Extraordinary items - -

IX Profit before tax (VII-VIII) (4,620.97) (5,517.39)

X Taxes - -

XI Profit / (Loss) for the period (IX+X) (4,620.97) (5,517.39)

XII Earnings per equity share (Basic) (153) (183)

Notes 7 to 16 form an Integral Part of Profit and Loss statement

Profit & Loss Statement







Date : New Delhi Chief Financial OfficerPlace : 11 Jul 2014


Notes

NOTES FORMING PART OF THE BALANCE SHEET AS AT 31 MARCH, 2014

` in lakhs

I EQUITY AND LIABILITIES

Note - 1 As at As at

31-March-2014 31-March-2013

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

31-March-2014 31-March-2013

Number of shares Number of shares

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


31-March-2014 31-March-2013

RESERVES AND SURPLUS

Capital Reserve

Balance in Capital reserve 9.50 9.50

Deficit

Opening Balance (1,07,125.95) (1,01,608.56)

Add: Net Profit / (Loss) for the current period (4,620.97) (5,517.39)

Closing Balance (1,11,746.92) (1,07,125.95)

Total - Note : 2 (1,11,737.42) (1,07,116.45)


Notes


31-March-2014 31-March-2013

NON-CURRENT LIABILITIES

Long term borrowings

Unsecured

GoI Loan in perpetuity 37,221.25 37,221.25

37,221.25 37,221.25

Other long term liabilities

Deposits 50.95 10.71

Advances from customers 721.12 380.33

Trade payables (OPF) (Refer Sub-note : 1) 163.72 163.72

Other liabilities (Refer Sub-note : 2) 635.99 635.99

1,571.78 1,190.75

Long term provisions

Provision for employee benefits

Gratuity (Refer Sub-note : 3) 8,175.03 9,175.55

Leave salary (Refer Sub-note : 4) 3,799.45 3,254.08

11,974.48 12,429.63

Total - Note : 3 50,767.51 50,841.63

Sub-Notes:

1 This amount excludes Rs. 5139.33 lakhs pertains to claim of Essar Oil Ltd towards Off shore platform works and

similar amount to be received from ONGC is also excluded from Accrued income.

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

3 Provision for gratuity excludes deposits amounting Rs. 1106.65 lakhs held with gratuity trust.

4 Leave salary of the company is non funded.

` in lakhs


Notes


31-March-2014 31-March-2013

CURRENT LIABILITIES

Short-term borrowings

Secured loans

Cash credit accounts in Indian Bank (Refer Sub-note : 1) 9,608.18 10,360.33

Trade payables 20,242.42 19,276.92

Other Current Liabilities

Advances from customers 27,599.46 34,400.51

Advance from GoI for RRMI (Refer Sub-note:2) 48,855.34 46,707.99

Other liabilities (Refer Sub-note : 3) 9,022.37 7,671.43

Deposits 252.14 280.45

85,729.31 89,060.38

Short term provisions

Provision for employee benefits

Gratuity 3,009.49 2,961.00

Leave salary 683.05 822.50

Other provisions

Liquidated damages (Refer Sub-note : 4) 4,601.33 7,720.91

Provision for contingencies 159.75 135.76

Provision for future losses (Refer Sub-note : 5) 6,488.69 6,555.29

Guarantee Repairs 760.00 901.47

15,702.31 19,096.93

Total - Note : 4 1,31,282.22 1,37,794.56

Sub-notes:

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

2 Includes interest Rs.4427 lakhs earned on RRMI funds. Assets procured under this package worth Rs. 1307 lakhs is

deducted from the advance.

3 Out of the said amount Rs. 5314 lakhs payable towards wage revision arrears.

4 Out of the said amount Rs.799.76 lakhs towards 2 No 50 Ton Tugs (VPT), Rs.706.81 lakhs for 3 Nos.50T IN Tugs, Rs.911.95

lakhs towards 2 Nos. KPT Tugs and Rs.470 lacs towards 25T IN Tugs.

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

construction.

` in lakhs


Notes

II ASSETS


31-March-2014 31-March-2013

1) NON-CURRENT ASSETS

Fixed Assets :

Gross Block (Tangible) 24,376.70 23,842.57

Depreciation 16,992.57 16,246.26

Net Block- Tangible 7,384.13 7,596.31

Gross Block (Intangible) 146.38 139.82

Depreciation 142.77 139.82

Net Block- Intangible 3.61 -

Capital Works in Progress (Refer sub-note:1) 697.37 1,155.74

8,085.11 8,752.05

Trade recievables (Refer sub-note:2) 3,678.83 3,409.96

Less: Provision for bad debts (3,009.44) (2,740.57)

Long term Loans and Advances (unsecured)

Capital Advances - 314.83

Deposits with Customs, Port Trust and other Govt. Agencies 418.34 380.57

Income Tax deducted at source 1,831.13 2,329.45

Advance tax (net of provision for Rs.4482.60 lakhs) 99.08 94.74

MAT Credit entitlement (Refer sub-note:3) 4,510.60 4,510.60

Others 156.02 156.02

7,015.17 7,786.21

Other Current Assets

Accrued Income (OPF) (Net of Rs.5139.33 lakhs payable to Essar Oil) 146.92 146.92

Total - Note : 5 15,916.59 17,354.57

Sub-notes:

1) Includes capital items of Rs.334.42 lakhs procured in 2009-10, Rs.53.97 lakhs which were procured in 2011-12 are

retained under this head in view of the fact that the specifications / commissioning as mentioned in the PO are not

adhered to and the matters are under active follow-up with the vendors.

2) Trade receivables include an amount of Rs.669.39 lakhs receivable from ONGC pending settlement of arbitration issues.

3) Includes Rs.28 lakhs paid in 2007-08 eligible for carry forward up to 2014-15 and Rs.4482.60 lakhs paid in 2010-11

eligible for carry forward upto 2020-21.

` in lakhs


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Notes


31-March-2014 31-March-2013

CURRENT ASSETS

Inventories (Refer Sub-note: 1)

Steel 2,450.73 1,853.81

Stores & Spares , equipment and other Materials 10,462.07 10,977.35

Timber 31.05 27.01

Materials-in-Transit and under inspection 406.68 779.31

Steel Cut Pieces on shop floor and Scrap (Refer Sub-note: 2) 612.33 286.23

13,962.86 13,923.71

Less : Provision for : Obsolescence of materials 130.46 130.52

Difference between Bin cards & PSL balances 223.81 223.81

13,608.59 13,569.38

Trade receivables

Unsecured

Debts outstanding for more than 6 months:

Considered good 10,435.24 5,181.12

Considered doubtful - -

10,435.24 5,181.12

Other debts, considered good 7,453.10 17,834.20

17,888.34 23,015.32

Less: Provision for bad debts - -

17,888.34 23,015.32

Cash and Bank balances

Cash and Cash Equivalents

Cash in Hand 3.15 3.95

Balances with scheduled banks in:

Term and other Deposit accounts 40,139.81 46,987.33

Current accounts 263.98 193.20

40,406.94 47,184.48

Short term loans and Advances

Short term loan and advances

Employees 85.59 78.98

Suppliers of materials & services 1,918.55 3,718.76

Others 878.42 884.36

Prepaid Expenses 83.32 77.49

2,965.88 4,759.59

Less : Provision for Doubtful Advances 191.49 91.01

2,774.39 4,668.58

Other Current Assets

Interest Accrued on term deposits 1,261.95 1,042.10

Accrued Income (Refer Sub-note: 3) 8,654.73 4,884.53

9,916.68 5,926.63

Total - Note : 6 84,594.94 94,364.39

Sub-notes:

1 Inventories are as valued and certified by the management.

2 Quantity 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 & Sale of scrap and it includes income for the previous

financial years amounting Rs.138 lakhs (Ship Building: Rs. 66 lakhs and others Rs.72 lakhs).

` in lakhs


Notes

NOTES FORMING PART OF THE PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31 MARCH, 2014

` in lakhs

Note - 7 Year ended Year ended

31- March-2014 31- March-2013

Turnover (Revenue from Operations)

Sale of products - (Refer Sub-note: 1)

Shipbuilding - Contractual Income 23,354.79 17,311.20

- Government subsidy (Refer Sub-note: 2) 558.54 2,155.09

Sale of services -

Repair works 5,808.98 13,861.51

Dry dock hire charges 203.30 307.43

Wet basin hire charges 261.45 196.94

DDSR Other services 542.39 931.54

Submarine Retrofit (Refer Sub-note:3) 14,556.26 13,478.52

Other operating revenue

Sale of scrap, stores & disposable materials

(Net of VAT: Rs.7.87 lacs) 54.28 141.94

Total - Note : 7 45,339.99 48,384.17

Sub-notes:

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

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

3 With regard to accountal of income from submarine retrofit services, the company has been consistently following

AS-9 for the last several years in view of the nature of the activity as well as compliance of the conditions stipulated in

AS-9. However, in the year 2012-13, the Statutory Auditors are of different view that AS-7 is applicable in this regard. In

order to attain finality, the company, referred the above issue to the Expert Advisory Committee of Institute of Chartered

Accountants of India for their opinion. The said opinion is yet to be received.


31- March-2014 31- March-2013

(a) Other Income

Interest from banks & others Rs. 3598.77 lakhs 4,606.77

Less: Interest payable to GoI (RRMI & VC 11184) Rs. 3457.58 lakhs 141.19 (971.98)

Foreign Exchange variation - 331.42

Rent (Net of Service Tax) (Refer Sub-note No: 1) 179.35 90.66

Fines and forfeitures 112.69 230.17

Miscellaneous Receipts 63.37 186.45

Provision for Future losses on shipbuilding written back 825.65 2,980.09

Profit on sale of Assets 1.41 -

Provisions of earlier years no longer required 5,242.99 412.75

Total - Note : 8 6,566.65 7,866.33

Sub-notes:

1 Rent excludes service tax amounting Rs. 25.54 lakhs.


Notes

` in lakhs


31- March-2014 31- March-2013

Materials Consumed

Steel 2,153.41 537.82

Stores & Spares 2,205.85 1,009.14

Timber 14.25 3.15

Direct Materials, Machinery & Equipment used in

Ship Construction 11,157.38 13,335.64

Shiprepair 622.71 3,101.02

Submarine Retrofit 2,140.10 5,734.65

18,293.70 23,721.42

Add: Stores procurement expenses 311.31 117.48

Total - Note : 9 18,605.01 23,838.90


31- March-2014 31- March-2013

Sub-contracting & Other Direct Expenses

Sub contract & off-loaded job expenses in :

Ship Construction 2,568.17 1,280.51

Ship Repairs 584.43 2,001.19

Submarine Retrofit 246.97 652.35

Other Direct Expenses in :

Ship Construction (Refer Sub-note-1) 1,108.34 722.83

Ship Repairs 13.47 718.52

Submarine Retrofit 5,180.03 2,095.86

Builders Risk Insurance in Ship Constuction 253.20 220.05

Total - Note : 10 9,954.61 7,691.31

Sub-notes: 1. Other Direct Expenses in Ship Construction includes Rs.390 lakhs provision for Guarantee Repairs.


Notes


31- March-2014 31- March-2013

Employee Benefits

Salaries, Wages, Allowances etc., 12,890.99 13,446.47

Contribution to Provident Fund and other funds 1,295.08 1,318.33

Gratuity 2,406.00 2,294.60

Leave salary 1,462.36 689.61

Expenses on Training, Stipend etc. 49.87 74.18

Employees Welfare Expenses 685.29 483.47

Total - Note : 11 18,789.59 18,306.66


31- March-2014 31- March-2013

Other expenses

Power and Fuel (net of recoveries) 785.87 651.78

Water Charges (net of recoveries) 122.10 96.89

Rates and taxes (including customs duty on scrap sales) 48.61 100.19

Fire and Other Insurance 111.89 251.61

Rent (Sub-note 1) 168.75 153.22

Repairs and Maintenance to :

Plant and Machinery 597.11 506.85

Buildings 250.56 138.54

Other Assets 48.00 55.82

Printing and Stationery 7.14 8.57

Local conveyance charges 229.27 181.85

Travelling Expenses 60.16 47.85

Communication expenses 4.07 3.91

Advertisement and Publicity 26.91 13.47

Salaries and other Expenses of Customs Staff 36.60 52.38

Demurrage Charges 14.90 13.93

Directors’ Fees and Expenses:

Directors’ Fees 1.67 0.45

Travelling Expenses 23.18 38.17

Auditors’ Remuneration :

Statutory Audit 1.80 1.69

Expenses 0.34 0.35

Foreign exchange variation 96.95 -

Miscellaneous Expenses 104.57 324.89

Total - Note : 12 2,740.45 2,642.41

Sub-notes :

1) Rent includes an amount of Rs. 152.67 lakhs on lease-hold lands (259.89 acres from VPT).

` in lakhs


Notes


31- March-2014 31- March-2013

Interest & Finance Charges

Interest on :

Bank term loans & Cash Credit 782.71 1,285.15

Others 67.16 367.35

Bank Charges 75.65 124.58

Total - Note : 13 925.52 1,777.08


31- March-2014 31- March-2013

Provisions and Losses

Provisions made:

Obsolescence of Materials 1.64 78.83

Reduction in SR Bills 398.02 660.00

Liquidated Damages 411.03 2,165.05

Contingencies 159.75 38.79

Doubtful Debts /Advances 100.48 365.41

Losses :

Reduction in Shipbuilding inventory 842.14 759.05

Total - Note : 14 1,913.06 4,067.13


31- March-2014 31- March-2013

Prior Period Adjustments

A Income

SR Income 31.46 -

EKM Insurance refund 24.65 -

Miscellaneous - 2.86

56.11 2.86

B Expenditure

SC Direct Expenses 26.98 6.54

SC Insurance expenses 53.25 -

Berth hire charges - 17.76

Materials, Freight, C & F charges 80.00 762.18

Taxes & Duties - 1.72

Rent - 0.07


EKM FE Variation 576.81 -

Miscellaneous 130.25 27.12

868.93 843.91

Net Expenditure / (Income) 812.82 841.05


31- March-2014 31- March-2013

Exceptional items (Expenditure)

Arbitration award 28.74 -

Total - Note : 16 28.74 -

` in lakhs


Notes

Note – 17

Notes Forming Part of the Accounts for the year ended 31st March 2014

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 recognized 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,

b. Stage completion and

c. Revenue received.


Notes

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

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.


Notes

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.


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 Sindhukeerthi

1.4.5 Service tax demand in respect of Ship Repairs

1.4.6 VAT demands in respect of Ship Repairs

1.4.7 Demands of various suppliers of goods and services

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

1.4.9 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 `5139.00 lakhs).

B. NOTES ON ACCOUNTS

(` in lakhs)

2013-14 2012-13

Notes

5248.56 3680.31

17111.23 18804.67

- -

13.39 13.39

109.78 109.78

83.29 78.58

180.24 180.24

2081.31 2081.31

367.70 367.70

2552.00 2644.78

1875.81 898.61

4.54 4.54

1397.86 1379.31

8665.92 7758.24

8638.00 8638.00

13441.80 11878.52


2. 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)

2013-14 2012-13

Employer’s Contribution to Pension Fund 132.88 149.04

Defined Benefit Plan

The employees’ gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligationis determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period ofservice as giving rise to additional unit of employee benefit entitlement and measures each unit separately to buildup the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

I. Reconciliation of opening and closing balances of Defined Benefit obligation( in Lakhs)

2013-14 2012-13

Notes

Details Gratuity Earned Leave Sick Leave

(Funded) Encashment (Unfunded)

(Unfunded)

Defined Benefit obligation at beginning of the year. ( Current Year) 13146.87 3321.52 755.06

(Previous year) 13153.12 3431.04 780.70

Interest Cost (Current Year) 905.96 220.67 -

(Previous year) 1016.52 257.68 -

Current Service Costs (Current Year) 210.22 226.61 28.88

(Previous year) 281.49 384.61 (25.64)

Benefits Paid (Current Year) (3358.04) (1056.44) -

(Previous year) (2388.00) (799.12) -

Actuarial loss/(gain) on obligation (Current Year) 1386.16 986.20 -

(Previous year) 1083.74 47.31 -

Defined Benefit obligation at year end (Current Year) 12291.17 3698.56 783.94

(Previous year) 13146.87 3321.52 755.06

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.

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

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

the vessel No. VC 11115, VC 11116 , VC 11117 and VC-11136 and the

same is under arbitration.

b) In respect of Vessel No. VC 11118, VC 11137 to VC 11139 which

were delivered and VC 11140 which is under construction, no provision

towards LD is made, since the same is not applicable as per Contracts.

Total (1.5)

19932.74 13288.00

42012.57 33804.52


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) 210.22 226.61 -

(Previous year) 281.49 384.61 (25.64)

Interest Cost (Current Year) 905.96 220.67 -

(Previous year) 1016.52 257.67 -

Expected return on plan assets (Current Year) (94.97) - -

(Previous year) (83.08) - -

Actuarial (gain)/loss (Current Year) 1384.80 986.20 -

(Previous year) 1079.68 47.31 -

Expenses recognized in the statement of P&L a/c (Current Year) 2406.01 1433.48 28.88

(Previous year) 2294.61 689.59 (25.64)

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

(` in lakhs)

Details 2013-14 2012-13

Fair value of plan assets at beginning of the period. 1010.31 923.17

Expected return on plan assets 94.97 83.08

Contribution 3358.04 2388.00

Benefits paid (3358.04) (2388.00)

Actuarial (loss)/gain on obligation (balancing figure) 1.37 4.06

Fair value of Plan Assets as at the end of the period 1106.65 1010.31

III. Reconciliation of fair value of assets and obligations as at 31/03/2014

(` in lakhs)

Gratuity Leave Sick Leave

Encashment (Unfunded)

(Unfunded)

Fair value of plan assets (Current Year) 1106.65 - -

(Previous year) 1010.31 - -

Present value of obligation(Current Year) 12291.17 3698.56 783.94

(Previous year) 13146.86 3321.52 755.06

Amount recognized in Balance Sheet(Current Year) 11184.52 3698.56 783.94

(Previous year) 12136.55 3321.52 755.06

Notes


V. Investment Details

(Percentage invested)

Description Gratuity as on Gratuity as on

31.03.14 31.03.13

GoI Securities - -

Special Deposit Scheme 12.00 13.00

Others (T.D.R.s) 88.00 87.00

Total : 100.00 100.00

VI. Principal Actuarial Assumptions

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

31.03.2014 31.03.2013 31.03.2014 31.03.2013

Discount Rate 9.00 7.90 9.00 7.90

Salary escalation rate 7.00 3.00 7.00 3.00

Attrition rate 1.00 1.00 1.00 1.00

Expected rate of return on plan assets 9.50 9.40 - -

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.

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.

( in lakhs)

2013-14 2012-13

Employer’s Contribution to Provident Fund 1162.20 1169.29

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-à-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


3. 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 here under

` in lakhs

Particulars Ship Ship Retrofit Un-allocated Total

building repairs

Segment Income:

Sales 22,394.61 6,786.75 14,556.26 - 43,737.62

Taxes collected 1,518.72 29.37 - - 1,548.09

Other operating income (scrap sales) - 54.28 - - 54.28

23,913.33 6,870.40 14,556.26 - 45,339.99

Other Income 1,120.58 4,840.11 220.64 385.32 6,566.65

Total Income 25,033.91 11,710.51 14,776.90 385.32 51,906.64

Segment Expenditure:

Materials (net of transfers) 15,385.35 694.57 2,273.68 - 18,353.60

Direct Expenses 3,971.94 615.84 5,366.83 - 9,954.61

Direct Labour 3,581.88 320.20 980.86 - 4,882.94

Service Tax, Sales Tax & Excise Duty 1,685.73 547.14 62.27 - 2,295.14

Total Segment expenditure 24,624.90 2,177.75 8,683.64 - 35,486.29

Segment Result 409.01 9,532.75 6,093.26 385.32 16,420.35

Overheads 8,375.36 2,308.23 2,664.52 4,938.59 18,286.70

Provisions and Adjustments 1,618.87 458.09 552.16 96.76 2,725.88

Extraordinary & Exceptional items - - - 28.74 28.74

Net Segment Result (9,585.22) 6,766.44 2,876.58 (4,678.77) (4,620.97)

Taxes - -

Total Result (9,585.22) 6,766.44 2,876.58 (4,678.77) (4,620.97)

Other information

Segment Assets 22,003.09 16,573.06 8,863.36 53,072.02 1,00,511.53

Segment Liabilities 52,889.06 24,807.58 22,562.00 1,11,999.81 2,12,258.45

Capital Expenditure - - - 545.76 545.76

Depreciation 558.91 39.70 153.91 - 752.52

Non-cash expenditure other than Dep. - - - - -

Notes


Notes

4 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.

ii) Shri. Rakesh Mahajan, Director (Finance & Commercial) up to 10

Oct 2013.

iii) Cmde KS Subramanian, NM, IN (Retd), Director (Shipbuilding).

iv) Cmde KLN Prasad, IN (Retd), Director (Corporate Planning &

Personnel).

v) Cmde Ashok Bhal, IN (Retd), Director (Strategic Projects)

b) Details of transactions carried out with the above stated related

parties:

Remuneration paid during the year (` In lakhs)

5 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 `

6 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.

7 The estimated cost of completion of vessels under construction has

been revised to ` 193350 lakhs as at 31.3.2014 from ` 234339 lakhs as

at 31.3.2013

8 Provision towards interest on account of delays in making payments to

MSME units (23 nos.)

2013-14 2012-13

89.69 87.27

9. Materials Consumed

Description Unit 2013-14 2012-13

Qty Value Qty Value

` in lakhs ` in lakhs

Steel M.T 4465.74 2153.41 1316 537.82

Pipes Meters 9737.30 133.31 3842 19.99

Paints Litres 55784 120.79 122720 286.58

Pipe Fittings Nos. 16222 276.95 8024 83.28

Ship Machinery and Equipt. 11855.57 13335.64

Ship Repair Materials 657.20 3101.02

Retrofit Materials 2140.05 5734.65

Others 956.42 622.44

Total 18293.70 23721.42

(4620.97) (5517.39)

3019922 3019922

(153) (182)

-- --

193350 234339

5.93 --


i) Value of all Imported Materials including components and spare

parts consumed during the year. 12310.13 20776.78

ii) Value of all Indigenous Materials including components and spare

parts consumed during the year. 5983.57 2944.64

iii) Percentage of item (i) to total consumption. 67% 88%

iv) Percentage of item(ii) to total consumption . 33% 12%

2013-14 2012-13

Break up of Materials Consumed:

` in lakhs

10. Expenditure and Earnings in Foreign Currency

` In lakhs

2013-14 2012-13

1.1 i) Royalty, Know-how and Professional Consultancy fees - -

ii) Travelling Expenses - -

iii) Others 473.05 79.64

1.2 CIF value of imported materials, components & spare parts and

capital goods. 12444.34 10350.44

2 Earnings in Foreign Currency from ship repair activity 147.03 50.69

11. As per AS29 relating to Provisions – the movement of provisions in the books of account is as follows:

` In lakhs

Nature of provision Opening Provision Utilisation Closing

Balance made during / Reversal Balance

the year during the

year

Provision for Gratuity 12137 2406 3358 11185

(Previous Year) (12230) (2295) (2388) (12137)

Provision for Leave Salary 4077 1463 1057 4483

(Previous Year) (4212) (690) (825) (4077)

Provision for Liquidated Damages 7721 411 3531 4601

(Previous Year) (5556) (2165) - (7721)

Provision for Contingencies 136 160 136 160

(Previous Year) (97) (39) - (136)

Provision for Future Losses 6555 - 66 6489

(Previous Year) (8382) - (1827) (6555)

Provision for Guarantee Charges 901 410 551 760

(Previous Year) (1180) (20) (299) (901)

Provision for Doubtful Debts / Reductions in SR bills 2741 398 130 3009

(Previous Year) (1722) (1025) (6) (2741)

Provision for Doubtful Advances 91 100 - 191

(Previous Year) (98) - (7) (91)

Notes


12. Disclosure of information in respect of Ships under construction as per Accounting Standard-7 “Construction

Contracts”

In lakhs

Particulars / Nature of Vessel IPV’s 53K IPV’s 50T TUGS 25T TUGS 10T TUGS

(ICG) BULKERS (ICG) (KPT) (IN) (IN)

Vessel No: 11156-58 11140 11184 11165-72 11173-74 11175-77 11177-82

Owner ICG GEML ICG KPT NAVY NAVY

1 Contract Revenue Recognized

up to 31st March, 2014 10897 12829 5311 - 3227 286 -

2 Contract Expenses Recognized 18242 20195 5311 - 3483 311 -

3 Recognized Profits / (Losses) (7345) (7366) - - (256) (25) -

4 Expected Losses Recognized (762) (2116) - (2790) (431) (790) (441)

5 Total Recognized Profits / Losses (8107) (9482) - (2790) (687) (815) (441)

6 Advances Received 7859 12589 14503 9609 2736 1159 1252

7 Costs Relating to Future Activity 1977 5803 61380 49892 5866 10089 10790

8 Retention Amount 201 - - - - - -

8 Progressive Billing 8060 12589 14503 9609 2736 1159 1252

9 Gross Amount due from Customers 3038 240 - - 491 - -

10 Gross Amount due to Customers —— —— 9192 9609 —— 873 1252

13. Details of Remuneration to Chairman & Managing Director and other whole-time Directors:

( in lakhs)

S.No Particulars 2013-14

i. RAdm N.K.Mishra, NM, IN(Retd), Chairman & Managing Director 22.97

ii. Shri. Rakesh Mahajan, Director (Finance & Commercial) (up to 10 Oct 2013) 9.90

iii. Cmde K.S.Subramanian, NM, IN (Retd), Director (Shipbuilding) 18.15

iv. Cmde K.L.N.Prasad, IN (Retd), Director (Corporate Planning & Personnel) 19.66

v. Cmde Ashok Bhal, IN (Retd), Director (Strategic Projects) 19.01

Total 89.69

Notes


Notes

14 (a) GoI sanctioned an amount of Rs 457.36 Cr in Dec 2011 for “Refurbishment and Replacement of

Machinery and Infrastructure (RRMI) at HSL. As per the sanction, HSL would submit utilization

certificate within one year and in case of non-utilization of the sanctioned amount within one

year, interest earned on the unutilized funds would be credited to the Govt. Accordingly, interest

earned within one year of Rs 42.18 Cr was accounted as ‘other income’ in the years 2011-12 &

2012-13. However, since Govt. Audit had taken a different view on the accounts for FY 2012-13

that the said interest of Rs 42.18 Cr was to be shown as a liability of HSL, the company had

taken up with MoD for clarification / approval for retention of the said interest. Further to the

above, the company submitted a Fresh Financial Restructuring Proposal in Feb 2014 in which

interest earned on RRMI funds was included in the said proposal and the same is under active

consideration of GoI. View said position, no provision was made towards the said interest of

Rs 42.18 Cr.

(b) No provision is also made towards notional interest of Rs 5.53 Cr on RRMI funds utilized for

ship construction & submarine repair works on replenishment basis, since as per the sanction

letter interest earned will be credited to the Government and accordingly actual interest earned

only has been included in the above said FFR proposal.

15 Reconciliation of balances as per price stores ledger and Bin Cards is a continuous process.

16 Certain Advances and Provisional Liabilities for Purchases remain unadjusted, pending link-up between

the same.

17 Balances of Debtors / Creditors are subject to confirmation / reconciliation.

18 Previous year’s figures have been regrouped / rearranged wherever necessary.

For and on behalf of the Board of Directors In terms of our report of even date attachedFor B.V. Rao & Co















Particulars Year ended Year ended

31-March-2014 31-March-2013

A. Cash flow from operating activities:

Net Profit/(loss) before Extraordinary, Prior period items & FE variation (3,876.36) (4,676.34)

Adjustments for:


Interest & Finance charges 925.52 1,777.08

Foreign exchange variation 96.95 -

Interest received (141.19) (3,634.79)

Loss/(profit) on sale of fixed assets (1.41) -

Operating Cash flow before working capital changes, Extraordinary

& Prior Period items (2,242.34) (5,716.76)

Exceptional & Extra-ordinary items 28.74 -

Prior Period items: Net Expenditure 812.82 841.05

Operating Cashflow before working capital changes & after

Extraordinary & Prior Period items (3,083.90) (6,557.81)

Adjustments for working capital changes:

Inventories (39.21) 11,749.74

Trade and other receivables 3,802.16 (4,984.60)

Trade and other payables (5,834.32) (6,130.35)

Cash generated from operation (A) (5,155.27) (5,923.02)

B. Cashflow from Investing acitivities:

Purchase of fixed assets (545.76) (875.35)

Capital Work-in-progress 458.36 287.70

Sale of fixed assets 1.60 -

Interest received 141.19 3,634.79

Net Cash from investing operation (B) 55.39 3,047.14

C. Cashflow from financing activities:

Proceeds from Share Capital - -

Proceeds from Borrowings from GOI & Banks (752.15) (121.98)

Interest paid (925.52) (1,777.08)

Net Cash from financing operation (C) (1,677.67) (1,899.06)

D. Net Increase in Cash & Cash

Equivalent (A)+(B)+(C) (6,777.55) (4,774.94)

Exceptional & Extraordinary items

Cash and cash equivalent at the beginning of the year 47,184.49 51,959.43

Cash and cash equivalent at the end of the year 40,406.94 47,184.49

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2014

` in lakhs

Cash Flow Statement


SCHEDULE OF NET EXPENDITURE ON TOWNSHIP, RESIDENTIAL QUARTERS AND OTHER SOCIAL OVERHEADS

FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2014

Description 2013-14 2012-13

Details Details Total Details Details Total

EXPENDITURE ON TOWNSHIP

AND RESIDENTIAL QUARTERSAdministration & Maintenance:

Salaries, Wages & Other Benefits 370.89 367.95

Housing Estate Site Rent 16.07 16.03

Property Tax on Residential Buildings 9.95 1.57

Electricity and Water Charges 223.81 147.80

Repairs and Maintenance 125.51 71.64

Colony Security 49.89 69.40

Miscellaneous Expenditure 6.59 802.71 7.63 682.02


812.37 691.94

Less: Income-Rent 179.35 90.66

Electricity and Water Charges 76.70 256.05 556.32 81.16 171.82 520.12

Expenditure on Social Overheads:

Schools and Educational Facilities 28.45 43.68

Less: Educational Grant (26.16) 2.29 (39.07) 4.61

On Medical facilities 647.85 458.78

On Subsidised Canteen 177.57 177.29

On Subsidised lunch 257.04 434.61 232.31 409.60

On Subsidised transport :

Boats and launches 54.19 54.19 57.49

On Social & Cultural Activities 0.53 1139.47 0.53 931.01

1695.79 1451.13

Expenditure on Public Relations and

Publicity:

Salaries 8.67 13.11

Publicity 1.37 0.49

10.03 13.60

(` in lakhs)

Social Overheads

NOTES:

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 `.139.33 lakhs as on 31.03.2014) has not been taken into account since this has beenfinalised out of Equity Share Capital except for an amount of Rs.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.

For and on behalf of the Board of Directors

Sd/- Sd/-Cmde KS SUBRAMANIAN, NM, IN (Retd) R Adm N K MISHRA, NM, IN (Retd)

Director (Shipbuilding) Chairman and Managing Director

Sd/- Sd/-INAITULA BAIG VRS NAGA SARMA




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86

.61

61

7.8

46

92

.06

67

7.7

86

79

.71

978

.62

89

0.6

08

57

.29

Sho

rt t

erm

pro

visi

on

s2

0.9

02

4.3

26

3.6

137

.76

37.0

33

2.7

21

23

.21

18

2.2

91

90

.97

15

7.0

2

Tota

l3

74

.52

65

8.8

39

65

.75

98

1.5

79

41

.98

10

38

.99

12

34

.43

12

79

.71

11

17

.19

10

05

.12

ASS

ET

S

No

n-c

urr

en

t a

sse

ts:

Fixe

d a

sse

ts -

Tan

gib

le4

1.9

43

9.3

14

4.5

35

3.4

06

3.7

16

8.7

776

.84

75

.38

75

.96

73

.84

- I

nta

ngi

ble

0.0

00

.00

0.0

00

.87

0.1

70

.00

0.0

00

.00

0.0

00

.04

-

Cap

ital

wo

rk in

pro

gres

s0

.20

0.5

24

.01

6.2

35

.16

12

.47

12

.41

4.4

41

1.5

66

.97

Lon

g te

rm l

oan

s an

d a

dva

nce

s2

.45

2.7

83

.10

3.5

43

.08

3.3

03

.17

2.9

53

.81

4.1

8

Oth

er

no

n-c

urr

en

t as

sets

0.0

00

.00

11

3.2

21

05

.67

11

3.1

01

23

.99

10

7.1

41

09

.72

82

.22

74.1

3

Cu

rre

nt

Ass

ets

:

Inve

nto

rie

s9

2.3

61

55

.38

13

2.0

62

53

.55

372

.15

478

.90

33

1.6

52

53

.19

13

5.6

91

36

.09

Trad

e r

ece

ivab

les

14

0.6

55

1.4

91

40

.55

14

8.0

51

17

.23

11

0.0

71

39

.60

12

8.7

82

30

.16

17

8.8

8

Cas

h &

cas

h e

qu

ival

en

ts2

7.5

21

84

.19

28

1.7

02

11

.84

11

5.4

76

0.3

13

05

.86

51

9.5

947

1.8

44

04

.07

Sho

rt t

erm

lo

ans

and

ad

van

ces

66

.82

13

5.3

61

64

.67

12

6.7

21

18

.83

11

7.6

41

47

.28

76.0

54

6.6

827

.75

Oth

er

curr

en

t as

sets

2.5

88

9.8

08

1.9

17

1.7

03

3.0

86

3.5

41

10

.50

99

.61

59

.27

99

.17

Tota

l3

74

.52

65

8.8

39

65

.75

98

1.5

79

41

.98

10

38

.99

12

34

.44

12

79

.71

11

17

.19

10

05

.12

Net

Wo

rth

(10

26

.44

)(1

01

2.7

5)

(70

6.8

2)

(56

6.3

1)

(68

5.3

4)

(68

3.0

1)

(62

8.0

2)

(71

4.0

0)

(76

9.1

7)

(81

5.3

8)

*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

FIN

AN

CIA

L P

OS

ITIO

N A

ND

PE

RFO

RM

AN

CE

OF T

HE

CO

MP

AN

Y

(` i

n c

rore

s)

20

04

-05

20

05

-06

20

06

-07

20

07

-08

20

08

-09

20

09

-10

20

10

-11

20

11

-12

20

12

-13

20

13

-14

PR

OFI

T A

ND

LO

SS A

CC

OU

NT:

Inco

me

:

Ship

bu

ildin

g7

9.4

71

39

.94

15

9.9

52

02

.15

19

4.1

72

53

.61

29

1.4

92

54

.76

19

6.0

82

39

.14

Ship

re

pai

rs1

35

.12

87

.90

93

.02

10

8.4

61

44

.13

26

6.0

427

7.3

81

93

.51

15

2.9

76

8.7

0

Re

tro

fit

10

.71

15

.74

74.6

67

3.9

157

.52

99

.31

83

.27

11

5.7

71

34

.79

14

5.5

6

Wo

rk-i

n-P

rogr

ess

(10

.07

)2

8.2

94

5.6

04

1.3

66

4.3

2(1

0.5

3)

(48

.29

)0

.00

0.0

00

.00

Oth

er

Inco

me

21

.75

47.0

12

6.5

48

4.2

63

8.1

45

3.6

03

4.0

34

0.3

07

8.6

66

5.6

7

Tota

l2

36

.98

31

8.8

83

99

.77

51

0.1

44

98

.28

66

2.0

36

37

.88

60

4.3

45

62

.50

51

9.0

7

Exp

en

dit

ure

:

Mat

eri

als

10

3.0

81

44

.54

19

0.1

92

22

.55

26

4.6

63

44

.57

44

1.5

22

55

.85

23

8.3

91

86

.05

Dir

ect

Exp

en

ses

39

.65

43

.60

80

.16

89

.88

62

.10

94

.39

79

.78

99

.07

76.9

19

9.5

5

Pay

& B

en

efi

ts7

7.8

88

2.6

79

2.6

48

0.9

11

26

.93

12

9.8

92

57.4

81

99

.90

18

3.0

61

87

.90

Taxe

s an

d D

uti

es4

.29

8.5

91

3.4

92

0.3

72

8.6

82

3.2

52

4.5

02

9.6

62

0.8

12

2.9

5

Oth

er

Exp

en

ses

14

.23

15

.50

19

.12

25

.91

31

.03

27.8

52

6.8

22

8.4

72

6.4

227

.40

Pro

visi

on

s an

d L

oss

es8

.48

14

.03

45

.15

8.7

41

4.0

71

8.6

77

1.8

95

6.3

43

3.0

81

9.1

3

Pri

or

pe

rio

d A

dju

stm

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ts(0

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)(1

.92

)(3

87

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)(7

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)5

4.4

43

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5.6

35

.21

8.4

18

.13

Exce

pti

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al i

tem

s0

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0.0

04

1.3

10

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0.0

00

.00

0.0

00

.00

7.5

90

.29

Tran

sfe

rs(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)

(2.6

6)

(2.9

0)

Tota

l2

35

.11

30

3.6

99

0.8

24

36

.33

57

7.5

96

36

.96

90

3.3

46

70

.53

59

2.0

15

48

.50

Pro

fit

/ (L

oss

) b

efo

re i

nte

rest

,

De

pre

ciat

ion

1.8

71

5.1

93

08

.95

73

.81

(79

.31

)2

5.0

7(2

65

.46

)(6

6.1

9)

(29

.51

)(2

9.4

3)

Gra

nt

fro

m G

oI

0.0

00

.00

0.0

00

.00

0.0

00

.00

45

2.6

80

.00

0.0

00

.00

De

pre

ciat

ion

4.1

54

.07

4.0

65

.82

6.9

36

.46

7.6

87

.97

7.8

97

.53

Inte

rest

5.6

14

.93

34

.70

44

.51

50

.49

52

.41

14

.35

11

.82

17

.77

9.2

5

Pro

fit

/ (L

oss

) b

efo

re t

ax(7

.89

)6

.19

270

.19

23

.48

(13

6.7

3)

(33

.80

)1

65

.19

(85

.98

)(5

5.1

7)

(46

.21

)

Inco

me

Tax

0.0

00

.00

78

.27

5.4

96

.85

(31

.86

)4

4.8

30

.00

0.0

00

.00

MA

T cr

edit

en

eti

tle

me

nt

0.0

00

.00

0.0

00

.00

0.0

00

.00

(44

.83

)0

.00

0.0

00

.00

Def

erre

d T

ax (

asse

t) /

lia

bili

ty0

.00

0.0

0(1

09

.01

)6

.66

(3.5

7)

(4.2

6)

11

0.1

90

.00

0.0

00

.00

Net

Pro

fit

/ (L

oss

)(7

.89

)6

.19

30

0.9

31

1.3

3(1

40

.01

)2

.32

55

.00

(85

.98

)(5

5.1

7)

(46

.21

)

Pro

fit

& L

oss

Ap

pro

pri

atio

n0

.00

0.0

00

.00

2.5

20

.00

0.0

00

.00

0.0

00

.00

0.0

0

Cu

mu

lati

ve P

rofi

t /

(Lo

ss)

(11

63

.35

)(1

15

7.1

6)

(85

6.2

3)

(84

7.4

2)

(98

7.4

3)

(98

5.1

0)

(93

0.1

0)

(10

16

.08

)(1

07

1.2

5)

(11

17

.47

)


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

Del

iver

y

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

Ships Built


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

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 Lt

d.,

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

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

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

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

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

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

esse

l)0

5-0

4-1

97

40

7-0

8-1

97

52

8-0

2-1

97

6

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

esse

l)1

8-1

2-1

97

43

0-1

1-1

97

53

0-0

3-1

97

6

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

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

8-1

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 L

td.,

20

,91

40

2-0

7-1

97

61

6-0

3-1

97

81

6-0

4-1

97

9

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

SSV

Oil

& N

atu

ral

Ga

s C

om

mis

sio

n1

,23

12

2-0

4-1

98

42

4-1

1-1

98

40

9-1

2-1

98

5

86

.“S

am

ud

rika

-5”

OP

SSV

Oil

& N

atu

ral

Ga

s C

om

mis

sio

n1

,24

02

2-0

5-1

98

41

0-0

3-1

98

51

9-0

3-1

98

6

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

PSSV

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

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

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

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

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

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

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

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

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

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

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

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

15

7.

Co

l. H

. C

art

Wri

gh

t R

eid

fo

r5

0-T

Bo

lla

rd p

ull T

ug

21

.03

.20

09

04

-11

-20

10

10

-08

-20

12

Vis

akh

ap

atn

am

Po

rt T

rust

, V

isa

kh

ap

atn

am

15

8.

Ra

ni

Av

an

ti B

ai

for

Ind

ian

Co

ast

Gu

ard

Insh

ore

Pa

tro

l V

ess

el

25

-06

-20

07

28

-05

-20

09

08

-05

-20

13

15

9.

M.V

. G

oo

d D

ay

fo

r G

ML

53

00

0 D

WT

Dia

mo

nd

30

-12

-20

10

12

-06

-20

12

29

-07

-20

13

Se

rie

s B

ulk

Ca

rrie

r

16

0.

"DH

IRA

J" f

or

Ind

ian

Na

vy

50

T B

oll

ard

Pu

ll T

ug

27

-12

-20

10

03

-08

-20

13

24

-12

-20

13

16

1.

"SA

HA

S"

for

Ind

ian

Na

vy

50

T B

oll

ard

Pu

ll T

ug

05

-03

-20

11

03

-08

-20

13

24

-12

-20

13

16

2.

"HIM

MA

T"

for

Ind

ian

Na

vy

50

T B

oll

ard

Pu

ll T

ug

27

-12

-20

10

03

-08

-20

13

31

-03

-20

14

Ships Built

62nd annual report 2013-14

Documents