60th annual report 2011-12
Post on 04-Jan-2017
214 Views
Preview:
TRANSCRIPT
HINDUSTAN SHIPYARD LIMITED
PAPERS TO BE LAID ON THE TABLE OF LOK SABHA/RAJYA SABHA
AUTHENTICATED
RAKSHA RAJYA MANTRI
Board of Directors . . . . 01
Chairman’s Statement . . . . 02
Notice . . . . 05
Directors’ Report 6 . . . . 06
Auditors’ Report31 . . . . 35
Comments of the C & AG of India36 . . . . 40
Balance Sheet . . . . 42
Profit & Loss Statement . . . . 43
Notes to the Accounts . . . . 44
Notes forming part of Accounts . . . . 54
Cash Flow Statement . . . . 67
Social Overheads . . . . 68
Last 10 years at a glance . . . . 70
Ships built . . . . 72
CO
NT
EN
TS
OUR VISION
To be a National Leader in
Ship & Submarine building and Repairs
OUR MISSION
To imbibe the latest in
Ship / Submarine building and
repair technology and serve
the defence, maritime and
oil sectors through all round
excellence in quality, delivery
and durability
1 !
1 !
VAdm N N KumarAVSM, VSM
Shri Gyanesh Kumar, IAS
Dr. Devi SinghShri Rakesh MahajanDirector (Finance & Commercial)
Cmde K S Subramanian, NM, IN (Retd.)
Director (Shipbuilding)
Cmde K L N PrasadDirector (Corporate Planning & Personnel)
Cmde Ashok Bhal, VSM, IN(Retd.)
Director (Strategic Projects)
RAdm N K Mishra, NM, IN (Retd.)
Chairman & Managing Director
BOARD OF DIRECTORS
PERMANENT SPECIAL INVITEES
VAdm DSP VARMAPVSM, AVSM,VSM, IN(Retd.)
DG, AKANKSHAH
Shri RAJNISH KUMARAddl. FA & Jt. Secretary
Ministry of Defence (Fin)
AUDITORS
M/s G R Kumar & Co.Chartered Accountants
Visakhapatnam
BANKERS
• Indian Bank
• State Bank of India
• UCO Bank
• Syndicate Bank
• Canara Bank
Shri Inaitula BaigCompany Secretary
Registered Office
Gandhigram, Visakhapatnam - 530005
(As on date of AGM)
2 Hindustan Shipyard Limited
CHAIRMAN’S STATEMENT
Dear Shareholders,
It gives me great pleasure to extend a warm
welcome to all of you at the 60th Annual General
Meeting of your Company.
The Annual Report for the year ended 31st Mar
2012 along with the Directors’ Report and audited
Annual Accounts of the Company have been
circulated to you and with your permission, I take
them as read.
World Shipbuilding Industry
The shipbuilding industry is closely linked to developments in global shipping industry. Therefore, any slowdown
in the shipping industry adversely affects the prospects of the shipbuilding industry. The Industry is passing through
turbulent times since economic slowdown in 2008 and recovery is likely to take some more time. As regards world
shipbuilding industry, China leads with major share with 41% whereas South Korea, Japan, Europe and others have
shares of 33%, 20%, 2% and 4% respectively. As far as high value orders are concerned, Korea leads with 50% and
other shipbuilding nations like China, Europe, Japan and other countries have 32%, 6% 5% and 7% respectively.
Indian Shipbuilding Industry
The Indian shipbuilders occupy 6th rank in the list of order book accounting for 1.36% of the global order
book (in CGT). Correspondingly, the order book of Indian shipbuilders aggregates to 3.01 mn DWT with 168 vessels
on order. The Indian shipbuilders specialize in construction of offshore vessels. However, the size of the dry bulk
vessels as against the offshore vessels in terms of carrying capacity (i.e. DWT) being high, the former vessel category
constituted approximately 87.5% of the Indian order book. In terms of the number of vessels on order, the Offshore
and Specialised vessels accounted for 38.7% of the total order book. Indian Shipbuilding Industry stands adversely
affected, post expiry of the “Shipbuilding Subsidy Scheme” and, with no announcement of the renewal of the said
scheme; the Indian shipyards are rendered cost ineffective as compared to their global peers. Further, in the absence
of ‘infrastructure industry’ status to the Shipbuilding Industry in India is at a disadvantageous position compared to
other major global shipbuilding nations.
Company’s Performance & Major highlights of the Year 2011-12
Your Company is an old and premier shipyard of the country of historical importance. Your yard has always
strived towards better productivity and optimum utilization of resources. The total income of the Company during
the year is ` 604.34 Cr as compared to ` 686.17 Cr of last year. Your company has recorded a loss of ` 85.98 Cr
during the said financial year. The losses in the Financial Year 2011-12 are mainly attributable to reduction in turnover,
increase in pay & benefits and provision towards Liquidated Damages. Consequently, the accumulated losses are
also increased to `1016.08 Cr as on 31 Mar 2012.
The Major highlights of the year 2011-12 are as under
Ø Ministry of Defence, Govt. of India has sanctioned an amount of ` 457.36 Cr for Phase – I modernisation (i.e.
Refurbishment & Replacement of plant and Machinery) as an advance towards construction of LPDs.
Chairman's Statement
3Annual Report 2011-12
Ø Your company has received an LOI for construction of one Fleet Support Vessel for Indian Navy.
Ø Some of the noteworthy achievements during the year are as follows :-
- Delivery of first of the five IPV series, first 50 ton Bollard Pull Tug for VPT and Third 53000 DWT Bulker
for M/s GML.
- Launching of last of the five series of IPV for Indian Coast Guard
- Keels were laid for two 50 ton Bollard Pull Tugs for Kandla Port Trust
- Repairs of ONGC Jack Up Rig was completed and the RIG was handed over to ONGC on 03 Aug 2012.
- The Ship repair division has undertaken repairs of eighteen vessels including two foreign flag.
- The Medium Refit cum Upgradation of INS Sindhukirti is under progress and recorded a cumulative
production of 65% till end of Jul 2012.
Your yard is going through crisis as the company’s order book and financial position is unhealthy. The issues
are further compounded with aged workforce, old & outlived machinery etc. The Management is putting its best
efforts to bring the company back on track.
As brought out in last year, the company aims to complete the orders of Five IPVs for Coast Guard and 53,000
DWT Bulkers for M/s GML by end of Mar 2013 and thereafter the company’s focus will be on warship building. The
company has already delivered the first vessel of five IPV in the FY 2011-12 and balance vessels are at advanced
stages of construction. These vessels would be delivered in the FY 2012-13. Efforts are also being made to complete
other orders within the contract schedules with no further time and cost overrun.
Strategic Initiatives
A dedicated department has been constituted namely “Business Strategy Department” to improve the
company’s marketing strategies and to secure new orders. The company is also revamping some of the existing
systems which will result in higher productivity and growth. Other strategic initiatives of the management include
Turnkey Rate Contracts, Collaboration with Design Partners, revamping of Design Department, etc. Discussions are
in progress for alliance with M/s BHEL and ONGC for construction, repair and maintenance of land based oil rigs.
Your Company is also in talks with Fisheries Survey of India for MoU for maintenance of their vessels. Your company’s
management is putting all its efforts to turn around the Company.
Grading vide Memorandum of Understanding
The performance of the company for the year 2011-12, based on self appraisal is “Good” in terms of the MoU
signed with the Ministry of Defence.
Corporate Governance
Good Corporate Governance has always been the hallmark of your Company. The philosophy of the Company
is to ensure transparency in its dealings and compliance of country’s laws and regulations in order to promote
ethical conduct of business. Quarterly compliance reports for Corporate Governance are sent to the Administrative
Ministry as per applicable guidelines. The process to fill up the vacant positions of Independent Directors is at an
advanced stage. A separate section on Corporate Governance furnishing applicable details forms part of the Directors’
Report.
Yard Modernisation
The present infrastructure of yard is out dated. Accordingly, there is an urgent need to refurbish and also
renew plant and machinery to meet the future challenges. The yard has planned to modernise the yard in two
phases. In the first phase, the existing infrastructures will be refurbished and obsolete equipments will be renewed.
Chairman's Statement
4 Hindustan Shipyard Limited
Against LPD project, the yard has already received ` 457.36 Cr for the same from Govt. of India. In the second phase
of modernisation, it is envisaged to upgrade the yard infrastructure to enable construction of sophisticated warships
and strategic vessels for Indian Navy and Coast Guard.
Future Outlook
HSL is a major shipyard on the East Coast of India. The yard has been brought under the administrative
control of Ministry of Defence in Feb 2010. Accordingly, the yard needs to realign its business strategy towards
warship and submarine building /repairs for the Indian Navy and Coast Guard. The Ministry of Defence has nominated
the yard for construction of Landing Platform Dock (LPDs) and, constructions of other vessels are also planned in
the near future. Presently, modernisation of the yard with funds made available against LPD project is afoot.
Considering the acquisition plans of the Indian Navy & Coast Guard, the future of the yard looks bright.
Human Resource Developments
The age profile of the employees of your Company and consequent superannuation of experienced personnel
in near future is a matter of concern. The management is striving hard to augment the manpower through inductions
and skill up-gradation to meet the future challenges.
Auditors’ Comments
The Statutory Auditors Report has already been circulated to all the shareholders. I am glad to inform you
that the C &AG after having reviewed your Company’s accounts for the year ending 31 Mar 2012 have given a “Nil”
comment certificate.
Acknowledgements
On behalf of the Board, I would like to thank you, our esteemed shareholders, for your continuing confidence
and support. I take this opportunity to thank Ministry of Defence, Naval & Coast Guard Authorities, Dredging
Corporation of India, Visakhapatnam Port Trust, ONGC Ltd for their unstinted support. I also acknowledge the
support extended by the State Governments, Central Government, other statutory bodies and all other local
authorities and agencies. Last but not the least, I thank all the employees of HSL for their sustained endeavours in
meeting the challenges posed before the organisation. I also thank the trade unions for their constructive cooperation.
Jai Hind.
(N K Mishra)
Rear Admiral, IN (Retd.)
Chairman & Manging Director
Visakhapatnam
21 Sep 2012
Chairman's Statement
5Annual Report 2011-12
NOTICE OF 60th ANNUAL GENERAL MEETING
Notice is hereby given that the 60th Annual General Meeting of the Shareholders of Hindustan Shipyard Ltd., will be
held on Friday, the 21st September, 2012 at 11.00 AM at HSL Board Room, Hindustan Shipyard Limited, Gandhigram,
Visakhapatnam-530 005 to transact the following business :
ORDINARY BUSINESS
1) Adoption of Annual Accounts of the Company for the year 2011-12
To receive, consider and adopt the Balance Sheet as at 31 Mar 2012 and the Profit & Loss Account for the
year ended 31 Mar 2012 and the Reports of the Directors and Auditors thereon.
2) To fix the remuneration of the Statutory Auditors to be appointed by the Comptroller & Auditor General of
India for the Financial Year 2012-13.
By order of the Board
Hindustan Shipyard Limited
New Delhi (Inaitula Baig)
29 Aug 2012 Company Secretary
NOTES: (a) A member entitled to attend and vote is entitled to appoint a Proxy to attend and vote instead
of himself and a proxy need not be a member of the Company.
(b) The instrument appointing the Proxy, if any, should, in order to be effective, be deposited at the
Registered Office of the Company not less than 48 hours before the time of holding the meeting.
To
All the Shareholders,
Statutory Auditors,
Directors & Chairman of the Audit Committee.
Permanent Special Invitees
Notice
6 Hindustan Shipyard Limited
DIRECTORS’ REPORT FOR THE YEAR 2011-12
The Shareholders,
Hindustan Shipyard Limited
Gentlemen,
Your Directors are pleased to present the 60th Annual Report on the working of the Company for the financial year
2011-12. The audited Profit & Loss account for the financial year 2011-12 and the Balance Sheet, as on 31 Mar
2012, together with the report of the auditors of the Company and the comments of the Comptroller & Auditor
General of India on the Auditors’ Report under Section 619 (4) of the Companies Act, 1956 are appended to this
report.
1. CAPITAL STURCTURE
The Authorised Equity Share Capital and Paid-up Equity Share Capital of the Company as on 31 Mar 2012
stood at ` 304.00 Cr and ` 301.99 Cr respectively.
2. PERFORMANCE HIGHLIGHTS
2.1 Financial Parameters
The Company has recorded a loss of ` 85.98 Cr during the year 2011-12. The stated loss is due to reduction in
turnover, increase in pay & benefits and provision towards Liquidated Damages. The Accumulated Losses
have increased to ` 1016.08 Cr as on 31 Mar 2012 from ` 930.10 Cr reported last year.
2.2 Value of Production
The Company achieved a value of production of ` 564.04 Cr during the Financial Year 2011-12.
2.3 MOU Rating
In terms of the parameters finally arrived at as against the Memorandum of Understanding signed with
Government for the year 2011-12, the performance of the Company is expected to be rated as “Good”.
3. DIVISION-WISE PERFORMANCE
3.1. Shipbuildng
The Shipbuilding Division of your Company achieved a Value of Production of ` 254.76 Cr for 2011-12 as
against ` 294.74 Cr in the previous year.
Directors Report
7Annual Report 2011-12
3.1.1. Main Events
The following events have been achieved during the year 2011-12 in Shipbuilding Division: -
Sl Events Date ofevents Description of Vessel Owner
(a) Fresh Orders 30 Dec 2011 03 Nos 25 T Bollard Indian Navy
concluded Pull Tugs
30 Dec 2011 First of (02 Nos) Visakhapatnam Port Trust
50 T BP Tug
(b) Deliveries 05 Jan 2012 First of (05 Nos) Indian Coast Guard
Inshore Patrol Vessel
17 Feb 2012 Third (of 05 Nos) GML, Chennai
53000 DWT Bulker
(c) Floating / 15 Jul 2011 Launching of Fifth (of 05 Nos) Indian Coast Guard
Launching Inshore Patrol Vessel
(d) Keel Laying 04 Jan 2012 First (of 02 Nos) Kandla Port Trust
50-Ton BP Tug
04 Jan 2012 Second (of 02 Nos) Kandla Port Trust
50-Ton BP Tug
Directors Report
Delivery Ceremony MV Good Trade, VC 11138 (Third of 05 Nos 53000 DWT Bulker) to GML, Chennai
8 Hindustan Shipyard Limited
3.1.2. Order Book Position
The present order book of the yard comprise 23 Vessels of which 10 vessels are under various stages of
construction. As on 31 Mar 12, the value of Shipbuilding orders is worth ` 1133.22 Cr. The details of the
order book are as under:-
Sl Yard No Type of the Vessel No of Owner Balance
Vessels Contract
Value
(In ` Cr)
(a) 11139 - 11140 53,000 DWT Diamond 2 GML, Chennai 147.07
series Bulk Carriers
(b) 11155 - 11158 Inshore Patrol Vessels 4 Indian Coast Guard 75.65
(c) 11161 50-Ton Bollard Pull Tug 1 Visakhapatnam Port Trust 5.40
(d) 11162 - 11164 50-T Bollard Pull Tug 3 Indian Navy 149.68
(e) 11165 - 11172 Inshore Patrol Vessels 8 Indian Coast Guard 551.12
(f) 11173 - 11174 50 T Bollard pull Tugs 2 Kandla Port Trust 91.20
(g) 11175 - 11177 25 T Bollard Pull Tugs 3 Indian Navy 113.10
Total 23 1133.22
Directors Report
Delivery of M.V.A.W. Delima, VC11160 to Visakhapatnam Port Trust
Delivery of IPV “Rani Abbakka” VC11154 to Indian Coast Guard
9Annual Report 2011-12
Directors Report
Handing over of Jack Up Rig "SAGAR RATNA" to ONGC after a major repair at HSL
3.1.3. Production/ Physical Performance
Shipbuilding production in DWT and capacity utilisation achieved during the year 2011-12 as compared to
previous year are as under: -
Sl Description Unit 2011-12 2010-11
(a) Installed capacity as reckoned DWT 75250 75250
(at 3.5 Standard Pioneer Ships per annum)
(b) Actual Production achieved DWT 56437 61583
(c) Capacity Utilisation Percentage 75% 82%
(d) Productivity achieved M.hrs/DWT 45 42.5
3.2 SHIP REPAIRS
3.2.1 During the year, Ship Repair Division has undertaken repairs of 18 vessels (including 2 Foreign Flag) of diverse
types. The customers include Indian Navy, DCI, SCI, ONGC & VPT etc. The repair dock was utilised to the
optimum level. The turnover of Ship Repair Division during the year is ` 193.51 Cr as against ` 280.98 Cr of
last year.
3.2.2 Major Work during the Year 2011-12
(a) Major repairs Jack up Rig ‘SAGAR RATNA’ owned by ONGC is under final stages of completion. This is an
order worth more than ` 500 Cr.
(b) Completion of repairs of INS Sandhayak worth ` 46.42 Cr.
(c) Repairs of Dredge XIV at ` 18.05 Cr, Dredge IX at ` 15 Cr and Sagar Vijay for ` 15.00 Cr.
10 Hindustan Shipyard Limited
Directors Report
In ` Cr
Description Ship Building Ship Repairs Retrofit Unallocated Total
Total Income 262.29 204.03 115.86 22.16 604.34
Profit/(Loss) before Depreciation,
Interest and Income Tax & Extra-
ordinary Items(PBDIT) (54.26) 23.12 (4.00) (31.05) (66.19)
Depreciation 5.90 0.50 1.57 - 7.97
Interest & Finance Charges 3.66 7.50 0.44 0.22 11.82
Profit / (Loss) (63.82) 15.12 (6.01) (31.27) (85.98)
5. CONTRIBUTION TO NATIONAL EXCHEQUER
Your Company’s contribution to the National
Exchequer is ` 32.69 Cr during the year 2011-12 by
way of Income Tax, Service Tax, Customs Duty, Excise
Duty and VAT.
6. FUTURE OUTLOOK
HSL is a major shipyard on the East Coast of India.
The yard has been brought under the administrative
control of Ministry of Defence in Feb 2010.
Accordingly, the yard needs to realign its business
strategy towards warship and submarine building
for the Indian Navy and Indian Coast Guard. The
Ministry of Defence has nominated the yard for
construction of Landing Platform Dock (LPDs) and
construction of strategic vessels are also planned in
near future. Both, Indian Navy and Indian Coast
Guard have embarked upon massive acquisition
plans and accordingly the future of the yard looks
bright.
7. MODERNISATION
The present infrastructure of yard is outdated and
almost lived its life. Accordingly, there is an urgent
need to refurbish and also renew plant and
machinery to meet the future challenges. The
management has planned to modernise the yard in
two phases as under:-
3.3 Retrofit Division
The Value of Production on account of submarine repairs during the year 2011-12 was ` 115.77 Cr as against
` 83.27 Cr of the last year.
4. OPERATING RESULTS
4.1 The summarised financial results of the Company for the year 2011-12 is as under:
Visit of VAdm. N.N. Kumar, AVSM, VSM, CWP&A, MoD(N)
on 30 Sep 2011
Visit of High level MoD Team, Additional Secretary (DP) and
Joint Secretary (NS) on 01 Nov 2011
11Annual Report 2011-12
Phase-I. Against LPD project, the yard has received
` 457.36 Cr for refurbishment and renewal of
existing Plant & Machinery. Action has been initiated
to expend this amount in a planned manner.
Phase-II. In the second phase of modernisation of
the yard, infrastructure would be augmented to
enable construction of sophisticated warships and
strategic vessels for Indian Navy and Coast Guard.
8. DRAWING & DESIGN OFFICE
In the CAD/CAM Centre, in-house designs of Tugs
(for Kandla Port Trust, Indian Navy, and
Visakhapatnam Port Trust) and Water Barges (for
Indian Navy) have been developed using Tribon M3
Directors Report
Visit of IG S.P. Sharma PTM, TM,
Commander Coast Guard (East) on 03 Nov 2011
Celebration of 41st National Safety Day
Fire Service Week (14-20 Apr)
Demonstration on Extinguisition of Fire
software. The Design Office has also carried out inclining experiment and validated the stability of ONGC Rig,
which has undergone major refit at HSL. Digitisation of design drawings/data and augmentation of Tribon
Licenses has been planned for implementation during Financial Year 2012-13.
9. QUALITY ASSURANCE
Surveillance Audit by Lloyds was completed during
05-07 Jul 2011. The re-certification audit for renewal
of certificate of approval of ISO 9001: 2008 was
carried out during 14-17 Nov 2011. Due to change
of scope, a fresh certification process is in progress
by IRQS, a sister concern of Indian Register of
Shipping (IRS). We hope to complete this activity
by end Sep 2012.
10. SAFETY, SECURITY & PRODUCTIVITY
The yard places utmost importance to safety of its
employees. During the year, Plant Safety inspection
was carried out by the safety personnel for
identifying the unsafe conditions / unsafe acts and
remedial measures for rectifying the same were
suggested and implemented. The Safety department
conducted Central Safety Committee meeting on
safety with all members, co-opted members, other
invitees, committee members and office bearers.
Safety banners / posters / caution boards are
displayed in order to create safety awareness among
all employees. Safety training programmes were
organised and photo identity cards were issued to
personnel who have undergone Safety Training
Programme. 41st National Safety Day was observed,
in which the Chairman & Managing Director
administered the safety pledge to all officers and
representatives of unions/associations. Prizes were
distributed to winners of the safety competitions
that were conducted during the Safety Week.
12 Hindustan Shipyard Limited
Employees of HSL have been deputed to participate in safety competitions conducted by the Andhra Pradesh
Chapter of National Safety Council, Hyderabad on the occasion of 41st National Safety Day Celebrations.
11. INFORMATION TECHNOLOGY
Your Company has successfully implemented the following tasks under IT initiatives during the year:-
(a) Initiated Information Technology upgrade plan.
(b) Increase in E-mail IDs for wider coverage.
(c) Commissioning of E-procurement portal.
(d) Commissioning of online Vendor Registration
portal.
(e) Introduction of leased internet service from
BSNL to improve the access speed and usage.
Your Company is in the process to re-design the HSL
website with the help of NIC. It is intended to create
a dynamic website which provide more efficiency
and support e-Procurement.
12. ENVIRONMENTAL ASPECTS
Your Company continues to be environment friendly
and has fulfilled all the statutory requirements of
central and state pollution control boards. The
Company is committed to meet all the stipulated
standards for maintaining and protecting the
environment.
13. INDUSTRIAL RELATIONS
The industrial relations were cordial and
harmonious during the year 2011-12.
14. WELFARE ACTIVITIES
Your Company’s concern for welfare of the
employees continues to be paramount and various
welfare measures have been implemented. The
Hindustan Shipyard Recreation(HSR) club assisted
by the Company undertakes the recreational
activities for the employees. The Company has also
provided crèche facility for the children of lady
employees. HSR club conducted 63rd Republic Day
and 66th Independence Day on 26 Jan 12 and 15 Aug
12 respectively at Colony Parade Ground. Cultural
Programmes were arranged by HSR Club on these
occasions.
15. TRAINING
Training was imparted to large number of ITI Trade
Apprentices in the designated trades. During the
year 2011-12, 386 Trade Apprentices have
Directors Report
Visit of Department related Parliamentary Committee on Science &
Technology, Environment & Forests on 21 Oct 2011
63rd Republic Day Celebrations
66th Independence Day Celebrations
13Annual Report 2011-12
successfully completed training and were awarded National Apprenticeship Certificates by Govt of India,
Ministry of Labour and Employment, NCVT, RDAT, Hyderabad.
Training was also imparted to Graduate Engineers and Diploma Holders. 11 Engineering Graduates, 3 Technician
(Diploma) Apprentices were imparted training under the Apprentices Act and awarded Certificate of
Proficiencies by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training
(SR), Chennai, during the year 2011-12.
HSL also arranged in-plant training and extended facilities for project work to 977 students of various
Engineering Colleges, Management Institutions and Marine Institutions.
16. GENDER BUDGETING
In pursuance of the instructions of the Government of India, a “Gender Budgeting Cell” has been constituted
with four women Officers to act as a Nodal Agency for all gender responsive budgeting initiatives and to
ensure effective implementation of general development programme for women employees like training,
advancement of skills, provision of welfare amenities at work place etc. There are presently 89 women
employees in the yard.
17. MEDICAL BENEFITS
HSL runs two dispensaries i.e., one in the yard which works from 7 AM to 10 PM and the other at residential
area of colony which works round the clock to cater for the needs of employees and their dependents. Out
patient medical facilities are extended through treatment by a system of panel doctors for employees of HSL.
Under referral system, there are five hospitals which are used for in-patient treatment of HSL employees and
HSL pays medical bills directly to these hospitals for their services. Majority of employees along with and
their dependents are covered under the Medical Reimbursement Scheme for hospitalization. During the
year, an amount of ` 4.90 Cr was expended towards medical treatment of employees and their dependents.
Two ambulances are available at yard dispensary round the clock. Annual Eye Check up by Ophthalmologist
from Government Hospital was also arranged, for crane operators and drivers.
18. CORPORATE SOCIAL RESPONSIBILITY
HSL considers Corporate Social Responsibility (CSR) as a means to serve the society including all stake holders.
All activities under the Company’s CSR vision forms an integral part of the business function and covers
community development initiatives prioritised on local needs.
Though, as per DPE guidelines, loss making units are not required to allocate funds for CSR activities, HSL
continues to display its commitment towards CSR by way of voluntary services of employees and nominated
management representatives. Besides this the Company has provided free electricity and water charges for
the six educational institutions functioning under Gandhigram Educational Society. The expenditure on this
account was ` 77993 during the year.
As regards sustainable development activity, the Company runs a Tailoring Centre through its Ladies Club.
This centre employs widows of employees and is engaged in stitching boiler suits for personnel of HSL. Material
and other infrastructure is being made available by the Company.
The Gandhigram Educational Society, HSL Rovers Scouts and HSL Recreation Club are engaged to provide in
social service towards and promote cultural, educational and national integration through various programmes
and awareness activities.
19. CORPORATE GOVERNANCE REPORT
A report on Corporate Governance & compliance certificate is placed at Annexure-1.
20. MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis is placed at Annexure-2.
Directors Report
14 Hindustan Shipyard Limited
21. RESERVATION OF POSTS FOR SCs/STs
Your Company has complied with all Govt directives
with regard to reservation of posts for SC/ST.
Representation of SC/ST employees in various
categories of posts as on 01 Jan 12, Recruitments
made & numbers filled by members of SCs/STs
during the calendar year 2011 and representation
of Ex-Servicemen & Women employees as on 01 Jan
12 are placed at Annexures 3 to 5 respectively.
22. RESERVATION OF PHYSICALLY HANDICAPPED
3% reservation for physically handicapped in all
groups viz A, B, C and D posts are being complied as
per the Govt of India rules. Backlog posts of
physically handicapped candidates were filled in
officer cadre during May 2012. Present percentage
of physically handicapped employees is 2.95% and
the shortfall will be filled as and when recruitment
is taken up.
23. OFFICIAL LANGUAGE IMPLEMENTATION
Official Language Implementation Committee
meetings were held regularly. Employees were
imparted Hindi training under the Hindi Teaching
Scheme. During the year, 90 employees participated
in Hindi workshops. In order to ensure the
compliance of official language policy of Govt. of
India and to encourage the use of Hindi, an inter-
departmental monthly incentive scheme is already
Directors Report
Visit of Smt. K.Kamala Kumari, Member of
National SC & ST Commission on 18 Aug 2012
Visit ofHon’ble Chairman & Members of Parliamentary
Committee on Welfare of SC/STs on 24 & 25 Jan 2012
in place. The Company’s Annual Report, MOU and documents under Section 3(3) of Official Language Act are
being issued bilingually. To encourage the employees to read Hindi books, a separate Hindi Library has been
set up. Hindi Fortnight was observed during 01-14 Sep 2011. On this occasion, various competitions were
organised and cash awards were presented to successful employees in Prabodh, Praveen and Pragya
examinations conducted under Hindi Training scheme.
24. ACTIVITIES OF VIGILANCE DEPARTMENT
Vigilance department which is functioning in HSL under the guidance of Central Vigilance Commission keeps
constant vigil on various activities of HSL. As a part of the above, Vigilance Department has been providing
necessary assistance / guidance as and when required. Vigilance Awareness Week was observed between 31
Oct 2011 and 05 Nov 2011. As part of Vigilance Awareness Week, vigilance oath was administered and banners
were displayed to create better vigilance awareness. Debate competition and seminar conducted with
involvement of HSL employees and the students of HSL junior and Degree College. Workshops on ‘Disciplinary
Proceedings’ and ‘Tendering Procedures’ were conducted on 28 Nov 2011 for the benefit of executives.
25. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005
As per directives of the Govt of India, the RTI Act 2005 is being complied, for which required infrastructure
has been put in place. An RTI portal in the Company’s website is being maintained. Periodical reports on the
progress of implementation of the Act are being submitted to statutory authorities/Government. All necessary
information as per the provisions of RTI Act 2005 is being furnished to information seekers regularly. During
the year 2011-12, your Company received 79 applications (directly and through MoD) and all of them have
been replied.
15Annual Report 2011-12
26. CONSERVATION OF ENERGY
Information required under the Companies (Amendment) Act 1988 pertaining to Conservation of Energy,
Technology Absorption and Foreign earnings and outgo is placed at Annexure-6.
27. PARTICULARS OF EMPLOYEES
During the year 2011-12, no employee of HSL drew remuneration in excess of Rs 24 Lakhs per annum,
(ie ` 2 Lakhs per month). Hence, the information required under Section 217(2A) of the Companies Act 1956,
read with the Companies (Particulars of Employees) Amendment Rules 2002, is ‘NIL’.
28. STATUTORY AUDITORS
M/s G R Kumar & Co., Visakhapatnam had been appointed as Statutory Auditors of the Company for the
financial year 2011-12 by the C&AG as per Section 619(2) of the Companies Act 1956. The fees payable to
Statutory Auditors for the year 2011-12 was ` 1,40,000 exclusive of out of pocket expenses.
Replies of the Board of Directors on the observations of Statutory Auditors on the Accounts of the Company
for the Year ended 31 Mar 12 are placed at Annexure- 7.
29. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies Act 1956 with respect to the Directors'
Responsibility Statement, following is hereby confirmed:-
(a) That in preparation of the annual accounts, the applicable accounting standards have been followed
alongwith proper explanation relating to material departures.
(b) That the Directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as on 31 Mar 2012 and of the loss of the Company for the financial year
ended 31 Mar 2012.
(c) That the Directors have taken proper & sufficient care for maintenance of adequate accounting records
in accordance with the provisions of Companies Act 1956 for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities.
(d) That the Directors have prepared the annual accounts on a going concern basis.
30. ACKNOWLEDGEMENTS
Your Directors express their deep appreciation and place on record their gratitude to the Department of
Defence Production, Ministry of Defence and Department of Public Enterprise for their administrative support
and guidance. Your Directors are particularly grateful to the Indian Navy and Coast Guard, Dredging Corporation
of India, Oil & Natural Gas Corporation Limited, Visakhapatnam Port Trust, Controller of Defence
Accounts(Navy), Government of Andhra Pradesh, Departments of Customs, Income Tax, Excise, Service Tax &
Sales Tax. The Directors also acknowledge their gratitude to the clients and all classification societies, in
particular, IRS, ABS and DNV, who have ensured quality and adherence to the standards. Your Directors also
place on record their appreciation for the assistance extended by the Company’s bankers Indian Bank and
valuable advice rendered and co-operation extended by the Statutory Auditors i.e., M/s GR Kumar & Co.,
Internal Auditors i.e., M/s Brahmaya & Co and the Officers & Staff of the offices of Principal Director of
Commercial Audit & Ex-Officio Member Audit Board, Bangalore and their Headquarters. Your Directors wish
to place on record their appreciation to all employees at various levels for their hard work, dedication and
commitment.
FOR AND ON BEHALF OF
THE BOARD OF DIRECTORS
(NK Mishra)
New Delhi Rear Admiral IN (Retd.)
29 Aug 2012 Chairman & Managing Director
Directors Report
16 Hindustan Shipyard Limited
Annexure –1
REPORT ON CORPORATE GOVERNANCE
(For the Year 2011-12)
As per the Guidelines issued by the Department of Public Enterprises, Government of India, a Report on compliance
of the provisions on Corporate Governance is enumerated in succeeding paragraphs.
PHILOSOPHY ON CORPORATE GOVERNANCE
1. Hindustan Shipyard Limited constantly endeavours to adopt and maintain highest standards of ethics in all
spheres of its business activities. The company firmly believes that its business role is based on adherence to
fundamental principles of Corporate Governance like honesty, integrity, accountability, adequate disclosures,
legal & statutory compliances, and to protect, promote and safeguard interests of all stakeholders. It also
strives to carryout its business obligations with good corporate values duly discharging its duties for maximum
level of transparency in decision making to avoid conflicts of interests. It also accords due importance to
adherence the adopted corporate values and objectives and discharging social responsibilities as a responsible
corporate citizen.
BOARD OF DIRECTORS
2. Composition of the Board. The Board of Directors during the Financial Year 11-12 comprised seven members
viz. four Whole Time Directors (Including the Chairman and Managing Director), two Part time Government
Directors, and one Part time Non official Director (Independent Directors).
3. The details of the members of the board during the Financial Year ended on 31 Mar 12 are as under: -
Name of the Directors Period Category of Directorship No. of Other
Directorship
RAdm KC Sekhar 01 Apr 2011 to Chairman & Managing Director
AVSM, VSM, IN (Retd) 31 Jul 2011 (Addl. Charge) 1
RAdm N K Mishra 01 Aug 2011 to Chairman & Managing Director Nil
NM, IN (Retd) 31 Mar 2012
Shri Rakesh Mahajan 01 Apr 2011 to Whole Time Director Nil
31 Mar 2012
Cmde K S Subramanian 04 Jun 2011 to Whole Time Director Nil
NM, IN (Retd) 31 Mar 2012
Cmde KLN Prasad 19 Dec 2011 to Whole Time Director Nil
IN (Retd) 31 Mar 2012
VAdm NN Kumar 01 Apr 2011 to Part-time Govt. Director 1
AVSM, VSM 31 Mar 2012
Shri Gyanesh Kumar, IAS 01 Apr 2011 to Part-time Govt. Director 3
31 Mar 2012
Capt PVK Mohan 01 Apr 2011 to Part-time Non official Director 3
05 Jun 2011 (Independent)
Dr Devi Singh 18 May 2011 to Part-time Non official Director 5
31 Mar 2012 (Independent)
Corporate Governance
17Annual Report 2011-12
4. The following directors have joined on the Board of HSL during the financial year 2011-12 and upto the date
of this report: -
(a) Commodore K L N Prasad, IN, (Retd.) has assumed the charge as Director (Corporate Planning &
Personnel) on 19 Dec 2011 FN vide Ministry’s letter no. 2(2)/2011/HSL/D (SY) dated 01 Dec 2011.
(b) Commodore Ashok Bhal, VSM, IN (retd.) has assumed the charge as Director (Strategic Projects) on 02
Apr 2012 FN vide MoD letter 2(3)/2011/HSL/D (SY) dated 13 Jan 2012.
Brief profiles of the above mentioned Directors are as under:
Commodore K L N Prasad, IN (Retd.)
Cmde K L N Prasad, IN (Retd.) has assumed charge as Director (Corporate Planning & Personnel) of Hindustan
Shipyard Limited (HSL) on 19 Dec 2011 FN.
Cmde K L N Prasad, IN(Retd.) was commissioned into Electrical Branch of the Indian Navy in Aug 1977. He has
held various important staff, technical and training assignments in his long career of over 34 years in the
Navy.
He has more than three decades of experience in various facets of submarine operations, maintenance and
acquisition involving both conventional and strategic platforms. He has undergone intensive training with
OEMs in Germany, USA, France etc in Maintenance and operation of German origin SSK submarines. Besides
serving onboard Russian and German origin submarines, he has served as Joint Director of Submarine
Acquisition and Project Director, Project 75 at Naval HQ, where he was closely associated with the indigenous
construction of six Scorpene Class Submarines of French design at MDL, Mumbai. He has also served in DRDO
as the Director (Electrical and IT) at HQ ATV Project and as Project Director, Underwater Ranges, Goa. He has
been a member of various high level defence and inter governmental delegations concerning the submarine
acquisition program of Indian Navy.
Commodore Ashok Bhal, VSM, IN (Retd.)
Cmde Ashok Bhal has assumed charges as Director (Strategic Projects) of Hindustan Shipyard Limited,
Visakhapatnam with effect from 02 Apr 2012 FN.
An Electrical Engineer (B.E. from IIT Roorkee and M.Tech from IIT Kharagpur) with MBA, he has held several
afloat and ashore appointments in the Indian Navy before joining HSL. Besides serving as Electrical Officer of
four Naval Ships and fleet Electrical officer of Eastern Fleet, some of the important assignments held by him
include Commanding officer INS Tunir, Addl DirectorGeneral WESEE, DGM of Naval Dockyard, Visakhapatnam
and Chief Quality Assurance officer, Mumbai. He is a fellow of Institute of Electronics and Communication
Engineers and has been trained at USA on VLF Communication. He has been awarded Vishisht Seva Medal for
devotion to duty by the President of India.
Corporate Governance
18 Hindustan Shipyard Limited
Name of the Directors Category of Directorship No. of Other
Directorship
RAdm NK Mishra, NM, IN(Retd.) Chairman & Managing Director Nil
Shri. Rakesh Mahajan Whole Time Director Nil
Cmde K.S Subramanian, NM, IN, (Retd) Whole Time Director Nil
Cmde K L N Prasad, IN (Retd.) Whole Time Director Nil
Cmde Ashok Bhal, VSM, IN (Retd.) Whole Time Director Nil
VAdm N.N.Kumar, AVSM, VSM, IN Part-time Govt. Director 1
Dr Devi Singh Part-time Non official Director 5
(Independent)
Shri Gyanesh Kumar, IAS Part-time Govt. Director 4
5. The Board of Directors of HSL as on the date of this report is as under:-
6. One post of Part Time Non Official Director (Independent Director) has fallen vacant due to completion of
tenure of Capt. P V K Mohan on 6 Jun 2011. Further the strength of Functional Directors has been increased
to five, which is more than 50% of the total strength. This has necessitated appointment of three additional
Part time Non-official Directors (Independent Directors) on the Board of HSL. The said vacancies have been
intimated to the Ministry for further action. Hence the present composition of the Board of Directors of the
company is not in accordance with DPE guidelines.
BOARD MEETINGS
7. The Board meets regularly and is responsible for the proper direction and management of the Company.
During the financial year ended 31 Mar 2012, Seven Board Meetings were held on 29 Apr 2011, 26 May 2011,
27 Jun 2011, 23 Aug 2011, 16 Sep 2011, 29 Nov 2011 and 21 Feb 2012.
DIRECTORS ATTENDANCE
8. Details of Directors attendance at the Board Meetings and Annual General Meeting are given below.
Name of the Directors No. of Meetings
Held during the Attended Attendance
tenure of Directors at last AGM
RAdm K C Sekhar, IN (Retd.) 3 3 -
RAdm N K Mishra, IN (Retd) 4 4 Yes
Shri. Rakesh Mahajan 7 7 Yes
Cmde K S Subramanian, IN (Retd.) 5 5 Yes
Cmde K L N Prasad, IN (Retd.) 1 1 -
Capt P V K Mohan 2 1 -
Dr Devi Singh 6 4 Yes
Shri. Gyanesh Kumar 7 5 No
VAdm NN Kumar, AVSM, VSM 7 6 Yes
Corporate Governance
19Annual Report 2011-12
BOARD PROCEDURE
9. Board Meetings are held at least once in every quarter, and more often if considered necessary, focusing on
business requirements. Every Board meeting is convened by giving proper and appropriate advance notice to
the Board Members after obtaining approval from Chairman & Managing Director. Detailed Agenda,
Management Reports and, other relevant documents are generally circulated well in advance to the members
of the Board in order to have meaningful, informed and focused decisions at the meeting. To address specific
urgent need, Board meetings are also called in shorter notice and sometimes considering business exigencies,
Resolutions are also passed in circulation which is confirmed by the Board members in its very next meeting.
10. In general agenda papers are prepared by the concerned officials, concurred by the Functional Directors and
put up for approval of Chairman & Managing Director. Duly approved Board notes and agenda papers are
circulated among the Board members by the Company Secretary.
11. The Board and its members have complete access to all information of the company. The Board is also free to
recommend inclusion of any matter in agenda for discussion. If necessary, senior management is also called
to provide additional inputs to the items being discussed by the Board / committee.
PERMANENT SPECIAL INVITEES ON THE BOARD
12. Vice Admiral(Retd.) D.S.P.Varma, Director General, Akankshah, New Delhi & Dr S.C.Pandey, IAAS, Additional
FA(P) & JS, MoD continued to be the permanent special invitees on the Board of HSL during the Financial Year
2011-12. As on the date of this report, Shri. Rajnish Kumar, Addl. FA & Joint Secretary, Ministry of
Defence(Finance) has been appointed as Permanent Special Invitee in place of Dr SC Pandey vide MoD letter
2(4)/2011/HSL/D(SY), dated 09 Aug 12.
AUDIT COMMITTEE
13. The Audit Committee of the Board comprises of three members viz. One Part time non official Director as the
Chairman of the Audit Committee and Two Part time Official Directors as the members of the Audit Committee.
During the Financial Year, following were the Audit Committee Members: -
(a) Dr Devi Singh Chairman
(Part Time Non official Director)
(b) VAdm N N Kumar Member
(Part Time Official Director)
(c) Shri Gyanesh Kumar Member
(Part Time Official Director)
14. Since only one Non official Part time Director is on the Board of HSL, Audit committee was reconstituted with
one Part Time Non Official Director and two Part time Government Directors. Hence the composition of
Audit Committee is also not in accordance with the Corporate Governance Guidelines issued by Department
of Public Enterprise.
15. The terms of reference of the Audit Committee are as specified in Sec 292A of the Companies Act, 1956 and
the guidelines issued by the Department of Public Enterprises. The primary function of the committee is to
assist the Board of Directors in fulfilling its responsibilities by reviewing the financial reports; the company’s
systems of internal controls regarding finance, accounting and legal compliance by the management and
Board.
Corporate Governance
20 Hindustan Shipyard Limited
16. The Audit Committee reviews Internal Audit Reports, meets Statutory Auditors and Internal Auditors and
discusses their findings, suggestions and other related matters and reviews the half yearly and annual financial
statements before their submissions to the Board .
17. The Chairman of the Committee apprises the Board about the observations of the Audit Committee during
the Board meeting. The minutes of the Audit Committee meetings are placed before the Board for noting.
18. During the financial year 2011-12, three meetings of the Audit Committee were held on 27 Jun 2011, 23 Aug
2011 and 21 Feb 2012.
19. The attendance of the members of the Audit Committee during the financial year 2011-12 is given below:
Name of the member No of meetings
Held during the tenure Attended
Dr Devi Singh 3 3
Shri Gyanesh Kumar, IAS 3 2
VAdm N N Kumar, VSM, IN 3 3
PROCUREMENT SUB COMMITTEE
20. In order to obviate procedural delays in connection with procurement of high value equipment, a Sub-
committee of the Board with vested financial power was constituted in the 366th Board meeting held on 21
Feb 2012 with the following Members: -
(a) RAdm N K Mishra, NM, IN (Retd.) Chairman
Chairman & Managing Director
(b) Dr Devi Singh Member
Part time Non official Director
(c) Shri Rakesh Mahajan Member
Director (Finance & Commercial)
(d) Concerned Functional Director Member
21. The Terms of Reference of the committee include powers to approve proposals for procurement of order for
required assets/capital expenditure items, material, equipment, tools, stores & spares, imports, approvals of
works, sub-contracts, and facility hire valued above ` 5 Cr and up to the value of ` 20 Cr in each case for
sanctioned projects except nomination cases.
22. During the Financial year 2011-12, no meeting of the Procurement Sub-Committee was held.
REMUNERATION OF WHOLE TIME DIRECTORS
23. The remuneration of Whole Time Directors is fixed by the Government as the Company is a Government
Company within the meaning of Sec 617 of Companies Act, 1956.
REMUNERATION TO PART TIME DIRECTORS
24. Part-time Official Directors are not eligible for sitting fees attended by them. The Part-time Non-Official
(Independent) Directors are paid sitting fees as per the provisions of the Companies Act, 1956 for attending
Corporate Governance
21Annual Report 2011-12
each meeting of the Board /committee (s) of the Board and reimbursed actual expenditure for attending the
meeting of the Board/Board Committee (s).
CODE OF BUSINESS CONDUCT AND ETHICS
25. As per guidelines issued by Department of Public Enterprises, the company has formulated “Code of Business
Conduct and Ethics for Board Members and Senior Management” for better Corporate Governance and fair/
transparent practices. A copy of the same has been circulated to all concerned and also available in the
website of the Company. The Board members and senior management personnel, to whom the said code is
applicable, have affirmed compliance of the same for the year ended 31 Mar 12.
ANNUAL GENERAL MEETING
26. The details of the last three Annual General Meetings of the company are given below:-
Year Date Time Location
2008-09 22.09.2009 04.00 P.M. Transport Bhavan, New Delhi
2009-10 24.09.2010 11.00 A.M. Shipyard House, New Delhi
2010-11 16.09.2011 11.00 A.M Shipyard House, New Delhi
WHISTLE BLOWER POLICY
27. The company has framed a whistle blower policy with the approval of Board of Directors in its 366th Board
Meeting held on 21 Feb 2012 to protect its whistle blowers. The whistle blower policy has been circulated to
all HoDs and displayed in the website.
RISK MANAGEMENT POLICY
28. The company is in process of framing a Risk Management Policy.
DISCLOSURES
29. During the year 2011-12, the company has not entered into any transactions with any Director that may have
potential conflict with the interest of the company at large. The members of the Board, apart from receiving
Director’s remuneration (wherever applicable), do not have any material or pecuniary relationship or
transaction with the company which in judgment of the Board may affect independence of judgment of the
Directors.
30. During the last three years, there has been no instance of non-compliance by the company on any matter
related to Companies Act, 1956 or any Industrial Law.
31. The guidelines issued by the Department of Public Enterprises, Govt of India have been complied with.
32. The company has not incurred any expenditure which is not for the purpose of Company’s Business, nor has
the company incurred any expenditure which is person in nature for the Board of Directors and Top
Management.
* * *
Corporate Governance
22 Hindustan Shipyard Limited
DECLARATION
As provided under the guidelines on Corporate Governance for CPSEs 2010 issued by the Department of
Public Enterprise, Government of India, it is hereby declared that all Board members and Senior Management
personnel have affirmed compliance with the code of conduct for Directors and Senior Management personnel of
Hindustan Shipyard Limited for the year ended 31 Mar 2012.
For Hindustan Shipyard Limited
New Delhi (N K Mishra)
29 Aug 2012 Rear Admiral, IN (Retd.)
Chairman & Managing Director
Corporate Governance
23Annual Report 2011-12
Corporate Governance
24 Hindustan Shipyard Limited
Annexure – 2
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Introduction
1. The Hindustan Shipyard Ltd is a fully owned Central Public Sector Undertaking of Govt of India under the
administrative control of Ministry of Defence. The company was incorporated in 1952 and has its registered
office and works situated at Visakhapatnam. The administrative control of company changed from Ministry
of Surface Transport & Shipping to Ministry of Defence in Feb 2010 to support the Indian Navy & Coast Guard
in their respective expansion plans.
Industry Structure and Developments
2. The Indian shipbuilding industry consists of around 32 public and private sector yards. In recent years, it has
witnessed entry of new shipbuilders from the private sector. With liberalisation policy of the Government,
these shipbuilders have become serious competitors to Defence Public Sector yards.
3. With opening of Defence market to Private Sector, your Company is facing a stiff competition. To meet this
stiff competition an intensive modernisation has been planned. On successful completion of same, your
Company will be able to meet the future challenges and remain competitive in domestic as well global markets.
The modernisation is expected to be completed by end of 2013. The major customers of your Company i.e.
Indian Navy and Coast Guard have announced ambitious expansion plans and your Company is putting its
best efforts to secure good orders from its major customers. This would help the yard to turn around &
become profit making.
SWOT Analysis
4. In the changing environment, your Company has identified the following strengths, weaknesses, opportunities
and threats:-
(a) Strengths.
• Largest Shipyard on East coast of India.
• Ergonomically well laid out facilities with steel throughput capacity of 20000 tons per year.
• Only shipyard with submarine repair capability on East coast.
• Large covered Building Dock for un-interrupted work round the year.
• Strategically located at the harbor entrance with water depth of about 10 meters.
• Located close to major customers like Eastern Naval Command, DCI and VPT
• Capable of building ships up to 80000 DWT
• Excellent quality of work with low rejection rates
• 850m of wharfage with adequate cranage
• Large Dry dock and wet basin with exclusive workshops to facilitate ship repairs
• Cranage to handle blocks/loads upto 300 tons
Management Discussion & Analysis
25Annual Report 2011-12
• Three low bed transporters up to 200 tons capacity
• ISO 9001-2008 certified yard
• Good Quality Assurance systems and test facilities
(b) Weaknesses.
• Aging work force with low productivity
• Dilution of expertise on account of retirement/superannuation of workforce
• Old plant and machinery with frequent breakdown
• Acute cash/working capital constraints
• Lack of sufficient orders
• High costs /overheads due to increased wages
(c) Opportunities.
• Increased requirements of ships to meet Defence & coastal security needs
• Large scope for repairs due to increased maritime/offshore fleet & platforms
• Possibility of entering into mutually beneficial AMCs with major customers to ensure long term
orders
• Construction of Strategic Vessels
• Possibility of Joint Ventures to leverage strength
(d) Threats.
• Competition from private sector shipyards
• Poaching of competent personnel by other shipyards
• De-motivation of workforce due to lack of orders and poor financial & security environment
Infrastructure Modernisation and Diversification
5. The Modernisation Project embarked upon by the
Company to meet the future challenges in terms of
technology and workload is being implemented in
two phases. An amount of ` 457.36 Cr for the said
modernisation has been provided by the Govt of
India as an advance towards construction of LPD
Project for the Indian Navy.
6. Tendering action has been initiated for replacement
of EOT Cranes, Welding Equipment, Exhaust
Ventilation, Submersible and Ballast Pumps, DSN
System in workshops and HT Cables. Selection &
appointment of a Project Consultant is under
process. The company also plans to implement ERP
system to streamline processes.
Management Discussion & Analysis
Visit of Additional Secretary Defence Production
on 10 Mar 2012
26 Hindustan Shipyard Limited
Segment-wise / Product-wise Performance
7. Your Company has three major revenue segments i.e. Shipbuilding, Ship Repairs & Submarine Retrofit. The
Total Turnover during the Financial Year 2011-12 from these segments was ` 564.04 Crs.
8. Segment wise performance during the FY 2011-12 was as under:-
(a) Shipbuilding
(i) Your Company has delivered 03 vessels
during the FY 2011-12 i.e. first IPV of five IPV
series for Indian Coast Guard, first of two 50
T Bollard Pull Tug for Visakhapatnam Port
Trust and third of six 53,000 DWT Bulk Carrier
for M/s Good Earth Maritime Limited. Also,
keels were laid for two KPT vessels and last
of five IPVs “Rani Rashmoni”, was launched
from the slipway. The Shipbuilding Division
of your Company has recorded a turnover of
` 254.76 Cr during the financial year.
(ii) Your Company also received an order
for 03 Nos. 25 Ton Bollard Pull Tugs for Indian
Navy. Your Company is putting its best efforts
to improve the productivity and order book
by securing major orders from Indian Navy
and Coast Guard.
(b) Ship Repairs
(i) Your Company has undertaken repairs
of 18 Vessels, which includes two of Foreign
Flag and balance of Indian Navy, DCI, SCI,
ONGC and VPT etc. Ship Repair segment of
your Company has always been profitable and
is being given utmost thrust as it carries
higher margin in comparision to shipbuilding
segment. During the entire year, the repair
dry dock was utilised to its most optimum
level.
(ii) The Ship repair Division recorded a
Turnover of ` 193.51 Cr. during the financial
year.
(c) Submarine Retrofit
Submarine retrofit is a niche activity in repair
domain requiring high skill set and
Management Discussion & Analysis
Visit of RAdm. Sekhar Mittal, NM CSO(Tech),
Eastern Naval Command on 26 Nov 2011
Visit of Ms. S.Rawla, IAS, Secretary BRPSE,
Department of Public Enterprises on 09 May 2012
Visit of National Technical Research Organization Team,
New Delhi on 30 May 2012
27Annual Report 2011-12
competence. The Submarine Retrofit Division of your Company has been concentrating on refit of
submarines of Indian Navy. Presently INS Sindhukirti, an EKM Class submarine is under Medium Refit-
cum-Upgradation. The turnover of this Division during the financial year was Rs 115.77 Cr.
Future Outlook
9. As reported, the Company has been transferred from MoS to MoD in Feb 2010 and poised to play a major
role in the expansion plan of Indian Navy and Coast Guard. Your Company is giving its maximum thrust to
Warship Building and aligning its capabilities towards Construction of warships / submarines. As brought out
above, your Company is undergoing modernisation, which will enhance the yard’s capabilities.
Risks & Concerns
10. The major concern of the Company is Low Order Book, Financial Position and the yard is also facing problems
of aged workforce, outdated plant & machinery etc. This leads to suboptimal production & associated
problems. Efforts are in hand to secure high value orders in near future. Towards this, Ministry of Defence has
nominated the yard to construct Landing Platform Dock & 75(I) submarines. However contract finalisation is
likely to take some time, which is a cause of concern.
11. In order to secure high value orders, a specialised department namely “Business Strategy Department” has
been created to improve the marketing strategies of the Company. The Company is putting its best efforts to
market itself and the Company is expecting some high value orders in near future from Indian Navy and Coast
Guard. With the increase of the order book and productivity, your Company expects to earn profits in future.
Internal Control System & their Adequacy
12. Your Company has an adequate system of Internal Controls implemented towards achieving effectiveness &
efficiency of operations and compliance with applicable laws and regulations. The system comprises clear
defined organisation structure, pre-identified authority levels and procedures issued by the management
covering all vital and important areas of activities. viz. Purchase, Material Control, Works, Finance & Accounts,
Personnel etc.
13. The Management monitors compliances to Company’s procedures and policies with well defined annual
audit programme. The significant audit observations are reported to the Audit Committee of the Board of
Directors.
Financial Performance of the Company
14. The Financial performance during the year as compared to last year is as under:-
` in Crores
Details As on31 Mar 12 As on31 Mar 11
Turnover 604.34 686.17
Profit /(loss) Before Depreciation, Interest & Tax (66.19) (265.47)
Profit / (Loss) Before Tax (85.98) 165.18*
Profit / (Loss) after Tax (85.98) 54.99
Cumulative Profits / (Losses) (1016) (930)
(The PBT is positive due to Financial restructuring amount of ` 452.68 Cr considered as Income)
Management Discussion & Analysis
28 Hindustan Shipyard Limited
Development in Human Resource
15. Employees are the most valuable resource of any Company. Therefore the Company gives utmost importance
to training & development of its human resources to maximise their contribution. The employees were
nominated for various in-house / external seminars and training modules. Awareness training on occupational
health safety, environment & fire fighting were conducted during the year.
16. The Company runs an Apprentice Training School to meet the need for skilled manpower. During the Year,
386 Trade Apprentices have successfully completed training and were awarded National Apprenticeship
Certificates by Govt of India, Ministry of Labor and Employment, NCVT, RDAT, Hyderabad.
17. Training was also imparted to Graduate Engineers and Diploma Holders. 11 Engineering Graduates, 3
Technician(Diploma) Apprentices were imparted training under the Apprentices Act and awarded Certificate
of Proficiencies by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training
(SR), Chennai, during the year 2011-12. HSL also arranged in-plant training and extended project work facilities
to 977 students of various Engineering Colleges, Management Institutions and marine Institutions.
Industrial Relations
18. The industrial relations were cordial and harmonious during the financial year.
Environment Aspects
19. Your Company continues to be environment friendly and has fulfilled all the statutory requirements of central
and state pollution control boards.
Corporate Social Responsibility
20. HSL considers Corporate Social Responsibility (CSR) a mean to serve the society including all stake holders. All
activities under the Company’s CSR Vision form an integral part of its Business Function and covers community
development initiatives prioritised on local needs.
21. As part of sustainable development activity, the Company uses the services of few of the widows of employees
through the Tailoring Centre run by the HSL Ladies Club, for stitching boiler suits for officers, staff and workmen,
by providing the material, sewing machines etc and paying them on piece rate basis.
22. The Gandhigram Educational Society, the HSL Rovers Scouts and HSL Recreation Club are providing much
needed impetus to social service in promotion of cultural, educational and national integration through various
programs and awareness activities.
� � �
Management Discussion & Analysis
29Annual Report 2011-12
An
ne
xure
- 3
PO
SIT
ION
RE
GA
RD
ING
RE
PR
ES
EN
TAT
ION
OF
SC
HE
DU
LED
CA
ST
E A
ND
SC
HE
DU
LED
TR
IBE
IN
VA
RIO
US
CA
TE
GO
RIE
S O
F P
OS
TS
AS
ON
1st J
AN
20
11
AN
D 1
ST J
AN
, 2
01
2
Cla
ssif
ica
tio
n o
f P
ost
/ Se
rvic
es
As
on
1st
Jan
ua
ry 2
01
1A
s o
n 1
st J
an
ua
ry 2
01
2
Tota
lSc
he
du
led
Sch
ed
ule
dTo
tal
Sch
ed
ule
dSc
he
du
led
Str
en
gth
Ca
ste
sTr
ibe
sS
tre
ng
thC
ast
es
Trib
es
PE
RM
AN
EN
T:
GR
OU
P “
A”
12
42
81
21
43
32
14
GR
OU
P “
B”
31
75
62
82
85
51
30
GR
OU
P “
C”
16
99
22
26
01
58
92
10
59
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)4
11
92
10
39
27
61
0
GR
OU
P “
D”
Safa
iwa
la7
17
1-
67
67
-
TE
MP
OR
AR
Y:
GR
OU
P “
A”
--
--
--
GR
OU
P “
B”
--
--
--
GR
OU
P “
C”
--
--
--
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)-
--
--
GR
OU
P “
D”
Safa
iwa
la-
--
--
-
GR
OU
P “
D”(
un
de
r A
pp
ren
tice
s A
ct,
19
61
)3
26
61
16
12
12
45
FIX
ED
TE
RM
CO
NT
RA
CT:
GR
OU
P “
A”
--
--
--
GR
OU
P “
B”
43
72
39
51
GR
OU
P “
C”
31
42
29
52
GR
OU
P “
D”
(In
clu
din
g S
afa
iwa
la)
65
21
46
32
60
21
35
31
GR
OU
P “
D”
(Sa
faiw
ala
)-
--
15
6-
Annexure - 3
30 Hindustan Shipyard Limited
An
ne
xure
- 4
PA
RT
ICU
LAR
S O
F R
EC
RU
ITM
EN
T M
AD
E D
UR
ING
TH
E C
ALE
ND
AR
YE
AR
20
11
AN
D T
HE
NU
MB
ER
FIL
LED
BY
ME
MB
ER
S O
F S
Cs/
STs
Cla
ssif
ica
tio
n o
f P
ost
s/Se
rvic
es
Tota
l
Sch
ed
ule
d C
ast
es
S
che
du
led
Tri
be
sR
ea
son
fo
r
Nu
mb
er
of
sho
rtfa
ll a
nd
Po
sts
fille
dP
ost
sP
ost
sP
ost
sP
ost
sst
ep
s ta
ken
du
rin
g t
he
Re
serv
ed
Fil
led
Re
serv
ed
Fil
led
to
im
pro
ve
yea
rth
e P
osi
tio
n
PE
RM
AN
EN
T:
GR
OU
P “
A”
10
--
--
-
GR
OU
P “
B”
14
44
22
-
GR
OU
P “
C”
41
12
2-
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)-
--
--
-
GR
OU
P “
D”
Safa
iwa
la-
--
--
-
GR
OU
P “
D”(
un
de
r A
pp
ren
tice
s A
ct,
19
61
--
--
--
FIX
ED
TE
RM
CO
NT
RA
CT:
GR
OU
P “
A”
--
--
--
GR
OU
P “
B”
--
--
--
GR
OU
P “
C”
--
--
--
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)-
--
--
-
GR
OU
P “
D”
Safa
iwa
la-
--
--
-
Annexure - 4
31Annual Report 2011-12
An
ne
xure
-
5
RE
PR
ES
EN
TATA
ION
OF
EX
-SE
RV
ICE
ME
N I
N G
RO
UP
“C
” A
ND
“D
” A
ND
NU
MB
ER
OF
WO
ME
N E
MP
LOY
EE
S A
S O
N
1st
JAN
UA
RY
20
12
Cla
ssif
ica
tio
n o
f P
ost
s/Se
rvic
es
Tota
l St
ren
gth
E
x- s
erv
ice
me
n
Wo
me
n e
mp
loye
es
Nu
mb
er
%N
um
be
r%
PE
RM
AN
EN
T:
GR
OU
P “
A”
14
31
28
.39
96
.29
GR
OU
P “
B”
28
53
1.0
52
38
.07
GR
OU
P “
C”
15
89
11
0.6
93
62
.26
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)3
92
51
.27
13
3.3
1
GR
OU
P “
D”
Safa
iwa
la6
7-
-8
11
.94
GR
OU
P “
D”(
Un
de
r A
pp
ren
tice
s A
ct,1
96
1)
--
—-
-
FIX
ED
TE
RM
CO
NT
RA
CT
FO
R T
WO
YE
AR
S:
GR
OU
P “
A”
--
--
-
GR
OU
P “
B”
39
22
56
.42
5.1
2
GR
OU
P “
C”
29
93
1.0
33
10
.34
GR
OU
P “
D”
(Exc
lud
ing
Sa
faiw
ala
)6
02
--
60
.99
GR
OU
P “
D”
Safa
iwa
la1
5-
-1
28
0.0
0
Annexure - 5
32 Hindustan Shipyard Limited
Annexure - 6
INFORMATION AS PER SECTION 217(1)(E) READ WITH THE COMPANIES
(DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988 AND
FORMING PART OF THE DIRECTORS’ REPORT FOR THE YEAR 2011-12
CONSERVATION OF ENERGY
a) Energy conservation measures taken:
b) Additional investments and proposals, if any,
being implemented for reduction of
consumption of energy.
c) Impact of the measures at (a) & (b) above for
reduction of energy consumption and
consequent impact on the cost of production
of goods during the year 2011-12.
1. Reduction in lighting to optimum levels.
2. Running of heavy loads like Air Compressors
are restricted to minimum.
3. Operation of Distribution Transformer
around 70% loading by turning off during
off Peak Hours.
4. Switching off Plant & Machinery when not
in use.
5. Replacement of old welding Machines with
New welding machines including energy
saving units.
6. Replacements of old switchgear & old PLCA
cables with suitable capacity XLPE Cables &
New Switch gear etc.
7. Replacement of old lighting with energy
efficient CFL lamps.
Nil
5,70,498 Units
d) Particulars with respect to conservation of energy:
F O R M – A
Power and Fuel Consumption Current Year Previous Year
1. Electricity
a) Purchased units 1,22,99,502 1,11,79,800
Total Amount ` 5,57,96,267 ` 5,36,32,960
Rate per Unit ` 4.53 ` 4.79
b) Own generation Nil Nil
2. Coal Nil Nil
3. Furnace Oil Nil Nil
4. Consumption per unit of production N.A. N.A.
Annexure - 6
33Annual Report 2011-12
F O R M - B
A. RESEARCH & DEVELOPMENT
1. Specific areas in which R&D was carried out
2. Benefits derived as a result of the above R&D
3. Future Plan of Action
4. Expenditure on R&D
(a) Capital;
(b) Recurring (Revenue)
In house Designs development for
• 25 Ton Bollard Pull Tug for Indian Navy
• IPVs concept design for Indian Coast Guards
• Offshore Patrol Vessels concept design for
Indian Coast Guard
• Saving in Design cost and time.
• Developing in house capabilities in Design.
• Strengthening of Design infrastructure by
adding skilled designers and arranging
training to personnel.
• Proposal to augment the design capabilities
by adding more Tribon licenses in the near
future as a part of the Phase-1 modernisation
B. TECHNOLOGYY ABSORPTION, ADAPTATION AND INNOVATIONS
Nil
C. FOREIGN EXCHANGE EARNINGS & OUTGO
a) Activities relating to export Initiatives taken
to increase export market for products and
services and export plans.
b) Total Foreign Exchange used and earned:
Used :
a) Material procurement ` 192.22 Crores
b) Others ` 2.54 Crores
Total ` 194.76 Crores
Earned ` 3.38 Crores
Nil
Nil
Annexure - 6
34 Hindustan Shipyard Limited
Annexure -7
OBSERVATIONS OF THE STATUTORY AUDITORS ON THE ACCOUNTS OF
THE COMPANY FOR THE YEAR ENDED 31ST MARCH, 2012 AND THE REPLIES OF
THE BOARD OF DIRECTORS
4(g) (a) Accounting of liabilities towards
unsettled and incomplete sub-contract work
at the end of the year on estimated basis.
Accounting of liabilities towards un-settled &
incomplete sub-contract works at the end of the
year is made based on technical assessment /
estimation of part work completion at the end of
the year. This is as per Generally Accepted
Accounting Principles.
4(g) (b) Effect of using estimates for arriving
at the total contract cost for the purpose of
recognition of income from Ship Building
contracts under percentage completion
method including recognition of anticipated
loss on Ship building contracts and for
recognition of income from Ship repairs
activity under proportionate completion
method and the consequent impact if any on
the profitability and current assets as on the
Balance Sheet date is not ascertainable.
The Accounting Policy No. 4(A) to Note 16 for
accounting of income in respect of Ships under
construction is in line with Accounting Standard-7
as per which total cost for completion of the
contract is to be estimated to arrive at the
percentage completion.
The Accounting Policy No. 4(B) to Note 16 for
accounting of income from other activities including
Ship repairs and Submarine activities on accrual
basis by adopting proportionate completion method
is in line with Accounting Standard-9. Hence
recognition of income is as per Accounting
Standards.
Sl. Observation Reply
1.
2.
FOR AND ON BEHALF OF
THE BOARD OF DIRECTORS
(N.K. Mishra)
New Delhi Rear Admiral (Retd.)
29 Aug 2012 Chairman and Managing Director
Annexure - 7
35Annual Report 2011-12
G.R. Kumar & Co.
Chartered Accountants
Audit | Consulting & Project Advisory | Direct & Indirect Tax
AUDITOR’S REPORT
The
Members of Hindustan Shipyard Limited,
New Delhi.
1. We have audited the attached Balance Sheet of Hindustan Shipyard Limited (“the Company”) as at 31st
March, 2012, Profit & Loss Account for the year ended on that date annexed thereto and cash flow statement
for the year ended on that date. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards generally accepted in India. These
Standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of “the Companies Act, 1956” of India (the Act) and on the basis of
such checks as we considered appropriate and according to the information and explanations given to us, we
set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3, we report that:
a) We have obtained all the information and explanations, which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b) In our opinion, proper books of account, as required by law have been kept by the Company so far as
appears from our examination of such books.
c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the
books of account.
d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the
accounting standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.
e) We have placed reliance on technical/commercial evaluation by management in respect of valuation
of ship-building under construction and income accrued in respect of ship repair and submarine retrofit
activities and provisions towards related sub-contract and off-loaded jobs at the end of the year.
f) Kind attention is drawn to the following :
i. Para 18 of Note 16(B), regarding non receipt of letters of balance confirmation from various
customers.
ii. Para B(1.4 & 1.5) to Note 16 (Notes to Accounts), wherein details of various demands and claims
totaling ` 36,549.49 lacs, contested by the company before different judicial and appellate
authorities and arbitration proceedings; are provided. The said matters stated therein are all
sub-judice and are yet to attain finality.
Auditor's Report
36 Hindustan Shipyard Limited
iii. Para 2 to Note 4 (Notes to Accounts), wherein an amount of ` 45,736 lacs was received from
Ministry of Defence, Government of India in Dec 2011; towards 'Refurbishment and replacement
of machinery and infrastructure'. Since the same has remained unutilised as at year-end; the
same has been disclosed under "Advance from Customers" and AS-12 (Accounting for
Government Grants) would be applied as and when utilized.
g) In our opinion and to the best of our information and according to the explanations given to us, the
said accounts give the information required by the Companies Act, 1956, in the manner so required
and subject to the following :-
a) Accounting of liabilities towards unsettled and incomplete sub-contract work, at the end of the
year on an estimated basis.
b) Effect of using estimates for arriving at the total contract cost for the purpose of recognition of
income from ship building contracts under percentage completion method, including recognition
of anticipated loss on ship building contracts and for recognition of income from ship repair
activities under proportionate completion method and the consequent impact, if any, on the
profitability and current assets as on the Balance sheet date is not ascertainable.
express a true and fair view, in conformity with the accounting principles generally accepted in
India.
a. in the case of the Balance Sheet of the state of affairs of the Company as at 31st March,
2012.
b. in the case of the Profit and Loss account, of the Profit for the year ended on that date.
c. in case of the cash flow statement, of the cash flows for the year ended on that date.
d) The provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to the company
in terms of Notification No. G.S.R.829(E) dated October 21, 2003 issued by Department of
Company Affairs, Government of India
For G R Kumar & Co.,
Chartered Accountants
(Firm Regn No. 004941S)
Visakhapatnam
16 Jul 2012 (G R Kumar)
Partner
Membership No. 052367
Auditor's Report
37Annual Report 2011-12
ANNEXURE TO THE AUDITOR’S REPORT
REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i) a) While the Company has maintained proper records showing full particulars, including quantitative details
of fixed assets, some of the fixed assets were not readily identifiable with the plant identification numbers
in the register. The company has initiated steps to record the asset identification numbers on such
assets. Further, Management needs to strengthen internal control procedures with respect to
capitalization to plant & machinery items including defining its "put to use".
b) The fixed assets have been physically verified by the management during the year in accordance with
a phased programme of verification which, in our opinion, is reasonable having regard to the size of
the Company and the nature of its assets. According to the information furnished to us, no material
discrepancies have been noticed on such verification.
c) The Fixed Assets disposed off by the Company during the year do not form a substantial part thereof
ii) a) Physical verification of inventory has been conducted during the year by the management at reasonable
intervals.
b) The procedures of physical verification of inventory followed by the management are reasonable and
adequate in relation to the size of the Company and the nature of its business.
c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is
maintaining proper records of inventory. The discrepancies noticed on such verification between the
physical stocks and the book records were not material.
iii) a) The Company has not granted any loans either secured or unsecured to companies, firms, or other
parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly
sub-clause (b),(c) & (d) of clause (III) of paragraph 4 of the order are not applicable.
b) The Company has not taken any loans, secured or unsecured from companies, firms, or other parties
covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub-
clauses (f) & (g) of clause (iii) of paragraph 4 of the Order are not applicable.
iv) In our opinion and according to the information and explanations given to us, there are adequate internal
control systems commensurate with the size of the company and the nature of its business with regard to
purchase of inventory, fixed assets and sale of goods and services.
v) a) According to the information and explanations given to us there are no contracts or arrangements
referred to section 301 of the Companies Act, 1956, which are required to be entered in the register
maintained under the section.
b) Accordingly, the provision of the sub-clause (b) of clause (v) of paragraph 4 of the order is not applicable
to the Company.
vi) The Company has not accepted any deposits from public. Accordingly clause (VI) of paragraph 4 of the order
is not applicable
Auditor's Report
38 Hindustan Shipyard Limited
vii) Although the Company has an internal audit system, which is commensurate with its size and nature of its
business, yet in our opinion the same needs to be strengthened with respect to Scope, Coverage, Report
Content etc., Further, the emphasis should shift from traditional transaction-based auditing to risk-based
auditing.
viii) According to the information and explanations given to us, maintenance of cost records is not required under
section 209(1)(d) of the Companies Act,1956 in respect of the business activities carried out by the Company.
ix) a) According to the records of the Company, the company is regular in depositing with appropriate
authorities undisputed current statutory dues including provident fund, employees state insurance,
income tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory
dues applicable to it.
b) According to the information and explanations given to us, no undisputed amounts payable in respect
of income tax, sales tax, wealth tax, service tax, customs duty, excise duty , cess and other material
statutory dues applicable to it were in arrears as at 31st March, 2012 for a period of more than six
months from the date they became payable.
c) As at 31st March, 2012, there are no cases undisputed dues, which have not been deposited with the
respective authorities in respect of statutory dues, except disputed penal interest on belated remittances
of Provident fund of ` 109.78 lakhs pending before the Hon'ble High Court of Andhra Pradesh, ESI dues
of ` 254.70 lacs, an amount of ` 2650.50 lakhs together with interest and penalities thereon in respect
of Service Tax payable in respect of INS Sindhukeerti and ̀ 17.93 lacs towards other dues to Government.
x) The Company has accumulated losses which are more than fifty percent of its net worth. Beside it has incurred
cash loss in the financial year covered by our audit and the immediately preceding financial year.
xi) The Company has no overdues outstanding in respect of any loans from financial institutions or banks.
xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares,
debentures and other securities. Accordingly clause (xii) of paragraph 4 of the order is not applicable.
xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the clause
(xiii) of paragraph 4 of the order is not applicable.
xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other instruments.
Accordingly the clause (xiv) of paragraph 4 of the order is not applicable.
xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.
Accordingly the clause (xv) of paragraph 4 of the order is not applicable.
xvi) During the year, the company has received a sum of ` 45,736 lacs for refurbishment & replacement of
machinery and infrastructure from Government of India, Ministry of Defence; and the same has remained
unutilized as at year end.
Auditor's Report
39Annual Report 2011-12
xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of
the Company, we report that no funds raised on short term basis have been used for long term Investment.
xviii) During the year, the Company has not made any preferential allotment of shares. Accordingly the clause
(xviii) of paragraph 4 of the Order is not applicable.
xix) The Company has not issued any debentures so far. Accordingly clause (xix) of paragraph 4 of the Order is not
applicable
xx) During the year, the Company has not raised money by Public issue. Accordingly the clause (xx) of paragraph
4 of the Order is not applicable.
xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or
reported during the course of our audit.
For G R Kumar & Co.,
Chartered Accountants
(Firm Regn No. 004941S)
Visakhapatnam
16 Jul 2012 (G R Kumar)
Partner
Membership No. 052367
Auditor's Report
40 Hindustan Shipyard Limited
C & AG Comments
41Annual Report 2011-12
ACCOUNTS
Accounts
42 Hindustan Shipyard Limited
For and on behalf of the Board of Directors As per our report of even dateFor G.R.Kumar & Co.
Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S
RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-
(Finance & Commercial) CA G.R. Kumar(Partner)
Sd/- M. No. 52367INAITULA BAIG
Company Secretary
New Delhi13 Jul 2012
Balance Sheet as at 31st March, 2012` in lakhs
Sl.No. Particulars Note No. As at As at
31st March, 2012 31st March, 2011
I. EQUITY AND LIABILITIES
i. Shareholders’ Funds
Share capital 1 30,199.22 30,199.22
Reserves and surplus 2 (101,599.06) (93,000.72)
ii. Non-current liabilities 3
Long term borrowngs 37,221.25 62,767.25
Other long term liabilities 982.42 1,198.65
Long term provisions 17,909.30 15,761.60
iii. Current Liabilities 4
Short term borrowings 10,482.31 9,319.82
Trade payables 16,685.06 16,905.94
Other current liabilties 97,861.39 67,971.64
Short term provisions 18,229.41 12,321.10
TOTAL 127,971.30 123,444.50
II. ASSETS
i. Non-current assets 5
Fixed assets
Tangible assets 7,538.26 7,683.77
Intangible assets - -
Capital work-in-progress 1,443.45 1,240.07
Long term loans and advances 295.27 317.03
Other non-current assets 10,972.07 10,713.76
ii. Current assets 6
Inventories 25,319.11 33,165.24
Trade receivables 12,877.62 13,960.24
Cash and cash equivalents 51,959.43 30,586.20
Short term loans and advances 7,605.00 14,727.92
Other current assets 9,961.09 11,050.27
TOTAL 127,971.30 123,444.50
Significant Accounting Policies and Notes to Accounts 16
Notes 1 to 6 from an Integral Part of Balance Sheet
Balance Sheet
43Annual Report 2011-12
For and on behalf of the Board of Directors As per our report of even dateFor G.R.Kumar & Co.
Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S
RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-
(Finance & Commercial) CA G.R. Kumar(Partner)
Sd/- M. No. 52367INAITULA BAIG
Company Secretary
New Delhi13 Jul 2012
Profit and Loss Statement for the year ended March, 2012` in lakhs
Sl.No. Particulars Note No. Year ended Year ended
31st March, 2012 31st March, 2011
III. INCOME
Turnover (Revenue from Operations) 7 56,403.95 65,899.74
Less: Taxes & Duties (2,966.18) (2,450.16)
Net turnover 53,437.77 63,449.58
Other Income 8 4,029.75 2,717.85
Total Income 57,467.52 66,167.43
IV. EXPENSES
Materials consumed 9 25,584.81 48,981.26
Sub-contracting and Other Direct Expenses 10 9,907.24 7,978.43
Employee benefits 11 19,990.48 25,748.32
Other expenses 12 2,846.50 2,682.07
Finance costs 13 1,182.42 1,434.64
Depreciation 5 796.68 767.73
Provisions and losses 14 5,633.62 7,189.43
Prior period expenditure (net) 15 521.58 562.78
Transfers (397.47) (427.85)
Total expenditure 66,065.86 94,916.81
V. Profit before exceptional & extraordinary items and tax (III-IV) (8,598.34) (28,749.38)
VI. Exceptional items - -
VII. Profit before extraordinary items and tax (V-VI) (8,598.34) (28,749.38)
VIII. Extraordinary items
1. Grant in aid from GoI (FR) - 45,268.00
IX. Profit before tax (VII-VIII) (8,598.34) 16,518.62
X. Taxes
1. Current tax
a) Income tax for the year - 4,482.60
b) MAT credit entitlement - (4,482.60)
2. Deferred tax - 11,018.63
XI. Profit / (Loss) for the period (IX+X) (8,598.34) 5,499.99
XII. Earnings per equity share (Basic) (284.72) 182.12
Notes 7 to 15 form an Integral Part of Profit and Loss statement
Profit & Loss Statement
44 Hindustan Shipyard Limited
NOTES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2012
` in lakhs
I. EQUITY AND LIABILITIES
Note - 1 As at As at
31st March, 2012 31st March, 2011
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
31st March, 2012 31st March, 2011
Number of shares Number of shares
President of India (100%) 30,19,922 30,19,922
Note - 2 As at As at
31st March, 2012 31st March, 2011
RESERVES AND SURPLUS
Capital Reserve
Balance in Capital reserve 9.50 9.50
Deficit
Opeing Balance (93,010.22) (98,510.21)
Add: Net Profit / (Loss) for the current period (8,598.34) 5,499.99
Closing Balance (101,608.56) (93,010.22)
Total - Note : 2 (101,599.06) (93,000.72)
Notes
45Annual Report 2011-12
Note - 3 As at As at
31st March, 2012 31st March, 2011
NON-CURRENT LIABILITIES ` in lakhs ` in lakhs
Long term borrowings
Unsecured
GoI Loan in perpetuity (Refer Note : 1) 37,221.25 37,221.25
Term Loan from SBI together with Interest
accrued and due thereon - 25,546.00
37,221.25 62,767.25
Other long term liabilities
Caution Deposits 10.07 1.38
Advances from customers 172.64 380.33
Trade payables (OPF) (Refer Note : 2) 163.72 171.87
Other liabilities (Refer Note : 3) 635.99 645.07
982.42 1,198.65
Long term provisions
Provision for employee benefits
Gratuity (Refer Note : 4) 9,893.96 9,337.75
Leave encashment (Refer Note : 5) 3,532.74 1,941.25
Other provisions
Provision for Income Tax (Refer Note : 6) 4,482.60 4,482.60
17,909.30 15,761.60
Total - Note : 3 56,112.97 79,727.50
Notes:
1 Represents loan received from GoI as “Loan in Perpetuity” upon conversion of Loans taken from GoI and accrued interest
upto FY 2009-10 amounting ` 37221.25 Lakhs
2 This amount excludes ` 5139.33 lakhs pertains to claim of Essar Oil Ltd towards Off shore platform works and similar
amount to be received from ONGC
3 Represents interest accrued on ONGC loan and is payable on finalisation of arbitration
4 Gratuity of the company is a self administered fund and provision for gratuity excludes deposits amounting ` 923.16
lakhs held with gratuity trust
5 Leave encashment of the company are non funded.
6 Provision for income tax is for the FY 2010-11
Notes
46 Hindustan Shipyard Limited
Note - 4 As at As at
31st March, 2012 31st March, 2011
CURRENT LIABILITIES ` in lakhs ` in lakhs
Short-term borrowings :
Secured loans :
Cash credit accounts in Indian Bank (Refer Note : 1) 10,482.31 9,319.82
Trade payables 16,685.06 16,905.94
Other Current Liabilities
Advances from customers (Refer Note No : 2) 91,156.51 59,467.12
Other liabilities (Refer Note : 3)) 6,419.46 7,556.64
Deposits 285.42 336.61
Temporary overdraft from banks - 611.27
97,861.39 67,971.64
Short term provisions
Provision for employee benefits
Gratuity 2,336.00 2,000.00
Leave encashment 679.00 500.00
Other provisions
Liquidated damages (Refer Note : 4) 5,652.83 584.16
Provision for contingencies - 193.95
Provision for future losses (Refer Note : 5) 8,381.67 8,083.75
Guarantee Repairs 1,179.91 959.24
18,229.41 12,321.10
Total - Note : 4 143,258.17 106,518.50
Notes:
1 Cash credit facility from Indian Bank is secured by hypothecation of Fixed and Current Assets of the company
2 Advance from customers include a sum of `45736 lakhs received from Ministry of Defence, Government of India in Dec
2011; for refurbishment and replacement of machinery and infrastructure for construction of advanced technology war
ships. The same has remained unutilised as at year-end.
3 Out of the said amount ` 5313.74 lakhs payable toward wage revision arrears
4 Out of the said amount ` 3610.76 lakhs towards Sagar Ratna Repairs, (ONGC) and ` 799.76 lakhs towards 2 No 50 Ton
Tugs (VPT)
5 Provision for future losses computed as per AS-7 “Construction Contracts” issued by ICAI in respect of Ships under
construction
Notes
47Annual Report 2011-12
II ASSETS
Note - 5 As at As at
31st March, 2012 31st March, 2011
1) NON-CURRENT ASSETS ` in lakhs ` in lakhs
Fixed Assets :
Gross Block (Tangible) 22,967.22 22,496.99
Depreciation 15,428.96 14,813.22
Net Block- Tangible 7,538.26 7,683.77
Gross Block (In-tangible) 139.82 139.82
Depreciation 139.82 139.82
Net Block- Intangible - -
Capital Works in Progress 1,443.45 1,240.07
8,981.71 8,923.84
Long term Loans and Advances (unsecured)
Deposits with Customs, Port Trust and other Govt. Agencies 295.27 317.03
Income Tax deducted at source 1,884.13 1,627.60
Advance tax 4,577.34 4,575.56
MAT Credit entitlement 4,510.60 4,510.60
11,267.34 11,030.79
Total - Note : 5 20,249.05 19,954.63
Notes : Advance tax and MAT credit entitlement is for the FY 2010-11
Notes
48 Hindustan Shipyard Limited
FIX
ED
AS
SE
TS
No
te -
5`
in
la
kh
s
Gro
ss B
lock
De
pre
cia
tio
nN
et
blo
ck
Pa
rtic
ula
rsA
s o
nA
dd
itio
ns
Sa
les
/Ad
-A
s o
nU
p t
oFo
r th
eO
n s
ale
s /
Up
to
As
at
As
at
31
.03
.20
11
du
rin
gju
stm
en
ts3
1.0
3.2
01
23
1.0
3.2
01
1ye
ar
Ad
just
me
nts
31
.03
.20
12
31
.03
.20
12
31
.03
.20
11
the
ye
ar
du
rin
gfo
r th
e y
ea
rth
e y
ea
r
12
34
56
78
91
01
1
Tan
gib
le A
sse
ts
Lan
d1
.72
1.7
21
.72
1.7
2
Bu
ild
ing
s:
a)
On
fre
eh
old
la
nd
5.2
35
.23
4.4
34
.43
0.8
00
.80
b)
On
le
ase
ho
ld l
an
d2
66
8.9
31
.63
16
4.4
32
50
6.1
31
42
8.8
35
7.9
51
56
.18
13
30
.60
11
75
.53
12
40
.10
Ra
ilw
ay s
idin
gs
28
.54
28
.54
28
.52
28
.52
0.0
20
.02
Pla
nt
& M
ach
ine
ry1
29
51
.33
66
4.0
85
2.2
11
35
63
.20
83
22
.58
54
3.8
62
7.0
28
83
9.4
24
72
3.7
84
62
8.7
7
Sli
pw
ays
& F
ito
ut
wa
rf5
45
.17
54
5.1
72
97
.49
6.8
73
04
.36
24
0.8
12
47
.68
Dry
do
ck7
45
.54
15
.24
76
0.7
83
94
.29
21
.83
41
6.1
23
44
.66
35
1.2
5
We
t b
asi
n3
42
.09
34
2.0
92
71
.56
5.5
82
77
.14
64
.95
70
.53
Fu
rnit
ure
55
.50
55
.50
49
.33
2.1
55
1.4
84
.02
6.1
7
Bo
ats
& l
au
nch
es
35
.78
35
.78
34
.04
34
.04
1.7
41
.74
Mo
tor
ve
hic
les
62
.73
7.8
75
.46
65
.14
47
.95
2.0
42
.72
47
.27
17
.87
14
.78
Ro
ad
s &
Co
mp
ou
nd
wa
lls
49
9.0
54
99
.05
37
2.8
22
7.3
64
00
.18
98
.87
12
6.2
3
Ho
usi
ng
Est
ate
, H
os-
pit
al
& O
the
r e
qu
pt.
27
6.9
23
.51
28
0.4
32
37
.37
18
.07
25
5.4
42
4.9
93
9.5
5
Ele
ctri
fica
tio
n o
f B
uil
din
gs
Ele
c. I
nst
all
ati
on
s6
05
.15
60
5.1
55
09
.39
50
9.3
99
5.7
69
5.7
6
Be
rth
fo
r w
ell
pla
tfo
rms
20
3.4
72
03
.47
17
8.5
21
78
.52
24
.95
24
.95
Bu
ild
ing
do
ck3
46
9.8
43
46
9.8
42
63
6.1
01
15
.95
27
52
.05
71
7.7
98
33
.74
Inta
ng
ible
Ass
ets
Trib
on
So
ftw
are
fo
r sh
ipb
uil
din
g1
39
.82
13
9.8
21
39
.82
13
9.8
2
Tota
l2
26
36
.81
69
2.3
32
22
.10
23
10
7.0
41
49
53
.04
80
1.6
61
85
.92
15
56
8.7
87
53
8.2
67
68
3.7
9
Pre
vio
us
ye
ar
21
27
0.6
01
59
2.9
82
26
.77
22
63
6.8
11
43
93
.47
77
5.7
02
16
.13
14
95
3.0
47
68
3.7
96
87
7.1
5
No
te:
1.
Bu
ild
ing
s /
stru
ctu
res
on
le
ase
ho
ld l
an
ds
incl
ud
es
` 8
0.7
0
Lak
hs
(ne
t b
lock
) f
or
wh
ich
le
ase
de
ed
s a
re e
xpir
ed
fo
r la
nd
s to
th
e e
xte
nt
of
6.2
acr
es,
Ho
we
ver,
th
e r
esp
ect
ive
le
ase
re
nts
are
cla
ime
d b
y V
isa
kh
ap
atn
am
Po
rt T
rust
a
nd
pa
id b
y H
ind
ust
an
Sh
ipya
rd L
td.
2.
De
pre
cia
tio
n f
or
the
ye
ar
incl
ud
es
pri
or
pe
rio
d a
mo
un
t o
f `
4.9
8 l
ak
hs.
Notes
49Annual Report 2011-12
Note - 6 As at As at31st March, 2012 31st March, 2011
CURRENT ASSETS ` in lakhs ` in lakhs
Inventories (Refer Note: 1)
Steel 2,121.79 4,932.79
Stores & Spares , equipment and other Materials 21,419.98 21,631.58
Timber 56.75 45.09
Materials-in-Transit and under inspection 1,634.87 6,619.82
Steel Cut Pieces on shop floor and Scrap (Refer Note: 2) 361.23 290.21
25,594.62 33,519.49
Less : Provision for : Obsolescence of materials 51.70 130.44
Difference between Bin cards & PSL balances 223.81 223.81
25,319.11 33,165.24
Trade receivables
Unsecured
Debts outstanding for more than 6 months:
Considered good 8,306.61 2,061.67
Considered doubtful 1,722.09 1,531.24
10,028.70 3,592.91
Other debts, considered good 4,571.01 11,898.57
14,599.71 15,491.48
Less: Provision for doubtful debts 1,722.09 1,531.24
12,877.62 13,960.24
Cash and Cash Equivalents
Cash on Hand 1.91 1.32
Balances with scheduled banks in:
Term and other Deposit accounts 51,843.41 30,442.45
Current accounts 114.11 142.43
51,959.43 30,586.20
Short term loans and Advances
Short term loand and advances
Employees 48.12 38.88
Suppliers of materials & services 6,633.03 13,975.42
Others 881.28 632.24
Prepaid Expenses 140.16 178.97
7,702.59 14,825.51
Less : Provision for Doubtful Advances 97.59 97.59
7,605.00 14,727.92
Other Current Assets
Interest Accrued on term deposits 1,254.61 55.86
Accrued Income (OPF) 146.92 146.92
Accrued Income (Refer Note: 3) 8,559.56 10,847.49
9,961.09 11,050.27
Total - Note : 6 107,722.25 103,489.87
Notes:
1. Inventories are as valued and certified by the management
2. Value of Steel Cut Pieces on shop floor and Scrap is based on technical estimate
3. Accrued Income is in respect of Ship Building, Ship Repairs & Submarine Retrofit activities and it includes income forthe previous financial years amounting ` 558 lakhs (Ship Building: ` 145 lakhs and Retrofit: ` 413 lakhs)
Notes
50 Hindustan Shipyard Limited
NOTES FORMING PART OF THE PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED MARCH 31, 2012
Note - 7 Year ended Year ended31st March, 2012 31st March, 2011
Turnover (Revenue from Operations) ` in lakhs ` in lakhs
Sale of products - (Refer Note: 1)
Shipbuilding - Contractual Income 21,093.54 24,197.88
- Government subsidy (Refer Note: 2) 4,183.88 4,951.72
Sale of services
Repair works 17,892.60 26,661.77
Dry dock hire charges 294.73 109.05
Wet basin hire charges 278.46 345.71
DDSR Other services 699.30 621.41
Submarine Retrofit 11,576.60 8,326.90
Misc. works 7.05 -
Other operating revenue
Sale of scrap, stores & disposable materials (Net of VAT) (Refer Note: 3) 377.79 685.30
Total - Note : 7 56,403.95 65,899.74
Notes:
1. Income from ship building is recognised as per AS-7 “Construction Contracts” issued by ICAI
2. Company is eligible subsidy @30% on 53K Bulkers under construction for GML
3. Sale of scrap, stores & disposable materials excludes VAT amounting ` 26.44 lakhs (` 30.46 lakhs)
Note - 8 Year ended Year ended31st March, 2012 31st March, 2011
Other Income
Interest from banks & others (Refer Note No: 1) 1,810.46 235.80
Foreign Exchange variation 283.96 229.28
Rent (Net of Service Tax) (Refer Note No: 2) 81.02 90.51
Fines and forfeitures 217.26 362.32
Miscellaneous Receipts 154.80 84.06
Profit on sale of Assets 84.12 100.65
Provisions of earlier years no longer required 1,398.13 1,615.23
Total - Note : 8 4,029.75 2,717.85
Notes:
1. Interest income includes ` 1127..05 lakhs earned on deposits of ` 45736 lakhs for upgradation of infrastructure provided
by GoI in December, 2011
2. Rent excludes service tax amounting ` 5.5 lakhs (` 5.61 lakhs)
Notes
51Annual Report 2011-12
Note - 9 Year ended Year ended31st March, 2012 31st March, 2011
Materials Consumed ` in lakhs ` in lakhs
Steel 3,185.72 4,898.08
Stores & Spares 1,801.10 769.69
Timber 34.19 29.03
Direct Materials, Machinery & Equipment used in
Ship Construction 7,885.35 20,673.55
Shiprepair 5,200.18 15,684.73
Submarine Retrofit 6,228.70 6,520.52
Reduction in value of shipbuilding equipment 1,153.22 -
25,488.46 48,575.60
Add: Stores procurement expenses 96.35 405.66
Total - Note : 9 25,584.81 48,981.26
Note - 10 Year ended Year ended31st March, 2012 31st March, 2011
Sub-contracts & Off-loaded jobs
Sub contract & off-loaded job expenses in :
Ship Construction 3,073.63 2,636.43
Ship Repairs 3,282.22 2,449.02
Submarine Retrofit 830.72 468.56
Other Direct Expenses in :
Ship Construction (Refer Note-1) 686.88 504.80
Ship Repairs 1,037.20 655.87
Submarine Retrofit 755.10 1,068.80
Builders Risk Insurance in Ship Constuction 241.49 194.95
Total - Note : 10 9,907.24 7,978.43
Notes:
1. Other Direct Expenses in Ship Construction includes ` 150 lakhs provision for Guarantee Repairs
Notes
52 Hindustan Shipyard Limited
Note - 11 Year ended Year ended31st March, 2012 31st March, 2011
Pay & Benefits to employees ` in lakhs ` in lakhs
Salaries, Wages, Allowances etc., 13,375.96 11,081.17
Wage revision arrears 170.41 5,143.33
Contribution to Provident Fund and other funds 1,290.22 1,050.02
Gratuity 2,176.61 6,851.24
Leave Encashment 2,267.94 1,029.53
Expenses on Training, Stipend etc. 71.31 81.57
Employees Welfare Expenses 638.03 511.46
Total - Note : 11 19,990.48 25,748.32
Note - 12 Year ended Year ended31st March, 2012 31st March, 2011
Other expenses
Power and Fuel (Refer Note-1) 644.76 592.06
Water Charges 66.11 48.68
Rates and taxes (including customs duty on scrap sales) 48.25 117.06
Fire and Other Insurance 234.64 170.00
Rent 146.70 100.18
Repairs and Maintenance to :
Plant and Machinery 647.58 693.82
Buildings 160.40 150.73
Other Assets 95.69 64.53
Printing and Stationery 2.78 4.90
Local conveyance charges 116.64 92.90
Travelling Expenses 63.77 53.11
Communication expenses 9.01 34.28
Advertisement and Publicity 94.07 49.12
Salaries and other Expenses of Customs Staff 77.69 102.08
Demurrage Charges 152.34 73.32
Directors’ Fees and Expenses:
Directors’ Fees 0.03 0.12
Travelling Expenses 20.89 23.09
Auditors’ Remuneration :
Statutory Audit 1.57 1.55
Expenses 0.04 0.10
Miscellaneous Expenses 263.54 310.44
Total - Note : 12 2,846.50 2,682.07
Notes:
1. Power & Fuel and water charges are considered as net of recovery
Note - 13 Year ended Year ended31st March, 2012 31st March, 2011
Interest & Finance Charges
Interest on :
Bank term loans & Cash Credit 964.89 1,056.99
Inter-corporate loans from various Port Trusts - 175.85
Others 22.49 75.19
Bank Charges 195.04 126.61
Total - Note : 13 1,182.42 1,434.64
Notes
53Annual Report 2011-12
Note - 14 Year ended Year ended31st March, 2012 31st March, 2011
Provisions and Losses ` in lakhs ` in lakhs
Provisions made:
Obsolescence of Materials 3.75 110.48
Reduction in SR Bills 159.67 94.43
Future losses 297.92 6,564.47
Liquidated Damages 5,025.18 186.23
Contingencies - 193.95
Doubtful Debts 128.71 16.17
Losses:
Reductions in SR Bills 15.39 23.34
Stores written off - 0.03
On Sale of Assets 3.00 0.33
Total - Note : 14 5,633.62 7,189.43
Note - 15 Year ended Year ended31st March, 2012 31st March, 2011
Prior Period Adjustments
A Income
Materials & Freight 43.27 20.47
Taxes & Duties 14.29 -
Miscellaneous 6.63 -
64.19 20.47
B Expenditure
SC Direct Expenses 487.35 103.69
RF Direct Expenses 61.53 -
GoI Guarantee fee - 69.52
Materials & Freight - 18.13
Interest - 176.06
Taxes & Duties - 138.67
Repairs and Maintenance 12.84 8.88
Rent 3.91 24.23
Depreciation 4.98 7.97
Miscellaneous 15.16 36.10
585.77 583.25
Net Expenditure / (Income) 521.58 562.78
Notes
54 Hindustan Shipyard Limited
Note – 16
Notes Forming Part of the Accounts for the year ended 31st March 2012
A. ACCOUNTING POLICIES
1. ACCOUNTING CONVENTIONS:
The financial statements are prepared under the historical cost conventions in accordance with Generally
Accepted Accounting Principles in India and provisions of the Companies Act, 1956. Generally, revenues are
recognized on accrual basis with provisions made for known losses and expenses.
2. ASSETS:
(a) Fixed assets:
Fixed Assets are stated at cost less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive
of freight, duties, taxes, incidental expenses relating to cost of acquisition (net of VAT), interest during
construction period and the cost of installation/erection as applicable.
(b) Intangible assets :
Expenditure incurred on software will be capitalized under intangible assets and shall include expenditure on
procurement of software, acquisition / development of software and up-gradation / enhancement of existing
software resulting in enhancement of economic benefits.
However all embedded software without separate value and included in hardware is capitalized along with
cost of hardware.
Fixed assets, Capital work-in-progress and capital advances are segregated as non-current assets.
3. INVENTORIES:
i) Steel, Timber, Spares and other stores are valued at Weighted Average Cost or net realizable value whichever
is lower. Obsolescence is provided for on the basis of technical estimate.
ii) Direct Materials and Stores items in offshore platform activities are valued at cost or net realizable value
whichever is lower under specific identification and FIFO respectively.
iii) Cost includes expenses of procurement including all taxes and duties other than VAT.
iv) Scrap is valued at estimated realisable value.
4. INCOME:
Income is recognised in accounts:
A. i) In respect of ships under construction, on the basis of percentage completion method, taking into
account the proportion that the contract cost incurred for work performed upto the reporting date
bears to the estimated total contract cost for completion.
Cost for the above purpose includes value of direct materials including Machinery and other ship borne
equipment issued for specific ship, direct labour, direct expenses and general overheads excluding
administrative overheads and overheads attributable to idle time.
ii) In respect of ships delivered during the year at the balance price including claims for extra works and
cost escalation realisable from owners.
iii) For the purpose of recognition of profit, weightage shall be given to the following three factors, which
shall reach a minimum of 20% individually.
a. The proportion that cost incurred to date bears to the estimated total cost of the contract,
Notes
55Annual Report 2011-12
b. Stage completion and
c. Revenue received.
B. Income from other activities including ship repair and submarine refit activities is accounted for on accrual
basis by adopting proportionate completion method.
C. Income is inclusive of Excise Duty, Sales Tax and Service Tax and is net of Rebates and other Deductions under
the respective contracts.
D. Claims in respect of Insurance are accounted for on acceptance basis taking into account the acceptances
received within 15 days of the end of the financial year.
E. The income in respect of all the activities is captioned as “Turnover”.
5. GOVERNMENT GRANTS:
i) Capital grants / subsidy:
Capital grants / subsidy relating to specific assets are reduced from the gross values of assets and capital
grants for project capital subsidy are credited to capital reserve and retained till the requisite conditions are
fulfilled.
ii) Revenue grants / subsidy:
a) Grant-in-aid received from Government of India for implementation of Voluntary Retirement Scheme
is matched with related costs through Profit & Loss Account . Unutilized grants are shown under Current
Liabilities.
b) Price subsidy received / receivable from Government of India in respect of ships is considered as income
on the basis of percentage completion of the respective ships.
c) All other revenue grants are credited to Profit & Loss Account.
6. EXCISE DUTY:
Excise Duty wherever applicable is accounted for as and when the products are cleared from the yard.
7. DEPRECIATION:
Depreciation is provided for under straight-line method in accordance with schedule XIV of the Companies
Act, 1956 as amended, in respect of assets capitalised on or after 01-04-1988. In respect of assets capitalised
prior to 01-04-1988 depreciation is provided under straight-line method at the rates worked out adopting
the management’s estimates of useful lives of the respective assets as under:
Name of the Asset Life
1. Buildings
a. Class I Factory Buildings 33 years
b. Class II Factory Buildings 20 years
c. Class I Non-Factory buildings 58 years
2. Plant and Machinery 19 years
3. Furniture and Fixtures 29 years
4. Motor Vehicles 7 years
5. Dry Dock/Wet Dock and Slipways 50 years
6. Boats and Launches 20 years
Depreciation on additions/disposals made during the year is charged prorata by grouping them on quarterly basis.
Intangible assets will be amortized over a period of 5 years.
Notes
56 Hindustan Shipyard Limited
8. BORROWING COSTS:
a) Borrowing Costs relating to the acquisition/construction of qualifying assets are capitalised until the
time all the substantial activities necessary to prepare the qualifying assets for their intended use are complete.
b) A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended
use.
c) All other borrowing costs are charged to revenue.
9. EMPLOYEE BENEFITS:
(i) Defined Contribution Plan
Employee Benefits in the form of Employee Pension Fund is considered as Defined Contribution plan and the
contributions are charged to the Profit & Loss Account of the year when the contributions to the said fund
are due.
(ii) Defined Benefit Plan
Retirement Benefit in the form of Gratuity, is considered as Defined Benefit Obligation and is provided for on
the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.
Employee Benefit in the form of Employee Provident Fund is considered as Defined Benefit plan and the
contributions are charged to the Profit & Loss Account of the year when the contributions to the said fund
are due.
(iii) Other Long Term Benefits
Long-Term Compensated Absences are provided on the basis of an actuarial valuation using the Projected
Unit Credit Method as at the date of Balance Sheet.
Actuarial gain/losses, if any, are immediately recognized in the Profit & Loss Account.
10. EMPLOYEE SEPARATION COSTS:
Compensation to Employees who have opted for Retirement under the Voluntary Retirement Scheme of the
Company is charged to the Profit and Loss account in the year of exercise of option, net of grant in aid
received / receivable in the year of payment.
11. PROVISION FOR FUTURE LOSSES:
In the case of Ship Building activities where current estimates of total contract cost exceeds the expected
realisable value, provision is fully made for such anticipated loss in accordance with AS 7 issued by the Institute
of Chartered Accountants of India.
12. PROVISION FOR SUNDRY DEBTORS:
Provision is made for all debts considered doubtful of recovery having regard to the following consideration–
Notes
57Annual Report 2011-12
a) Time barred debts from the Government / Government departments / Government companies are
generally not treated as doubtful debts.
b) Provision for bad and doubtful debts is generally made for debts outstanding for more than three
years, excepting those which are considered realizable based on a case to case basis.
13. FOREIGN EXCHANGE TRANSACTIONS:
Assets and liabilities in foreign currencies are translated at rates of exchange prevailing as on the Balance
Sheet date. Gains/losses arising out of fluctuations in exchange rates both on settlement and on conversion
of liabilities are adjusted to revenue.
14. NORMAL OPERATING CYCLE:
(i) “Normal operating cycle is project-wise as the time period from the date of effectiveness of the contract
to the date of completion of the project.
(ii) “Completion of Project” is till the date that all the issues between the parties are mutually settled by
them other than resorting to legal means.
15. CAPITAL EXPENDITURE FUNDED THROUGH NAVAL SHIP PROJECTS:
The Capital Expenditure funded through Naval Ship Projects is netted-off from the corresponding fixed assets.
The net amount so arrived at is shown as the carrying amount of such fixed assets.
Any remaining balance(s) excess/shortfall is shown as non-current asset/liability as the case may be.”
16. MISCELLANEOUS:
(i) Loose tools:
Loose tools are charged to revenue on issue of the same from stores
(ii) Liquidated damages:
Provision for liquidated damages is made in the accounts as per the contractual provision / proportionate
liability basis keeping in view the delay caused by the factors beyond the control of company.
(iii) Guarantee repairs:
Provision for liability for guarantee repairs made in the accounts at the time of delivery on the basis of
estimation.
(iv) DISCLOSURE OF EXPENDITURE:
All items of expenditure are stated under nominal heads at gross figures and the aggregate amount allocated/
transferred to other heads on functional basis is shown separately except direct labour.
Notes
58 Hindustan Shipyard Limited
1. Contingent liabilities
1.1. Irrevocable letters of credit outstanding
1.2. Counter guarantees given to banks for guarantees issued on behalf of
the company
1.3. Estimated amount of contracts remaining to be executed on capital
account and not provided for
1.4. Demands raised against the company by various authorities, contested
at various courts, appellate authorities etc and not provided for:
1.4.1. Property tax on commercial complex for the years from 1984-85 to
1994-95.
1.4.2. Penal interest on belated remittances of Provident Fund contributions
during the period from May 2002 to Feb., 2005, contested u/s 7(i) of
EPF & MP Act, 1952. HSL had approached Hon’ble High Court of Andhra
Pradesh after dismissal of appeal by PF Appellate Tribunal. The Hon’ble
High Court has issued stay orders on PF Appellate Tribunal order subject
deposit of a sum of ` 35.00 lakhs by the company. Accordingly, HSL
had deposited the said amount. Presently, the case is pending in Hon’ble
High Court of Andhra Pradesh.
1.4.3. (a) ESI dues in respect of ‘C’ series workmen for the period from
1-4-1998 to 30-9-2000 together with interest thereon (` 6.64 lakhs
paid under protest grouped under deposit recoverable)
(b) ESI dues in respect of temporary workmen for the period from April,
1998 to Oct., 1999, contractors contribution for the period from Apr.,
1985 to March, 1993.
1.4.4. Service tax demand in respect of INS Sindhukeerti
1.4.5. Demands of various suppliers of goods and services
1.4.6. Non Agricultural Land Assessment tax demands for the year 2000-01
1.4.7. Demands in respect of service matters of employees having financial
impact.
Total (1.4.)
1.5. Claims against the company, which are under arbitration and not
provided for:
1.5.1. Counter –Claims of ONGC towards liquidated damages, penal interest
and interest on interest in respect of construction of well platforms
(net of provision).
1.5.2. Claims of Essar Oil Limited (EOL) towards OPF works (net of provision
made of ` 4370.33 lakhs and counter claim of HSL on ONGC of ` 769
lakhs).
1.5.3. a) On rejection of it’s claims towards L.D. and other claims by HSL,
M/s Good Earth Maritime Ltd., (G.M.L.) invoked the arbitration clause
for the vessel No. VC 11115, VC 11116 and VC 11117 and the same is
under arbitration.
B. NOTES ON ACCOUNTS
(` in lakhs)
2011-12 2010-11
6834.69 4639.71
18710.30 12996.40
-- --
13.39 13.39
109.78 109.78
74.46 70.48
2650.50 2081.30
397.23 457.00
4.54 4.54
1381.92 1381.92
4812.06 4298.65
8638.00 8638.00
10733.43 9196.40
12366.00 11443.00
180.24 180.24
Notes
59Annual Report 2011-12
b) In respect of Vessel No. VC 11118, VC 11136, VC 11137 and VC
11138 which were delivered and VC 11139 to VC 11141 which are
under construction, no provision towards of LD is made, since the same
is not applicable as per Contracts.
1.5.4. No provision has been made in respect of Liquidated Damages for
vessels INS Sandhayak & INS Kumbhir in the financial year 2010-11
which are undergoing refits since HSL sought for extension of time for
completion of refit works and the same is under consideration by Indian
Navy. Necessary provision made for LD in the year 2011-12.
Total (1.5)
In respect of items mentioned under 1.4 and 1.5 above, the Company has been advised by the Counsel that said
demands and claims are not sustainable in law.
2. Contingent Assets:
2.1. Recognition of income (net of provision) in earlier years towards mark-
up on materials procured and works executed in respect of offshore
platforms for ONGC, pending finalization of arbitration.
2.2. Recognition of income in earlier years towards escalation and extra
jobs for VC 1120, pending finalization of arbitration award.
4. As per Accounting Standard 15 ’Employees Benefits’, the disclosure of Employee Benefits as
defined in the Accounts Standard are given below:
Defined Contribution Plan
Contribution to Defined Contribution plan, recognized as expense for the year are as under:
(` in lakhs)
2011-12 2010-11
Employer’s Contribution to Pension Fund 167.76 186.97
Defined Benefit Plan
The employees’ gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The obligation for leave encashment is
recognized in the same manner as gratuity.
2011-12 2010-11
-- 242.78
31737.43 29520.18
669.39 669.39
129.15 129.15
Notes
60 Hindustan Shipyard Limited
I. Reconciliation of opening and closing balances of Defined Benefit obligation
(` in Lakhs)
Details Gratuity Earned Leave Sick Leave
(Funded) Encashment (Unfunded)
(Unfunded)
Defined Benefit obligation at beginning of the year. - Current Year. 12187.17 1828.77 612.48
(Previous year) 6009.29 1307.91 470.61
Interest Cost - Current Year 923.60 126.40 -
(Previous year) 451.56 89.96 -
Current Service Costs - Current Year 263.75 397.29 168.22
(Previous year) 572.96 211.76 141.87
Benefits Paid - Current Year (1284.40) (497.45) -
(Previous year) (729.55) (366.80) -
Actuarial loss/(gain) on obligation - Current Year 1063.00 1576.03 -
(Previous year) 997.54 585.94 -
Defined Benefit obligation at year end - Current Year 13153.12 3431.04 780.70
(Previous year) 12187.17 1828.77 612.48
II. Reconciliation of opening and closing balances of fair value of plan assets
(` in lakhs)
Details 2011-12 2010-11
Fair value of plan assets at beginning of the period. 849.42 793.23
Expected return on plan assets 73.47 67.42
Contribution 1284.40 729.55
Benefits paid (1284.40) (729.55)
Actuarial (loss)/gain on obligation (balancing figure) 0.28 (11.23)
Fair value of Plan Assets as at the end of the period 923.17 849.42
III. Reconciliation of fair value of assets and obligations as at 31/03/2012
(` in lakhs)
Gratuity Leave Sick Leave
Encashment (Unfunded)
(Unfunded)
Fair value of plan assets - Current Year 923.17 - -
(Previous year) 849.42 - -
Present value of obligation - Current Year 13153.12 3431.04 780.70
(Previous year) 12187.17 1828.77 612.48
Amount recognized in Balance Sheet - Current Year 12229.96 3431.04 780.70
(Previous year) 11337.75 1828.77 612.48
Notes
61Annual Report 2011-12
IV. Expenses recognized during the year (in the statement of Profit & Loss Account)
(` in lakhs)
Description Gratuity Leave Sick
(Funded) Encashment Leave
(unfunded) (Unfunded)
Current Service Cost - Current Year 263.75 397.29 168.22
(Previous year) 572.96 211.76 141.87
Interest Cost - Current Year 923.60 126.40 -
(Previous year) 451.56 89.96 -
Expected return on plan assets - Current Year 73.47 - -
(Previous year) 67.42 - -
Actuarial (gain)/loss - Current Year 1063.00 1576.03 -
(Previous year) 1008.77 585.94 -
Expenses recognized in the statement of P&L a/c - Current Year 2176.61 2099.77 168.22
(Previous year) 6851.24 887.66 141.87
V. Investment Details
(Percentage invested)
Description Gratuity as on 31.03.12 Gratuity as on 31.03.11
GoI Securities - -
Special Deposit Scheme 14 15
Others (T.D.R.s) 86 85
Total : 100 100
VI. Principal Actuarial Assumptions
Gratuity (Funded)(%) Leave Encashment (Unfunded)(%)
31.03.2011 31.03.2012 31.03.2011 31.03.2012
Discount Rate 8.00 8.50 8.00 8.50
Salary escalation rate 11.00 6.00 11.00 6.00
Attrition rate 1.00 1.00 1.00 1.00
Expected rate of return on plan assets 8.65 9.00 - -
Salary escalation by taking into account inflation, seniority, promotion and other factors. Attrition rate by reference
to past experience and expected future experience and includes all types of withdrawals other than death but
including those due to disability.
Discount rate has been determined by reference to market yields on the Balance Sheet date on Govt. Bonds of Term
consistent with estimated term of the obligations.
As per the enterprise’s accounting policy actuarial gains and losses are recognized immediately during the same
year itself.
Notes
62 Hindustan Shipyard Limited
The fact that Provident Fund element is also to be included while computing relevant salary for encashment of
leave has been taken into account.
The above information is certified by the Actuary.
2011-12 2010-11
Employer’s Contribution to Provident Fund (` in lakhs) 1122.46 863.68
The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund Act, 1952. The conditions
for grant of exemption stipulate the employer shall make good deficiency, if any, in the interest rate declared by the
Trust vis-a-vis statutory rate. The Guidance issued by the Accounting Standard Board (ASB) on implementing AS-15.
Employee Benefits (revised 2005) states that Provident Funds set up by employers, which requires interest shortfall
to be met by the Employer needs to be treated as Defined Benefit Plan. The fund does not have any deficit or
interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e., Government interest to be
paid on Provident Fund Scheme exceeds rate of interest earned on Investments) pending the issuance of guidance
note from the Actuarial Society of India, the Company’s Actuary has expressed his inability to reliably measure the
same.
Notes
63Annual Report 2011-12
5. SEGMENT REPORT
The company operates in Shipbuilding, Ship repair and Sub-marine Retrofit business segments. Information in respect
of the said segments as required by AS 17, issued by Institute of Chartered Accountants of India, is given as under
` in lakhs
Particulars Ship Ship Retrofit Un-allocated Total
building repairs
Segment Income:
Sales 23,817.39 19,083.54 11,576.60 - 54,477.53
Taxes collected 1,467.08 81.55 - - 1,548.63
Other operating income (scrap sales) 191.48 186.31 - - 377.79
Turnover / Revenue from operations 25,475.95 19,351.40 11,576.60 - 56,403.95
Other Income 752.64 1,051.73 9.10 2,216.28 4,029.75
Total Income 26,228.59 20,403.13 11,585.70 2,216.28 60,433.70
Segment Expenditure:
Materials & Direct Expenses incl. taxes 18,477.95 11,060.32 8,487.78 70.60 38,096.65
Direct Labour 2,270.55 468.20 643.15 - 3,381.90
Total Segment expenditure 20,748.50 11,528.52 9,130.93 70.60 41,478.55
Segment Result 5,480.09 8,874.61 2,454.77 2,145.68 18,955.15
Overheads 10,174.38 2,960.54 2,993.13 5,270.05 21,398.10
Provisions and Adjustments 1,687.70 4,401.73 62.78 3.18 6,155.39
Net Segment Result (6,381.99) 1,512.34 (601.14) (3,127.55) (8,598.34)
MAT for the year - -
MAT Credit entitlement - -
Deferred Tax - -
Total Result (6,381.99) 1,512.34 (601.14) (3,127.55) (8,598.34)
Other information
Segment Assets 28,420.98 21,228.10 18,453.66 65,007.78 133,110.52
Segment Liabilities 59,526.54 33,751.27 31,938.31 109,493.47 234,709.58
Capital Expenditure - - - 692.33 692.33
Depreciation 589.96 49.90 156.82 - 796.68
Non-cash expenditure other than Dep. - - - - -
Notes
64 Hindustan Shipyard Limited
6. Information in respect of related parties in terms of AS 18, issued by
the Institute of Chartered Accountants of India are:
a) Related parties:
Key Management Personnel:
i) RAdm NK Mishra, NM, IN (Retd), Chairman & Managing
Director from 1st Aug, 2011
ii) Rear Adml. Chandra Sekhar, IN (Retd), Chairman & Managing
Director of M/s GRSE Ltd., Kolkata has held the post of
Chairman & Managing Director of company as additional
charge from 1st Jan, 2011 to 31st July, 2011
iii) Shri. Rakesh Mahajan, Director (Finance & Commercial)
iv) Cmde KS Subramanian, NM, IN (Retd), Director (Shipbuilding)
from 4th June, 2011
v) Cmde KLN Prasad, IN (Retd), Director (Corporate Planning &
Personnel) from 19th Dec, 2011
b) Details of transactions carried out with the above stated related
parties:
Remuneration paid during the year (` In lakhs)
7. a) Net profit/(Loss) as per profit and loss account (` In lakhs)
b) Weighted average number of equity shares used as Denominator
for calculating EPS
c) Earnings per share: Profit/(Loss) – Basic in `
8. As per technical evaluation, there is no impairment in the carrying cost
of cash generating units of the company in terms of Accounting Standard
(AS 28), issued by the Institute of Chartered Accountants of India.
9. The estimated cost of completion of vessels under construction has
been revised to ` 113170 lakhs as at 31.3.2012 from ` 124876 lakhs as
at 31.3.2011.
2011-12 2010-11
46.36 27.21
(8598.34) 5499.99
3019922 3019922
(285) 182
-- --
113170 124876
10. Materials Consumed
Description Unit 2011-12 201011
Qty Value Qty Value
` in lakhs ` in lakhs
Steel M.T 9698 3197.65 15553 4898.08
Pipes Meters 3703 11.60 13000 33.45
Paints Litres 38400 51.02 140082 250.19
Pipe Fittings and others Nos. 12236 27.72 38010 134.89
Ship Machinery and Equipt. 7885.35 20673.55
Ship Repair Materials 5200.18 15684.73
Retrofit Materials 6228.70 6520.52
Others 2886.24 380.19
Total 25488.46 48575.60
Notes
65Annual Report 2011-12
i) Value of all Imported Materials including components and spare
parts consumed during the year
ii) Value of all Indigenous Materials including components and spare
parts consumed during the year
iii) Percentage of item (i) to total consumption
iv) Percentage of item(ii) to total consumption
2011-12 2010-11
Break up of Materials Consumed:
` in lakhs
22216.99 43159.81
3548.15 5415.79
86 89
14 11
11. Expenditure and Earnings in Foreign Currency
` In lakhs
1.1 i) Royalty, Know-how and Professional Consultancy fees
ii) Travelling Expenses
iii) Others
1.2 CIF value of imported materials, components & spare parts and capital
goods.
2 Earnings in Foreign Currency from ship repair activity
2011-12 2010-11
-- --
4.45 --
249.83 586.69
19222.55 29888.91
337.85 11640.90
12. Disclosure of information in respect of Ships under construction as per Accounting Standard-7 “Construction
Contracts”
` In lakhs
Particulars / Nature of Vessel 5OT TUGS IPV’s 53K BULKERS 50T TUGS 50T TUGS
Vessel No: 11162-64 11154-58 11138-41 11160-61 11173-74
Owner NAVY ICG GEML VPT KPT
1 Contract Revenue Recognized up to
31st March, 2012 727.79 12619.62 36381.41 7169.21 30.79
2 Contract Expenses Recognized 777.46 27655.63 50080.28 4390.96 30.79
3 Recognized Profits / (Losses) (49.66) (10013.07) (10659.27) 2778.59 -
4 Expected Losses Recognized (870.15) (1295.12) (7369.62) - -
5 Total Recognized Profits / Losses (919.81) (11308.19) (18028.88) 3010.41 774.58
6 Advances Received 3668.45 13146.65 32690.69 7198.24 2735.88
7 Costs Relating to Future Activity 14278.50 3836.97 35354.55 308.34 7927.38
8 Progressive Billing 3668.45 13146.65 32690.69 7198.24 2735.88
9 Gross Amount due from Customers 15479.07 21952.15 67405.94 7997.60 8732.76
10 Gross Amount due to Customers -- -- -- -- --
Notes
66 Hindustan Shipyard Limited
S.No Particulars 2011-12 2010-11
i. Salary and Allowances 36.82 20.84
ii. Contribution to Provident Fund & Group Gratuity Scheme. 6.42 3.76
iii.. Reimbursement of Entertainment Expenses 2.77 2.49
iv. Reimbursement of Medical Expenses 0.09 0.06
v. Value of Perquisite in respect of use of car (as per I.T. rules) 0.26 0.06
Total 46.36 27.21
13. Details of Remuneration to Chairman & Managing Director and other whole-time Directors:
` in lakhs
14. Impact due to change in accounting policies:
a) Due to change in accounting policy in respect of revenue recognition of shipbuilding, the turnover
has been increased by ` 2970.64 lakhs and increase in material consumption by `3006.97 lakhs
thereby loss for the current year is increased by ` 36.33 lakhs.
b) Due to change in accounting policy in allocating depreciation in the cost of ship construction
for revenue recognition, the turnover has decreased by 9.88 lakhs and loss on inventory cost of
direct materials decreased by ̀ 82.17 lakhs and increase in provision for future losses by ̀ 733.49
lakhs and thereby increase in loss by `825.54 lakhs.
c) In the current year HSL has included new accounting policies in respect of intangible assets,
depreciation thereon, capital expenditure funded by naval projects, normal operating cycle and
miscellaneous policies. These new additions have no financial impact on the accounts of the
company.
15. a) Names of SSI units, where payments are outstanding for more than 30 days could not be given
in the absence of separate registration for the said SSI units with the company.
b) In the absence of registration by Micro and Small Scale industries the information pertaining to
these suppliers / service providers could not be furnished.
16. The reconciliation of balances as per price stores ledger and Bin Cards is a continuous process
17. Certain Advances and Provisional Liabilities for Purchases remain unadjusted, pending link up between
the same.
18. Balances of Debtors / Creditors are subject to confirmation / reconciliation.
19. Previous year’s figures have been regrouped / rearranged wherever necessary.
For and on behalf of the Board of Directors In terms of our reportof even Date attachedFor G.R.Kumar & Co.
Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S
RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-
(Finance & Commercial) CA G.R. Kumar(Partner)
Sd/- M. No. 52367INAITULA BAIG
Company Secretary
New Delhi13 Jul 2012
Notes
67Annual Report 2011-12
For and on behalf of the Board of Directors As per our report of even dateFor G.R.Kumar & Co.
Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S
RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-
(Finance & Commercial) CA G.R. Kumar(Partner)
Sd/- M. No. 52367INAITULA BAIG
Company Secretary
New Delhi13 Jul 2012
Particulars Year ended Year ended
31st March, 2012 31st March, 2011
A. Cash flow from operating activities:
Net Profit/(loss) before Extraordinary & Prior period items (8,076.76) (28,186.60)
Adjustments for:
Depreciation 801.66 767.73
Interest paid 1,182.42 1,434.64
Interest received (1,810.46) (235.80)
Loss/(profit) on sale of fixed assets (81.12) (100.32)
Operating Cash flow before working capital changes,
Extraordinary & Prior Period items (7,984.26) (26,320.35)
Prior Period items: Net Expenditure 521.58 562.78
Operating Cashflow before working capital changes & after
Extraordinary & Prior Period items (8,505.84) (26,883.13)
Adjustments for working capital changes:
Inventories 7,846.13 14,724.53
Trade and other receivables 9,058.17 (19,577.01)
Trade and other payables 37,508.65 10,624.55
Cash generated from operation (A) 45,907.11 (21,111.06)
B. Cashflow from Investing acitivities:
Purchase of fixed assets (692.33) (1,585.01)
Capital Work-in-progress (203.37) 6.98
Sale of fixed assets 117.30 110.96
Interest received 1,810.46 235.80
Net Cash from investing operation (B) 1,032.06 (1,231.28)
C. Cashflow from financing activities:
Proceeds from Share Capital - -
Proceeds from Borrowings from GOI & Banks (24,383.51) 3,063.61
Grant in aid from GoI - 45,268.00
Interest paid (1,182.42) (1,434.64)
Net Cash from financing operation (C) (25,565.93) 46,896.97
D. Net Increase in Cash & Cash
Equivalent (A)+(B)+(C) 21,373.24 24,554.63
Cash and cash equivalent at the beginning of the year 30,586.19 6,031.56
Cash and cash equivalent at the end of the year 51,959.43 30,586.19
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2012` in lakhs
Cash Flow Statement
68 Hindustan Shipyard Limited
NOTE
1. Interest on capital outlay on Township and Residential quarters and for providing other Social Amenities (original cost of`562.12 lakhs written down value ` 158.91 lakhs as on 31.03.2012) has not been taken into account since this has beenfinalised out of Equity Share Capital except for an amount of ` 0.45 lakhs out of grant of Andhra Pradesh in respect ofGandhigram High School.
2. The figures of Township Expenditure and Income have been collected only to the extent practicable from the accountsof the company. The expenditure has been in the individual primary heads in the Profit and Loss Account.
3. Previous year’s figures have been recast wherever necessary.
SCHEDULE OF NET EXPENDITURE ON TOWNSHIP, RESIDENTIAL QUARTERS AND OTHER SOCIAL OVERHEADS
FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2012
Description 2011-12 2010-11
Details Details Total Details Details Total
Note - 17
EXPENDITURE ON TOWNSHIP
AND RESIDENTIAL QUARTERS
Administration & Maintenance:
Salaries, Wages & Other Benefits 341.00 260.41
Housing Estate Site Rent 14.13 14.13
Property Tax on Residential Buildings 0.81 2.09
Electricity and Water Charges 202.99 137.73
Repairs and Maintenance 61.43 65.45
Colony Security 53.92 54.16
Miscellaneous Expenditure 5.14 679.41 1.98 535.95
Depreciation 10.68 11.16
690.09 547.11
Less: Income-Rent 90.51 90.51
Electricity and Water Charges 99.30 189.09 500.29 99.30 189.80 357.30
Expenditure on Social Overheads:
Schools and Educational Facilities 35.90 47.25
Less: Educational Grant -35.90 0.00 -43.03 4.22
On Medical facilities 710.62 559.37
On Subsidised Canteen 136.20 110.05
On Subsidised lunch for Officers,
Staff and Workmen 186.62 322.82 198.54 308.58
On Subsidised transport :
Boats and launches 57.80 57.80 46.44
On Social & Cultural Activities 0.53 1091.77 0.56 919.18
1592.05 1276.48Expenditure on Public Relations and Publicity:
Salaries 12.50 10.34
Publicity 17.30 1.44
29.80 11.78
(` in lakhs)
For and on behalf of the Board of Directors
Sd/- Sd/-RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)
Director Chairman and Managing Director(Finance & Commercial)
Sd/-INAITULA BAIG
Company Secretary
New Delhi13 Jul 2012
Social Overheads
69Annual Report 2011-12
CA
PIT
AL O
UT
LA
Y O
N T
OW
NS
HIP
RE
SID
EN
TIA
L Q
UA
RT
ER
S F
OR
PR
OV
IDIN
G S
OC
IAL A
ME
NIT
IES
(` i
n l
ak
hs)
PA
RT
ICU
LAR
SG
RO
SS
BLO
CK
DE
PR
EC
IAT
ION
NE
T B
LOC
K
As
on
Ad
dit
ion
sSa
les/
As
on
Up
toFo
r th
eO
n s
ale
s/U
pto
As
on
As
on
31
.03
.20
11
du
rin
g th
eA
dju
stm
en
t3
1.0
3.2
01
23
1.0
3.2
01
1Ye
arA
dju
stm
en
t3
1.0
3.2
01
23
1.0
3.2
01
23
1.0
3.2
01
1
year
du
rin
g th
efo
r th
e y
ear
year
Lan
d1
.72
0.0
00
.00
1.7
20
.00
0.0
00
.00
0.0
01
.72
1.7
2
Bu
ild
ing
s4
90
.99
0.0
00
.00
49
0.9
93
26
.78
10
.35
0.0
03
37
.13
15
3.8
61
64
.21
Ro
ad
s &
co
mp
ou
nd
wa
lls
etc
.2
6.3
10
.00
0.0
02
6.3
12
5.3
40
.29
0.0
02
5.6
40
.67
0.9
7
Ele
ctri
cal
Inst
all
ati
on
s1
8.4
10
.00
0.0
01
8.4
11
7.4
50
.00
0.0
01
7.4
50
.96
0.9
6
Ho
spit
al
Eq
uip
me
nt
3.4
50
.00
0.0
03
.45
3.1
20
.03
0.0
03
.16
0.2
90
.33
Mo
tor
Ve
hic
les
21
.24
0.0
00
.00
21
.24
19
.83
0.0
00
.00
19
.83
1.4
11
.41
Tota
l5
62
.12
0.0
00
.00
56
2.1
23
92
.53
10
.68
0.0
04
03
.21
15
8.9
11
69
.60
Pre
vio
us
Yea
r5
62
.12
0.0
00
.00
56
2.1
23
81
.38
11
.16
0.0
03
92
.54
16
9.5
81
80
.75
Fo
r a
nd
on
be
ha
lf o
f th
e B
oa
rd o
f D
ire
cto
rs
Sd
/-S
d/-
Sd
/-IN
AIT
ULA
BA
IGR
AK
ES
H M
AH
AJA
NR
Ad
m N
K M
ISH
RA
, IN
(R
etd
)
Co
mp
an
y S
ecr
eta
ryD
ire
cto
rC
ha
irm
an
an
d M
an
ag
ing
Dir
ect
or
(Fin
an
ce &
Co
mm
erc
ial)
Ne
w D
elh
i1
3 S
ep
20
12
Social Overheads
70 Hindustan Shipyard Limited
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
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
20
07
-08
20
08
-09
20
09
-10
20
10
-11
20
11
-12
BA
LAN
CE
SH
EE
T:
EQU
ITY
& L
IAB
ILIT
IES
Shar
eh
old
ers
’ fu
nd
s
Shar
e
Cap
ital
12
1.8
11
29
.31
13
6.8
11
44
.31
14
9.3
12
81
.01
30
1.9
93
01
.99
30
1.9
93
01
.99
Res
erv
es a
nd
Su
rplu
s(1
10
3.3
3)
(11
55
.36
)(1
16
3.2
5)
(11
57.0
6)
(85
6.1
3)
(847
.32
)(9
87
.33
)(9
85
.00
)(9
30
.01
)(1
01
5.9
9)
No
n-c
urr
en
t Li
abili
ties
Lon
g te
rm b
orr
ow
ings
93
6.4
49
43
.94
98
1.4
49
81
.69
61
0.6
95
24
.72
55
9.1
55
93
.83
627
.67
372
.21
Oth
er
lon
g tr
m l
iab
iliti
es6
.08
6.0
86
.08
6.0
86
.08
6.3
66
.36
6.3
61
1.9
99
.83
Lon
g te
rm p
rovi
sio
ns
30
.42
43
.02
39
.67
43
.63
10
6.1
71
14
.02
12
9.6
19
5.8
81
57.6
11
79
.09
Cu
rre
nt
Liab
iliti
es
Sho
rt t
erm
bar
row
ings
0.0
06
.26
6.4
46
.83
70.4
78
9.7
86
8.2
49
6.4
09
3.2
01
04
.82
Trad
e p
ayab
les
49
.19
61
.92
20
0.3
31
13
.66
12
8.9
41
57.4
01
34
.87
21
9.0
31
69
.06
16
6.8
5
Oth
er
curr
en
t l
iab
iliti
es1
90
.91
16
6.1
81
46
.10
49
5.3
76
86
.61
61
7.8
46
92
.06
67
7.7
86
79
.71
97
8.6
2
Sho
rt t
erm
pro
visi
on
s3
3.6
13
6.2
22
0.9
02
4.3
26
3.6
137
.76
37.0
33
2.7
21
23
.21
18
2.2
9
Tota
l2
65
.13
237
.57
374
.52
65
8.8
39
65
.75
98
1.5
79
41
.98
10
38
.99
12
34
.43
127
9.7
1
AS
SE
TS
No
n-c
urr
en
t as
sets
:
Fix
ed a
sse
ts -
Tan
gib
le4
8.7
24
4.6
34
1.9
43
9.3
14
4.5
35
3.4
06
3.7
16
8.7
776
.84
75
.38
-
In
tan
gib
le0
.00
0.0
00
.00
0.0
00
.00
0.8
70
.17
0.0
00
0
-
Cap
ital
wo
rk in
pro
gres
s0
.64
0.6
90
.20
0.5
24
.01
6.2
35
.16
12
.47
12
.40
14
.44
Lon
g te
rm l
oan
s an
d a
dva
nce
s2
.24
2.9
32
.45
2.7
83
.10
3.5
43
.08
3.3
03
.17
2.9
5
Oth
er
no
n-c
urr
en
t as
sets
0.0
00
.00
0.0
00
.00
11
3.2
21
05
.67
11
3.1
01
23
.99
10
7.1
41
09
.72
Cu
rre
nt
Ass
ets
Inve
nto
rie
s5
3.0
94
6.2
29
2.3
61
55
.38
13
2.0
62
53
.55
372
.15
478
.90
33
1.6
52
53
.19
Trad
e r
ece
ivab
les
78
.57
80
.55
14
0.6
55
1.4
91
40
.55
14
8.0
51
17
.23
11
0.0
71
39
.60
12
8.7
8
Cas
h &
cas
h e
qu
ival
en
ts6
0.4
63
6.7
527
.52
18
4.1
92
81
.70
21
1.8
41
15
.47
60
.31
30
5.8
65
19
.59
Sho
rt t
erm
lo
ans
and
ad
van
ces
17
.36
23
.95
66
.82
13
5.3
61
64
.67
12
6.7
21
18
.83
11
7.6
41
47.2
876
.05
Oth
er
curr
en
t as
sets
4.0
51
.85
2.5
88
9.8
08
1.9
17
1.7
03
3.0
86
3.5
41
10
.50
99
.61
Tota
l2
65
.13
237
.57
374
.52
65
8.8
39
65
.75
98
1.5
79
41
.98
10
38
.99
12
34
.44
127
9.7
1
Net
Wo
rth
(98
1.5
2)
(10
26
.05
)(1
02
6.4
4)
(10
12
.75
)(7
06
.82
)(5
66
.31
)(6
85
.34
)(6
83
.01
)(6
28
.02
)(7
14
.00
)
*Ne
t W
ort
h =
Pai
d u
p C
apit
al+
Res
erv
es a
nd
Su
rplu
s
10 Years at a Glance
71Annual Report 2011-12
(` i
n c
rore
s)
20
02
-03
20
03
-04
20
04
-05
20
05
-06
20
06
-07
20
07
-08
20
08
-09
20
09
-10
20
10
-11
20
11
-12
PR
OFI
T A
ND
LO
SS A
CC
OU
NT:
Inco
me
:
Ship
bu
ildin
g3
9.6
73
9.8
77
9.4
71
39
.94
15
9.9
52
02
.15
19
4.1
72
53
.61
29
1.4
92
54
.76
Ship
re
pai
rs6
8.6
86
8.8
01
35
.12
87
.90
93
.02
10
8.4
61
44
.13
26
6.0
427
7.3
81
93
.51
Re
tro
fit
42
.65
10
.48
10
.71
15
.74
74.6
67
3.9
157
.52
99
.31
83
.27
11
5.7
7
Wo
rk-i
n-P
rogr
ess
4.4
30
.55
(10
.07
)2
8.2
94
5.6
04
1.3
66
4.3
2(1
0.5
3)
(48
.29
)0
.00
Oth
er
Inco
me
9.2
47
.50
21
.75
47.0
12
6.5
48
4.2
63
8.1
45
3.6
03
4.0
34
0.3
0
Tota
l1
64
.67
127
.20
23
6.9
83
18
.88
39
9.7
75
10
.14
49
8.2
86
62
.03
637
.88
60
4.3
4
Exp
en
dit
ure
:
Mat
eri
als
42
.75
38
.03
10
3.0
81
44
.54
19
0.1
92
22
.55
26
4.6
63
44
.57
44
1.5
22
55
.85
Dir
ect
Exp
en
ses
17
.38
24
.97
39
.65
43
.60
80
.16
89
.88
62
.10
94
.39
79
.78
99
.07
Pay
& B
en
efit
s7
2.4
27
7.7
87
7.8
88
2.6
79
2.6
48
0.9
11
26
.93
12
9.8
92
57.4
81
99
.90
Taxe
s an
d D
uti
es3
.20
2.7
84
.29
8.5
91
3.4
92
0.3
72
8.6
82
3.2
52
4.5
02
9.6
6
Oth
er
Exp
en
ses
12
.11
12
.38
14
.23
15
.50
19
.12
25
.91
31
.03
27.8
52
6.8
22
8.4
7
Pro
visi
on
s an
d L
oss
es1
6.5
81
9.2
88
.48
14
.03
45
.15
8.7
41
4.0
71
8.6
77
1.8
95
6.3
4
Pri
or
pe
rio
d A
dju
stm
en
ts0
.88
1.3
5(0
.86
)(1
.92
)(3
87
.40
)(7
.66
)5
4.4
43
.46
5.6
35
.21
Extr
aord
inar
y it
em
s0
.00
0.0
00
.00
0.0
04
1.3
10
.08
0.0
00
.00
0.0
00
.00
Tran
sfe
rs(9
.28
)(2
.85
)(1
1.6
4)
(3.3
2)
(3.8
4)
(4.4
5)
(4.3
2)
(5.1
2)
(4.2
8)
(3.9
7)
Tota
l1
56
.04
17
3.7
22
35
.11
30
3.6
99
0.8
24
36
.33
577
.59
63
6.9
69
03
.34
67
0.5
3
Pro
fit
/ (L
oss
) b
efo
re i
nte
rest
,
De
pre
ciat
ion
& E
xtra
ord
inar
y it
em
s8
.63
(46
.52
)1
.87
15
.19
30
8.9
57
3.8
1(7
9.3
1)
25
.07
(26
5.4
6)
(66
.19
)
Gra
nt
fro
m G
oI
0.0
00
.00
0.0
00
.00
0.0
00
.00
0.0
00
.00
45
2.6
80
.00
De
pre
ciat
ion
5.1
24
.32
4.1
54
.07
4.0
65
.82
6.9
36
.46
7.6
87
.97
Inte
rest
1.0
51
.19
5.6
14
.93
34
.70
44
.51
50
.49
52
.41
14
.35
11
.82
Pro
fit
/ (L
oss
) b
efo
re t
ax2
.46
(52
.03
)(7
.89
)6
.19
270
.19
23
.48
(13
6.7
3)
(33
.80
)1
65
.19
(85
.98
)
Inco
me
Tax
0.0
00
.00
0.0
00
.00
78
.27
5.4
96
.85
(31
.86
)4
4.8
30
.00
MA
T cr
edit
en
eti
tle
me
nt
0.0
00
.00
0.0
00
.00
0.0
00
.00
0.0
00
.00
(44
.83
)0
.00
Def
erre
d T
ax (
asse
t) /
lia
bili
ty0
.00
0.0
00
.00
0.0
0(1
09
.01
)6
.66
(3.5
7)
(4.2
6)
11
0.1
90
.00
Ne
t P
rofi
t /
(Lo
ss)
2.4
6(5
2.0
3)
(7.8
9)
6.1
93
00
.93
11
.33
(14
0.0
1)
2.3
25
5.0
0(8
5.9
8)
Pro
fit
& L
oss
Ap
pro
pri
atio
n0
.00
0.0
00
.00
0.0
00
.00
2.5
20
.00
0.0
00
.00
0.0
0
Cu
mu
lati
ve P
rofi
t /
(Lo
ss)
(11
03
.43
)(1
15
5.4
6)
(11
63
.35
)(1
157
.16
)(8
56
.23
)(8
47.4
2)
(98
7.4
3)
(98
5.1
0)
(93
0.1
0)
(10
16
.08
)
FIN
AN
CIA
L P
OS
ITIO
N A
ND
PE
RFO
RM
AN
CE
OF T
HE
CO
MP
AN
Y
10 Years at a Glance
72 Hindustan Shipyard Limited
HIN
DU
STA
N S
HIP
YA
RD
LIM
ITE
D :
: V
ISA
KH
AP
AT
NA
M
SH
IPS
BU
ILT
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
1.
“Ja
lau
sha
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.17
92
2-0
6-1
94
61
4-0
3-1
94
82
6-1
0-1
94
8
2.
“Ja
lap
rab
ha
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.17
92
2-0
8-1
94
62
0-1
1-1
94
80
7-0
4-1
94
9
3.
“Ku
tub
tari
” (P
ass
en
ge
r Fe
rry)
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
Ltd
.,-
23
-05
-19
47
18
-12
-19
48
19
-05
-19
49
4.
“Ja
lap
raka
sh”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
. Lt
d.,
8.1
38
27
-05
-19
48
08
-08
-19
49
20
-12
-19
49
5.
“Ja
lap
an
kh
i” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
8.1
50
07
-10
-19
49
06
-12
-19
49
04
-04
-19
50
6.
“Ja
lap
ad
ma
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.13
72
6-0
1-1
95
01
4-0
9-1
95
01
8-0
1-1
95
1
7.
“Ja
lap
ala
ka”
Th
e S
cin
dia
S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.14
12
6-0
1-1
95
02
7-1
2-1
95
00
3-0
4-1
95
1
8.
“Bh
ara
tmit
ra”
Th
e B
ha
rat
Lin
e L
imit
ed
8.1
34
28
-09
-19
50
26
-03
-19
51
02
-07
-19
51
9.
“Ja
gra
ni”
Th
e G
rea
t E
ast
ern
sh
ipp
ing
Co
mp
an
y L
imit
ed
8.1
25
09
-05
-19
51
15
-12
-19
51
09
-06
-19
52
10
.“J
ala
pra
tap
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.12
50
9-0
5-1
95
12
7-0
2-1
95
20
9.0
8.1
95
2
11
.“J
ala
pu
shp
a”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
. Lt
d.,
8.0
87
26
-12
-19
51
09
-07
-19
52
17
-10
-19
52
12
.“B
ha
ratr
atn
a”
Th
e B
ha
rat
Lin
e L
imit
ed
8.1
00
21
-07
-19
52
26
-08
-19
53
15
-07
-19
54
13
.“J
ala
pu
tra
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
.,8
.11
42
1-0
7-1
95
20
9-1
1-1
95
31
9-0
8-1
95
4
14
.“J
ala
vih
ar”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
., L
td.,
7.2
48
01
-12
-19
53
16
-08
-19
54
22
-06
-19
55
15
.“J
ala
vija
ya”
Th
e S
cin
dia
Ste
am
Na
viga
tio
n C
o.,
Ltd
.,7
.31
13
0-0
9-1
95
32
6-0
3-1
95
52
9-1
2-1
95
5
16
.“V
idyu
t” L
an
d C
ust
om
s D
ep
art
me
nt
(Mo
tor
Lau
nch
)1
9-1
0-1
95
31
8-0
8-1
95
41
8-0
3-1
95
8
17
.“J
ala
vish
nu
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
o.
Ltd
7.3
22
16
-12
-19
53
02
-11
-19
55
23
-05
-19
56
18
.“S
tate
of
Ku
tch
” T
he
Ea
ste
rn S
hip
pin
g C
orp
ora
tio
n L
imit
ed
8.2
53
02
-09
-19
54
29
-03
-19
56
25
-11
-19
56
19
.“A
dya
r” M
ad
ras
Po
rt T
rust
(Ko
rt N
ozz
le T
ug
)2
7-0
9-1
95
43
1-1
2-1
95
52
5-0
9-1
95
7
20
.“A
nd
am
an
s” M
inis
try o
f H
om
e A
ffa
irs
2.4
70
(Pa
sse
ng
er
cum
Ca
rgo
Ve
sse
l)1
0-0
8-1
95
52
5-0
7-1
95
60
4-1
2-1
95
7
21
.“S
tate
of
Ori
ssa
” T
he
Ea
ste
rn S
hip
pin
g C
orp
ora
tio
n L
td.,
8.1
60
08
-12
-19
55
16
-02
-19
57
31
-12
-19
57
22
.“J
ala
vikra
m”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
., L
td7
.31
21
6-0
4-1
95
62
9-0
7-1
95
72
6-0
3-1
95
8
Ships Built
73Annual Report 2011-12
23
.“J
ala
vee
ra”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
., L
td.,
7.3
12
04
-08
-19
56
22
-11
-19
57
26
-07
-19
57
24
.“J
ag
mit
ra”
Th
e G
rea
t E
ast
ern
Sh
ipp
ing
Co
mp
an
y L
td.,
6.3
91
31
-08
-19
57
05
-07
-19
58
10
-06
-19
59
25
.“D
hru
vak”
Ind
ian
Na
vy
(Mo
ori
ng
Ve
sse
l)2
7-0
1-1
95
61
6-0
7-1
95
81
6-1
1-1
95
9
26
.“I
nd
ian
In
du
stry
” T
he
In
dia
Ste
am
ship
Co
mp
an
y L
td.,
6.4
19
07
-12
-19
57
12
-12
-19
58
27
-10
-19
59
27
.“J
aya
laksh
mi”
Ne
w D
ho
lera
Ste
am
ship
s Li
mit
ed
5,4
05
22
-08
-19
57
22
-04
-19
59
27
-01
-19
60
28
.“S
tate
of
Utt
ar
Pra
de
sh”
Th
e E
ast
ern
Sh
ipp
ing
Co
rpo
rati
on
Ltd
.,9
,63
20
3-1
0-1
95
93
1-1
2-1
95
91
6-0
1-1
96
1
29
.“R
.S.V
. H
ald
ia”
Ca
lcu
tta
Po
rt C
om
mis
sio
ne
rs(P
ort
Su
rve
y V
ess
el)
16
-11
-19
60
11
-06
-19
60
25
-03
-19
61
30
.“S
tate
of
Ra
jast
ha
n”
Th
e E
ast
ern
Sh
ipp
ing
Co
rpo
rati
on
Ltd
.,9
,64
42
2-0
1-1
95
92
9-0
4-1
96
01
8-0
5-1
96
1
31
.“V
ish
van
idh
i” T
he
We
ste
rn S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,9
,66
61
1-0
5-1
95
90
6-0
9-1
96
00
2-1
0-1
96
1
32
.“S
tate
of
Pu
nja
b”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,5
57
02
-12
-19
59
16
-04
-19
61
06
-04
-19
62
33
.“V
ish
va S
ha
nti
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,60
62
9-0
9-1
96
02
5-0
1-1
96
11
4-0
9-1
96
2
34
.“V
ish
va P
rem
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,56
52
7-0
8-1
96
02
0-1
2-1
96
12
8-0
1-1
96
3
35
.“V
ish
va M
aya
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,57
72
2-0
9-1
96
00
6-0
4-1
96
23
0-0
4-1
96
3
36
.“V
ish
va M
an
ga
l” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,60
80
5-0
5-1
96
11
7-0
8-1
96
22
3-0
9-1
96
3
37
.“J
ala
Ka
la”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
., L
td.,
12
,91
31
2-1
0-1
96
12
9-0
3-1
96
31
2-1
1-1
96
4
38
.“D
ars
ha
k”
Ind
ian
Na
vy
(Su
rve
y V
ess
el)
14
-10
-19
57
02
-11
-19
59
28
-12
-19
64
39
.“S
tate
of
Ma
dh
ya P
rad
esh
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,87
30
8-0
1-1
96
21
5-1
0-1
96
30
4-0
5-1
96
5
40
.“R
oh
ini”
Hin
du
sta
n S
hip
yard
Lim
ite
d(L
au
nch
)2
0-0
8-1
96
5
41
.“J
ala
Ke
nd
ra”
Th
e S
cin
dia
Ste
a N
avi
ga
tio
n C
o.,
Ltd
.,1
2,9
47
24
-05
-19
62
16
-04
-19
64
29
-01
-19
66
42
.“S
tate
of
We
st B
en
ga
l” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,91
50
6-0
9-1
96
20
5-1
2-1
96
43
1-0
3-1
96
6
43
.“J
ala
kan
ta”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
., L
td.,
12
,91
22
6-0
4-1
96
30
1-0
7-1
96
50
2-0
8-1
96
6
44
.“S
tate
of
Myso
re”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,9
23
13
-11
-19
63
09
-12
-19
65
11
-10
-19
66
45
.“V
ish
va T
ej”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,8
86
04
-05
-19
64
01
-10
-19
66
02
-10
-19
67
46
.“V
ish
va T
irth
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,88
60
8-0
1-1
96
52
8-1
2-1
96
60
3-1
2-1
96
7
47
.“V
ish
va S
eva
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,95
92
3-0
8-1
96
52
6-1
96
70
2-0
3-1
96
8
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
Ships Built
74 Hindustan Shipyard Limited
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
48
.“V
ish
va S
idd
hi”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,9
72
24
-12
-19
65
15
-11
-19
67
12
-09
-19
68
49
.“V
ish
va B
ha
kti
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,93
72
3-0
1-1
96
81
5-0
4-1
96
82
9-0
1-1
96
9
50
.“V
ish
va S
ho
ba
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,93
11
3-0
2-1
96
72
4-0
9-1
96
81
1-0
5-1
96
9
51
.“V
ish
va S
ha
kti
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,90
01
9-0
5-1
96
72
0-0
3-1
96
91
7-1
2-1
96
9
52
.“V
ish
va D
ha
rma
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
12
,85
22
2-1
1-1
96
70
8-1
0-1
96
92
0-0
4-1
97
0
53
.“V
ish
va V
ikra
m”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,8
81
06
-06
-19
68
09
-02
-19
70
12
-09
-19
70
54
.“S
ha
nti
” T
he
Vis
akh
ap
atn
am
Po
rt T
rust
Lau
nch
12
-03
-19
70
14
-12
-19
70
31
-12
-19
70
55
.“V
ish
va S
ars
ha
n”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,8
83
16
-12
-19
68
20
-07
-19
70
02
-07
-19
71
56
.“W
alc
ha
nd
” H
ind
ust
an
Sh
ipya
rd L
imit
ed
(La
nd
ing
Cra
ft)
01
-05
-19
71
14
-07
-19
71
30
-09
-19
71
57
.“V
ish
va N
aya
k”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
2,8
81
26
-06
-19
69
30
-11
-19
70
22
-10
-19
71
58
.“
T.S
. R
aje
nd
ra”
Th
e D
ire
cto
rate
Ge
ne
ral
of
Sh
ipp
ing
(Tra
inin
g S
hip
)2
0-1
0-1
96
92
5-0
4-1
97
12
7-0
3-1
97
2
59
.“B
om
ba
y D
uck
-II”
Th
e V
isa
kh
ap
atn
am
Po
rt T
rust
(Dre
dg
er)
27
-08
-19
71
12
-07
-19
72
11
-02
-19
73
60
.“V
ish
va K
aru
na
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
13
,96
72
6-0
8-1
97
00
2-1
1-1
07
10
2-0
3-1
97
3
61
.“V
ish
va Y
ash
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
13
,98
61
8-0
3-1
97
01
7-0
3-1
97
21
8-0
5-1
97
3
62
.“V
ish
va M
am
ta”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
3,9
71
23
-12
-19
70
23
-08
-19
72
16
-10
-19
73
63
.“V
ish
va B
an
da
n”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
3,7
65
30
-06
-19
71
06
-03
-19
73
04
-03
-19
74
64
.V
ish
va M
ad
hu
ri”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,1
3,7
62
25
-11
-19
71
17
-08
-19
73
16
-08
-19
74
65
.“I
nd
ian
En
du
ran
ce”
Ind
ia S
tea
m S
hip
Co
mp
an
y L
td.,
14
,19
72
9-0
3-1
97
22
6-0
1-1
97
41
6-0
3-1
97
5
66
.“J
ag
Do
ot”
Th
e G
rea
t E
ast
ern
Sh
ipp
ing
Co
mp
an
y L
td.,
21
,29
81
1-0
9-1
97
22
2-0
6-1
97
42
3-0
3-1
97
5
67
.“J
ag
at
Pri
ya”
De
mp
o S
tem
ship
s Lt
d.,
21
,39
33
0-0
8-1
97
30
3-1
0-1
97
43
0-1
1-1
97
5
68
.“S
ag
ari
ka-1
” O
il &
Na
tura
l G
as
Co
mm
issi
on
(Su
pp
ly c
um
Cre
w V
ess
el)
05
-04
-19
74
07
-08
-19
75
28
-02
-19
76
69
.“J
ag
Dh
ir”
Th
e G
rea
t E
ast
ern
Sh
ipp
ing
Co
mp
an
y L
td.,
21
,38
32
8-0
1-1
97
41
4-0
3-1
97
52
0-0
3-1
97
6
70
.“S
ag
ari
ka-2
” O
il &
Na
tura
l G
as
Co
mm
issi
on
(Su
pp
ly c
um
Cre
w V
ess
el)
18
-12
-19
74
30
-11
-19
75
30
-03
-19
76
71
.“J
ag
Dh
arm
a”
Th
e G
rea
t E
ast
ern
Sh
ipp
ing
Co
mp
an
y L
td.,
21
,42
02
6-0
6-1
97
42
4-0
7-1
97
50
6-0
9-1
97
6
72
.“I
nd
ian
Exp
lore
r” I
nd
ia S
tea
m S
hip
Co
mp
an
y L
td.,
14
,08
90
7-1
0-1
97
41
7-1
1-1
97
53
0-1
0-1
97
6
Ships Built
75Annual Report 2011-12
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
73
.“J
ag
De
esh
” T
he
Gre
at
Ea
ste
rn S
hip
pin
g C
om
pa
ny L
td.,
21
,40
61
6-0
3-1
97
63
0-0
3-1
97
61
2-0
3-1
97
7
74
.“D
am
od
ar
Ga
nga
” D
am
od
ar
Bu
lk C
arr
iers
Ltd
.,2
1,3
65
26
-07
-19
75
24
-10
-19
76
25
-06
-19
77
75
.“I
nd
ian
Gra
ce”
Ind
ia S
tea
m S
hip
Co
mp
an
y Lt
d.,
21
,28
32
1-1
1-1
97
52
3-1
2-1
97
62
9-0
3-1
97
8
76
.“I
nd
ian
Glo
ry”
Ind
ian
Ste
am
Sh
ip C
om
pa
ny L
td.,
21
,34
42
6-0
2-1
97
60
4-0
8-2
97
72
7-1
0-1
97
8
77
.`“
Jala
Go
da
vari
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
om
pa
ny
Ltd
.,2
0,9
14
02
-07
-19
76
16
-03
-19
78
16
-04
-19
79
78
.“J
ala
go
vin
d”
Th
e S
cin
dia
Ste
am
Na
vig
ati
on
Co
mp
an
y L
td,
20
,86
82
5-1
0-1
97
60
3-1
1-1
97
80
5-1
2-1
97
9
79
.“J
ala
go
pa
l” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
om
pa
ny L
td.,
20
,85
01
2-0
4-1
97
71
1-0
7-1
97
91
1-0
9-1
98
0
80
.“J
ala
go
uri
” T
he
Sci
nd
ia S
tea
m N
avi
ga
tio
n C
om
pa
ny L
td.,
20
,85
42
5-1
0-1
97
70
1-1
2-1
97
92
7-0
3-1
98
1
81
.“
Ten
ne
ti”
Hin
du
sta
n S
hip
yard
Ltd
.,(L
an
din
g C
raft
)2
9-1
0-1
98
00
6-0
5-1
98
12
9-0
9-1
98
1
82
.“S
tate
of
Ha
rya
na
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
16
,70
01
9-0
3-1
97
92
7-0
7-1
98
01
6-0
6-1
98
3
83
.“N
an
d R
ati
” E
ssa
r B
ulk
Ca
rrie
r Lt
d.,
26
,71
00
9-0
3-1
98
13
0-0
1-1
98
31
6-0
7-1
98
4
84
.“S
tate
of
Gu
jara
t” T
he
sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
16
,78
93
0-0
5-1
97
90
3-0
6-1
98
11
2-1
2-1
98
4
85
.“S
am
ud
rika
-4”
OP
SS
V O
il &
Na
tura
l G
as
Co
mm
issi
on
1,2
31
22
-04
-19
84
24
-11
-19
84
09
-12
-19
85
86
.“S
am
ud
rika
-5”
OP
SS
V O
il &
Na
tura
l G
as
Co
mm
issi
on
1,2
40
22
-05
-19
84
10
-03
-19
85
19
-03
-19
86
87
.“L
ok M
ah
esw
ari
” B
ulk
Ca
rrie
r, S
DF
C /
Mo
gh
ul
Lin
e L
td.,
26
,72
80
3-1
0-1
98
12
0-0
8-1
98
33
1-0
3-1
98
6
88
.“S
am
ud
rika
– 6
” O
PS
SV
Oil
& N
atu
ral
Ga
s C
om
mis
sio
n1
,24
01
2-0
8-1
98
42
9-0
1-1
98
52
4-0
9-1
98
6
89
.“S
tate
of
Ori
ssa
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
16
,80
60
5-1
2-1
97
91
0-0
1-1
98
20
8-0
7-1
98
6
90
.“P
rab
hu
Da
ya”
Tola
ni
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
26
,71
30
4-0
2-1
98
32
5-1
1-1
98
40
2-0
3-1
98
7
91
.“S
am
ud
rika
-7”
OP
SS
V O
il &
Na
tura
l G
as
Co
mm
issi
on
1,2
42
12
-08
-19
84
23
-06
-19
86
28
-05
-19
87
92
.“S
ag
ar
Bh
ush
an
” (D
rill S
hip
) O
il &
Na
tura
l G
as
Co
mm
issi
on
9,1
13
12
-08
-19
84
18
-08
-19
85
04
-11
-19
87
93
.“L
ok R
aje
swa
ri”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,2
6,6
39
05
-03
-19
82
16
-07
-19
84
27
-10
-19
88
94
.“
Mu
nd
esw
ari
” –
C.I
.W.C
82
5
(Ba
rge
)1
-8-1
98
72
7-1
0-1
98
80
3-0
3-1
98
9
95
.“
Ma
nja
ri”
– C
.I.W
.C8
25
(B
arg
e)
1-8
-19
87
10
-11
-19
88
03
-03
-19
89
96
.“
Ma
ha
na
di”
– C
.I.W
.C8
25
(B
arg
e)
1-8
-19
87
27
-10
-19
88
03
-03
-19
89
97
.“
Ma
nd
akin
i” –
C.I
.W.C
82
5
(Ba
rge
)1
-8-1
98
71
0-1
1-1
98
80
3-0
3-1
98
9
Ships Built
76 Hindustan Shipyard Limited
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
98
.“
Ma
tla
” –
C.I
.W.C
82
5
(Ba
rge
)1
-8-1
98
71
0-0
1-1
98
90
3-0
3-1
98
9
99
.“
Arg
o”
– C
.I.W
.C8
25
(B
arg
e)
1-8
-19
87
07
-02
-19
89
03
-03
-19
89
10
0.
“Lo
k P
raka
sh”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,2
6,7
90
19
-07
-19
84
24
-03
-19
85
12
-04
-19
89
10
1.
“Lo
k P
rem
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
26
,71
43
0-0
3-1
98
52
9-0
5-1
98
72
3-0
2-1
99
0
10
2.
“IN
S S
avit
ri”
OP
V,
Ind
ian
Na
vy
OP
V2
5-0
6-1
98
82
3-0
5-1
98
92
0-1
1-1
99
0
10
3.
“IN
S G
ha
ria
l” G
RS
E /
In
dia
n N
av
yLS
TL
30
-11
-19
89
01
-04
-19
91
02
-05
-19
91
10
4.
“IN
S S
ara
yu
” O
PV
, In
dia
n N
avy
OP
V2
5-0
6-1
98
81
6-1
0-1
98
91
04
-10
-19
91
10
5.
“IN
S S
ha
rad
a”
Ind
ian
Na
vy
OP
V1
6-0
6-1
98
92
2-0
8-1
99
01
6-1
2-1
99
2
10
6.
“IN
S P
rata
p”
Th
e S
hip
pin
g C
orp
ora
tio
n o
f In
dia
Ltd
.,2
6,7
18
28
-08
-19
85
31
-07
-19
88
28
-06
-19
93
10
7.
“IN
S S
uja
ta”
OP
V,
Ind
ian
Na
vy
OP
V1
6-0
6-1
98
92
3-1
0-1
99
10
3-1
1-1
99
3
10
8.
“Am
bic
a”
HS
D O
ile
r In
dia
n N
av
y1
,00
00
1-0
9-1
99
31
0-1
2-1
99
42
3-0
1-1
99
5
10
9.
“Ma
ha
rash
tra
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
42
,75
0 D
WT
(B
ulk
er)
18
-09
-19
86
23
-09
-19
92
06
-01
-19
96
11
0.
“Sw
ata
ntr
a”
Th
e V
isa
kh
ap
atn
am
Po
rt T
rust
30
T.B
.P T
ug
10
-09
-19
94
29
-03
-19
97
12
-09
-19
97
11
1.
“M.V
. G
oa
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
42
,75
0 D
WT
(B
ulk
er)
20
-11
-19
94
22
-03
-19
96
15
-01
-19
98
11
2.
M.V
. S
wa
raj
Dw
ee
p –
A &
N A
dm
inis
tra
tio
n1
20
0 P
ass
en
ge
r-cu
m-
Ca
rgo
Ve
sse
l2
2-0
3-1
99
41
1-1
2-1
99
60
9-1
2-1
99
9
11
3.
“Ma
ha
tma
” –
Th
e V
isa
kh
ap
atn
am
Po
rt T
rust
50
T B
.P.
Tug
05
-07
-19
98
22
-03
-19
99
17
-01
-20
00
11
4.
“Sa
rda
r P
ate
l” T
he
Vis
akh
ap
atn
am
Po
rt T
rust
50
T B
.P.
Tug
05
-07
-19
98
22
-03
-19
99
27
-05
-20
00
11
5.
“M.V
.Ta
mil
Na
du
” T
he
Sh
ipp
ing
Co
rpo
rati
on
of
Ind
ia L
td.,
42
,75
0 D
WT
(B
ulk
er)
13
-04
-19
97
21
-10
-19
98
15
-09
-20
00
11
6.
“M.V
. R
AN
GA
T”
– A
& N
Ad
min
istr
ati
on
10
0 P
ass
en
ge
r V
ess
el
30
-09
-19
99
27
-10
-20
00
16
-10
-20
01
11
7.
M.V
. B
AR
ATA
NG
” –
A &
N A
dm
inis
tra
tio
n1
00
Pa
sse
ng
er
Ve
sse
l3
0-0
9-1
99
92
7-1
0-2
00
01
7-0
1-2
00
2
11
8.
“M.T
KA
BIN
I” –
Ne
w M
an
ga
lore
Po
rt T
rust
50
T B
.P.
Tug
17
-08
-19
99
19
-04
-20
01
03
-08
-20
02
11
9.
“I.N
.S
GA
J” -
A
TV
P H
.Q (
Ind
ian
Na
vy)
25
T B
.P T
ug
18
-01
-20
00
31
-08
-20
01
04
-10
-20
02
12
0.
“M.T
. T
IRA
CO
L -
II”
– M
arm
uga
o P
ort
Tru
st4
5T
B.P
. Tu
g1
1-1
0-1
99
91
5-1
1-2
00
13
1-0
3-2
00
3
12
1.
“M.V
. C
HO
ULD
AR
” –
A &
N A
dm
inis
tra
tio
n1
00
Pa
sse
ng
er
Ve
sse
l1
0-1
1-1
99
90
5-0
1-2
00
11
0-1
1-2
00
3
Ships Built
77Annual Report 2011-12
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
12
2.
“M.T
. C
HA
PO
RA
- I
I” –
Ma
rmu
ga
o P
ort
Tru
st4
5T
B.P
. Tu
g1
1-1
0-1
99
92
5-0
1-2
00
22
4-1
2-2
00
3
12
3.
“M.V
. T
EA
L” –
A &
N A
dm
inis
tra
tio
n1
00
Pa
sse
ng
er
Ve
sse
l1
0-1
1-1
99
90
5-0
1-2
00
12
9-0
1-2
00
4
12
4.
“M.V
. Jo
lly B
uo
y”
– A
& N
Ad
min
istr
ati
on
10
0 P
ass
en
ge
r V
ess
el
18
.11
.19
99
23
.04
.20
01
20
.05
.20
04
12
5.
“F.C
Ra
vi B
” –
M/s
Sa
rat
Ch
att
erj
ee
& C
o.
17
.5 T
on
s F
loa
tin
g C
ran
e2
9.0
2.2
00
00
5.0
9.2
00
30
9.0
5.2
00
4
12
6.
“M.V
. W
an
do
or”
– A
& N
Ad
min
istr
ati
on
10
0 P
ass
en
ge
r V
ess
el
18
.11
.19
99
23
.04
.20
01
15
.07
.20
04
12
7.
FR
P L
au
nch
– V
isa
kh
ap
atn
am
Po
rt T
rust
Lau
nch
02
.01
.20
05
12
8.
“M.V
. H
ut
Ba
y”
– A
& N
Ad
min
istr
ati
on
10
0 P
ass
en
ge
r V
ess
el
08
.12
.19
99
06
.10
.20
02
11
.02
.20
05
12
9.
“G.H
.D.
Sa
ga
r D
urg
a”
– V
isa
kh
ap
atn
am
Po
rt T
rust
50
0 M
3 D
red
ge
r3
0.0
9.1
99
90
5.0
9.2
00
30
9.0
2.2
00
5
13
0.
1st .
Ba
rge
fo
r A
& N
Ad
min
istr
ati
on
10
x 8
x 2
Me
ters
02
.02
.20
05
13
1.
2nd B
arg
e f
or
A &
N A
dm
inis
tra
tio
n1
0 x
8 x
2 M
ete
rs0
2.0
2.2
00
5
13
2.
3rd
Ba
rge
fo
r A
& N
Ad
min
istr
ati
on
10
x 8
x 2
Me
ters
02
.02
.20
05
13
3.
4th
Ba
rge
fo
r A
& N
Ad
min
istr
ati
on
10
x 8
x 2
Me
ters
08
.02
.20
05
13
4.
5th
Ba
rge
fo
r A
& N
Ad
min
istr
ati
on
10
x 8
x 2
Me
ters
11
.02
.20
05
13
5.
6th
Ba
rge
fo
r A
& N
Ad
min
istr
ati
on
10
x 8
x 2
Me
ters
08
.02
.20
05
13
6.
“M.V
. S
tra
it I
sla
nd
” A
& N
Ad
min
istr
ati
on
10
0 P
ass
en
ge
r V
ess
el
08
.12
.19
99
11
.01
.20
03
20
.05
.20
05
13
7.
“M.V
.Jh
an
si R
an
i fo
r V
isa
kh
ap
atn
am
Po
rt T
rust
50
T B
.P.T
ug
03
.11
.20
00
17
.06
.20
03
01
.09
.20
05
13
8.
OR
V S
ag
ar
Ma
nju
sha
, N
ati
on
al
Inst
itu
te o
f O
cea
n T
ech
no
log
yB
uo
y T
en
de
r cu
m
Re
sea
rch
ve
sse
l2
3.1
2.2
00
40
3.1
1.2
00
51
4.0
6.2
00
6
13
9.
M.L
.Ra
dh
a N
ag
ar
for
A &
N.
Ad
min
.U
tility
La
un
ch1
8.0
7.2
00
6
14
0.
M.L
Utt
ava
fo
r A
& N
Ad
min
.U
tility
La
un
ch1
8.0
7.2
00
6
14
1.
M.L
.Nim
bu
tala
fo
r A
& N
Ad
min
.U
tility
La
un
ch0
2.1
1.2
00
6
14
2.
M.L
.Nil
am
ba
r fo
r A
& N
Ad
min
.U
tility
La
un
ch0
2.1
1.2
00
6
14
3.
M.V
.Go
od
Pro
vid
en
ce,
for
30
,00
0 D
WT
Tra
de
r
M/s
. G
oo
de
art
h M
ari
tim
e L
imit
ed
(G
ML)
, C
he
nn
ai
seri
es
Bu
lk c
arr
ier
29
.07
.20
05
22
.01
.20
07
31
.05
.20
07
Ships Built
78 Hindustan Shipyard Limited
14
4.
M.V
. G
oo
d P
rin
ces,
fo
r G
ML,
Ch
en
na
i.3
0,0
00
DW
T T
rad
er
seri
es
Bu
lk c
arr
ier
18
.01
.20
06
16
.05
.20
07
23
.01
.20
08
14
5.
M.V
.Go
od
Pa
cifi
c, f
or
GM
L, C
he
nn
ai
30
,00
0 D
WT
Tra
de
r
seri
es
Bu
lk c
arr
ier
02
.01
.20
07
03
.01
.20
08
07
.05
.20
08
14
6.
M.V
.Ka
vara
tti,
fo
r U
TL
Ad
min
istr
ati
on
70
0 P
ass
en
ge
rs-1
60
T
Ca
rgo
ve
sse
l2
1.1
0.2
00
01
4.0
2.2
00
52
7.0
6.2
00
8
14
7.
“M.V
. B
am
bo
oka
” fo
r A
& N
Ad
min
istr
ati
on
15
0 P
ass
en
ge
r V
ess
el
08
.12
.19
99
14
.06
.20
04
06
.11
.20
08
14
8.
“M.V
. N
ort
h P
ass
ag
e f
or
A &
N A
dm
in.
15
0 P
ass
en
ge
r V
ess
el
08
.12
.19
99
14
.06
.20
04
06
.11
.20
08
14
9.
M.V
. Ja
l Su
dh
ak,
for
Vis
akh
ap
atn
am
Po
rt T
rust
Oil
reco
very
an
d p
ollu
tio
n
con
tro
l ve
sse
l1
8.1
0.2
00
31
5.1
0.2
00
82
7.0
4.2
00
9
15
0.
M.V
. G
oo
d P
ilg
rim
s fo
r G
ML,
Ch
en
na
i3
0,0
00
DW
T T
rad
er
seri
es
Bu
lk c
arr
ier
18
.12
.07
14
.11
.20
08
10
.08
.20
09
15
1.
M.T
Isw
ari
, fo
r N
ew
Ma
ng
alo
re P
ort
Tru
st3
2-T
. B
olla
rd P
ull t
ug
20
-01
-07
05
.06
.20
08
17
.08
.20
09
15
2.
M.V
. G
oo
d P
rid
e f
or
GM
L, C
he
nn
ai
53
,00
0 D
WT
Dia
mo
nd
seri
es
Bu
lk c
arr
ier
09
.01
.20
08
23
.03
.20
09
12
.04
.20
10
15
3.
M.V
.Go
od
Pre
ced
en
t fo
r G
ML,
Ch
en
na
i5
3,0
00
DW
T D
iam
on
d
seri
es
Bu
lk c
arr
ier
21
.03
.20
09
29
.03
.20
10
05
.02
.20
11
15
4.
Mr.
A.W
. D
elim
a f
or
VP
T, V
isa
kh
ap
atn
am
50
-T B
olla
rd p
ull T
ug
21
.03
.20
09
14
-07
-20
10
30
-12
-20
11
15
5.
Ra
ni
Ab
ba
kka
fo
r In
dia
n C
oa
st G
ua
rdIn
sho
re P
atr
ol
Ve
sse
l2
5-0
6-2
00
72
8-0
5-2
00
90
5-0
1-2
01
2
15
6.
M.V
. G
oo
d T
rad
e f
or
GM
L, C
he
nn
ai
53
,00
0 D
WT
Dia
mo
nd
31
-03
-20
10
31
-03
-20
11
17
-02
-20
12
Se
rie
s B
ulk
Ca
rrie
r
S.N
O.
Nam
e of
the
Shi
p /
Nam
e of
the
Ow
ner
Dead
Wei
ght
Date
of
Layi
ngDa
te o
fDa
te o
f
Tonn
esKe
elLa
unch
ing/
Floa
ting
Deliv
ery
Ships Built
top related