57th Annual Report 2008-09
Transcript of 57th Annual Report 2008-09
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1. Board of Directors ................................... 02
2. Chairman's Speech ................................... 04
3. Notice of 57th Annual General Meeting ................................... 07
4. Directors' Report ................................... 08
i) Annexure - 1 ................................... 19
Nill comment Report of C & AG
ii) Annexure - 2 ................................... 20
Information as per Sec. 217 read with the
Companies (Disclosure of particulars in the
Report of Directors) Rules 1988
iii) Annexure - 3 ................................... 22
Replies of Board of Directors on the
observations of Statutory Auditors
5. Statutory Auditors' Report ................................... 23
6. Annual Accounts
i) Balance Sheet ................................... 28
ii) Profit & Loss Account ................................... 29
iii) Schedules ................................... 30
iv) Balance Sheet Abstract and General Business Profile ................................. 52
iv) Cash Flow Statement ................................... 53
7. Financial Position and Performance
a) Financial Position of the Company for the last 10 years ................................... 56
b) Finalncial Performance of the Company for the last 10 years ................................... 57
8. Ships Built Statement ................................... 58
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CONTENTS
Front Page : "Good Pilgrims" 30,000 DWT Trader Series Bulk Carrier built at HSL forM/s Goodearth Maritime Limited
Back cover : Major repair of Rig Sagar Ratna of ONGC
HINDUSTAN SHIPYARD LIMITED(A Government of India Undertaking)
Gandhigram, VISAKHAPATNAM - 530 005
BOARD OF DIRECTORS
2 HSL
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Whole-time Directors Official Part-time Directors Non-Official Part-time Director
Cmde. NARESH KUMAR, VSM, IN (Retd) Shri VINEET GARG Capt. P.V.K.MOHANDirector (Technical) and Director (from 16-07-2009) Director (from 06-06-2008)
Chairman & Managing Director (A.C.)
Shri RAKESH MAHAJAN Dr. T.R.K.RAO Cmde. M.K.Murthy, IN (Retd)Director (Finance & Commercial) Director (from 06-08-2009) Director (till 08-07-2008)
(from 01-12-2008)
RAdm. AJIT TEWARI, AVSM, NM, IN (Retd) Shri RAJNEESH GUPTAChairman & Managing Director Director (till 16-07-2009)
(till 30-11-2008)
Shri K.V.BRAHMANANDA REDDYDirector (till 06-08-2009)
COMPANY SECRETARYShri INAITULA BAIG
BANKERS AUDITORS
1. Indian Bank M/s. Brahmayya & Co.,2. State Bank of India Chartered Accountants3. UCO Bank “SUHASINI” 10-50-24, Siripuram4. Syndicate Bank Visakhapatnam – 530 003.5. Corporation Bank6. Canara Bank
REGISTERED OFFICE
209 & 209A, Vikram Tower Phone : 011-2573742516, Rajendra Place Fax : 011-25730029New Delhi-110 008
HEAD OFFICE & WORKS: Phone : 0891-2577404/2577659/
Gandhigram 9951542132 (PRO)
Visakhapatnam – 530 005 Fax : 0891-2577502/356/667
E-mail : [email protected] : www.hsl.gov.in
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Chaitman & Managing Director (AC)
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Director (Finance & Commercial)
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Hindustan Shipyard Limited
Dear Shareholders,
HSL is one of the oldest and most reputed Shipyards in the country for construction of all types ofships. It has 67 years of history in ship building and ship repairs and during this period, HSL has built 151ships and repaired around 2000 vessels for various clients. HSL has also been mother yard for training largenumber of young engineers and workers. HSL has thus achieved many significant mile stones and earned aname for itself as a ship builder of repute both within India and abroad.
In keeping with its image as a premier shipyard, HSL has shown consistent growth in almost allaspects of its activities. More importantly, the company has been able to achieve progressive growth for thelast four years pending implementation of the revival plan.
The year 2008-09 has also been a special one for the company in many ways. The Companyachieved an earning of Rs.498.28 Crores despite recession and restrictions imposed on taking fresh orderssince last two years. This has been possible due to improvements in production and resource management.Details of the Keels laid, ships launched, ships handed over, productivity improvement measures and incomegenerated are given in the Directors’ Report.
Some of the other noteworthy achievements during the year are as follows:
· Seven ships were delivered including the last 30,000 DWT Bulk carrier
· First largest 53,000 DWT Bulk Carrier was floated from Building Dock
· Keel was laid for five new vessels
CHAIRMAN’S SPEECH
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· Launching of the largest second 30,000 DWT Bulk carrier from slip way
· The First IPV was launched for the coast guard.
· Hull survey of Submarine was completed and pressure hull repairs commenced
· Major thrust was given to improve the material state of infrastructure, old plant and machinerygot repaired and new plant & machinery were procured. Four new shops were set up. All theCranes were repaired and painted and switchgear in substations was revamped. This initiativehas improved the production.
HSL is unique yard in many respects as it is the only civil yard in the country, which has developedcapabilities of carrying out submarine repairs. The unique project of an EKM class Submarine modernizationand repairs is being done with participation of a Russian collaborator.
As the Cabinet decision on transfer of HSL to Defence is still pending, the yard could not take anynew orders.
Nevertheless, the ship building order book position is reasonably healthy and the focus of the yardduring the next couple of years should be on consolidation, delivering all vessels of GML and Coast Guardcurrently on order. We should float the submarine by Dec 2010 and take up more naval ship building/refitorders.
In Ship Repairs, the yard continued to show excellent results and has achieved the highest turnoverof Rs 144.13 Crores. It also secured the highest order for repair of Oil Rig Sagar Ratna amounting to aboutRs 355 Crores.
Your Company is thus creating value addition by not only achieving path breaking achievements inshipbuilding but also developing indigenous repair capabilities of naval submarines and offshore Rigs in theCountry.
I am happy to report that due to these efforts, the overall production of this yard has improvedsubstantially from 10,530 DWT in the year 2003-04 to 63772 DWT in 2008-09 with a capacity utilization of85%.
We have also revised the Pay scales of our Executives and implemented 50% DA merger for ourstaff & workers apart from other HR measures on promotion policies which has boosted the morale of ouremployees leading to higher productivity. However, these measures besides the booking of old wage arrears,VRS differential amount etc., as expenditure during the year have resulted in onetime loss of Rs 140 Croresin-spite of higher value of production of Rs 460.13 Crores as compared to Rs 425.88 Crores of the last year.On approval of the financial restructuring, the yard will be able to make good profits in the coming years.
These all round improvements in the performance of the company were made possible by teamwork, dedication, sacrifice and hard work put in by all our employees. This has also enabled the yard toqualify for “Very Good” rating in its MOU parameters.
Although HSL has a reasonably good basic infrastructure most of its plant and machinery are old andobsolete and require modernization. The new shipyards have come up in the country and will pose a stiffcompetition to the yard. The vision and business strategy of the yard in future is therefore to compete withnew private yards through cost cutting measures & innovations through vast experience to raise production.The future business plan will depend upon the decision on transfer of the yard to Defence and would need tobe finalized soon.
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HSL has travelled a long way in these years and I have no doubt that this yard will continue to makesignificant contribution to the shipping industry and the National security in the days to come.
Acknowledgements
I take this opportunity, to express my sincere thanks to Ministry of Shipping and Ministry of Defence. I amgrateful to the Government of India, Government of Andhra Pradesh for their continued support and guidance.On behalf of the Company, I would like to also thank the Indian Navy, the Dredging Corporation of IndiaLimited, the Shipping Corporation of India Ltd., Oil & Natural Gas Corporation Ltd., M/s. GoodearthMaritime Limited, all our customers, dealers, suppliers, other business associates and employees for theirinvaluable support and co-operation.
Jai Hind.
(Commodore Naresh Kumar, IN (Retd)Chairman & Managing Director (AC)
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HINDUSTAN SHIPYARD LIMITED(A Government of India Undertaking)
Gandhigram::Visakhapatnam-530 005
NOTICE OF 57th ANNUAL GENERAL MEETING
Notice is hereby given that the 57th Annual General meeting of the Shareholders of Hindustan ShipyardLtd., will be held on Tuesday, the 22nd September, 2009 at 4.00 P.M. in the Conference Room of the Ministryof Shipping, Room No. 409, IVth Floor, Transport Bhavan, 1, Parliament Street, New Delhi-110 001 totransact the following business:
Ordinary Business:
a) Adoption of Annual Accounts of the Company for the year 2008-09:
To receive, consider and adopt the Audited Profit & Loss Account for the year ended 31st March,2009 and the Balance Sheet as on that date together with the Directors’ Report and the Auditors’Report thereon and also the comments, if any, of the Comptroller & Auditor General of India on theAccounts of the Company for the year ended 31st March, 2009.
b) To fix Statutory Auditors’ Remuneration for the year 2009-10.
“RESOLVED THAT pursuant to Section 224(8) of the Companies Act, 1956, the remuneration of theStatutory Auditors of the Company for the year 2009-10 be and is hereby fixed at Rs.1,40,000/-(Rupees one lakh and forty thousand only) exclusive of out-of-pocket expenses”.
By order of the Board
(Inaitula Baig)Company Secretary
Place : VisakhapatnamDate : 21st August, 2009
NOTES: 1) A member entitled to attend and vote is entitled to appoint a Proxy to attend and voteinstead of himself and a proxy need not be a member of the Company.
2) Proxy form duly stamped and signed by a Member need to be submitted at the RegisteredOffice of the Company before 48 hours of the Meeting. Proxy form is enclosed.
To:
All the Shareholders of the Company
The Statutory Auditors of the Company
The Directors of the Company who are not shareholders
The Chairman of the Audit Committee
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HINDUSTAN SHIPYARD LIMITED::VISAKHAPATNAM-530 005
DIRECTORS’ REPORT FOR THE YEAR 2008-09
The Directors are pleased in presenting to you the 57th Annual Report on the working of the Companytogether with the Audited Accounts for the year 2008-09.
BUSINESS REVIEW
Despite recession in ship building Industry in 2008, HSL had no cancellation of order and shipyardis able to sustain the turnover of around Rs.500 Crores in 2008-09 by optimally utilizing all the resourcesand motivating the employees. However view restriction on taking new orders since 2007 because of likelytransfer of yard to Defence, the order book has marginally reduced with delivery of four vessels. This periodwas therefore utilized for completion of existing orders & deliveries and increase income in Ship repairs.Ship Repair turnover has increased from Rs.110 Crores to 144 Crores during the year 2008-09 and a majororder for Rs.355 Crores was secured from ONGC. There is alarge domestic demand and shipyard has received a largenumber of new shipbuilding enquiries from Defence & CoastGuard. We are hopeful to get more orders in current year.
FINANCIAL PERFORMANCE
Your Company achieved an income of Rs.498.28 Croresfor the financial year 2008-09. The value of Production forthe year 2008-09 increased to Rs. 460.13 Crores fromRs.425.88 Crores in the previous year 2007-08. As on31.03.2009, the Authorized share capital of the Companystood at Rs.304.00 Crores and the paid up capital at Rs.301.99.Crores.
The Financial Performance of the Company for the year 2008-09 was as follows:
Description All figures in Rupees Crores
Ship Building Ship Repairs & Retrofit Unallocated Total
Income 276.26 221.13 0.89 498.28
Profit/(Loss) before Depreciation,interest and income tax (55.33) 78.32 (102.30) (79.31)
Depreciation 3.60 2.25 1.07 6.92
Interest & Finance charges 8.00 9.72 32.77 50.49
Profit/(Loss) before tax (136.72)
Fringe Benefit Tax 0.28
Provision for Income Tax of earlier years 6.57
Deferred tax asset (3.56)
Net profit /(Loss) after income tax (140.01)
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The “NIL COMMENT” Report of the Principal Director of Commercial Audit & Ex-Officio MemberAudit Board is enclosed vide Annexure-I to this report
The Net Loss of your Company for the year 2008-09 was Rs.140.01 Crores. This loss was due to payrevision arrears, negative foreign exchange variations and reduction in other income. The delay in the FinancialRestructuring of the Company also resulted in increased losses due to interest burden on past liabilities. Theaccumulated losses have increased to Rs.987.43 Crores as on 31.3.09 from Rs.847.42 Crores as on 31.3.08.
The Financial Restructuring is under active consideration with Government of India and post financialrestructuring of the Company is expected to make profits.
PRODUCTIVITY
Productivity enhancement was one of the key focus undertaken by your Company and particularemphasis was paid towards design, production processes, material handling, project planning and monitoring.These efforts have resulted in improvement in the productivity during the last two years. The Companyachieved a total output of 63772 DWT which is 85% of the yards' installed capacity. The minor shortfall inproductivity was due to recession & restriction on taking new orders.
ORDER BOOK POSITION
Your Company has orders for construction of 9.66 standard pioneer class equivalent ships. Thevalue of the ship building orders is Rs.1066 Crores as on 21st August,2009.
The order book is as follows:
Owner Description of the vessel Nos.
Goodearth Maritime Ltd., 53,000 DWT Bulkers 6
Indian Coast Guard IPVs for Indian Coast Guard 5
Visakhapatnam Port Trust 50 Ton Tugs 2
Indian Navy Submarine Repair – Navy 1
Total Ships on order excluding submarine repair of Indian Navy 13
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SHIPBUILDING ACTIVITY
Your Company had achieved a turnover (including work-in-progress) of Rs.258.49 Crores duringthe year 2008-09 on the shipbuilding front. Your Company had achieved a production of 63772 DWTduring the year 2008-09 which is 85% of the installed capacity.
The following events have been achieved in Shipbuilding Division during the year 2008-09 and upto 21.08.09
Owner Description of the vessel Date
Keel laid Indian Coast Guard Third Inshore Patrol Vessel 07.01.09
Good earth Maritime Limited Second 53000 DWT Diamond series bulk carrier 21.03.09
Visakhapatnam Port Trust First 50-Ton Bollard pull tug 21.03.09
Visakhapatnam Port Trust Second 50-Ton Bollard pull tug 21.03.09
Indian Coast Guard Fourth Inshore Patrol Vessel 02.04.09
Floating/Launching
New Mangalore Port Trust 32-Ton Bollard Pull Tug 05.06.08
Visakhapatnam Port Trust Oil recovery & pollution Control Vessel 15.10.08
Good earth Maritime Limited Fourth and Last 30,000 DWT Trader series bulk carrier 14.11.08
Good earth Maritime Limited First 53000 DWT Diamond series bulk carrier 23.03.09
Indian Coast Guard 1st Inshore Patrol Vessel 28.05.09
Deliveries
Good earth Maritime Limited Third 30000 DWT bulk carrier 07.05.08
Union Territory of Lakshadweep 700 passenger-cum-160 Ton cargo vessel 27.06.08
Andaman & Nicobar Admin. First 150 passenger vessel 06.11.08
Andaman & Nicobar Admin. Second150 passenger vessel 06.11.08
Visakhapatnam Port Trust Oil recovery & pollution control vessel 27.04.09
Good earth Maritime Limited Fourth and Last 30,000 DWT Trader series bulk carrier 10.08.09
New Mangalore Port Trust 32-Ton Bollard Pull Tug 17.08.09
Fourth and Last 30,000 DWT Trader series bulk carrier was delivered to
M/s Goodearth Maritime Limited, Chennai on 10.08.2009
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SHIPREPAIR ACTIVITY
During the year, the Ship-repair Division undertook repairs on 53 Vessels of various types belongingto Indian Navy, Dredging Corporation of India Ltd., Shipping Corporation of India Ltd., VisakhapatnamPort Trust and 27 foreign vessels and also miscellaneous repair works.
The Ship Repair division achieved a Turnover of Rs.201.65 Crs inclusive of the repair works on INSSindhukirti. The Ship Repair Turnover has increased by 32.88% in 2008-09. This could be achieved byutilizing the Dock facilities to the optimum level. The performance of Ship repairs Division during the yearwas as under:
2007-08 2008-09
Activity Target Actuals Target Actuals
Turnover (Rupees in lakhs) 10000 10846 11000 14413
Drydock occupancy days 475 770 365 1501
Major repair of Rig Sagar Ratna of ONGC
With work orders worth around Rs.467.00 Crores are on hand and Turnover is likely to be over Rs.200Crores during the current year.
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RETROFIT ACTIVITY
Your company has signed a contract on 3rd October,2005 with Indian Navy for MR-cum-Modernizationof INS Sindukirti and the total refit is jointly undertaken by HSL, Naval Dockyard (Visakhapatnam) &Rosoboron Export (ROE). Subsequently 8 Contracts were concluded with ROE for logistic support andmaterial supply to carry out the Medium Refit.
The major works on submarine that were completed under this refit contract is enumerated below:
• Defect survey on entire hull structure completed and Pressure Hull repairs commenced.
• Chemical cleaning & Defect survey on piping spools of various systems completed & pipemanufacturing commenced.
• Spares & Yard material to take up repair works on Engineering equipment and hull structure havebeen received.
• HSL welders were trained to take up pressure Hull repairs and welding of Titanium piping spools.
• Basic design for modification of keel block for leveling of Submarine has been completed.
• Sonar Dome insulation renewal undertaken first time in India.
• Major infrastructure for submarine repairs have been set up.
MEASURES TAKEN BY THE MANAGEMENT:
Your Company has taken the following measures during the year 2008-09 to improve production:
• In view of the restrictions imposed to take commercial Ship Building orders due to ongoing transfer ofHSL to the Ministry of Defence, HSL has given major thrust on Ship Repair activity to increase therepair turnover. In this effort, HSL could secure the first biggest repair order worth Rs.355 Crores formajor layup repairs of Jackup Rig Sagar Ratna of ONGC. Due to this bold step the turnover of shiprepair has increased from Rs.108.46 Crores in 2007-08 to Rs.144.13 Crores in 2008-09.
• The First Biggest 53,000 DWT bulker was floated out on 23.03.09 from our covered Building Dock amilestone event in the history of HSL and 30,000 DWT bulker was launched from slipway on 14th
November, 2008.
• The total Capital expenditure including Capital work in progress incurred in 2008-09 amounted toRs.21.69 Crores.
• We have cleared backlog orders and delivered seven Ships.
• We have revised salaries and implemented 50% DA merger.
• We have paid maximum attention for maintenance and upgradation of Plant & Machineries andfollowing Machineries are ordered/procured for improvement in Production:
a) 70 Ton Ship Building LL crane e) 50T EOT crane
b) Robotic Profile cutting Machine f) 200T Panel Transporter
c) Replacement of LT & HT switchgear g) Revamping of 5T 4 Nos. & 1 OT 2 Nos. on substation EOT cranes.
d) Inverter based CO2 welding machines
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QUALITY ASSURANCE
The 5th Surveillance Audits & certificate renewal planning of ISO 9001:2000 were satisfactorilycarried on 11th & 12th August,2008 and certificate renewal audit were carried out on 17th to 22nd November,2008with respect to quality management system. The Quality Management System of ISO 9001:2000 Standardis being maintained through periodical Internal Audits by Quality Internal Auditors throughout the year2008-2009.
IMPLEMENTATION OF INFORMATION TECHNOLOGY
Your company has successfully implemented the following tasks under IT:
• Database holding various enterprise data pertaining to the ERP application i.e., Purchase, Inventory,Finance, HR & Payroll etc., was upgraded with higher version to enhance the security, scalability,reliability of the data.
• To enrich the network facility in the yard, various technical recommendations were obtained byconducting the survey in association with various reputed network firms.
• The following jobs were undertaken during the year 2008-09 is under progress:
a) The applications ie., Provident Fund Loan, Provident Fund contribution, pay arrears, familypensions, medical reimbursements etc lying under payroll application which are placed on thelegacy system platforms are being customized and migrated to ERP package for enhanced levelof usage in terms of ease of use, online interface and integration with enterprise modules.
b) Introduction of Web-enabled employee attendance regulation system with RFID readers at variousyard entry points which enables centralized and real-time storage of attendance data and enquiryof the same from all computers which are connected over yard LAN for effective monitoring oftime keeping management for effective usage of production man days.
c) Provision of internet for more no. of employees in the yard and for customers in customer servicingcentre by placing the highly Network security Unified threat management tools and properanalyzer tools to monitor the security and usage of internet service.
d) Enrichment of HINDI version in HSL website with more content which is in English version.
LT & HT Switch gear on substation
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DRAWING & DESIGN OFFICE
Since installation of M3 TRIBON software in Augst,2007, CAD/CAM centre has taken up Basicdesign and detailed design of 32 Tons Bollard Pull Tug (BPT) for NMPT and 50T Bollard Pull Tug for VPT.
CAD/CAM centre is effectively using basic design module for evaluation and preparation of stabilityand loading conditions as per IMO requirements for 30K bulk carrier (VC 11118) projects. TRIBON hasconsiderably reduced the time required for evaluation and preparation of sea trial reports, inclining test/lightship reports.
CAD/CAM centre commenced using M3 software for storing EKM submarine pressure hull surveyresults. This data will be handy and useful for future use.
TRAINING AND DEVELOPMENT
Your Company has been continuing imparting training to ITI Trade Apprentices; on- the-job trainingto students from various Educational Institutions; and in-house training to supervisory staff. Your Companyhas extended training facilities to 342 candidates in various disciplines ie., Trades Fitter Structural, Fitter,Turner, Machinist, Electrician, Welder, Plumber, Pipe fitter, Draughtsman(Mech.), Motor Mechanic(vehicle)and carpenter. They are trained as per RDAT guidelines and as per Apprentices Act. Your Company hasprovided practical training to 890 students from various institutions and 170 cadets from various MarineInstitutions have undergone training. Your Company has given in house training to 84 supervisory staff inassociation with personnel department. Your Company has participated in the centralized walk-in-interviewbeing conducted by Board of Apprenticeship Training(BOAT) & Andhra Pradesh Government and inducted54 apprentices in various disciplines. Your Company is also extending training facilities to the sister concernslike Dredging Corporation of India and Visakhapatnam Port Trust.
OFFICIAL LANGUAGE
Hindi training of non-Hindi knowing employees has continued and during the year 36 employeeswere trained in Hindi, under the Hindi Teaching Scheme. 71 employees participated in Hindi Workshopsconducted during the year. Office Orders, Circulars, Reports submitted to the Parliament such as AnnualReport of the Company were prepared and issued bilingually under Section 3(3) of the Official LanguageAct. Hindi Fortnight was observed during the month of September, 2008. Efforts were made to increasecorrespondence in Hindi by continuing incentive scheme for original work in Hindi and enhancing theamount of award for working in Hindi.
REPRESENTATION OF SC/ST/OBC
Your Company has been following the instructions of the Government of India with regard toimplementation of reservation for SC/STs in both recruitment and promotion and OBCs in recruitment. Postbased rosters are being maintained. To improve representation of SCs/STs, steps have been taken inappointing/promoting personnel in workmen, staff and Officers’ categories by SCs/STs. 132 SCs, 52 STsand 143 OBCs have been recruited/promoted during the calendar year 2008.
REPRESENTATION OF PHYSICALLY HANDICAPPED
As per Government of India instructions, 3% reservation for Physically handicapped in all Groupsviz: A,B, C and D posts are filled by direct recruitment and in the groups C & D(Staff & Workmen) postsfilled by promotion are being implemented. 18 physically handicapped candidates have been recruited/promoted during the calendar year 2008. It may be mentioned here that 2(two) backlog vacancies in group Band 1(one) in group C have been filled in the first Quarter of 2009 i.e., Feb/March 2009. The 2(two) backlogvacancies in the workmen category will be filled in the next recruitment.
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SAFETY MEASURES
The Safety Department has taken up vigorous drive to improve safety in the yard. This includesPlant safety inspections to identify unsafe conditions/unsafe acts and for suggesting remedial measures;correcting unsafe acts/unsafe conditions of all contractors’ workmen on personalized basis etc. Specialactivities organized during the year are - Conducting the 38th National Safety Day; Organizing of Safetytraining programme for contractors workmen and supervisors; Deputation of company employees to participatein Safety Competitions conducted by Andhra Pradesh Chapter of National Safety Council. External SafetyAudit for the year 2008 was completed. Crisis Management Plan was drafted to meet any exigencies oreventualities. Safety Department personnel along with Safety Committee members visited Cochin ShipyardLimited to observe Safe working practices followed by them and interaction with CSL team for the benefitof the Organization.
MEDICAL SERVICES
The Yard’s Medical Department is providing different medical services such as OPD, Emergencyand Occupational Health Services on a continuous basis. The Colony Medical and Maternity Centre hasbeen providing regular OPD Services, emergency and first aid services, ante-natal/ post-natal examinationand maternity services. Annual eye check up by ophthalmologist from Government hospital for craneoperators and drivers is arranged. Comprehensive heart check up from heart hospital is arranged for workmenabove 50 years of age @ 20 employees per week. Two new Ambulances were hired. Six Hospitals wereincluded in the panel for in-patient treatment for HSL employees.
INDUSTRIAL RELATIONS
The employer-employee relations have been excellent during the year under report. In order to motivatethe employees to improve their performance and contribution to the Organization, HSL has implementedthe Officers Pay revision due from 1.1.2007 and merger of 50% DA with basic pay to the Staff & Workmenw.e.f. 1.1.07 in line with the Govt. of India’s directives vide O.M. Nos. 2(70)/08-DPE(WC) dt.26-11-08 and2(7)2005-DPE-(WC)GL-III dt.26-2-08 respectively. HSL staff & worker promotion/induction policies werereviewed & necessary improvements made to motivate them.
RECREATION AND OTHER ACTIVITIES
For the recreation of the employees of your Company Cultural Programmes were organized by theHS Recreation Club. During the year various sports/games and Yoga classes were conducted. TheIndependence and Republic Day celebrations were conducted with an impressive parade of School children,singing of National Anthem and award of commendations to employees at the Colony Parade Ground.
OTHER STATUTORY INFORMATION
Particulars of Conservation of energy, technology absorption, foreign exchange earnings and outgoas required under the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 aregiven in Annexure-2 as applicable to your Company. Replies of Board of Directors on the observations ofStatutory Auditors on the Accounts of the Company for the year ended 31st March, 2009 are given inAnnexure-3. Information in accordance with the Provisions of Section 217(2)(a) of the Companies Act,1956 and the Companies (Particulars of Employees) Rules 1975 as amended from time to time is NIL.
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DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, it is hereby confirmed:
i) that in the preparation of the Annual Accounts, the applicable Accounting Standards had beenfollowed along with proper explanation relating to material departures;
ii) that the Directors had selected such Accounting Policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the loss of theCompany for that period;
iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of the Companyand for preventing and detecting fraud and other irregularities; and
iv) that the Directors had prepared the Annual Accounts on a going concern basis.
AUDITORS
M/s. Brahmayya & Company, Chartered Accountants, “SUHASINI”, Door No.10-50-24, SiripuramJunction, Visakhapatnam530 003, have been appointed as Statutory Auditors of your Company for the year2008-09.
CORPORATE GOVERNANCE
Transparency and fairness has been given maximum thrust. The Company conducted 7 Board meetingsand 3 Audit Committee meetings during the year 2008-09. A number of processes and procedures in purchaseand outsourcing have been streamlined to enhance transparency.
Composition of the Board of Directors
The composition of the Board of Directors of your Company is as follows:
1. Cmde Naresh Kumar, VSM, IN(Retd.)Director(Technical) and Chairman & Managing Director(AC)
2. Shri. Rakesh Mahajan,Director(Finance & Commercial)
3. Shri. Vineet Garg,Part-time Official Director
4. Dr.T.R.K.Rao, IRTSPart-time Official Director
5. Capt. P.V.K.Mohan,Part-time Non-official Director
Subsequent to the conclusion of 56th AGM held on 26th September, 2008, Shri. Rakesh Mahajan, was appointedas Director (Finance & Commercial) by the Government of India, Ministry of Shipping and he has takenover charge from 1.12.08. Rear Admiral Ajit Tewari, has ceased to be Chairman & Managing Director from30th November,2008. Cmde. Naresh Kumar, Director(Technical) has taken over additional charge as Chairman& Mananging Director from 30.11.08. Shri.Vineet Garg and Dr.T.R.K. Rao have been appointed as part-
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time Official Directors by the Government of India, Ministry of Shipping, with effect from 16th July,2009and 6th August,2009 respectively. Shri Rajneesh Gupta and Shri.K.V.Brahmananda Reddy have ceased tobe Directors on the Board with effect from 16th July,2009 and 6th August,2009 respectively. The Board ofDirectors wish to place on record the appreciation of the services rendered by outgoing Directors.
Board Meetings
During the financial year 2008-09, 7 Board Meetings were held.
The attendance of the Directors at the Board Meetings is given below:
Name of the Director No. of Meetings Attendance atthe last AGM
Held during the Attended held on 26th
tenure of Directors September,2008
Rear Adm. Ajit Tewari 5 5 Yes
Cmde. Naresh Kumar 7 7 Yes
Shri. Rakesh Mahajan 2 2 No
Shri. Rajneesh Gupta 7 7 Yes
Shri. K.V.Brahmanada Reddy 7 6 Yes
Capt. P.V.K.Mohan 6 2 No
Cmde.M.K.Murthy 1 1 No
Audit Committee
The Audit Committee constituted by the Board in 6th September,2008 comprising of three Directors namelyShri.K.V.Brahmananda Reddy, Shri. Rajneesh Gupta, and Cmde. Naresh Kumar. Cmde. M.K.Murthy wasa member of the Audit Committee till 8th July,2008
During the year under report, 3 meetings of the Audit Committee were held.
Name of the Director No. of MeetingsHeld during the
tenure of Directors Attended
Cmde. M.K.Murthy 2 2
Shri.K.V.Brahmananda Reddy 3 2
Shri. Rajneesh Gupta 3 3
Cmde Naresh Kumar 1 0
GENDER BUDGETING
In pursuance of the instructions of the Government of India, a “Gender Budgeting Cell” has beenconstituted with four women Officers to act as a Nodal Agency for all gender responsive budgeting initiativesand to ensure effective implementation of general development programme for women employees like training,advancement of skills, provision of welfare amenities at work place etc.,
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Hindustan Shipyard Limited
ACKNOWLEDGEMENTS
The Board of Directors take this opportunity to express their gratitude and extremely thankful for thecontinued patronage extended by all levels in the Ministry of Shipping, Ministry of Defence, NavalHeadquarters, Ministry of Finance, Department of Economic Affairs, Ministry of Commerce, Departmentof Public Enterprises for their help and administrative support. Board would also like to express theirgrateful appreciation for the support and cooperation received from the Indian Navy, the Andaman &Nicobar Administration, the Lakshadweep Administration, the Indian Coast Guard, the VisakhapatnamPort Trust, the New Mangalore Port Trust, the Dredging Corporation of India Limited, the ShippingCorporation of India Ltd., Oil & Natural Gas Corporation Ltd., M/s. Goodearth Maritime Limited, theComptroller & Auditor General of India, the Chairman, Audit Board and their Officers, the Statutory Auditors,the Internal (external) Auditors, the External Technical Auditors, Classification Societies for their guidanceand cooperation, the Government of Andhra Pradesh, Reserve Bank of India, Indian Bank, State Bank ofIndia, United Commercial Bank, Syndicate Bank, Canara Bank, Corporation Bank, National Ship Design &Research Centre, and other authorities for their co-operation. The Board also places on record its appreciationfor the contribution and support extended by all the employees.
For and on behalf of Board of Directors
Cmde. Naresh Kumar, IN (Retd)Chairman & Managing Director(AC)
Place : VisakhapatnamDate : 27th August 2009
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57th Annual Report
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER
SECTION 619 (4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF HINDUSTAN
SHIPYARD LIMITED, VISAKHAPATNAM FOR THE YEAR ENDED 31ST MARCH 2009
The preparation of financial statements of Hindustan Shipyard Limited, Visakhapatnam for the year ended
31st March 2009 in accordance with the financial reporting framework prescribed under the Companies Act,
1956 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller
and Auditor General of India under Section 619(2) of the Companies Act, 1956 is responsible for expressing
opinion on these financial statements under Section 227 of the Companies Act, 1956, based on independent
audit in accordance with the auditing and assurance standards prescribed by their profesional body the Institute
of Chartered Accountants of India. This is stated to have been done by them vide their Audit Report dated
21st August, 2009.
I on the behalf of the Comptroller and Auditor General of India have conducted a supplementary audit
under section 619(3) (b) of the Companies Act, 1956 of the financial statements of Hindustan Shipyard Limited,
Visakhapatnam for the year ended 31st March, 2009. This supplementary audit has been carried out independently
and is limited primarily to inquiries of the Statutory Auditor and Company personnel and a selective examination
of some of the accounting records. In view of the revisions made in the financial statements by the management,
as a result of my audit observations highlighted during supplementary audit as indicated in Note No.18 of the
Notes forming part of Account (Shedule No.18B) I have no further comments to offer upon or supplement
to the Statutory Auditor's Report under section 619 (4) of the Companies Act, 1956.
For and on the behalf of the
Comptroller and Auditor General of India
(DOLLY CHAKRABARTHY)
Principal Director of Commercial Audit
and Ex-Officio, Member,
Audit Board Hyderabad.
Place : Hyderabad
Date : 27 August 2009
Annexure-1
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20
Hindustan Shipyard Limited
Annexure-2
INFORMATION AS PER SECTION 217(1)(e) READ WITH THE COMPANIES(DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988AND FORMING PART OF THE DIRECTORS’ REPORT FOR THE YEAR 2008-09
CONSERVATION OF ENERGY
a) Energy conservation measures taken:
b) Additional investments and proposals, if any, beingimplemented for reduction of consumption of energy.
c) Impact of the measures at (a) & (b) above for reductionof energy consumption and consequent impact on thecost of production of goods during the year 2008-09.
d) Particulars with respect to conservation of energy.
1. Reduction in lighting to optimum levels.
2. Replacements of old switch gear in substationwith intelligent protection & load monitoringdevices.
3. Optimum load management with 70% loadingof distribution transformers;
4. Leakages in the Compressed air distributionsystem and other gas lines are regularlymonitored and rectified
5. Replaced old and aged window type AirConditioning units with energy efficient splittype A.C. Units.
6. Optimization of use of lights and fans
Two compressors & one Generator werereplaced with more energy efficient newequipment.
Despite increase in turnover & productivitya reduction of 7,69,984 units during the year2008-09.
F O R M – A
Power and Fuel Consumption Current Year Previous Year
1. Electricity
a) Purchased units 12,730,016 13,205,600
Total Amount Rs.5,24,86,879 Rs.5,43,46,694
Rate per Unit Rs.4.12 Rs.4.11
b) Own generation NIL NIL
2. Coal Nil Nil
3. Furnace Oil Nil Nil
4. Consumption per unit of production N.A. N.A.
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21
57th Annual ReportF O R M - B
A. RESEARCH & DEVELOPMENT
1. Specific areas in which R&D was • In house Design of new platform like 32T Bollardcarried out Pull Tug and 50T Bollard Pull Tug were taken up.
• New welding procedures for Submarines wereestablished.
• Large number of welding & paint quality testswere undertaken
2. Benefits derived as a result of the above R&D • Higher productivity improvements saving indesign costs.
3. Future Plan of Action • Strengthening of Design activity & infrastructure forblasting and painting
• Induction of laser alignment tools for co-ordinatemeasurements.
4. Expenditure on R&Di) Capital; Nilii) Recurring (Revenue) Nil
B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATIONS
• Extensive Design improvement in IPV design, Fabrication of Hatch covers for 53K vessels were taken up.
• Aluminium welding procedures for IPVs were developed.
• Bottom Door modification of DCI Dredger.
• Leveling of Submarine & Sonar Dome insulation renewals were undertaken for the first time.
C. FOREIGN EXCHANGE EARNINGS & OUTGO:
a) Activities relating to export Initiatives taken toincrease export market for products and services Niland export plans.
b) Total Foreign Exchange used and earned:
USED:
a) Material procurement Rs.23790.64 lakhs
b) Others Rs. 3914.36 lakhs
Total Rs.27705.00 lakhs
EARNED Rs. 3833.91 lakhs
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22
Hindustan Shipyard Limited
Annexure-3
OBSERVATIONS OF THE STATUTORY AUDITORS ON THE ACCOUNTS OF THE COMPANY FORTHE YEAR ENDED 31ST MARCH 2009 AND THE REPLIES OF THE BOARD OF DIRECTORS.
Sl.No. Observation Reply
1 5(h)(i) Non-provision of interest on term This has been adequately dealt in Noteloan from State Bank of India amounting No.4 of Schedule 18 (B) Notes formingto Rs.15600 lakhs part of the Accounts.
For and on behalf of the Board of Directors
Cmde. NARESH KUMARChairman & Managing Director (AC)
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57th Annual Report
AUDITOR'S REPORT
The
Members ofHindustan Shipyard Limited,New Delhi
1 We have audited the attached Balance Sheet of Hindustan Shipyard Limited, New Delhi as at 31st March2009, the Profit and Loss Account for the year ended on that date annexed thereto and cash flow statementfor the year ended on that date. These financial statements are the responsibility of the Company'smanagement. 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. TheseStandards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that our audit provides a reasonablebasis for our opinion.
3 As required by the Companies (Auditors' Report) Order, 2003 issued by the Central Government of Indiain terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on thebasis of such checks as we considered appropriate and according to the information and explanationsgiven to us, we set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of thesaid Order.
4 The Accounts of the Company for the year, as approved by the Board of Directors of the Company andCertified by us on 19th June, 2009, have been revised in the light of provisional comments made byMember, Audit Board, Hyderabad. The said revision has resulted in increase in loss by Rs.78.41 lakhs,increase in capital-work-in-progress by Rs.71.46 lakhs, increase in Deferred tax asset by Rs.9.46 lakhsincrease in inventories by Rs.476.22 lakhs and increase in current liabilities by Rs.635.55 lakhs.
5 Further to our comments in the Annexure referred to above, we report that:
a) We have obtained all the information and explanations, which to the best of our knowledge andbelief 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 faras 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 thebooks of account.
d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply withthe 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 valuationof ship-building under construction and income accrued in respect of' ship repair and submarineretrofit activities and provisions towards related sub-contract and off-loaded jobs at end of the year.
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Hindustan Shipyard Limited
f) Kind attention is invited to note nos 1(d) and 1(e) of schedule 18B , wherein details of variousdemands and claims totaling to Rs.9559.92 lakhs, note no3 of schedule 18B regarding disputedsales tax demands of Rs.500 lakhs, contested by the Company before different judicial andappellant authorities and arbitrators are given . As the said matters are all sub-judicet we are unable toexpress any opinion on the same.
g) Kind attention is invited to note no 14 of schedule 18B, regarding non disclosure of names of themicro, small and medium enterprises with outstanding dues for more than 45 days, note no 14 ofschedule 18B, non disclosure of information regarding dues to Micro Small and Mediumenterprises, note no 16 of schedule 18B, regarding non adjustment of certain advances recoverablewith the provisional liability for purchase, pending link up of the said items and note no 17 ofschedule18B, regarding non-receipt of letters of balance of confirmation from various customers.
h) In our opinion and to the best of our information and according to the explanations given to us, the saidaccounts give the information required by the Companies Act, 1956, in the manner so required and subject tonon- provision of interest on term loan from State Bank of India for the year ended 31.3.2009amounting to Rs.1732 lakhs and upto the end of the year amounting to Rs. 15600 lakhs, as stated innote no 4 of schedule 18B, resulting in under statement of loss for the year by Rs.15600 lakhs, give a trueand fair view, in conformity with the accounting principles generally accepted in India.
i) in the case of the Balance Sheet of the state of affairs of the Company as at 31st March, 2009.
ii) in the case of the Profit and Loss account, of the Loss for the year ended on that date.
iii) In case of the cash flow statement, of the cash flows for the year ended on that date.
i) The provisions of section 274(1) (g) of the Companies Act,1956 are not applicable to the companyin terms of Notification No.G.S.R.829(E) dated October 21,2003 issued by Department of CompanyAffairs, Government of India .
For BRAHMAYYA & CO.,
Chartered Accountants
Place: Visakhapatnam
Date : 21.08.2009
(C.V. Ramana Rao)
PartnerMembership No.018545
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57th Annual Report
ANNEXURE TO THE AUDITORS' REPORTREFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i) a) The Company has maintained proper records showing full particulars, including quantitative detailsand situation of fixed assets.
b) The fixed assets have been physically verified by the management during the year in accordancewith a phased programme of verification which, in our opinion, is reasonable having regard to thesize of the Company and the nature of its assets. According to the information furnished to us, nomaterial discrepancies have been noticed on such verification.
c) The Fixed Assets disposed off by the Company during the year do not form a substantial partthereof.
ii) a) Physical verification of inventory has been conducted during the year by the management atreasonable intervals.
b) The procedures of physical verification of inventory followed by the management are reasonableand 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 Companyis maintaining proper records of inventory. The discrepancies noticed on such verification betweenthe 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 otherparties which are covered in the register maintained under section 301 of the Companies Act, 1956.Accordingly sub-clauses (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 partiescovered 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 internalcontrol systems commensurate with the size of the Company and the nature of its business with regard topurchase of inventory, fixed assets and sale of goods and services. During the course of our audit, nomajor weakness has been noticed in the internal control systems.
v) a) According to the information and explanations given to us there are no contracts or arrangementsreferred to section 301 of the Companies Act, 1956, which are required to be entered in the registermaintained under the section.
b) Accordingly, the provision of the sub-clause (b) of clause (v) of paragraph 4 of the order is notapplicable to the Company.
vi) The Company has not accepted any deposits from public. Accordingly clause (VI) of paragraph 4 of theorder is not applicable.
vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of itsbusiness. However, the areas to be covered by the audit needs to be expanded.
viii) According to the information and explanations given to us, maintenance of cost records is not requiredunder section 209(1) (d) of the Companies Act, 1956 in respect of the business activities carried out bythe Company,
ix) a) According to the records of the Company, the Company is regular in depositing with appropriateauthorities undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, wealth-tax, service-tax, custom duty, excise duty, cess and other material statutorydues applicable to it.
26
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Hindustan Shipyard Limited
b) According to the information and explanations given to us, no undisputed amounts payable in respectof income tax, sales tax, wealth tax, service tax, customs duty, excise duty, cess and other materialstatutory dues applicable to it were in arrears as at 31st March 2009 for a period of more than sixmonths from the date they became payable except an amount of Rs.l39.22lakhs together with interestand penalties, thereon in respect of customs duty payable on import of materials for constructionof well-platforms.
c) As at 31st March 2009, there have been no disputed dues, which have not been deposited with therespective authorities in respect of Income tax, Sales tax, Wealth-tax, Service tax, Customs duty,Excise Duty and Cess, except disputed central excise duty of Rs.128 lakhs pending before theCustoms, Central Excise and Service Tax Appellate Tribunal, Bangalore, and disputed sales tax ofRs. 3498. 46 lakhs (and interest thereon) pending before the Sales Tax Appellate Tribunal, Hyderabad,disputed income tax demand of Rs.2137.99 lakhs (and interest thereon) pending before IncocomeTax Appellate Tribunal, Visakhapatnam.
x) The Company has accumulated losses which are more than fifty percent of its net worth. Besided it hasincurred cash losses in the financial year covered by our audit and the immediately preceding financialyear it has earned cash profits.
xi) The Company has not defaulted in payment of any loan installment or interest in respect of term loansfrom financial institutions and banks, except in case of term loan from State Bank of India with anoutstanding balance of Rs.39414 lakhs, against which a compromise settlement has been reached for anamount of Rs. 25546 lakhs, which is subject to the approval of Government of India.
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 theclause (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) In our opinion, the Term Loans have been applied for the purposes for which they were raised.
xvii) According to the information and explanations given to us and on overall examination of the BalanceSheet 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 notapplicable.
xx) During the year, the Company has not raised money by Public issue. Accordingly the clause (xx) of paragraph 4 ofthe order is not applicable.
xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed orreported during the course of our audit.
For BRAHMAYYA & CO.,Chartered Accountants
Place: Visakhapatnam (C.V. Ramana Rao)Date : 21.08.2009 Partner
Membership No.018545
62ƒÁÊ ÀƒoÊfioÁ utƒÃ ÙÁ∫Áz“@
15-8-2008 - 62nd Independence DayCelebrations
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21-11-2008 - Visit of Ms LakshmiVenkatachalam, IAS, Director-General ofShipping & Ex-Officio AdditionalSecretary, Govt.of India.
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02-03-2009 - Keel Laying of the Vessel50-T Bollard Pull Tug by Sri Ajaya Kallam,IAS, Chairman,VPT
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21-03-2009 - Keel Laying of theVC11137, 53,000 DWT Bulk Carrier bySri T. Sai Prasad, DGM (P&M), HSL
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02-04-2009 - Visit of Admiral Anil Chopra,AVSM, Director General, Coast Guard
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18-05-2009 - Visit of VAdm GaneshMahadevan, AVSM, VSM, CWP&A
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28-05-2009 - The first of the five InshorePatrol Vessels (IPV) Rani AbbakaLaunched by Smt. Harkiran Basra, W/oSPS Basra, YSM, PTM, TM, InspectorGeneral, Commander Coast Guard,Western Region, Mumbai
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30-05-2009 - Visit of MOD Core Com-mittee headed by Sri Gyanesh Kumar,IAS, Joint Secretary (Shipyards), MOD.
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29-05-2009 - Visit of VAdm B. Kannan,AVSM, VSM - PD (ATVP) and RAdm.J. Zacharias, VSM - PS (SC)
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10-08-2009 - Handing Over Ceremonyof Good Pilgrims - 30,000 DWT BulkCarrier to GML, Chief Guest Capt. PVKMohan, Chairman, National ShippingBoard & Director of HSL
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29-09-2009 - Keel for 5th IPVwas laid by Smt. Tripti Gupta W/oSri Rajeev Gupta, Joint Secretary,Ministry of Shipping, Govt. of India.
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17-08-2009 - Handing Over Ceremonyof MT Iswari to NMPT, Chief GuestSri APVN Sharma, IAS, Secretary,Ministry of Shipping, Govt. of India,Chairman NMPT Sri P. Tamilvanan isalso seen
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57th Annual Report
ACCOUNTS
28
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Hindustan Shipyard Limited
BALANCE SHEET AS AT 31ST MARCH, 2009
As at As atSch 31st March, 2009 31st March, 2008
Rs. In lakhs Rs. In lakhs Rs. In lakhs
I. SOURCES OF FUNDS (1) Share Holders’ Funds :
(a) Capital 1 30199.22 28101.22(b) Reserves and Surplus 2 9.50 9.50
30208.72(2) Loan Funds :
(a) Secured Loans 3 6824.13 8977.54(b) Unsecured Loans 4 55914.64 62738.77 52472.47
Total 92947.49 89560.73II. APPLICATION OF FUNDS
(1) Fixed Assets : 5(a) Gross Block 20860.88 19214.45(b) Depreciation 14473.03 13786.80(c) Net Block 6387.85 5427.65(d) Capital Works in Progress 515.96 622.57
6903.81 6050.22(2) Deferred Tax Asset 10592.08 10235.59
(Refer Note No.10 of Schedule 18B)
(3) Current Assets, Loans & Advances : 6(a) Inventories 37215.31 25355.22(b) Sundry Debtors 11722.32 14805.34(c) Cash and Bank Balances 11547.09 21183.74(d) Other Current Assets 3308.29 7169.86(e) Loans and Advances 12909.02 13357.83
76702.03 81871.99Current Liabilties & Provisions 7
(a) Current Liabilities 83329.48 78160.39(b) Provisions 16663.59 15178.37
99993.07 93338.76
Net Current Assets (23291.04) (11466.77)(4) Debit balance in Profit and Loss account 98742.64 84741.69
Total 92947.49 89560.73Significant Accounting Policies and Notes to Accounts 18Schedules 1 to 7 form an Integral Part of Balance Sheet
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
Chartered AccountantsRAKESH MAHAJAN Cmde. NARESH KUMAR
Director Chairman and(Finance & Commercial) Managing Director (AC) CV RAMANA RAO
( Partner)Membership No. 018545
INAITULA BAIGCompany Secretary
Place : VisakhapatnamDate : 21-08-2009
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57th Annual Report
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009 Year ended Year ended
Sch 31st March, 2009 31st March, 2008
I. INCOME : Rs. In lakhs Rs. In lakhs(1) From Works & Other Services 8 39581.39 38452.02
Less: Service Tax & VAT collections 2867.68 36713.71 (2036.96)(2) Other Income 9 3240.65 5663.57
Provisions with drawn 16 574.03 2761.93(3) Accretion to /(Decretion) in
Work in Progress 10 6432.08 4136.07Total 46960.47 48976.63
II. EXPENDITURE :(1) Materials Consumed 11 26466.04 22255.48(2) Subcontract & Off-Loaded Jobs and
Other Direct Expenses 12 6210.04 8988.34(3) Pay and Benefits to Employees 13 12693.05 8090.62(4) Other Expenses 14 3102.79 2590.58(5) Interest & Finance charges 15 5049.13 4450.96(6) Depreciation 692.67 582.31(7) Provisions and Losses 16 1407.36 873.48
55621.08 47831.77Less: Transfer to Other Accounts 431.73 445.22
55189.35 47386.55Profit/(Loss) Before Extraordinary & prior period Items (8228.88) 1590.08
III. Extraordinary Items :(1) Expenditure under V.R. Scheme
(net of grant-in-aid from Govt. of India) 0.00 7.72IV. Prior Period Adjustments 17 5443.79 (765.83) Profit before taxation (13672.67) 2348.19V. Provision for :(1) Fringe Benefit tax 28.00 20.80(2) Current Year MAT 0.00 28.00
Less MAT credit entitlement 0.00 (28.00)Interest on MAT of earlier years 656.77 528.13
(3) Deferred Tax (Asset) / Liability (356.49) 665.72Profit / (Loss) after taxation (14000.95) 1133.54Balance of Loss brought forward from previous year 84741.69 85622.85Provision towards transitional liability in respect ofsick leave (as per AS15) 0.00 252.38Balance of Loss carried over to next year 98742.64 84741.69Nominal value of equity share in Rupees 1000.00 1000.00Earnings per Share ( Basic & Diluted) in Rupees (485) 41.00
Significant Accounting Policies and Notes to Accounts 18Schedules 8 To 17 form an Integral Part of Profit and Loss Account.
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
Chartered AccountantsRAKESH MAHAJAN Cmde. NARESH KUMAR
Director Chairman and(Finance & Commercial) Managing Director (AC) CV RAMANA RAO
( Partner)Membership No. 018545
INAITULA BAIGCompany Secretary
Place : VisakhapatnamDate : 21-08-2009
30
30
Hindustan Shipyard Limited
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2009
As at As at
31st March, 2009 31st March, 2008
Schedule - 1 Rs. in lakhs Rs. in lakhs
SHARE CAPITAL
Authorised
30,04,000 - Equity Shares of Rs.1000 each 30,400.00 28,500.00
(Previous year 28,50,000 shares of Rs.1000 each)
Issued, Subscribed and Paid-Up 30,199.22 28,101.22
(3019922 Equity Shares of Rs.1,000 each fully paid-up
(previous year 2810122)).
Of the above shares, 27,285 equity shares were allotted
as fully paid-up, pursuant to contracts without payment
being received in cash
30,199.22 28,101.22
As at Addition during Withdrawn As at
31st March, 2008 the year during the year 31st March, 2009
Schedule - 2 Rs. in lakhs Rs. in lakhs Rs. in lakhs Rs. in lakhs
RESERVES AND SURPLUS
Capital Reserve 9.50 0.00 0.00 9.50
31
31
57th Annual Report
As at As at31st March, 2009 31st March, 2008
Schedule - 3 Rs. in lakhs Rs. in lakhs
SECURED LOANS
Due to Indian Bank in:
Term loan account 4,314.07 5,211.75
Cash Credit account 2510.06 3765.79
(Secured by Hypothecation of all the Fixed andCurrent Assets of the company)
6824.13 8977.54
As at As at31st March, 2009 31st March, 2008
Schedule - 4 Rs. in lakhs Rs. in lakhs
UNSECURED LOANS
Loans from Government of India:
Received during 1-4-1995 to 31.03.2004 5,080.00 5,080.00
Interest accrued and due on above 8,892.73 7,655.77
Received since 01.04.2004 9,907.00 9,607.00
Including Rs.9423.67 lakhs with default amountrepayable within one year (previous year Rs.7338 lakhs)
Interest accrued and due on above 4,436.09 2,528.87
Inter-corporate loans from various Port Trusts 2,052.82 2,054.83
Term Loan from State Bank of India together withInterest accrued and due thereon 25,546.00 25,546.00(Guaranteed by GOI - Refer Note No.4 of Sch.18 B)
55,914.64 52,472.47
32
32
Hindustan Shipyard LimitedP
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Sche
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- 5
FIX
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ASS
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mou
nt R
upee
s in
lak
hs)
33
33
57th Annual Report
As at As at31st March, 2009 31st March, 2008
Schedule-6 Rs. in lakhs Rs. in lakhs Rs. in lakhsCURRENT ASSETS .INVENTORIES
(As valued and certified by the management)Steel 8569.50 7864.16Stores & Spares , equipment and other Materials 2481.22 2507.47Timber 51.06 49.72Materials-in-Transit and under inspection 6222.65 1502.60Steel Cut Pieces on shop floor and Scrap(As per technical estimate) 130.47 104.80
17,454.90 12028.75Less : Provision for Obsolescence of materials 21.86 23.72
Difference between Bin cards & PSL balances 223.81 245.67 223.8117,209.23 11,781.22
Work-in-Progress:Ship Building under Construction 20,006.08 13,574.00
37,215.31 25,355.22 (b) SUNDRY DEBTORS
(Unsecured)Debts outstanding for more than 6 months:
Considered good 2,432.78 4,131.41Considered doubtful 2,018.49 1,533.76
4,451.27 5,665.17Other debts, considered good 9,289.54 10,673.93
13,740.81 16,339.10Less: Provision for doubtful debts 2,018.49 1,533.76
11,722.32 14,805.34
(c) CASH AND BANK BALANCES
Cash on Hand 2.44 1.08Balances with scheduled banks in:Term and other Deposit accounts 10293.31 20908.32
Current accounts 1251.32 11544.63 274.32
In Post Office Savings Bank account 0.02 0.0211547.09 21183.74
(d) OTHER CURRENT ASSETSInterest Accrued on term deposits 399.22 666.61Income Accrued in respect of Ship Building, ShipRepairs & Submarine Retrofit activities 2,726.36 6,320.54Income Accrued in respect of Off-ShorePlatforms 5,508.21 5,508.21Less : Directly Payable to Third Parties 5,325.50 (5,325.50)
(Contra vide schedule 7A)182.71
3,308.29 7,169.86
34
34
Hindustan Shipyard Limited
As at As at31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhs Rs. in lakhs (e) LOANS AND ADVANCES
Advances recoverable in cash or kind or for value tobe received from:Employees 25.80 1,457.52Suppliers of materials & services 11,217.86 11,052.23Less: Adjustable to SR Liabilties (contra) (50.80)Others 759.79 331.20Prepaid Expenses 27.62 91.18
11,980.27 12,932.13Income Tax deducted at source 689.93 304.21MAT Credit entitlement 28.00 28.00Balances with Customs, Port Trust andOther Government authorities 308.37 354.27
13,006.57 13,618.61Less : Provision for Doubtful Advances 97.55 260.78
12,909.02 13,357.83
Schedule-7CURRENT LIABILITIES AND PROVISIONSA. Liabilities :
Sundry Creditors 18,863.45 21,065.61
Less: Adjustable to SR Advances (contra) 50.80 0.00
Less : Directly receivable from
third parties Contra vide Schedule 6(d) 5,325.50 5,325.50
13,487.15 15,740.11
Guarantee Fees payable to Government of India 5,917.01 5,406.09
Interest accrued but not due on unsecured loans 290.54 307.89
Advances from customers including interest thereon 56,268.76 53,627.50
Other Liabilities 7,182.74 2,489.98
Security Deposits from Employees,
Trainees. Contractors and Others 183.28 135.31
Temporary overdraft from banks(representing
cheques issued over and above the book balance) 0.00 453.51
83,329.48 78,160.39
B. Provisions for :Gratuity 4,774.01 4,010.20
Leave Encashment 1,461.60 1,026.39
Liquidated damages 564.28 691.63
Future losses 1,988.22 2,259.18
Contingencies 164.70 121.43
Guarantee Repairs 362.69 198.84
Income Tax 7,348.09 6,870.00
Fringe benefit tax (net of pre paid taxes) 0.00 0.70
16,663.59 15,178.37
35
35
57th Annual Report
Year ended Year ended31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhs Rs. in lakhs
Schedules forming part of the Profit and Loss Account for the year ended 31st March, 2009
Schedule-8INCOME FROM WORKS AND OTHER SERVICESIncome from:
Shipbuilding Works - Contractual Income 14,631.79 15,558.68
- Government subsidy 4,784.93 4,591.16
- Miscellaneous works 0.00 19,416.72 65.19
Ship Repairs:
Repair works 12,871.93 9,511.36
Dry dock hire charges 231.73 164.50
Wet basin hire charges 588.48 517.45
Other services 720.65 14,412.79 652.26
Submarine Retrofit 5,751.88 7,391.42
39,581.39 38,452.02
Schedule -9OTHER INCOMEInterest Received from banks & others (net of interest
reimbursable to customers) 1480.81 2437.35
Foreign Exchange variation 1317.79
Sale of scrap, stores & disposable materials 730.65 629.71
Less: Excise duty & VAT 35.08 695.57 (49.56)
Rent received 65.59
Less: Service Tax 5.51 60.08 57.42
Fines and forfeitures 101.13 207.14
Miscellaneous Receipts 17.10 27.95
Profit on sale of Assets 1.39 85.60
Provisions of earlier years no longer required 884.57 950.17
3240.65 5663.57
Schedule -10ACCRETION TO/(DECRETION IN)WORK-IN-PROGRESSClosing work-in-progress:
Ship Building under construction 20006.08 13574.00
Opening work-in-progress:
Ship Building under construction 13574.00 9437.93
Accretion to/(Decretion in) work-in-progress 6432.08 4136.07
36
36
Hindustan Shipyard Limited
Year ended Year ended31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhs
Schedule -11
MATERIALS CONSUMED
Steel 6,701.01 3,485.58
Stores & Spares 2,056.86 1,180.25
Timber 68.97 78.19
Direct Materials, Machinery & Equipment used in
Ship Construction 13,335.77 14,146.97
Shiprepair 656.53 1,646.28
Submarine Retrofit 3,471.17 1,166.99
26,290.31 21,704.26
Add: Stores procurement expenses 175.73 551.22
26,466.04 22,255.48
Schedule -12
SUB-CONTRACTS & OFF-LOADED JOBS
Sub contract & off-loaded job expenses in :
Ship Construction 2,116.31 1,974.89
Ship Repairs 2,111.23 1,535.20
Submarine Retrofit 180.75 551.95
Other Direct Expenses in :
Ship Construction * 488.87 853.46
Ship Repairs 33.83 6.37
Submarine Retrofit 1,187.36 3,959.59
Builders Risk Insurance in Ship Constuction 91.69 106.88
6,210.04 8,988.34
* includes Rs. 180 lakhs provision for Guarantee Repairs
Schedule -13
PAY AND BENEFITS TO EMPLOYEES
Salaries, Wages, Allowances etc., 7,763.71 6,722.03
Wage revision arrears 2,169.90 0.00
Contribution to Provident Fund and other funds 717.04 533.82
Gratuity 969.28 389.81
Leave Encashment 660.41 126.57
Expenses on Training, Stipend etc. 77.02 49.21
Employees Welfare Expenses 335.69 269.18
12,693.05 8,090.62
37
37
57th Annual Report
Year ended Year ended31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhs Rs. in lakhs
Schedule-14
OTHER EXPENSES
Power and Fuel (net of recoveries) 593.70 596.56
Water Charges (net of recoveries) 120.09 116.55
Rates and taxes (including customs duty on scrap sales) 125.03 106.03
Fire and Other Insurance 13.33 23.12
Rent 120.62 105.66
Repairs and Maintenance to :
a) Plant and Machinery 676.28 697.56
b) Buildings 208.88 106.86
e) Other Assets 47.16 13.54
932.32
Printing and Stationery 2.00 5.29
Local conveyance charges 80.83 62.73
Travelling Expenses 43.97 43.63
Communication expenses 35.59 36.17
Advertisement and Publicity 24.98 22.54
Salaries and other Expenses of Customs Staff 30.78 30.49
Demurrage Charges 1.73 38.60
Directors’ Fees and Expenses:
A) Directors’ Fees 0.10 0.01
B) Travelling Expenses 22.97 23.07 23.01
Auditors’ Remuneration :
Statutory Audit 1.72 1.57
Expenses 0.14 0.06
Other services 0.00 1.86 0.09
Bad debts and irricoverable advances written off 0.00 9.42
Less: Provision for doubtful debts 0.00 0.00 (9.42)
Foreign Exchange variation 452.74 0.00
Miscellaneous Expenses 500.15 560.51
3102.79 2590.58
38
38
Hindustan Shipyard Limited
Year ended Year ended31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhsSchedule-15
INTEREST & FINANCE CHARGES
Interest on :
Government Loans 3127.69 2791.37
Bank term loans & Cash Credit 969.35 866.03
Inter-corporate loans from various Port Trusts 210.68 147.50
Others 158.92 37.17
Guanratee fees payable to Government of India 510.92 510.92
Bank Charges 71.57 97.97
5049.13 4450.96
Schedule-16PROVISIONS AND LOSSES
Provisions made:
Obsolescence of Materials 0.83 3.72
Reduction in SR Bills 453.95 388.18
Doubt ful advances 0.00 55.38
Future losses 232.59 0.00
Liquidated Damages 192.43 102.20
Contingencies 113.75 0.00
Doubtful Debts 336.97 141.25
Losses:
Reductions in SR Bills 40.92 182.68
Bad debts written off 35.92 0.00
On Sale of Assets 0.00 0.04
Materials (evoperation of oils) 0.00 0.03
1,407.36 873.48
Provisions withdrawn:
Contingencies 70.48 1,720.19
Guarantee repairs 0.00 239.60
Difference between Bin cards & PSL balances 0.00 22.68
Future losses 503.55 698.13
Obsolscence 0.00 81.33
574.03 2,761.93
39
39
57th Annual Report
Year ended Year ended31st March, 2009 31st March, 2008
Rs. in lakhs Rs. in lakhsSchedule-17
PRIOR PERIOD ADJUSTMENTS
A INCOME
Income from Shiprepairs 0.00 8.34
Writeback of ONGC Advance 0.00 2,049.16
Materials 10.24 56.21
Miscellaneous 7.18 37.35
17.42 2,151.06
B EXPENDITURE
SC Direct Expenses 355.81 44.10
SR Direct Expenses 2.89 19.17
RF Direct Expenses 0.00 12.06
Pay revision arrears 4,641.45 0.00
Materials & Freight 259.89 923.88
Pay and Benefits 12.72 302.29
Taxes & Duties 98.43 37.55
Repairs and Maintenance 5.72 7.76
Power and Fuel 0.00 0.15
Interest (including on GOI loans) 0.00 29.97
Others 84.30 4.75
Depreciation 0.00 3.55
5,461.21 1,385.23
Net Expenditure / (Income) 5,443.79 (765.83)
40
40
Hindustan Shipyard Limited
Schedule – 18
Notes Forming Part of the Accounts for the year ended 31st March 2009
A. ACCOUNTING POLICIES
1. ACCOUNTING CONVENTIONS
The financial statements are prepared under the historical cost conventions in accordance with GenerallyAccepted Accounting Principles in India and provisions of the Companies Act, 1956. Generally, revenues arerecognized on accrual basis with provisions made for known losses and expenses.
2. FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusiveof freight, duties, taxes, incidental expenses relating to cost of acquisition (net of VAT), interest duringconstruction period to the extent approved and sanctioned by the Government and the cost of installation/erection as applicable.
3. INVENTORIES
i) Steel, Timber, Spares and other stores are valued at Weighted Average Cost or net realizable value whicheveris 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 valuewhichever is lower under specific identification and FIFO respectively.
iii) Cost includes expenses of procurement including all taxes and duties other than VAT.
iv) In respect of Ship Building, the uninstalled Machinery / Equipment acquired exclusively for the vessels isreckoned as Work-in-Progress at lower of cost or realisable value.
v) 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 accountthe proportion that the contract cost incurred for work performed upto the reporting date bears to theestimated total contract cost for completion.
Cost for the above purpose includes value of direct materials including Machinery and other ship borneequipment acquired for specific ship, direct labour, direct expenses and general overheads excludingadministrative overheads, interest, depreciation and overheads attributable to idle time.
ii) In respect of ships delivered during the year at the balance price including claims for extra works andcost escalation realisable from owners.
iii) For the purpose of recognition of profit, weightage shall be given to the following three factors, whichshall reach a minimum of 20% individually.
a. The proportion that cost incurred to date bears to the estimated total cost of the contract,
b. Stage completion and
c. Revenue received.
41
41
57th Annual ReportB. 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 Deductionsunder the respective contracts.
D. Claims in respect of Insurance are accounted for on acceptance basis taking into account the acceptancesreceived within 15 days of the end of the financial year.
5. GOVERNMENT GRANTS
a) Grant-in-aid received from Government of India for implementation of Voluntary Retirement Scheme ismatched with related costs through Profit and Loss Account. Unutilised grants are shown under CurrentLiabilities.
b) Price subsidy received / receivable from Government of India in respect of ships is considered as incomeon the basis of percentage completion of the respective ships.
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 CompaniesAct, 1956 as amended, in respect of assets capitalised on or after 01-04-1988. In respect of assets capitalisedprior to 01-04-1988 depreciation is provided under straight-line method at the rates worked out adopting themanagement’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.
8. BORROWING COSTS
a) Borrowing Costs relating to the acquisition/construction of qualifying assets are capitalised until thetime all the substantial activities necessary to prepare the qualifying assets for their intended use arecomplete.
b) A qualifying asset is one that necessarily takes substantial period of time to get ready for its intendeduse.
c) All other borrowing costs are charged to revenue.
42
42
Hindustan Shipyard Limited
9. EMPLOYEE BENEFITS
(i) Defined Contribution Plan
Employee Benefits in the form of Employee Pension Fund is considered as Defined Contribution plan and thecontributions are charged to the Profit & Loss Account of the year when the contributions to the said fund aredue.
(ii) Defined Benefit Plan
Retirement Benefit in the form of Gratuity, is considered as Defined Benefit Obligation and is provided for onthe 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 thecontributions are charged to the Profit & Loss Account of the year when the contributions to the said fund aredue.
(iii) Other Long Term Benefits
Long-Term Compensated Absences are provided on the basis of an actuarial valuation using the ProjectedUnit 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 theCompany 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 expectedrealisable value, provision is fully made for such anticipated loss in accordance with AS 7 issued by theInstitute of Chartered Accountants of India.
12. FOREIGN EXCHANGE TRANSACTIONS
Assets and liabilities in foreign currencies are translated at rates of exchange prevailing as on the BalanceSheet date. Gains/losses arising out of fluctuations in exchange rates both on settlement and on conversion ofliabilities are adjusted to revenue.
13. 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.
43
43
57th Annual ReportB. NOTES ON ACCOUNTS
2008-09 2007-08
1. Contingent liabilities
a. Irrevocable letters of credit outstanding 13544.44 8266.32
b. Counter guarantees given to banks for guarantees issued onbehalf of the company 3575.66 480.31
c. Estimated amount of contracts remaining to be executed oncapital account and not provided for 212.69 255.78
d. Demands raised against the company by various authorities,contested at various courts, appellate authorities etc andnot provided for:
i) Property tax on commercial complex for the years from1984-85 to 1994-95 13.39 13.39
ii) Penal interest on belated remittances of Provident Fundcontributions during the period from May 2002 to June 2005,contested u/s 7(i) of EPF & MP Act, 1952 144.78 144.78
iii) ESI dues in respect of ‘C’ series workmen for the periodfrom 1-4-1998 to 30-9-2000 together with interest thereon(Rs.6.64 lakhs paid under protest grouped under deposit recoverable) 62.51 58.52
iv) Central Excise duty on P-BDE jackets manufactured anddelivered to ONGC 127.79 127.79
v) Demands of various suppliers of goods and services 189.37 36.45
vi) Non Agricultural Land Assessment tax demands for the year 2000-01 4.54 4.54
Total 542.38 385.47
e. Claims against the company, which are under arbitration andnot provided for:
i) Counter –Claims of ONGC towards liquidated damages, penalinterest and interest on interest in respect of construction ofwell platforms (net of provision) 8032.00 8032.00
ii) Claims of Essar Oil Limited (EOL) towards OPF works (netof provision made of Rs.4370.33 lakhs and counter claim ofHSL on ONGC of Rs.769 lakhs). 187.00 187.00
iii) Recognition of income in earlier years towards escalation andextra jobs for VC 1120, pending finalization of arbitration award. 129.15 129.15
iv) Recognition of income (net of provision) in earlier years towardsmark-up on materials procured and works executed in respect ofoffshore platforms for ONGC, pending finalization of arbitration. 669.39 669.39
T o t a l 9017.54 9017.54
In respect of items mentioned under (d) and (e) above, the Company hasbeen advised by the Counsel that said demands and claims are not sustainable in law.
2 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
44
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Hindustan Shipyard Limited
clause for the vessel No. VC 11115, VC 11116 and VC 11117towards the said claims which are yet to be quantified by them.M/s G.M.L. has appointed the Arbitrator and asked HSL tonominate their Arbitrator. HSL contests that their claims are notvalid and tenable. Hence no provision is made in the books.
b) In respect of Vessel No. VC 11118, VC 11136, VC 11137 and VC11138 which are under construction, no provision towardscontingencies in respect of L.D. is made since the same is notapplicable as per Contracts.
3 The State Government of Andhra Pradesh has agreed for a full and finalsettlement of sales tax arrears up to 31.03.1999, amounting to Rs 4659lakhs and interest thereon of Rs 7614 lakhs respectively, by payment ofRs 500 lakhs subject to finalization of financial restructuring packageby GOI. The amount agreed to be paid has since been provided in thebooks of account.
4 SBI agreed to a compromise settlement in respect of the term loan givento the company, to be settled either in cash or in the form of GOI Bondsof 5 years for a total consideration of Rs.25546 lakhs, which is includedas financial assistance from GOI in the financial restructuring proposalmade by the company, pending with GOI. Accordingly, interest for theyear ended 31-3-2009 amounting to Rs.1732 lakhs and interest upto theend of the year ended 31-3-2009 amounting to Rs.15600.00 lakhs hasnot been provided on the said loan.
5 In terms of shipbuilding contracts the vessel as constructed, Machinery/ Equipment and all materials intended for her or appropriated to thecontract become the property of the ship owner as soon as the firstinstallment of price is received by the company. Accordingly, thecompany has only a lien on the said materials to the extent of the unpaidportion of the price. However, the entire value of the Equipment /Materials procured/appropriated for ships under construction, is includedin work in progress at its realizable value which amounts to
6. As per Accounting Standard 15 “’Employees Benefits’ the disclosureof Employee Benefits as defined in the Accounts Standard are givenbelow:
Defined Contribution Plan
Contribution to Defined Contribution plan, recognized as expense for the year are as under:
(Rs. in lakhs)
2008-09 2007-08
Employer’s Contribution to Pension Fund 194.95 189.94
Defined Benefit Plan
The employees’ gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligationis determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period ofservice as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build upthe final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.
0.00 30.23
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57th Annual ReportI. Reconciliation of opening and closing balances of Defined Benefit obligation
(Rs in Lakhs)
Details Gratuity Earned Leave Sick(Funded) Encashment Leave
(Unfunded) (Un funded)Defined Benefit obligation at beginning of the year. Current Year. 4681.45 731.90 294.48 (Previous year) 4452.12 942.45 252.38Interest Cost Current Year 366.30 49.54 0 (Previous year) 347.69 64.20 0Current Service Costs Current Year 218.63 85.93 86.24 (Previous year) 165.24 72.02 42.10Benefits Paid Current Year (205.47) (225.19) 0 (Previous year) (211.87) (295.02) 0Actuarial loss/(gain) on obligation Current Year 443.97 438.70 0 (Previous year) (71.73) (51.75) 0Defined Benefit obligation at year end Current Year 5504.88 1080.88 380.72 (Previous year) 4681.45 731.90 294.48
II Reconciliation of opening and closing balances of fair value of plan assets(Rs in lakhs)
Details 2008-09 2007-08Fair value of plan assets at beginning of the period. 668.10 619.84Expected return on plan assets 53.45 41.11Contribution 205.47 211.87Benefits paid (205.47) (211.87)Actuarial loss/(gain) on obligation (balancing figure) 9.33 7.15Fair value of Plan Assets as at the end of the period 730.88 668.10
III Reconciliation of fair value of assets and obligations As at 31/03/2009 (Rs. in lakhs)
Details Gratuity LeaveEncashment Sick Leave(Unfunded) (Unfunded)
Fair value of plan assets Current Year 730.88 0 0 (Previous year) 671.25 0 0Present value of obligation Current Year 5504.89 1080.88 380.72 (Previous year) 4681.45 731.90 294.48Amount recognized in Balance SheetCurrent Year 4774.01 1080.88 380.72 (Previous year) 4010.20 731.90 294.48
IV. Expenses recognized during the year (in the statement of Profit & Loss Account) (Rs. in lakhs)
Details Gratuity Leave Sick(Funded) Encashment Leave
(Unfunded) (Unfunded)
Current Service Cost Current Year 218.63 85.93 86.24(Previous year) 165.24 72.02 42.10
Interest Cost Current Year 366.30 49.54 0(Previous year) 347.69 64.20 0
Expected return on plan assets Current Year (53.45) 0 0(Previous year) (41.11) 0 0
Actuarial (gain)/loss Current Year 437.80 438.70 0(Previous year) (9.01) 51.75 0
Expenses recognized in the statement of P&L a/c Current Year 969.28 574.17 86.24(Previous year) 462.81 84.47 42.10
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Hindustan Shipyard Limited
V. Investment Details(Percentage invested)
Description Gratuity as on 31/03/09 Gratuity as on 31/03/08
GoI Securities 0.20 0.20Special Deposit Scheme 17.40 19.40IOthers (T.D.R.s) 82.40 80.40
Total : >> 100.00 100.00
VI. Principal Actuarial AssumptionsGratuity Leave Encashment(Funded) (Unfunded)
01-04-2008 31-03-2009 01-04-2008 31-03-2009Discount Rate 8.00% 7.34% 8.00% 7.34%Salary Escalation Rate 5.00% 6.00% 5.00% 6.00%Attrition Rate 1.00% 1.00% 1.00% 1.00%Expected Rate of 8.00% 8.30% 8.00% 0.00%return on Plan assets
Salary escalation by taking into account inflation, seniority, promotion and other factors. Attrition rate byreference to past experience and expected future experience and includes all types of withdrawals other than deathbut including those due to disability.
Discount rate has been determined by reference to market yields on the Balance Sheet date on Govt. Bonds ofTerm consistent with estimated term of the obligations.
As per the enterprise’s accounting policy actuarial gains and losses are recognized immediately during thesame year itself.
The fact that Provident Fund element is also to be included while computing relevant salary for encashment ofleave has been taken into account.
The above information is certified by the Actuary. (Rs. in lakhs)
2008-09 2007-08
Employer’s Contribution to Provident Fund 692.59 343.88
The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund Act, 1952. Theconditions for grant of exemption stipulates the employer shall make good deficiency, if any, in the interest ratedeclared by the Trust vis-à-vis statutory rate. The Guidance issued by the Accounting Standard Board (ASB) onimplementing AS-15. Employee Benefits (revised 2005) states that Provident Funds set up by employers, whichrequires interest shortfall to be met by the Employer, needs to be treated as Defined Benefit Plan. The fund does nothave any deficit or interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e., Governmentinterest to be paid on Provident Fund Scheme exceeds rate of interest earned on Investments) pending the issuance ofguidance note from the Actuarial Society of India, the Company’s Actuary has expressed his inability to reliablymeasure the same.
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57th Annual ReportSEGMENT REPORT
7. The company operates in Shipbuilding, Ship repair and Sub-marine Retrofit business segments. Informationin respect of the said segments as required by AS 17, issued by the Institute of Chartered Accountants ofIndia is given here under:
Rs. lakhs
Ship Ship Retrofit Un-allocated Totalbuilding repairs
Segment Income:
Sales 19416.73 14412.77 5751.88 0.00 39581.38
WIP (Accretion/Decretion) 6432.08 0.00 0.00 0.00 6432.08
Other Income 1777.52 811.65 1136.45 89.07 3814.69
Total Income 27626.33 15224.42 6888.33 89.07 49828.15
Segment Expenditure:
Materials & Direct Expenses 25235.89 4564.10 5743.77 0.00 35543.76
Direct Labour 1583.42 211.56 126.44 0.00 1921.42
Total Segment expenditure 26819.31 4775.66 5870.21 0.00 37465.18
Segment Result 807.02 10448.76 1018.12 89.07 12362.97
Overheads 6632.88 2410.34 1906.33 8666.65 19616.21
Provisions and Adjustments 867.89 600.84 (86.03) 5036.73 6419.43
Net Segment Result (6693.75) 7437.58 (802.18) (13614.31) (13672.67)
Fringe Benefit Tax 28.00 28.00
Income Tax 656.77 656.77
Deferred Tax (356.49) (356.49)
Total Result (6693.75) 7437.58 (802.18) (13942.59) (14000.95)
Other information
Segment Assets 39511.42 15599.29 24128.45 14958.78 94197.94
Segment Liabilities 54491.45 20013.99 44204.47 74230.68 192940.58
Capital Expenditure 449.61 362.12 841.47 0.00 1653.20
Depreciation 360.27 40.01 185.26 107.13 692.67
Non-cash expenditure other than Dep. 0.00 0.00 0.00 0.00 0.00
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Hindustan Shipyard Limited
2008-09 2007-08
8. Information in respect of related parties in terms of AS 18, issued by theInstitute of Chartered Accountants of India are:
a) Related parties:
Key Management Personnel:
i) RAdm.Ajit Tewari, Chairman & Managing Director,up to 30-11-2008.
ii) Cmde. Naresh Kumar, Director (Technical) & Chairman &Managing Director (AC) (from 01.12.2008)
iii) Shri.Rakesh Mahajan, Director (Finance & Commercial) (from01-12-2008).
b) Details of transactions carried out with the above stated relatedparties: Remuneration paid during the year 15.34 17.49
9. a) Net profit/(Loss) as per profit and loss account (Rs. In lakhs) (14000.95) 1133.54
b) Weighted average number of equity shares used as Denominator 2885733 2746560for calculating EPS
c) Earnings per share: Profit/(Loss) Basic & Diluted Rs.(485.00) Rs. 41.00
10. A).The deferred tax asset as at 31-3-2009 comprises of the following:
a) Deferred tax asset :
i) Unpaid interest & taxes, sums payable as employer etc. 5302.16 4797.66
ii) Provisions made against doubtful debts, doubtfuladvances and contingencies etc. 1163.51 1809.14
iii) Set off of unabsorbed depreciation available under IncomeTax Act 4948.96 4425.48
Total 11414.63 11032.28
b) Deferred Tax liability:
i) Timing Difference between book and tax depreciation 822.55 796.69Net Deferred Tax Asset 10592.08 10235.59
B). The accounting of Deferred Tax Asset was referred to theExpert Advisory Committee of The Institute of CharteredAccountants of India for their opinion. The said opinion isyet to be received.
11. As per technical evaluation, there is no impairment in the carrying costof cash generating units of the company in terms of Accounting Standard(AS 28), issued by the Institute of Chartered Accountants of India, inview of the financial restructuring proposal of the company pendingwith Government of India.
12. The estimated cost of completion of vessels under construction hasbeen revised to Rs 132334 lakhs as at 31.3.2009 from Rs 113736 lakhsas at 31.3.2008. 132334 113736
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57th Annual Report13. Information under Schedule VI to the Companies Act, 1956
i) Licensed & Installed Capacities and Actual Production:
2008-09 2007-08
Licensed Capacity
A Ship Construction Not Applicable Not Applicable
B Well Platforms 2 Well Platforms 2 Well PlatformsPer annum (8000 MT of Per annum (8000 MT ofstructural fabrication) structural fabrication)
Installed Capacity
A i) Ship Construction 6.5 Pioneer Class vessels 6.5 Pioneer Class vessels ofof 21500 DWT each. 21500 DWT each.
ii) Rated Capacity as Reckoned 3.5 Pioneer class vessels 3.5 Pioneer class vessels ofby consultant of 21500 DWT each. 21500 DWT each.
B Well Platforms 2 Well Platforms per annum 2 Well Platforms per annum
Actual Production
A Ship Construction 2.96 Pioneer class vessels 3.43 Pioneer class vessels(296.614) Standard Pioneer Units) (342.929) Standard Pioneer Units)
B Well Platforms Nil Nil
Capacity Utilization*
A Ship Construction
i) At 6.5 Vessels 45% 53%
ii) At 3.5 Vessels 85% 98%
B Well Platforms Nil Nil
*inclusive of outsourcing and submarine works.
ii) Materials Consumed:
Rs.in lakhs
Description 2008-09 2007-08
Unit Quantity Value Quantity Value
Steel M.T 16792. 6701.01 11173 4341.36
Pipes Meters 10034 24.76 34222 116.93
Paints Ltrs. 43965 111.60 41913 109.92
Pipe Fittings and others Nos. 37434 1387.40 39861 126.14
Ships Machinery and Equipt. 13335.77 14146.97
Others 602.07 49.67
Ship Repair Materials 656.53 1646.28
Retrofit Materials 3471.17 1166.99
Total 26290.31 21704.26
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Hindustan Shipyard Limited
iii) Break up of Materials Consumed: 2008-09 2007-08
i) Value of all Imported Materials including components and spareparts consumed during the year 21874.19 18263.62
ii) Value of all Indigenous Materials including components and spareparts consumed during the year 4416.12 3440.64
iii) Percentage of item (i) to total consumption 83.20 84.15
iv) Percentage of item(ii) to total consumption 16.80 15.85
iv) Expenditure in Foreign Currency
a) i) Royalty, Know-how and Professional Consultancy fees 0.00 0.00
ii) Traveling Expenses 0.00 0.58
iii) Others 3914.36 515.39
b) CIF value of imported materials , components & spareparts and capital goods. 23790.64 25938.91
v) Earnings in Foreign Currency from ship repair activity 3833.91 952.60
vi) Details of Remuneration to Chairman & Managing Director and other whole-time Directors:
(Rs in lakhs)
Sl.No. Particulars 2008-09 2007-08
i. Salary and Allowances 12.26 15.53
ii. Contribution to Provident Fund & Group Gratuity Scheme. 1.51 1.57
iii.. Reimbursement of Entertainment Expenses 1.18 0.22
iv. Reimbursement of Medical Expenses 0.33 0.13
v. Value of Perquisite in respect of use of car (as per I.T. rules) 0.06 0.04
Total 15.34 17.49
14. a) Names of SSI units, where payments are out standing for more than30 days, could not be given in the absence of separate registration forthe said SSI units with the company.b) In the absence of registration byMicro and Small scale industries the information pertaining to thesesuppliers / service providers could not be furnished.
15. The reconciliation of balances as per price stores ledger and Bin Cardsis a continuous process
16 Certain Advances and Provisional Liabilities for Purchases remainunadjusted, pending link up between the same.
17 Letters have been issued to all the customers seeking confirmation ofbalances as at 31.03.2009, which are still to be received.
18 Consequent upon the observations of Comptroller & Auditor Generalof India during the course of Audit under section 619(4) of the CompaniesAct, 1956, the Accounts and notes forming part of the accounts asapproved by Board of Directors in 347th Board Meeting held on 19.06.09have been revised. These changes has resulted in increase in loss byRs.78.41 lakhs, increase in capital-work-in-progress by Rs.71.46 lakhs,
51
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57th Annual Reportincrease in Deferred Tax asset by Rs.9.46 lakhs, increase in inventoriesby Rs.476.22 lakhs and increase in current liabilities by Rs.635.55 lakhs.
19. Previous year’s figures have been regrouped / rearranged wherevernecessary.
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
Chartered AccountantsRAKESH MAHAJAN Cmde. NARESH KUMAR
Director Chairman and(Finance & Commercial) Managing Director (AC) CV RAMANA RAO
( Partner)Membership No. 018545
INAITULA BAIGCompany Secretary
Place : VisakhapatnamDate : 21-08-2009
52
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Hindustan Shipyard Limited
Balance Sheet Abstract and General Business Profile of Hindustan shipyard Limited, Visakhapatnam
REGISTRATION DETAILS STATE CODE : 01REGISTRATION NO. U74899DL1952GOI002064BALANCE SHEET DATE : 31.03.2009
CAPITAL ISSUED DURING THE YEARAmount in Rs. thousands
Public Issue NILBonus Issue NILRights Issue NILPrivate Placement NILIssued to Government of India 209,800
POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDSAmount in Rs. thousands
Total Liabilities 19,294,056Total Assets 19,294,056
SOURCES OF FUNDSPaid-up Capital 3,019,922Reserves and Surplus 950Secured Loans 682413Unsecured Loans 5,591,464
9,294,749APPLICATION OF FUNDS
Net Fixed Assets 690,381Deferred Tax Asset 1059208Net Current Assets (2,329,104)Accumulated Loss 9,874,264
9,294,749PERFORMANCE OF THE COMPANY
Amount in Rs. thousandsTurnover (including other income) 4696047Total Expenditure 6063314Profit / (Loss) before tax -1367267Profit / (Loss) after tax -1400095Earnings per share in Rupees (face value Rs.1000/-) -485Dividend NIL
GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANYItem Code Product Description8901 1001 Ships8901 9001 Bulk Carriers8904 0000 Tugs
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
RAKESH MAHAJAN Cmde. NARESH KUMAR Chartered AccountantsDirector Chairman and
(Finance & Commercial) Managing Director (AC) CV RAMANA RAO( Partner)
INAITULA BAIG Membership No. 018545Company Secretary
Place : VisakhapatnamDate : 21-08-2009
53
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57th Annual Report
CASHFLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2009(Rs. In lakhs)
Year ended Year ended31st March 2009 31st March 2008
A. Cash flow from operating activities:Net Profit/(loss) before Extraordinary & (8228.88) 1590.08Prior period itemsAdjustments for:Depreciation 692.67 585.86Interest paid 5049.13 4450.96Interest received (1480.81) (2437.35)Loss/(profit) on sale of fixed assets (1.39) (85.56)Operating Cashflow before working capitalchanges & Extraordinary & Prior Period items (3969.28) 4103.99Extraordinary Items :Expenditure under V.R. Scheme (net of grant-in-aid 0.00 7.72from Govt. of India)Provision towards liabity on sick leave of prev years (AS 15) 0.00 252.37Prior Period items: Net Expenditure 5443.79 (765.83)Operating Cashflow before working capitalchanges & after Extraordinary & Prior Period items (9413.07) 4609.73Adjustments for working capital changes:Inventories (11860.09) (12149.49)Trade and other receivables 7393.40 4111.44Trade and other payables 5969.54 (6352.13)
Cash generated from operation (A) (7910.22) (9780.45)
B. Cashflow from Investing acitivities:Purchase of fixed assets (1653.20) (1565.71)Capital Work-in-progress 106.61 (221.06)Sale of fixed assets 1.72 90.48Capital fund 0.00 0.00Interest received 1480.81 2437.35
Net Cash from investing operation (B) (64.06) 741.06
C. Cashflow from financing activities:Proceeds from Share Capital 2098.00 13170.00Proceeds from Borrowings from GOI & Banks 1288.76 (6665.85)Interest paid (5049.13) (4450.96)
Net Cash from financing operation (C) (1662.37) 2053.19
D. Net Increase in Cash & Cash Equivalent (A)+(B)+(C) (9636.65) (6986.20)Cash and cash equivalent at thebeginning of the year 21183.74 28169.94Cash and cash equivalent at theend of the year 11547.09 21183.74
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
RAKESH MAHAJAN Cmde. NARESH KUMAR Chartered AccountantsDirector Chairman and
(Finance & Commercial) Managing Director (AC) CV RAMANA RAO( Partner)
INAITULA BAIG Membership No. 018545Company Secretary
Place : VisakhapatnamDate : 21-08-2009
54
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Hindustan Shipyard Limited
SCHEDULE OF NET EXPENDITURE ON TOWNSHIP, RESIDENTIAL QUARTERS AND OTHER SOCIAL OVERHEADSFORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2009
(Rs.in lakhs)
Description This year Previous YearDetails Details Total Details Details Total
Schedule -22EXPENDITURE ON TOWNSHIPAND RESIDENTIAL QUARTERSAdministration & Maintenance:Salaries, Wages & Other Benefits 146.05 144.80Housing Estate Site Rent 14.39 12.79Property Tax on Residential Buildings 5.26 5.27Electricity and Water Charges 179.38 161.72Repairs and Maintenance 146.92 33.16Colony Security 27.99 30.29Miscellaneous Expenditure 2.48 522.47 3.05 391.08Depreciation 11.35 11.25
533.82 402.33Less: Income-Rent 60.08 57.42
Electricity and Water Charges 83.09 143.17 390.65 74.11 131.53 270.80Expenditure on Social Overheads:Schools and Educational Facilities 44.61 38.56Less: Educational Grant 36.69 7.92 36.49 2.07On Medical facilities over and aboveStatutorily required to be maintained 410.45 297.08On Subsidised Canteen 74.03 64.20On Subsidised lunch for Officers,Staff and Workmen 189.43 263.46 146.77 210.97On Subsidised transport :Boats and launches 32.62 32.62 33.96 33.96On Social & Cultural Activities 0.56 715.01 0.56 544.64
1105.66 815.44Expenditure on Public Relations andPublicity:Salaries 6.15 5.08Publicity 1.57 5.24
7.72 10.32NOTES:1. Interest on capital outlay on Township and Residential quarters and for providing other Social Amenities (original cost of
Rs.562.12 lakhs written down value Rs.190.64 lakhs as on 31.03.2009) has not been taken into account since this has beenfinanced out of Equity Share Capital except for an amount of Rs.0.45 lakhs out of grant of Andhra Pradesh in respect ofGandhigram High School.
2. The figures of Township Expenditure and Income have been collected only to the extent practicable from the accounts ofthe company. The expenditure has been in the individual primary heads in the Profit and Loss Account.
3. Previous year’s figures have been recast wherever necessary.
For and on behalf of the Board of Directors As per our report of even dateBrahmayya & Co.,
RAKESH MAHAJAN Cmde. NARESH KUMAR Chartered AccountantsDirector Chairman and
(Finance & Commercial) Managing Director (AC) CV RAMANA RAO( Partner)
INAITULA BAIG Membership No. 018545Company Secretary
Place : VisakhapatnamDate : 21-08-2009
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57th Annual Report
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A B
AIG
Mem
bers
hip
No.
018
545
Com
pany
Sec
reta
ryPl
ace
: V
isak
hapa
tnam
Dat
e :
21-
08-2
009
56
56
Hindustan Shipyard Limited
FIN
AN
CIA
L P
OSI
TIO
N A
ND
PE
RF
OR
MA
NC
E O
F T
HE
CO
MP
AN
Y(R
upee
s in
cro
res)
1999
-200
020
00-0
120
01-0
220
02-0
320
03-0
420
04-0
520
05-0
620
06-0
720
07-0
820
08-0
9
BALA
NCE
SHEE
T:
Sour
ces
of F
unds
:
Paid
up
Capi
tal
101.
8110
6.81
114.
3112
1.81
129.
3113
6.81
144.
3114
9.31
281.
0130
1.99
Rese
rves
and
Sur
plus
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
Secu
red
Loan
s0.
000.
000.
000.
006.
266.
446.
8370
.47
89.7
868
.24
Uns
ecur
ed L
oans
and
Int
eres
t:
Gov
t. of
Ind
ia61
5.67
623.
3963
7.68
646.
2265
3.72
661.
2270
0.99
331.
1424
8.71
283.
16
Stat
e Ba
nk o
f In
dia
255.
5727
2.90
290.
2229
0.22
290.
2229
0.22
255.
4625
5.46
255.
4625
5.46
Oth
ers
6.08
6.08
6.08
6.08
6.08
36.0
831
.32
24.0
920
.55
20.5
3
Tota
l97
9.23
1009
.28
1048
.39
1064
.43
1085
.69
1130
.87
1139
.01
830.
5789
5.61
929.
48
Appl
icatio
n of
Fun
ds:
Gro
ss B
lock
165.
8916
6.29
167.
2916
7.39
166.
9016
7.90
169.
2917
7.55
192.
1420
8.61
Less
: Cu
mul
ativ
e D
epre
ciat
ion
105.
0010
8.98
114.
2311
8.67
122.
2712
5.96
129.
9813
3.02
137.
8714
4.73
Net
Fix
ed A
sset
s60
.89
57.3
153
.06
48.7
244
.63
41.9
439
.31
44.5
354
.27
63.8
8
Capi
tal
Wor
k-in
-Pro
gres
s0.
160.
550.
680.
640.
690.
200.
524.
026.
235.
16
Def
erre
d Ta
x A
sset
0.00
0.00
0.00
0.00
0.00
0.00
0.00
109.
0110
2.36
105.
92
Curre
nt A
sset
s20
1.47
241.
5722
2.52
215.
7719
2.26
332.
3861
9.00
808.
2081
8.72
767.
02
Curre
nt L
iabi
litie
s an
d Pr
ovisi
ons
354.
7838
0.62
333.
7630
4.13
307.
3540
7.00
676.
9899
1.42
933.
3999
9.93
Net
Cur
rent
Ass
et(1
53.3
1)(1
39.0
5)(1
11.2
4)(8
8.36
)(1
15.0
9)(7
4.62
)(5
7.98
)(1
83.2
2)(1
14.6
7)(2
32.9
1)
Cum
ulat
ive
Loss
1071
.49
1090
.47
1105
.89
1103
.43
1155
.46
1163
.35
1157
.16
856.
2384
7.42
987.
43
Tota
l97
9.23
1009
.28
1048
.39
1064
.43
1085
.69
1130
.87
1139
.01
830.
5789
5.61
929.
48
Net
Wor
th *
(969
.68)
(983
.66)
(991
.58)
(981
.62)
(102
6.15
)(1
026.
54)
(101
2.85
)(7
06.9
2)(5
66.4
1)(6
85.4
4)
*Net
Wor
th =
Pai
d up
Cap
ital+
Free
Res
erve
s-A
ccum
ulat
ed L
osse
s
57
57
57th Annual Report
(Rup
ees
in c
rore
s)
1999
-200
020
00-0
120
01-0
220
02-0
320
03-0
420
04-0
520
05-0
620
06-0
720
07-0
820
08-0
9
PRO
FIT
AND
LOSS
ACC
OUN
T:In
com
e:Tu
rnov
er20
7.01
166.
6015
6.67
151.
0011
9.15
225.
3024
3.58
327.
6338
4.52
395.
81W
ork-
in-P
rogr
ess
(3.7
2)0.
4624
.13
4.43
0.55
(10.
07)
28.2
945
.60
41.3
664
.32
Oth
er I
ncom
e12
.83
11.2
820
.59
9.24
7.50
21.7
547
.01
26.5
484
.26
38.1
5
Tota
l21
6.12
178.
3420
1.39
164.
6712
7.20
236.
9831
8.88
399.
7751
0.14
498.
28
Expe
nditu
re:
Mat
eria
ls10
3.42
65.1
310
9.66
42.7
538
.03
103.
0814
4.54
190.
1922
2.55
264.
66D
irect
Exp
ense
s30
.62
26.6
224
.63
17.3
824
.97
39.6
543
.60
80.1
689
.88
62.1
0Pa
y &
Ben
efits
68.8
466
.91
64.0
572
.42
77.7
877
.88
82.6
792
.64
80.9
112
6.93
Taxe
s an
d D
utie
s9.
085.
331.
933.
202.
784.
298.
5913
.49
20.3
728
.68
Oth
er E
xpen
ses
19.6
014
.60
12.7
612
.11
12.3
814
.23
15.5
019
.12
25.9
131
.03
Prov
ision
s an
d Lo
sses
104.
3828
.45
7.99
16.5
819
.28
8.48
14.0
345
.15
8.74
14.0
7Pr
ior
perio
d A
djus
tmen
ts(1
58.3
1)1.
55(5
.58)
0.88
1.35
(0.8
6)(1
.92)
(387
.40)
(7.6
6)54
.44
Extra
ordi
nary
ite
ms
0.00
0.00
0.22
0.00
0.00
0.00
0.00
41.3
10.
080.
00Tr
ansf
ers
(6.3
9)(4
4.27
)(3
0.83
)(9
.28)
(2.8
5)(1
1.64
)(3
.32)
(3.8
4)(4
.45)
(4.3
2)
Tota
l17
1.24
164.
3218
4.83
156.
0417
3.72
235.
1130
3.69
90.8
243
6.33
577.
59
Prof
it /
(Los
s) b
efor
eIn
tere
st an
d D
epre
ciat
ion
44.8
814
.02
16.5
68.
63(4
6.52
)1.
8715
.19
308.
9573
.81
(79.
31)
Dep
reci
atio
n6.
005.
845.
445.
124.
324.
154.
074.
065.
826.
93In
tere
st25
.27
27.1
626
.54
1.05
1.19
5.61
4.93
34.7
044
.51
50.4
9Pr
ofit
/ (L
oss)
bef
ore
tax
13.6
1(1
8.98
)(1
5.42
)2.
46(5
2.03
)(7
.89)
6.19
270.
1923
.48
(136
.73)
Inco
me
Tax
0.00
0.00
0.00
0.00
0.00
0.00
0.00
78.2
75.
496.
85D
efer
red
Tax
asse
t0.
000.
000.
000.
000.
000.
000.
00(1
09.0
1)6.
66(3
.57)
Net
Pro
fit /
(Lo
ss)
13.6
1(1
8.98
)(1
5.42
)2.
46(5
2.03
)(7
.89)
6.19
300.
9311
.33
(140
.01)
Prof
it &
Los
s A
ppro
pria
tion
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2.52
0.00
Cum
ulat
ive
Prof
it / (
Loss
)(1
071.
49)
(109
0.47
)(1
105.
89)
(110
3.43
)(1
155.
46)
(116
3.35
)(1
157.
16)
(856
.23)
(847
.42)
(987
.43)
58HSL
HIN
DU
STA
N
SHIP
YA
RD
L
IMIT
ED
, V
ISAK
HA
PA
TN
AM
SHIP
S BU
ILT
S.No.
Nam
e of the Ship / Nam
e of the Ow
nerD
ead Weight
Date of
Date of
Date of
Tonnes
Laying K
eelL
aunchingD
elivery
12
34
56
1."Jalausha" T
he Scindia Steam N
avigation Co. L
td.8,179
22-06-194614-03-1948
26-10-1948
2."Jalaprabha" T
he Scindia Steam N
avigation Co. L
td.8,179
22-08-194620-11-1948
07-04-1949
3."K
utubtari" (Passenger-Ferry) The Scindia Steam
Navigation C
o. Ltd.,
--23-05-1947
18-12-194819-05-1949
4."Jalaprakash" T
he Scindia Steam N
avigation Co. L
td.,8,138
27-05-194808-08-1949
20-12-1949
5."Jalapankhi" T
he Scindia Steam N
avigation Co. L
td.,8,150
07-10-194906-12-1949
04-04-1950
6."Jalapadm
a" The Scindia Steam
Navigation C
o. Ltd.,
8,13726-01-1950
14-09-195018-01-1951
7."Jalapalaka" T
he Scindia Steam N
avigation Co. L
td.,8,141
26-01-195027-12-1950
03-04-1951
8."B
haratmitra" T
he Bharat L
ine Lim
ited8,134
28-09-195026-03-1951
02-07-1951
9."Jagrani" T
he Great E
astern Shipping Com
pany Ltd.,
8,12509-05-1951
15-12-195109-06-1952
10."Jalapratap" T
he Scindia Steam N
avigation Co. L
td.,8,125
09-05-195127-02-1952
09-08-1952
11."Jalapushpa" T
he Scindia Steam N
avigation Co. L
td.,8,087
26-12-195109-07-1952
17-10-1952
12."B
haratratna" The B
harat Line L
imited
8,10021-07-1952
26-08-195315-07-1954
13."Jalaputra" T
he Scindia Steam N
avigation Co. L
td.,8,114
21-07-195209-11-1953
19-08-1954
14."Jalavihar" T
he Scindia Steam N
avigation Co. L
td.,7,248
01-12-195316-08-1954
22-06-1955
15."Jalavijaya" T
he Scindia Steam N
avigation Co. L
td.,7,311
30-09-195326-03-1955
29-12-1955
16."V
idyut" Land C
ustoms D
epartment.
(Motor
Launch)
19-10-195318-08-1954
18-03-1958
17."Jalavishnu" T
he Scindia Steam N
avigation Co. L
td.,7,322
16-12-195302-11-1955
23-05-1956
18."State of K
utch" The E
astern Shipping Corporation L
imited
8,25302-09-1954
29-03-195625-11-1956
19."A
dyar" Madras Port T
rust(K
ort Nozzle T
ug)27-09-1954
31-12-195525-09-1957
20."A
ndamans" M
inistry of Hom
e Affairs
2,47010-08-1955
25-07-195604-12-1957
(Passenger cum cargo vessel)
21."State of O
rissa" The E
astern Shipping Corporation L
td.,8,160
08-12-195516-02-1957
31-12-1957
22."Jalavikram
" The Scindia Steam
Navigation C
o. Ltd.,
7,31216-04-1956
29-07-195726-03-1958
23."Jalaveera" T
he Scindia Steam N
avigation Co. L
td.,7,312
04-08-195622-11-1957
26-07-1958
59HSL
12
34
56
24."Jagm
itra" The G
reat Eastern Shipping C
ompany L
td.,6,391
31-08-195705-07-1958
10-06-1959
25."D
hruvak" Indian
Navy
(Mooring
Vessel)
27-01-195616-07-1958
16-11-1959
26."Indian Industry" T
he India Steamship C
ompany L
imited
6,41907-12-1957
12-12-195827-10-1959
27."Jayalakshm
i" New
Dholera Steam
ships Lim
ited5,405
22-08-195722-04-1959
27-01-1960
28."State of U
ttar Pradesh" The E
astern Shipping Corporation L
td.,9,632
03-10-195831-12-1959
16-01-1961
29."R
.S.V. H
aldia" Calcutta Port C
omm
issioners(Port Survey V
essel)16-11-1956
11-06-196025-03-1961
30."State of R
ajasthan" The E
astern Shipping Corporation L
td.,9,644
22-01-195929-04-1960
18-05-1961
31."V
ishvanidhi" The W
estern Shipping Corporation of India L
td.,9,666
11-05-195906-09-1960
02-10-1961
32."State of Punjab" T
he Shipping Corporation of India L
td.,12,557
02-12-195916-04-1961
06-04-1962
33."V
ishva Shanti" The Shipping C
orporation of India Ltd.,
12,60629-09-1960
25-01-196114-09-1962
34."V
ishva Prem" T
he Shipping Corporation of India L
td.,12,565
27-08-196020-12-1961
28-01-1963
35."V
ishva Maya" T
he Shipping Corporation of India L
td.,12,577
22-09-196006-04-1962
30-04-1963
36."V
ishva Mangal" T
he Shipping Corporation of India L
td.,12,608
05-05-196117-08-1962
23-09-1963
37."Jala K
ala" The Scindia Steam
Navigation C
o. Ltd.,
12,91312-10-1961
29-03-196312-11-1964
38."D
arshak" Indian N
avy(Survey
Vessel)
14-10-195702-11-1959
28-12-1964
39."State of M
adhya Pradesh" The Shipping C
orporation of India Ltd.,
12,87308-01-1962
15-10-196304-05-1965
40."R
ohini" Hindustan Shipyard L
imited
(Launch)
20-08-1965
41."Jala K
endra" The Scindia Steam
Navigation C
o. Ltd.,
12,94724-05-1962
16-04-196429-01-1966
42."State of W
est Bengal" T
he Shipping Corporation of India L
td.,12,915
06-09-196205-12-1964
31-03-1966
43."Jalakanta" T
he Scindia Steam N
avigation Com
pany Ltd.,
12,91226-04-1963
01-07-196502-08-1966
44."State of M
ysore" The Shipping C
orporation of India Ltd.,
12,92313-11-1963
09-12-196511-10-1966
45."V
ishva Tej " T
he Shipping Corporation of India L
td.,12,886
04-05-196401-10-1966
02-10-1967
46."V
ishva Tirth" T
he Shipping Corporation of India L
td.,12,886
08-01-196528-12-1966
03-12-1967
47."V
ishva Seva" The Shipping C
orporation of India Ltd.,
12,95923-08-1965
26-04-196702-03-1968
48."V
ishva Siddhi" The Shipping C
orporation of India Ltd.,
12,97224-12-1965
15-11-196712-09-1968
49."V
ishva Bhakti" T
he Shipping Corporation of India L
td.,12,937
23-01-196715-04-1968
29-01-1969
60HSL
12
34
56
50."V
ishva Shoba" The Shipping C
orporation of India Ltd.,
12,93113-02-1967
24-09-196811-05-1969
51."V
ishva Shakti" The Shipping C
orporation of India Ltd.,
12,90019-05-1967
20-03-196917-12-1969
52."V
ishva Dharm
a" The Shipping C
orporation of India Ltd.,
12,85222-11-1967
08-10-196920-04-1970
53."V
ishva Vikram
" The Shipping C
orporation of India Ltd.,
12,88106-06-1968
09-02-197012-09-1970
54."Shanti" T
he Visakhapatnam
Port Trust
Launch
12-03-197014-12-1970
31-12-1970
55."V
ishva Darshan" T
he Shipping Corporation of India L
td.,12,883
16-12-196820-07-1970
02-07-1971
56."W
alchand" Hindustan Shipyard L
imited
(Landing
Craft)
01-05-197114-07-1971
30-09-1971
57."V
ishva Nayak" T
he Shipping Corporation of India L
td.,12,881
26-06-196930-11-1970
22-10-1971
58."T
.S. Rajendra" T
he Directorate G
eneral of Shipping(T
raining Ship)
20-10-196925-04-1971
27-03-1972
59."B
ombay D
uck - II" The V
isakhapatnam Port T
rust(D
redger)27-08-1971
12-07-197211-02-1973
60."V
ishva Karuna" T
he Shipping Corporation of India L
td.,13,967
26-08-197002-11-1971
02-03-1973
61."V
ishva Yash" T
he Shipping Corporation of India L
td.,13,986
18-03-197017-03-1972
18-05-1973
62."V
ishva Mam
ta" The Shipping C
orporation of India Ltd.,
13,97123-12-1970
23-08-197216-10-1973
63."V
ishva Bandan" T
he Shipping Corporation of India L
td.,13,765
30-06-197106-03-1973
04-03-1974
64."V
ishva Madhuri" T
he Shipping Corporation of India L
td.,13,762
25-11-197117-08-1973
16-08-1974
65."Indian E
ndurance" India Steam Ship C
ompany L
td.,14,197
29-03-197226-01-1974
16-03-1975
66."Jag D
oot" The G
reat Eastern Shipping C
ompany L
td.,21,298
11-09-197222-06-1974
23-03-1975
67."Jagat Priya" D
empo Stem
ships Ltd.,
21,39330-08-1973
03-10-197430-11-1975
68."Sagarika - 1" O
il & N
atural Gas C
omm
ission(Supply C
um C
rew V
essel)05-04-1974
07-08-197528-02-1976
69."Jag D
hir" The G
reat Eastern Shipping C
ompany L
td.,21,383
28-01-197414-03-1975
20-03-1976
70."Sagarika - 2" O
il & N
atural Gas C
omm
ission(Supply cum
Crew
Vessel)
18-12-197430-11-1975
30-03-1976
71."Jag D
harma" T
he Great E
astern Shipping Com
pany Ltd.,
21,42026-06-1974
24-07-197506-09-1976
72."Indian E
xplorer" India Steam Ship C
ompany L
td.,14,089
07-10-197417-11-1975
30-10-1976
73."Jag D
eesh" The G
reat Eastern Shipping C
ompany L
td.,21,406
16-03-197530-03-1976
12-03-1977
74."D
amodar G
anga" Dam
odar Bulk C
arriers Ltd.,
21,36526-07-1975
24-10-197625-06-1977
75."Indian G
race" India Steam Ship C
ompany L
imited
21,28321-11-1975
23-12-197629-03-1978
61HSL
12
34
56
76."Indian G
lory" India Steam Ship C
ompany L
td.,21,344
26-02-197604-08-1977
27-10-1978
77."Jala G
odavari" The Scindia Steam
Navigation C
ompany L
td.,20,914
02-07-197616-03-1978
16-04-1979
78."Jalagovind" T
he Scindia Steam N
avigation Com
pany Ltd.,
20,86825-10-1976
03-11-197805-12-1979
79."Jalagopal" T
he Scindia Steam N
avigation Com
pany Ltd.,
20,85012-04-1977
11-07-197911-09-1980
80."Jalagouri" T
he Scindia Steam N
avigation Com
pany Ltd.,
20,85425-10-1977
01-12-197927-03-1981
81."T
enneti" Hindustan Shipyard L
td.,(L
anding C
raft)29-10-1980
06-05-198129-09-1981
82."State of H
aryana" The Shipping C
orporation of India Ltd.,
16,70019-03-1979
27-07-198016-06-1983
83."N
and Rati" E
ssar Bulk C
arriers Ltd.,
26,71009-03-1981
30-01-198316-07-1984
84."State of G
ujarat" The Shipping C
orporation of India Lim
ited16,789
30-05-197903-06-1981
12-12-1984
85."Sam
udrika-4" OPSSV
Oil &
Natural G
as Com
mission
1,23122-04-1984
24-11-198409-12-1985
86."Sam
udrika - 5" OPSSV
Oil &
Natural G
as Com
mission
1,24022-05-1984
10-03-198519-03-1986
87."L
ok Mahesw
ari" Bulk C
arrier, SDFC
/ Moghul L
ine Ltd.,
26,72803-10-1981
20-08-198331-03-1986
88."Sam
udrika-6" OPSSV
Oil &
Natural G
as Com
mission
1,24012-08-1984
29-01-198524-09-1986
89."State of O
rissa" The Shipping C
orproation of India Ltd.,
16,80605-12-1979
10-01-198208-07-1986
90."Prabhu D
aya" Tolani Shipping C
ompany L
td.,26,713
04-02-198325-11-1984
02-03-1987
91."Sam
udrika-7" OPSSV
Oil &
Natural G
as Com
mission
1,24212-08-1984
23-06-198628-05-1987
92."Sagar B
hushan" (Drill Ship) O
il & N
atural Gas C
omm
ission9,113
12-08-198418-08-1985
04-11-1987
93."L
ok Rajesw
ari" The Shipping C
orporation of India Ltd.,
26,63905-03-1982
16-07-198427-10-1988
94."M
undeswari" C
entral Inland Water T
ransport Corporation
75001-08-1987
27-10-198814-01-1989
95."M
anjari" Central Inland W
ater Transport C
orporation750
01-08-198710-11-1988
30-01-1989
96."M
ahanadi" Central Inland W
ater Transport C
orporation750
01-08-198727-10-1988
14-01-1989
97."M
andakini" Central Inland W
ater Transport C
orporation750
01-08-198710-11-1988
30-01-1989
98."M
alta" Central Inland W
ater Transport C
orporation750
01-08-198710-01-1989
13-02-1989
99."A
gro" Central Inland W
ater Transport C
orporation750
01-08-198707-02-1989
13-02-1989
100."L
ok Prakash" The Shipping C
orporation of India Ltd.,
26,79019-07-1984
24-03-198512-04-1989
101."L
ok Prem" T
he Shipping Corporation of India L
td.,26,714
30-03-198529-05-1987
23-02-1990
62HSL
12
34
56
102."IN
S Savitri" OPV
, Indian Navy
OPV
25-06-198823-05-1989
20-11-1990
103."IN
S Gharial" G
RSE
/ Indian Navy
LST
L30-11-1989
01-04-199102-05-1991
104."IN
S Sarayu" OPV
, Indian Navy
OPV
25-06-198816-10-1989
04-10-1991
105."IN
S Sharada" Indian Navy
OPV
16-06-198922-08-1990
16-12-1992
106."L
ok Pratap" The Shipping C
orporation of India Ltd.,
26,71828-08-1985
31-07-198828-06-1993
107."IN
S Sujatha" OPV
, Indian Navy
OPV
16-06-198923-10-1991
03-11-1993
108."A
mbica" H
SD O
iler Indian Navy
1,00001-09-1993
10-12-199423-01-1995
109."M
aharashtra" The Shipping C
orporation of India Ltd.,
42,750 DW
T18-09-1986
23-09-199206-01-1996
(Bulker)
110."Sw
atantra" The V
isakhapatnam Port T
rust30 T
.B.P. T
ug10-09-1994
29-03-199712-09-1997
111."M
.V. G
oa" The Shipping C
orporation of India Ltd.,
42,750 DW
T20-11-1994
22-03-199615-01-1998
(Bulker)
112."M
.V. Sw
araj Dw
eep" - A&
N A
dministration
1200 Passenger-cum
-22-3-1994
11-12-19969-12-1999
Cargo vessel
113."M
ahathma" - T
he Visakhapatnam
Port Trust
50-T.B
.P. Tug
5-7-199822-3-1999
17-1-2000
114."Sardar Patel" - T
he Visakhapatnam
Port Trust
50-T.B
.P. Tug
5-7-199822-3-1999
27-5-2000
115."M
.V. T
amil N
adu" The Shipping
Corporation of India L
imited
42,750 DW
T13-4-1997
21-10-199815-9-2000
(Bulker)
116."M
.V. R
angat" - A&
N A
dministration
100 Passenger
30-09-199927-10-2000
16-10-2001V
essel
117."M
.V. B
aratang" - A&
N A
dministration
100 Passenger
30-09-199927-10-2000
17-01-2002
118."M
.T. K
abini" - New
Mangalore Port T
rust50-T
. B.P. T
ug17-08-1999
19-04-200103-08-2002
119."IN
S GA
J" - AT
VP H
ead Qtrs., I. N
avy25-T
. B.P. T
ug18-01-2000
31-08-200104-10-2002
120."M
.T. T
IRA
CO
L-II" M
ormugao Port T
rust45-T
B.P. T
ug11-10-1999
15-11-200131-3-2003
121."M
.V. C
houldari" A&
N A
dministration
100 Passenger Vessel
10-11-199905-01-2001
28-11-2003
122."M
.V. C
hapora - II" Murm
ugao Port Trust
45-T.B
.P. Tug
11-10-199925-01-2002
24-12-2003
123."M
.V. T
eal" A&
N A
dministration
100 Passenger Vessel
10-11-199905-01-2001
24-02-2004
124."M
.V. Jolley B
uoy" for A&
N A
dministration
100 Passenger Vessel
18-11-199923-04-2001
20-05-2004
63HSL
12
34
56
125."M
.V. W
andoor" for A&
N A
dministration
100 Passenger Vessel
18-11-199923-04-2001
15-07-2004
126."FR
P Launch" for V
isakhapatnam Port T
rust- - -
- - -- - -
02-01-2005
127."R
avi-B" for M
/s Sarat Chatterjee &
Co.
17.5 Ton Floating C
rane29-02-2000
05-09-200309-05-2004
128."M
.V. H
utbay" for A&
N A
dministration
100 Passenger Vessel
08-12-199906-10-2002
11-02-2005
129."G
.H.D
. Sagar Durga" for V
isakhapatnam Port T
rust500 Cu.M
Grab Hopper Dredger30-09-1999
05-09-200309-02-2005
130."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -02-02-2005
131."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -02-02-2005
132."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -02-02-2005
133."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -08-02-2005
134."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -08-02-2005
135."B
arge" for A&
N A
dministration
10x6x2 Mtrs. B
arge- - -
- - -16-02-2005
136.M
.V. Strait Island for A
&N
Adm
inistration100 Passenger V
essel18-12-1999
11-01-200320-05-2005
137.M
.V. Jhansi R
ani for Visakhapatnam
Port Trust
50 Ton B
.P. Tug
03-11-200017-06-2003
01-09-2005
138.O
RV
Sagar Manjusha for N
IOT
Buoy T
ender cum23-12-2004
3-11-200514-06-2006
Research V
essel
139.M
.L. R
adha Nagar for A
&N
Adm
inistrationU
tility Launch
- - -- - -
18-07-2006
140.M
.L. U
ttava for A&
N A
dministration
- do -- - -
- - -18-07-2006
141.M
.L. N
imbutala for A
&N
Adm
inistration- do -
- - -- - -
02-11-2006
142.M
.L. N
ilambar for A
&N
Adm
inistration- do -
- - -- - -
02-11-2006
143.M
.V. G
ood Providence, GM
L, C
hennai30,000 D
WT
Trader Services
29-07-0522-01-07
31-05-2007B
ulk Carrier
144.M
.V. G
ood Princess, GM
L, C
hennai30,000 D
WT
Trader Service
18-01-0616-05-07
23-01-2008B
ulk Carrrier
145.M
.V. G
ood Pacific, GM
L, C
hennai- do -
01-02-0703-01-08
07-05-2008
146.M
.V. K
avaratti, UT
L A
dministration
700 Passengers-C
um-C
argo21-10-2000
14-02-0527-06-08
Vessel
64HSL
147.M
.V. B
ambooka for A
&N
Adm
inistration150 Passenger V
essel08-12-1999
14-06-200406-11-2008
148.M
.V. N
orth Passage for A&
N A
dministration
150 Passenger Vessel
08-12-199914-06-2004
06-11-2008
149.M
.V. Jal Sudhak for V
isakhapatnam Port T
rustO
il recovery and18-10-2003
15-10-200827-04-2009
Pollution control Vessel
150.M
.V. G
ood Pilgrims for G
ML
, Chennai
30,000 DW
T T
rader18-12-2007
14-11-200810-08-2009
series Bulk carrier
151.M
.T. Isw
ari for New
Mangalore Port T
rust32T
Bollard Pull T
ug20-01-2007
05-06-200817-08-2009