Hindustan Shipyard Ltd-09

SANSCO SERVICES ~

^RepR eRT

Hindustan Shipyard Limited(A Govt of India Undertaking)

ISO 9001:2000 Certified

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cTT 14-11-2008 - 31 .11118 (MdfiJHT

14-1 1-2008 - Launching of the VC1 1 118, "MV Good Pilgrims"

en 28-05-2009 -28-05-2009 - Launching of the 1st Inshore Patrol Vessel "Rani Abbaka"

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CONTENTSJ

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

Nil I 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

"Good Pilgrims" 30,000 DWT Trader Series Bulk Carrier built at HSL forM/s Goodearth Maritime Limited

Major repair of Rig Sagar Ratna of ONGC

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HINDUSTAN SHIPYARD LIMITED(A Government of India Undertaking)

Gandhigram, VISAKHAPATNAM - 530 005

BOARD OF DIRECTORS

Whole-time Directors

Grade. NARESH KUMAR, VSM, IN (Retd)Director (Technical) and

Chairman & Managing Director (A.C.)

Shri RAKESH MAHAJAN' Director (Finance & Commercial)

(from 01-12-2008)

RAdra. AJIT TEWARI, AVSM, NM, IN (Retd)Chairman & Managing Director

( t i l l 30-11-2008)

Official Part-time Directors

Shri VINEET GARGDirector (from 16-07-2009)

Dr. T.R.K.RAODirector (from 06-08-2009)

Shri RAJNEESII GUPTADirector ( t i l l 16-07-2009)

Shri K.V.BRAHMANANDA REDDYDirector ( t i l l 06-08-2009)

Non-Official Part-time Director

Capt. P.V.K.MOHANDirector (from 06-06-2008)

Cmde. M.K.Murthy, IN (Retd)Director ( t i l l 08-07-2008)

COMPANY SECRETARYShri INAITULA BAIG

BANKERS

1. Indian Bank2. State Bank of India3. UCO Bank4. Syndicate Bank5. Corporation Bank6. Canara Bank

AUDITORS

M/s. Brahmayya & Co.,Chartered Accountants"SUHASINI" 10-50-24, SiripuramVisakhapatnam - 530 003.

REGISTERED OFFICE

209 & 209A, Vikram Tower16, Rajendra PlaceNew Delhi-110 008

PhoneFax

011-25737425011-25730029

HEAD OFFICE & WORKS:

Gandhigram

Visakhapatnam - 530 005

Phone : 0891-2577404/2577659/

9951542132 (PRO)

Fax : 0891-2577502/356/667

E-mail : [email protected] : www.hsl.gov.in

HSL

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BOARD OF DIRECTORS

Cmde. Naresh KumarChaitman & Managing Director (AC)

Shri Rakesh MahajanDirector (Finance & Commercial)

Capt. P.V.K. Mohan

Shri Vineet Garg Dr. T.R.K.Rao

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Hindustan Shipyard Limited)

CHAIRMAN'S SPEECH

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

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57th Annual Report

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. Ail 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 ciass 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 itsJVIOU 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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Hindustan Shipyard Limited\

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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57th Annual Report

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. 1,40,0007-(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 i

HINDUSTAN SHIPYARD LIMITED: :VISAKHAPATNAM-530 005

DIRECTORS' REPORT FOR THE YEAR 2008-09

The Directors are pleased in presenting to you the 57th Annual Report1 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:

LAST FIVE YEARS INCOME (RS. IN CRS-.)

2004-05 2005-06 2006-07 2007-08 2008-09

Description

Income

Profit/(Loss) before Depreciation,interest and income tax

Depreciation

Interest & Finance charges

Profit/(Loss) before tax

Fringe Benefit Tax

Provision for Income Tax of earlier years

Deferred tax asset

Net profit /(Loss) after income tax

All figures in Rupees Crores

Ship Building

276.26

(55.33)

3.60

8.00

Ship 'Repairs & Retrofit

221.13

78.32

2.25

9.72

Unallocated

0.89

(102.30)

1.07

32.77

Total

498.28

(79.31)

6.92

50.49

(136.72)

0.28

6.57

(3.56)

(140.01)

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•m^H^^^MHHi ^^^^^^^H^n«^BBBBa^^^^H^H^HBBHBHBHBBBMBHB 57"' Annual ReportThe "NIL COMMENT" Report of the Principal Director of Commercial Audit & Ex-Officio Member

Audit 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.

Production in DWT 73743

63772Productivity -

Manli&s/DWT

51.22

I*,*.

2004-0512005-06 2006-07 2007-082008-0,_____1_, |

1 6 2 | 5 1 . Z 2 475 28 42

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.,

Indian Coast Guard

Visakhapatnam Port Trust

Indian Navy

53,000 DWT Bulkers

IPVs for Indian Coast Guard

50 Ton Tugs

Submarine Repair- Navy

Total Ships on order excluding submarine repair of Indian Navy

6

5

21

13

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Hindustan Shipyard Limited••••••• ••• •••• •••• ^^^^ •••• ^ •••iH

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.

Fourth and Last 30,000 DWT Trader series bulk carrier was deliveredM/s Goodearth Maritime Limited, Chennai on 10.08.2009

to

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

Good earth Maritime Limited



Indian Coast Guard

Third Inshore Patrol Vessel

Second 53000 DWT Diamond series bulk carrier

First 50-Ton Bollard pull tug

Second 50-Ton Bollard pull tug

Fourth Inshore Patrol Vessel

07.01.09

21.03.09

21.03.09

21.03.09

02.04.09

Floating/Launching

New Mangalore Port Trust




Indian Coast Guard

32-Ton Bollard Pull Tug

Oil recovery & pollution Control Vessel

Fourth and Last 30,000 DWT Trader series bulk carrier

First 53000 DWT Diamond series bulk earner

1st Inshore Patrol Vessel

05.06.08

15.10.08

14.11.08

23.03.09

28.05.09

Deliveries


Union Territory of Lakshadweep

Andaman & Nicobar Admin.

Andaman & Nicobar Admin.



New Mangalore Port Trust

Third 30000 DWT bulk carrier

700 passenger-cum-160 Ton cargo vessel

First 150 passenger vessel

SecondlSO passenger vessel

Oil recovery & pollution control vessel

Fourth and Last 30,000 DWT Trader series bulk carrier

32-Ton Bollard Pull Tug

07.05.08

27.06.08

06.11.08

06.11.08

27.04.09

10.08.09

17.08.09

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57lh Annual ReportSHIPREPAIR 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

Activity

Turnover (Rupees in lakhs)

Drydock occupancy days

Target

10000

475

Actuals

10846

770

2008-09

Target

11000 .

365

Actuals

14413

1501

Shiprepair Income (Rs. in Crs.)

1 A.C\ no .W

O*~ i?n nnc— 1 nn nn .vt

on nn -

fin oo .

4

»7 an— 4

93.02^— -*•• ""

' in» 4« ^-

144.

^t

^

\ &

t-

2005-06 2006-07 2007-08 2008-09

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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Hindustan Shipyard Limitedi

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) SOT 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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57th Annual Report

LT & HT Switch gear on substation

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 earned 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.

, — , , f 13 1

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Hindustan Shipyard Limited]

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 SOT 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 hul l 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 l(one) in group C have been filled in the first Quarter of 2009 i.e., Feb/Ma.ch 2009. The 2(two) backlogvacancies in the workmen category will be filled in the next recruitment.

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57lh Annual Report

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-IIIdt.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 Anncxure-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 inAnncxurc-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, "SlJIiASINI", 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 56m 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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•••••••••••••••••.•iiiii. iiiiiiiiiiiii mi,•«««• H i n n a MiiiiHHii^^'"-'—•^limin-mjuiiiia 57th Annual Report

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

Held during the Attendedtenure of Directors

Rear Adm. Ajit Tewari

Cmde. Naresh Kumar

Shri. Rakesh Mahajan

Shri. Rajneesh Gupta

Shri. K.V.Brahmanada Reddy

Capt. P.V.K.Mohan

Cmde.M.K.Murthy

5

7

2

7

7

61

5

7

2

7

6

2

1

Attendance atthe last AGMheld on 26th

September,2008

Yes

Yes

No

Yes

Yes

No

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

Shri.K.V.Brahmananda Reddy

Shri. Rajneesh Gupta

Cmde Naresh Kumar

2

3

3

1

2

2

3

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

Annexure-1

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

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Annexure-2

INFORMATION AS PER SECTION 217(l)(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 levels1.

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

1.

2.

3.

4.

Electricity

a) Purchased units

Total Amount

Rate per Unit

b) Own generation

Coal

Furnace Oil

Consumption per unit of production

Current Year

12,730,016

Rs.5.24,86,879

Rs.4.12

NIL

Nil

Nil

N.A.

Previous Year

13,205,600

Rs.5,43,46,694

Rs.4.11

NIL

Nil

Nil

N.A.

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F O R M - B

A. RESEARCH & DEVELOPMENT

57th Annual Report

1. Specific areas in which R&D was • In house Design of new platform like 32T Bollardcarried out Pull Tug and SOT 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 product iv i ty 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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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.

1

Observation

5(h)(i) Non-provision of interest on termloan from State Bank of India amountingto Rs. 15600 lakhs

Reply

This has been adequately dealt in NoteNo.4 of Schedule 18 (B) Notes formingpart of the Accounts.

For and'ioh 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 March.2009, 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 yew.

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Kind attention is invited to note nos l(d) and l(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 ofschedulelSB, 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 31S| 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 at, reasonable 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.

i i i) 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 ( i i i ) 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.

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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 31s1 March 2009 for a period of more than sixmonths from the date they became payable except an amount of Rs.l39.221akhs together with interestand penalties, thereon in respect of customs duty payable on import of materials for constructionof well-platforms.

c) As at 31s1 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 f inanc ia lyear 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 arid 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 grantediany 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/societ-y. 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.

xvii i) 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.,


Place: Visakhapatnam (C.V. Ramana Rao)Partner

Membership No.018545

Date : 21.08.2009 Partner

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15-8-2008 - 62nd Independence DayCelebrations

21-11-2008 - Visit of Ms LakshmiVenkatachalam, IAS, Director-Generalof Shipping & Ex-Officio AdditionalSecretary, Govt.of India.

02-03-2009 - Keel Laying of the Vessel50-T Bollard Pull Tug by Sri AjayaKallam, IAS, Chairman,VPT

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Uft.l 1.137, 53,000 i

21-03-2009 - Keel Laying of theVC11137, 53,000 DWT Bulk Carrier bySri T. Sai Prasad, DGM (P&M), HSL

02-04-2009 - Visit of Admiral AnilChopra, AVSM, Director General, CoastGuard

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

.TT .TTq.., Tft.it(Tl.Et3tlft.) 3%

29-05-2009 - Visit of VAdm B. Kannan,AVSM, VSM - PO (ATVP) and RAdm.J. Zacharias, VSM - PS (SC)

30-05-2009 - Visit of MOD Core Com-mittee headed by Sri Gyanesh Kumar,IAS, Joint Secretary (Shipyards), MOD.

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--30,000 it.

1 0-08-2009 - Handing Over Ceremonyof Good Pilgrims.— 30,000 DWT BulkCarrier to GML, Chief Guest Capt. PVKMohan, Chairman, National ShippingBoard & Director of .HSL

ift. 'Ht

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

29-09-2009 - Keel for 5th IPVwas laid by Smt.rTripti Gupta W/o

11 Sri Rajeev Gupta/Joint Secretary,Ministry of Shipping, Govt. of India.

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57th Annual Report

ACCOUNTS

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BALANCE SHEET AS AT 31ST MARCH, 2009

As at

Sch 31st March, 2009Rs. In lakhs Rs. In lakhs

(Refer Note No. 10 of Schedule 18B)

(3) Current Assets, Loans & Advances :(a) Inventories

(b) Sundry Debtors

(c) Cash and Bank Balances

(d) Other Current Assets

(e) Loans and Advances

Current Liabilties & Provisions

(a) Current Liabilities

(b) Provisions

Net Current Assets

(4) Debit balance in Profit and Loss account

Total

Significant Accounting Policies and Notes to Accounts

Schedules 1 to 7 form an Integral Part of Balance Sheet

37215.3111722.32

11547.09

3308.2912909.02

76702.03

83329.4816663.5999993.07

18

(23291.04)98742.64

92947.49

As at -31st March, 2008

Rs. In lakhs

I. SOURCES OF FUNDS(1) Share Holders' Funds :

(a) Capital(b) Reserves and Surplus

(2) Loan Funds :(a) Secured Loans(b) Unsecured Loans

TotalII. APPLICATION OF FUNDS

(1) Fixed Assets :(a) Gross Block(b) Depreciation(c) Net Block(d) Capital Works in Progress

(2) Deterred Tax Asset

1 30199.222 9.50

3 6824.134 55914.64

520860.8814473.036387.85

515.96

28101:229.50

30208.72

8977.5462738.77 52472.47

92947.49 89560.73

19214.4513786.805427.65

622.576903.81 6050.22

10592.08 10235.59

25355.2214805.3421183.74

7169.8613357.8381871.99

78160.3915178.3793338.76

(11466.77)84741.69

89560.73

For and on behalf of the Board of Directors

RAKESH MAHAJANDirector

(Finance & Commercial)

INAITULA BAIGCompany Secretary

Place : VisakhapatnamDate : 21-08-2009

Cmde. NARESH KUMARChairman and

Managing Director (AC)

As per our report of even dateBrahmayya & Co.,


CV RAMANA RAO( Partner)

Membership No. 018545

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57lh Annual Report

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009

Sch

Year ended

31st March, 2009

III. Extraordinary Items :(1) Expenditure under V.R. Scheme

(net of grant-in-aid from Govt. of India)IV. Prior Period Adjustments 17

Profit before taxationV. Provision for :(1) Fringe Benefit tax(2) Current Year MAT

Less MAT credit entitlementInterest on MAT of earlier years

(3) Deterred Tax (Asset) / LiabilityProfit / (Loss) after taxationBalance of Loss brought forward from previous yearProvision towards transitional l iabil i ty in respect ofsick leave (as per AS15)Balance of Loss carried over to next year

Nominal value of equity share in Rupees

Earnings per Share ( Basic & Diluted) in RupeesSignificant Accounting Policies and Notes to Accounts 18Schedules 8 To 17 form an Integral Part of Profit and Loss Account.

0.005443.79

(13672.67)

28.000.000.00

656.77(356.49)

(14000.95)84741.69

0.0098742.64

1000.00(485)

Year ended31st March, 2008

I.(1)(2)

(3)

II.(1)(2)

(3)(4)(5)(6)(7)

INCOME :From Works & Other ServicesLess: Service Tax & VAT collectionsOther IncomeProvisions with drawnAccretion to /(Decretion) inWork in ProgressTotalEXPENDITURE :Materials ConsumedSubcontract & Off-Loaded Jobs andOther Direct ExpensesPay and Benefits to EmployeesOther ExpensesInterest & Finance chargesDepreciationProvisions and Losses

Less: Transfer to Other Accounts

Profit/(Loss) Before Extraordinary & prior period Items

8 39581.392867.68

y16

10

11

12131415

16

Rs. In lakhs

36713.713240.65574.03

6432.0846960.47

26466.04

6210.0412693.053102.795049.13

692.671407.36

55621.08431.73

55189.35(8228.88)

Rs. In lakhs38452.02(2036.96)

5663.572761.93

4136.07.,48976.63

22255.48

8988.348090.622590.584450.96

582.31873.48

47831.77445.22

47386.551590.08

7.72(765.83)2348.19

20.8028.00

(28.00)528.13665.72

1133.5485622.85

252.3884741.69

1000.0041.00










CV RAMANA RAO

( Partner)Membership No. 018545

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SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2009

As at

31st March, 2009

As at

31st March, 2008

Schedule - 1

SHARE CAPITAL

Authorised

30,04,000 - Equity Shares of Rs.1000 each

(Previous year 28,50,000 shares of Rs.1000 each)

Issued, Subscribed and Paid-Up

(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

Rs. in lakhs

30,400.00

30,199.22

Rs. in lakhs

28,500.00

28,101.22

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

RESERVES AND SURPLUS

Capital Reserve

Rs. in lakhs

9.50

Rs. in lakhs

0.00

Rs. in lakhs Rs. in lakhs

0.00 9.50

30

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57th Annual Report

As at31st March, 2009


Schedule - 3

SECURED LOANS

Due to Indian Bank in:

Term loan account

Cash Credit account

(Secured by Hypothecation of all the Fixed andCurrent Assets of the company)

Rs. in lakhs

4,314.07

2510.06

6824.13

Rs. in lakhs

5,211.75

3765.79

8977.54



Schedule - 4

UNSECURED LOANS

Loans from Government of India:

Received during 1-4-1995 to.. .31.03.2004

Interest accrued and due on above

Received since 01.04.2004

{Including Rs.9423.67 lakhs with default amountrepayable within one year (previous year Rs.7338 lakhs)

Interest accrued and due on above

Inter-corporate loans from various Port Trusts

Term Loan from State Bank of India together withInterest accrued and due thereon(Guaranteed by GOI - Refer Note No.4 of Sch.18 B)

Rs. in lakhs

5,080.00

8,892.73

9,907.00

4,436.09

2,052.82

25,546.00

Rs. in lakhs

5,080.00

7,655.77

9,607.00

2,528.87

2,054.83

25,546.00

55,914.64 52,472.47

www.sansco.net

Schedule - 5

Particulars

1

Tangible Assets

Land

Buildings:

a) On freehold land

b) On leasehold land

Railway sidings

Plant & Machinery

Slipways & Fitout warf

Drydock

Wet basin

Furniture

Boats & launches

Motor vehicles

Roads & Compound walls

Housing Estate, Hos-

pital & Other equpt.

Electrification of Buildings

Berth for well platforms

Building dock

Intangible Assets

Tribon software for shipbuilding

Total

Previous year

FIXED ASSETS

As on31.03.2008

0i.

1.72

5.23

1982.50

28.54

10946.47

524.04

402.49

342.09

54.99

35.78

56.50

402.03

245.84

581.15

203.47

3261.79

139.82

19214.45

17754.92

Gross

Additionsduring the

Year

3

0.00

0.00

0.00

0.00

1294.20

21.13

0.00

0.00

0.58

0.00

0.00

97.02

9.14

24.00

0.00

207.13

0.00

1653.20

1565.71

Block Depreciation

Sales/ As onadjustments 31.03.2009

during the year

4

0.00

0.00

0.00

0.00

5.97

0.00

0.00

0.00

0.00

0.00

0.81

0.00

0.00

0.00

0.00

0.00

0.00

6.78

106.18

5

1.72

5.23

1982.50

28.54

12234.70

545.17

402.49

342.09

55.57

35.78

55.69

499.05

254.98

605.15

203.47

3468.92

139.82

20860.87

19214.45

Upto For the year31.03.2008

6

0.00

4.43

1304.68

27.92

7983.70

263.80

361.46

252.96

39.71

34.04

. 46.08

342.41

149.13

505.73

175.03

2243.29

52.43

13786.80

13302.19

7

0.00

0.00

29.60

0.00

385.28

13.41

7.09

6.51

2.60

0.00

1.61

0.00

35.27

1.81

1.73

137.85

69.91

692.67

585.86

On Sales/Adjustmentsfor the year

8

0.00

0.00

0.00

0.00

5.67

0.00

0.00

0.00

0.00

0.00

0.77

0.00

0.00

0.00

0.00

0.00

0.00

6.44

101.25

Upto31.03.2009

9

0.00

4.43

1334.28

27.92

8363.31

277.21

368.55

259.47

42.31

34.04

46.92

342.41

184.40

507.54

176.76

2381.14

122.34

14473.03

13786.80

(Amount Rupees in lakhs) r"

Net Block p

As on31.03.2009

10

1.72

0.80

648.22

0.62

3871.40

267.96

33.94

82.62

13.26

1.74

8.77

156.64

70.58

97.61

26.71

1087.78

17.48

6387.85

5427.65

As on31.03.2008

11

1.72

0.80

677.82

0.62

2962.78

260.24

41.02

89.13

15.27

1.74

10.42

59.62

96.72

75.42

28.44

1018.50

87.39

5427.65

4452.73

Hindus!

1 1

£3

Shipyard Li1

3.r-f-OQ_

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57"1 Annual Report



Schedule-6 Rs. in lakhsCURRENT ASSETSINVENTORIES

(As valued and certified by the management)Steel 8569.50Stores & Spares , equipment and other Materials 2481.22Timber 51.06Materials-in-Transit and under inspection 6222.65Steel Cut Pieces on shop floor and Scrap(As per technical estimate) 130.47

Less : Provision for Obsolescence of materials 21.86Difference between Bin cards & PSL balances 223.81

Work-in-Progress:Ship Building under Construction

(b) SUNDRY DEBTORS

(Unsecured)Debts outstanding for more than 6 months:

Considered goodConsidered doubtful

Other debts, considered good

Less: Provision for doubtful debts

(c) CASH AND BANK BALANCES

Cash on HandBalances with scheduled banks in:Term and other Deposit accounts 10293.31

Current accounts 1251.32

In Post Office Savings Bank account

(d) OTHER CURRENT ASSETS

Interest Accrued on term depositsIncome Accrued in respect of Ship Building, ShipRepairs & Submarine Retrofit activitiesIncome Accrued in respect of Off-ShorePlatforms 5,508.21Less : Directly Payable to Third Parties 5.325.50

(Contra vide schedule 7A)

Rs. in lakhs

17,454.90

245.6717,209.23

20,006.08

37,215.31 -

2.44

11544.63

0.0211547.09

399.22,

2,726.36

Rs. in lakhs

7864.162507.47

49.721502.60

104.8012028.75

23.72223.81

11,781.22

13,574.00

25,355.22

2,432.782,018.494,451.279,289.54

13,740.812,018.49

11,722.32

4,131.411,533.765,665.17

10,673.9316,339.10

1,533.76

14,805.34

182.71

3,308.29

1.08

20908.32

274.32

0.0221183.74

666.61

6,320.54

5,508.21(5,325.50)

7,169.86

www.sansco.net


Rs. in lakhs(e) LOANS AND ADVANCES

Advances recoverable in cash or kind or for value tobe received from:Employees 25.80Suppliers of materials & services 11,217.86Less: Adjustable to SR Liabilties (contra) (50.80)Others 759.79Prepaid Expenses 27.62

Income Tax deducted at sourceMAT Credit entitlementBalances with Customs, Port Trust andOther Government authorities

Less : Provision for Doubtful Advances

Schcdule-7CURRENT LIABILITIES AND PROVISIONSA. Liabilities :

Sundry Creditors 18,863.45

Less: Adjustable to SR Advances (contra) 50.80

Less : Directly receivable from

third parties Contra vide Schedule 6(d) 5.325.50

Guarantee Fees payable to Government of India

Interest accrued but not due on unsecured loans

Advances from customers including interest thereon

Other Liabilities

Security Deposits from Employees,

Trainees. Contractors and Others

Temporary overdraft from banks(representing

cheques issued over and above the book balance)

B. Provisions for :

Gratuity

Leave Encashment

Liquidated damages

Future losses

Contingencies

Guarantee Repairs

Income Tax

Fringe benefit tax (net of pre paid taxes)


Rs. in lakhs

11,980.27689.9328.00

308.3713,006.57

97.55

12,909.02

13,487.15

5,917.01

290.54

56,268.76

7,182.74

183.28

0.00

83,329.48

4,774.01

1,461.60

564.28

1,988.22

164.70

362.69

7,348.09

0.00

16,663.59


Rs. in lakhs

1,457.5211,052.23

331.2091.18

12,932.13304.2128.00

354.2713,618.61

260.78

13,357.83

• T

21,065.61

0.00

5.325.50

15,740.11

5,406.09

307.89

53,627.50

2,489.98

135.31

453.51

78,160.39

4.010.20

1,026.39

691.63

2,259.18

121.43

198.84

6,870.00

0.70

15,178.37

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57th Annual Report

Schedules forming part of the Profit and Loss Account for the year ended 31st March, 2009

Year ended

31st March. 2009

Year ended

31st March, 2008

Rs. in lakhs

Schedule-8

INCOME FROM WORKS AND OTHER SERVICES

Income from:

Shipbuilding Works - Contractual Income

- Government subsidy- Miscellaneous works

Ship Repairs:

Repair works

Dry dock hire charges

Wet basin hire charges

Other services

Submarine Retrofit

14,631.79

4,784.93

0.00

12,871.93

231.73

588.48

720.65

Rs. in lakhs

19,416.72

14,412.79

5,751.88

39,581.39

Rs. in lakhs

15,558.68

4.591.16

65.19

9,511.36

164.50

517.45

652.26

7,391.42

38,452.02

Schedule -9

OTHER INCOME

Interest Received from banks & others (net of interestreimbursable to customers)Foreign Exchange variationSale of scrap, stores & disposable materialsLess: Excise duty & VAT

Rent receivedLess: Service TaxFines and forfeituresMiscellaneous ReceiptsProfit on sale of Assets

Provisions of earlier years no longer required

Schedule -10

ACCRETION TO/(DECRETION IN)

WORK-IN-PROGRESS

Closing work-in-progress:

Ship Building under construction

Opening work-in-progress:

Ship Building under construction

Accretion to/(Decretion in) work-in-progress

730.65

35.08

65.59

5.51

1480.81

695.57

60.08

101.13

17.10

1.39

884.57

3240.65

20006.08

13574.00

6432.08 .

2437.35

1317.79

629.71

(49.56)

57.42

207.14

27.95

85.60

950.17

5663.57

13574.00

9437.93

4136.07

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LAJs\i, Hindustan Shipyard i .nrnrpri^^.i^^^

Schedule -11MATERIALS CONSUMEDSteel

Stores & Spares

Timber

Direct Materials, Machinery & Equipment used in

Ship Construction

Shiprepair

Submarine Retrofit

Add: Stores procurement expenses

Schedule -12

SUB-CONTRACTS & OFF-LOADED JOBS

Sub contract & off-loaded job expenses in :

Ship Construction

Ship Repairs

Submarine Retrofit

Other Direct Expenses in :

Ship Construction *

Ship Repairs

Submarine Retrofit

Builders Risk Insurance in Ship Constuction

* includes Rs. 180 lakhs provision for Guarantee Repairs

Schedule -13

PAY AND BENEFITS TO EMPLOYEES

Salaries, Wages, Allowances etc.,

Wage revision arrears

Contribution to Provident Fund and other funds

Gratuity

Leave Encashment

Expenses on Training, Stipend etc.

Employees Welfare Expenses

Year ended

31st March. 2009

Rs. in lakhs

6,701.01

2,056.86

68.97

13,335.77

656.53

3,471.17

26,290.31

175.73

26,466.04

2,116.31

2,111.23

180.75

488.87

33.83

1,187.36

91.69

6,210.04

7,763.71

. 2,169.90

717.04

969.28

660.41

77.02

335.69

12,693.05

Year ended

31st March, 2008

Rs. in lakhs

3.485.58

1,180.25

78.19

14.146.97

1.646.28

1,166.99

21,704.26

551.22

22.255.48

1,974.89

1,535.20

551.95

853.46

6.37

3,959.59

106.88

8,988.34

6,722.03

0.00

533.82

389.81

126.57

49.21

269.18

8,090.62

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Rs. in lakhs

Schedule-14

OTHER EXPENSES

Power and Fuel (net of recoveries)

Water Charges (net of recoveries)

Rates and taxes (including customs duty on scrap sales)

Fire and Other Insurance

Rent

Repairs and Maintenance to :

a) Plant and Machinery 676.28

b) Buildings 208.88

e) Other Assets 47.16

Printing and Stationery

Local conveyance charges

Travelling Expenses

Communication expenses

Advertisement and Publicity

Salaries and other Expenses of Customs Staff

Demurrage Charges

Directors' Fees and Expenses:

A) Directors' Fees 0.10

B) Travelling Expenses 22.97

Auditors' Remuneration :

Statutory Audit 1.72

Expenses 0.14

Other services 0.00

Bad debts and irricoverable advances written off 0.00

Less: Provision for doubtful debts 0.00

Foreign Exchange variation

Miscellaneous Expenses

Year ended

31st March, 2009

Rs. in lakhs

593.70

120.09

125.03

13.33

120.62

932.32

2.00

80.83

43.97

35.59

24.98

30.78

1.73

23.07

1.86

0.00

452.74

500.15

Year ended

31st March, 2008

Rs. in lakhs

596.56 -1

1 16.55 :

106.03 •

23.12:

105.66;

697.56 '•

106.86 -

13.54'-

5.29

62.73

43.63

36.17

22.54

30.49

38.60

0.01

23.01

1.57

0.06

0.09

9.42

(9.42)

0.00

560.51

3102.79 2590.58

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Schedule-15

INTEREST & FINANCE CHARGES

Interest on :

Government Loans

Bank term loans & Cash Credit

Inter-corporate loans from various Port Trusts

Others

Guanratee fees payable to Government of India

Bank Charges

Schedule-16PROVISIONS AND LOSSES

Provisions made:

Obsolescence of Materials

Reduction in SR Bills

Doubt ful advances

Future losses

Liquidated Damages

Contingencies

Doubtful Debts

Losses:

Reductions in SR Bills

Bad debts written off

On Sale of Assets

Materials (evoperation of oils)

Provisions withdrawn:

Contingencies

Guarantee repairs

Difference between Bin cards & PSL balances

Future losses

Obsolscence

Year ended

31st March, 2009

Rs. in lakhs

3127.69

969.35

210.68

158.92

510.92

71.57

5049.13

0.83

453.95

0.00

232.59

192.43

113.75

336.97

40.92

35.92

0.00

0.00

1,407.36

70.48

0.00

0.00

503.55

0.00

574.03

Year ended

31st March, 2008

Rs. in lakhs

2791.37

866.03

147.50

37.17

510.92

97.97

4450.96

3.72

388.18

55.38

0.00

102.20

0.00

141.25

182.68

0.00

0.04

0.03

873.48

1,720.19

239.60

22.68

698.13

81.33

2,761.93

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57th Annual Report

Year ended

31st March, 2009

Year ended

31st March, 2008

Rs. in lakhs

Schedule-17

PRIOR PERIOD ADJUSTMENTS

A INCOME

Income from Shiprepairs

Writeback of ONGC Advance

Materials

Miscellaneous

B EXPENDITURE

SC Direct Expenses

SR Direct Expenses

RF Direct Expenses

Pay revision arrears

Materials & Freight

Pay and Benefits

Taxes & Duties

Repairs and Maintenance

Power and Fuel

Interest (including on GOI loans)

Others

Depreciation

Net Expenditure / (Income)

0.00

0.00

10.24

7.18

17.42

355.81

2.89

0.00

4,641.45

259.89

12.72

98.43

5.72

0.000.00

84.30

0.00

5,461.21

Rs. in lakhs

8.34

2.049.16

56.21

37.35

2,151.06

44.10

19.17

12.06

0.00923.88

302.29

37.55

7.760.15

29.97

4.75

3.55

1,385.23

5,443.79 (765.83)

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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.

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57'" Annual Report

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

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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.

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57th Annual Report

B. 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 & MPAct, 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

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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 GOT. 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 0.00 30.23

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.

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I. Reconciliation of opening and closing balances of Defined

Details

Benefit obligation

Gratuity(Funded)

Defined Benefit obligation at beginning of the year. Current Year. 4681.45(Previous year)

Interest Cost Current Year(Previous year)

Current Service Costs Current Year(Previous year)

Benefits Paid Current Year(Previous year)

Actuarial loss/(gain) on obligation Current Year(Previous year)

Defined Benefit obligation at year end Current Year(Previous year)

4452.12366.30347.69218.63165.24

(205.47)(211.87)443.97(71.73)5504.884681.45

Earned LeaveEncashment(Unfunded)

731.90942.4549.5464.2085.9372.02

(225.19)(295.02)438.70(51.75)1080.88731.90

'-Yimuai rvepuu

(Rs in Lakhs)

SickLeave

(Un funded)294.48

'252.38' . , : :Q"

086.2442.10

0000

380.72 •-,' 294.48

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

DetailsFair value of plan assets at beginning of the period.Expected return on plan assetsContributionBenefits paidActuarial loss/(gain) on obligation (balancing figure)Fair value of Plan Assets as at the end of the period

III Reconciliation of fair value of assets and obligations As at

Details

Fair value of plan assets Current Year(Previous year)

Present value of obligation Current Year(Previous year)

Amount recognized in Balance SheetCurrent Year(Previous year)

31/03/2009

Gratuity

730.88671.255504.894681.454774.014010.20

2008-09668.10

53.45205.47

(205.47)9.33

730.88

LeaveEncashment(Unfunded)

00

1080.88731.901080.88731.90

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

Details

Current Service Cost Current Year(Previous year)

Interest Cost Current Year(Previous year)

Expected return on plan assets Current Year(Previous year)

Actuarial (gain)/loss Current Year(Previous year)

Expenses recognized in the statement of P&L a/c Current Year(Previous year)

Gratuity(Funded)

218.63165.24366.30347.69(53.45)(41.11)437.80(9.01)969.28462.81

LeaveEncashment(Unfunded)

85.9372.0249.5464.20

00

438.7051.75

574.1784.47

(Rs in lakhs)

2007-08619.84

41.11211.87

(211.87)7.15

668.10

(Rs. in lakhs)

Sick Leave(Unfunded)

00

380.72294.48380.72294.48

(Rs.,in lakhs)

SickLeave

(Unfunded)

86.2442.10

000000

86.2442,10

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V. Investment Details(Percentage invested)

Description

Gol SecuritiesSpecial Deposit SchemelOthers (T.D.R.s)

Total : »

Gratuity as on 31/03/09

0.2017.4082.40

100.00

Gratuity as on 31/03/08

0.2019.4080.40

100.00

VI. Principal Actuarial AssumptionsGratuity(Funded)

Leave Encashment(Unfunded)

01-04-20088.00%5.00%1.00%8.00%

31-03-20097.34%6.00%

8.30%,

01-04-20088.00%5.00%1.00%8.00%

31-03-20097.34%

6.00%1.00%0.00%

Discount RateSalary Escalation RateAttrition RateExpected Rate ofreturn 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-a-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 Report

SEGMENT 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

Segment Income:

Sales

WIP (Accretion/Decretion)

Other Income

Total Income

Segment Expenditure:

Materials & Direct Expenses

Direct Labour

Total Segment expenditure

Segment Result

Overheads

Provisions and Adjustments

Net Segment Result

Fringe Benefit Tax

Income Tax

Deferred Tax

Total Result

Other information

Segment Assets

Segment Liabilities

Capital Expenditure

Depreciation

Non-cash expenditure other than Dep.

Shipbuilding

19416.73

6432.08

1777.52

27626.33

25235.89

1583.42

26819.31

807.02

6632.88

867.89

(6693.75)

(6693.75)

39511.42

54491.45

449.61

360.27

0.00

Shiprepairs

14412.77

0.00

811.65

15224.42

4564.10

211.56

4775.66

10448.76

2410.34

600.84

7437.58

7437.58

15599.29

20013.99

362.12

40.01

0.00

Retrofit

5751.88

0.00

1136.45

6888.33

5743.77

126.44

5870.21

1018.12

1906.33

(86.03)

(802.18)

(802.18)

24128.45

44204.47

841.47

185.26

0.00

Un-allocated

0.00

0.00

89.07

89.07

0.00

0.00

0.00

89.07

8666.65

5036.73

(13614.31)

28.00

656.77

(356.49)

(13942.59)

14958.78

74230.68

0.00

107.13

0.00

Total

39581.3$

6432.08

3814:69

49828.15

35543.76

1921.42

37465.18

12362.97

19616.21

6419.43

(13672.67)

28.00

656.77

(356.49)

(14000.95)

94197.94

192940.58

1653.20

692.67

o.odr

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2008-09 2007-08

9.

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)

ii)

iii)

b)

RAdm.AjitTewari, Chairman & Managing Director,up to 30-11-2008.

Cmde. Naresh Kumar. Director (Technical) & Chairman &Managing Director (AC) (from 01.12.2008)

Shri.Rakesh Mahajan, Director (Finance & Commercial) (from01-12-2008).

Details of transactions carried out with the above stated relatedparties: Remuneration paid during the year

a) Net profit/(Loss) as per profit and loss account (Rs. In lakhs)

b) Weighted average number of equity shares used as Denominatorfor calculating EPS

c) Earnings per share: Profit/(Loss) Basic & Diluted

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.

ii) Provisions made against doubtful debts, doubtfuladvances and contingencies etc.

iii) Set off of unabsorbed depreciation available under IncomeTax Act

Total

b) Deferred Tax liability:

i) Timing Difference between book and tax depreciationNet Deferred Tax Asset

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

i(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 has."''-been revised to Rs 132334 lakhs as at 31.3.2009 from Rs 113736 lakhs

as at 31.3.2008.

15.34

(14000.95)

2885733

Rs.(485.00)

5302.16

1163.51

4948.96

11414.63

822.5510592.08

17.49

1133.54

2746560

Rs. 41.00

4797.66

1809.14

4425.48

11032.28

796.6910235.59

132334 113736

48

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13. Information under Schedule VI to the Companies Act, 1956

i) Licensed & Installed Capacities and Actual Production:

57th Annual Report

2008-09 2007-08

Licensed Capacity

A

B

Ship Construction

Well Platforms

Not Applicable

2 Well PlatformsPer annum (8000 MT ofstructural fabrication)

Not Applicable

2 Well PlatformsPer annum (8000 MT ofstructural fabrication)

Installed Capacity

Ai)

ii)

B

Ship Construction

Rated Capacity as Reckonedby consultant

Well Platforms

6.5 Pioneer Class vesselsof 21 500 DWT each.

3.5 Pioneer class vesselsof 2 1500 DWT each.

2 Well Platforms per annum

6.5 Pioneer Class vessels of21500 DWT each.

3.5 Pioneer class vessels of2 1500 DWT each.

2 Well Platforms per annum

Actual Production

A

B

Ship Construction

Well Platforms

2.96 Pioneer class vessels(296.614) Standard Pioneer Units)

Nil

3.43 Pioneer class vessels(342.929) Standard Pioneer Units)

Nil

Capacity Utilization*

A

B

Ship Construction

i) At 6.5 Vessels

ii) At 3.5 Vessels

Well Platforms

45%

85%

Nil

53%

98%

Nil

*inclusive of outsourcing and submarine works.

ii) Materials Consumed:

Rs.in lakhs

Description

Steel

Pipes

Paints

Pipe Fittings and others

Ships Machinery and Equipt.

Others

Ship Repair Materials

Retrofit Materials

Total

2008-09

Unit Quantity

M.T 16792.

Meters 10034

Ltrs. 43965.

Nos. 37434

Value

6701.01

24.76

111.60

1387.40

13335.77

602.07

656.53

3471.17

26290.31

2007-08

Quantity

11173

34222

41913

39861

Value

4341.36

116.93

109.92

126.14

14146.97

49.67

1646.28

1166.99

21704.26

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I * S_rHn PT***LJUL—J

in)

i)

ii)

iii)

iv)

iv)

a)

b)

v)

vi)

Sl.No.

i.

ii.

iii..

iv.

V.

Break up of Materials Consumed:

Value of all Imported Materials including components and spareparts consumed during the year

Value of all Indigenous Materials including components and spareparts consumed during the year

Percentage of item (i) to total consumption

Percentage of item(ii) to total consumption

Expenditure in Foreign Currency

i) Royalty, Know-how and Professional Consultancy fees

ii) Traveling Expenses

iii) Others

CIF value of imported materials , components & spareparts and capital goods.

Earnings in Foreign Currency from ship repair activity

Details of Remuneration to Chairman & Managing Director and

Particulars

Salary and Allowances

Contribution to Provident Fund & Group Gratuity Scheme.

Reimbursement of Entertainment Expenses

Reimbursement of Medical Expenses

Value of Perquisite in respect of use of car (as per I.T. rules)

Total

2008-09

21874.19

4416.12,

83.20 -

16.80

0.00

0.00

3914.36

23790.64-

3833.91

2007-08

18263.62

3440.64

84.15

15.85

0.00

0.58

515.39

25938.91

952.60

other whole-time Directors:

2008-09

12.26

1.51

1.18

0.33

0.06

15.34

(Rs in lakhs)

2007-08

15.53

1.57

0.22

-. 0.13

0.04

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.

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increase-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.

57th Annual Report


RAKESH MAHAJANv Director










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Hindustan Shipyard Limitedt

Balance Sheet Abstract and General Business Profile of Hindustan shipyard Limited, Visakhapatnam

REGISTRATION DETAILSREGISTRATION NO. U74899DL1952GOI002064BALANCE SHEET DATE : 31.03.2009

CAPITAL ISSUED DURING TFIE YEAR

Public IssueBonus IssueRights IssuePrivate PlacementIssued to Government of India

STATE CODE : 01

Amount in Rs. thousandsNILNILNILNIL

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

9,294,749

690,3811059208

(2.329,104)9,874,2649,294,749

Amount in Rs. thousands46960476063314-1367267-1400095

-485NIL

APPLICATION OF FUNDSNet Fixed AssetsDeferred Tax AssetNet Current AssetsAccumulated Loss

PERFORMANCE OF THE COMPANY

Turnover (including other income)Total ExpenditureProfit / (Loss) before taxProfit / (Loss) after taxEarnings per share in Rupees (face value Rs.1000/-)Dividend

GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANYItem Code Product Description8901 1001 Ships8901 9001 Bulk Carriers8904 0000 Tugs












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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 &Prior period itemsAdjustments for:DepreciationInterest paidInterest receivedLoss/(profit) on sale of fixed assetsOperating Cashflow before working capitalchanges & Extraordinary & Prior Period itemsExtraordinary Items :Expenditure under V.R. Scheme (net of grant-in-aidfrom Govt. of India)Provision towards liabity on sick leave of prev years (AS 15)Prior Period items: Net ExpenditureOperating Cashflow before working capitalchanges & after Extraordinary & Prior Period itemsAdjustments for working capital changes:InventoriesTrade and other receivablesTrade and other payablesCash generated from operation (A)

B. Cashflow from Investing acitivities:Purchase of fixed assetsCapital Work-in-progressSale of fixed assetsCapital fundInterest received

Net Cash from investing operation (B)

C. Cashflow from financing activities:Proceeds from Share CapitalProceeds from Borrowings from GOI & BanksInterest paidNet Cash from financing operation (C)

D. Net Increase in Cash & CashEquivalent (A)+(B)+(C)

Cash and cash equivalent at thebeginning of the yearCash and cash equivalent at theend of the year

(8228.88)

692.67 "5049.13

(1480.81)(1.39)

(3969.28)

0.00

0.005443.79

(9413.07)

(11860.09)7393.405969.54

(7910.22)

(1653.20)106.61

1.720.00

1480.81

(64.06)

2098.001288.76

(5049.13)(1662.37)

(9636.65)

21183.74

11547.09

1590.08 ,

585.86-.,:4450.96

(2437.35)(85.56)>

4103.99^

7.72

252.37 'U(765.83) - j

4609.73 •;;(12149.49)..'

4111.44(6352.13)(9780.45)

(1565.71)(221.06)

90.480.00

2437.35

741.06

13170.00(6665.85) :

(4450.96)2053.19

(6986.20)

28169.94

21183.74 ,










CV RAM ANA RAO( Partner)


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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

DetailsThis year

Details TotalPrevious Year

Details Details Total

Schedule -22EXPENDITURE ON TOWNSHIPAND RESIDENTIAL QUARTERS

Administration & Maintenance:Salaries, Wages & Other BenefitsHousing Estate Site RentProperty Tax on Residential BuildingsElectricity and Water Charges

.-Repairs and MaintenanceColony Security•Miscellaneous ExpenditureDepreciation

Less: Income-Rent

Electricity and Water ChargesExpenditure on Social Overheads:.Schools and Educational FacilitiesLess: Educational GrantOn Medical facilities uvci and aboveStatutorily required to be maintained

-On Subsidised CanteenOn Subsidised lunch for Officers,Staff and WorkmenOn Subsidised transport :Boats and launchesOn Social & Cultural Activities

Expenditure on Public Relations and"Publicity:'"Salaries*< Publicity

146.0514.395.26

179.38146.9227.99

2.48

60.08

83.09

44.6136.69

74.03

189.43

32.62

522.4711.35

533.82

143.17

7.92

410.45

263.46

32.620.56

390.65

715.011105.66

6.151.571.12

144.8012.795.27

161.7233.1630.29

3.05

57.42

74.11

38.5636.49

64.20

146.77

33.96

391.0811.25

402.33

131.53

2.07

297.08

210.97

33.960.56

270.80

544.64815.44

5.085.24

10.32NOTLS:1. Interest on capital outlay on Township and Residential

Rs.562.12 lakhs written down value Rs. 190.64 lakhs as

2.

3.

financed out of Equity Share Capital exceptGandhigram High School.

quarters and for providing other Socialon 31.03.2009)

for an amount of Rs.0.45

• The figures of Township Expenditure and Income havethe company. The expenditure has been in

been collected

has not beenlakhs out of

only to the

taken intoAmenities (original cost ofaccount since this has been

grant of Andhra Pradesh in respect of

extent practicable from the accounts ofthe individual primary heads in the Profit and Loss Account.

Previous year's figures have been recast wherever necessary.












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CAPITAL OUTLAY ON TOWNSHIP RESIDENTIAL QUARTERS

PARTICULARS

31

Land

Buildings

Roads & compound walls etc

Electrical Installations

Hospital Equipment

Motor Vehicles

Total

Previous Year

GROSS BLOCK

As on Additions Sales/ As on Upto.03.2008 during the Adjustment 31.03.2009 31.03.2008

year during theyear

1.72 0.00 0.00 1.72 0.00

490.99 0.00 0.00 490.99 296.90

26.31 0.00 0.00 26.31 24.41

18.41 0.00 0.00 18.41 17.32

3.45 0.00 0.00 3.45 2.83

21.24 0.00 0.00 21.24 18.67

562.12 0.00 0.00 562.12 360.13

576.31 0.00 14.19 562.12 363.08

FOR PROVIDING SOCIAL AMENITIES

(Rs. in lakhs)

DEPRECIATION NET BLOCK

For the Year On Sales/ Upto As on A.S onAdjustment 31.03.2009 31.03.2009 31.03.2008for the year

0.00 0.00 0.00 1.72 1.72

9.60 0.00 306.50 184.49 194.09

0.33 0.00 24.74 1.57 1.90

0.13 0.00' 17.45 0.96 1.09

0.13 0.00 2.96 0.49 Q.62

1.16 0.00 19.83 1.41 2.57

11.35 -0.00 371.48 190.64 ?01.99

11.24 14.19 360.13 - 201.99 205.68

For and on behalf of the Board of DirectorsAs per our report of even date

RAKESH MAHAJAN Cmde. NARESH KUMARBrahmayya & Co.,

Chartered AccountantsDirector Chairman and

(Finance & Commercial) Managing Director (AC)

INAITULA BAIGCompany


-

Secretary



u• —

i»X

Ec

?a"C

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FINANCIAL

1999-2000

BALANCE SHEET:Sources of Funds:

Paid up Capital

Reserves and Surplus

Secured Loans

Unsecured Loans and Interest:

Govt. of India

State Bank of India

Others

Total

Application of Funds:

Gross Block

Less: Cumulative Depreciation

Net Fixed Assets

Capital Work-in-Progress

Deferred Tax Asset

Current Assets

Current Liabilities and Provisions

Net Current Asset

Cumulative Loss

TotalNet Worth *

101.81

0.10

0.00

615.67

255.57

6.08

979.23

165.89

105.00

60.89

0.16

0.00

201.47

354.78

(153.31)

1071.49

979.23(969.68)

2000-01

106.81

0.10

0.00

623.39

272.90

6.08

1009.28

166.29

108.98

57.31

0.55

0.00

241.57

380.62

(139.05)

1090.47

1009.28(983.66)

*Ne-t Worth = Paid up Capital+Free Reserves-Accumulated

POSITION

2001-02

114.31

0.10

0.00

637.68

290.22

6.08

1048.39

167,29

114.23

53.06

0.68

0.00

222.52

333.76

(111.24)

1105.89

1048.39

(991.58)

Losses

AND PERFORMANCE OF THE COMPANY

2002-03

121.81

0.10

0.00

646.22

290.22

6.08

1064.43

167.39

118.67

48.72

0.64

0.00

215.77

304.13

(88.36)

1103.43

1064.43

(981.62)

2003-04

129.31

0.10

6.26

653.72

290.22

6.08

1085.69

166.90

122.27

44.63

0.69

0.00

192.26

307.35

(115.09)

1155.46

1085.69

(1026.15)

2004-05

136.81

0.10

6.44

661.22

290.22

36.08

1130.87

167.90

125.96

41.94

0.20

0.00

332.38

407.00

(74.62)

1163.35

1130.87

(1026.54)

2005-06

144.31

0.10

6.83

700.99

255.46

31.32

1139.01

169.29

129.98

,39.31

0.52

0.00

619.00

676.98

(57.98)

1157.16

1139.01

(1012.85)

2006-07

149.31

0.10

70.47

331.14

255.46

24.09

830.57

177.55

133.02

44.53

4.02

109.01

808.20

991.42

(183.22).

856.23

830.57

(706.92)

£(Rupees in crores) W

2007-08

281.01

0.10

89.78

248.71

255.46

20.55

895.61

192.14

137.87

54.27

6.23

102.36

818.72

933.39

(114.67)

847.42

895.61

(566.41)

2008-09

301.99

0.1068.24

283.16

255.46

20.53

929.48

208.61

144.73

63.88

5.16

105.92

767.02

999.93

(232.91)

987.43

929.48

(685.44)

k, Hindustai. 3

3->5'"ps3.r1r-fCDO-

www.sansco.net

(Rupees in crores)

1999-2000 2000-01 2001-02 2002-03 ' 2003-04 '.' 2004-05 2005-06 2006-07 2007-08 "'2008-09PROFIT AND LOSS ACCOUNT:Income: ' . . . . .TurnoverWork-in-ProgressOther Income

Total

Expenditure:MaterialsDirect ExpensesPay & BenefitsTaxes and DutiesOther ExpensesProvisions and LossesPrior period AdjustmentsExtraordinary itemsTransfers

Total

Profit / (Loss) beforeInterest and Depreciation

DepreciationInterestProfit / (Loss) before tax

Income TaxDeferred Tax assetNet Profit / (Loss)Profit & Loss Appropriation

Cumulative Profit / (Loss)_

207.01(3.72)12.83

216.12

103.4230.6268.84

9.0819.60

104.38(158.31)

0.00(6.39)

171.24

44.88

6.0025.2713.61

0.000.00

13.610.00

(1071.49)

166.600.46

11.28

178.34

65.1326.6266.91

5.3314.6028.45

1.550.00

(44.27)

164.32

14.02

5.8427.16

(18.98)

0.000.00

(18.98)0.00

(1090.47)

156.6724.1320.59

201.39

109.6624.6364.05

1.9312.767.99

(5.58)0.22

(30.83)

184.83

16.56

5.44,26.54

(15.42)

0.000.00

(15.42)0.00

(1105.89)

151.004.439.24

164.67

42.7517.3872.42

3.2012.1116.580.880.00

(9.28)

156.04

8.63

5.121.052.46

0.000.002.460.00

(1103.43)

119.150.557.50

127.20

38.0324.9777.78

2.7812.3819.281.350.00

(2.85)

173.72

(46.52)

4.321.19

(52.03)

0.000.00

(52.03)0.00

(1155.46)

225.30(10.07)

21.75

236.98

103.0839.6577.88

4.2914.238.48

(0.86)0.00

(11.64)

235.11

1.87

4.155.61

(7.89)

0.000.00

(7.89)0.00

(1163.35)

243.5828.2947.01

318.88

144.5443.6082.67

8.5915.5014.03

(1.92)0.00

"(3.32)

303.69

15.19

4.074.936.19

0.000.006.190.00

(1157.16)

327.6345.6026.54

399.77

190.1980.1692.6413.4919.1245.15

(387.40)41.31(3.84)

90.82

308.95

4.0634.70

270.19

78.27(109.01)

300.930.00

(856.23)

384.5241.3684.26

510.14

222.5589.8880.9120.3725.91

8.74(7.66)

0.08(4.45)

436.33

73.81

5.8244.5123.48

5.496.66

11.332.52

(847.42)

395.8164.3238.15

498.28

264.6662.10

126.9328.6831.0314.0754.440.00

(4.32)

577.59

(79.31)

6.9350.49

(136.73)

6.85(3.57)

(140.01)0.00

(987.43)

u*~~,

•£»«**

33

" Cc:

- *jno3

www.sansco.net

HINDUSTAN SHIPYARD LIMITED, VISAKHAPATNAMSHIPS BUILT

S.No.

1

1.

2.

• : •- 3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

u U nMuUi

14.

15.

16.

17.

18.

19.

20.

21.

22.

23.

Name of the Ship / Name of the Owner

2

"Jalausha" The Scindia Steam Navigation Co. Ltd.

"Jalaprabha" The Scindia Steam Navigation Co. Ltd.

"Kutubtari" (Passenger- Ferry) The Scindia Steam Navigation Co.

"Jalaprakash" The Scindia Steam Navigation Co. Ltd.,

"Jalapankhi" The Scindia Steam Navigation Co. Ltd.,

"Jalapadma" The Scindia Steam Navigation Co. Ltd.,

"Jalapalaka" The Scindia Steam Navigation Co. Ltd.,

"Bharatmitra" The Bharat Line Limited

"Jagrani" The Great Eastern Shipping Company Ltd.,

"Jalapratap" The Scindia Steam Navigation Co. Ltd.,

"Jalapushpa" The Scindia Steam Navigation Co. Ltd.,

"Bharatratna" The Bharat Line Limited

'JaJaai 'LTJ^ cindyL^Sjtgarn Navigation Co. Ltd.,

"Jalavihar" The Scindia Steam Navigation Co. Ltd.,

"Jalavijaya" The Scindia' Steam Navigation Co. Ltd.,

"Vidyut" Land Customs Department.

"Jalavishnu" The Scindia Steam Navigation Co. Ltd.,

"State of Kutch" The Eastern Shipping Corporation Limited

"Adyar" Madras Port Trust

"Andamans" Ministry of Home Affairs

"State of Orissa" The Eastern Shipping Corporation Ltd.,

"Jalavikram" The Scindia Steam Navigation Co. Ltd.,

"Jalaveera" The Scindia Steam Navigation Co. Ltd.,

Dead WeightTonnes

3

8,179

8,179

Ltd.,

8,138

8,150

8,137

8,141

8,134

8,125

8,125

8,087

8,100

8,114

7,248

7,311

(Motor Launch)

7,322

8,253

(Kort Nozzle Tug)

2,470(Passenger cum cargo vessel)

8,160

7,312

7,312

Date ofLaying Keel

4

22-06-1946

22-08-1946

23-05-1947

27-05-1948

07-10-1949

26-01-1950

26-01-1950

28-09-1950

09-05-1951

09-05-1951

26-12-1951

21-07-1952

21-07-1952

01-12-1953

30-09-1953

19-10-1953

16-12-1953

02-09-1954

27-09-1954

10-08-1955

08-12-1955

16-04-1956

04-08-1956

Date ofLaunching

5

14.03-1948

20-11-1948

18-12-1948

08-08-1949

06-12-1949

14-09-1950

27-12-1950

26-03-1951

15-12-1951

27-02-1952

09-07-1952

26-08-1953

09-11-1953

16-08-1954

26-03-1955

18-08-19.54

02-11-1955

29-03-1956

31-12-1955

25-07-1956

16-02-1957

29-07-1957

22-11-1957

Date ofDelivery

6

26-10-1948

07-04-1949

19-05-1949

20-12-1949

04-04-1950

18-01-1951

03-04-1951

02-07-1951

09-06-1952

09-08-1952

17-10-1952

15-07-1954

19-08-1954

22-06-1955

29-12-1955

18-03-1958

23-05-1956

25-11-1956

25-09-1957

04-12-1957

31-12-1957

26-03-1958

26-07-1958

HJS.L

www.sansco.net

1

24.

25.

26.

27.

28.

29.

30.

31.

32.

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

43.

44.

45.

46.

47.

48.

49.

2

"Jagmitra" The Great Eastern Shipping Company Ltd.,

"Dhruvak" Indian Navy

"Indian Industry" The India Steamship Company Limited

"Jayalakshmi" New Dholera Steamships Limited

"State of Uttar Pradesh" The Eastern Shipping Corporation Ltd.,

"R.S.V. Haldia" Calcutta Port Commissioners

"State of Rajasthan" The Eastern Shipping Corporation Ltd.,

"Vishvanidhi" The Western Shipping Corporation of India Ltd.,

"State of Punjab" The Shipping Corporation of India Ltd.,

"Vishva Shanti" The Shipping Corporation of India Ltd.,

"Vishva Prem" The Shipping Corporation of India Ltd.,

"Vishva Maya" The Shipping Corporation of India Ltd.,

"Vishva Mangal" The Shipping Corporation of India Ltd.,

"Jala Kala" The Scindia Steam Navigation Co. Ltd.,

"Darshak" Indian Navy

"State of Madhya Pradesh" The Shipping Corporation of India Ltd.,

"Rohini" Hindustan Shipyard Limited

"Jala Kendra" The Scindia Steam Navigation Co. Ltd.,

"State of West Bengal" The Shipping Corporation of India Ltd.,

"Jalakanta" The Scindia Steam Navigation Company Ltd.,

"State of Mysore" The Shipping Corporation of India Ltd.,

"Vishva Tej " The Shipping Corporation of India Ltd.,

"Vishva Tirth" The Shipping Corporation of India Ltd.,

"Vishva Seva" The Shipping Corporation of India Ltd.,

"Vishva Siddhi" The Shipping Corporation of India Ltd.,

"Vishva Bhakti" The Shipping Corporation of India Ltd.,

3

6,391

(Mooring Vessel)

6,419

5,405

9,632

(Port Survey Vessel)

9,644

9,666

12,557

12,606

12,565

12,577

12,608

12,913

(Survey Vessel)

12,873.

(Launch)

12,947

12,915

12,912

12,923

12,886

12,886

12,959

12,972

12,937

4

31-08-1957

27-01-1956

07-12-1957

22-08-1957

03-10-1958

16-11-1956

22-01-1959

11-05-1959

02-12-1959

29-09-1960

27-08-1960

22-09-1960

05-05-1961

12-10-1961

14-10-1957

08-01-1962

24-05-1962

06-09-1962

26-04-1963

13-11-1963

04-05-1964

08-01-1965

23-08-1965

24-12-1965

23-01-1967

5

05-07-1958

16-07-1958

12-12-1958

22-04-1959

31-12-1959

11-06-1960

29-04-1960

06-09-1960

16-04-1961

25-01-1961

20-12-1961

06-04-1962

17-08-1962

29-03-1963

02-11-1959

15-10-1963

16-04-1964

05-12-1964

01-07-1965

09-12-1965

01-10-1966

28-12-1966

26-04-1967

15-11-1967

15-04-1968

6

10-06-1959

16-11-1959

27-10-1959

27-01-1960

16-01-1961

25-03-1961

18-05-1961

02-10-1961

06-04-1962

14-09-1962

28-01-1963

30-04-1963

23-09-1963

12-11-1964

28-12-1964

04-05-1965

20-08-1965

29-01-1966

31-03-1966

02-08-1966

11-10-1966

02-10-1967

03-12-1967

02-03-1968

12-09-1968

29-01-1969

HSL

www.sansco.net

1

50.

51.

52.

53.

54.

55.

56.'

57,

58.

59.

60.

61.

62.

63.

64.

65.

66.

67.

68.

69.

70.

71.

72.

73.

74.

75.

2

"Vishva Shoba" The Shipping Corporation of India Ltd.,

"Vishva Shakti" The Shipping Corporation of India Ltd.,

"Vishva Dharma" The Shipping Corporation of India Ltd.,

"Vishva Vikram" The Shipping Corporation of India Ltd.,

"Shanti" The Visakhapatnam Port Trust

"Vishva Darshan" The Shipping Corporation of India Ltd.,

"Walchand" Hindustan Shipyard Limited

"Vishva Nayak" The Shipping Corporation of India Ltd.,

"T.S. Rajendra" The Directorate General of Shipping

"Bombay Duck - II" The Visakhapatnam Port Trust

"Vishva Karuna" The Shipping Corporation of India Ltd.,

"Vishva Yash" The Shipping Corporation of India Ltd.,

"Vishva Mamta" The Shipping Corporation of India Ltd.,

"Vishva Bandan" The Shipping Corporation of India Ltd.,

"Vishva Madhuri" The Shipping Corporation of India Ltd.,

"Indian Endurance" India Steam Ship Company Ltd.,

"Jag Doot" The Great Eastern Shipping Company Ltd.,

"Jagat Priya" Dempo Stemships Ltd.,

"Sagarika - 1" Oil & Natural Gas Commission

"Jag Dhir" The Great Eastern Shipping Company Ltd.,

"Sagarika - 2" Oil & Natural Gas Commission

"Jag Dharma" The Great Eastern Shipping Company Ltd.,

"Indian Explorer" India Steam Ship Company Ltd.,

"Jag Deesh" The Great Eastern Shipping Company Ltd.,

"Damodar Ganga" Damodar Bulk Carriers Ltd.,

"Indian Grace" India Steam Ship Company Limited

3

12,931

12,900

12,852

12,881

Launch

12,883

(Landing Craft)

12,881

(Training Ship)

(Dredger)

13,967

13,986

13,971

13,765

13,762

14,197

21,298

21,393

(Supply Cum Crew Vessel)

21,383

(Supply cum Crew Vessel)

21,420

14,089

21,406

21,365

21,283

4

13-02-1967

19-05-1967

22-11-1967

06-06-1968

12-03-1970

16-12-1968

01-05-1971

26-06-1969

20-10-1969

27-08-1971

26-08-1970

18-03-1970

23-12-1970

30-06-1971

25-11-1971

29-03-1972

11-09-1972

30-08-1973

05-04-1974

28-01-1974

18-12-1974

26-06-1974

07-10-1974

16-03-1975

26-07-1975

21-11-1975

5

24-09-1968

20-03-1969

08-10-1969

09-02-1970

14-12-1970

20-07-1970

14-07-1971

30-11-1970

25-04-1971

12-07-1972

02-11-1971

17-03-1972

23-08-1972

06-03-1973

17-08-1973

26-01-1974

22-06-1974

03-10-1974

07-08-1975

14-03-1975

30-11-1975

24-07-1975

17-11-1975

30-03-1976

24-10-1976

23-12-1976

6

11-05-1969

17-12-1969

20-04-1970

12-09-1970

31-12-1970

02-07-1971

30-09-1971

22-10-1971

27-03-1972

11-02-1973

02-03-1973

18-05-1973

16-10-1973

04-03-1974

16-08-1974

16-03-1975

23-03-1975

30-11-1975

28-02-1976

20-03-1976

30-03-1976

06-09-1976

30-10-1976

12-03-1977

25-06-1977

29-03-1978

HSL

www.sansco.net

1

76.

77.

78.

79.

80.

81.

82.

83.

84.

85.

86.

87.

88.

89.

90.

91.

92.

93.

94.

95.

96.

97.

98.

99.

ioo"ior:

2

"Indian Glory" India Steam Ship Company Ltd.,

"Jala Godavari" The Scindia Steam Navigation Company Ltd.,

"Jalagovind" The Scindia Steam Navigation Company Ltd.,

"Jalagopal" The Scindia Steam Navigation Company Ltd.,

"Jalagouri" The Scindia Steam Navigation Company Ltd.,

"Tenneti" Hindustan Shipyard Ltd.,

"State of Haryana" The Shipping Corporation of India Ltd.,

"Nand Rati" Essar Bulk Carriers Ltd.,

"State of Gujarat" The Shipping Corporation of India Limited

"Samudrika-4" OPSSV Oil & Natural Gas Commission

"Samudrika - 5" OPSSV Oil & Natural Gas Commission

"Lok Maheswari" Bulk Carrier, SDFC / Moghul Line Ltd.,


"State of Orissa" The Shipping Corproation of India Ltd.,

"Prabhu Daya" Tolani Shipping Company Ltd.,


"Sagar Bhushan" (Drill Ship) Oil & Natural Gas Commission

"Lok Rajeswari" The Shipping Corporation of India Ltd.,

"Mundeswari" Central Inland Water Transport Corporation

"Manjari" Central Inland Water Transport Corporation

"Mahariadi"; Central Inland Water Transport Corporation

!U J "Mandakini" Central Inland Water Transport Corporation

'-. "Malta"' Central Inland Water Transport Corporation

: "Agro" Central Inland Water Transport Corporation

"Lok Prakash" The Shipping Corporation of India Ltd.,

"Lok Prem" The Shipping Corporation of India Ltd.,

3

21,344

20,914

20,868

20,850

20,854

(Landing Craft)

16,700

26,710

16,789

1,231

1,240

26,728

1,240

16,806

26,713

1,242

9,113

26,639

750 -

750

750

750

750

750

26,790

26,114""

4

26-02-1976

02-07-1976

25-10-1976

12-04-1977

25-10-1977

29-10-1980

19-03-1979

09-03-1981

30-05-1979

22-04-1984

22-05-1984

03-10-1981

12-08-1984

05-12-1979

04-02-1983

12-08-1984

12-08-1984

05-03-1982

01-08-1987

01-08-1987

01-08-1987

01-08-1987

01:Q8- 19,8:7 :....

01-08-1987

19-07-1984

30-03-1985

5

04-08-1977

16-03-1978

03-11-1978

11-07-1979

01-12-1979

06-05-1981

27-07-1980

30-01-1983

03-06-1981

24-11-1984

10-03-1985

20-08-1983

29-01-1985

10-01-1982

25-11-1984

23-06-1986

18-08-1985

16-07-1984

27-10-1988

10-11-1988

27-10-1988

10-11-1988

10-01-1989

07-02-1989

24-03-1985

29-05-1987

6

27-10-1978

16-04-1979

05-12-1979

11-09-1980

27-03-1981

29-09-1981

16-06-1983

16-07-1984

12-12-1984

09-12-1985

19-03-1986

31-03-1986

24-09-1986

08-07-1986

02-03-1987

28-05-1987

04-11-1987

27-10-1988

14-01-1989

30-01-1989

14-01-1989

30-01-1989

13-02-1989

13-02-1989

12-04-1989

23-02-1990

www.sansco.net

1

102.

103.

J04.

105.

106.

107.

108.109.

110.111.

112.

113.

114.

115.

116.

117.

118.

119.

120.

121.

122.

123.

124.

2

"INS Savitri" OPV, Indian Navy

"INS Gharial" GRSE / Indian Navy

"INS Sarayu" OPV, Indian Navy

"INS Sharada" Indian Navy

"Lok Pratap" The Shipping Corporation of India Ltd.,

"INS Sujatha" OPV, Indian Navy

"Ambica" HSD Oiler Indian Navy"Maharashtra" The Shipping Corporation of India Ltd.,

"Swatantra" The Visakhapatnam Port Trust"M.V. Goa" The Shipping Corporation of India Ltd.,

"M.V. Swaraj Dweep" - A&N Administration

"Mahathma" - The Visakhapatnam Port Trust

"Sardar Patel" - The Visakhapatnam Port Trust

"M.V. Tamil Nadu" The ShippingCorporation of India Limited

"M.V. Rangat" - A&N Administration

"M.V. Baratang" - A&N Administration

"M.T. Kabini" - New Mangalore Port Trust

"INS GAJ" - ATVP Head Qtrs., I. Navy

"M.T. TIRACOL-Il" Mormugao Port Trust

"M.V. Chouldari" A&N Administration

"M.V. Chapora - II" Murmugao Port Trust

"M.V. Teal" A&N Administration

"M.V. Jolley Buoy" for A&N Administration

3

OPV

LSTL

OPV

OPV

26,718

OPV

1,00042,750 DWT

(Bulker)

30 T.B.P. Tug42,750 DWT

(Bulker)1200 Passenger-cum-

Cargo vessel50-T. B. P. Tug

50-T.B. P. Tug

42,750 DWT(Bulker)

100 PassengerVessel

100 Passenger

50-T. B.P. Tug

25-T. B.P. Tug

45-T B.P. Tug

100 Passenger Vessel

45-T.B.P. Tug



' • " ' ' • ' 4

25-06-1988

30-11-1989

25-06-1988

16-06-1989

28-08-1985

16-06-1989

01-09-199318-09-1986

10-09-199420-11-1994

22-3-1994

5-7-1998

5-7-1998

13-4-1997

30-09-1999

30-09-1999

17-08-1999

18-01-2000

11-10-1999

10-11-1999

11-10-1999

10-11-1999

18-11-1999

5

23-05-1989

01-04-1991

16-10-1989

22-08-1990

31-07-1988

23-10-1991

10-12-199423-09-1992

29-03-199722-03-1996

11-12-1996

22-3-1999

22-3-1999

21-10-1998

27-10-2000

27-10-2000

19-04-2001

31-08-2001

15-11-2001

05-01-2001

25-01-2002

05-01-2001

23-04-2001

6

20-11-1990

02-05-1991

04-10-1991

16-12-1992

28-06-1993

03-11-1993

23-01-199506-01-1996

12-09-199715-01-1998

9-12-1999

17-1-2000

27-5-2000

15-9-2000

16-10-2001

17-01-2002

03-08-2002

04-10-2002

31-3-2003

28-11-2003

24-12-2003

24-02-2004

20-05-2004

www.sansco.net

1 ) r *

1

125.

126.

127.

128.

129.

130.

131.

132.

, 133.

134.

135.

A36-Vm',-138.

139.

140.

.141.

''142.

143.

144.

, i-45.

146.

2

"M.V. Wandoor" for A&N Administration

"FRP Launch" for Visakhapatnam Port Trust

"Ravi-B" for M/s Sarat Chatterjee & Co.

"M.V. Hutbay" for A&N Administration

"G.H.D. Sagar Durga" for Visakhapatnam Port Trust

"Barge" for A&N Administration



"Barge" f&r A&N Administration

"Barge" for A<I;N Administration

"Barge" for ,$&N Administration

M.V. Strait -Island for A&N Administration

M;V. Jhansi-^ani for VisaKapfenam Port Trust

ORV Sagar Manjusha for NIOT

M.L. Radha Nagar for A&N Administration

M.-L. UttaVa for A&N Administration

M.L. Nimbutala for A&N Administration

M*.L, Nilambar for A&N Adrfliftistration

M.V* Good5!*ovidence, GML, Chennai

M.V. Good Princess, GML, Chennai

f M.V. Good Pacific, GML, Chennai

M.V. Kavaratti, UTL Administration

3


17.5 Ton Floating Crane


500 Cu.M Grab Hopper Dredger

10x6x2 Mtrs. Barge

10x6x2 Mtrs. Barge

10x6x2 Mtrs. Barge

10x6x2 Mtrs. Barge

10x6x2 Mtrs. Barge

10x6x2 Mtrs. Barge


50 Ton B.P. Tug

Buoy Tender cumResearch Vessel

Utility Launch

- do -

- do -

- do -

30,000 DWT Trader ServicesBulk Carrier

30,000 DWT Trader ServiceBulk Carrrier

- do -

700 Passengers-Cum-Cargo

4

18-11-1999

29-02-2000

08-12-1999

30-09-1999

18-12-1999

03-11-2000

23-12-2004

. ...

29-07-05

18-01-06

01-02-07

21-10-2000

5

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06-10-2002

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11-01-2003

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22-01-07

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14-06-2006

18-07-2006

18-07-2006

02-11-2006

02-11-2006

31-05-2007

23-01-2008

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Hindustan Shipyard LimitedISO -9001:2000 Certified

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Hindustan Shipyard Ltd-09

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