Report of Pipavav

8/8/2019 Report of Pipavav

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SETTINGSAIL FORDESTINATION:

FUTURE

PIPAVAV SHIPYARD LIMITED Annual Report 2008-09

Nurturing Creative Leadership


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CHAIRMANSOVERVIEW

Nikhil P. Gandhi, Chairman

WE HAVE BEENINVESTING NOT ONLY INCAPACITIES THAT WOULDMAKE PIPAVAV SHIPYARDTHE LARGEST IN INDIA,BUT ALSO TO ENSURE

ADEQUATE FLEXIBILITYOF INFRASTRUCTURE FORDIVERSIFIED PRODUCT ANDSERVICE OFFERINGS, ANDCUSTOMISED SOLUTIONS.

PIPAVAV SHIPYARD LIMITED16

FROM THE MANAGEMENTS DESKSETTING SAIL FOR DESTINATION FUTUREABOUT US


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Dear all,

The year 2008-09 was the year of a journeys commencement.

A journey to build a company like no other. A journey to achieve

excellence in whatever we undertake. Above all, journey fuelled

by the passion of a likeminded few, pledged to fulll an audacious

commitment. For we shall be satised with nothing less than nding

India a place of honour on the global shipbuilding map. And I am

hugely proud to report the fact that the journey has been well begun

indeed.

We live in exciting times! On the one hand, the developed economies

are facing a liquidity crisis, leading to lower consumer offtake. With

intensied competition, companies are looking to maintaining their

margins. The world is shrinking faster and thereby, widening the very

scope of business opportunities. On the other hand, therefore, Asia is

emerging more and more conspicuously as a preferred manufacturing

destination in the wake of vastly increased human resource expenses

in the European and the American countries. As both have a large

population base with increasing access to disposable income, China

and India are emerging as preferred markets for companies in pursuit

of sustainable and scalable growth.

The global shipbuilding industry is in an equally vast transit. While

South Korea and Japan dominated the shipbuilding industry during the

1970 -1990 decades, China fast emerged as a preferred destination

in more recent years. The focus has now shifted to India. India has

traditionally enjoyed an edge over China in terms of quality of product.

However, offering world-class and world-scale standards in ship-building services still remains a challenge most Indian companies are

unwilling to envisage, let alone attempt.

Pipavav Shipyard Limited was formed not merely to exploit the

immediate opportunity. A shipyard capable of delivering globally

competitive services cannot be supported by momentary shifts of

competitive balance. This Company is predicated on a much longer-

term view, and founded on a bedrock of hard fact. India does indeed

enjoy an edge in its large pool of engineering professionals. The

lower cost of resources, the domestic availability of raw materials,

the proximity to the key trade centres of the shipping world - Dubai

and Singapore - are also advantages that will not only endure but

strengthen in the foreseeable future.

Our shipyard will offer products and services at par with the best in

the world. We have been investing not only in capacities that would

make Pipavav Shipyard the largest in Asia, but also in infrastructure

to lend adequate exibility to ensure diversied product and service

offerings, and customised solutions.

We have ensured best in class technology and design expertise by

associating with the best shipbuilders in the world like KOMAC and

SembCorp.

I feel great pride in the quality of our allies.

However, the best is yet to come - both in terms of opportunities

and challenges. The year 2008-09 was very crucial for us. We have a

robust order book, proof already of the faith our customers place in our

abilities. To live up to their expectations and deliver results would be

the biggest focus area for us going forward. I am condent, that with

our abilities we can not only reach but raise the bar of performance in

the coming year.

So the journey is well begun, and thefuture is bright.I take your leave on this note ofoptimism.

Sincerely,

Nikhil P. GandhiChairman

ANNUAL REPORT 2008-09 17

FINANCIAL SECTIONBUSINESS OPPORTUNITY OVERVIEW THE PIPAVAV EDGE


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VICECHAIRMANSOVERVIEW

Bhavesh P. Gandhi,

Executive Vice Chairman




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Dear all,

It gives me great pleasure to share our progress during the year

with you. The year 2008-09 was a year of project execution. Our

sole focus was on timely completion of the planned activities, as

scheduled. I am happy to report that we have largely managed

to stick to the timelines: it reects the single-minded focus,

determination and hard work put in by each and every member of our

organisation.

Such dedication stems from the pride that each of us literally

breathes everyday - to create Indias largest shipyard, and equip it

with truly world-class infrastructure.

Allow me to give you a quick inventory of what make PipavavShipyard Indias rst world-class shipyard:

1. Capacity: the shipyard has the largest dry dock in Asia.

2. Production expertise: we use the modular method of ship-

building, wherein a ship is built block by block. This method,

used in all major international shipyards, makes the operation

faster and highly efcient.

3. Flexibility: the very size of the shipyard gives it the exibility

to handle a large variety of vessel types and a wide range of

services.

4. A diverse product line: as a strategy, we ventured into

production of large ships and Offshore Supply Vessels, and

were thus able to replicate the market opportunity in the

order book. Going forward, we will also capitalise on offshore

fabrication projects, defence vessels and ship repairs, major

opportunity areas for us.

5. Diverse human resource base: we have strengthened

workforce by recruiting the best talents from a global

pool of experienced professionals. This cultural as well asprofessional diversity enriches our engagement with our

global customer base.

With the Indian shipbuilding sector becoming ercely competitive

everyday, our Company enjoys a rst mover advantage in both

capacity buildup and adoption of the latest technology. Our timely

entry is expected to provide an advantage of three years over the

existing shipbuilders in India.

April 1, 2009 onwards, we also commenced the rst stage of

production with block-making at our SEZ unit.

The year 2009-10 will be crucial for us, in terms of order deliveries.

I take this opportunity to acknowledge the invaluable contribution

of all our customers, suppliers, bankers for their support, and our

employees for their unstinted commitment. Both are integral to our

vision and the story of our growth.

I would also like to thank our Board of Directors for their continuing

guidance in shaping our vision. And I am grateful to all our investors

for the faith they have reposed in our team as it implements this

vision.

I am sanguine that our strategicinitiatives will ensure robust

shareholder value, and go a long wayin securing Indias preeminent place inthe global shipbuilding industry.

Sincerely,

Bhavesh P. Gandhi,Executive Vice Chairman

WITH THE INDIAN SHIPBUILDING SECTORBECOMING FIERCELY COMPETITIVE EVERY DAY,YOUR COMPANY ENJOYS THE FIRST MOVERADVANTAGE IN BOTH CAPACITY BUILDUP ANDADOPTION OF THE LATEST TECHNOLOGY.




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PROFILE OF THE

BOARD OF DIRECTORS1

3

4

5

6

Mr. Nikhil P. Gandhi, aged 50, is the Non-Executive Chairman of the

Company, and is also the Executive Chairman of SKIL Infrastructure

Limited. He is a rst generation entrepreneur with business interest

in marine equipments, marine engineering and infrastructure. He

has been with the Company since its inception in 1997 and was

one of the rst directors appointed pursuant to the Articles upon

incorporation of the Company. Mr. Gandhi has approximately 26

years of experience as an entrepreneur of various infrastructure

development projects. Under his leadership, the rst private port

in India was set up through Gujarat Pipavav Port Limited. He was

nominated as a trustee of the Mumbai Port Trust on two occasions.

In 1990, he received the Best Young Entrepreneur award from the

Ministry of Chemicals and Petrochemicals, Government of India and in

2001, he was conferred the Great Son of Soil award by the All India

Conference of Intellectuals.

Mr. Atul Punj, aged 51, is a Non-Executive Director and Co-

Chairman of the Company and has been nominated by Punj Lloyd.

He was appointed as a Director on September 18, 2007. Mr. Punj

holds a Bachelors degree in Commerce from the Shri Ram College of

Commerce, Delhi University. He joined the family business at the age

of 22. He initiated Punj Lloyd into the pipeline business and helped

it focus on the engineering, hydrocarbons and infrastructure sectors.

Mr. Punj has overseen Punj Lloyds diversication into new business

opportunities, including tankage and terminals, process plants,

power, telecom and highway construction. He has also helped Punj

Lloyd grow in international markets, including South Asia, Middle

East, Asia Pacic, the Caspian, Europe, China and Africa. Mr. Punj is a

Member of the Construction Federation of India, Construction Industry

Development Council and the National Council of the Confederation of

Indian Industry.

Mr. Bhavesh P. Gandhi, aged 43, is the Executive Vice Chairman

of the Company, and is also the Vice Chairman of SKIL Infrastructure

Limited. He has been a Director since December 30, 2005. He

obtained a Bachelor of Commerce degree from the University of

Calcutta and commenced his career by joining SKIL as a promoter

and director responsible for the business development of the

company. Mr. Gandhi has approximately 25 years of experience as

an entrepreneur. Mr. Gandhi has particular expertise in infrastructure

development projects.

Mr. Vimal Kishore Kaushik, aged 61, is a Non-Executive Director

of the Company and has been nominated by Punj Lloyd. He was

appointed as a Director on September 18, 2007. Mr. Kaushik

has been associated with Punj Lloyd since its inception and has

approximately 39 years of experience in project and construction

management. Mr. Kaushik has a Bachelors degree in electrical

engineering from the Gwalior University. He has worked in most

operations in India and overseas with Punj Lloyd. As managing

director of Punj Lloyd, he headed the global operations of Punj Lloydacross the Asia Pacic, South Asia, Middle East, Africa and the

Caspian.

Mr. R.M.V. Raman, aged 63, has been appointed as a nominee

Director of EXIM Bank and as such qualied as an Independent Director

of the Company. He has been a Director since December 19, 2003.

He holds a Master of Financial Management degree from the Jamnalal

Bajaj Institute, the University of Mumbai, a Master of Science degree in

Physics and a Master of Arts degree in English Literature from Madurai

College, Madurai Kamaraj University, Tamil Nadu. Mr. Raman has

approximately 35 years of experience in international trade nancing,

development banking and central banking. He has undertaken project

feasibility studies and monitoring assignments in many countries and

has also negotiated and concluded many export lines of credit. Prior

to joining EXIM Bank in 1982, he had worked in the Reserve Bank of

India for two years and in Industrial Development Bank of India for

eight years.

Mr. Mahesh M. Gandhi, aged 56, is a Non-Executive Director of

the Company, and has been appointed as a Director nominated

by Trinity Capital (Nine) Limited, a fund listed on the Alternative

Investment Market. He was appointed as a Director of the Company

on March 8, 2007. He has approximately 32 years of experience

in asset management, investment banking and corporate nance

etc. Mr. Gandhi has a Bachelor of Science (Hons.) degree from the

University of Gujarat, a Master of Financial Management degree

from the Jamnalal Bajaj Institute of Management Studies, Mumbai,

a Master of Laws degree in International Law and Tax Practice from

the University of Gujarat and a Diploma in Journalism (Times of India,

Mumbai). He also launched Millennium Capital Management Private

Limited in 1998, which provides consultancy and advisory services.

Mr. Gandhi has been the Chief Executive Ofcer of Jardine Fleming

Asset Management Fund, the Chief Executive Ofcer of Unit Trust of




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9

10

11

12

Indias Investment Advisory Services from 1995 until 1996, one of

the members of Unit Trust of Indias think tank from 1986 until 1996

and has also served General Insurance Corporation of India from

1977 until 1986. He was associated with the Unit Trust of India from

1986 until 1994, during which he was instrumental in developing a

framework for a domestic listed equity fund.

Mr. Sunil Chawla, aged 46, is a Non-Executive Director of the

Company, and has been appointed as a Director nominated by New

York Life. He was appointed as a Director on March 8, 2007. He has

approximately 22 years of experience in private equity, investment

banking and corporate nance. He holds a Bachelor of Commerce

(Hons.) degree from the University of Delhi and is a fellow member

of the Institute of Chartered Accountants of India. Mr. Chawlas

previous work experience includes serving as the Head of Corporate

Finance (North) at Tata Finance Limited and as the Controller for

the South Asia Regional Ofce of the International Development

Research Centre, Canada. He is a partner at Jacob Ballas Capital India

Private Limited and also a director of Gujarat Pipavav Port Limited and

Bhilwara Energy Limited.

Mr. S. Venkiteswaran, aged 68, a Senior Advocate, is a non-

executive Independent Director of the Company. He was appointed

as a Director on September 18, 2007. He has approximately 47

years of experience as a lawyer. He completed his LL.B. degree

from the Bombay University. He enrolled to practise in the Bombay

High Court in 1962. After practising before the trial courts for a few

years, Mr. Venkiteswaran specialized in maritime and aviation related

commercial disputes. He was designated as a Senior Advocate and

has appeared before State High Courts and the Supreme Court of

India. He has also been involved in arbitration in relation to shipping

and has appeared as an expert witness on Indian law in foreign

arbitration and litigation proceedings. In addition, Mr. Venkiteswaranhas been a member of the Perspective Planning Ports at the Turn of

the Century constituted by the Planning Commission of India and a

member of the group constituted for updating admiralty laws.

Mr. R.M. Premkumar, aged 63, is a non executive Independent

Director of the Company. He was appointed as a Director on October

15, 2007. Mr. Premkumar has a Masters degree in Arts (History) and

a Bachelors degree in Law from the Madras University. He joined the

Indian Administrative Service in 1968 and has approximately 39 years

of experience in the Indian Administrative Service. Mr. Premkumar

has handled many important assignments with Government of

India and Government of Maharashtra. His prior work experience

includes serving as the Additional Secretary to the Government of

India for the Department of Atomic Energy, Chief Secretary to the

Government of Maharashtra, Chairman of the Food Corporation

of India, Managing Director of the Maharashtra State Financial

Corporation, Development Commissioner of SEEPZ, Managing

Director of Maharashtra State Cooperative Bank Limited and as Chief

Executive Ofcer of Maharashtra Industrial Development Corporation.Mr. Premkumar is currently the Chairman and Director of the State

Industrial & Investment Corporation of Maharashtra Limited (SICOM)

and Maharashtra State Electricity Transmission Company Limited

(MSETCL).

Mr. Ajai Vikram Singh, aged 64, is a non executive Independent

Director of the Company. He was appointed as a Director on May

30, 2008. He joined the Indian Administrative Service in 1967

and has held various appointments in the State and the Central

Governments. He has been a District Magistrate, Commissioner,

Secretary Small Industries, Secretary Heavy Industries, Industrial

Development Commissioner & Principal Secretary in the Governmentof Uttar Pradesh. He was the rst Chief Secretary of Uttaranchal (now

Uttarakhand). In the Government of India, he has held various posts,

including that of Additional Secretary and Financial Advisor to the

Ministry of Industry, Secretary Revenue, Secretary, Ministry of Non

Conventional Energy Resources, Secretary, Ministry of Road Transport

and Highways and Defence Secretary. He has also been the Chairman

of, inter alia, Indo-Gulf Fertilisers, India Polybres and Pashupati

Acrylone. He also has been a director on the boards of a number of

companies including IFCI, Maruti Udyog limited, BHEL, HMT, Hindustan

Aeronautics, Mazagon Docks, Goa Shipyard and Andrew Yule Limited.

Mr. Samar Ballav Mohapatra, aged 65, is a non executiveIndependent Director of the Company. He was appointed as a Director

on May 30, 2008. He has a Bachelor of Arts degree and a Master

of Arts degree from the Delhi University. In 1967, Mr. Mohapatra

joined the Indian Administrative Service and retired in 2004. Mr.

Mohapatra held several key positions in the Government of India

including Secretary, Ministry of Textiles; Special Secretary, Ministry

of Home Affairs; Additional Secretary and Financial Advisor, Ministry

of Commerce and Director General of Foreign Trade and Managing

Director of Industrial Development Corporation, Orissa.

r

C




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PiPavav ShiPyard Limited44

From the managementS deSkSetting SaiL For deStination Futureabout uS

Directors R p rt

dividend:

C s C p c c

c c l p s l ap l 1, 2009,

s c p

q s s w.

Share CaPitaL :

d c l w,

C p s rs. 5.24 C s ss 6.55

L s eq S s rs. 10/- c ll p

p.

ShiPbuiLding induStry:

t p s s c l

w l c . t l s p-

l s s ls c

l l c ss . S p l s w l w

p c c c

cl s - . t w- l

ss ls c p c sc l c

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w s ps. acc s pp p s,

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lp p s s l

l ls. t C t s c s

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s c c w s. t b l c d i ,

l l c s l

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d c 08. h w , s c s c

s & s

Dear Members,Y ur Dir ct rs ar d lig t d t pr s nt t is Tw l t Dir ct rs R p rt t g t r wit t Audit d Annual Acc unts r t inancial y ar nd d Marc 31, 2009.

FinanCiaL reSuLtS:

T w rking r sults r t y ar und r r i w ar as ll ws:

(r . t u a d )

Pa u aF y a d d

Ma 31, 2009F y a d d

Ma 31, 2008

Inc m 6,17,780.19 2,77,489.34

Pr t/(L ss) b r Taxati n 95,938.39 1,16,011.53

L ss : Pr isi n r Taxati n 46,700.00 67,420.92

Pr t/(L ss) a t r Taxati n 49,238.39 48,590.61

Pr i us Y ar L ss Adjustm nt (5,000.83) (90,345.30)

Balanc Pr t/(L ss) carri d t t Balanc S t 2,482.87 (41,754.69)

As r gards bs r ati n t Audit rs in t Audit rs R p rt, t r l ant n t s n t Acc unts ar s l - xplanat ry.


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annuaL rePort 2008-09 45

FinanCiaL SeCtionbuSineSS oPPortunity overvieW the PiPavav edge

s s . u l c c c s

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p l l w l s. t

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ProjeCt deveLoPment:

t w l c s s

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q c l s s p s c pl .

t d c c p s c p l

cc s ps p 400,000 dWt

/ l pl c s s ll ss ls.

as l s , C p c c s

c c l p s w. . . ap l 1, 2009.

human reSourCeS:

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C p . t C p s cc ss ll c

s pya d a ad ap-bu d g a a

a u a d a d a

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C p s pl 514 ll pl s

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CorPorate SoCiaL reSPonSibiLitieS:

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indus al t a n n ins u es (i.t.i.s) espec velys ua e a rajula and mahuva, guja a , n he

v c n y of he Co panys Sh pya d. th s n a ve

of he Co pany s well ece ved by he local

co un es. the Co pany endeavou s o ake

a een sh pya d. towa ds h s objec ve o e

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add onal 9,150 ees du n onsoon of 2009.

the Co pany s plan n seve al va e es of

an oves n he sea bed ad easu n abou

f ve hec a es.

SubSidiary ComPany:

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s s C p s l p s c

sp c c SeZ. t C p s s p s bl c

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audit Committee:

t a C b c p s s

direCtorS reSPonSibiLity Statement:

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ConServation oF energy, teChnoLogy

abSorPtion:

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c c w c ap l 1, 2009.

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11/36



t C p s s c

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auditorS:

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Plac : Mumbai

Dat : Jun 30, 2009


12/36



T

To The MeMBeRS o PIPAvAv ShIPYARD LIMITeD.

1. W a audit d t attac d Balanc S t

PIPAvAv ShIPYARD LIMITeD, as at 31st Marc ,2009, and als t Pr it and L ss Acc unt and

Cas l w Stat m nt t C mpany r t

y ar nd d n t at dat ann x d t r t . T s

inancial stat m nts ar t r sp nsibility

t C mpanys manag m nt. our r sp nsibilityis t xpr ss an pini n n t s inancial

stat m nts bas d n ur audit.

2. W c nduct d ur audit in acc rdanc wit

Auditing Standards g n rally acc pt d in India.T s standards r quir t at w plan and

p r rm t audit t btain r as nabl assuranc

ab ut w t r t inancial stat m nts ar r

mat rial misstat m nts. An audit includ sxamining, n a t st basis, id nc supp rting

t am unts and discl sur s in inancial

stat m nts. An audit als includ s ass ssing

t acc unting principl s us d and signi icantstimat s mad by t manag m nt, as w ll

as aluating t rall inancial stat m nt

pr s ntati n. W b li t at ur audit pr id s

a r as nabl basis r ur pini n.

3. As r quir d by t C mpani s (Audit rs R p rt)ord r, 2003 issu d by t C ntral G rnm nt

India in t rms Sub-s cti n (4A) S cti n

227 t C mpani s Act, 1956, w gi in t

Ann xur r t , a stat m nt n t matt rssp ci i d in paragrap s 4 and 5 t said

ord r, t t xt nt applicabl t t c mpany.

4. urt r t ur C mm nts in t Ann xurr rr d t in Para 3 ab , w r p rt t at:

a) W a btain d all t in rmati n andxplanati ns, w ic t t b st ur

kn wl dg and b li w r n c ssary rt purp s s ur audit;

b) In ur pini n, pr p r b ks acc unt,as r quir d by law, a b n k pt by

t C mpany, s ar as app ars r m urxaminati n suc b ks;

c) T Balanc S t, Pr it and L ss Acc untand Cas l w Stat m nt d alt wit by t isr p rt ar in agr m nt wit t b ks acc unt;

d) In ur pini n t Balanc S t, Pr it andL ss Acc unt and Cas l w Stat m ntd alt wit by t is r p rt c mply wit tmandat ry Acc unting Standards r rr dt in Sub-s cti n (3C) S cti n 211 tC mpani s Act, 1956;

) on t basis t writt n r pr s ntati nsr c i d r m t dir ct rs as n Marc 31,2009, and tak n n r c rds by t B ard

Dir ct rs, w r p rt t at n n tdir ct rs is disquali i d as n Marc 31,2009, r m b ing app int d as a dir ct rin t rms claus (g) sub-s cti n (1) S cti n 274 t C mpani s Act 1956.

) In ur pini n and t t b st urin rmati n and acc rding t t

xplanati ns gi n t us, t said acc unts,r ad t g t r wit t signi icant Acc unting

P lici s & n t s t r n, in particular N t

N . 8 Sc dul 17 r garding paym nt

manag rial r mun rati n w ic is subj ct t

t appr al C ntral G rnm nt, gi t

in rmati n r quir d by t C mpani s Act,

1956, in t mann r s r quir d and gi

a tru and air i w in c n rmity wit t

acc unting principl s g n rally acc pt d in

India:

(i) in t cas t Balanc S t, t

stat a airs t C mpany as at

31st Marc , 2009;

(ii) in t cas Pr it and L ss Acc unt,

t pr it t C mpany r t y ar

nd d n t at dat ; and

(iii) in t cas Cas l w Stat m nt,

t cas l ws r t y ar nd d n

t at dat .

F C & S F gPS & ass c s

C art r d Acc untants C art r d Acc untants

S /- S /-

r. k h. y. g

Partn r Partn r

M mb rs ip N . M mb rs ip N .

35629 32485

Mumbai

Dat : 30t Jun , 2009

as q C p s (a s r p )o , 2003 ss C l g

i s S c 227 (4a) C p s ac 1956, s s s cc c s s w c s pp p , w

p :-

i. In r sp ct its ix d ass ts:

a. T c mpany as g n rally maintain dpr p r r c rds s wing ull particularsincluding quantitati d tails and situati n

ix d ass ts.b. As xplain d t us, all t ix d ass ts a

b n p ysically ri i d by t manag m nt

in a p as d p ri dical mann r, w ic inur pini n is r as nabl , a ing r gard

t t siz t C mpany. N mat rialdiscr panci s w r n tic d n suc p ysical

ri icati n.

c. In ur pini n, t C mpany as n t disp s d substantial part ix d ass ts during

t y ar and t g ing c nc rn status tC mpany is n t a ct d.

AUDitors R p rt

ANNeXURe To The AUDIToRS RePoRT(R rr d t in paragrap 3 ur r p rt n dat )


13/36



ii. In r sp ct its in nt ri s:a. As xplain d t us, in nt ri s a b n

p ysically ri i d during t y ar by tmanag m nt. In ur pini n t r qu ncy

ri icati n is r as nabl .b. In ur pini n and acc rding t t

in rmati n and xplanati ns gi n t us,t pr c dur s p ysical ri icati n in nt ri s ll w d by t manag m ntar r as nabl and ad quat in r lati n tt siz t C mpany and t natur its busin ss.

c. T C mpany as maintain d pr p r r c rds in nt ri s. As xplain d t us, t r

w r n mat rial discr panci s n tic dn t p ysical ri icati n in nt ry as

c mpar d t t b k r c rds.iii. In r sp ct L ans, s cur d r uns cur d,

grant d r tak n by t c mpany t / r m

C mpani s, irms r t r parti s c r d int r gist r maintain d und r S cti n 301 t C mpani s Act, 1956:a. T C mpany as grant d uns cur d l an

t a w lly- wn d subsidiary c mpany it. T maximum am unt utstanding atany tim during t y ar was Rs. 14,42,358t usands and t y ar nd balanc was Rs.9,08,700.81 t usands.

b. In ur pini n and acc rding t tin rmati n and xplanati ns gi n t us,t a r said l an is int r st r and t rt rms and c nditi ns, ar n t prima acipr judicial t t int r st t c mpany.

c. T said l an is r payabl n d mand and

t r is n r paym nt sc dul .d. As t said l an is r payabl n d mand,t qu sti n rdu am unt d s n taris .

. T c mpany as n t tak n any l ans duringt y ar r m c mpani s, irms r t rparti s c r d in t R gist r maintain dund r s cti n 301 t C mpani s Act,1956. C ns qu ntly, t pr isi ns subclaus s ( ) and (g) paragrap 4 t

rd r ar n t applicabl .i . In ur pini n and acc rding t t in rmati n

and xplanati ns gi n t us, t r is anad quat int rnal c ntr l syst m c mm nsuratwit t siz t C mpany and t natur

its busin ss r t purc as in nt ry, ix dass ts and als r t sal g ds. During tc urs ur audit, w a n t bs r d anyc ntinuing ailur t c rr ct maj r w akn ss sin int rnal c ntr ls.

. In r sp ct t c ntracts r arrang m ntsr rr d t in S cti n 301 t C mpani s Act,1956:a. In ur pini n and acc rding t t

in rmati n and xplanati ns gi n t us,t transacti ns mad in pursuanc c ntracts r arrang m nts, t at n d d tb nt r d in t r gist r maintain d und rs cti n 301 t C mpani s Act, 1956

a b n s nt r d.

b. T transacti ns, mad in pursuanc tc ntracts r arrang m nts, nt r d in tr gist r maintain d und r s cti n 301 t C mpani s Act, 1956, and aggr gating

during t y ar t Rs. i lacs r m r inr sp ct ac party, a b n mad atpric s, w ic ar r as nabl . T C mpany

as n t mad any similar transacti ns witany t r party.

i. Acc rding t in rmati n and xplanati nsgi n t us, t C mpany as n t acc pt d anyd p sits r m t public and nc dir cti sissu d by t R s r Bank India and tpr isi ns s cti ns 58A and 58AA tC mpani s Act, 1956 and t rul s ram dt r und r ar n t applicabl r t y arund r audit.

ii.In ur pini n, t C mpany as an ad quatint rnal audit syst m c mm nsurat wit tsiz and natur its busin ss.

iii.T C ntral G rnm nt as n t pr scrib d tmaint nanc c st r c rds und r s cti n 209(1) (d) t C mpani s Act, 1956 in r sp ct

S ip Building acti iti s carri d ut by tc mpany.

ix. Acc rding t t in rmati n and xplanati nsgi n t us in r sp ct statut ry du s:a. T c mpany as b n r gular in d p siting

undisput d statut ry du s, includingPr id nt und, empl y s Stat Insuranc ,Inc m tax, Sal s tax, W alt tax, S r ictax, Cust ms Duty, excis Duty, C ss andany t r mat rial statut ry du s witt appr priat aut riti s during t y ar

xc pt in w cas s.

b. Acc rding t t in rmati n and xplanati nsgi n t us, n undisput d am unts payablin r sp ct suc statut ry du s w r

utstanding as at 31st Marc , 2009 r ap ri d m r t an six m nt s r m tdat t y b cam payabl .

c. T disput d statut ry du s aggr gating tRs. 85,553.41 t usands t at a n t b nd p sit d n acc unt disput d matt rsp nding b r appr priat aut riti s aras und r:Nam Natur P riod to Amount forumo th o th which th (Rs. in wh rStatut Du s amount thous- disput

r lat s ands) is p nding

Th excis 2008-09 71,675.50 Dir ctoratC ntral Duty o R v nuexcis Int llig ncAct,1944

Th Custom 2008-09 13,877.91 Dir ctoratCustoms Duty o R v nuAct, 1962 Int llig nc

Total 85,553.41

T C mpany d s n t a accumulat d l ss sat t nd t inancial y ar. T C mpany

as n t incurr d cas l ss s during t inancialy ar c r d by t audit and in t imm diat lypr c ding inancial y ar.

xi. Bas d n ur audit pr c dur s and acc rding t

t in rmati n and xplanati ns gi n t us,w ar t pini n t at t C mpany as n td ault d in t r paym nt du s t banks and

inancial Instituti ns.

xii. In ur pini n and acc rding t t xplanati nsgi n t us and bas d n t in rmati na ailabl , n l ans and ad anc s a b ngrant d by t C mpany n t basis s curityby way pl dg s ar s, d b ntur s and t rs curiti s.

xiii.In ur pini n, t C mpany is n t a c it undr a nid i/mutual b n it und/s ci ty. T r r

t pr isi ns claus 4 (xiii) t C mpani s(Audit rs R p rt) ord r, 2003 is n t applicablt t C mpany.

xi .T c mpany as maintain d pr p r r c rds transacti ns and c ntracts in r sp ct s ar sand t r s curiti s and tim ly ntri s a b nmad t r in. T in stm nts ar ld by tC mpany in its wn nam .

x .Acc rding t t in rmati n and xplanati nsgi n t us, t C mpany as n t gi n anyguarant r l ans tak n by t rs r m banks

r inancial instituti ns.x i.T t b st ur kn wl dg and b li and

acc rding t in rmati n and xplanati ns gi nt us, in ur pini n, t t rm l ans rais d aprima aci b n appli d r t purp s rw ic t y w r rais d.

x ii.on t basis r i w utilizati n unds,w ic is bas d n rall xaminati n tBalanc S t t C mpany as at Marc 31,2009, r lat d in rmati ns as mad a ailabl tus and as r pr s nt d t us, by t manag m nt,w ar t pini n, t at unds rais d n

s rt t rm basis aggr gating t Rs. 716,369.90t usands a b n utiliz d r purc as

ix d Ass ts.x iiiT C mpany as n t mad any pr r ntial

all tm nt s ar s t parti s and c mpani sc r d in t R gist r maintain d und r S cti n301 t C mpani s Act, 1956.

xix.T C mpany as n t issu d any d b ntur s,nc t pr isi ns claus 4 (xiii) t

C mpani s (Audit rs R p rt) ord r, 2003 is n tapplicabl t t C mpany.

xx. During t y ar c r d by ur r p rt tc mpany as n t rais d any m n y by publicissu .

xxi.T t b st ur kn wl dg and b li and

acc rding t t in rmati n and xplanati nsgi n t us, n raud n r by t c mpany wasn tic d r r p rt d during t c urs uraudit

F C & S F gPS & ass c sC art r d Acc untants C art r d Acc untants

S /- S /-r. k h. y. gPartn r Partn rM mb rs ip N . M mb rs ip N . 35629 32485

MumbaiDat : 30t Jun , 2009


14/36



BAlAnce sheet as at Marc 31, 2009

(rs. t s s)

P c l s S c h e u

l e sA a

Ma 31, 2009As at

Marc 31, 2008

soUrces oF FUnDsS ar ld rs' undsS ar Capital 1 5,803,481.63 5,796,933.88R s r s and Surplus 2 6,747,284.53 6,749,446.15

12,550,766.16 12,546,380.03L an undsS cur d L ans 3 7,745,899.50 2,943,071.32Uns cur d L ans 4 3,790,142.83 982,079.37

11,536,042.33 3,925,150.69

t a 24,086,808.49 16,471,530.72

APPlicAtion oF FUnDsix d Ass ts 5

Gr ss Bl ck 495,708.62 182,409.31L ss - D pr ciati n 75,822.98 46,421.68N t Bl ck 419,885.64 135,987.63Capital W rk In Pr gr ss 21,560,190.98 11,815,907.39

21,980,076.62 11,951,895.02

In stm nts 6 665,505.76 1,940,569.30

Curr nt Ass ts, L ans and Ad anc sIn nt ri s 7 3,182,929.78 571,374.42Cas and Bank Balanc s 8 6,617,999.75 8,382,318.18L ans and Ad anc s 9 2,550,927.03 1,449,390.48

12,351,856.56 10,403,083.08L ss:Curr nt Liabilit s and Pr isi ns 10Liabiliti s 10,789,114.41 7,830,627.09Pr isi ns 121,516.04 72,851.23

10,910,630.45 7,903,478.32N t Curr nt Ass ts 1,441,226.11 2,499,604.76

Misc llan us exp nditur 11 - 37,706.95

(t t xt nt n t writt n )Pr t and L ss Acc unt - 41,754.69T tal 24,086,808.49 16,471,530.72

Signi cant Acc unting P lici s 16N t s t Acc unts 17

As p r ur r p rt n dat r and n B al t B ard Dir ct rsr C atur di & S a r GPS & Ass ciat s


sd/- sd/- sd/- sd/- sd/-r k h y g n l P. g b s P. g j p s rPartn r Partn r (C airman) (ex cuti vic C airman) (C i ex cuti o c r)

sd/- sd/-

Plac : Mumbai h s d a d lDat : Jun 30, 2009 (C i inancial o c r) (C mpany S cr tary)


15/36



ProFit & loss AccoUnt r t y ar nd d Marc 31, 2009

(rs. t s s)

P c l s S c h e u l e

s

F y a d dMa 31, 2009

F m c 31, 2008

incoMe

ot r Inc m 12 617,780.19 277,489.34

t a 617,780.19 277,489.34

eXPenDitUrePaym nts t and Pr isi ns r empl y s 13 76,769.84 50,269.76Administrati , S lling and ot r exp ns s 14 313,967.63 108,669.50Int r st and inancial C arg s 15 129,579.79 767.23D pr ciati n 1,524.54 1,771.32

t a 521,841.80 161,477.81

P f b t s 95,938.39 116,011.53

Pr isi n r Tax - Curr nt Tax 41,200.00 64,000.00- ring B n t Tax 5,500.00 3,420.92

P a tax 49,238.39 48,590.61

Pri r P ri d It m (N t) (5,000.83) (90,345.30)Balanc br ug t rward (41,754.69) -Am unt A ailabl r Appr priati n 2,482.87 (41,754.69)

Appr priati ns - -Balanc carri d t Balanc s t 2,482.87 (41,754.69)

earnings p r equity s ar Rs. 10/- ac- Basic (In Rup s) 0.08 (0.10)- Dilut d (In Rup s) 0.08 (0.10)

(R r n t n - 14 Sc dul 17)

Signi cant Acc unting P lici s 16 N t s t Acc unts 17




sd/- sd/-Plac : Mumbai h s d a d lDat : Jun 30, 2009 (C i inancial o c r) (C mpany S cr tary)


16/36



scheDUles attac d t and rming part Balanc S t

(Rs. in T usands)

P c l sA a

Ma 31, 2009as

m c 31, 2008

scheDUle - 1Share CaPitaL

a s800,000,000 (PY 800,000,000) equity s ar s Rs. 10/- ac 8,000,000.00 8,000,000.00

8,000,000.00 8,000,000.00Issu d, subscrib d and Paid Up580,348,163 (PY 579,693,388) equity S ar s Rs. 10/- ac ully paid 5,803,481.63 5,796,933.88

t a 5,803,481.63 5,796,933.88

scheDUle - 2reserVes AnD sUrPlUsS curiti s Pr mium Acc untBalanc as p r last Balanc S t 6,749,446.15 1,087,650.00Add - n issu S ar s 45,834.26 5,661,796.15L ss - Pr liminary and Issu exp ns s Writt n o 50,478.75 -

6,744,801.66 6,749,446.15Pr t and L ss Acc unt 2,482.87 -

t a 6,747,284.53 6,749,446.15

scheDUle - 3

SeCured LoanST rm L an :- r m Banks 3,613,600.00 200,000.00- r m inancial Instituti ns 4,125,425.40 2,734,316.18

7,739,025.40 2,934,316.18

v icl L ans 6,874.10 8,755.14

t a 7,745,899.50 2,943,071.32

1) T ab t rm l an is s cur d by way rst c arg and m rtgag all t C mpanys imm abl pr p rti s, b t pr s nt and utur ; c arg andyp t cati n all m abl pr p rti s, b t pr s nt and utur , xc pt b k d bts and st cks w ic ar subj ct t t pri r c arg t s cur w rking capital

r quir m nts. urt r, t said T rm L ans ar s cur d by P rs nal Guarant s s m t Dir ct rs in t ir p rs nal capacity. 2) v icl L ans ar s cur d by hyp t cati n t sp ci c icl s nanc d.

scheDUle - 4

unSeCured LoanS

r m Banks* 3,492,698.99 684,635.53Int r C rp rat D p sit 297,443.84 297,443.84

t a 3,790,142.83 982,079.37

N t : Am unt R paybl in n y ar is Rs. 3,790,142.83 t usands (P.Y.:- Rs. 684,635.53 t usands)

* Includ s Rs. 1,651,327.89 t usands (P.Y.: Rs. 359,965.89 t usands) r lating t disc unting l tt r cr dits / buy rs cr dit r t pr j ct and

Rs. 1,841,371.10 t usands (P.Y.: Rs. 324,669.64) t usands r p rati ns


17/36



* o t h r t h a n I n t r n a l l y G n r a t d

* * I n c l u

d s R s . 2 2 5

. 1 6 t h u s a n d s ( P

. Y . R s . 3 0 . 0 8 t h u s a n d s ) r l a t i n g t a r l i r y

a r s

N t s :

A s a t 3 1 s t M a r 0 9

A s a t 3 1 s t M a r 0 8

1 ) C a p i t a l W r k i n P r g r s s i n c l u

d s

- A d a n c s n C a p i t a l A c c u n t

8 6

, 7 6 0

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8 4 6

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2 0

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n d r i n s t a l l a t i n

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5 , 9

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2 ) I n t a n g i b l A s s t s a r r - g

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3 ) D u

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p d t P l a n t a n d M a c h i n r y

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s c h e D U l e -

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F i X e D A s s e t s

( R s . i n T h u s a n d s )

D e s c r i P t i o n o F A s s e t s

G r o s s B l o c K

D e P r e c i A t i o n

n e t B l o c K

a

s o n

a p r i l 1 , 2 0 0 8

a i i o n

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7

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4 , 5

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18/36



scheDUles attac d t and rming part Balanc S trs t s s

P c l snumb F c v l

(rs.)A a

Ma 31, 2009as

m c 31, 200831.03.2009 31.03.2008scheDUle - 6inveStmentS

L ng T rm In stm nts, (ot r t an Trad , Unqu t d)

G rnm nt and ot r S curiti s

6 y ars Nati nal Sa ings C rti cat 5.00 5.00

(D p sit d wit Sal s Tax D partm nt)In equity s ar s Subsidiary C mpany - ully Paid upe C mpl x P t.Ltd. 21,709,327 21,709,327 10.00 189,673.18 189,673.18In Units Mutual undsPrincipal M nt ly Inc m Plan Plus - Gr wt - 9,588,770 10.00 - 150,000.00Principal M nt ly Inc m Plan Gr wt - 11,907,878 10.00 - 215,500.00SBI Arbitrag pp rtuniti s und - 13,288,683 10.00 - 157,973.21

- 523,473.21Curr nt In stm nts (ot r t an Trad , Unqu t d)In Units Mutual undsK tak l at r L ng T rm Gr wt * 5,469,316.83 - 10.00 75,630.26 -LIC M Liquid und Plus - Daily Di id nd Plan 40,019,731.72 - 10.00 400,197.32 -K tak S ri s 4 - 12,500,000 10.00 - 125,000.00Standard C art r d Plan B - 12,294,128 10.00 - 128,124.76Standard C art r d Plan A - 1,007,213 10.00 - 10,320.491084 Pru ICICI Int r al und 2 - 25,471,629 10.00 - 256,478.92R lianc Liquid + Instituti nal - 603,039 1,000.00 - 657,493.74T mpl t n QIP - 4,995,654 10.00 - 50,000.00

475,827.58 1,227,417.91T tal 665,505.76 1,940,569.30

note:1) *Pl dg d wit In rastructur L asing & inancial S r ic s Ltd r Bank Guarant s2) In stm nts Purc as d and S ld During t Y ar

MUtUAl FUnDs ac valu(Rs.)Units

(N s)C st

(Rs. in T usands)AIG India Tr asury + Instituti nal 10.00 16,201,790 170,000.00G-50 Grindlays l ating Rat LT Inst Plan B 10.00 13,053,768 130,609.471084 Pru ICICI Int r al und 2 10.00 25,971,569 259,715.69ICICI Prud ntial Instituiti nal Liquid Plan 10.00 26,524,582 330,000.0028Q ICICI Prud ntial - l xibl Inc m Plan Di id nd - Daily 10.00 13,767,937 145,575.28K tak S ri s 4 10.00 12,500,000 125,000.00

K tak Liquid Instituti nal Pr mium 10.00 4,042,561 49,432.83L tus India - Instituti nal 10.00 15,035,082 150,586.87Mira Ass ts Sup r Instituti nal 10.00 50,059 50,128.80Principal M nt ly Inc m Plan Plus - Gr wt 10.00 9,588,770 150,000.00Principal M nt ly Inc m Plan Gr wt 10.00 11,907,878 215,500.00R lianc Liquid + Instituti nal 10.00 1,671,715 1,860,985.64R lianc Liquidity - Gr wt opti n 10.00 20,865,956 270,000.00R lianc Liquid und Tr asury Plan Instituti nal 10.00 13,923,664 280,000.00SBI Arbitrag opp rtuniti s und - L114D 10.00 14,029,550 157,973.21Standard C art r d Plan B 10.00 12,469,393 129,959.00Standard C art r d Plan A 10.00 1,020,828 10,461.97ID C Liquidity Manag r Plus 10.00 10,367 10,369.00T mpl t n India TMA 10.00 250,191 250,358.90T mpl t n QIP 10.00 4,995,654 50,000.00


19/36



scheDUles attac d t and rming part Balanc S trs t s s

P c l s A aMa 31, 2009as

m c 31, 2008

scheDUle - 7inventorieS(as tak n, alu d and c rti d by t Manag m nt)Raw Mat rials and C mp n nts 1,775,385.64 376,886.59W rk in Pr gr ss * 1,405,683.35 194,487.83Scrap 1,860.79 -t a 3,182,929.78 571,374.42* During Trial Run

scheDUle - 8cAsh AnD BAnK BAlAncesCas n hand 401.86 421.77

Balanc s wit Sc dul d Banks- In Curr nt Acc unts 280,915.55 305,502.36- In ix d D p sit Acc unts 6,336,682.34 8,076,394.05

(Pl dg d wit banks as Margin r Bank Guarant s and L tt r Cr dits)

t a 6,617,999.75 8,382,318.18

scheDUle - 9loAns AnD ADVAnces(Uns cur d & c nsid r d g d)T Subsidiary * 908,700.81 309,828.07Ad anc r c rabl in cas r in kind r r t alu t b r c i d ** 1,269,593.23 910,615.97D p sits 166,980.86 127,521.80

Ad anc Tax s (including ring B n t Tax) (N t) 205,652.13 101,424.64t a 2,550,927.03 1,449,390.48* Maximum Balanc During t y ar Rs. 1,442,358.00 t usands (PY : 854,043.83 t usands)** Subj ct t C n rmati n

scheDUle - 10cUrrent liABilities AnD ProVisionscUrrent liABilities(subj c ma )Acc ptanc s 451,254.36 13,301.74Sundry Cr dit rs- Du s t Micr Small and M dium ent rpris s 8,539.34 -

(R r N t N 10 Sc dul n 17.)- Du s t ot rs 1,990,153.37 193,496.86

Ad anc r m Cust m rs 8,215,265.03 6,874,040.59ot r Liabilti s 71,233.61 732,484.01Int r st Accru d but n t du n L ans 52,668.70 17,303.89t a 10,789,114.41 7,830,627.09ProVisions

r Inc m Tax 41,200.00 64,000.00r ring B n t Tax 5,500.00 3,420.92r W alt Tax 263.00 112.00r Gratuity / L a encas m nt 15,503.04 5,318.31r Mark t Mark t L ss s n rward C ntracts 59,050.00 -

t a 121,516.04 72,851.23


20/36




(Rs. in T usands)

P c l sA a

Ma 31, 2009as

m c 31, 2008

scheDUle - 11MiscellAneoUs eXPenDitUre(t t xt nt n t writt n r adjust d)Pr liminary and Issu exp ns sBalanc as p r last Balanc S t 37,706.95 22.50Add: Incurr d During t y ar 12,771.80 41,871.61

50,478.75 41,894.11L ss: Am unt writt n - 4,187.16L ss: Trans rr d t S curity Pr mium acc unt 50,478.75 -t a - 37,706.95


21/36


22/36



scheDUles rming part t Balanc S t & Pr t & L ss Acc untscheDUle - 16 : notes to AccoUnts

Statement oF SigniFiCant aCCounting PoLiCieS

1. baSiS oF PreParation oF FinanCiaL StatementS:

t c l s s p p s c l c s

c cc c w ll cc p cc

p c pl s i p s s C p s ac , 1956.

2. uSe oF eStimateS:

t p p c l s s q s s s

ss p s c p ss s

l l s c l s s p s p s s p p .

d c w c l s l s s s c s

p w c s l s w / l s .

3. Fixed aSSetS:

. F ass s s c s c / l

l ss cc l p c p l ss, . all

c s s, cl c c s s ll c c c c l

p c l ss s c p l s .

. e p s s c l p c , c

p c l p s p c c

c c l p , c s s p c l p

p scl s C p l W - -P ss.

4. intangibLe aSSetS:

i l ass s s c s cq s l ss cc l

z . S w , w c s l p l

w , s cl ss s l ss s z

s l l s. a z s s l s s.

5. dePreCiation:

d p c F ass s s p S L m ,

s p sc Sc l xiv

C p s ac , 1956. i sp c s/ s s

l p s ss s p c s p

s l l sp c ss s. t b l s c s c

l s l l s p c l s p

l .

6. inveStmentS:

C s s c l w c s q /

l , c p c w s . L t i s s s

c s . P s l l - s s s

l s c cl s p .

7. borroWing CoStS:

b w c s s c l l cq s , c s c

p c q l ss ( c ppl s) c p l s s p c s s c

ss s. a q l ss s c ss l s s s l

p s . all w c s s

c .

8. inventory:

t s . . r w m ls, S s Sp s, F s g s

c. l l w c s l s l l . C s

i s c p s ll c s s p c s , c s c s

c s s c sp c p s

l c c . t c s r w m ls S s & Sp s s W a m . t c s W - -p ss

F s S c s s p c s . Sc p

s l l s l l .

9. revenue reCognition:

. r s s p l c c s c z s

p c - -c pl . r s c s

s s p c c l c s c s

s l s c s s p l c c

c . t s s c s s s p c ll

. t c s c c s s s sc s p w c s c c s .

t s c s c s p l c c s

s s s c s p c

c ll l c pl p c cl s c s

ls, s c s, c c s l s.

r c l s w

s, w c s c l ll l s /

c s p s s s s p s p ll s c

l s sc .


23/36



. i s c s c s p p s s. d

s c s w c s s l s .

10. government SubSidy:

g s s l s p l c c s c z

c pl c w l c s s c s

c z P L ss acc p s r

op s.

11. Foreign CurrenCy tranSaCtionS:

. t s c s c c s ll

c c p l

s c .

. m s c c s

s s . i c s s,

w c c w c c c s, c

w c c

s c s s c c p p

w c c s s c s l

c c .

. n c c s c c s .

. a c p s cc c c

s l sl s c s P

L ss acc P c l p p s s s c s

.

12. FinanCiaL derivateS:

i sp c d C c s, p p p s l ss s

s s s l c s P

L ss acc .

13. emPLoyee beneFitS:

. S - pl s c z s p s

sc p l ss cc /p c

l p p w c l s c

s .

. P s pl l pl s

c z s p s P L ss cc /p c

l p p w c pl

s s c s. t p s s c z p s

l p l s c l

l c q s. ac l s l ss s sp c

p s pl l s c

P L ss cc /p c l p p .

14. ProviSion For Current and deFerred tax:

P s c s c s

s ss l p s s i c t ac , 1961.

d s l c s w l

cc c s cc s s l ws

c s s l c s l c s .

t ss s c s c w l

s l c ss w ll l z

.

15. imPairment oF aSSetS:

a ss s s p w c c s ss s

c s s c l l . a p l ss s c

p l ss cc w c ss s s

p . t p l ss c z p cc p

s s s c s c l

.

16. ProviSion, Contingent LiabiLitieS and Contingent aSSetS:

P s s l s s l s s

c s w s p s l s s l p s

s s p l w ll l w s c s.

C L l s c s scl s C ass s c s scl s c

s s.

17. PreLiminary and iSSue exPenSeS:

P l e p s s l ss q q l

s s s s s c p cc .


24/36



(r . i t u a d )

1. c g l ab : 31.03.2009 31.03.2008

a) Guarant s gi n by C mpanys Bank rs

i) R und Bank Guarant s gi n t cust m rs (N t liabiliti s acc unt d r) 5,064,212.60 2,926,332.52

ii) ot r Bank Guarant s

(Bank Guarant s ar pr id d und r C ntractual/ L gal bligati ns. N cas ut l w is xp ct d) 103,562.05 76,500.00

b) D mands n t ackn wl dg d as D bts

i) excis Duty 106,675.50 -

(Mainly r lat d t C n at Cr dit n St l, N Cas out l w is xp ct d in t n ar utur )

ii) Cust ms Duty

(N Cas out l w is xp ct d in t n ar utur ) 13,877.91 -

iii) Inc m Tax

(N Cas out l w is xp ct d in t n ar utur ) 184.38 -

i ) ot r Claims

(R lat d t G l gy and Mining C arg s, N Cas out l w is xp ct d in t n ar utur ) 8,535.62 -

c) L tt rs Cr dit p n d in a ur suppli rs 932,104.21 1,707,347.26

(Cas l w is xp ct d n r c ipt mat rials r m Suppli rs)

2 estimat d am unt c ntracts r maining t b x cut d n Capital Acc unts andn t pr id d r (N t Ad anc s). 1,562,476.16 4,540,133.00

(Cas l w is xp ct d n x cuti n suc Capital C ntracts n Pr gr ssi basis)

3. T c mpany is at an ad anc d stag c mpl ti n its int grat d s ipyard pr j ct c mprising tw units, iz. Sp cial ec n mic Z n (SeZ) and exp rt ori nt d

Unit (eoU) situat d at Amr li in Gujarat and trial run c rtain aciliti s as c mm nc d during t y ar. T xp nditur incurr d during t c nstructi n p ri d

/ Trial Run ar classi i d as Pr j ct D l pm nt exp nditur p nding capitalizati n and will b app rti n d t t ass ts n t c mpl ti n t pr j ct.

N c ssary d tails as p r Part II Sc dul vI t t C mpani s Act, 1956 a b n stat d b l w:

P j D v pm exp d u ( ud d u d cap a W k- -P g )

(Rs. In T usands)

Pa u a exp 2008 2009 2007 2008

op ning Balanc 3,540,429.28 2,695,630.00

Add:

op ning W rk In Pr gr ss (Trial Run) 194,487.83 -

Raw Mat rial C nsum d 820,517.69 15,944.00

St r s & Spar s C nsum d 32,386.83 730.70

ot r Manu acturing exp ns s 343,022.99 177,122.28

P w r & u l 15,268.00 690.85

R nt 25,783.16 3,315.89

Salari s Wag s and All wanc s 236,075.00 124,522.69

C ntributi n t P and ot r und 5,248.54 1,594.91


25/36



(Rs. In T usands)

Pa u a exp 2008 2009 2007 2008

W l ar and ot r Am niti s 8,558.65 1,377.40

L gal and C nsultancy C arg s 242,657.25 20,001.00

C n yanc , Tra lling and v icl exp ns s 135,094.85 21,924.00

Rat s and Tax s 8,643.05 2,862.26

Insuranc 13,778.94 4,979.57

C mmunicati n exp ns s 6,592.25 2,153.00

R pairs & Maint nanc Building 8,194.54 1,510.96

R pairs & Maint nanc Plant & Mac in ry 5,328.29 3,436.39

R pairs & Maint nanc ot rs 3,674.27 3,003.65

Misc llan us exp nditur 70,475.09 25,364.37L ss n Sal n L ng T rm In stm nts 19,294.96 -

Int r st n ix d L ans 589,307.82 498,503.13

Int r st ot rs 169,051.98 1,264.87

Bank and inancial C arg s 51,230.37 315,615.00

r ign exc ang Di r nc (N t) 452,692.54 -

D pr ciati n 27,725.86 6,606.00

sub t a - 7,025,520.04 3,928,152.92

L ss :

Cl sing W rk In Pr gr ss (Trial Run) 1,405,683.35 194,487.83

Di id nd n Curr nt In stm nts 15,377.36 125,381.65

Pr it n sal Curr nt In stm nts 13,834.34 4,025.90

Int r st n D [TDS Rs. 15,964.63 T usands (PY Rs. 11,125.84 T usands)] 64,063.04 63,828.26

Misc llan us Inc m 875.18 -

sub t a - 1,499,833.27 387,723.64

c g Ba a 5,525,686.77 3,540,429.28

Sinc t c mpany as start d nly t trial run and c mm rcial p rati ns

a n t y t c mm nc d, all t dir ct c sts r lating t S ipbuilding

acti ity incurr d during trial run stag a b n c nsid r d as W rk-In-

Pr gr ss und r In nt ry. As suc p rc ntag c mpl ti n m t d is n t

r l ant r t y ar nd d 31st Marc , 2009.

4. T C mpany as issu d, a B nd-cum-L gal Und rtaking r Rs. 2,440,000

T usands in a ur Pr sid nt India acting t r ug D l pm nt

C mmissi n r Kandla Sp cial ec n mic Z n r s tting up a SeZ unit

r a ailing x mpti n r m paym nt duti s, tax s r c ss r drawback

and c nc ssi n tc, a B nd r Rs. 2,000 T usands in a ur Pr sid nt

India, t r ug Sp ci i d o ic r t s cur bligati n and liability, i any,

t SeZ Unit n acc unt pr isi nal ass ssm nt c rtain g ds

and a G n ral B nd in a ur t Pr sid nt India r a sum Rs.

1,530,000 T usands as a s curity r c mplianc applicabl pr isi ns

t Cust ms Act, 1962 and t excis Act, 1944 r eoU unit.

5. In t pini n t manag m nt, Curr nt Ass ts, L ans and Ad anc s

ar t alu stat d, i r aliz d in t rdinary c urs busin ss.

6. During t y ar, t c mpany as c ang d its acc unting p licy r lating

t acc unting s ar issu xp ns s r m writing 1/10t t

xp nditur ry y ar t adjusting t sam against t balanc a ailablin S curiti s Pr mium Acc unt in lin wit S c. 78 t C mpani s Act,

1956. had t r b n n c ang in t p licy, t pr it r t y ar w uld

a b n l w r by Rs. 5,466.59 T usands.

7. Ad anc s r c rabl in cas r in kind r r t alu t b r c i d

in Sc dul 9 includ s Rs. 384,856.54 T usands, b ing t C n at/

vAT/C ntral Sal s Tax paid n t purc as g ds and s r ic s r t

pr j ct. T c mpany as b n l gally ad is d t at suc am unts ar

r c rabl . Any unr aliz d am unts will b add d back t t c st t

pr j ct.


26/36



8. Ma ag a r mu a :

a) (r . i t u a d )Pa u a 2008 2009 2007 2008

Salari s 59,400.00* 12,181.00

C ntributi n t Pr id nt und 720.00 -

P rquisit s and t r all wanc s 9,600.00 226.00

Dir ct rs Sitting s 470.00 481.00

t a 70,190.00 12,888.00

*Includ s P r rmanc Link d Inc nti s r t inancial Y ar 2007 2008 and 2008 2009i) T ab manag rial r mun rati n is subj ct t appr al C ntral G rnm nt in t rms S c. 269 t C mpani s Act 1956, r w ic t

C mpany as l d t applicati n.ii) Liability r Gratuity and L a encas m nt is pr id d n actuarial basis r t C mpany as a w l , t am unts p rtaining t t Dir ct r is

n t asc rtainabl and t r r n t includ d ab .b) T c mputati n n t pr t r t purp s dir ct rs r mun rati n und r s cti n 349 t C mpani s Act 1956 a n t b n num rat d sinc

n c mmissi n as b n paid t any t dir ct rs. ix d Manag rial R mun rati n as b n paid t t w l tim dir ct r.

9. Aud r mu a :

(r . i t u a d )

Pa u a 2008 2009 2007 2008

Audit s 3,000.00 600.00

Tax Audit 425.00 0.00

C rti cati n C arg s 92.50 76.93

ot r Matt rs 765.00* 1,250.00

t a 4,282.50 1,926.93

*Includ s Rs. 670 T usands adjust d against S curiti s Pr mium

10. Micr , Small and M dium ent rpris s und r t Micr , Small and M dium ent rpris s D l pm nt Act, 2006 a b n d t rmin d bas d n tin rmati n a ailabl wit t C mpany and t r quir d discl sur s ar gi n b l w:

(r . i t u a d )

s . Pa u a A a Ma A A Man . 31 2009 31 2008

a. Principal am unt r maining unpaid 8,539.34 -

b. Int r st du t r n - -

c. Int r st paid by t C mpany in t rm S cti n 16 - -

d. Int r st du and payabl r t p ri d d lay in paym nt - -

. Int r st accru d and r maining unpaid. - -

. Int r st r maining du and payabl n in succ ding y ars. - -

11. emp y B :

As p r Acc unting Standard 15 empl y B n ts t discl sur mpl y b n ts as d n d in t acc unting standards ar gi n b l w:

D d c bu P a(r . i t u a d )

Pa u a 2008 2009 2007 2008

empl y rs C ntributi n t Pr id nt und 4,392.06 2,003.02

empl y rs C ntributi n t P nsi n und 1,573.33 533.16

t a 5,965.39 2,536.18


27/36



D d B P a

T empl y s Gratuity und Sc m , w ic is a d n d b n t plan is manag d by t trust maintain d wit Li Insuranc C rp rati n India (LIC)T pr s nt alu t bligati n is d t rmin d bas d n actuarial aluati n using Pr j ct d Units Cr dit M t d, w ic r c gniz s ac p ri d s r icas gi ing ris t additi nal units mpl y s b n t ntitl m nt and m asur s ac unit s parat ly t buildup t nal bligati n.

a) R c nciliati n p ning and cl sing balanc s t pr s nt alu t d n d b n t bligati n.

(Rs. In T usands)

Pa u a G a u y u d d

2008 2009 2007 2008

D n d B n t obligati n at b ginning t y ar 1,880.61 1,043.92

Curr nt S r ic C st 1,624.97 291.29

Curr nt Int r st C st 242.65 85.95

Actuarial (Gain) / L ss 937.10 459.45B n ts paid - -

D n d B n ts obligati n at t nd t y ar 4,685.33 1,880.61

b) R c nciliati n p ning and cl sing balanc s t air valu t Plan Ass ts.

(Rs. In T usands)

Pa u a G a u y Fu d d

2008 2009 2007 2008

air valu Plan Ass ts at t b ginning t y ar 4,036.77 -

exp ct d R turn n Plan Ass ts 302.76 -

Actuarial Gain / (L ss) 82.21 -

C ntributi ns 1,944.50 4,036.77

B n ts Paid - -

air valu t Ass ts at t nd t y ar 6,366.24 4,036.77

c) R c nciliati n Pr s nt valu obligati n and air valu Plan Ass ts

(Rs. In T usands)


2008 2009 2007 2008

air valu Plan Ass ts at t nd t y ar 6,366.23 4,036.77

Pr s nt valu D n d B n t obligati n at nd t y ar 4,685.33 1,880.61

Liabiliti s / (Ass ts) r c gnis d in t Balanc S t (1,680.90) (2,114.42)

d) exp ns s r c gnis d during t y ar

(Rs. In T usands)


2008 2009 2007 2008

Curr nt S r ic C st 1,624.97 291.29

Int r st C st 242.65 85.95

exp ct d R turn n Plan Ass ts (302.76) -

Actuarial (Gain) / L ss 854.90 459.45

e ct t limit in Para 59(b) (42.02) 42.02

N t C st R c gnis d in Pr t and L ss Acc unt 2,377.74 878.71


28/36



) Assumpti ns us d t d t rmin t d n d b n t bligati ns


2008 2009 2007 2008

M rtality Tabl (LIC) (1994-96 ultimat )

Disc unt Rat (p.a.) 7.05% 7.65%

estimat d Rat R turn n Plan Ass t 7.50% 7.50%

exp ct d Rat incr as in Salary (p.a.) 7.00% 7.00%

12. s gm r p g

T C mpanys acti iti s during t y ar r l ar und s tting up t S ipyard Pr j ct (R r t N t N . 3). C nsid ring t natur t C mpanysbusin ss and p rati ns, t r is nly n r p rtabl s gm nt (busin ss and / r g grap ical) in acc rdanc wit t r quir m nts Acc unting Standard17 S gm nt R p rting n ti d in t C mpani s (Acc unting Standards) Rul s 2006.

13. r a d Pa y D u

a) List R lat d parti s

1. sub d a y c mpa y

e C mpl x Pri at Limit d

2. A a c

SKIL In rastructur Limit d

Punj Ll yd Limit d

3. K y Ma ag m P

Mr. Nik il P. Gand i

Mr. B a s P. Gand i

Mr. Raym nd St wart (upt 31-01-2009)

Mr. J. P. Rai (w. . 02-02-2009)

4. e p w k y ma ag a p a d a v a ab x g a fu (o r a d Pa )

Awaita Pr p rti s P t. Ltd.


29/36



(Rs. in T usands)

na u f t a a sub d a A a

c

K y Ma ag m P o h r a d

Pa

t a

e-c mp x Pv .

l d.

sKil

i f a u u

l d

M . n kh P.

Ga dh

(cha ma )

M . Bhav h P.

Ga dh (Wh

m D )

M raym d

s wa (ceo)

M . J P ra

(ceo)

Awa a

P p Pv .

l d.

l a a d Adva

Bal. as at 01.04.2008 309,828.07 - - - - - - 309,828.07

(-) (-) (-) (-) (-) (-) (-) (-)

Gi n during t y ar 710,022.74 - - - - - - 710,022.74

(1,053,101.07) (-) (-) (-) (-) (-) (-) -1,053,101.07

R turn d during t

y ar

111,150.00 - - - - - (-) 111,150.00

-743,273.00 (-) (-) (-) (-) (-) -743,273.00

Bal as at 31.03.2009 908,700.81 - - - - - - 908,700.81

-309,828.07 (-) (-) (-) (-) (-) (-) (309,828.07)

R imburs m nts

exp ns s Gi n

568,184.19 24,602.00 - - - - 4,509.00 597,295.19

(-) -35,671.00 (-) -182 (-) (-) -5,935.00 -41,788.00

R imburs m nts

exp ns s R c i d

34,826.15 - - - - - - 34,826.15

(-) (-) (-) (-) (-) (-) (-) (-)

sa F x d A - - - - - - - -(-) -662 (-) (-) (-) (-) (-) -662

exp d u

R nt exp ns s 100 - - - (-) (-) 15,480.00 15,580.00

(-) (-) (-) (-) -15,466.00 -15,466.00

Pr j ct D l pm nt

s

- - - - - - - -

(-) -192,114.00 (-) (-) (-) (-) (-) -192,114.00

Dir ct rs Sitting s - - 90 - - - - 90

(-) (-) -110 (-) (-) (-) (-) -110

R mun rati n - - - 69,720.00 19,179.00 2,049.00 - 90,948.00

(-) (-) (-) -12,407.00 -16,826.00 (-) (-) -29,233.00

Sundry Cr dit rs - 6,496.00 - - - - 2,243.00 8,739.00

(-) (-) (-) (-) (-) (-) (-) (-)

l a D p

a 31.03.2009

50,000.00 - - - - - 20,000.00 70,000.00

-50,000.00 (-) (-) (-) (-) (-) -10,000.00 -60,000.00

b) Transacti ns wit r lat d parti s r t y ar nd d 31.03.2009

n : igur s in brack ts p rtain t pr i us y ar


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14. ea g p a (ba a d d u d)

(Rs. In T usands)

Pa u a 2008 2009 2007 2008

N t Pr t a t r Tax 49,238.39 48,590.61

L ss: Pri r p ri d It ms 5,000.83 90,345.30

Am unt a ailabl r calculati n Basic ePS and Dilut d ePS (A) 44,237.56 (41,754.69)

W ig t d A rag N . equity S ar s utstanding r Basic and Dilut d ePS (B) 580,211,400 436,636,816

Basic and Dilut d earnings p r s ar Rs. 10/- ac (in Rs.) (A)/(B) 0.08 (0.10)

15. D d tax l ab y / (A )

As r quir d by Acc unting Standard 22 n Acc unting r Tax s n Inc m D rr d Tax c mpris s t ll wing it ms:

(Rs. In T usands)

Pa u a 2008 2009 2007 2008D d tax l ab - -

t a - -

D d tax A

R lat d t ix d Ass ts 1,810.98 11,663.16

Disall wanc und r Inc m Tax 5,269.48 616.00

t a 7,080.46 12,279.16

n D d tax l ab y / (A ) (7,080.46) (12,279.16)

As at Marc 31st 2009, t C mpany as N t D rr d Tax Ass ts Rs. 7080.46 T usands. In t abs nc irtual c rtainty t at su ci nt utur TaxablInc m will b a ailabl against w ic D rr d Tax can b r aliz d, t sam as n t b n r c gnis d in t b ks acc unts in lin wit Acc untingStandard 22 d aling wit acc unting r Tax s n Inc m .

16. In acc rdanc wit t Acc unting Standard (AS 28) n Impairm nt Ass ts t Manag m nt during t y ar carri d ut an x rcis id nti yingt ass t t at may a b n impair d in r sp ct ac cas g n rating unit. on t basis t is r i w carri d ut by t Manag m nt, t r was nimpairm nt l ss n ix d Ass ts during t y ar nd d 31.03.2009.

17. inancial and ot r D ri ati Instrum nts:

a) D ri ati c ntracts nt r d int by t C mpany and utstanding as n 31st Marc 2009.

r h dging Curr ncy r lat d risks

(Rs. In T usands)

Pa u a A a Ma 31 2009 A A Ma 31 2008

rward C ntract 1,019,000.00 679,490.00

b) All d ri ati and nancial instrum nts acquir d by t c mpany ar r dging purp s nly.

c) r ign curr ncy xp sur s t at ar n t dg d by d ri ati instrum nts r rward c ntracts as at 31st Marc 2009, ar :

(Rs. In T usands)

Pa u a 2008 2009 2007 - 2008

R c i abl s 753,446.16 847,455.14

Payabl s 12,024,989.61 7,502,056.63

18. exp nditur in r ign Curr ncy

(Rs. In T usands)

Pa u a 2008 2009 2007 - 2008

L gal and Pr ssi nal C arg s 218,107.10 104,768.00

Tra lling exp ns s 9,976.77 13,961.00

abricati n and Manp w r C arg s 63,716.35 -


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Pa u a 2008 2009 2007 - 2008

Int r st and Bank C arg s 40,932.74 19,433.00

Br k rag and C mmissi n 14,808.22 59,477.00

ot rs 4,338.01 5,649.00

T tal 351,879.19 203,288.00

19. valu Imp rts calculat d n CI Basis:

(Rs. In T usands)

Pa u a 2008 2009 2007 - 2008

Raw Mat rial and C mp n nts 22,01,170.23 3,33,334.39

Capital G ds 23,29,831.27 1,32,837.83

20. Raw Mat rials C nsumpti n

Pa u a 2008- 2009 2007 2008

Mt Va u (r . i t u a d ) Mt Va u (r . i t u a d )

St l 22,736 820,517.69 417 15,944.00

21. valu Raw Mat rials and St r s C nsum d including Spar s and C mp n nts

Pa u a 2008- 2009 2007 2008

P ag Va u (r . i t u a d ) P ag Va u (r . i t u a d )

i) Raw Mat rials

Indig n us - - 100% 15,944.00

Imp rt d 100% 820,517.69 - -

100% 820,517.69 100% 15,944.00

ii) St r s & C mp n nts

Indig n us 100% 32,386.83 100% 730.70

Imp rt d - - - -

100% 32,386.83 100% 730.70

22. Pr i us y ar gur s a b n r w rk d, r gr up d, r arrang d and r classi d, w r r n c ssary t mak t m c mparabl wit t s t curr nty ar and ar as p r audit d acc unts r t y ar nd d 31.03.2008






32/36


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n s s c p e C pl P . L .

FinAnciAl YeAr oF the sUBsiDiArY coMPAnY enDeD on 31.03.2009

n S s s s c p l P p S p L - equity s ar s 2,17,09,327- Pr r nc s ar s

(Rs. in T usands)

t p f ,l ss l ss s, s s c p s s c c s s P p S p L .i) D alt wit in t acc unts Pipa a S ipyard Limit d am unt d t :

a) r t subsidiary's nancial y ar nd d Marc 31, 2009 NILb) r pr i us nancial y ars t subsidiary sinc it b cam subsidiary Pipa a S ipyard Limit d NIL

ii) n t d alt wit in t acc unts Pipa a S ipyard Limit d am unt d t :a) r t subsidiarys nancial y ar nd d Marc 31, 2009 (132,713.76)b) r pr i us nancial y ars t subsidiary sinc it b cam subsidiary Pipa a S ipyard Limit d (130,837.23)

C s i s P p S p L w s s 's f c l m c 31 ,2008

Numb r s ar s acquir d NILMat rial c ang s b tw n t nd t subsidiary's nancial y ar and Marc 31, 2008i) ix d ass ts (n t additi ns) NILii) In stm nts NILiii) M n ys l nt by t subsidiary NIL

i ) M n ys b rr w d by t subsidiary c mpany t r t an r m ting curr nt liabiliti s 908,700,807.42

stAteMent PUrsUAnt to section 212 t C mpani s Act, 1956 r lating t subsidiary c mpany

r and n B al t B ard Dir ct rs

sd/- sd/- sd/-n l P. g b s P. g j p s r

(C airman) (ex cuti vic C airman) (C i ex cuti o c r)



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Setting SaiL For deStination Futureabout uS

i r g a D a

R gistrati n N . 0 4 - 3 3 1 9 3 Stat C d 0 4

Balanc S t Dat 3 1 0 3 2 0 0 9Dat M nt Y ar

ii cap a a d du g y a (Am u r . t u a d )

Public Issu N I L Rig ts Issu N I L

B nus Issu N I L Pri at Plac m nt 5 2 3 8 2

iii P M b a a d D p ym Fu d (Am u r . t u a d )

T tal Liabiliti s 3 4 9 9 7 4 3 8 . 9 4 T tal Ass ts 3 4 9 9 7 4 3 8 . 9 4

s u Fu d

Paid - up Capital 5 8 0 3 4 8 1 . 6 3 R s r s and Surplus 6 7 4 7 2 8 4 . 5 3

S cur d L ans 7 7 4 5 8 9 9 . 5 0 Uns cur d L ans 3 7 9 0 1 4 2 . 8 3

App a Fu d

N t ix d Ass ts and CWIP 2 1 9 8 0 0 7 6 . 6 2 In stm nts 6 6 5 5 0 5 . 7 6

N t Curr nt Ass ts 1 4 4 1 2 2 6 . 1 1 Misc llan us exp ns s N I L

Accumulat d L ss s N I L

iV P ma c mpa y (Am u r . t u a d )

Turn r (ot r Inc m ) 6 1 7 7 8 0 . 1 9 T tal exp nditur 5 2 1 8 4 1 . 8 0

Pr t B r Tax 9 5 9 3 8 . 3 9 Pr t A t r Tax 4 9 2 3 8 . 3 9

earning p r S ar in Rs. 0 . 0 8 Di id nd Rat (%) N I L

V G nam t P pa P du /s v c mpa y (A p m a y m )

It m C d N . (ITC C d ) N APr duct D scripti n



BAlAnce sheet ABstrAct

and C mpanys G n ral Busin ss Pr l

18 Add a i ma pu ua p v Pa iV s du Vi c mpa A , 1956


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A amax:

Crud il tank r r pr duct tank r t larg t pass t r ug t Panama Canal,

and b l w 120,000 DWT.

Ahts:

Anc r handling Tug Supply. o s r ss l us d r j bs suc as tr l cati n il rigs and t ir anc rs.

B :

Crud il r m t N rt S a. Br nt il is trad d at t Int rnati nal P tr l um

exc ang in L nd n. T pric Br nt is us d as a b nc mark r s ral

t r typ s eur p an il.

Bu k v :

v ss ls transp rting larg carg quantiti s, including c al, ir n r , st l,

grain, gra l, il, tc.

cap z :

Dry bulk carri r m r t an appr ximat ly 80,000 DWT, t larg t pass

t r ug t Panama Canal.

cbm:

Cubic M t r.

cGt:

C mp nsat d Gr ss T nnag . Int rnati nal unit m asur m nt t at acilitat s

c mparis n di r nt s ipyards pr ducti n r gardl ss t typ s ss l

pr duc d.

DWt:

D ad W ig t T ns. Int rnati nal unit m asur m nt t at indicat s l adingcapabiliti s in m tric t nn s t particular ss l, including t w ig t

cr w, pass ng rs, st r s, bunk rs tc.

FPso:

(P)So: l ating (Pr ducti n) St rag o f ading Unit. S ip us d as substitut

r a c n nti nal il plat rm at il lds t at ar it r t d p in t

gr und r t small t justi y t us a c n nti nal il plat rm. I t s ip

is an PSo, it as il ( r gas) pr c ssing capabiliti s.

Gt:

Gr ss T ns. Unit 100 cubic t r 2.831 cubic m t rs, us d in arri ing at

t calculati n gr ss t nnag .

ha dy, a k:

Crud il tank r, pr duct tank r r c mical tank r b tw n 10,000 and

25,000 DWT.

ha dymax, d y a g

Dry bulk carri r b tw n 40,000 and 60,000 DWT.

ha dy z , d y a g

Dry bulk carri r b tw n 10,000 and 40,000 DWT.

iMo:

Int rnati nal Maritim organisati n.

l -l :

Li t n Li t . Carg carrying ss l t at as its carg li t d n and/ r .

T is typ s ip may als a pass ng r carrying capacity (Pax-L ) and/ r

R -R atur s (R -L ).

Mu -Pu p :Dry bulk carri r wit multipl applicati ns, mainly as a d r ss l, r r

sp cial carg .

nau a M :

Distanc unit m asur 1,852 m t rs, r 6,076.12 t.

o v :

v ss l s r ing t s r il industry.

oPec:

organisati n P tr l um exp rting C untri s.

Pa amax, a :C ntain r carri r wit t maximum dim nsi ns r passing t r ug t

Panama Canal (widt 32.21 m tr s, l ngt 291 m tr s) appr ximat ly

3,0005,000 TeU.

Pa amax, a k :

Crud il tank r r pr duct tank r wit t maximum dim nsi ns r passing

t r ug t Panama Canal (widt 32.21 m tr s and l ngt 289.5

m tr s) appr ximat ly 50,00080,000 DWT.

Pa amax, d y a g :

Dry bulk ss l wit t maximum dim nsi ns r passing t r ug t

Panama Canal (widt 32.21 m tr s and l ngt 289.5 m tr s) appr ximat ly 60,00080,000 DWT.

PsV:

Plat rm Supply v ss l. o s r ss l s r ing t s r il installati ns.

r -c :

R -R ss l wit c ntain r capacity

r -r :

R ll on R ll o . v ss ls n w ic t carg is r ll d n b ard and as r .

s a d-by v :

o s r

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