59th Annual Report 2010-11

HINDUSTAN SHIPYARD LIMITED

PAPERS TO BE LAID ON THE TABLE OF LOK SABHA/RAJYA SABHA

AUTHENTICATED

RAKSHA RAJYA MANTRI


VISION

To become a world class Defence Shipyard,

to construct Naval Ships and Submarines for the

Indian Navy and Coast Guard and to meet the

repair requirements of such vessels and other

Government Vessels.

MISSION

To upgrade the Shipyard, acquire advanced

technologies in war ships and submarine construction

in a phased manner from 2010 to 2025,

and take up projects planned by

Indian Navy and Indian Coast Guard

for meeting its long term needs.

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Front Page : "Rani Abbaka" 1st IPV of 5 series vessels is ready for delivery. Repairs of INS KUMBHIR

and INS SANDHAYAK is under progress.

Back Page : "M.V. Good Precedent" 53000 DWT Bulk carrier, 2nd of 6 series vessels delivered to its

owners.

CONTENTS

• Board of Directors 1

• Chairman’s Address 2

• Notice 5

• Directors’ Report 6

• Auditors’ Report 31

• Comments of the Comptroller and Auditor General of India 36

• Balance Sheet 38

• Profit & Loss Account 39

• Schedules to the Accounts 40

• Notes forming part of Accounts 47

• Balance Sheet Abstract & Company’s General Business Profile 60

• Cash Flow Statement 61

• Social Overhead 62

• Last 10 years at a glance 64

• Ships built 66

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Hindustan Shipyard Limited


(A Government of India Undertaking)

BOARD OF DIRECTORS

RAdm. N. K.MISHRA, NM, IN (Retd.) Chairman & Managing Director (From 01-08-2011)

RAdm. K.C. SEKHAR, AVSM, VSM, IN (Retd.) Chairman & Managing Director (Addl. Charge)

(From 01 -01-2011 to 31-07-2011)

Cmde. NARESH KUMAR, VSM, IN (Retd) Chairman & Managing Director (Upto 31-12-2010)

Shri RAKESH MAHAJAN Director (Finance & Commercial)

Cmde. K .S .SUBRAMANIAN, NM, IN (Retd.) Director (Shipbuilding) (From 04-06-2011)

Capt. P.V.K.MOHAN Independent Director (Upto 05-06-2011)

Dr. DEVI SINGH Independent Director (From 18-5-2011)

Shri GYANESH KUMAR, IAS Director

VAdm. N.N.KUMAR, AVSM, VSM, IN Director

PERMANENT SPECIAL INVITEES

VAdm. D.S.P.VARMA, PVSM,AVSM,VSM, IN(Retd.)

Dr. S.C.PANDEY (From 25.5.2011)

Shri.PRAMODE K.MISHRA (Upto 24.05.2011)

COMPANY SECRETARY

Shri INAITULA BAIG

BANKERS AUDITORS

1. Indian Bank

2. State Bank of India

3. UCO Bank

4. Syndicate Bank

5. Canara Bank

REGISTERED OFFICE

209 & 209A, Vikram Tower Phone : 011-25737425

16, Rajendra Place Fax : 011-25730029

New Delhi-110 008

HEAD OFFICE & WORKS: Phone : 0891-2577404/2577437/

Gandhigram 9493792132 (PRO)

Visakhapatnam – 530 005 Fax : 0891-2577502/356/667

E-mail : [email protected]

Web : www.hsl.nic.in

M/S. G.R.KUMAR & CO.

Chartered Accountants

9, Merry life Apartments,

Doctor’s Colony, Pedda Waltair,

Visakhapatnam – 530 017

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59th Annual Report

BOARD OF DIRECTORS(As on Date of AGM)

RAdm N.K. Mishra, NM,

IN (Retd.)

Chairman & Managing Director

VAdm. N.N. Kumar,

AVSM, VSM

Director

Shri Gyanesh Kumar, IAS

Director

Dr. Devi Singh

Director

Shri Rakesh Mahajan

Director

(Finance & Commercial)

Cmde K S Subramanian

NM, IN (Retd.)

Director (Shipbuilding)

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CHAIRMAN’S ADDRESS

Dear Shareholders,

I have the great pleasure in welcoming you to this 59th Annual General Meeting of your Company and share

with you some of significant achievements during the year under review. I am happy to report that, the Government

has sanctioned Financial Restructuring package of ` 824.90 Crores and the company has successfully implemented

the Financial Restructuring package and cleared legacy liabilities. With the implementation of Financial Restructuring

package, the legacy liabilities have been taken care of. However, the financial health of the Company continues to

be poor with accumulated losses of ` 930.10 Crores and a negative networth of ` 628.11 Crores as on 31st March,

2011. The Directors' Report and Audited Financial statements has already been circulated to you, with your

permission, I take them as read.

HSL being an old & premier shipyard of the country has been striving towards better productivity and optimum

utilization of resources. The total Income of the company during the year is ` 637.87 Crores as compared to

` 651.16 Crores for the previous year. Your company recorded a profit of ` 54.99 Crores as against ` 2.32 Crores of

previous year due to accounting of ` 452.68 Crores grant in aid received from Government of India as Financial

Restructuring package.

The major highlights of the year 2010 -11 are as follows

a) The Ministry has sanctioned ` 824.90 Crores as Financial Restructuring package and the same has been

implemented successfully.

b) The company concluded contracts for an order value approx. ` 798 Crores with Coast Guard, Indian Navy and

Kandla Port Trust. However the order value is not sufficient for the Yard to sustain. The company desperately

needs to secure high value orders from Indian Navy after its transfer of Administrative control from Ministry

of Shipping to Ministry of Defence.

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59th Annual Report

c) Some of the noteworthy achievements during the year are as follows

i. Two 53 K bulker vessels were delivered to M/s. GML.

ii. Six vessels of different categories were launched/floated.

iii. Keels were laid for five new vessels.

iv. Repair of ONGC Jack up Rig is at advanced stage of completion and targeted to be delivered by the end

of Nov 2011.

v. Repair of twenty three vessels were undertaken during the year 2010-11 including two warships viz.

INS KUMBHIR &INS SANDHAYAK.

Your company is committed to create value addition by not only achieving path breaking achievements in

shipbuilding & ship repairs but also developing indigenous repair capabilities of Naval Submarines and off shore rigs

of the country.

The present shipbuilding order book position comprises 24 vessels out of which 14 vessels are at various

stages of their construction. The focus of the yard during the next couple of years will be on completion of the

orders of M/s. GML & five IPVs for Indian Coast Guard. The other orders would also be attended to with renewed

planning & Production norms to keep the workshops & workmen optimally utilised. However I regret to inform that

with the present order book most workshops will remain idle in near future unless some high value orders are

secured by HSL.

Grading Vide Memorandum of Understanding

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

with the Ministry of Defence.

Corporate Governance

Your company constantly endeavors to adopt and maintain the highest standards of ethics in all spheres of its

business activities. Your company firmly believes in the fundamental principles of Corporate Governance like honesty,

integrity, accountability, transparency and legal/statutory compliances, to protect, promote and safe guard the

interests of all stakeholders. It also strives to carry out its business obligation with good corporate values duly

discharging its duties for maximum level of transparency in decision making to avoid conflict of interests. It also

accords due importance to adherence of adopted corporate values and objectives and discharging social

responsibilities as a responsible corporate citizen.

Infrastructure Upgradation & Modernization

The yard infrastructure is required to be upgraded to increase its capacity and efficiency for construction of

sophisticated Defence Vessels in future. This upgradation has been planned to be undertaken in two phases. In first

phase the existing infrastructure facilities would be refurbished and or renewed. Budget estimates for the Phase-I

modernization is ` 457.36 Crore. In the second phase the yard infrastructure would be augmented so as to make

the yard capable of constructing modern warships, submarines and amphibious Vessels etc. Both the proposals are

under active consideration at Ministry of Defence.

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Future Outlook

The yard is strategically located on the east coast of the India in the close proximity of Eastern Naval Command.

Consequent to transfer of Administrative control of your company to Ministry of Defence, the yard has been identified

as one of the Defence shipyards for construction of Warships and Submarines. The present order book is likely to be

completed by Aug 2013 and thereafter HSL will concentrate on construction of Defence Vessels. The surplus capacity,

if any, available would be utilized for commercial vessels. With above mentioned infrastructure upgradation and

capacity improvement the yard will grow as one of the major Defence shipyards of the country.

Human Resource Development

Considering the large attrition rate of the existing workforce of the company in coming years, your company

has started inducting the young workforce to fill up the organizational gaps. Your company has inducted 15

management trainees recently and will continue to induct more in coming years depending upon the requirements.

The skill development is one of the high priority areas to hone the skills required for construction of complex

warships and submarines. Hence, Your company continues to impart training to new entrants and existing employees

as well to increase the productivity.

Further, recently your Company has revised the pay scales of the staff and workmen of the company in order

to boost their morale which will result in higher productivity. However while approving the wage revision, your

company could not arrange the payment of arrears due to staff & workmen as the financial health of the Company

did not permit such payments. This is a major issue of the Unions as the wage revision for Officers was undertaken

prior to wage revision of staff & workmen and their arrears have been paid.

Acknowledgements

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

Naval and Coast Guard authorities, the Dredging Corporation of India Limited, Shipping Corporation of India Limited,

The Oil & Natural Gas Corporation Limited, M/s Goodearth Maritime Limited and the shareholders for the trust

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

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

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

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

in by all the employees of the company to achieve its goal and Board of Directors and the Ministry of Defence who

have supported and guided the company for the turnaround.

Thanking you all once again.

Sd/-

New Delhi (N K Mishra)

16 Sep 2011 Rear Admiral, IN (Retd.)


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59th Annual Report


(A Government of India Undertaking)

NOTICE OF 59th ANNUAL GENERAL MEETING

Notice is hereby given that the 59th Annual General Meeting of the Shareholders of Hindustan Shipyard Ltd., will be

held on Friday, the 16th September, 2011 at 11.30 AM at A1/314, Shipyard House, Safdarjung Enclave,

New Delhi – 110 029 to transact the following business:

ORDINARY BUSINESS

1) Adoption of Annual Accounts of the Company for the year 2010-11

To receive, consider and adopt the Balance Sheet as at 31st March,2011 and the Profit & Loss Account for the

year ended 31st March, 2011 and the Reports of the Directors and Auditors thereon.

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

Financial Year 2011-12.

By order of the Board


Sd/-

New Delhi (Inaitula Baig)

Dated the 23rd August,2011 Company Secretary

NOTES: (a) A member entitled to attend and vote is entitled to appoint a Proxy to attend and vote instead

of himself and a proxy need not be a member of the Company.

(b) The instrument appointing the Proxy, if any, should, in order to be effective, be deposited at the

Registered Office of the Company not less than 48 hours before the time of holding the meeting.

To

All the Shareholders,

Statutory Auditors,

Directors & Chairman of the Audit Committee.

Permanent Special Invitees

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DIRECTORS’ REPORT FOR THE YEAR 2010-11

The Shareholders,

Hindustan Shipyard Limited.

Gentlemen,

Your Directors are pleased to present the 59th Annual Report on the working of the company for the Financial Year

2010-11. The Audited Profit & Loss account for the financial year 2010-11 and the Balance Sheet, as on 31 Mar

2011 together with the Report of the Auditors of the company and the comments of the Comptroller & Auditor

General of India on the Auditor's Report under section 619 (4) of the Companies Act, 1956 are appended to this

report.

1. CAPITAL STURCTURE

The authorized equity share capital of the company as on 31 Mar 2011 stood at ` 304.00 Crores against

which the paid up Equity Share Capital as on 31 Mar 2011 is ` 301.99 Crores

2. FINANCIAL RESTRUCTURING

The Ministry has sanctioned ` 824.90 Crores towards financial restructuring package as mentioned below:

i) An amount of ` 452.68 Crores (Rupees Four Hundred Fifty Two Crores and Sixty Eight lakhs) has been

given as grants in aid for clearance of old outstanding liabilities towards Banks, employee arrears, tax

arrears and other liabilities.

ii) The existing Government loan with interest and Government guarantee fee against loan from SBI

amounting to ` 372.22 Crores (Rupees Three hundred Seventy Two Crores and Twenty Two lakhs) has

been converted as loan in perpetuity without interest.

3. PERFORMANCE HIGHLIGHTS

3.1 Financial Parameters

The Directors are pleased to inform that the company has recorded a Profit Before Tax (PBT) of

` 165.18 Crores during the year 2010-11. This increase in PBT is due to accounting of grant-in-aid of ` 452.68

Crores as income which has been received from Government of India towards Financial Restructuring.

3.2 Value of Production

The company achieved a value of production of ` 603.84 Crores during the FY 2010-11.

3.3 MOU Rating

In terms of the parameters finally arrived at the Memorandum of Understanding signed with Government for

the year 2010-11, performance of the company is expected to be rated as “Good”.

4. DIVISION-WISE PERFORMANCE

4.1. SHIPBUILDNG

The Shipbuilding Division of your Company achieved a Value of Production of ` 243.19 Crores for 2010-11 as

against ` 243.08 Crores of the previous year.

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59th Annual Report

Launching of the 5th IPV VC11158-”RANI RASHMONI” by Smt. Ila Sharma, Wife of Sri S.P.Sharma, Inspector General, Commandantof the Coast Guard (East) in the august presence of Shri M.M.Pallam Raju, Hon’ble Raksha Rajya Mantri, Govt. of India

Sl.No. Events Date Description of Vessel Owner

1. Fresh contracts concluded 27 Aug 2010 3 No 50 T BP Tugs Indian Navy

23 Mar 2011 8 No. Inshore Patrol Vessels Coast Guard

24 Mar 2011 2 No. 50-T BP Tugs Kandla Port Trust

2. Delivery 12 Apr 2010 First (of 6 No) 53000 DWT Bulker GML, Chennai

05 Feb 2011 Second (of 6 No) 53000 DWT Bulker GML, Chennai

3. Floating / Launching 03 May 2010 Floating of Second (of 6 No) 53,000 DWT Bulker GML, Chennai

15 May 2010 Launching of Third (of 5 No) Inshore Patrol Vessel Coast Guard

14 Jul 2010 Launching of First (of 2 No) 50T BP Tug Visakhapatnam Port Trust (VPT)

04 Nov 2010 Launching of Second (of 2 No) 50T BP Tug Visakhapatnam Port Trust (VPT)

06 Nov 2010 Launching of Fourth (of 5 No) Inshore Patrol Vessel Coast Guard

31 Mar 2011 Floating of Third (of 6 No) 53,000 DWT Bulker GML, Chennai

4. Keel Laying 27 Dec 2010 First (of 3 No) 50-Ton BP Tug Indian Navy

27 Dec 2010 Second (of 3 No) 50-Ton BP Tug Indian Navy

30 Dec 2010 Fourth (of 6 No) 53,000 DWT Bulker. GML, Chennai

30 Dec 2010 Fifth (of 6 No) 53,000 DWT Bulker GML, Chennai

05 Mar 2011 Third ( of 3 No) 50-TBP Tug Indian Navy

4.1.1. MAIN EVENTS

Following are the major events recorded by the Shipbuilding Division during the year 2010-11:

Floating of VC 11138 “M.V Good Trade” Delivery of "Good Precedent" 53000 DWT Bulker to GML, Chennai

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4.1.2. Order Book Position as on 31 May 2011

HSL is presently having an order book of 24 Vessels of which, 14 Vessels are under various stages of construction.

The value of the above Shipbuilding orders is ` 1108.21 Crores.

The details of Order Book Position is as follows:

Sl. No Yard No. Type of the Vessel No. of Owner Balance Contractual AnticipatedVessels Contract Value Delivery Delivery

(Qty.) (` In Cr) Date Date

1 11138 to 11141 53,000 DWT 4 GML, Chennai 237.29 Jul 2009 – Sep 2011 –Diamond Jan 2011 Aug 2013

series Bulk Carriers

2 11154 to 11158 Inshore Patrol Vessels 5 Indian 34.07 Mar 2008 – Aug 2011 –Coast Guard Mar 2009 Jul 2012

3 11160 & 11161 50-Ton Bollard Pull Tugs 2 Visakhapatnam 39.13 Mar 2011 – Aug 2011 –Port Trust Jul 2011 Oct 2011

4 11162 to11164 50-T Bollard Pull Tugs 3 Indian Navy 155.40 Oct 2012 – Oct 2012 –Jun 2013 Jun 2013

5 11165 to 11172 Inshore Patrol Vessels 8 Indian 551.12 Aug 2013 – Aug 2013 –Coast Guard May 2015 May 2015

6 11173 to 11174 50 –T Bollard pull Tugs 2 Kandla 91.20 Mar 2013 – Mar 2013 –Port Trust Jun 2013 Jun 2013

Total 24 1108.21

Keel Laying for VC11162 the 1st. B.P. Tug of 3 no.series by Capt. G.Rajsekhar Rao, Warship ProductionSuperintendent of WOT(V)

Keel Laying for VC11163, the 2nd B.P.Tug. of 3 no. seriesby Shri M.Prasad, Sr. Engineer (QC), retiring on 31 Dec2010 on his superannuation

4.1.3. Production & Physical Performance

The Shipbuilding production in DWT and capacity utilization achieved during the year 2010-11 are presented

below. The figures for same parameters for previous year are also shown for comparison.

Sl. No. Description Unit 2010-11 2009-10

1 Installed capacity (at 3.5 Standard Pioneer Ships DWT 75,250 75,250

per annum)

2 Actual Production achieved DWT 61853 67572

3 Capacity Utilization Percentage 82 % 90 %

4 Productivity achieved M.hrs/DWT 42.5 27.20

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59th Annual Report

4.2 SHIP REPAIRS

During the year Ship Repair Division has undertaken repairs of 22 vessels (Including 8 Foreign Flag) of various

types belonging to Indian Navy, DCI, SCI, ONGC, VPT etc. and also miscellaneous works. The repair dock was

utilised to its optimum level. Your Company achieved a Ship Repair Turnover of ` 277.38 Crores during the

year 2010-11 and is committed to increase its revenue from Ship Repairs in coming years.

4.2.1. MAJOR WORKS DURING THE YEAR 2010-11

(a) Repair contract of Jack up Rig “SAGAR

RATNA” of ONGC, worth ` 450 Crores is at

and advanced stage of completion and

targeted to be delivered by the end of Nov

2011.

(b) INS Sandhayak and INS Kumbhir repair

orders of `.75 Crores is presently in

progress.

4.3. RETROFIT DIVISION

The Value of Production on account of submarine

repairs at the Retrofit Division was ` 83.27 Crores.

Repair of Jack up Rig "SAGAR RATNA"of ONGC is under progress

Launching of the 4th IPV VC11157 “RANI GAIDINLIU”by Smt. Punam Mathur, W/o Sri Chandrahas Mathur, IRSChief Commissioner of Customs & Central Excise, Vizag.

Launching of 50 Ton B.P.Tug VC 11161 “Col H.Cart WrightReid” for Visakhapatnam Port Trust by Sri G.V.L. SatyaKumar, IRTS, Dy. Chairman, Visakhapatnam Port Trust.

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6. CONTRIBUTION TO CENTRAL EXCHEQUER

Your company’s contribution to the national exchequer during the year 2010-2011 by way of Income Tax,

Service Tax, Customs Duty & Excise Duty is ` 104.64 Crores .

5. OPERATING RESULTS

5.1. The summarized financial results of the Company for the year 2010-11 are presented below. The Profit shown

is due to receipt of ` 452.68 Crores Grant-in-aid from Government of India for clearing old outstanding

liabilities reflected as extraordinary items in the statement given below :

7. FUTURE OUTLOOK

HSL is strategically located on the East Coast of

India. The yard has been transferred from Ministry

of Shipping to Ministry of Defence in

February,2010. The Yard has been identified for

construction of war ships and submarines. The

present order book will be completed by Aug 2013

and thereafter HSL will construct mainly defence

vessels. The surplus capacity, if any, available

would be utilized for commercial vessels. In

coming years there is a plan to modernize the

infrastructure in order to make this yard viable for

construction of high value orders from Navy viz.,

War ships, Submarines and other amphibious

ships. W ith the capacity improvement and

modernization of the Yard HSL will grow as one of

the major Defence Shipyard, in the Country.

Visit of a high level Vietnamese delegates headed by ViceAdmiral NGUYEN VAN HIEN, Deputy Minster of Defenceand Commander-in-Chief of Vietnam People’s NAVY, inconnection with joint venture proposals for Defence vessels

8. MODERNISATION

The yard is required to be modernized to increase its capacity and efficiency for construction of sophisticated

Defence Vessels in future. The modernization is planned in two phases.

(a) Phase-1- In the first phase, the existing infrastructure facilities need to be refurbished/ renewed as

identified.

(b) Phase- 2 – In the second phase of Modernization is to bring up the yard infrastructure in order to

construct sophisticated Naval Vessels.

Description (` In Crores)

Ship Building Ship Repairs Retrofit Unallocated Total

Total Income 247.85 286.02 91.18 12.83 637.88

Profit/(Loss) before Depreciation,

Interest & Income Tax & Extraordinary

Items(PBDIT) (170.02) 64.07 (28.20) (131.32) (265.47)

Depreciation 5.07 0.46 1.35 0.80 7.68

Interest & Finance Charges 2.39 5.29 0.42 6.25 14.35

Extra-ordinary Items

(Grant in aid from GoI) - - - 452.68 452.68

Profit/(Loss) Before Tax (PBT) (177.48) 58.32 (29.97) 314.31 165.18

Deferred Tax Asset Written Off 110.19

Net Profit after Tax 54.99

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59th Annual Report

9. DRAWING & DESIGN OFFICE

The Design works for ongoing projects such as Inshore Patrol Vessel, Yard Crafts, Dry dock Gate and Bulk

Carriers etc. have been carried out using Tribon M3 software in the CAD/CAM center. The capability of Design

Office is also planned to be augmented to cater for design of Warships and Submarines.

10. QUALITY ASSURANCE

The 3rd Surveillance Audit with transition to ISO 9001:2008 standards was satisfactorily carried out during 19

May 2010 – 21 May 2010 and a new certificate of approval of ISO 9001: 2008 has been issued by LRQA. The

4th surveillance audit was satisfactorily conducted during 08 Nov 2010 – 10 Nov 2010. The Quality Management

System of ISO 9001: 2008 is being maintained through periodical internal quality audits. The 5th surveillance

audit was last undertaken between 21 Jun 2011 to 23 Jun 2011.

11. INFORMATION TECHNOLOGY

In the field of Information Technology, your Company has successfully implemented the following tasks during

the year

(a) Action is initiated for introduction of e-procurement in HSL and likely to be implemented by Mar 2012.

(b) Initiated National Informatics Center (NIC) mail service in view of more confidentiality & security for all

HSL official correspondence.

(c) Implemented the network security using group policy.

12. ENVIRONMENTAL ASPECTS

Your company continues to be environmental

friendly and has fulfilled all the statutory

requirements of central and state pollution control

boards. The company is committed to meet all the

stipulated standards for maintaining and

protecting the environment.

13. INDUSTRIAL RELATIONS

The Industrial Relations were cordial and

harmonious during the year 2010-11

Celebration of 62nd Republic Day

14. WELFARE ACTIVITIES

Your Company’s concern for the welfare of the

employees continues to be paramount and various

welfare measures have been implemented. The

Hindustan Shipyard Recreation (HSR) club assisted

by the Company looks after the recreational

facilities for the employees, company provided

crèche facility for the children of lady employees.

HSR club conducted 64th Independence Day and

62nd Republic Day celebrations at Colony Parade

Ground. Cultural Programs were arranged by HSR

Club. Free medical check up camp was organized

for the school children through “SAMRAKSHANA”

HSL ladies club.

Visit of Department related Parliamentary standingCommittee on industry under the chairmanship ofSri Tiruchi Siva, Hon'ble M.P.

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15. SAFETY, SECURITY & PRODUCTIVITY

The safety of the workers/employees has been

given utmost importance. During the year Plant

Safety inspection has been carried out by the

safety personnel for identifying the unsafe

conditions / unsafe acts and remedial actions to

prevent accidents/injuries have been taken. During

this period, Safety Department issued boiler suits

and safety shoes to all production connected

permanent employees. Safety department

conducted Central Safety Committee meeting on

safety with all members, co-opted members, otherObservation of Fire Service Week

invitees, committee members and office bearers. Safety banners/posters/caution boards were displayed to

create safety awareness among all employees. Safety Training programs were organized for the workmen

and supervisors of contractors working in shipbuilding and ship repairs and also issued photo identity cards

to those who had undergone Safety Training Programme. 40th National Safety Day was organized in befitting

manner in which Director (Finance & Commercial) administered the safety pledge to all officers and

representatives of unions / associations at training center auditorium and distributed prizes for winners of

the safety competitions conducted by safety department. Employees of HSL have been deputed for

participating the safety competitions duly conducted by Andhra Pradesh Chapter of National Safety Council,

Hyderabad on the occasion of 40th National Safety Day Celebrations.

16. TRAINING

Training was imparted to large number of ITI Trade Apprentices in the designated trades. During the year

2010-11, 363 Trade Apprentices have successfully completed the training and were awarded National

Apprenticeship Certificates by Govt. of India, Ministry of Labor and Employment, NCVT, RDAT, Hyderabad.

Training was also imparted to Graduate Engineers and Diploma Holders. 29 Engineering Graduates, 8 Technician

(Diploma) Apprentices were imparted training under the Apprentices Act and awarded Certificates of

Proficiency by Govt. of India, Ministry of Human Resource Development and Board of Apprenticeship Training

(SR), Chennai, during the year 2010-11.

HSL also arranged in-plant training and extended project work facilities to 1075 students of various Engineering

Colleges, Management Institutions and marine Institutions.

17. GENDER BUDGETING

In pursuance of the instructions of the Government of India, a “Gender Budgeting Cell” has been constituted

with four women Officers to act as a Nodal Agency for all gender responsive budgeting initiatives. This is to

ensure effective implementation of general development programme for women employees like training,

advancement of skills, provision of welfare amenities at work place etc. There are presently 84 women

employees (Officers – 33 ; Staff – 51) employed in the yard.

18. MEDICAL BENEFITS

HSL runs two dispensaries, one in the yard which works from 7 AM to 10 PM and the other at residential

colony which works round the clock to cater for the needs of employees and their dependents. Medical

facilities are extended for outpatient treatment by a panel of doctors. In addition, under referral system there

are five empanelled hospitals which are used by HSL employees and their dependants. HSL pays the medical

bills directly to the hospitals for the services rendered as per the rate contract entered with them. Majority of

the employees including their families are covered under the Medical Reimbursement Scheme for

hospitalization and claims amounting to ` 4.05 Crores was disbursed for treatment of employees and the

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59th Annual Report

their family members during the year 2010-11. Two ambulances are available at yard dispensary for use

round the clock. Annual Eye Check up by ophthalmologist from Government Hospital for crane operators and

drivers was also arranged.

19. CORPORATE SOCIAL RESPONSIBILITY

HSL recognizes that activities under Corporate Social Responsibility (CSR) are not philanthropic acts but a

means to serve the society including all stakeholders.

The company’s CSR vision forms an integral part of the business function and covers community development

initiatives prioritized on local needs most of these are based on “Zero Budget initiatives through voluntary

services of employees and nominated management representatives. Following are the highlights of CSR

activities:

� Gandhigram Education Society (GES):

Educational facilities are made available to children of HSL employees and local public. Six educational

institutes are managed by GES, a body constituted by HSL. Electricity and Water charges for all these

Educational Institutions are borne by HSL.

� Health & Family Welfare:

While the Colony Dispensary primarily caters to the need of colony residents, first-aid and medical

assistance is also given to outsiders in cases of emergency. Your company also promotes and supports

– thrift societies of employees which also serve neighboring colonies. It provides space & Infrastructure

for a bi-weekly “RYTHU BAZAR” – a platform for the small farmers to market their produce at economical

prices for employees as well as residents of neighboring colonies.

� Imparting Vocational Training & Setting up of Skill Development Centers :

HSL is providing vocational training under the Apprentices Trade Act and Graduate Trainees Scheme of

GOI which are both of a statutory nature.

� Sports & Cultural Activities:

HSL supports and provides infrastructure facilities etc., for conducting Regional/National level scouts &

guides meets, sports events and cultural events.

20. CORPORATE GOVERNANCE REPORT

A Report on Corporate Governance is placed as Annexure -1 forming part of this report together with

Compliance Certificate as per guidelines for Corporate Governance promulgate by DPE vide their Notification

dated 14 May 2010.

Celebration of Independence Day

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21. RESERVATION OF POSTS FOR SC/ST/OBC

Your Company has complied with the Govt.

directives with regard to reservation of posts for

SC, ST and OBC. Detailed statistics regarding the

particulars of recruitment made during the

calendar year 2010 & the number filled by

members of SC and ST, the representation of SC/

ST and Ex-Servicemen & Women employees as on

01 Jan 2011 are given at Annexures 2, 3 and 4

respectively. Visit of Smt. K.Kamala Kumari, Ex. Hon’ble Union Minister,Ex. Member of Parliament and Member of The NationalCommission for ST

22. RESERVATION OF PHYSICALLY HANDICAPPED

As per Government of India Guidelines, 3% Reservation for Physically Handicapped in all groups viz: A, B, C

and D posts are being made. During the calendar year 2010, three Physically Handicapped candidates have

been promoted and one candidate has been recruited.

23. OFFICIAL LANGUAGE IMPLEMENTATION

During the year, efforts were continued to promote and encourage the use of Official Language. Official

Language Implementation Committee Meetings were held regularly. Employees are being imparted Hindi

training under the Hindi Teaching Scheme. Hindi workshops were conducted during every quarter where in

about 100 employees have been trained. The companies Annual Report, MOU and documents under Section

3(3) of Official Language Act are being issued bilingually. To encourage the employees to read Hindi books a

separate Hindi Library has been set up.

Hindi Fortnight was observed from 01 to 15 Sep 2010. During the period various competitions were organized.

Cash awards are given to those employees who have qualified in the exams viz. “Prabodh”, “Praveen” and

“Pragya”. HSL’s in-house Hindi magazine ‘Rajbhasa Sarita’ was launched on 23 Sep 2010 to commemorate the

Hindi day.

24. ACTIVITIES OF VIGILANCE DEPARTMENT

Vigilance Department which is functioning in HSL under the guidance of Central Vigilance Commission keeps

constant vigil on various activities of HSL. As a part of the above, Vigilance Department has been providing

necessary assistance / guidance as and when required. Vigilance awareness week was observed between 25

Oct 2010 to 01 Nov 2010. All personnel were administered Oath and banners are displayed in HSL.

25. IMPLEMENTATION OF RIGHT TO INFORMATION ACT, 2005

As per the directives of the Govt. of India, the RTI Act, 2005 is being implemented in the Company and the

required infrastructure has been put in place. An RTI portal in the company’s website is being maintained to

provide the requisite information. Periodical reports on the progress of implementation of the Act and reports

are being submitted to Statutory Authorities/Government.

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

regularly. RTI request and appeal Management Information System (RTI –MIS) is being implemented in

accordance with the direction of Central Information Commission.

26. CONSERVATION OF ENERGY

Information required by the Companies (amendment) Act, 1988 pertaining to Conservation of Energy,

Technology Absorption and Foreign Exchange earnings and outgo are placed at Annexure -5 to this report.

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59th Annual Report

27. PARTICULARS OF EMPLOYEES

During the year 2010-11, there was no employee, who drew remuneration of ` 24 Lakhs or more per annum

or ` 2 Lakhs per month. Hence, information as required under Section 217(2A) of the Companies Act, 1956,

read with the Companies (Particulars of Employees) Amendment Rules 2002, is ‘NIL’.

28. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217(2AA) of the Companies Act 1956 with respect to the Directors

Responsibility Statement, following is hereby confirmed:

(a) That in preparation of the annual accounts the applicable accounting standards had been followed

along with proper explanation relating to material departures.

(b) That the Directors had selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state

of affairs of the company as at 31 Mar 2011 and the profits of the company for the year ended 31 Mar

2011.

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

records in safeguarding the assets of the company and for preventing and detecting fraud and other

irregularities.

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

29. STATUTORY AUDITORS

M/s. G.R.Kumar & Co., Visakhapatnam has been appointed as Statutory Auditors of the Company for the

financial year 2010-11 by the C & AG as per Section 619(2) of the Companies Act,1956. The fees payable to

Statutory Auditors for the year 2010-11 was ` 1,40,000/- exclusive of out of pocket expenses.

Replies of the Board of Directors on the observations of Statutory Auditors on the Accounts of the company

for the year ended 31 Mar 2011 are placed at Annexure-6.

30. ACKNOWLEDGEMENTS

Your Directors express their deep appreciation and place on record their gratitude to the Government of

India for the sanction of financial restructuring package and also to other Ministries and Departments of the

Government of India especially Department of Defence Production, Ministry of Defence, Ministry of Shipping,

and Department of Public Enterprises for their administrative support and guidance. Your Directors are

particularly grateful to the Indian Navy and Coast Guard Headquarters, Oil & Natural Gas Corporation Limited,

Visakhapatnam Port Trust, Controller of Defence Accounts (Navy), Government of Andhra Pradesh, the

Department of Customs, Income tax, Excise, Service Tax & Sales Tax. The Directors also acknowledge their

gratitude to the clients and all classification societies, in particular, IRS & ABS, who have ensured quality and

adherence to the standards. Your Directors also place on record their appreciation for the assistance extended

by the Company’s Bankers viz. State Bank of India, Indian Bank, the valuable advice rendered and co-operation

extended by the Auditors, M/s G.R Kumar & Co. and Internal Auditors M/s Brahmaya & Co and the officers

and staff of the Principal Director of Commercial Audit and Ex- Officio Members of the Audit Board, Hyderabad

and their Headquarters. Your Directors wish to place on record their appreciation to all employees at various

levels for their hard work, dedication and commitment.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Sd/-

(N.K. Mishra)

Place: New Delhi, Rear Admiral, IN (Retd.)

Date: 23 Aug 2011 Chairman and Managing Director

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ANNEXURE - 1

REPORT ON CORPORATE GOVERNANCE

(For the Year 2010-11)

As per the Guidelines issued by the Department of Public Enterprises, Government of India, a Report on compliance

of the provisions on Corporate Governance is enumerated in succeeding paragraphs.

PHILOSOPHY ON CORPORATE GOVERNANCE

1. Hindustan Shipyard Limited constantly endeavors to adopt and maintain the highest standards of ethics in all

spheres of its business activities. The company firmly believes in the fundamental principles of Corporate

Governance like honesty, integrity, accountability, transparency and legal /statutory compliances, to protect,

promote and safeguard the interests of all stakeholders. It also strives to carryout its business obligations

with good corporate values duly discharging its duties for maximum level of transparency in decision making

to avoid conflict of interests. It also accords due importance to adherence of adopted corporate values and

objectives and discharging social responsibilities as a responsible corporate citizen.

BOARD OF DIRECTORS

2. The composition of the Board of Directors during the FY 2010-11 was Five Members viz. Two Whole Time

Directors (Including the Chairman and Managing Director), Two Part time Government Directors, and One

Part time Non official Director (Independent Director).

3. The details of the Members of the Board during the Financial Year ended on 31 Mar 2011 are as under

Name of the Directors Period Category of No. of Other

Directorship Directorships

Cmde Naresh Kumar, VSM, 01 Apr 2010 to

IN (Retd.) 31 Dec 2010 Chairman & Managing Director Nil

RAdm. K. C. Sekhar, AVSM, VSM, 01 Jan 2011 to Chairman & Managing Director

IN (Retd) 31 Mar 2011 (Addl. Charge) 1

Shri. Rakesh Mahajan 01 Apr 2010 to

31 Mar 2011 Whole Time Director Nil

Capt. P.V.K.Mohan 01 Apr 2010 to Part-time Non official

31 Mar 2011 Director(Independent) 3

Shri. Gyanesh Kumar 01 Apr 2010 to Part-time Govt. Director 4

31 Mar 2011

V.Adm. N.N.Kumar, AVSM, VSM 01 Apr 2010 to Part-time Govt. Director 1

31 Mar 2011

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59th Annual Report

4. Subsequent to transfer of administrative control of HSL to Ministry of Defence, the post of Director (Technical)

has been re-designated as Director (Shipbuilding) and two more Functional Director posts has been created

on 19 Jan 2011 at Board level i.e. Director (Corporate Planning & Personnel) and Director (Strategic Project)

in order to steer HSL for strategic project and increase the efficiency of shipbuilding as well as repairing Naval

Vessels, Modernization etc. Currently the recruitment action for two Functional Directors i.e. Director

(Corporate Planning & Personnel) and Director (Strategic Project) is on hand.

5. The following Directors have joined the Board of HSL during the Financial Year 2010-11 and up to the date of

this report.

a) RAdm K.C. Sekhar, AVSM, VSM, IN (Retd.), C&MD of GRSE, has taken over the additional charge

as C&MD of HSL with effect from 01 Jan 2011 vide Ministry letter No. 8(2)/2010/D (SY) dated

27 Dec 2010.

b) It is our privilege to have Dr. Devi Singh, Director, IIM Lucknow on the Board of HSL, who has been

appointed as Non Official Part time Director vide Ministry’s Letter No: 2(7)/2010/HSL/D (SY) dated 18

May 2011

c) Cmde K S Subramanian, NM, IN (Retd) has assumed the charge as Director (Shipbuilding) on 04 Jun

2011 vide ministry’s letter No.2 (5)/2010/HSL/D (SY) dated 02 Jun 2011.

d) Rear Admiral Nikunj Kishore Mishra, NM, IN (Retd) has assumed the charge of Chairman & Managing

Director w.e.f 01 Aug 2011 and taken over the charge from Rear Admiral K C Sekhar, IN, (Retd.), C&MD

of GRSE, who was in additional charge of Chairman & Managing Director of HSL

A brief profile of the above mentioned Directors is given below :

RAdm. Nikunj Kishore Mishra, NM, IN (Retd.)

Rear Admiral NK Mishra, NM is an alumnus of the prestigious National Defence Academy, Khadakvasla, Pune.

The Flag officer passed out of the academy as the Best Naval Cadet in 1975.

He completed his Engineering Degree from INS Lonavla in 1979 and passed out First in the Overall Order of

Merit. Thereafter he did his Electrical and Weapons specialization at INS Valsura, Jamnagar.

On completion of training, served as the Weapons Maintenance Officer (WMO) onboard INS Udaygiri and

then joined IIT Powaii, Mumbai for M. Tech in Computer Science.

With an M Tech Degree, the flag officer headed the Controls and Computers faculty at the premier electrical

training establishment, INS Valsura. In 1986, he was deputed to UK for Submarine Control Simulator.

Thereafter he worked at Naval Headquarters (DOS(L)), during 1987-1988. The flag officer was then deputed

to Republic of Korea as the commissioning crew of first OPV, INS Sukanya.

The flag officer has been the Manager Electrical at Naval Dockyard during 1995-1997. During this period he

was deeply involved in MR of INS Rajput and INS Karanj.

He has overseen refits of INS Viraat on two occasions, first in 1993 and then as full fledged Director, Viraat

Project Team during 1997-2002. The flag officer was awarded the Nao Sena Medal for successful completion

of the modernization refit of Viraat ahead of schedules and with substantial cost savings.

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During 2002-2005, he was the Defence Attaché at

Embassy of India, Rome.

The flag officer during his tenure as the Principal

Director at the Directorate of Ship Production in

2005-2007, concluded contracts for 25 ships and

several minor vessels.

In October 2007, he was elevated to flag rank and

since January 2008, he has been the Additional

Director General quality Assurance (Naval) in

DGQA organization. He took premature retirement

on 31 Jul 2011 and joined HSL on 01 Aug 2011.

RAdm. K.C.Sekhar, AVSM, VSM, IN (Retd)

After passing out from National Defence Academy, Pune, in 1970, Rear Admiral K C Sekhar was commissioned

in the Indian Navy in July, 1972. An Engineering degree from Naval College of Engineering Lonavla followed by

specialization course and Post Graduation from Indian Institute of Armament Technology, Pune, in Marine

Engineering ensured the officer’s transformation into a Marine Engineer.

During his long span of career in the Indian Navy of over 36 years, Rear Admiral K C Sekhar held number of

important appointments, both at sea and ashore. He spent more than six years at sea mainly carrying out the

duties of Marine Engineering Officer on Board of Corvettes & Destroyers.

Rear Admiral Sekhar also had the rare distinction of commissioning Indian Naval Ship Eksila at Visakhapatnam,

which is the premier Gas turbine Overhauling Establishment of the Indian Navy.

On promotion to the rank of Rear Admiral, the officer had a long tenure at Naval Headquarters where he was

responsible for maintenance and modernization of ships and sub-marines as well as repair infrastructure up

gradation. In 2007, he took over reins of the Naval Dockyard Mumbai, an industrial establishment responsible

for repair and refits of ship and submarines and with a large civilian workforce of more than 8500 personnel.

Rear Admiral Sekhar took premature retirement from the Navy to take over the reins of Garden Reach

Shipbuilders & Engineers as Chairman & Managing Director on 02 Jul 2008. After joining GRSE, he focused on

higher productivity, no cost or Time over run for shipbuilding and creating new and effective Public – Private

partnerships. Under his leadership, GRSE has successfully delivered more than 10 ships with a steady increase

in steel throughput.

On 01 Jan 2011, he has been given the additional charge of C&MD of HSL and took over the charge from

Cmde. Naresh Kumar.

Dr. Devi Singh, Director, IIM Lucknow

Dr. Devi Singh, currently serving his second term as Director of the Indian institute of Management, Lucknow,

and is a well known Professor in the area of International Finance & Management. He holds Ph.D. in

International Finance from Indian Institute of Management (Ahmedabad).

Before joining IIML, he was Director of Management Development Institute (MDI) Gurgaon for four and half

years.

Before joining MDI, Dr. Singh was a visiting professor at the Faculty of Management, McGill University, Canada

for five years. He has been a member of Ford Foundation and UNDP Fellow (International Management

Rear Admiral N K Mishra, NM, IN (Retd.) is takingover the charge as C & MD of HSL

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59th Annual Report

Education). He has been a Visiting Faculty at the International Centre for Public Enterprises, Slovenia, ESCAP

Europe and SKK Graduate School of Business, Seoul. He is an alumnus Fellow of the Institute of World Affairs,

Connecticut. He has taught leading Business Schools in India.

He has published and presented research papers at various national/international conferences. Dr. Sing is

author of three books in Finance & Management. He has been a consultant to leading Public & Private Sector

and multinational organizations in India.

He has been on several policy level committees of Government of India, All India Council for Technical

Education, PHD Chamber of Commerce & Industry (PHDCCI), Standing Committee on Public Enterprises

(SCOPE) and All India Management Association (AIMA). He has been a member of Boards/Executive Councils

of Indian Institute of Management, Kozikhode, Narsee Monjee Institute of Management Studies, Mumbai,

Indian Institute of Mass Communication, New Delhi, NITTIE, Mumbai, Ambedkar Univeristy, Lucknow, Jamia

Islamia University, and two new Central Universities.

He was the President of Association of Indian Management Schools in 2006-07, and member of the All India

Board of Management Studies of AICTE for six year (2000-2006).

He has served on many Corporate Boards and is on the Board of Governors of some of the leading Public and

Private Sector companies.

He has received several awards including ISTE National Fellow 2007, UP Ratan 2008 and the Ishan National

Award for Best Director of a Business School in 1999. IIM, Lucknow has taken major strides and made all

round progress under his leadership.

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

A Marine Engineer with a Post Graduate degree in Management Sciences, he has held several afloat and

ashore appointments in the Indian Navy before joining HSL. Besides serving as engineer officer of five Naval

Ships, some of the important assignments held by him include Deputy Director General. Naval projects,

Mumbai; General Manager (Refits) Naval Dock Yard, Mumbai; Addl. General Manager (Yard Services) &

(Production) at Naval Dock Yard, Visakhapatnam; Deputy Superintendent at Naval Ship Repair Yard, Kochi

and Command Engineer officer, Southern Naval Command. He is fellow of both the Institution of Engineers

and Institute of Marine Engineers and was awarded Nao Sena Medal for devotion to Duty by the President of

India in 2007

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

Name of the Directors Category of Directorship No. of Other

Directorship

RAdm. Nikunj Kishore Mishra, NM, IN(Retd.) Chairman & Managing Director Nil

Shri. Rakesh Mahajan Whole Time Director Nil

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

Dr. Devi Singh Part-time Non official Director 5

Shri. Gyanesh Kumar Part-time Govt. Director 4

VAdm. N.N.Kumar, AVSM, VSM, IN Part-time Govt. Director 1

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7. During the year and upto the date of this report the following Directors have left the Board due to

superannuation or completion of tenures of their appointment:

a) Cmde. Naresh Kumar , VSM, IN (Retd), Chairman & Managing Director has retired from services on

attaining superannuation on 31 Dec 2010

b) RAdm K. C. Sekhar, AVSM, VSM, IN (Retd.), Chairman & Managing Director (Addl. Charge) has completed

his tenure on 31 Jul 2011 on handing over the charge to RAdm. Nikunj Kishore Mishra, NM, IN(Retd.).

c) Capt. PVK Mohan completed his tenure of his appointment on 06th June, 2011.

The Board of Directors wish to place on record, appreciation of the services rendered by the outgoing Directors

8. One post of Part Time Non Official Director (Independent Director) has fallen vacant due to completion of

tenure of Capt. P V K Mohan on 6th June, 2011. The said vacancy is in process of being filled up by the

Government. Hence the present composition of the Board of Directors of the company is not in accordance

with DPE guidelines.

BOARD MEETINGS

9. The Board meets regularly and is responsible for the proper direction and management of the Company.

During the financial year ended 31 Mar 2011, Eight Board Meetings were held on 21 Jun 2010,13Aug 2010,

19 Aug 2010, 24 Sep 2010, 16 Nov 2010 , 24 Dec 2010, 18 Feb 2011 and 23 Mar 2011.

DIRECTORS ATTENDANCE

10. Details of Directors attendance at the Board Meetings and Annual General Meeting are given below.

Name of the Directors No. of Meetings

Held during the Attended

tenure of Directors

Cmde Naresh Kumar, VSM, IN (Retd.) 6 6 Yes

RAdm. K. C. Sekhar, AVSM, VSM, IN (Retd) 2 2 -

Shri. Rakesh Mahajan 8 8 Yes

Capt. P.V.K.Mohan 8 6 Yes

Shri. Gyanesh Kumar 8 5 Yes

VAdm. N.N.Kumar, AVSM, VSM 8 6 Yes

BOARD PROCEDURE

11. Board Meetings are held at least once in every quarter, and more often if considered necessary, focusing on

business requirements. Every Board Meeting is convened by giving proper and appropriate advance notice to

the Board Members after obtaining approval from Chairman & Managing Director. Detailed agenda,

management reports, other relevant documents are circulated well in advance to the members of the board

in order to have a meaningful, informed and focused decisions at the meeting. To address specific urgent

need, Board Meetings are also called in shorter notice and sometimes considering business exigencies,

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

Attendance at

last AGM

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59th Annual Report

12. Generally agenda papers are prepared by the concerned officials, concurred by the Director (Finance &

Commercial)/Director (Shipbuilding) and put up for approval of Chairman & Managing Director. Duly approved

board notes and agenda papers are circulated among the Board Members by the Company Secretary.

13. The Board and its members have complete access to all information of the company the Board is also free to

recommend inclusion of any matter in agenda for discussion. If necessary senior management is also called

to provide additional inputs to the issues being discussed by the Board or Committees.

PERMANENT SPECIAL INVITEES ON THE BOARD

14. Ministry of Defence has appointed Vice Admiral (Retd.) D.S.P.Varma, PVSM, AVSM, VSM, Director General,

Akankshah, New Delhi & Dr. S.C.Pandey, IAAS, Additional FA(P) & JS, MoD as Permanent Special Invitee on the

Board of HSL.

AUDIT COMMITTEE

15. The Audit Committee of the Board was constituted on 06 Sep 2008 and reconstituted from time to time.

During the year 2010-11, the following are the Audit Committee Members.

1. Capt. PVK Mohan Chairman

(Part Time Non official Director)

2. Shri Gyanesh Kumar Member

(Part Time Official Director)

3. Cmde Naresh Kumar Member

(Chairman & Managing Director)

16. Cmde Naresh Kumar superannuated from the post of Chairman & Managing Director due to retirement on

31 Dec 2010 and Capt. PVK Mohan completed his tenure of Appointment on 6 Jun 2011. In view of this, the

Audit Committee has been reconstituted with the following members on 26th May, 2011.

1. Dr. Devi Singh Chairman

(Part Time Non official Director)

2. Shri Gyanesh Kumar Member


3. VAdm. N N Kumar Member


17. Since only one Non official Part time Director is on Board of HSL, Audit Committee was reconstituted with

one Part Time Non Official Director and two Part time Government Directors. Hence the composition of

Audit Committee is also not in accordance with the Corporate Governance Guidelines issued by Department

of Public Enterprises.

18. The terms of reference of the audit are as specified in Sec 292A of the Companies Act, 1956 and the guidelines

issued by the Department of Public Enterprises. The primary function of the committee is to assist the Board

of Directors in fulfilling its responsibilities by reviewing the financial reports; the company’s systems of internal

controls regarding finance, accounting and legal compliance that the Management and Board have established.

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19. The Audit Committee reviews Internal Audit Reports, meets Statutory Auditors and Internal Auditors and

discusses their findings, suggestions and other related matters and reviews the half yearly and annual financial

statements before their submission to the Board.

20. The Chairman of the committee apprises the Board about the observations of the Audit Committee during

the Board Meeting. The minutes of the Audit Committee meetings are placed before the Board to take note

in their subsequent meetings.

21. During the financial year 2010-11 three meetings of the Audit Committee were held on 21 Jun 2010, 13 Aug

2010 and 24 Dec 2010.

22. The attendance of the members of the Audit Committee during the financial year 2010-11 is given below:

Name of the member No of meeting

Held during the tenure Attended

Capt. PVK Mohan 3 3

Shri Gyanesh Kumar, IAS 3 1

Cmde. Naresh Kumar, VSM, IN (Retd.) 3 3

REMUNERATION OF WHOLE TIME DIRECTORS

23. The remuneration of Whole Time directors is fixed by the Government as the company is a Government

company within the meaning of Sec 617 of Companies Act, 1956.

REMUNERATION TO PART TIME DIRECTORS

24. Part time Government Directors are not eligible for sitting fees attended by them. The Part time non-official

Directors are paid sitting fees as per the provisions of the Companies Act, 1956 for attending each meeting of

the board/committees (s) of the board and reimbursed actual expenditure for attending the meeting of the

Board/Board Committee (s).

CODE OF BUSINESS CONDUCT AND ETHICS

25. As per guidelines issued by Department of Public Enterprises, the company has formulated “Code of Business

Conduct and Ethics for Board Members and Senior Management” for better corporate governance and fair/

transparent practices. A copy of the same has been circulated to all concerned and posted in company’s

Website. The Board members and senior management personnel to whom the said code is applicable have

affirmed compliance of the same for the year ended 31 Mar 2011.

ANNUAL GENERAL MEETING

26. The details of the last three Annual General Meetings of the company are given below:

Year Date Time Location

2007-08 26 Sep 2008 11.30 A.M. Transport Bhavan, New Delhi

2008-09 22 Sep 2009 04.00 P.M. Transport Bhavan, New Delhi

2009-10 24 Sep 2010 11.00 A.M. Shipyard House, New Delhi

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59th Annual Report

WHISTLE BLOWER POLICY

27. The company is in process of laying down a whistle blower policy.

RISK MANAGEMENT POLICY

28. The company is in process of preparing a risk management policy.

DISCLOSURES

29. During the year 2010 -11, the company has not entered into any transactions with the directors that may

have potential conflict with the interest of the company at large. The members of the Board, apart from

receiving Director’s remuneration (wherever applicable), do not have any material pecuniary relationship or

transaction with the company which in judgment of the Board may affect independence of judgment of the

directors.

30. During the last three years, there has been no instance of non-compliance by the company on any matter

related to Companies Act, 1956 or any Industrial Law.

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

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

the company incurred any expenditure which is personal in nature for the Board of Directors and top

management.

——————x——————

DECLARATION

As provided under the guidelines on Corporate Governance for CPSEs 2010 issued by the Department of

Public Enterprises, Government of India, it is hereby declared that all Board Members and Senior Management

personnel have affirmed compliance with the code of conduct for Directors and Senior Management personnel

of Hindustan Shipyard Limited for the year ended 31 Mar 2011.

For Hindustan Shipyard Limited

Sd/-

Place: New Delhi (N.K. Mishra)

Date: 23 Aug 2011 Rear Admiral, IN (Retd.)


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59th Annual Report

ANNEXURE “2”

POSITION REGARDING REPRESENTATION OF SCHEDULED CASTE AND SCHEDULED TRIBE IN

VARIOUS CATEGORIES OF POSTS AS ON 1st JAN 2010 AND 1ST JAN, 2011

Classification of Post/ Services As on 1st January 2010 As on 1st January 2011

Total Scheduled Scheduled Total Scheduled Scheduled

Strength Castes Tribes Strength Castes Tribes

PERMANENT:

GROUP “A” 141 29 13 124 28 12

GROUP “B” 289 57 28 317 56 28

GROUP “C” 1749 220 53 1699 222 60

GROUP “D” (Excluding Safaiwala) 460 85 14 411 92 10

GROUP “D” Safaiwala 78 78 - 71 71 -

TEMPORARY:

GROUP “A” - - - - - -

GROUP “B” - - - - - -

GROUP “C” 1 1 - - - -

GROUP “D” (Excluding Safaiwala) - - - - - -

GROUP “D” Safaiwala - - - - - -

GROUP “D”

(under Apprentices Act, 1961)

FIXED TERM CONTRACT:

GROUP “A” - - - - - -

GROUP “B” 46 7 2 43 7 2

GROUP “C” 31 6 2 31 4 2

GROUP “D” (Including Safaiwala) 614 140 33 652 146 32

GROUP “D” (Safaiwala) - - - - - -

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ANNEXURE “3”

PARTICULARS OF RECRUITMENT MADE DURING THE CALENDAR YEAR 2010 AND THE NUMBER

FILLED BY MEMBERS OF SCs/STs.

PERMANENT:

GROUP “A” 14 2 2 - - -

GROUP “B” 36 4 4 - - -

GROUP “C” 30 6 4 2 2 -

GROUP “D” (Excluding Safaiwala) - - - - - -


GROUP “D”

(under Apprentices Act, 1961) - - - - - -

FIXED TERM CONTRACT:

GROUP “A” - - - - - -

GROUP “B” - - - - - -

GROUP “C” 2 - - - - -

GROUP “D” (Excluding Safaiwala) 52 8 12 3 - -


Classification of Posts/Services Total

Number of

Posts filled

during the

year.

Scheduled Castes Scheduled Tribes Reasons for

shortfall

and steps

taken to

improve

the

Position.

Posts

Reserved

Posts

Filled

Posts

Reserved

Posts

Filled

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59th Annual Report

ANNEXURE “4”

REPRESENTATAION OF EX-SERVICEMEN IN GROUP “C” AND “D” AND NUMBER OF WOMEN

EMPLOYEES AS ON 1st JANUARY 2011.

Number % Number %

PERMANENT:

GROUP “A” 124 4 3.23 8 6.45

GROUP “B” 317 - - 24 7.57

GROUP “C” 1699 12 0.71 34 2.00

GROUP “D” (Excluding Safaiwala) 411 6 1.46 17 4.14

GROUP “D” Safaiwala 71 - - 8 11.27

GROUP “D”(Under Apprentices Act,1961) - - — - -

FIXED TERM CONTRACT FOR TWO YEARS :

GROUP “A” - - - - -

GROUP “B” 43 25 58.14 3 6.98

GROUP “C” 31 9 29.03 5 16.13

GROUP “D” (Excluding Safaiwala) 637 - - 6 0.94

GROUP “D” Safaiwala 15 - - 15 100.00

Classification of Posts/Services Total

Strength.

Ex- servicemen Women employees

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ANNEXURE “5” TO THE DIRECTORS' REPORT

INFORMATION AS PER SECTION 217(1)(e) READ WITH THE COMPANIES (DISCLOSURE OF

PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988 AND FORMING PART OF THE DIRECTORS’

REPORT FOR THE YEAR 2010-11

F O R M – A

CONSERVATION OF ENERGY

a) Energy conservation measures taken: 1. Reduction in lighting to optimum levels.

2. Running of heavy loads like Air Compressors are

restricted to minimum.

3. Operation of Distribution Transformer around 70%

loading by turning off during OFF Peak Hours;

4. Switching off Plant & Machinery when not in use.

5. Replacements of old welding Machines with New

welding machines including energy saving units.

6. Replacements of old switchgear & old PLCA cables

with suitable capacity XLPE Cables & New Switch

gear etc.

b) Additional investments and proposals, if any,

being implemented for reduction of consump-

tion of energy. NIL

c) Impact of the measures at (a) & (b) above for 5,70,200 units saved during 2010-11 due to above

reduction of energy consumption and conse- measures.

quent impact on the cost of production of

goods during the year 2010-11.

d) Particulars with respect to conservation of energy:

Power and Fuel Consumption Current Year Previous Year

1. Electricity

a) Purchased units 1,11,79,800 12,644,900

Total Amount ` 5,36,32,960 ` 5,17,41,283

Rate per Unit ` 4.79 ` 4.09

b) Own generation NIL NIL

2. Coal Nil Nil

3. Furnace Oil Nil Nil

4. Consumption per unit of production N.A. N.A.

29

29

59th Annual Report

F O R M - B

A. RESEARCH & DEVELOPMENT

1. Specific areas in which R&D was carried out In house Designs development for

• 500tons Water Barage for I.N (Part Work)

• 50tons Bollard Pull Tug for M/S Kandla Port Trust

• Offshore Patrol Vessel for Indian Coast Guard.

• MCA non-propelled Barge for I.N

2. Benefits derived as a result of the above R&D • Saving in Design cost and time.

• Developing inhouse capabilities in Design.

3. Future Plan of Action • Strengthening of Design infrastructure by adding

skilled designers and arranging training to

personnel.

• Proposal to upgrade design facilities by adding

more licenses to existing TRIBON M3 software

and other Shipbuilding Software

4. Expenditure on R&D

i) Capital; ---

ii) Recurring (Revenue) ---

B. TECHNOLOGYY ABSORPTION,

ADAPTATION AND INNOVATIONS Nil

C. FOREIGN EXCHANGE EARNINGS & OUTGO:

a) Activities relating to export Initiatives taken to Nil

increase export market for products and

services and export plans.

b) Total Foreign Exchange used and earned:

USED: (` in Crores)

a) Material procurement 298.89

b) Others 5.87

Total 304.76

EARNED: 116.41 (` in Crores)

30

30


ANNEXURE - 6

OBSERVATIONS OF THE STATUTORY AUDITORS ON THE ACCOUNTS OF THE COMPANY FOR THE

YEAR ENDED 31ST MARCH, 2011 AND THE REPLIES OF THE BOARD OF DIRECTORS

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Sd/-

(N.K. Mishra)

Place: New Delhi, Rear Admiral, IN (Retd.)

Date: 26 Aug 2011 Chairman and Managing Director

Sl

NoObservation Reply

1 5(i) (a) Accounting of liabilities towards

unsettled and incomplete sub-contract work

at the end of the year on estimated basis.

Accounting of liabilities towards un-settled and incomplete

sub-contract work at the end of the year is made based on

technical assessment / estimation of part work completion

at the end of the year. This is as per Generally Accepted

Accounting Principles.

2 5(i) (b) Effect of using estimates for arriving

at the total contract cost for the purpose of

recognition of income from Ship Building

contracts under percentage completion

method including recognition of anticipated

loss on Ship building contracts and for

recognition of income from Ship repair activity

under proportionate completion method and

the consequent impact, if any, on the

profitability and current assets as on the

Balance Sheet date is not ascertainable.

The Accounting Policy No.4(A) in Schedule 18 (A) for

accounting of income in respect of Ships under

construction is in line with Accounting Standard-7 as per

which total cost for completion of the contract is to be

estimated to arrive at the percentage completion.

The Accounting Policy No. 4(B) in Schedule 18 (A) for

accounting of income from other activities including Ship

repairs and Submarine activities on accrual basis by

adopting proportionate completion method is in line with

Accounting Standard-9. Hence recognition of income is as

per Accounting Standards.

3 5(i) (c) In conformity with AS 7 of ICAI, the

Company has estimated future losses in-

respect of Ship building contracts as stated in

its Accounting policies at para 4 (A) (i), but as

depreciation has been excluded the impact

thereon is not quantifiable.

The computation of Contract Cost is as per the Accounting

Policy No 4(A)(1) in schedule 18 (A) and the same is

applied for estimation of future losses in respect of Ship

building contracts. This Accounting policy is being

consistently followed by the Company for the last several

years.

31

31

59th Annual Report

G.R. Kumar & Co.Chartered Accountants

AUDITOR’S REPORT

The

Members of Hindustan Shipyard Limited,

New Delhi.

1. We have audited the attached Balance Sheet of Hindustan Shipyard Limited (“the Company”) as at 31st

March, 2011. The Profit & Loss Account for the year ended on that date annexed thereto and cash flow

statement for the year ended on that date. These financial statements are the responsibility of the Company’s

management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with auditing standards generally accepted in India. These

Standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material statement. An audit includes examining, on a test basis, evidence

supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order, 2003 issued by the Central Government of India in

terms of sub-section (4A) of Section 227 of “the Companies Act, 1956” of India (the Act) and on the basis of

such checks as we considered appropriate and according to the information and explanations given to us, we

set out in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. The Accounts of the Company for the year, as approved by the Board of Directors of the Company and Certified

by us on 27th June 2011, have been revised in the light of provisional comments made by Member, Audit

Board, Hyderabad. The said revision has resulted in decrease in profit by ` 150.67 lakhs, decrease in current

assets by ̀ 150.67 lakhs, a disclosure in notes forming part of accounts at no.3(b), modification in presentation

of deferred tax asset in P & L A/c and change in allocation of expenditure of ` 1.04 crores in segment report

at note no.8.

5. Further to our comments in the Annexure referred to in paragraph 3, we report that:

a) We have obtained all the information and explanations, which to the best of our knowledge and belief

were necessary for the purposes of our audit.

b) In our opinion, proper books of account, as required by law have been kept by the Company so far as

appears from our examination of such books.

c) The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the

books of account.

d) In our opinion the Balance Sheet and Profit and Loss Account dealt with by this report comply with the

accounting standards referred to in Sub-Section (3c) of Section 211 of the Companies Act, 1956.

e) We have placed reliance on technical/commercial evaluation by management in respect of valuation

of ship-building under construction and income accrued in respect of ship repair and submarine retrofit

activities and provisions towards related sub-contract and off-loaded jobs at the end of the year.

32

32


f) Kind attention is drawn to note 19 of schedule 18B, regarding non receipt of letters of balance

confirmation from various customers.

g) Kind attention is invited to note no 1(d) & 1(e) of schedule 18B, wherein details of various demands

and claims totaling to ` 22,932 lakhs, contested by the company before different judicial and appellate

authorities and arbitrations are given. The said matters stated therein are all sub-judice and are yet to

attain finality.

h) Kind attention is invited to note no 6 of schedule 18B wherein it has been stated that as per Financial

Restructuring Package sanctioned by GOI an amount of ` 255.50 crores was provided to liquidate SBI

liability. Accordingly, SBI has accepted the payment on 04.06.11 in full and final settlement as per the

terms of thier letter dated 03.06.11. Since the matter has attained finality, the company is neither

required to quantify nor provide for any interest in the accounts for 2010-11.

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

said accounts give the information required by the Companies Act, 1956, in the manner so required

and subject to the following –

a) Accounting of liabilities towards unsettled and incomplete sub-contract work, at the end of the

year, on an estimated basis.

b) Effect of using estimates for arriving at the total contract cost for the purpose of recognition of

income from ship building contracts under percentage completion method, including recognition

of anticipated loss on ship building contracts and for recognition of income from ship repair

activities under proportionate completion method and the consequent impact, if any, on the

profitability and current assets as on the Balance sheet date is not ascertainable.

c) In conformity with AS-7 of ICAI, the company has estimated future losses in respect of ship-

building contracts as stated in its accounting policy at Para 4 A (i), but as depreciation has been

excluded, the impact thereon is not quantifiable.

express a true and fair view, in conformity with the accounting principles generally accepted in

India.

a. in the case of the Balance Sheet of the state of affairs of the Company as at 31st March,

2011.

b. in the case of the Profit and Loss account, of the Profit for the year ended on that date.

c. in case of the cash flow statement, of the cash flows for the year ended on that date.

d) The provisions of Section 274(1)(g) of the Companies Act, 1956 are not applicable to the company

in terms of Notification No. G.S.R.829(E) dated October 21, 2003 issued by Department of

Company Affairs, Government of India

For G.R Kumar & Co.,

Chartered Accountants

(Firm Regn No. 004941S)

Place : Visakhapatnam

Date : 25-08-2011 (D.V.R.Prabhakar)

Partner

Membership No. 072470

33

33

59th Annual Report

ANNEXURE TO THE AUDITOR’S REPORT

REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

i) a) While the Company has maintained proper records showing full particulars, including quantitative details

of fixed assets, some of the fixed assets were not readily identifiable with the plant identification numbers

in the register. The company has initiated steps to record the asset identification numbers on such

assets.

b) The fixed assets have been physically verified by the management during the year in accordance with

a phased programme of verification which, in our opinion, is reasonable having regard to the size of

the Company and the nature of its assets. According to the information furnished to us, no material

discrepancies have been noticed on such verification.

c) The Fixed Assets disposed off by the Company during the year do not form a substantial part thereof

ii) a) Physical verification of inventory has been conducted during the year by the management at reasonable

intervals.

b) The procedures of physical verification of inventory followed by the management are reasonable and

adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is

maintaining proper records of inventory. The discrepancies noticed on such verification between the

physical stocks and the book records were not material. However, quantitative details for user

department- wise consumption of steel are not available for reconciliation of steel consumption.

d) Management’s estimation of provision @ 22% towards obsolescence in respect of non–moving General

Stores amounting to ` 87.66 lakhs is purely subjective and in the absence of any details of identifiable

items with corresponding book values, cannot be corroborated.

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

parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly

sub-clause (b),(c) & (d) of clause (III) of paragraph 4 of the order are not applicable.

b) The Company has not taken any loans, secured or unsecured from companies, firms, or other parties

covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, sub-

clauses (f) & (g) of clause (iii) of paragraph 4 of the Order are not applicable.

iv) In our opinion and according to the information and explanations given to us, there are adequate internal

control systems commensurate with the size of the company and the nature of its business with regard to

purchase of inventory, fixed assets and sale of goods and services.

v) a) According to the information and explanations given to us there are no contracts or arrangements

referred to section 301 of the Companies Act, 1956, which are required to be entered in the register

maintained under the section.

b) Accordingly, the provision of the sub-clause (b) of clause (v) of paragraph 4 of the order is not applicable

to the Company.

34

34


vi) The Company has not accepted any deposits from public. Accordingly clause (VI) of paragraph 4 of the order

is not applicable

vii) Although the Company has an internal audit system, which is commensurate with its size and nature of its

business, yet in our opinion the same needs to be strengthened with respect to Scope, Coverage, Report

Content etc.,

viii) According to the information and explanations given to us, maintenance of cost records is not required under

section 209(1)(d) of the Companies Act,1956 in respect of the business activities carried out by the Company.

ix) a) According to the records of the Company, the company is regular in depositing with appropriate

authorities undisputed current statutory dues including provident fund, employees state insurance,

income tax, sales-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory

dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect

of income tax, sales tax, wealth tax, service tax, customs duty, excise duty , cess and other material

statutory dues applicable to it were in arrears as at 31st March, 2011 for a period of more than six

months from the date they became payable.

c) As at 31st March, 2011, there have been no disputed dues, which have not been deposited with the

respective authorities in respect of Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax,

Customs Duty, Excise Duty and Cess, except disputed penal interest on belated remittances of Provident

fund of `109.78 lakhs pending before the Hon’ble High Court of Andhra Pradesh, and disputed sales

tax of `3,498.46 lakhs (and interest thereon) pending before the Sales Tax Appellate Tribunal,

Visakhapatnam and an amount of ` 2081.30 lakhs together with interest and penalties, thereon in

respect of Service Tax payable in respect of INS Sindhukeerti.

x) The Company has accumulated losses which are more than fifty percent of its net worth. Beside it has incurred

cash loss in the financial year covered by our audit and the immediately preceding financial year.

xi) The Company has not defaulted in payment of any loan installment or interest in respect of Term Loans from

financial institutions and banks, except in case of term loan from State Bank of India with an outstanding

balance of ` 84,130 lakhs, against which a compromise settlement has been reached for an amount of

` 25,546 lakhs, and the same was paid on 04.06.11 (being a post balance sheet event) as per Rehabilitation

Package sanctioned by GOI.

xii) The Company has not granted any loans or advances on the basis of security by way of pledge of shares,

debentures and other securities. Accordingly clause (xii) of paragraph 4 of the order is not applicable.

xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly the clause

(xiii) of paragraph 4 of the order is not applicable.

xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other instruments.

Accordingly the clause (xiv) of paragraph 4 of the order is not applicable.

xv) The Company has not given any guarantee for loans taken by others from banks or financial institutions.

Accordingly the clause (xv) of paragraph 4 of the order is not applicable.

35

35

59th Annual Report

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 Balance Sheet of

the Company, we report that no funds raised on short term basis have been used for long term Investment.

xviii) During the year, the Company has not made any preferential allotment of shares. Accordingly the clause

(xviii) of paragraph 4 of the Order is not applicable.

xix) The Company has not issued any debentures so far. Accordingly clause (xix) of paragraph 4 of the Order is not

applicable

xx) During the year, the Company has not raised money by Public issue. Accordingly the clause (xx) of paragraph

4 of the Order is not applicable.

xxi) According to the information and explanation given to us, no fraud on or by the Company has been noticed or

reported during the course of our audit.

For G.R KUMAR & Co.,

Chartered Accountants.

(Firm Regd No. 004941S)

Place : Visakhapatnam

Date : 25.08.2011 (D.V.R.Prabhakar)

Partner

Membership No.: 072470

36

36


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 31 MARCH 2011

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

2011 in accordince with the financial reporting framework prescribed under the companies act, 1956 is 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 the independent audit in accordance with the

auditing and assurance standards prescribed by their professional body, the Institute of Chartered Accountants of

India. This is stated to have been done by them vide their Audit Report dated 25 August 2011.

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 findncial statements of Hindustan Shipyard Limited,

Visakhapatnam for the year ended 31 March 2011. 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 the Note No.20 of the Notes

forming part of Accounts (Schedule 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 ont he behalf of the

Comptroller and Auditor General of India

(Y.N. Thakare)

Principal Director of

Place : Hyderbad Commercial Audit & Ex-Officio Member

Date : 29 August 2011 Audit Board, Hyderabad

37

37

59th Annual Report

ACCOUNTS

38

38


Balance Sheet as at 31st March, 2011

As at As at

Sch 31st March, 2011 31st March, 2010

` in lakhs ` in lakhs ` in lakhs

I. SOURCES OF FUNDS

(1) Share Holders’ Funds :

(a) Capital 1 30199.22 30199.22

(b) Reserves and Surplus 2 9.50 9.50

30208.72

(2) Loan Funds :

(a) Secured Loans 3 9319.82 9639.67

(b) Unsecured Loans 4 62767.25 72087.07 59383.79

Total 102295.79 99232.18

II. APPLICATION OF FUNDS

(1) Fixed Assets : 5

(a) Gross Block 22636.81 21270.60

(b) Depreciation 14953.04 14393.45

(c) Net Block 7683.77 6877.15

(d) Capital Works in Progress 1240.07 1247.05

8923.84 8124.20

(2) Deferred Tax Asset 0.00 11018.63

(Refer Note No.11 of Schedule 18B)

(3) Current Assets, Loans & Advances : 6

(a) Inventories 33165.24 47889.76

(b) Sundry Debtors 13960.24 11006.61

(c) Cash and Bank Balances 30586.20 6031.56

(d) Other Current Assets 11050.27 6354.28

(e) Loans and Advances 25401.88 13474.49

114163.83 84756.70

Current Liabilties & Provisions 7

(a) Current Liabilities 85719.40 90317.83

(b) Provisions 28082.70 12859.73

113802.10 103177.56

Net Current Assets 361.73 (18420.86)

(4) Debit balance in

Profit and Loss account 93010.22 98510.21

Total 102295.79 99232.18

Significant Accounting Policies and

Notes to Accounts 18

Schedules 1 to 7 form an Integral

Part of Balance Sheet

For and on behalf of the Board of Directors As per our report of even dateFor G.R.Kumar & Co.

Chartered AccountantsSd/- Sd/- Firm Reg. No.004941S

RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)Director Chairman and Managing Director Sd/-

(Finance & Commercial) CA D.V.R.PRABHAKAR(Partner)

Sd/- M. No. 072470INAITULA BAIG

Company Secretary

Place : New DelhiDate : 23 /08 /2011

39

39

59th Annual Report






Company Secretary


Profit and Loss Account for the year ended 31st March, 2011

As at As at

Sch 31st March, 2011 31st March, 2010

I. INCOME : ` in lakhs ` in lakhs ` in lakhs

(1) From Works & Other Services 8 65214.44 61896.05

Less: Service Tax & VAT collections 2450.16 62764.28 (2325.50)

(2) Other Income 9 3403.15 3804.38

Provisions with drawn 16 0.00 468.93

(3) Accretion to /(Decretion) in

Work in Progress 10 (4829.50) (1052.80)

Total 61337.93 62791.06

II. EXPENDITURE :

(1) Materials Consumed 11 44151.76 34457.31

(2) Subcontract & Off-Loaded Jobs and

Other Direct Expenses 12 7978.43 9438.82

(3) Pay and Benefits to Employees 13 25748.32 12989.27

(4) Other Expenses 14 2682.07 2784.95

(5) Interest & Finance charges 15 1434.64 5241.55

(6) Depreciation 767.73 645.75

(7) Provisions and Losses 16 7189.43 779.81

89952.38 66337.46

Less: Transfer to Other Accounts 427.85 512.11

89524.53 65825.35

Profit/(Loss) Before Extraordinary & prior period Items (28186.60) (3034.29)

III. Grant in aid from GoI (FR) 45268.00 0.00

III. Prior Period Adjustments 17 562.78 345.98

Profit / (Loss) before taxation 16518.62 (3380.27)

IV. Provision for :

(1) Current Year MAT

MAT liability written back 0.00 (3186.15)

Income Tax for the year 4,482.60 0.00

MAT credit entitlement (4,482.60) 0.00

(2) Deferred Tax (Asset) / Liability 0.00 (426.55)

(3) Deferred Tax (Asset) written off 11018.63 0.00

Profit / (Loss) after taxation 5499.99 232.43

Balance of Loss brought forward from previous year 98510.21 98742.64

Balance of Loss carried over to next year 93010.22 98510.21

Nominal value of equity share in Rupees 1000.00 1000.00

Earnings per Share ( Basic & Diluted) in Rupees 182 8

Significant Accounting Policies and

Notes to Accounts 18

Schedules 8 To 18 form an Integral

Part of Profit and Loss Account.

40

40


Schedules forming part of the Balance Sheet as at 31st March, 2011

As at As at

31st March,2011 31st March, 2010

Schedule - 1 ` in lakhs ` in lakhs

SHARE CAPITAL

Authorised :

30,40,000 - Equity Shares of ` 1000 each 30,400.00 30,400.00

(Previous year 3040000 shares of ` 1000 each)

Issued, Subscribed and Paid-Up : 30,199.22 30,199.22

(3019922 Equity Shares of 1,000 each fully paid-up)

(previous year 3019922).

Of the above shares, 27,285 equity shares were allotted as fully paid-up,

pursuant to contracts without payment being received in cash

30,199.22 30,199.22

As at Addition during Withdrawn As at

31st March, 2010 the year during the year 31st March, 2011

Schedule - 2 ` in lakhs ` in lakhs ` in lakhs ` in lakhs

RESERVES AND SURPLUS

Capital Reserve 9.50 0.00 0.00 9.50

As at As at

31st March, 2011 31st March, 2010

` in lakhs ` in lakhs

Schedule - 3

SECURED LOANS

Due to Indian Bank in:

Term loan account 0.00 3,467.02

Cash Credit account 9319.82 6172.65

(Secured by Hypothecation of all the Fixed and

Current Assets of the company)

9319.82 9639.67

As at As at

31st March,2011 31st March, 2010

Schedule - 4 ` in lakhs ` in lakhs

UNSECURED LOANS

Loans from Government of India:

Received during 1-4-1995 to 31.03.2004 0.00 5,080.00

Interest accrued and due on above 0.00 10,125.70

Received since 01.04.2004 0.00 9,907.00

Interest accrued and due on above 0.00 6,672.27

GoI Loan in perpetuity 37221.25 0.00

Inter-corporate loans from various Port Trusts 0.00 2,052.82

Term Loan from State Bank of India together with

Interest accrued and due thereon 25546.00 25,546.00

( Refer Note No.6 of Sch.18 B)

62,767.25 59,383.79

41

41

59th Annual Report

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42

42


As at As at


Schedule-6 ` in lakhs ` in lakhs ` in lakhs

CURRENT ASSETS

(a) INVENTORIES

(As valued and certified by the management)

Steel 4932.79 4156.12

Stores & Spares , equipment and other Materials 7507.81 7882.26

Timber 45.09 38.01

Materials-in-Transit and under inspection 6619.82 16999.04

Steel Cut Pieces on shop floor and Scrap

(As per technical estimate) 290.21 104.82

19,395.72 29180.25

Less : Provision for : Obsolescence of materials 130.44 19.96

Difference between Bin cards & PSL balances 223.81 354.25 223.81

19,041.47 28,936.48

Work-in-Progress:

Ship Building under Construction 14,123.77 18,953.28

33,165.24 47,889.76

(b) SUNDRY DEBTORS

(Unsecured)

Debts outstanding for more than 6 months:

Considered good 2,061.67 2,386.00

Considered doubtful 1,531.24 1,702.89

3,592.91 4,088.89

Other debts, considered good 11,898.57 8,620.61

15,491.48 12,709.50

Less: Provision for doubtful debts 1,531.24 1,702.89

13,960.24 11,006.61

(c) CASH AND BANK BALANCES

Cash on Hand 1.32 2.29

Balances with scheduled banks in:

Term and other Deposit accounts 30442.45 4430.74

Current accounts 142.43 30584.88 1598.53

30586.20 6031.56

(d) OTHER CURRENT ASSETS

Interest Accrued on term deposits 55.86 101.78

Income Accrued in respect of Ship Building, Ship

Repairs & Submarine Retrofit activities 10,847.49 6,105.58

Income Accrued in respect of Off-Shore

Platforms 5,286.25 5,286.25

Less : Directly Payable to Third Parties (5,139.33) 146.92 (5,139.33)

(Contra vide schedule 7A)

11,050.27 6,354.28

43

43

59th Annual Report

(e) LOANS AND ADVANCES ` in lakhs ` in lakhs ` in lakhs

Advances recoverable in cash or kind or for value to

be received from:

Employees 38.88 118.88

Suppliers of materials & services 13,975.42 11,284.93

Less: Adjustable to SR Liabilties (contra) (356.83) (402.92)

Others 632.24 793.47

Prepaid Expenses 178.97 67.94

14,468.68 11,862.30

Income Tax deducted at source 1,627.60 1,352.18

Advance tax paid 4,575.56 0.00

MAT Credit entitlement 4,510.60 28.00

Balances with Customs, Port Trust and

Other Government authorities 317.03 329.56

25,499.47 13,572.04

Less : Provision for Doubtful Advances 97.59 97.55

25,401.88 13,474.49

Schedule-7

CURRENT LIABILITIES AND PROVISIONS

A. Liabilities :

Sundry Creditors 22,217.14 27,445.62

Less: Adjustable to SR Advances (contra) (356.83) (402.92)

Less : Directly receivable from

third parties (Contra vide Schedule 6(d)) (5,139.33) (5,139.33)

16,720.98 21,903.37

Guarantee Fees payable to Government of India 0.00 6,427.93

Interest accrued but not due on unsecured loans 0.00 34.84

Advances from customers including interest thereon 59,847.45 54,801.39

Other Liabilities 8,201.71 6,915.95

Security Deposits from Employees,

Trainees. Contractors and Others 337.99 225.26

Temporary overdraft from banks(representing

cheques issued over and above the book balance) 611.27 9.09

85,719.40 90,317.83

B. Provisions for :

Gratuity 11,337.75 5,216.06

Leave Encashment 2,441.25 1,778.52

Liquidated damages 584.16 466.67

Provision for contingencies 193.95 0.00

Future losses 8,083.75 1,519.29

Guarantee Repairs 959.24 586.62

Income Tax 4,482.60 3,292.57

28,082.70 12,859.73

As at As at


44

44


As at As at


Schedule-8 ` in lakhs ` in lakhs ` in lakhs

INCOME FROM WORKS AND OTHER SERVICES

Income from:

Shipbuilding Works - Contractual Income 24,197.88 19,962.15

- Government subsidy 4,951.72 29,149.60 5,398.38

Ship Repairs:

Repair works 26,661.77 24,974.32

Dry dock hire charges 109.05 305.78

Wet basin hire charges 345.71 390.40

Other services 621.41 27,737.94 933.51

Submarine Retrofit 8,326.90 9,931.51

65,214.44 61,896.05

Schedule - 9

OTHER INCOME

Interest Received from banks & others (net of interest

reimbursable to customers) 235.80 570.43

Foreign Exchange variation 229.28 1713.36

Sale of scrap, stores & disposable materials 715.76 458.31

Less: Excise duty & VAT 30.46 685.30 (25.98)

Rent received 96.12 79.72

Less: Service Tax 5.61 90.51 (4.89)

Fines and forfeitures 362.32 232.05

Miscellaneous Receipts 84.06 203.82

Profit on sale of Assets 100.65 40.93

Provisions of earlier years no longer required 1615.23 385.54

VAT refund 0.00 151.09

3403.15 3804.38

Schedule -10

ACCRETION TO/(DECRETION IN) WORK-IN-PROGRESS

Closing work-in-progress:

Ship Building under construction 14123.77 18953.28

Opening work-in-progress:

Ship Building under construction 18953.27 20006.08

Accretion to/(Decretion in) work-in-progress (4829.50) (1052.80)

Schedule -11

MATERIALS CONSUMED

Steel 4,898.08 7,269.32

Stores & Spares 769.69 1,936.50

Timber 29.03 31.11

Direct Materials, Machinery & Equipment used in

Ship Construction 15,844.05 9,473.17

Shiprepair 15,684.73 8,006.77

Submarine Retrofit 6,520.52 6,820.54

43,746.10 33,537.41

Add: Stores procurement expenses 405.66 919.90

44,151.76 34,457.31

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45

59th Annual Report

As at As at


Schedule -12 ` in lakhs ` in lakhs ` in lakhs

SUB-CONTRACTS & OFF-LOADED JOBS

Sub contract & off-loaded job expenses in :

Ship Construction 2,636.43 3,112.83

Ship Repairs 2449.02 3921.30

Submarine Retrofit 468.56 871.03

Other Direct Expenses in* :

Ship Construction 504.80 390.93

Ship Repairs 655.87 277.95

Submarine Retrofit 1,068.80 782.22

Builders Risk Insurance in Ship Constuction 194.95 82.56

7,978.43 9,438.82

* includes 372.61 lakhs provision for Guarantee Repairs

Schedule -13

PAY AND BENEFITS TO EMPLOYEES

Salaries, Wages, Allowances etc., 11,081.17 9,797.19

Wage revision arrears 5,143.33 375.78

Contribution to Provident Fund and other funds 1,050.02 960.44

Gratuity 6,851.24 758.16

Leave Encashment 1,029.53 559.09

Expenses on Training, Stipend etc. 81.57 100.55

Employees Welfare Expenses 511.46 438.06

25,748.32 12,989.27

Schedule-14OTHER EXPENSESPower and Fuel (net of recoveries) 592.06 582.49Water Charges (net of recoveries) 48.68 93.61Rates and taxes (including customs duty on scrap sales) 117.06 53.49Fire and Other Insurance 170.00 127.60Rent 100.18 99.13Repairs and Maintenance to :

a) Plant and Machinery 693.82 830.20b) Buildings 150.73 111.92e) Other Assets 64.53 909.08 48.70

Printing and Stationery 4.90 2.22Local conveyance charges 92.90 71.20Travelling Expenses 53.11 38.17Communication expenses 34.28 28.76Advertisement and Publicity 49.12 35.48Salaries and other Expenses of Customs Staff 102.08 49.09Demurrage Charges 73.32 12.59Directors’ Fees and Expenses:

A) Directors’ Fees 0.12 0.06B) Travelling Expenses 23.09 23.21 24.77

Auditors’ Remuneration :Statutory Audit 1.55 1.54Expenses 0.10 1.65 0.36

Miscellaneous Expenses 310.44 573.57

2682.07 2784.95

46

46


Schedule-17

PRIOR PERIOD ADJUSTMENTS

A INCOME

Freight charges 20.47 0.00

Demurrages 0 0.29

20.47 0.29

B EXPENDITURE

SC Direct Expenses 103.69 239.43

SR Direct Expenses 0.00 8.20

RF Direct Expenses 0.00 1.73

GoI Guarantee fee 69.52 0.00

Materials & Freight 18.13 45.56

Interest 176.06 0.00

Taxes & Duties 138.67 1.23

Repairs and Maintenance 8.88 7.28

Rent 24.23 0.00

Others 44.07 42.84

583.25 346.27

Net Expenditure / (Income) 562.78 345.98

As at As at31st March, 2011 31st March, 2010

` in lakhs ` in lakhs ` in lakhsSchedule-15INTEREST & FINANCE CHARGESInterest on :

Government Loans 0.00 3213.47Bank term loans & Cash Credit 1056.99 1008.12Inter-corporate loans from various Port Trusts 175.85 170.28Others 75.19 35.17

Guanratee fees payable to Government of India 0.00 510.92Bank Charges 126.61 303.59

1434.64 5241.55Schedule-16PROVISIONS AND LOSSESProvisions made:

Obsolescence of Materials 110.48 0.00Reduction in SR Bills 94.43 332.61Assets written off 0.00 49.85Future losses 6,564.47 0.00Liquidated Damages 186.23 209.64Contingencies 193.95 0.00Doubtful Debts 16.17 130.56

Losses:Reductions in SR Bills 23.34 55.84Stores written off 0.03 0.00On Sale of Assets 0.33 1.31

7,189.43 779.81Provisions withdrawn:

Future losses 0.00 468.93

0.00 468.93

47

47

59th Annual Report

Schedule – 18

Notes Forming Part of the Accounts for the year ended 31st March 2011

A. ACCOUNTING POLICIES

1. ACCOUNTING CONVENTIONS

The financial statements are prepared under the historical cost conventions in accordance with Generally

Accepted Accounting Principles in India and provisions of the Companies Act, 1956. Generally, revenues are

recognized on accrual basis with provisions made for known losses and expenses.

2. FIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive

of freight, duties, taxes, incidental expenses relating to cost of acquisition (net of VAT), interest during

construction period 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

whichever is lower. Obsolescence is provided for on the basis of technical estimate.

ii) Direct Materials and Stores items in offshore platform activities are valued at cost or net realizable

value whichever is lower under specific identification and FIFO respectively.

iii) Cost includes expenses of procurement including all taxes and duties other than VAT.

iv) In respect of Ship Building, the uninstalled Machinery / Equipment acquired exclusively for the vessels

is reckoned 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

account the proportion that the contract cost incurred for work performed upto the reporting date

bears to the estimated total contract cost for completion.

Cost for the above purpose includes value of direct materials including Machinery and other ship borne

equipment acquired for specific ship, direct labour, direct expenses and general overheads excluding

administrative 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 and

cost escalation realisable from owners.

iii) For the purpose of recognition of profit, weightage shall be given to the following three factors, which

shall reach a minimum of 20% individually.

a. The proportion that cost incurred to date bears to the estimated total cost of the contract,

b. Stage completion and

c. Revenue received.

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

basis by adopting proportionate completion method.

C. Income is inclusive of Excise Duty, Sales Tax and Service Tax and is net of Rebates and other Deductions under

the respective contracts.

48

48


D. Claims in respect of Insurance are accounted for on acceptance basis taking into account the acceptances

received within 15 days of the end of the financial year.

5. GOVERNMENT GRANTS

i) Capital grants / subsidy:

Capital grants / subsidy relating to specific assets are reduced from the gross values of assets and

capital grants for project capital subsidy are credited to capital reserve and retained till the requisite

conditions are fulfilled.

ii) Revenue grants / subsidy:

a) Grant-in-aid received from Government of India for implementation of Voluntary Retirement

Scheme is matched with related costs through Profit & Loss Account . Unutilized grants are shown

under Current Liabilities.

b) Price subsidy received / receivable from Government of India in respect of ships is considered as

income on the basis of percentage completion of the respective ships.

c) All other revenue grants are credited to profit & Loss Account.

6. EXCISE DUTY

Excise Duty wherever applicable is accounted for as and when the products are Cleared from the yard.

7. DEPRECIATION

Depreciation is provided for under straight-line method in accordance with schedule XIV of the Companies

Act, 1956 as amended, in respect of assets capitalised on or after 01-04-1988. In respect of assets capitalised

prior to 01-04-1988 depreciation is provided under straight-line method at the rates worked out adopting

the management’s estimates of useful lives of the respective assets as under:

Name of the Asset Life

1. Buildings

a. Class I Factory Buildings 33 years

b. Class II Factory Buildings 20 years

c. Class I Non-Factory buildings 58 years

2. Plant and Machinery 19 years

3. Furniture and Fixtures 29 years

4. Motor Vehicles 7 years

5. Dry Dock/Wet Dock and Slipways 50 years

6. Boats and Launches 20 years

Depreciation on additions/disposals made during the year is charged prorata by grouping them on quarterly

basis.

8. BORROWING COSTS

a) Borrowing Costs relating to the acquisition/construction of qualifying assets are capitalised until the

time all the substantial activities necessary to prepare the qualifying assets for their intended use are

complete.

b) A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended

use.

c) All other borrowing costs are charged to revenue.

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49

59th Annual Report

9. EMPLOYEE BENEFITS

(i) Defined Contribution Plan

Employee Benefits in the form of Employee Pension Fund is considered as Defined Contribution plan

and the contributions are charged to the Profit & Loss Account of the year when the contributions to

the said fund are due.

(ii) Defined Benefit Plan

Retirement Benefit in the form of Gratuity, is considered as Defined Benefit Obligation and is provided

for on the basis of an actuarial valuation using the projected unit credit method as at the date of

Balance Sheet. Employee Benefit in the form of Employee Provident Fund is considered as Defined

Benefit plan and the contributions are charged to the Profit & Loss Account of the year when the

contributions to the said fund are due.

(iii) Other Long Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial valuation using the Projected

Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses, if any, are immediately recognized in the Profit & Loss Account.

10. EMPLOYEE SEPARATION COSTS

Compensation to Employees who have opted for Retirement under the Voluntary Retirement Scheme of the

Company is charged to the Profit and Loss account in the year of exercise of option, net of grant in aid

received / receivable in the year of payment.

11. PROVISION FOR FUTURE LOSSES

In the case of Ship Building activities where current estimates of total contract cost exceeds the expected

realisable value, provision is fully made for such anticipated loss in accordance with AS 7 issued by the Institute

of Chartered Accountants of India.

12. PROVISION FOR SUNDRY DEBTORS

Provision is made for all debts considered doubtful of recovery having regard to the following consideration–

a) Time barred debts from the Government / Government departments / Government companies are

generally not treated as doubtful debts.

b) Provision for bad and doubtful debts is generally made for debts outstanding for more than three

years, excepting those which are considered realizable based on a case to case basis.

13. FOREIGN EXCHANGE TRANSACTIONS

Assets and liabilities in foreign currencies are translated at rates of exchange prevailing as on the Balance

Sheet date. Gains/losses arising out of fluctuations in exchange rates both on settlement and on conversion

of liabilities are adjusted to revenue.

14. 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.

50

50


B. NOTES ON ACCOUNTS

(` in lakhs)

2010-11 2009-10

1 Contingent liabilities

a. Irrevocable letters of credit outstanding 4639.71 10583.11

b. Counter guarantees given to banks for guarantees issued on behalf of

the company 12996.40 5680.48

c. Estimated amount of contracts remaining to be executed on capital

account and not provided for 0 291.51

d. Demands raised against the company by various authorities, contested

at various courts, appellate authorities etc and not provided for:

i) Property tax on commercial complex for the years from

1984-85 to 1994-95. 13.39 13.39

ii) Penal interest on belated remittances of Provident Fund contributions during

the period from May 2002 to Feb., 2005, contested u/s 7(i) of EPF & MP

Act, 1952. HSL had approached Hon’ble High Court of Andhra Pradesh after

dismissal of appeal by PF Appellate Tribunal. The Hon’ble High Court has

issued stay orders on PF Appellate Tribunal order subject to deposit of a

sum of `35.00 lakhs by the company. Accordingly, HSL had deposited the

said amount. Presently, the case is pending in Hon’ble High Court of Andhra

Pradesh.

iii) (a) ESI dues in respect of ‘C’ series workmen for the period from

1-4-1998 to 30-9-2000 together with interest thereon (`6.64 lakhs paid under

protest grouped under deposit recoverable)

(b) ESI dues in respect of temporary workmen for the period from April,

1998 to Oct., 1999, contractors contribution for the period from Apr., 1985

to March, 1993.

iv) Central Excise duty on P-BDE jackets manufactured and delivered to ONGC.

The amount has been paid to Excise authorities in 2010-11

v) Service tax demand in respect of INS Sindhukeerti 2081.30 2081.30

vi) Demands of various suppliers of goods and services 457.00 272.00

vii) Non Agricultural Land Assessment tax demands for the year 2000-01 4.54 4.54

viii) Demands in respect of service matters of employees having

financial impact. 1381.92 52.46

Total 4298.65 2929.71

e. Claims against the company, which are under arbitration and not provided

for:

i) Counter –Claims of ONGC towards liquidated damages, penal interest and

interest on interest in respect of construction of well platforms (net of

provision)

ii) Claims of Essar Oil Limited (EOL) towards OPF works (net of provision made

of `4370.33 lakhs and counter claim of HSL on ONGC of `769 lakhs).

ii) Recognition of income in earlier years towards escalation and extra jobs for

VC 1120, pending finalization of arbitration award.

iv) Recognition of income (net of provision) in earlier years towards mark-up

on materials procured and works executed in respect of offshore platforms

for ONGC, pending finalization of arbitration.

109.78 144.78

70.48 66.49

180.24 180.24

0 114.51

8638.00 8632.00

9196.40 8609.00

129.15 129.15

669.39 669.39

T o t a l 18632.94 18039.54

51

51

59th Annual Report

In respect of items mentioned under (d) and (e) above, the Company has been

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 clause for the vessel

No. VC 11115, VC 11116 and VC 11117 and the same is under arbitration.

b) In respect of Vessel No. VC 11118, VC 11136 and VC 11137 which were

delivered and VC 11138 to VC 11141 which are under construction, no

provision towards of LD is made, since the same is not applicable as per

Contracts.

3 a) Liquidated damages on 5 Nos. Inshore Patrol Vessels which are under

construction for Indian Coast Guard has been adjusted in the contract price

in 2010-11.

b) No provision has been made in respect of Liquidated Damages for vessels

INS Sandhayak & INS Kumbhir which are undergoing refits since HSL sought

for extension of time for completion of refit works and the same is under

consideration by Indian Navy.

4 The State Government of Andhra Pradesh has agreed for a full and final settlement

of sales tax arrears up to 31.03.1999, amounting to `4659 lakhs and interest

thereon of ` 7614 lakhs respectively, by payment of `500 lakhs subject to

finalization of Financial Restructuring (FR) package by GOI. The FR package

including the said amount of ̀ 500 lakhs has been sanctioned by the Government

in 2010-11. In line with the above decision, the said amount of `500 lakhs has

been paid to Commercial Tax Dept. in 2010-11.

5 Govt. of India sanctioned financial restructuring of HSL amounting to `824.90

crores vide letter No.PC II to 8(2)/2009/HSL/D(SY), dt.23.03.2011 which consists

of

i) conversion of GoI loan and interest and Guarantee fee amounting to ̀ 372.22

crores as loan in perpetuity at zero interest.

ii) Grants-in-aid amounting to `452.68 crores to clear the legacy liabilities.

Necessary accounting adjustments in respect of (i) above were made in the

year 2010-11, disbursement of legacy liabilities in respect of (ii) above was

in progress as on 31.03.11 and was completed by 06.06.11.

6 The Financial Restructuring package sanctioned by GoI includes an amount of

`255.50 crores to liquidate SBI liability. HSL requested SBI to confirm that payment

of the said amount is full and final settlement of the issue. SBI vide their letter

dt.03.06.11 have informed their willingness to accept the payment of `255.46

crores as full and final settlement subject to the condition that such payment

(full amount) should be made by 06.06.11. Accordingly, HSL paid the said amount

to SBI on 04.06.11. In view of the said settlement no provision towards interest

has been made in the accounts for the year 2010-11.

11443.00 10519.00

0 1007.75

242.78 0

7. As per Accounting Standard 15 ’Employees Benefits’, the disclosure of Employee Benefits as defined in the Accounts

Standard are given below:

Defined Contribution Plan

Contribution to Defined Contribution plan, recognized as expense for the year are as under: (` in lakhs)

2010-11 2009-10

Employer’s Contribution to Pension Fund 186.97 198.68

Defined Benefit Plan

The employees’ gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined

based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to

additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation

for leave encashment is recognized in the same manner as gratuity.

52

52


Gratuity Leave Sick Leave

Encashment (Unfunded)

(Unfunded)

Fair value of plan assets - Current Year 849.42 0 0

(Previous year) 793.23 0 0

Present value of obligation - Current Year 12187.17 1828.77 612.48

(Previous year) 6009.29 1307.91 470.61

Amount recognized in Balance Sheet - Current Year 11337.75 1828.77 612.48

(Previous year) 5216.06 1307.91 470.61

Details Gratuity Earned Leave Sick

(Funded) Encashment Leave

(Unfunded) (Unfunded)

Defined Benefit obligation at beginning of the year. - Current Year. 6009.29 1307.91 470.61

(Previous year) 5504.88 1080.88 380.72

Interest Cost - Current Year 451.56 89.96 0

(Previous year) 392.46 70.45 0

Current Service Costs - Current Year 572.96 211.76 141.87

(Previous year) 280.86 151.77 89.89

Benefits Paid - Current Year (729.55) (366.80) 0

(Previous year) (316.11) (242.17) 0

Actuarial loss/(gain) on obligation - Current Year 997.54 585.94 0

(Previous year) 147.20 246.98 0

Defined Benefit obligation at year end - Current Year 12187.17 1828.77 612.48

(Previous year) 6009.29 1307.91 470.61

I. Reconciliation of opening and closing balances of Defined Benefit obligation (` in Lakhs)

II. Reconciliation of opening and closing balances of fair value of plan assets (` in Lakhs)

Details 2010-11 2009-10

Fair value of plan assets at beginning of the period. 793.23 730.88

Expected return on plan assets 67.42 60.66

Contribution 729.55 316.11

Benefits paid (729.55) (316.11)

Actuarial (loss)/gain on obligation (balancing figure) (11.23) 1.69

Fair value of Plan Assets as at the end of the period 849.42 793.23

III. Reconciliation of fair value of assets and obligations As at 31/03/2011 (` in Lakhs)

53

53

59th Annual Report

Gratuity (funded)(%) Leave Encashment

(Unfunded)(%)

31.03.2010 31.03.2011 31.03.2010 31.03.2011

Discount Rate 8.00 8.00 8.00 8.00

Salary escalation rate 10.00 11.00 10.00 11.00

Attrition rate 1.00 1.00 1.00 1.00

Expected rate of return on plan assets 8.50 8.65 0.00 0.00

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

Description Gratuity Leave Sick Leave

(Funded) Encash-ment (Unfunded)

(unfunded)

Current Service Cost - Current Year 572.96 211.76 141.87

(Previous year) 280.86 151.77 89.89

Interest Cost - Current Year 451.56 89.96 0.00

(Previous year) 392.46 70.45 0.00

Expected return on plan assets - Current Year 67.42 0.00 0.00

(Previous year) (60.66) 0.00 0.00

Actuarial (gain)/loss - Current Year 1008.77 585.94 0.00

(Previous year) 145.51 246.98 0.00

Expenses recognized in the statement of P&L a/c - Current Year 6851.24 887.66 141.87

(Previous year) 758.17 469.20 89.89

V. Investment Details (Percentage invested)

Description Gratuity as on Gratuity as on

31.03.11 31.03.10

GoI Securities 0.00 0.00

Special Deposit Scheme 15.00 16.00

Others (T.D.R.s) 85.00 84.00

Total : 100.00 100.00

VI. Principal Actuarial Assumptions

Salary escalation by taking into account inflation, seniority, promotion and other factors. Attrition rate by

reference to past experience and expected future experience and includes all types of withdrawals other than

death but including those due to disability.

Discount rate has been determined by reference to market yields on the Balance Sheet date on Govt. Bonds

of Term consistent with estimated term of the obligations.

As per the enterprise’s accounting policy actuarial gains and losses are recognized immediately during the

same year itself.

The fact that Provident Fund element is also to be included while computing relevant salary for encashment

of leave has been taken into account.

The above information is certified by the Actuary.

54

54


(` in lakhs)

2010-11 2009-10

Employer’s Contribution to Provident Fund 863.68 761.77

The Company’s Provident Fund is exempted under Section 17 of Employees’ Provident Fund Act, 1952. The

conditions for grant of exemption stipulates the employer shall make good deficiency, if any, in the interest rate

declared by the Trust vis-à-vis statutory rate. The Guidance issued by the Accounting Standard Board (ASB) on

implementing AS-15. Employee Benefits (revised 2005) states that Provident Funds set up by employers, which

requires interest shortfall to be met by the Employer, needs to be treated as Defined Benefit Plan. The fund does

not have any deficit or interest shortfall. In regard to any future obligation arising due to interest shortfall (i.e.,

Government interest to be paid on Provident Fund Scheme exceeds rate of interest earned on Investments) pending

the issuance of guidance note from the Actuarial Society of India, the Company’s Actuary has expressed his inability

to reliably measure the same.

55

55

59th Annual Report

SEGMENT REPORT

The company operates in Shipbuilding, Ship repair and Sub-marine Retrofit business segments. Information in respect

of the said segments as required by AS 17, issued by the Institute of Chartered Accountants of India is given here

under:

` in lakhs

Ship Ship Retrofit Un-allocated Total

building repairs

Segment Income:

Sales 29149.46 27737.94 8326.90 0.00 65214.30

WIP (Accretion/Decretion) (4829.50) 0.00 0.00 0.00 (4829.50)

Other Income 465.14 863.78 791.25 1282.98 3403.15

Total Income 24785.10 28601.72 9118.15 1282.98 63787.95

Segment Expenditure:

Materials & Direct

Expenses incl. taxes 26012.76 19409.43 8771.17 6.24 54199.60

Direct Labour 2653.67 327.11 762.42 0.00 3743.20

Total Segment expenditure 28666.43 19736.54 9533.59 6.24 57942.80

Segment Result (3881.33) 8865.18 (415.44) 1276.74 5845.15

Overheads 6970.29 2691.78 2545.14 14635.11 26842.32

Provisions and Adjustments 6896.60 340.83 36.83 477.96 7752.21

Net Segment Result (17748.22) 5832.57 (2997.40) (13836.33) (28749.38)

FR grant from GoI 45268.00 45268.00

MAT for the year (4482.60) (4482.60)

MAT Credit entitlement 4482.60 4482.60

Deferred Tax (11018.63) (11018.63)

Total Result (17748.22) 5832.57 (2997.40) 20413.04 5499.99

Other information

Segment Assets 44077.80 23476.33 17195.52 38338.06 123087.71

Segment Liabilities 65893.35 34565.06 41839.43 73800.08 216097.92

Capital Expenditure 0.00 0.00 0.00 1592.98 1592.98

Depreciation 507.02 46.22 134.78 79.71 767.73

Non-cash expenditure other

than Dep. 0.00 0.00 0.00 0.00 0.00

56

56


2010-11 2009-10

9 Information in respect of related parties in terms of AS 18, issued by the

Institute of Chartered Accountants of India are:

a) Related parties:

Key Management Personnel:

i) Cmde. Naresh Kumar, IN (Retd), Chairman & Managing

Director till 31.12.2010.

ii) Rear Adml. Chandra Sekhar, IN (Retd), Chairman & Managing

Director of M/s GRSE Ltd., Kolkata is holding the post of

Chairman & Managing Director of company as additional

charge from 01.01.11.

iii) Shri.Rakesh Mahajan, Director (Finance & Commercial)

b) Details of transactions carried out with the above stated related parties:

Remuneration paid during the year 27.21 25.23

10 a) Net profit/(Loss) as per profit and loss account (`In lakhs) 5499.99 232.43

b) Weighted average number of equity shares used as Denominator for

calculating EPS 3019922 3019922

c) Earnings per share: Profit/(Loss)

Basic & Diluted in ` 182 8

11 Deferred tax asset of `11018.63 lakhs as on 31.03.10 is written off during 0 11018.63

the year as per the expert opinion of Institute of Chartered Accountants of

India.

12 As per technical evaluation, there is no impairment in the carrying cost of

cash generating units of the company in terms of Accounting Standard

(AS 28), issued by the Institute of Chartered Accountants of India.

13 The estimated cost of completion of vessels under construction has been

revised to `124876 lakhs as at 31.3.2011 from `127906 lakhs

as at 31.3.2010. 124876 127906

(` in lakhs)

57

57

59th Annual Report

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

i) Licensed & Installed Capacities and Actual Production:

2010-11 2009-10

Licensed Capacity

A Ship Construction Not Applicable Not Applicable

B Well Platforms 2 Well Platforms 2 Well Platforms

Per annum (8000 MT of Per annum (8000 MT of

structural fabrication) structural fabrication)

Installed Capacity

A i) Ship Construction 6.5 Pioneer Class vessels of 6.5 Pioneer Class vessels of

21500 DWT each. 21500 DWT each.

ii) Rated Capacity as Reckoned 3.5 Pioneer class vessels of 3.5 Pioneer class vessels of

by consultant 21500 DWT each. 21500 DWT each.

B Well Platforms 2 Well Platforms per annum 2 Well Platforms per annum

Actual Production

A Ship Construction 2.88 Pioneer class vessels 3.14 Pioneer class vessels

(287.69 Standard Pioneer Units) (314.27 Standard Pioneer Units)

B Well Platforms Nil Nil

Capacity Utilization*

A Ship Construction

i) At 6.5 Vessels 44% 48%

ii) At 3.5 Vessels 82% 90%

B Well Platforms Nil Nil

*inclusive of outsourcing and submarine works.

ii) Materials Consumed: ` in lakhs

Description 2010-11 2009-10

Unit Quantity Value Quantity Value

Steel M.T 15553 4898.08 12860 7269.32

Pipes Meters 13000 33.45 12717 45.38

Paints Liters. 140082 250.19 25652 55.56

Pipe Fittings and others Nos. 38010 134.89 28741 157.77

Ship Machinery and Equipt. 15794.36 9479.08

Ship Repair Materials 13343.61 8000.86

Retrofit Materials 6520.52 6820.54

Others 2771.00 1708.90

Total 43746.10 33537.41

58

58


Particulars 50T Tugs IPVs 53 KBulkers 50 T Tugs

11162-64 11154-58 11138-41 11160-61

for Navy For VPT

1 Contract Revenue Recognized up to 31-03-2011 124.80 16779.31 26560.36 3777.80

2 Contract Expenses Recognized 131.06 24651.16 33241.88 3481.14

3 Recognized Profits / (Losses) (-6.26) (-7871.85) (-6681.52) 296.66

4 Expected Losses Recognized 700.76 1460.73 5922.27 0

5 Recognized Profits / (Losses) (-707.02) (-9332.58) (-12603.79) 296.66

6 Advances Received 1548.02 12469.49 24122.81 6398.32

7 Costs Relating to Future Activity 14712.12 4865.83 40187.51 3604.83

8 Progressive Billing 1548.02 13893.95 24465.86 6398.32

9 Gross Amount due from Customers 0.00 1424.46 343.05 0.00

10 Gross Amount due to Customers 0.00 0.00 0.00 0.00

iii) Break up of Materials Consumed: ` in lakhs

2010-11 2009-10

i) Value of all Imported Materials including components and spare parts

consumed during the year 38330.31 30005.57

ii) Value of all Indigenous Materials including components and spare parts

consumed during the year 5415.79 3531.83

iii) Percentage of item (i) to total consumption 88 90

iv) Percentage of item(ii) to total consumption 12 10

iv) Expenditure in Foreign Currency

a) i) Royalty, Know-how and Professional Consultancy fees 0.00 0.00

ii) Travelling Expenses 0.00 0.00

iii) Others 586.69 1659.38

b) CIF value of imported materials , components & spare parts and

capital goods. 29888.91 40620.08

v) Earnings in Foreign Currency from ship repair activity 11640.90 14892.67

vi) Disclosure of information in respect of Ships under construction as per Accounting Standard-7:

` in lakhs

59

59

59th Annual Report

S.No Particulars 2010-11 2009-10

i. Salary and Allowances 20.84 20.13

ii. Contribution to Provident Fund & Group Gratuity Scheme. 3.76 3.48

iii. Reimbursement of Entertainment Expenses 2.49 1.55

iv. Reimbursement of Medical Expenses 0.06 0.01

v. Value of Perquisite in respect of use of car (as per I.T. rules) 0.06 0.06

Total 27.21 25.23

15 Provision for Income Tax for ` 44.82 crores has been made in accordance with

Section 115JB of the Income Tax Act, 1961. However, Management expects that

the company would be in a position to pay Normal tax for availing it as MAT

credit within the period specified under the Income Tax Act, 1961 and hence

MAT credit for the same amount has been recognized.

16 a) Names of SSI units, where payments are outstanding for more than 30 days

could not be given in the absence of separate registration for the said SSI units

with the company.

b) In the absence of registration by Micro and Small Scale industries the

information pertaining to these suppliers / service providers could not be

furnished.

17 The reconciliation of balances as per priced stores ledger and Bin Cards is a

continuous process

18 Certain Advances and Provisional Liabilities for Purchases remain unadjusted,

pending link up between the same.

19 Letters have been issued to all the customers seeking confirmation of balances

as at 31.03.2011, which are still to be received.

20 Consequent upon the observations of Comptroller & Auditor General of India

during the course of Audit u/s 619(4) of the Companies Act, 1956, the accounts

and the notes forming part of accounts as approved by the Board of Directors in

the 362nd boarding meeting held on 27.06.2011 have been revised. These changes

has resulted in decrease in profit by Rs.150.67 lakhs, decrease in current assets

by Rs.150.67 lakhs, a disclosure in notes forming part of accounts at no.3(b),

modification in presentation of deferred tax asset in P & L A/c and change in

allocation of expenditure of Rs.1.04 crores in segment report at note no.8.

21 Previous year’s figures have been regrouped / rearranged wherever necessary.

vii) Details of Remuneration to Chairman & Managing Director and other whole-time Directors:

(` in lakhs)






Company Secretary


60

60







Company Secretary


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

REGISTRATION DETAILS

REGISTRATION NO. 2064 STATE CODE: 01

BALANCE SHEET DATE : 31.03.2011

CAPITAL ISSUED DURING THE YEAR ` in thousands

Public Issue NIL

Bonus Issue NIL

Rights Issue NIL

Private Placement NIL

Issued to Government of India NIL

POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS ` in thousands

Total Liabilities 21,609,789

Total Assets 21,609,789

SOURCES OF FUNDS:

Paid-up Capital 3,019,922

Reserves and Surplus 950

Secured Loans 931982

Unsecured Loans 6,276,725

10,229,579

APPLICATION OF FUNDS:

Net Fixed Assets 892,384

Deferred Tax Asset 0

Net Current Assets 36,173

Accumulated Loss 9,301,022

10,229,579

PERFORMANCE OF THE COMPANY ` in thousands

Turnover (including other income) 6133793

Total Expenditure 4481931

Profit / (Loss) before tax 1651862

Profit / (Loss) after tax 549999

Earnings per share in Rupees (face value `1000/-) 182

Dividend NIL

GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY

Item Code Product Description

8901 1001 Ships

8901 9001 Bulk Carriers

8904 0000 Tugs

61

61

59th Annual Report

CASHFLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2011 ` in lakhs

Year ended Year ended31st March 2011 31st March 2010

A. Cash flow from operating activities:

Net Profit/(loss) before Extraordinary & (28186.60) (3034.29)

Prior period items

Adjustments for:

Depreciation 767.73 645.75

Interest paid 1434.64 5241.55

Interest received (235.80) (570.43)

Loss/(profit) on sale of fixed assets (100.32) (39.62)

Operating Cashflow before working capital

changes & Extraordinary & Prior Period items (26320.35) 2242.96

Prior Period items: Net Expenditure 562.78 345.98

Operating Cashflow before working capital

changes, Extraordinary & after Prior Period items (26883.13) 1896.98

Adjustments for working capital changes:

Inventories 14724.53 (10674.45)

Trade and other receivables (19577.01) (2895.75)

Trade and other payables 10624.55 6370.64

Cash generated from operation (A) (21111.06) (5302.58)

B. Cashflow from Investing acitivities:

Purchase of fixed assets (1585.01) (1213.30)

Capital Work-in-progress 6.98 (731.09)

Sale of fixed assets 110.96 117.87

Interest received 235.80 570.43

Net Cash from investing operation (B) (1231.27) (1256.10)

C. Cashflow from financing activities:

Proceeds from Share Capital 0.00 0.00

Proceeds from Borrowings from GOI & Banks 3063.61 6284.69

Grant in aid from GoI 45268.00 0.00

Interest paid (1434.64) (5241.55)

Net Cash from financing operation (C) 46896.97 1043.14

D. Net Increase in Cash & Cash

Equivalent (A)+(B)+(C) 24554.64 (5515.54)

Cash and cash equivalent at the beginning of the year 6031.56 11547.09

Cash and cash equivalent at the end of the year 30586.20 6031.56






Company Secretary


62

62


NOTE

1. Interest on capital outlay on Township and Residential quarters and for providing other Social Amenities (original cost of

`.562.12 lakhs written down value `.169.59 lakhs as on 31.03.2011) has not been taken into account since this has been

finalised out of Equity Share Capital except for an amount of `.0.45 lakhs out of grant of Andhra Pradesh in respect of

Gandhigram High School.

2. The figures of Township Expenditure and Income have been collected only to the extent practicable from the accounts

of the company. The expenditure has been in the individual primary heads in the Profit and Loss Account.

3. Previous year’s figures have been recast wherever necessary.

For and on behalf of the Board of Directors

Sd/- Sd/- Sd/-INAITULA BAIG RAKESH MAHAJAN R Adm N K MISHRA, IN (Retd)

Company Secretary Director Chairman and Managing Director(Finance & Commercial)


SCHEDULE OF NET EXPENDITURE ON TOWNSHIP, RESIDENTIAL QUARTERS AND OTHER SOCIAL OVERHEADS

FORMING PART OF THE PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2011

Description 2010-11 2009-10

Details Details Total Details Details Total

Schedule -22

EXPENDITURE ON TOWNSHIP

AND RESIDENTIAL QUARTERS

Administration & Maintenance:

Salaries, Wages & Other Benefits 260.41 190.11

Housing Estate Site Rent 14.13 14.13

Property Tax on Residential Buildings 2.09 5.14

Electricity and Water Charges 137.73 172.04

Repairs and Maintenance 65.45 53.74

Colony Security 54.16 41.95

Miscellaneous Expenditure 1.98 535.95 2.11 479.22

Depreciation 11.16 9.90

547.11 489.12

Less: Income-Rent 90.51 74.83

Electricity and Water Charges 99.30 189.80 357.30 80.09 154.92 334.20

Expenditure on Social Overheads:

Schools and Educational Facilities 47.25 51.56

Less: Educational Grant -43.03 4.22 37.44 14.12

On Medical facilities 559.37 459.68

On Subsidised Canteen 110.05 85.91

On Subsidised lunch for Officers,

Staff and Workmen 198.54 308.58 197.43 283.34

On Subsidised transport :

Boats and launches 46.44 39.65

On Social & Cultural Activities 0.56 919.16 0.56 797.35

1276.46 1131.55Expenditure on Public Relations and Publicity:

Salaries 10.34 8.37

Publicity 1.44 8.57

11.78 16.94

(` in lakhs)

63

63

59th Annual Report

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2.9

6

Ap

pli

cati

on

of

Fun

ds:

Gro

ss B

lock

16

7.2

91

67

.39

16

6.9

01

67

.90

16

9.2

91

77

.55

19

2.1

42

08

.61

21

2.7

12

26

.37

Less

: C

um

ula

tive

De

pre

ciat

ion

11

4.2

31

18

.67

12

2.2

71

25

.96

12

9.9

81

33

.02

13

7.8

71

44

.73

14

3.9

31

49

.53

Ne

t F

ixed

Ass

ets

53

.06

48

.72

44

.63

41

.94

39

.31

44

.53

54

.27

63

.88

68

.78

76.8

4

Cap

ital

Wo

rk-i

n-P

rogr

ess

0.6

80

.64

0.6

90

.20

0.5

24

.02

6.2

35

.16

12

.47

12

.40

Def

erre

d T

ax A

sset

0.0

00

.00

0.0

00

.00

0.0

01

09

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10

2.3

61

05

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11

0.1

80

.00

Cu

rren

t A

sse

ts2

22

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21

5.7

71

92

.26

33

2.3

86

19

.00

80

8.2

08

18

.72

76

7.0

28

47

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11

41

.64

Cu

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abili

ties

an

d P

rovi

sio

ns

33

3.7

63

04

.13

30

7.3

54

07

.00

676

.98

99

1.4

29

33

.39

99

9.9

31

03

1.7

81

13

8.0

2

Ne

t C

urr

ent

Ass

et(1

11

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)(8

8.3

6)

(11

5.0

9)

(74

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)(5

7.9

8)

(18

3.2

2)

(11

4.6

7)

(23

2.9

1)

(18

4.2

1)

3.6

2

Cu

mu

lati

ve L

oss

11

05

.89

11

03

.43

11

55

.46

11

63

.35

11

57

.16

85

6.2

38

47

.42

98

7.4

39

85

.10

93

0.1

0

Tota

l1

04

8.3

91

06

4.4

31

08

5.6

91

13

0.8

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30

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5.6

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29

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99

2.3

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02

2.9

6

Ne

t W

ort

h *

(99

1.5

8)

(98

1.6

2)

(10

26

.15

)(1

02

6.5

4)

(10

12

.85

)(7

06

.92

)(5

66

.41

)(6

85

.44

)(6

83

.11

)(6

28

.11

)

* N

et W

ort

h =

Pai

d u

p C

apit

al +

Fre

e R

eser

ves

- A

ccu

mu

late

d L

oss

es

65

65

59th Annual Report(`

in

cro

res)

20

01

-02

20

02

-03

20

03

-04

20

04

-05

20

05

-06

20

06

-07

20

07

-08

20

08

-09

20

09

-10

20

10

-11

PR

OFI

T A

ND

LO

SS A

CC

OU

NT:

Inco

me

:

Ship

bu

ildin

g7

5.8

43

9.6

73

9.8

77

9.4

71

39

.94

15

9.9

52

02

.15

19

4.1

72

53

.61

29

1.4

9

Ship

rep

airs

59

.88

68

.68

68

.80

13

5.1

28

7.9

09

3.0

21

08

.46

14

4.1

32

66

.04

277

.38

Re

tro

fit

20

.95

42

.65

10

.48

10

.71

15

.74

74.6

67

3.9

157

.52

99

.31

83

.27

Wo

rk-i

n-P

rogr

ess

24

.13

4.4

30

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(10

.07

)2

8.2

94

5.6

04

1.3

66

4.3

2(1

0.5

3)

(48

.29

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Oth

er

Inco

me

20

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9.2

47

.50

21

.75

47.0

12

6.5

48

4.2

63

8.1

45

3.6

03

4.0

3

Tota

l2

01

.39

16

4.6

71

27

.20

23

6.9

83

18

.88

39

9.7

75

10

.14

49

8.2

86

62

.03

637

.88

Exp

en

dit

ure

:

Mat

eri

als

10

9.6

64

2.7

53

8.0

31

03

.08

14

4.5

41

90

.19

22

2.5

52

64

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34

4.5

74

41

.52

Dir

ect

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en

ses

24

.63

17

.38

24

.97

39

.65

43

.60

80

.16

89

.88

62

.10

94

.39

79

.78

Pay

& B

enef

its

64

.05

72

.42

77

.78

77

.88

82

.67

92

.64

80

.91

12

6.9

31

29

.89

257

.48

Taxe

s an

d D

uti

es1

.93

3.2

02

.78

4.2

98

.59

13

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20

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28

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23

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24

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Oth

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Exp

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12

.76

12

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12

.38

14

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15

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31

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27.8

52

6.8

2

Pro

visi

on

s an

d L

oss

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16

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19

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8.4

81

4.0

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5.1

58

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14

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18

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71

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Pri

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rio

d A

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(5.5

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0.8

81

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6)

54

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3.4

65

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Extr

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ems

0.2

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0.0

00

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sfe

rs(3

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3)

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(2.8

5)

(11

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)(3

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)(3

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)(4

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)(4

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)(5

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)(4

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Tota

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84

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15

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41

73

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23

5.1

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90

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Pro

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item

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68

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15

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(26

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6)

Gra

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0.0

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52

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De

pre

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5.4

45

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4.3

24

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4.0

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26

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6.4

67

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Inte

rest

26

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1.0

51

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5.6

14

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34

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44

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50

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52

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14

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Pro

fit

/ (L

oss

) b

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ax(1

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2)

2.4

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(7.8

9)

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92

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36

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)(3

3.8

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16

5.1

9

Inco

me

Tax

0.0

00

.00

0.0

00

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0.0

07

8.2

75

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6.8

5(3

1.8

6)

44

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MA

T cr

edit

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0.0

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0.0

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4.8

3)

Def

erre

d T

ax a

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0.0

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0.0

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(10

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1)

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)(4

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10

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Ne

t P

rofi

t /

(Lo

ss)

(15

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)2

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(52

.03

)(7

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)6

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30

0.9

31

1.3

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40

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55

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Pro

fit

& L

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pro

pri

atio

n0

.00

0.0

00

.00

0.0

00

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0.0

02

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0.0

00

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0.0

0

Cu

mu

lati

ve P

rofi

t /

(Lo

ss)

(11

05

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)(1

10

3.4

3)

(11

55

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)(1

16

3.3

5)

(11

57

.16

)(8

56

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)(8

47

.42

)(9

87

.43

)(9

85

.10

)(9

30

.10

)

FIN

AN

CIA

L P

OS

ITIO

N A

ND

PE

RFO

RM

AN

CE

OF T

HE

CO

MP

AN

Y

66

66


HIN

DU

STA

N S

HIP

YA

RD

LIM

ITE

D :

: V

ISA

KH

AP

AT

NA

M

SH

IPS

BU

ILT

S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

1.

“Ja

lau

sha

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

79

22

-06

-19

46

14

-03

-19

48

26

-10

-19

48

2.

“Ja

lap

rab

ha

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

79

22

-08

-19

46

20

-11

-19

48

07

-04

-19

49

3.

“Ku

tub

tari

” (P

ass

en

ge

r F

err

y)

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

Ltd

.,-

23

-05

-19

47

18

-12

-19

48

19

-05

-19

49

4.

“Ja

lap

raka

sh”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

. Lt

d.,

8.1

38

27

-05

-19

48

08

-08

-19

49

20

-12

-19

49

5.

“Ja

lap

an

kh

i” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d8

.15

00

7-1

0-1

94

90

6-1

2-1

94

90

4-0

4-1

95

0

6.

“Ja

lap

ad

ma

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

37

26

-01

-19

50

14

-09

-19

50

18

-01

-19

51

7.

“Ja

lap

ala

ka”

Th

e S

cin

dia

S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

41

26

-01

-19

50

27

-12

-19

50

03

-04

-19

51

8.

“Bh

ara

tmit

ra”

Th

e B

ha

rat

Lin

e L

imit

ed

8.1

34

28

-09

-19

50

26

-03

-19

51

02

-07

-19

51

9.

“Ja

gra

ni”

Th

e G

rea

t E

ast

ern

sh

ipp

ing

Co

mp

an

y L

imit

ed

8.1

25

09

-05

-19

51

15

-12

-19

51

09

-06

-19

52

10

.“J

ala

pra

tap

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

25

09

-05

-19

51

27

-02

-19

52

09

.08

.19

52

11

.“J

ala

pu

shp

a”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

. Lt

d.,

8.0

87

26

-12

-19

51

09

-07

-19

52

17

-10

-19

52

12

.“B

ha

ratr

atn

a”

Th

e B

ha

rat

Lin

e L

imit

ed

8.1

00

21

-07

-19

52

26

-08

-19

53

15

-07

-19

54

13

.“J

ala

pu

tra

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

. Lt

d.,

8.1

14

21

-07

-19

52

09

-11

-19

53

19

-08

-19

54

14

.“J

ala

vih

ar”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

7.2

48

01

-12

-19

53

16

-08

-19

54

22

-06

-19

55

15

.“J

ala

vij

aya

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

., L

td.,

7.3

11

30

-09

-19

53

26

-03

-19

55

29

-12

-19

55

16

.“V

idyu

t” L

an

d C

ust

om

s D

ep

art

me

nt

(Mo

tor

Lau

nch

)1

9-1

0-1

95

31

8-0

8-1

95

41

8-0

3-1

95

8

17

.“J

ala

vis

hn

u”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

. Lt

d7

.32

21

6-1

2-1

95

30

2-1

1-1

95

52

3-0

5-1

95

6

18

.“S

tate

of

Ku

tch

” T

he

Ea

ste

rn S

hip

pin

g C

orp

ora

tio

n L

imit

ed

8.2

53

02

-09

-19

54

29

-03

-19

56

25

-11

-19

56

19

.“A

dya

r” M

ad

ras

Po

rt T

rust

(Ko

rt N

ozz

le T

ug

)2

7-0

9-1

95

43

1-1

2-1

95

52

5-0

9-1

95

7

20

.“A

nd

am

an

s” M

inis

try o

f H

om

e A

ffa

irs

2.4

70

(Pa

sse

ng

er

cum

Ca

rgo

Ve

sse

l)1

0-0

8-1

95

52

5-0

7-1

95

60

4-1

2-1

95

7

21

.“S

tate

of

Ori

ssa

” T

he

Ea

ste

rn S

hip

pin

g C

orp

ora

tio

n L

td.,

8.1

60

08

-12

-19

55

16

-02

-19

57

31

-12

-19

57

22

.“J

ala

vik

ram

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

., L

td7

.31

21

6-0

4-1

95

62

9-0

7-1

95

72

6-0

3-1

95

8

67

67

59th Annual Report2

3.

“Ja

lave

era

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

., L

td.,

7.3

12

04

-08

-19

56

22

-11

-19

57

26

-07

-19

57

24

.“J

ag

mit

ra”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

6.3

91

31

-08

-19

57

05

-07

-19

58

10

-06

-19

59

25

.“D

hru

va

k”

Ind

ian

Na

vy

(Mo

ori

ng

Ve

sse

l)2

7-0

1-1

95

61

6-0

7-1

95

81

6-1

1-1

95

9

26

.“I

nd

ian

In

du

stry

” T

he

In

dia

Ste

am

ship

Co

mp

an

y L

td.,

6.4

19

07

-12

-19

57

12

-12

-19

58

27

-10

-19

59

27

.“J

aya

laksh

mi”

Ne

w D

ho

lera

Ste

am

ship

s Li

mit

ed

5,4

05

22

-08

-19

57

22

-04

-19

59

27

-01

-19

60

28

.“S

tate

of

Utt

ar

Pra

de

sh”

Th

e E

ast

ern

Sh

ipp

ing

Co

rpo

rati

on

Ltd

.,9

,63

20

3-1

0-1

95

93

1-1

2-1

95

91

6-0

1-1

96

1

29

.“R

.S.V

. H

ald

ia”

Ca

lcu

tta

Po

rt C

om

mis

sio

ne

rs(P

ort

Su

rve

y V

ess

el)

16

-11

-19

60

11

-06

-19

60

25

-03

-19

61

30

.“S

tate

of

Ra

jast

ha

n”

Th

e E

ast

ern

Sh

ipp

ing

Co

rpo

rati

on

Ltd

.,9

,64

42

2-0

1-1

95

92

9-0

4-1

96

01

8-0

5-1

96

1

31

.“V

ish

van

idh

i” T

he

We

ste

rn S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,9

,66

61

1-0

5-1

95

90

6-0

9-1

96

00

2-1

0-1

96

1

32

.“S

tate

of

Pu

nja

b”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,5

57

02

-12

-19

59

16

-04

-19

61

06

-04

-19

62

33

.“V

ish

va S

ha

nti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,60

62

9-0

9-1

96

02

5-0

1-1

96

11

4-0

9-1

96

2

34

.“V

ish

va P

rem

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,56

52

7-0

8-1

96

02

0-1

2-1

96

12

8-0

1-1

96

3

35

.“V

ish

va M

aya

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,57

72

2-0

9-1

96

00

6-0

4-1

96

23

0-0

4-1

96

3

36

.“V

ish

va M

an

ga

l” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,60

80

5-0

5-1

96

11

7-0

8-1

96

22

3-0

9-1

96

3

37

.“J

ala

Ka

la”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

12

,91

31

2-1

0-1

96

12

9-0

3-1

96

31

2-1

1-1

96

4

38

.“D

ars

ha

k”

Ind

ian

Na

vy

(Su

rve

y V

ess

el)

14

-10

-19

57

02

-11

-19

59

28

-12

-19

64

39

.“S

tate

of

Ma

dh

ya P

rad

esh

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,87

30

8-0

1-1

96

21

5-1

0-1

96

30

4-0

5-1

96

5

40

.“R

oh

ini”

Hin

du

sta

n S

hip

yard

Lim

ite

d(L

au

nch

)2

0-0

8-1

96

5

41

.“J

ala

Ke

nd

ra”

Th

e S

cin

dia

Ste

a N

avig

ati

on

Co

., L

td.,

12

,94

72

4-0

5-1

96

21

6-0

4-1

96

42

9-0

1-1

96

6

42

.“S

tate

of

We

st B

en

ga

l” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,91

50

6-0

9-1

96

20

5-1

2-1

96

43

1-0

3-1

96

6

43

.“J

ala

kan

ta”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

., L

td.,

12

,91

22

6-0

4-1

96

30

1-0

7-1

96

50

2-0

8-1

96

6

44

.“S

tate

of

Myso

re”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,9

23

13

-11

-19

63

09

-12

-19

65

11

-10

-19

66

45

.“V

ish

va T

ej”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

86

04

-05

-19

64

01

-10

-19

66

02

-10

-19

67

46

.“V

ish

va T

irth

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,88

60

8-0

1-1

96

52

8-1

2-1

96

60

3-1

2-1

96

7

47

.“V

ish

va S

eva

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,95

92

3-0

8-1

96

52

6-1

96

70

2-0

3-1

96

8

S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

68

68


S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

48

.“V

ish

va S

idd

hi”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,9

72

24

-12

-19

65

15

-11

-19

67

12

-09

-19

68

49

.“V

ish

va B

ha

kti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,93

72

3-0

1-1

96

81

5-0

4-1

96

82

9-0

1-1

96

9

50

.“V

ish

va S

ho

ba

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,93

11

3-0

2-1

96

72

4-0

9-1

96

81

1-0

5-1

96

9

51

.“V

ish

va S

ha

kti

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,90

01

9-0

5-1

96

72

0-0

3-1

96

91

7-1

2-1

96

9

52

.“V

ish

va D

ha

rma

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

12

,85

22

2-1

1-1

96

70

8-1

0-1

96

92

0-0

4-1

97

0

53

.“V

ish

va V

ikra

m”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

81

06

-06

-19

68

09

-02

-19

70

12

-09

-19

70

54

.“S

ha

nti

” T

he

Vis

akh

ap

atn

am

Po

rt T

rust

Lau

nch

12

-03

-19

70

14

-12

-19

70

31

-12

-19

70

55

.“V

ish

va S

ars

ha

n”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

83

16

-12

-19

68

20

-07

-19

70

02

-07

-19

71

56

.“W

alc

ha

nd

” H

ind

ust

an

Sh

ipya

rd L

imit

ed

(La

nd

ing

Cra

ft)

01

-05

-19

71

14

-07

-19

71

30

-09

-19

71

57

.“V

ish

va N

aya

k”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

2,8

81

26

-06

-19

69

30

-11

-19

70

22

-10

-19

71

58

.“

T.S

. R

aje

nd

ra”

Th

e D

ire

cto

rate

Ge

ne

ral

of

Sh

ipp

ing

(Tra

inin

g S

hip

)2

0-1

0-1

96

92

5-0

4-1

97

12

7-0

3-1

97

2

59

.“B

om

ba

y D

uck

-II”

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

(Dre

dg

er)

27

-08

-19

71

12

-07

-19

72

11

-02

-19

73

60

.“V

ish

va K

aru

na

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

13

,96

72

6-0

8-1

97

00

2-1

1-1

07

10

2-0

3-1

97

3

61

.“V

ish

va Y

ash

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

13

,98

61

8-0

3-1

97

01

7-0

3-1

97

21

8-0

5-1

97

3

62

.“V

ish

va M

am

ta”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,9

71

23

-12

-19

70

23

-08

-19

72

16

-10

-19

73

63

.“V

ish

va B

an

da

n”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,7

65

30

-06

-19

71

06

-03

-19

73

04

-03

-19

74

64

.V

ish

va M

ad

hu

ri”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,1

3,7

62

25

-11

-19

71

17

-08

-19

73

16

-08

-19

74

65

.“I

nd

ian

En

du

ran

ce”

Ind

ia S

tea

m S

hip

Co

mp

an

y L

td.,

14

,19

72

9-0

3-1

97

22

6-0

1-1

97

41

6-0

3-1

97

5

66

.“J

ag

Do

ot”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,29

81

1-0

9-1

97

22

2-0

6-1

97

42

3-0

3-1

97

5

67

.“J

ag

at

Pri

ya”

De

mp

o S

tem

ship

s Lt

d.,

21

,39

33

0-0

8-1

97

30

3-1

0-1

97

43

0-1

1-1

97

5

68

.“S

ag

ari

ka-1

” O

il &

Na

tura

l G

as

Co

mm

issi

on

(Su

pp

ly c

um

Cre

w V

ess

el)

05

-04

-19

74

07

-08

-19

75

28

-02

-19

76

69

.“J

ag

Dh

ir”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,38

32

8-0

1-1

97

41

4-0

3-1

97

52

0-0

3-1

97

6

70

.“S

ag

ari

ka-2

” O

il &

Na

tura

l G

as

Co

mm

issi

on

(Su

pp

ly c

um

Cre

w V

ess

el)

18

-12

-19

74

30

-11

-19

75

30

-03

-19

76

71

.“J

ag

Dh

arm

a”

Th

e G

rea

t E

ast

ern

Sh

ipp

ing

Co

mp

an

y L

td.,

21

,42

02

6-0

6-1

97

42

4-0

7-1

97

50

6-0

9-1

97

6

72

.“I

nd

ian

Exp

lore

r” I

nd

ia S

tea

m S

hip

Co

mp

an

y L

td.,

14

,08

90

7-1

0-1

97

41

7-1

1-1

97

53

0-1

0-1

97

6

69

69

59th Annual Report

S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

73

.“J

ag

De

esh

” T

he

Gre

at

Ea

ste

rn S

hip

pin

g C

om

pa

ny L

td.,

21

,40

61

6-0

3-1

97

63

0-0

3-1

97

61

2-0

3-1

97

7

74

.“D

am

od

ar

Ga

nga

” D

am

od

ar

Bu

lk C

arr

iers

Ltd

.,2

1,3

65

26

-07

-19

75

24

-10

-19

76

25

-06

-19

77

75

.“I

nd

ian

Gra

ce”

Ind

ia S

tea

m S

hip

Co

mp

an

y L

td.,

21

,28

32

1-1

1-1

97

52

3-1

2-1

97

62

9-0

3-1

97

8

76

.“I

nd

ian

Glo

ry”

Ind

ian

Ste

am

Sh

ip C

om

pa

ny L

td.,

21

,34

42

6-0

2-1

97

60

4-0

8-2

97

72

7-1

0-1

97

8

77

.`“

Jala

Go

da

vari

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

mp

an

y L

td.,

20

,91

40

2-0

7-1

97

61

6-0

3-1

97

81

6-0

4-1

97

9

78

.“J

ala

go

vin

d”

Th

e S

cin

dia

Ste

am

Na

vig

ati

on

Co

mp

an

y L

td,

20

,86

82

5-1

0-1

97

60

3-1

1-1

97

80

5-1

2-1

97

9

79

.“J

ala

go

pa

l” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

mp

an

y L

td.,

20

,85

01

2-0

4-1

97

71

1-0

7-1

97

91

1-0

9-1

98

0

80

.“J

ala

go

uri

” T

he

Sci

nd

ia S

tea

m N

avig

ati

on

Co

mp

an

y L

td.,

20

,85

42

5-1

0-1

97

70

1-1

2-1

97

92

7-0

3-1

98

1

81

.“

Ten

ne

ti”

Hin

du

sta

n S

hip

yard

Ltd

.,(L

an

din

g C

raft

)2

9-1

0-1

98

00

6-0

5-1

98

12

9-0

9-1

98

1

82

.“S

tate

of

Ha

rya

na

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,70

01

9-0

3-1

97

92

7-0

7-1

98

01

6-0

6-1

98

3

83

.“N

an

d R

ati

” E

ssa

r B

ulk

Ca

rrie

r Lt

d.,

26

,71

00

9-0

3-1

98

13

0-0

1-1

98

31

6-0

7-1

98

4

84

.“S

tate

of

Gu

jara

t” T

he

sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,78

93

0-0

5-1

97

90

3-0

6-1

98

11

2-1

2-1

98

4

85

.“S

am

ud

rika

-4”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

31

22

-04

-19

84

24

-11

-19

84

09

-12

-19

85

86

.“S

am

ud

rika

-5”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

40

22

-05

-19

84

10

-03

-19

85

19

-03

-19

86

87

.“L

ok M

ah

esw

ari

” B

ulk

Ca

rrie

r, S

DF

C /

Mo

gh

ul

Lin

e L

td.,

26

,72

80

3-1

0-1

98

12

0-0

8-1

98

33

1-0

3-1

98

6

88

.“S

am

ud

rika

– 6

” O

PS

SV

Oil

& N

atu

ral

Ga

s C

om

mis

sio

n1

,24

01

2-0

8-1

98

42

9-0

1-1

98

52

4-0

9-1

98

6

89

.“S

tate

of

Ori

ssa

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

16

,80

60

5-1

2-1

97

91

0-0

1-1

98

20

8-0

7-1

98

6

90

.“P

rab

hu

Da

ya”

Tola

ni

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

26

,71

30

4-0

2-1

98

32

5-1

1-1

98

40

2-0

3-1

98

7

91

.“S

am

ud

rika

-7”

OP

SS

V O

il &

Na

tura

l G

as

Co

mm

issi

on

1,2

42

12

-08

-19

84

23

-06

-19

86

28

-05

-19

87

92

.“S

ag

ar

Bh

ush

an

” (D

rill S

hip

) O

il &

Na

tura

l G

as

Co

mm

issi

on

9,1

13

12

-08

-19

84

18

-08

-19

85

04

-11

-19

87

93

.“L

ok R

aje

swa

ri”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,6

39

05

-03

-19

82

16

-07

-19

84

27

-10

-19

88

94

.“

Mu

nd

esw

ari

” –

C.I

.W.C

82

5

(Ba

rge

)1

-8-1

98

72

7-1

0-1

98

80

3-0

3-1

98

9

95

.“

Ma

nja

ri”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

10

-11

-19

88

03

-03

-19

89

96

.“

Ma

ha

na

di”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

27

-10

-19

88

03

-03

-19

89

97

.“

Ma

nd

ak

ini”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

10

-11

-19

88

03

-03

-19

89

70

70


S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

98

.“

Ma

tla

” –

C.I

.W.C

82

5

(Ba

rge

)1

-8-1

98

71

0-0

1-1

98

90

3-0

3-1

98

9

99

.“

Arg

o”

– C

.I.W

.C8

25

(B

arg

e)

1-8

-19

87

07

-02

-19

89

03

-03

-19

89

10

0.

“Lo

k P

raka

sh”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,7

90

19

-07

-19

84

24

-03

-19

85

12

-04

-19

89

10

1.

“Lo

k P

rem

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

26

,71

43

0-0

3-1

98

52

9-0

5-1

98

72

3-0

2-1

99

0

10

2.

“IN

S S

avit

ri”

OP

V,

Ind

ian

Na

vy

OP

V2

5-0

6-1

98

82

3-0

5-1

98

92

0-1

1-1

99

0

10

3.

“IN

S G

ha

ria

l” G

RS

E /

In

dia

n N

av

yLS

TL

30

-11

-19

89

01

-04

-19

91

02

-05

-19

91

10

4.

“IN

S S

ara

yu

” O

PV

, In

dia

n N

av

yO

PV

25

-06

-19

88

16

-10

-19

89

10

4-1

0-1

99

1

10

5.

“IN

S S

ha

rad

a”

Ind

ian

Na

vy

OP

V1

6-0

6-1

98

92

2-0

8-1

99

01

6-1

2-1

99

2

10

6.

“IN

S P

rata

p”

Th

e S

hip

pin

g C

orp

ora

tio

n o

f In

dia

Ltd

.,2

6,7

18

28

-08

-19

85

31

-07

-19

88

28

-06

-19

93

10

7.

“IN

S S

uja

ta”

OP

V,

Ind

ian

Na

vy

OP

V1

6-0

6-1

98

92

3-1

0-1

99

10

3-1

1-1

99

3

10

8.

“Am

bic

a”

HS

D O

ile

r In

dia

n N

av

y1

,00

00

1-0

9-1

99

31

0-1

2-1

99

42

3-0

1-1

99

5

10

9.

“Ma

ha

rash

tra

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

18

-09

-19

86

23

-09

-19

92

06

-01

-19

96

11

0.

“Sw

ata

ntr

a”

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

30

T.B

.P T

ug

10

-09

-19

94

29

-03

-19

97

12

-09

-19

97

11

1.

“M.V

. G

oa

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

20

-11

-19

94

22

-03

-19

96

15

-01

-19

98

11

2.

M.V

. S

wa

raj

Dw

ee

p –

A &

N A

dm

inis

tra

tio

n1

20

0 P

ass

en

ge

r-cu

m-

Ca

rgo

Ve

sse

l2

2-0

3-1

99

41

1-1

2-1

99

60

9-1

2-1

99

9

11

3.

“Ma

ha

tma

” –

Th

e V

isa

kh

ap

atn

am

Po

rt T

rust

50

T B

.P.

Tug

05

-07

-19

98

22

-03

-19

99

17

-01

-20

00

11

4.

“Sa

rda

r P

ate

l” T

he

Vis

akh

ap

atn

am

Po

rt T

rust

50

T B

.P.

Tug

05

-07

-19

98

22

-03

-19

99

27

-05

-20

00

11

5.

“M.V

.Ta

mil

Na

du

” T

he

Sh

ipp

ing

Co

rpo

rati

on

of

Ind

ia L

td.,

42

,75

0 D

WT

(B

ulk

er)

13

-04

-19

97

21

-10

-19

98

15

-09

-20

00

11

6.

“M.V

. R

AN

GA

T”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

30

-09

-19

99

27

-10

-20

00

16

-10

-20

01

11

7.

M.V

. B

AR

ATA

NG

” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l3

0-0

9-1

99

92

7-1

0-2

00

01

7-0

1-2

00

2

11

8.

“M.T

KA

BIN

I” –

Ne

w M

an

ga

lore

Po

rt T

rust

50

T B

.P.

Tug

17

-08

-19

99

19

-04

-20

01

03

-08

-20

02

11

9.

“I.N

.S

GA

J” -

A

TV

P H

.Q (

Ind

ian

Na

vy)

25

T B

.P T

ug

18

-01

-20

00

31

-08

-20

01

04

-10

-20

02

12

0.

“M.T

. T

IRA

CO

L -

II”

– M

arm

uga

o P

ort

Tru

st4

5T

B.P

. Tu

g1

1-1

0-1

99

91

5-1

1-2

00

13

1-0

3-2

00

3

12

1.

“M.V

. C

HO

ULD

AR

” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l1

0-1

1-1

99

90

5-0

1-2

00

11

0-1

1-2

00

3

71

71

59th Annual Report

S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

12

2.

“M.T

. C

HA

PO

RA

- I

I” –

Ma

rmu

ga

o P

ort

Tru

st4

5T

B.P

. Tu

g1

1-1

0-1

99

92

5-0

1-2

00

22

4-1

2-2

00

3

12

3.

“M.V

. T

EA

L” –

A &

N A

dm

inis

tra

tio

n1

00

Pa

sse

ng

er

Ve

sse

l1

0-1

1-1

99

90

5-0

1-2

00

12

9-0

1-2

00

4

12

4.

“M.V

. Jo

lly B

uo

y”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

18

.11

.19

99

23

.04

.20

01

20

.05

.20

04

12

5.

“F.C

Ra

vi

B”

–M

/s S

ara

t C

ha

tte

rje

e &

Co

.1

7.5

To

ns

Flo

ati

ng

Cra

ne

29

.02

.20

00

05

.09

.20

03

09

.05

.20

04

12

6.

“M.V

. W

an

do

or”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

18

.11

.19

99

23

.04

.20

01

15

.07

.20

04

12

7.

FR

P L

au

nch

– V

isa

kh

ap

atn

am

Po

rt T

rust

Lau

nch

02

.01

.20

05

12

8.

“M.V

. H

ut

Ba

y”

– A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

06

.10

.20

02

11

.02

.20

05

12

9.

“G.H

.D.

Sa

ga

r D

urg

a”

– V

isa

kh

ap

atn

am

Po

rt T

rust

50

0 M

3 D

red

ge

r3

0.0

9.1

99

90

5.0

9.2

00

30

9.0

2.2

00

5

13

0.

1st .

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

02

.02

.20

05

13

1.

2nd B

arg

e f

or

A &

N A

dm

inis

tra

tio

n1

0 x

8 x

2 M

ete

rs0

2.0

2.2

00

5

13

2.

3rd

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

02

.02

.20

05

13

3.

4th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

08

.02

.20

05

13

4.

5th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

11

.02

.20

05

13

5.

6th

Ba

rge

fo

r A

& N

Ad

min

istr

ati

on

10

x 8

x 2

Me

ters

08

.02

.20

05

13

6.

“M.V

. S

tra

it I

sla

nd

” A

& N

Ad

min

istr

ati

on

10

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

11

.01

.20

03

20

.05

.20

05

13

7.

“M.V

.Jh

an

si R

an

i fo

r V

isa

kh

ap

atn

am

Po

rt T

rust

50

T B

.P.T

ug

03

.11

.20

00

17

.06

.20

03

01

.09

.20

05

13

8.

OR

V S

ag

ar

Ma

nju

sha

, N

ati

on

al

Inst

itu

te o

f O

cea

n T

ech

no

log

yB

uo

y T

en

de

r cu

m

Re

sea

rch

ve

sse

l2

3.1

2.2

00

40

3.1

1.2

00

51

4.0

6.2

00

6

13

9.

M.L

.Ra

dh

a N

ag

ar

for

A &

N.

Ad

min

.U

tility

La

un

ch1

8.0

7.2

00

6

14

0.

M.L

Utt

ava

fo

r A

& N

Ad

min

.U

tility

La

un

ch1

8.0

7.2

00

6

14

1.

M.L

.Nim

bu

tala

fo

r A

& N

Ad

min

.U

tility

La

un

ch0

2.1

1.2

00

6

14

2.

M.L

.Nil

am

ba

r fo

r A

& N

Ad

min

.U

tility

La

un

ch0

2.1

1.2

00

6

14

3.

M.V

.Go

od

Pro

vid

en

ce,

for

30

,00

0 D

WT

Tra

de

r

M/s

. G

oo

de

art

h M

ari

tim

e L

imit

ed

(G

ML)

, C

he

nn

ai

seri

es

Bu

lk c

arr

ier

29

.07

.20

05

22

.01

.20

07

31

.05

.20

07

72

72


14

4.

M.V

. G

oo

d P

rin

ces,

fo

r G

ML,

Ch

en

na

i.3

0,0

00

DW

T T

rad

er

seri

es

Bu

lk c

arr

ier

18

.01

.20

06

16

.05

.20

07

23

.01

.20

08

14

5.

M.V

.Go

od

Pa

cifi

c, f

or

GM

L, C

he

nn

ai

30

,00

0 D

WT

Tra

de

r

seri

es

Bu

lk c

arr

ier

02

.01

.20

07

03

.01

.20

08

07

.05

.20

08

14

6.

M.V

.Ka

vara

tti,

fo

r U

TL

Ad

min

istr

ati

on

70

0 P

ass

en

ge

rs-1

60

T

Ca

rgo

ve

sse

l2

1.1

0.2

00

01

4.0

2.2

00

52

7.0

6.2

00

8

14

7.

“M.V

. B

am

bo

oka

” fo

r A

& N

Ad

min

istr

ati

on

15

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

14

.06

.20

04

06

.11

.20

08

14

8.

“M.V

. N

ort

h P

ass

ag

e f

or

A &

N A

dm

in.

15

0 P

ass

en

ge

r V

ess

el

08

.12

.19

99

14

.06

.20

04

06

.11

.20

08

14

9.

M.V

. Ja

l S

ud

ha

k,

for

Vis

akh

ap

atn

am

Po

rt T

rust

Oil

reco

very

an

d p

ollu

tio

n

con

tro

l ve

sse

l1

8.1

0.2

00

31

5.1

0.2

00

82

7.0

4.2

00

9

15

0.

m.v

. G

oo

d P

ilg

rim

s fo

r G

ML,

Ch

en

na

i3

0,0

00

DW

T T

rad

er

seri

es

Bu

lk c

arr

ier

18

.12

.07

14

.11

.20

08

10

.08

.20

09

15

1.

m.t

Isw

ari

, fo

r N

ew

Ma

nga

lore

Po

rt T

rust

32

-T.

Bo

lla

rd P

ull t

ug

20

-01

-07

05

.06

.20

08

17

.08

.20

09

15

2.

m.v

. G

oo

d P

rid

e f

or

GM

L, C

he

nn

ai

53

,00

0 D

WT

Dia

mo

nd

seri

es

Bu

lk c

arr

ier

09

.01

.20

08

23

.03

.20

09

12

.04

.20

10

15

3.

m.v

.Go

od

Pre

ced

en

t fo

r G

ML,

Ch

en

na

i5

3,0

00

DW

T D

iam

on

d

seri

es

Bu

lk c

arr

ier

21

.03

.20

09

29

.03

.20

10

05

.02

.20

11

S.N

O.

Na

me

of

the

Sh

ip /

Na

me

of

the

Ow

ne

rD

ea

d W

eig

ht

Da

te o

f La

yin

gD

ate

of

Da

te o

f

Ton

ne

sK

ee

lLa

un

chin

gD

eli

ve

ry

Documents

59th Annual Report 2010-11