Hindustan Shipyard Annual Report 2010

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HINDUSTAN SHIPYARD LIMITED

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

AUTHENTICATED

RAKSHA MANTRI

CONTENTS
• • • • • • • • • • • • • • • Board of Directors Chairman's Address Notice Directors’ Report Comment of the Controller and Auditor General of India Auditors' Report Balance Sheet Profit & Loss Account Schedules to the Accounts Notes Forming Part of Accounts Balance Sheet Abstact & Company's General Business Profile Cash Flow Statement Social Overheads Last ten years at a Glance Ships Built 1 3 6 10 21 28 33 34 35 45 59 60 61 63 65

Front Page Back Page

: "M.V. Good Pride" 53,000 DWT Daimond series the biggest Bulk carrier built at HSL for M/s. Goodearth Maritime Limited, Chennai. : Repair of Mobile off shore Drill Ship Sagar Vijay of ONGC

BOARD OF DIRECTORS
Cmde. NARESH KUMAR, VSM, IN (Retd) Shri RAKESH MAHAJAN Shri GYANESH KUMAR, IAS VAdm. N.N. KUMAR, AVSM, VSM Capt. P.V.K. MOHAN Shri VINEET GARG, IAS Dr. T.R.K. RAO, IRTS Shri Rajneesh Gupta, IAS Shri K.V. Brahmananda Reddy, IRAS Chairman & Managing Director Director (Finance & Commercial) Director (from 22-02-10) Director (from 22-02-10) Independent Director (from 06-06-08) Director (from 16-7-09 to 22-2-10) Director (from 6-8-09 to 22-2-10) Director (upto 16-7-2009) Director (upto 6-8-2009)

COMPANY SECRETARY Shri INAITULA BAIG
BANKERS Indian Bank State Bank of India UCO Bank Syndicate Bank Corporation Bank Canara Bank AUDITORS M/S. G.R.KUMAR & CO. Chartered Accountants 9, Merrylife Apartments, Doctor’s Colony, Pedda Waltair, Visakhapatnam – 530 017.

REGISTERED OFFICE 209 & 209A, Vikram Tower 16, Rajendra Place New Delhi-110 008 Phone Fax : 011-25737425 : 011-25730029

HEAD OFFICE & WORKS Gandhigram, Visakhapatnam – 530 005 Phone : 0891-2577404/2577437/ 9493792132 (PRO) 9493792351 (PRO Office) Fax Web : : 0891-2577502/356/667 hsl@hslvizag.com www.hsl.nic.in E-mail :

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CHAIRMAN’S ADDRESS
Dear Shareholders, I have great pleasure in welcoming you to this 58th Annual General Meeting of your Company and share with you some of the significant achievements of the Company during the year under review. During the year, the administrative control of Hindustan Shipyard Limited was transferred from the Ministry of Shipping to the Ministry of Defence on 22nd February,2010 through a Presidential Order for requirements of Defence. The Directors’ Report and the Audited Statement of Accounts for the year 2009-10 and the Notice to the Shareholders have already been circulated and with your permission, I take them as read. HSL is one of the largest Defence Shipyard in the country, and it has 68 years of glorious history in ship building and repairs. HSL has built 163 Vessels including 11 Plotforms ships and repaired around 2000 vessels for various clients. HSL has thus achieved many significant mile stones and earned a name for itself as a ship builder of repute both within India and abroad. The highlights of the year 2009-10 are as follows : a) In keeping with its image as a premier shipyard, HSL has shown consistent growth in almost all aspects of its activities. More importantly, the company has been able to achieve progressive growth for the last five years pending implementation of the revival plan. The year 2009-10 has also been a special one for the company in many ways. The Company achieved the highest ever income of Rs.662.03 Crores in its history despite restrictions imposed on taking fresh orders since last two years. The Ship Repair Income of Rs.266.04 Crores was also the highest ever. The Company recorded a profit after tax of Rs.2.32 Crores for the year 2009-10 as against the loss of Rs.140.01 Crores in previous year. Details of the Keels laid, ships launched, handed over, productivity improvement measures 3

b)

and income generated are given in the Directors’ Report. c) Some of the major achievements during the year are as follows : • • • • • • Three ships were delivered including the last 30,000 DWT Bulk...
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