Hindustan Shipyard Ltd-09

SANSCO SERVICES ~
^RepR eRT
Hindustan Shipyard Limited

(A Govt of India Undertaking)
ISO 9001:2000 Certified
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cTT 14-11-2008 - 31^.11118 (MdfiJHT

14-1 1-2008 - Launching of the VC1 1 118, "MV Good Pilgrims"
en 28-05-2009 -
28-05-2009 - Launching of the 1st Inshore Patrol Vessel "Rani Abbaka"
CONTENTSJ
1. Board of Directors 02
2. Chairman's Speech 04
3. Notice of 57th Annual General Meeting 07
4. Directors' Report 08
i) Annexure - 1 19
Nil I comment Report of C & AG
ii) Annexure - 2 20
Information as per Sec. 217 read with the
Companies (Disclosure of particulars in the
Report of Directors) Rules 1988
iii) Annexure - 3 22
Replies of Board of Directors on the

observations of Statutory Auditors
5. Statutory Auditors' Report 23
6. Annual Accounts
i) Balance Sheet 28
ii) Profit & Loss Account 29
iii) Schedules "' 30.
iv) Balance Sheet Abstract and General Business Profile 52
iv) Cash Flow Statement ; 53
7. Financial Position and Performance
a) Financial Position of the Company for the last 10 years 56
b) Finalncial Performance of the Company for the last 10 years 57
8. Ships Built Statement ; 58
"Good Pilgrims" 30,000 DWT Trader Series Bulk Carrier built at HSL for
M/s Goodearth Maritime Limited
Major repair of Rig Sagar Ratna of ONGC

HINDUSTAN SHIPYARD LIMITED

(A Government of India Undertaking)
Gandhigram, VISAKHAPATNAM - 530 005
BOARD OF DIRECTORS
Whole-time Directors Official Part-time Directors Non-Official Part-time Director

Grade. NARESH KUMAR, VSM, IN (Retd) Shri VINEET GARG Capt. P.V.K.MOHAN
Director (Technical) and Director (from 16-07-2009) Director (from 06-06-2008)
Chairman & Managing Director (A.C.)
Shri RAKESH MAHAJAN Dr. T.R.K.RAO Cmde. M.K.Murthy, IN (Retd)
' Director (Finance & Commercial) Director (from 06-08-2009) Director (till 08-07-2008)
(from 01-12-2008)
RAdra. AJIT TEWARI, AVSM, NM, IN (Retd) Shri RAJNEESII GUPTA
Chairman & Managing Director Director (till 16-07-2009)
(till 30-11-2008)
Shri K.V.BRAHMANANDA REDDY
Director (till 06-08-2009)
COMPANY SECRETARY
Shri INAITULA BAIG
BANKERS AUDITORS
1. Indian Bank M/s. Brahmayya & Co.,
2. State Bank of India Chartered Accountants
3. UCO Bank "SUHASINI" 10-50-24, Siripuram
4. Syndicate Bank Visakhapatnam - 530 003.
5. Corporation Bank
6. 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 : 0891-2577404/2577659/

Gandhigram 9951542132 (PRO)
Visakhapatnam - 530 005 Fax : 0891-2577502/356/667
E-mail : hsl@hsivizag.com
Web : www.hsl.gov.in
HSL
BOARD OF DIRECTORS
Cmde. Naresh Kumar

Chaitman & Managing Director (AC)
Shri Rakesh Mahajan Capt. P.V.K. Mohan

Director (Finance & Commercial)
Shri Vineet Garg Dr. T.R.K.Rao

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Hindustan Shipyard Limited)
CHAIRMAN'S SPEECH
Dear Shareholders,
HSL is one of the oldest and most reputed Shipyards in the country for construction of all types of
ships. It has 67 years of history in ship building and ship repairs and during this period, HSL has built 151
ships and repaired around 2000 vessels for various clients. HSL has also been mother yard for training large
number of young engineers and workers. 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.
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 four years pending implementation of the revival plan.
The year 2008-09 has also been a special one for the company in many ways. The Company
achieved an earning of Rs.498,28 Crores despite recession and restrictions imposed on taking fresh orders
since last two years. This has been possible due to improvements in production and resource management.
Details of the Keels laid, ships launched, ships handed over, productivity improvement measures and income
generated are given in the Directors' Report.
Some of the other noteworthy achievements during the year are as follows:
Seven ships were delivered including the last 30,000 DWT Bulk carrier
• First largest 53,000 DWT Bulk Carrier was floated from Building Dock
Keel was laid for five new vessels
57th Annual Report

Launching of the largest second 30,000 DWT Bulk carrier from slip way
The First IPV was launched for the coast guard.
Hull survey of Submarine was completed and pressure hull repairs commenced
Major thrust was given to improve the material state of infrastructure, old plant and machinery
got repaired and new plant & machinery were procured. Four new shops were set up. Ail the
Cranes were repaired and painted and switchgear in substations was revamped. This initiative
has improved the production.
HSL is unique yard in many respects as it is the only civil yard in the country, which has developed
capabilities of" carrying out submarine repairs. The unique project of an EKM ciass Submarine modernization
and repairs is being done with participation of a Russian collaborator.
As the Cabinet decision on transfer of HSL to Defence is still pending, the yard could not take any
new orders.
Nevertheless, the ship building order book position is reasonably healthy and the focus of the yard
during the next couple of years should be on consolidation, delivering all vessels of GML and Coast Guard
currently on order. We should float the submarine by Dec 2010 and take up more naval ship building/refit
orders.
In Ship Repairs, the yard continued to show excellent results and has achieved the highest turnover
of Rs 144.13 Crores. It also secured the highest order for repair of Oil Rig Sagar Ratna amounting to about
Rs 355 Crores.
Your Company is thus creating value addition by not only achieving path breaking achievements in
shipbuilding but also developing indigenous repair capabilities of naval submarines and offshore Rigs in the
Country.
I am happy to report that due to these efforts, the overall production of this yard has improved
substantially from 10,530 DWT in the year 2003-04 to 63772 DWT in 2008-09 with a capacity utilization of
85%.
We have also revised the Pay scales of our Executives and implemented 50% DA merger for our
staff & workers apart from other HR measures on promotion policies which has boosted the morale of our
employees leading to higher productivity. However, these measures besides the booking of old wage arrears,
VRS differential amount etc., as expenditure during the year have resulted in onetime loss of Rs 140 Crores
in-spite of higher value of production of Rs 460.13 Crores as compared to Rs 425.88 Crores of the last year.
On approval of the financial restructuring, the yard will be able to make good profits in the coming years.
These all round improvements in the performance of the company were made possible by team
work, dedication, sacrifice and hard work put in by all our employees. This has also enabled the yard to
qualify for "Very Good" rating in itsJVIOU parameters.
Although HSL has a reasonably good basic infrastructure most of its plant and machinery are old and
obsolete and require modernization. The new shipyards have come up in the country and will pose a stiff
competition to the yard. The vision and business strategy of the yard in future is therefore to compete with
new private yards through cost cutting measures & innovations through vast experience to raise production.
The future business plan will depend upon the decision on transfer of the yard to Defence and would need to
be finalized soon.
Hindustan Shipyard Limited\

HSL has travelled a long way in these years and I have no doubt that this yard will continue to make
significant contribution to the shipping industry and the National security in the days to come.
Acknowledgements
I take this opportunity, to express my sincere thanks to Ministry>of Shipping and Ministry of Defence. I am
grateful to the Government of India, Government of Andhra Pradesh for their continued support and guidance.
On behalf of the Company, I would like to also thank the Indian Navy, the Dredging Corporation of India
Limited, the Shipping Corporation of India Ltd., Oil & Natural Gas Corporation Ltd., M/s. Goodearth
Maritime Limited, all our customers, dealers, suppliers, other business associates and employees for their
invaluable support and co-operation.
Jai Hind.
(Commodore Naresh Kumar, IN (Retd)

Chairman & Managing Director (AC)
57th Annual Report

HINDUSTAN SHIPYARD LIMITED
(A Government of India Undertaking)
Gandhigram:: Visakhapatnam-530 005
NOTICE OF 57th ANNUAL GENERAL MEETING

Notice, is hereby given that the 57th Annual General meeting of the Shareholders of Hindustan Shipyard
Ltd., will be held on Tuesday, the 22nd September, 2009 at 4.00 P.M. in the Conference Room of the Ministry
of Shipping, Room No. 409, IVth Floor, Transport Bhavan, 1, Parliament Street, New Delhi-110 001 to
transact the following business:
Ordinary Business:
a) Adoption of Annual Accounts of the Company for the year 2008-09:
To receive, consider and adopt the Audited Profit .& Loss Account for the year ended 31st March,
2009 and the Balance Sheet as on that date together with the Directors' Report and the Auditors'
Report thereon and also the comments, if any, of the Comptroller & Auditor General of India on the
Accounts of the Company for the year ended 31st March, 2009.
b) To fix Statutory Auditors' Remuneration for the year 2009-10.
"RESOLVED THAT pursuant to Section 224(8) of the Companies Act, 1956, the remuneration of the
Statutory Auditors of the Company for the year 2009-10 be and is hereby fixed at Rs. 1,40,0007-
(Rupees one lakh and forty thousand only) exclusive of out-of-pocket expenses".
By order of the Board
(Inaitula Baig)
Company Secretary
Place : Visakhapatnam
Date : 21st August, 2009
NOTES: 1) 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.
2) Proxy form duly stamped and signed by a Member need to be submitted at the Registered
Office of the Company before 48 hours of the Meeting. Proxy form is enclosed.
To:
All the Shareholders of the Company

The Statutory Auditors of the Company
The Directors of the Company who are not shareholders
The Chairman of the Audit Committee
Hindustan Shipyard Limited i

HINDUSTAN SHIPYARD LIMITED: :VISAKHAPATNAM-530 005
DIRECTORS' REPORT FOR THE YEAR 2008-09

The Directors are pleased in presenting to you the 57th Annual Report1 on the working of the Company
together with the Audited Accounts for the year 2008-09.
BUSINESS REVIEW
Despite recession in ship building Industry in 2008, HSL had no cancellation of order and shipyard
is able to sustain the turnover of around Rs.500 Crores in 2008-09 by optimally utilizing all the resources
and motivating the employees. However view restriction on taking new orders since 2007 because of likely
transfer of yard to Defence, the order book has marginally reduced with delivery of four vessels. This period
was therefore utilized for completion of existing orders & deliveries and increase income in Ship repairs.
Ship Repair turnover has increased from Rs. 110 Crores to 144 Crores during the year 2008-09 and a major
order for Rs.355 Crores was secured from ONGC. There is a LAST FIVE YEARS INCOME (RS. IN CRS-.)
large domestic demand and shipyard has received a large
number of new shipbuilding enquiries from Defence & Coast
Guard. We are hopeful to get more orders in current year.
FINANCIAL PERFORMANCE
Your Company achieved an income of Rs.498.28 Crores
for the financial year 2008-09. The value of Production for
the year 2008-09 increased to Rs. 460.13 Crores from
Rs.425.88 Crores in the previous year 2007-08. As on
31.03.2009, the Authorized share capital of the Company 2004-05 2005-06 2006-07 2007-08 2008-09
stood at Rs.304.00 Crores and the paid up capital at Rs.301.99.

Crores.
The Financial Performance of the Company for the year 2008-09 was as follows:
Description All figures in Rupees Crores
Ship Building Ship 'Repairs & Retrofit Unallocated Total
Income 276.26 221.13 0.89 498.28
Profit/(Loss) before Depreciation,
interest and income tax (55.33) 78.32 (102.30) (79.31)
Depreciation 3.60 2.25 1.07 6.92
Interest & Finance charges 8.00 9.72 32.77 50.49
Profit/(Loss) before tax (136.72)
Fringe Benefit Tax 0.28
Provision for Income Tax of earlier years 6.57
Deferred tax asset (3.56)
Net profit /(Loss) after income tax (140.01)
•m^H^^^MHHi^^^^^^^^H^n«^BBBBa^^^^H^H^HBBHBHBHBBBMBHB 57"' Annual Report

The "NIL COMMENT" Report of the Principal Director of Commercial Audit & Ex-Officio Member
Audit Board is enclosed vide Annexure-I to this report
The Net Loss of your Company for the year 2008-09 was Rs. .140.01 Crores. This loss was due to pay
revision arrears, negative foreign exchange variations and reduction in other income. The delay in the Financial
Restructuring of the Company also resulted in increased losses due to interest burden on past liabilities. The
accumulated losses have increased to Rs.987.43 Crores as on 31.3.09 from Rs.847.42 Crores as on 31.3.08.
The Financial Restructuring is under active consideration with Government of India and post financial
restructuring of the Company is expected to make profits.
PRODUCTIVITY
Productivity enhancement was one of the key focus undertaken by your Company and particular
emphasis was paid towards design, production processes, material handling, project planning and monitoring.
These efforts have resulted in improvement in the productivity during the last two years. The Company
achieved a total output of 63772 DWT which is 85% of the yards' installed capacity. The minor shortfall in
productivity was due to recession & restriction on taking new orders.
Production in DWT 73743

Productivity -
63772 Manli&s/DWT
51.22
I *,*.
2004-0512005-06 2006-07 2007-082008-0

,_____1_, |
162|51.Z2 475 28 42
ORDER BOOK POSITION

Your Company has orders for construction of 9.66 standard pioneer class equivalent ships. The
value of the ship building orders is Rs.1066 Crores as on 21st August,2009.
The order book is as follows:
Owner Description of the vessel Nos.

Goodearth Maritime Ltd., 53,000 DWT Bulkers 6
Indian Coast Guard IPVs for Indian Coast Guard 5
Visakhapatnam Port Trust 50 Ton Tugs 2
Indian Navy Submarine Repair- Navy 1
Total Ships on order excluding submarine repair of Indian Navy 13
Hindustan Shipyard Limited•••••••^^•••^••••^••••^^^^^^••••^^^•••iH

SHIPBUILDING ACTIVITY
Your Company had achieved a turnover (including work-in-progress) of Rs.258.49 Crores during
the year 2008-09 on the shipbuilding front. Your Company had achieved a production of 63772 DWT
during the year 2008-09 which is 85% of the installed capacity.
Fourth and Last 30,000 DWT Trader series bulk carrier was delivered to
M/s Goodearth Maritime Limited, Chennai on 10.08.2009
The following events have been achieved in Shipbuilding Division during the year 2008-09 and upto 21.08.09
Owner Description of the vessel Date

Keel laid
Indian Coast Guard Third Inshore Patrol Vessel 07.01.09
Good earth Maritime Limited Second 53000 DWT Diamond series bulk carrier 21.03.09
Visakhapatnam Port Trust First 50-Ton Bollard pull tug 21.03.09
Visakhapatnam Port Trust Second 50-Ton Bollard pull tug 21.03.09
Indian Coast Guard Fourth Inshore Patrol Vessel 02.04.09
Floating/Launching
New Mangalore Port Trust 32-Ton Bollard Pull Tug 05.06.08
Visakhapatnam Port Trust Oil recovery & pollution Control Vessel 15.10.08
Good earth Maritime Limited Fourth and Last 30,000 DWT Trader series bulk carrier 14.11.08
Good earth Maritime Limited First 53000 DWT Diamond series bulk earner 23.03.09
st
Indian Coast Guard 1 Inshore Patrol Vessel 28.05.09
Deliveries
Good earth Maritime Limited Third 30000 DWT bulk carrier 07.05.08
Union Territory of Lakshadweep 700 passenger-cum-160 Ton cargo vessel 27.06.08
Andaman & Nicobar Admin. First 150 passenger vessel 06.11.08
Andaman & Nicobar Admin. SecondlSO passenger vessel 06.11.08
Visakhapatnam Port Trust Oil recovery & pollution control vessel 27.04.09
Good earth Maritime Limited Fourth and Last 30,000 DWT Trader series bulk carrier 10.08.09
New Mangalore Port Trust 32-Ton Bollard Pull Tug 17.08.09
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57lh Annual Report

SHIPREPAIR ACTIVITY
During the year, the Ship-repair Division undertook repairs on 53 Vessels of various types belonging
to Indian Navy, Dredging Corporation of India Ltd., Shipping Corporation of India Ltd., Visakhapatnam
Port Trust and 27 foreign vessels and also miscellaneous repair works.
The Ship Repair division achieved a Turnover of Rs.201.65 Crs inclusive of the repair works on INS
Sindhukirti. The Ship Repair Turnover has increased by 32.88% in 2008-09. This could be achieved by
utilizing the Dock facilities to the optimum level. The performance of Ship repairs Division during the year
was as under:
2007-08 2008-09
Activity Target Actuals Target Actuals
Turnover (Rupees in lakhs) 10000 10846 11000 . 14413
Drydock occupancy days 475 770 365 1501
Shiprepair Income (Rs. in Crs.)
144. \&
1 A.C\ no . ^t t-
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c 93.02
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on nn -
fin oo .
2005-06 2006-07 2007-08 2008-09
Major repair of Rig Sagar Ratna of ONGC
With work orders worth around Rs.467.00 Crores are on hand and Turnover is likely to be over Rs.200
Crores during the current year.
Hindustan Shipyard Limitedi

RETROFIT ACTIVITY
Your company has signed a contract on 3rd October,2005 with Indian Navy for MR-cum-Modernization
of INS Sindukirti and the total refit is jointly undertaken by HSL, Naval Dockyard (Visakhapatnam) &
Rosoboron Export (ROE). Subsequently 8 Contracts were concluded with ROE for logistic support and
material supply to carry out the Medium Refit.
The major works on submarine that were completed under this refit contract is enumerated below:
Defect survey on entire hull structure completed and Pressure Hull repairs commenced.
• Chemical cleaning & Defect survey on piping spools of various systems completed & pipe
manufacturing commenced.
Spares & Yard material to take up repair works on Engineering equipment and hull structure have
been received.
« HSL welders were trained to take up pressure Hull repairs and welding of Titanium piping spools.
° Basic design for modification of keel block for leveling of Submarine has been completed.
• Sonar Dome insulation renewal undertaken first time in India.
• Major infrastructure for submarine repairs have been set up.
MEASURES TAKEN BY THE MANAGEMENT:
Your Company has taken the following measures during the year 2008-09 to improve production:
• In view of the restrictions imposed to take commercial Ship Building orders due to ongoing transfer of
HSL to the Ministry of Defence, HSL has given major thrust on Ship Repair activity to increase the
repair turnover. In this effort, HSL could secure the first biggest repair order worth Rs.355 Crores for
major layup repairs of Jackup Rig Sagar Ratna of ONGC. Due to this bold step the turnover of ship
repair has increased from Rs.108.46 Crores in 2007-08 to Rs.144.13 Crores in 2008-09.
The First Biggest 53,000 DWT bulker was floated out on 23.03.09 from our covered Building Dock a
milestone event in the history of HSL and 30,000 DWT bulker was launched from slipway on 14th
November, 2008.
• The total Capital expenditure including Capital work in progress incurred in 2008-09 amounted to
Rs.21.69 Crores.
• We have cleared backlog orders and delivered seven Ships.
• We have revised salaries and implemented 50% DA merger.
We have paid maximum attention for maintenance and upgradation of Plant & Machineries and
following Machineries are ordered/procured for improvement in Production:
a) 70 Ton Ship Building LL crane e) SOT EOT crane
b) Robotic Profile cutting Machine f) 200T Panel Transporter
c) Replacement of LT & HT switchgear g) Revamping of 5T 4 Nos. & 1 OT 2 Nos.
on substation EOT cranes.
d) Inverter based CO2 welding machines
57th Annual Report
LT & HT Switch gear on substation
QUALITY ASSURANCE
The 5th Surveillance Audits & certificate renewal planning of ISO 9001:2000 were satisfactorily
carried on 11th & 12th August,2008 and certificate renewal audit were earned out on 17th to 22nd November,2008
with respect to quality management system. The Quality Management System of ISO 9001:2000 Standard
is being maintained through periodical Internal Audits by Quality Internal Auditors throughout the year
2008-2009.
IMPLEMENTATION OF INFORMATION TECHNOLOGY
Your company has successfully implemented the following tasks under IT:
• Database holding various enterprise data pertaining to the ERP application i.e., Purchase, Inventory,
Finance, HR & Payroll etc., was upgraded with higher version to enhance the security, scalability,
reliability of the data.
• To enrich the network facility in the yard, various technical recommendations were obtained by
conducting the survey in association with various reputed network firms.
• The following jobs were undertaken during the year 2008-09 is under progress:
a) The applications ie., Provident Fund Loan, Provident Fund contribution, pay arrears, family
pensions, medical reimbursements etc lying under payroll application which are placed on the
legacy system platforms are being customized and migrated to ERP package for enhanced level
of usage in terms of ease of use, online interface and integration with enterprise modules.
b) Introduction of Web-enabled employee attendance regulation system with RFID readers at various
yard entry points which enables centralized and real-time storage of attendance data and enquiry
of the same from all computers which are connected over yard LAN for effective monitoring of
time keeping management for effective usage of production man days.
c) Provision of internet for more no. of employees in the yard and for customers in customer servicing
centre by placing the highly Network security Unified threat management tools and proper
analyzer tools to monitor the security and usage of internet service.
d) Enrichment of HINDI version in HSL website with more content which is in English version.
, — , , f 13 1
Hindustan Shipyard Limited]

DRAWING & DESIGN OFFICE
Since installation of M3 TRIBON software in Augst,2007, CAD/CAM centre has taken up Basic
design and detailed design of 32 Tons Bollard Pull Tug (BPT) for NMPT and SOT Bollard Pull Tug for VPT.
CAD/CAM centre is effectively using basic design module for evaluation and preparation of stability
and loading conditions as per IMO requirements for 30K bulk carrier (VC 11118) projects. TRIBON has
considerably reduced the time required for evaluation and preparation of sea trial reports, inclining test/light
ship reports.
CAD/CAM centre commenced using M3 software for storing EKM submarine pressure hull survey
results. This data will be handy and useful for future use.
TRAINING AND DEVELOPMENT
Your Company has been continuing imparting training to ITI Trade Apprentices; on- the-job training
to students from various Educational Institutions; and in-house training to supervisory staff. Your Company
has extended training facilities to 342 candidates in various disciplines ie., Trades Fitter Structural, Fitter,
Turner, Machinist, Electrician, Welder, Plumber, Pipe fitter, Draughtsman(Mech.), Motor Mechanic(vehicle)
and carpenter. They are trained as per RDAT guidelines and as per Apprentices Act. Your Company has
provided practical training to 890 students from various institutions and 170 cadets from various Marine
Institutions have undergone training. Your Company has given in house training to 84 supervisory staff in
association with personnel department. Your Company has participated in the centralized walk-in-interview
being conducted by Board of Apprenticeship Training(BOAT) & Andhra Pradesh Government and inducted
54 apprentices in various disciplines. Your Company is also extending training facilities to the sister concerns
like Dredging Corporation of India and Visakhapatnam Port Trust.
OFFICIAL LANGUAGE
Hindi training of non-Hindi knowing employees has continued and during the year 36 employees
were trained in Hindi, under the Hindi Teaching Scheme. 71 employees participated in Hindi Workshops
conducted during the year. Office Orders, Circulars, Reports submitted to the Parliament such as Annual
Report of the Company were prepared and issued bilingually under Section 3(3) of the Official Language
Act. Hindi Fortnight was observed during the month of September, 2008. Efforts were made to increase
correspondence in Hindi by continuing incentive scheme for original work in Hindi and enhancing the
amount of award for working in Hindi.
REPRESENTATION OF SC/ST/OBC
Your Company has been following the instructions of the Government of India with regard to
implementation of reservation for SC/STs in both recruitment and promotion and OBCs in recruitment. Post
based rosters are being maintained. To improve representation of SCs/STs, steps have been taken in
appointing/promoting personnel in workmen, staff and Officers' categories by SCs/STs. 132 SCs, 52 STs
and 143 OBCs have been recruited/promoted during the calendar year 2008.
REPRESENTATION OF PHYSICALLY HANDICAPPED
As per Government of India instructions, 3% reservation for Physically handicapped in all Groups
viz: A,B, C and D posts are filled by direct recruitment and in the groups C & D(Staff & Workmen) posts
filled by promotion are being implemented. 18 physically handicapped candidates have been recruited/
promoted during the calendar year 2008. It may be mentioned here that 2(two) backlog vacancies in group B
and l(one) in group C have been filled in the first Quarter of 2009 i.e., Feb/Ma.ch 2009. The 2(two) backlog
vacancies in the workmen category will be filled in the next recruitment.
57lh Annual Report

SAFETY MEASURES
The Safety Department has taken up vigorous drive to improve safety in the yard. This includes
Plant safety inspections to identify unsafe conditions/unsafe acts and for suggesting remedial measures;
correcting unsafe acts/unsafe conditions of all contractors' workmen on personalized basis etc. Special
activities organized during the year are - Conducting the 38th National Safety Day; Organizing of Safety
training programme for contractors workmen and supervisors; Deputation of company employees to participate
in Safety Competitions conducted by Andhra Pradesh Chapter of National Safety Council. External Safety
Audit for the year 2008 was completed. Crisis Management Plan was drafted to meet any exigencies or
eventualities. Safety Department personnel along with Safety Committee members visited Cochin Shipyard
Limited to observe Safe working practices followed by them and interaction with CSL team for the benefit
of the Organization.
MEDICAL SERVICES
The Yard's Medical Department is providing different medical services such as OPD, Emergency
and Occupational Health Services on a continuous basis. The Colony Medical and Maternity Centre has
been providing regular OPD Services, emergency and first aid services, ante-natal/ post-natal examination
and maternity services. Annual eye check up by ophthalmologist from Government hospital for crane
operators and drivers is arranged. Comprehensive heart check up from heart hospital is arranged for workmen
above 50 years of age @ 20 employees per week. Two new Ambulances were hired. Six Hospitals were
included in the panel for in-patient treatment for HSL employees.
INDUSTRIAL RELATIONS
The employer-employee relations have been excellent during the year under report. In order to motivate
the employees to improve their performance and contribution to the Organization, HSL has implemented
the Officers Pay revision due from 1.1.2007 and merger of 50% DA with basic pay to the Staff & Workmen
w.e.f. 1.1.07 in line with the Govt. of India's directives vide O.M. Nos. 2(70)/08-DPE(WC) dt.26-11-08 and
2(7)2005-DPE-(WC)GL-IIIdt.26-2-08 respectively. HSL staff & worker promotion/induction policies were
reviewed & necessary improvements made to motivate them.
RECREATION AND OTHER ACTIVITIES
For the recreation of the employees of your Company Cultural Programmes were organized by the
HS Recreation Club. During the year various sports/games and Yoga classes were conducted. The
Independence and Republic Day celebrations were conducted with an impressive parade of School children,
singing of National Anthem and award of commendations to employees at the Colony Parade Ground.
OTHER STATUTORY INFORMATION
Particulars of Conservation of energy, technology absorption, foreign exchange earnings and outgo
as required under the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are
given in Anncxure-2 as applicable to your Company. Replies of Board of Directors on the observations of
Statutory Auditors on the Accounts of the Company for the year ended 31st March, 2009 are given in
Anncxurc-3. Information in accordance with the Provisions of Section 217(2)(a) of the Companies Act,
1956 and the Companies (Particulars of Employees) Rules 1975 as amended from time to time is NIL.

DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, it is hereby confirmed:
i) that in the preparation of the Annual Accounts, the applicable Accounting Standards had been
followed along with proper explanation relating to material departures;
ii) 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 at the end of the financial year and of the loss of the
Company for that period;
iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities; and
iv) that the Directors had prepared the Annual Accounts on a going concern basis.
AUDITORS
M/s. Brahmayya & Company, Chartered Accountants, "SlJIiASINI", Door No. 10-50-24, Siripuram
Junction, Visakhapatnam530 003, have been appointed as Statutory Auditors of your Company for the year
2008-09.
CORPORATE GOVERNANCE
Transparency and fairness has been given maximum thrust. The Company conducted 7 Board meetings
and 3 Audit Committee meetings during the year 2008-09. A number of processes and procedures in purchase
and outsourcing have been streamlined to enhance transparency.
Composition of the Board of Directors
The composition of the Board of Directors of your Company is as follows:
1. Cmde Naresh Kumar, VSM, IN(Retd.)
Director(Technical) and Chairman & Managing Director(AC)
2. Shri. Rakesh Mahajan,
Director(Finance & Commercial)
3. Shri. Vineet Garg,
Part-time Official Director
4. Dr.T.R.K.Rao, IRTS
Part-time Official Director
5. Capt. P.V.K.Mohan,
Part-time Non-official Director
Subsequent to the conclusion of 56m AGM held on 26th September, 2008, Shri. Rakesh Mahajan, was appointed
as Director (Finance & Commercial) by the Government of India, Ministry of Shipping and he has taken
over charge from 1.12.08. Rear Admiral Ajit Tewari, has ceased to be Chairman & Managing Director from
30th November,2008. Cmde. Naresh Kumar, Director(Technical) has taken over additional charge as Chairman
& Mananging Director from 30.11.08. Shri.Vineet Garg and Dr.T.R.K. Rao have been appointed as part-
•••••••••••••••••.•iiiii. iiiiiiiiiiiii mi,•«««• Hinn a MiiiiHHii^^'"-'—•^limin-mjuiiiia 57th Annual Report

time Official Directors by the Government of India, Ministry of Shipping, with effect from 16th July,2009
and 6th August,2009 respectively. Shri Rajneesh Gupta and Shri.K.V.Brahmananda Reddy have ceased to
be Directors on the Board with effect from 16th July,2009 and 6th August,2009 respectively. The Board of
Directors wish to place on record the appreciation of the services rendered by outgoing Directors.
Board Meetings
During the financial year 2008-09, 7 Board Meetings were held.
The attendance of the Directors at the Board Meetings is given below:
Name of the Director No. of Meetings Attendance at

the last AGM
Held during the Attended held on 26th
tenure of Directors September,2008
Rear Adm. Ajit Tewari 5 5 Yes
Cmde. Naresh Kumar 7 7 Yes
Shri. Rakesh Mahajan 2 2 No
Shri. Rajneesh Gupta 7 7 Yes
Shri. K.V.Brahmanada Reddy 7 6 Yes
Capt. P.V.K.Mohan 6 2 No
Cmde.M.K.Murthy 1 1 No
Audit Committee
The Audit Committee constituted by the Board in 6th September,2008 comprising of three Directors namely
Shri.K.V.Brahmananda Reddy, Shri. Rajneesh Gupta, and Cmde. Naresh Kumar. Cmde. M.K.Murthy was
a member of the Audit Committee till 8th July,2008
During the year under report, 3 meetings of the Audit Committee were held.
Name of the Director No. of Meetings

Held during the
tenure of Directors Attended
Cmde. M.K.Murthy 2 2
Shri.K.V.Brahmananda Reddy 3 2
Shri. Rajneesh Gupta 3 3
Cmde Naresh Kumar 1 0
GENDER BUDGETING
In pursuance of the instructions of the Government of India, a "Gender Budgeting Cell" has been
constituted with four women Officers to act as a Nodal Agency for all gender responsive budgeting initiatives
and to ensure effective implementation of general development programme for women employees like training,
advancement of skills, provision of welfare amenities at work place etc.,
Hindustan Shipyard Limited •

ACKNOWLEDGEMENTS
The Board of Directors take this opportunity to express their gratitude and extremely thankful for the
continued patronage extended by all levels in the Ministry of Shipping, Ministry of Defence, Naval
Headquarters, Ministry of Finance, Department of Economic Affairs, Ministry of Commerce, Department
of Public Enterprises for their help and administrative support. Board would also like to express their
grateful appreciation for the support and cooperation received from the Indian Navy, the Andaman &
Nicobar Administration, the Lakshadweep Administration, the Indian Coast Guard, the Visakhapatnam
Port Trust, the New Mangalore Port Trust, the Dredging Corporation of India Limited, the Shipping
Corporation of India Ltd., Oil & Natural Gas Corporation Ltd., M/s. Goodearth Maritime Limited, the
Comptroller & Auditor General of India, the Chairman, Audit Board and their Officers, the Statutory Auditors,
the Internal (external) Auditors, the External Technical Auditors, Classification Societies for their guidance
and cooperation, the Government of Andhra Pradesh, Reserve Bank of India, Indian Bank, State Bank of
India, United Commercial Bank, Syndicate Bank, Canara Bank, Corporation Bank, National Ship Design &
Research Centre, and other authorities for their co-operation. The Board also places on record its appreciation
for the contribution and support extended by all the employees.
For and on behalf of Board of Directors
Cmde. Naresh Kumar, IN (Retd)

Chairman & Managing Director(AC)
Date : 27th August 2009
57th Annual Report

Annexure-1
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER

SECTION 619 (4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF HINDUSTAN-
SHIPYARD LIMITED, VISAKHAPATNAM FOR THE YEAR ENDED 31ST MARCH 2009
The preparation of financial statements of Hindustan Shipyard Limited, Visakhapatnam for the year ended
31st March 2009 in accordance with the financial reporting framework prescribed under the Companies Act,
1956 is the responsibility of the Management of the Company. The Statutory Auditor appointed by the Comptroller
and Auditor General of India under Section 619(2) of the Companies Act, 1956 is responsible for expressing
opinion on these financial statements under Section 227 of the Companies Act, 1956, based on independent
audit in accordance with the auditing and assurance standards prescribed by their profesional body the Institute
of Chartered Accountants of India. This is stated to have been done by them vide their Audit Report dated
21st August, 2009.
I on the behalf of-the Comptroller and Auditor General of India have conducted a supplementary audit
under section 619(3) (b) of the Companies Act, 1956 of the financial statements of Hindustan Shipyard Limited,
Visakhapatnam for the year ended 31st March, 2009. This supplementary audit has been carried out independently
and is limited primarily to inquiries of the Statutory Auditor and Company personnel and a selective examination
of some of the accounting records. In view of the revisions made in the financial statements by the management,
as a result of my audit observations highlighted during supplementary audit as indicated in Note No. 18 of the
Notes forming part of Account (Shedule No. 18B) I have no further comments to offer upon or supplement
to the Statutory Auditor's Report under section 619 (4) of the Companies Act, 1956.
For and on the behalf of the

Comptroller and Auditor General of India
(DOLLY CHAKRABARTHY)
Principal Director of Commercial Audit
and Ex-Officio, Member,
Audit Board Hyderabad.
Place : Hyderabad
Date : 27 August 2009

Annexure-2
INFORMATION AS PER SECTION 217(l)(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 2008-09
CONSERVATION OF ENERGY
a) Energy conservation measures taken: 1. Reduction in lighting to optimum levels1.
2. Replacements of old switch gear in substation
with intelligent protection & load monitoring
devices.
3. Optimum load management with 70% loading
of distribution transformers;
4. Leakages in the Compressed air distribution

system and other gas lines are regularly
monitored and rectified
5. Replaced old and aged window type Air
Conditioning units with energy efficient split
type A.C. Units.
6. Optimization of use of lights and fans
b) Additional investments and proposals, if any, being Two compressors & one Generator were
implemented for reduction of consumption of energy. replaced with more energy efficient new
equipment.
c) Impact of the measures at (a) & (b) above for reduction Despite increase in turnover & productivity
of energy consumption and consequent impact on the a reduction of 7,69,984 units during the year
cost of production of goods during the year 2008-09. 2008-09.
d) Particulars with respect to conservation of energy.
FORM-A
Power and Fuel Consumption Current Year Previous Year

1. Electricity
a) Purchased units 12,730,016 13,205,600
Total Amount Rs.5.24,86,879 Rs.5,43,46,694
Rate per Unit Rs.4.12 Rs.4.11
b) Own generation NIL NIL
2. Coal Nil Nil
3. Furnace Oil Nil Nil
4. Consumption per unit of production N.A. N.A.
57th Annual Report

FORM -B
A. RESEARCH & DEVELOPMENT
1. Specific areas in which R&D was • In house Design of new platform like 32T Bollard
carried out Pull Tug and SOT Bollard Pull Tug were taken up.
• New welding procedures for Submarines were
established.
• Large number of welding & paint quality tests
were undertaken
2. Benefits derived as a result of the above R&D • Higher productivity improvements saving in
:
design costs. :
3. Future Plan of Action • Strengthening of Design activity & infrastructure for
blasting and painting
• Induction of laser alignment tools for co-ordinate
measurements.
4. Expenditure on R&D
i) Capital; Nil
ii) Recurring (Revenue) Nil
B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATIONS

• Extensive Design improvement in IPV design, Fabrication of Hatch covers for 53K vessels were taken up.
• Aluminium welding procedures for IPVs were developed.
• Bottom Door modification of DCI Dredger.
• Leveling of Submarine & Sonar Dome insulation renewals were undertaken for the first time.
C. FOREIGN EXCHANGE EARNINGS & OUTGO:
a) Activities relating to export Initiatives taken to
increase export market for products and services Nil
and export plans.
b) Total Foreign Exchange used and earned:
USED:
a) Material procurement Rs.23790.64 lakhs
b) Others Rs. 3914.36 lakhs
Total Rs.27705.00 lakhs
EARNED Rs. 3833.91 lakhs
Annexure-3
OBSERVATIONS OF THE STATUTORY AUDITORS ON THE ACCOUNTS OF THE COMPANY FOR

THE YEAR ENDED 31ST MARCH 2009 AND THE REPLIES OF THE BOARD OF DIRECTORS.
Sl.No. Observation Reply
1 5(h)(i) Non-provision of interest on term This has been adequately dealt in Note
loan from State Bank of India amounting No.4 of Schedule 18 (B) Notes forming
to Rs. 15600 lakhs part of the Accounts.
For and'ioh behalf of the Board of Directors
Cmde. NARESH KUMAR

Chairman & Managing Director (AC)
57th Annual Report

AUDITOR'S REPORT
The
Members of
Hindustan Shipyard Limited,
New Delhi
1 We have audited the attached Balance Sheet of Hindustan Shipyard Limited, New Delhi as at 31st March.
2009, the Profit and Loss Account for the year ended on that date annexed thereto and cash flow 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 misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3 As required by the Companies (Auditors' 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 19th June, 2009, have been revised in the light of provisional comments made by
Member, Audit Board. Hyderabad. The said revision has resulted in increase in loss by Rs.78.41 lakhs,
increase in capital-work-in-progress by Rs.71.46 lakhs, increase in Deferred tax asset by Rs.9.46 lakhs
increase in inventories by Rs.476.22 lakhs and increase in current liabilities by Rs.635.55 lakhs.
5 Further to our comments in the Annexure referred to above, we report that:
a) We have obtained all the information and explanations, which to the best of our knowledge 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 end of the yew.

Kind attention is invited to note nos l(d) and l(e) of schedule 18B , wherein details of various
demands and claims totaling to Rs.9559.92 lakhs, note no3 of schedule 18B regarding disputed
sales tax demands of Rs.500 lakhs, contested by the Company before different judicial and
appellant authorities and arbitrators are given. As the said matters are all sub-judicet we are unable to
express any opinion on the same.
g) Kind attention is invited to note no 14 of schedule 18B, regarding non disclosure of names of the
micro, small and medium enterprises with outstanding dues for more than 45 days, note no 14 of
schedule 18B, non disclosure of information regarding dues to Micro Small and Medium
enterprises, note no 16 of schedule 18B, regarding non adjustment of certain advances recoverable
with the provisional liability for purchase, pending link up of the said items and note no 17 of
schedulelSB, regarding non-receipt of letters of balance of confirmation from various customers.
h) In our opinion and to the best of our information and according to the explanations given to us, the said
accounts give the information required by the Companies Act, 1956, in the manner so required and subject to
non- provision of interest on term loan from State Bank of India for the year ended 31.3.2009
amounting to Rs. 1732 lakhs and upto the end of the year amounting to Rs. 15600 lakhs, as stated in
note no 4 of schedule 18B, resulting in under statement of loss for the year by Rs.15600 lakhs, give a true
and fair view, in conformity with the accounting principles generally accepted in India.
i) in the case of the Balance Sheet of the state of affairs of the Company as at 31S| March, 2009.
ii) in the case of the Profit and Loss account, of the Loss for the year ended on that date,
iii) In case of the cash flow statement, of the cash flows for the year ended on that date.
i) The provisions of section 274(1) (g) of the Companies Act,1956 are not applicable to the 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 BRAHMAYYA & CO.,
Chartered Accountants
Place: Visakhapatnam
Date: 21.08.2009
(C.V. Ramana Rao)
Partner
Membership No.018545
57th Annual Report

ANNEXURE TO THE AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i) a) The Company has maintained proper records showing full particulars, including quantitative details
and situation of fixed 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.
iii) a) The Company has not granted any loans either secured or unsecured to companies, firms or other
parties which are covered in the register maintained under section 301 of the Companies Act, 1956.
Accordingly sub-clauses (b), (c) & (d) of clause (III) of paragraph 4 of the order are not applicable.
b) The Company has not taken any loans, secured or unsecured from companies, firms, or other 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. During the course of our audit, no
major weakness has been noticed in the internal control systems.
v) a) According to the information and explanations given to us there are no contracts or 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.
vi) The Company has not accepted any deposits from public. Accordingly clause (VI) of paragraph 4 of the
order is not applicable.
vii) In our opinion, the Company has an internal audit system commensurate with its size and nature of its
business. However, the areas to be covered by the audit needs to be expanded.
viii) According to the information and explanations given to us, maintenance of cost records is not 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 statutory dues including provident fund, employees state insurance, income-
tax, sales-tax, wealth-tax, service-tax, custom 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 31s1 March 2009 for a period of more than six
months from the date they became payable except an amount of Rs.l39.221akhs together with interest
and penalties, thereon in respect of customs duty payable on import of materials for construction
of well-platforms.
c) As at 31s1 March 2009, there have been no disputed dues, which have not been deposited with the
respective authorities in respect of Income tax, Sales tax, Wealth-tax, Service tax, Customs duty,
Excise Duty and Cess, except disputed central excise duty of Rs.128 lakhs pending before the
Customs, Central Excise and Service Tax Appellate Tribunal, Bangalore, and disputed sales tax of
Rs. 3498. 46 lakhs (and interest thereon) pending before the Sales Tax Appellate Tribunal, Hyderabad,
disputed income tax demand of Rs.2137.99 lakhs (and interest thereon) pending before Incocome
Tax Appellate Tribunal, Visakhapatnam.
x) The Company has accumulated losses which are more than fifty percent of its net worth. Besided it has
incurred cash losses in the financial year covered by our audit and the immediately preceding financial
year it has earned cash profits.
xi) The Company has not defaulted in payment of any loan installment or interest in respect of term loans
from financial institutions arid banks, except in case of term loan from State Bank of India with an
outstanding balance of Rs.39414 lakhs, against which a compromise settlement has been reached for an
amount of Rs. 25546 lakhs, which is subject to the approval of Government of India.
xii) The Company has not grantediany loans or advances on the basis of security by way of pledge of shares,
debentures and other securities. Accordingly clause (xii) of paragraph 4 of the order is not applicable.
xiii) In our opinion, the Company is* not a chit fund or a nidhi/mutual benefit fund/societ-y. Accordingly 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.
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 explanations given to us, no fraud on or by the Company ; has been noticed or
reported during the course of our audit.
For BRAHMAYYA & CO.,
Place: Visakhapatnam (C.V. Ramana Rao)

Date :
21.08.2009 Partner
Partner
Membership No.018545
15-8-2008 - 62nd Independence Day

Celebrations
21-11-2008 - Visit of Ms Lakshmi

Venkatachalam, IAS, Director-General
of Shipping & Ex-Officio Additional
Secretary, Govt.of India.
02-03-2009 - Keel Laying of the Vessel

50-T Bollard Pull Tug by Sri Ajaya
Kallam, IAS, Chairman,VPT
Uft.l 1.137, 53,000 i
21-03-2009 - Keel Laying of the

VC11137, 53,000 DWT Bulk Carrier by
Sri T. Sai Prasad, DGM (P&M), HSL
02-04-2009 - Visit of Admiral Anil

Chopra, AVSM, Director General, Coast
Guard
18-05-2009 - Visit of VAdm Ganesh

Mahadevan, AVSM, VSM, CWP&A
28-05-2009 - The first of the five Inshore

Patrol Vessels (IPV) Rani Abbaka
Launched by Smt. Harkiran Basra, W/o
SPS Basra, YSM, PTM, TM, Inspector
General, Commander Coast Guard,
Western Region, Mumbai
.TT^.TTq.., Tft.it(Tl.Et3tlft.) 3%
29-05-2009 - Visit of VAdm B. Kannan,

AVSM, VSM - PO (ATVP) and RAdm.
J. Zacharias, VSM - PS (SC)
30-05-2009 - Visit of MOD Core Com-

mittee headed by Sri Gyanesh Kumar,
IAS, Joint Secretary (Shipyards), MOD.
--30,000 it.
1 0-08-2009 - Handing Over Ceremony

of Good Pilgrims.— 30,000 DWT Bulk
Carrier to GML, Chief Guest Capt. PVK
Mohan, Chairman, National Shipping
Board & Director of .HSL
ift. 'Ht
17-08-2009 - Handing Over Ceremony
of MT Iswari to NMPT, Chief Guest
Sri APVN Sharma, IAS, Secretary,
Ministry of Shipping, Govt. of India,
Chairman NMPT Sri P. Tamilvanan is
also seen
29-09-2009 - Keel for 5th IPV

was laid by Smt.rTripti Gupta W/o
11
Sri Rajeev Gupta/Joint Secretary,
Ministry of Shipping, Govt. of India.
57th Annual Report
ACCOUNTS

BALANCE SHEET AS AT 31ST MARCH, 2009
As at As at -
Sch 31st March, 2009 31st March, 2008
Rs. In lakhs Rs. In lakhs Rs. In lakhs
I. SOURCES OF FUNDS
(1) Share Holders' Funds :
(a) Capital 1 30199.22 28101:22
(b) Reserves and Surplus 2 9.50 9.50
30208.72
(2) Loan Funds :
(a) Secured Loans 3 6824.13 8977.54
(b) Unsecured Loans 4 55914.64 62738.77 52472.47
Total 92947.49 89560.73
II. APPLICATION OF FUNDS
(1) Fixed Assets : 5
(a) Gross Block 20860.88 19214.45
(b) Depreciation 14473.03 13786.80
(c) Net Block 6387.85 5427.65
(d) Capital Works in Progress 515.96 622.57
6903.81 6050.22
(2) Deterred Tax Asset 10592.08 10235.59
(Refer Note No. 10 of Schedule 18B)
(3) Current Assets, Loans & Advances :
(a) Inventories 37215.31 25355.22
(b) Sundry Debtors 11722.32 14805.34
(c) Cash and Bank Balances 11547.09 21183.74
(d) Other Current Assets 3308.29 7169.86
(e) Loans and Advances 12909.02 13357.83
76702.03 81871.99
Current Liabilties & Provisions
(a) Current Liabilities 83329.48 78160.39
(b) Provisions 16663.59 15178.37
99993.07 93338.76
Net Current Assets (23291.04) (11466.77)
(4) Debit balance in Profit and Loss account 98742.64 84741.69
Total 92947.49 89560.73
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 date
Brahmayya & Co.,
RAKESH MAHAJAN Cmde. NARESH KUMAR
Director Chairman and
(Finance & Commercial) Managing Director (AC) CV RAMANA RAO
( Partner)
Membership No. 018545
INAITULA BAIG
Company Secretary
Date : 21-08-2009
57lh Annual Report

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2009
Year ended Year ended
Sch 31st March, 2009 31st March, 2008
I. INCOME : Rs. In lakhs Rs. In lakhs
(1) From Works & Other Services 8 39581.39
2867.68 36713.71
38452.02
Less: Service Tax & VAT collections (2036.96)
(2) Other Income y 3240.65 5663.57
Provisions with drawn 16 574.03 2761.93
(3) Accretion to /(Decretion) in
Work in Progress 10 6432.08 4136.07.,
Total 46960.47 48976.63
II. EXPENDITURE :
(1) Materials Consumed 11 26466.04 22255.48
(2) Subcontract & Off-Loaded Jobs and
Other Direct Expenses 12 6210.04 8988.34
(3) Pay and Benefits to Employees 13 12693.05 8090.62
(4) Other Expenses 14 3102.79 2590.58
(5) Interest & Finance charges 15 5049.13 4450.96
(6) Depreciation 692.67 582.31
(7) Provisions and Losses 16 1407.36 873.48
55621.08 47831.77
Less: Transfer to Other Accounts 431.73 445.22
55189.35 47386.55
Profit/(Loss) Before Extraordinary & prior period Items (8228.88) 1590.08
III. Extraordinary Items :
(1) Expenditure under V.R. Scheme
(net of grant-in-aid from Govt. of India) 0.00 7.72
IV. Prior Period Adjustments 17 5443.79 (765.83)
Profit before taxation (13672.67) 2348.19
V. Provision for :
(1) Fringe Benefit tax 28.00 20.80
(2) Current Year MAT 0.00 28.00
Less MAT credit entitlement 0.00 (28.00)
Interest on MAT of earlier years 656.77 528.13
(3) Deterred Tax (Asset) / Liability (356.49) 665.72
Profit / (Loss) after taxation (14000.95) 1133.54
Balance of Loss brought forward from previous year 84741.69 85622.85
Provision towards transitional liability in respect of
sick leave (as per AS15) 0.00 252.38
Balance of Loss carried over to next year 98742.64 84741.69
Nominal value of equity share in Rupees 1000.00 1000.00
Earnings per Share ( Basic & Diluted) in Rupees (485) 41.00
Significant Accounting Policies and Notes to Accounts 18
Schedules 8 To 17 form an Integral Part of Profit and Loss Account.
Brahmayya & Co.,
( Partner)
INAITULA BAIG
Company Secretary
Date : 21-08-2009
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2009
As at As at
31st March, 2009 31st March, 2008
Schedule - 1 Rs. in lakhs Rs. in lakhs
SHARE CAPITAL
Authorised
30,04,000 - Equity Shares of Rs.1000 each 30,400.00 28,500.00
(Previous year 28,50,000 shares of Rs.1000 each)
Issued, Subscribed and Paid-Up 30,199.22 28,101.22
(3019922 Equity Shares of Rs. 1,000 each fully paid-up

(previous year 2810122)).
Of the above shares, 27,285 equity shares were allotted

as fully paid-up, pursuant to contracts without payment
being received in cash
30,199.22 28,101.22
AS at
Addition during Withdrawn As at
31st March, 2008 the year during the year 31st March, 2009
Schedule - 2 Rs. in lakhs Rs. in lakhs Rs. in lakhs Rs. in lakhs
RESERVES AND SURPLUS
Capital Reserve 9.50 0.00 0.00 9.50
30
57th Annual Report

As at As at

SECURED LOANS
Due to Indian Bank in:
Term loan account 4,314.07 5,211.75
Cash Credit account 2510.06 3765.79
(Secured by Hypothecation of all the Fixed and

Current Assets of the company)
6824.13 8977.54
As at As at
UNSECURED LOANS
Loans from Government of India:

Received during 1-4-1995 to.. .31.03.2004 5,080.00 5,080.00
Interest accrued and due on above 8,892.73 7,655.77
Received since 01.04.2004 9,907.00 9,607.00
{Including Rs.9423.67 lakhs with default amount
repayable within one year (previous year Rs.7338 lakhs)
Interest accrued and due on above 4,436.09 2,528.87
Inter-corporate loans from various Port Trusts 2,052.82 2,054.83
Term Loan from State Bank of India together with
Interest accrued and due thereon 25,546.00 25,546.00
(Guaranteed by GOI - Refer Note No.4 of Sch.18 B)
55,914.64 52,472.47
Schedule - 5 FIXED ASSETS (Amount Rupees in lakhs) r"
Particulars Gross Block Depreciation Net Block p
1
Hindus!
As on Additions Sales/ As on Upto For the year On Sales/ Upto As on As on
31.03.2008 during the adjustments 31.03.2009 31.03.2008 Adjustments 31.03.2009 31.03.2009 31.03.2008
Year during the year for the year
1
1 0
i. 3 4 5 6 7 8 9 10 11 £3
1
Shipyard Li
Tangible Assets
Land 1.72 0.00 0.00 1.72 0.00 0.00 0.00 0.00 1.72 1.72
Buildings:
a) On freehold land 5.23 0.00 0.00 5.23 4.43 0.00 0.00 4.43 0.80 0.80 3.
r-f-
O
Q_
b) On leasehold land 1982.50 0.00 0.00 1982.50 1304.68 29.60 0.00 1334.28 648.22 677.82
Railway sidings 28.54 0.00 0.00 28.54 27.92 0.00 0.00 27.92 0.62 0.62
Plant & Machinery 10946.47 1294.20 5.97 12234.70 7983.70 385.28 5.67 8363.31 3871.40 2962.78
Slipways & Fitout warf 524.04 21.13 0.00 545.17 263.80 13.41 0.00 277.21 267.96 260.24
Drydock 402.49 0.00 0.00 402.49 361.46 7.09 0.00 368.55 33.94 41.02
Wet basin 342.09 0.00 0.00 342.09 252.96 6.51 0.00 259.47 82.62 89.13
Furniture 54.99 0.58 0.00 55.57 39.71 2.60 0.00 42.31 13.26 15.27
Boats & launches 35.78 0.00 0.00 35.78 34.04 0.00 0.00 34.04 1.74 1.74
Motor vehicles 56.50 0.00 0.81 55.69 . 46.08 1.61 0.77 46.92 8.77 10.42
Roads & Compound walls 402.03 97.02 0.00 499.05 342.41 0.00 0.00 342.41 156.64 59.62
Housing Estate, Hos-
pital & Other equpt. 245.84 9.14 0.00 254.98 149.13 35.27 0.00 184.40 70.58 96.72
Electrification of Buildings 581.15 24.00 0.00 605.15 505.73 1.81 0.00 507.54 97.61 75.42
Berth for well platforms 203.47 0.00 0.00 203.47 175.03 1.73 0.00 176.76 26.71 28.44
Building dock 3261.79 207.13 0.00 3468.92 2243.29 137.85 0.00 2381.14 1087.78 1018.50
Intangible Assets
Tribon software for shipbuilding 139.82 0.00 0.00 139.82 52.43 69.91 0.00 122.34 17.48 87.39
Total 19214.45 1653.20 6.78 20860.87 13786.80 692.67 6.44 14473.03 6387.85 5427.65
Previous year 17754.92 1565.71 106.18 19214.45 13302.19 585.86 101.25 13786.80 5427.65 4452.73
57"1 Annual Report

As at As at
Schedule-6 Rs. in lakhs Rs. in lakhs Rs. in lakhs
CURRENT ASSETS
INVENTORIES
(As valued and certified by the management)
Steel 8569.50 7864.16
Stores & Spares , equipment and other Materials 2481.22 2507.47
Timber 51.06 49.72
Materials-in-Transit and under inspection 6222.65 1502.60
Steel Cut Pieces on shop floor and Scrap
(As per technical estimate) 130.47 104.80
17,454.90 12028.75
Less : Provision for Obsolescence of materials 21.86 23.72
Difference between Bin cards & PSL balances 223.81 245.67 223.81
17,209.23 11,781.22
Work-in-Progress:
Ship Building under Construction 20,006.08 13,574.00
37,215.31 - 25,355.22
(b) SUNDRY DEBTORS
(Unsecured)
Debts outstanding for more than 6 months:
Considered good 2,432.78 4,131.41
Considered doubtful 2,018.49 1,533.76
4,451.27 5,665.17
Other debts, considered good 9,289.54 10,673.93
13,740.81 16,339.10
Less: Provision for doubtful debts 2,018.49 1,533.76
11,722.32 14,805.34
(c) CASH AND BANK BALANCES
Cash on Hand 2.44 1.08

Balances with scheduled banks in:
Term and other Deposit accounts 10293.31 20908.32
Current accounts 1251.32 11544.63 274.32
In Post Office Savings Bank account 0.02 0.02

11547.09 21183.74
(d) OTHER CURRENT ASSETS
Interest Accrued on term deposits 399.22, 666.61
Income Accrued in respect of Ship Building, Ship
Repairs & Submarine Retrofit activities 2,726.36 6,320.54
Income Accrued in respect of Off-Shore
Platforms 5,508.21 5,508.21
Less : Directly Payable to Third Parties 5.325.50 (5,325.50)
(Contra vide schedule 7A)
182.71
3,308.29 7,169.86
As at As at
Rs. in lakhs Rs. in lakhs Rs. in lakhs
(e) LOANS AND ADVANCES
Advances recoverable in cash or kind or for value to
be received from:
Employees 25.80 1,457.52
Suppliers of materials & services 11,217.86 11,052.23
Less: Adjustable to SR Liabilties (contra) (50.80)
Others 759.79 331.20
Prepaid Expenses 27.62 91.18
11,980.27 12,932.13
Income Tax deducted at source 689.93 304.21
MAT Credit entitlement 28.00 28.00
Balances with Customs, Port Trust and
Other Government authorities 308.37 354.27
13,006.57 13,618.61
Less : Provision for Doubtful Advances 97.55 260.78
12,909.02 13,357.83
Schcdule-7
CURRENT LIABILITIES AND PROVISIONS • T
A. Liabilities :
Sundry Creditors 18,863.45 21,065.61
Less: Adjustable to SR Advances (contra) 50.80 0.00
Less : Directly receivable from
third parties Contra vide Schedule 6(d) 5.325.50 5.325.50
13,487.15 15,740.11
Guarantee Fees payable to Government of India 5,917.01 5,406.09
Interest accrued but not due on unsecured loans 290.54 307.89
Advances from customers including interest thereon 56,268.76 53,627.50
Other Liabilities 7,182.74 2,489.98
Security Deposits from Employees,
Trainees. Contractors and Others 183.28 135.31
Temporary overdraft from banks(representing
cheques issued over and above the book balance) 0.00 453.51
83,329.48 78,160.39
B. Provisions for :
Gratuity 4,774.01 4.010.20
Leave Encashment 1,461.60 1,026.39
Liquidated damages 564.28 691.63
Future losses 1,988.22 2,259.18
Contingencies 164.70 121.43
Guarantee Repairs 362.69 198.84
Income Tax 7,348.09 6,870.00
Fringe benefit tax (net of pre paid taxes) 0.00 0.70
16,663.59 15,178.37
57th Annual Report

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

31st March. 2009 31st March, 2008
Schedule-8
INCOME FROM WORKS AND OTHER SERVICES
Income from:
Shipbuilding Works - Contractual Income 14,631.79 15,558.68
- Government subsidy 4,784.93 4.591.16
- Miscellaneous works 0.00 19,416.72 65.19
Ship Repairs:
Repair works 12,871.93 9,511.36
Dry dock hire charges 231.73 164.50
Wet basin hire charges 588.48 517.45
Other services 720.65 14,412.79 652.26
Submarine Retrofit 5,751.88 7,391.42

39,581.39 38,452.02
Schedule -9
OTHER INCOME
Interest Received from banks & others (net of interest
reimbursable to customers) 1480.81 2437.35
Foreign Exchange variation 1317.79
Sale of scrap, stores & disposable materials 730.65 629.71
Less: Excise duty & VAT 35.08 695.57 (49.56)
Rent received 65.59
Less: Service Tax 5.51 60.08 57.42
Fines and forfeitures 101.13 207.14
Miscellaneous Receipts 17.10 27.95
Profit on sale of Assets 1.39 85.60
Provisions of earlier years no longer required 884.57 950.17
3240.65 5663.57
Schedule -10
ACCRETION TO/(DECRETION IN)
WORK-IN-PROGRESS
Closing work-in-progress:
Ship Building under construction 20006.08 13574.00
Opening work-in-progress:
Ship Building under construction 13574.00 9437.93
Accretion to/(Decretion in) work-in-progress 6432.08 . 4136.07
LAJs\i, Hindustan Shipyard i .nrnrpri^^.i^^^

31st March. 2009 31st March, 2008
Rs. in lakhs Rs. in lakhs
Schedule -11
MATERIALS CONSUMED
Steel 6,701.01 3.485.58
Stores & Spares 2,056.86 1,180.25
Timber 68.97 78.19
Direct Materials, Machinery & Equipment used in
Ship Construction 13,335.77 14.146.97
Shiprepair 656.53 1.646.28
26,290.31 21,704.26
Add: Stores procurement expenses 175.73 551.22
26,466.04 22.255.48
Schedule -12
SUB-CONTRACTS & OFF-LOADED JOBS
Sub contract & off-loaded job expenses in :
Ship Construction 2,116.31 1,974.89
Ship Repairs 2,111.23 1,535.20
Submarine Retrofit 180.75 551.95
Other Direct Expenses in :
Ship Construction * 488.87 853.46
Ship Repairs 33.83 6.37
Builders Risk Insurance in Ship Constuction 91.69 106.88
6,210.04 8,988.34
* includes Rs. 180 lakhs provision for Guarantee Repairs
Schedule -13
PAY AND BENEFITS TO EMPLOYEES
Salaries, Wages, Allowances etc., 7,763.71 6,722.03
Wage revision arrears . 2,169.90 0.00
Contribution to Provident Fund and other funds 717.04 533.82
Gratuity 969.28 389.81
Leave Encashment 660.41 126.57
Expenses on Training, Stipend etc. 77.02 49.21
Employees Welfare Expenses 335.69 269.18
12,693.05 8,090.62

Schedule-14
OTHER EXPENSES
Power and Fuel (net of recoveries) 593.70 596.56 -1
Water Charges (net of recoveries) 120.09 1 16.55 :
Rates and taxes (including customs duty on scrap sales) 125.03 106.03 •
Fire and Other Insurance 13.33 23.12:
Rent 120.62 105.66;
Repairs and Maintenance to :
a) Plant and Machinery 676.28 697.56 '•
b) Buildings 208.88 106.86 -
e) Other Assets 47.16 13.54'-
932.32
Printing and Stationery 2.00 5.29
Local conveyance charges 80.83 62.73
Travelling Expenses 43.97 43.63
Communication expenses 35.59 36.17
Advertisement and Publicity 24.98 22.54
Salaries and other Expenses of Customs Staff 30.78 30.49
Demurrage Charges 1.73 38.60
Directors' Fees and Expenses:
A) Directors' Fees 0.10 0.01
B) Travelling Expenses 22.97 23.07 23.01
Auditors' Remuneration :
Statutory Audit 1.72 1.57
Expenses 0.14 0.06
Other services 0.00 1.86 0.09
Bad debts and irricoverable advances written off 0.00 9.42
Less: Provision for doubtful debts 0.00 0.00 (9.42)
Foreign Exchange variation 452.74 0.00
Miscellaneous Expenses 500.15 560.51
3102.79 2590.58

Schedule-15
INTEREST & FINANCE CHARGES
Interest on :
Government Loans 3127.69 2791.37
Bank term loans & Cash Credit 969.35 866.03
Inter-corporate loans from various Port Trusts 210.68 147.50
Others 158.92 37.17
Guanratee fees payable to Government of India 510.92 510.92
Bank Charges 71.57 97.97
5049.13 4450.96
Schedule-16
PROVISIONS AND LOSSES
Provisions made:
Obsolescence of Materials 0.83 3.72
Reduction in SR Bills 453.95 388.18
Doubt ful advances 0.00 55.38
Future losses 232.59 0.00
Liquidated Damages 192.43 102.20
Contingencies 113.75 0.00
Doubtful Debts 336.97 141.25
Losses:
Reductions in SR Bills 40.92 182.68
Bad debts written off 35.92 0.00
On Sale of Assets 0.00 0.04
Materials (evoperation of oils) 0.00 0.03
1,407.36 873.48
Provisions withdrawn:
Contingencies 70.48 1,720.19
Guarantee repairs 0.00 239.60
Difference between Bin cards & PSL balances 0.00 22.68
Future losses 503.55 698.13
Obsolscence 0.00 81.33
574.03 2,761.93
57th Annual Report

Schedule-17
PRIOR PERIOD ADJUSTMENTS
A INCOME
Income from Shiprepairs 0.00 8.34
Writeback of ONGC Advance 0.00 2.049.16
Materials 10.24 56.21
Miscellaneous 7.18 37.35
17.42 2,151.06
B EXPENDITURE
SC Direct Expenses 355.81 44.10
SR Direct Expenses 2.89 19.17
RF Direct Expenses 0.00 12.06
Pay revision arrears 4,641.45 0.00
Materials & Freight 259.89 923.88
Pay and Benefits 12.72 302.29
Taxes & Duties 98.43 37.55
Repairs and Maintenance 5.72 7.76
Power and Fuel 0.00 0.15
Interest (including on GOI loans) 0.00 29.97
Others 84.30 4.75
Depreciation 0.00 3.55
5,461.21 1,385.23
Net Expenditure / (Income) 5,443.79 (765.83)

Schedule - 18
Notes Forming Part of the Accounts for the year ended 31st March 2009
A. ACCOUNTING POLICIES
1. ACCOUNTING CONVENTIONS
The financial statements are prepared under the historical cost conventions in accordance with 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.
57'" Annual Report

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.
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
a) Grant-in-aid received from Civernment of India for implementation of Voluntary Retirement Scheme is
matched with related costs through Profit and Loss Account. Unutilised 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.
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.

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. 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.
13. DISCLOSURE OF EXPENDITURE
All items of expenditure are stated under nominal heads at gross figures and the aggregate amount allocated/
transferred to other heads on functional basis is shown separately except direct labour.
57th Annual Report

B. NOTES ON ACCOUNTS
2008-09 2007-08
1. Contingent liabilities
a. Irrevocable letters of credit outstanding 13544.44 8266.32
b. Counter guarantees given to banks for guarantees issued on
behalf of the company 3575.66 480.31
c. Estimated amount of contracts remaining to be executed on
capital account and not provided for 212.69 255.78
d. Demands raised against the company by various authorities,
contested at various courts, appellate authorities etc 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 June 2005,
contested u/s 7(i) of EPF & MPAct, 1952 144.78 144.78
iii) ESI dues in respect of 'C' series workmen for the period
from 1-4-1998 to 30-9-2000 together with interest thereon
(Rs.6.64 lakhs paid under protest grouped under deposit recoverable) 62.51 58.52
iv) Central Excise duty on P-BDE jackets manufactured and
delivered to ONGC 127.79 127.79
v) Demands of various suppliers of goods and services 189.37 36.45
vi) Non Agricultural Land Assessment tax demands for the year 2000-01 4.54 4.54
Total 542.38 385.47
e. Claims against the company, which are under arbitration 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) 8032.00 8032.00
ii) Claims of Essar Oil Limited (EOL) towards OPF works (net
of provision made of Rs.4370.33 lakhs and counter claim of
HSL on ONGC of Rs.769 lakhs). 187.00 187.00
iii) Recognition of income in earlier years towards escalation and
extra jobs for VC 1120, pending finalization of arbitration award. ' 129.15 129.15
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. 669.39 669.39
Total 9017.54 9017.54
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
towards the said claims which are yet to be quantified by them.
M/s G.M.L. has appointed the Arbitrator and asked HSL to
nominate their Arbitrator. HSL contests that their claims are not
valid and tenable. Hence no provision is made in the books,
b) In respect of Vessel No. VC 11118, VC 11136, VC 11137 and VC
11138 which are under construction, no provision towards
contingencies in respect of L.D. is made since the same is not
applicable as per Contracts.
3 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 Rs 4659
lakhs and interest thereon of Rs 7614 lakhs respectively, by payment of
Rs 500 lakhs subject to finalization of financial restructuring package
by GOT. The amount agreed to be paid has since been provided in the
books of account.
4 SBI agreed to a compromise settlement in respect of the term loan given
to the company, to be settled either in cash or in the form of GOI Bonds
of 5 years for a total consideration of Rs.25546 lakhs, which is included
as financial assistance from GOI in the financial restructuring proposal
made by the company, pending with GOI. Accordingly, interest for the
year ended 31-3-2009 amounting to Rs.1732 lakhs and interest upto the
end of the year ended 31-3-2009 amounting to Rs.15600.00 lakhs has
not been provided on the said loan.
5 In terms of shipbuilding contracts the vessel as constructed, Machinery
/ Equipment and all materials intended for her or appropriated to the
contract become the property of the ship owner as soon as the first
installment of price is received by the company. Accordingly, the
company has only a lien on the said materials to the extent of the unpaid
portion of the price. However, the entire value of the Equipment /
Materials procured/appropriated for ships under construction, is included
in work in progress at its realizable value which amounts to 0.00 30.23
6. 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:
• (Rs. in lakhs)
2008-09; 2007-08
Employer's Contribution to Pension Fund 194.95 189.94
Defined Benefit Plan
The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of 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.
'-Yimuai rvepuu
I. Reconciliation of opening and closing balances of Defined Benefit obligation
(Rs in Lakhs)
Details Gratuity Earned Leave Sick
(Funded) Encashment Leave
(Unfunded) (Un funded)
Defined Benefit obligation at beginning of the year. Current Year. 4681.45 731.90 294.48
(Previous year) 4452.12 942.45 '252.38
' . , : :Q"
Interest Cost Current Year 366.30 49.54
(Previous year) 347.69 64.20 0
Current Service Costs Current Year 218.63 85.93 86.24
(Previous year) 165.24 72.02 42.10
Benefits Paid Current Year (205.47) (225.19) 0
(Previous year) (211.87) (295.02) 0
Actuarial loss/(gain) on obligation Current Year 443.97 438.70 0
(Previous year) (71.73) (51.75) 0
Defined Benefit obligation at year end Current Year 5504.88 1080.88 380.72 •-,
(Previous year) 4681.45 731.90 ' 294.48
II Reconciliation of opening and closing balances of fair value of plan assets

(Rs in lakhs)
Details 2008-09 2007-08
Fair value of plan assets at beginning of the period. 668.10 619.84
Expected return on plan assets 53.45 41.11
Contribution 205.47 211.87
Benefits paid (205.47) (211.87)
Actuarial loss/(gain) on obligation (balancing figure) 9.33 7.15
Fair value of Plan Assets as at the end of the period 730.88 668.10
III Reconciliation of fair value of assets and obligations As at 31/03/2009 (Rs. in lakhs)
Details Gratuity Leave
Encashment Sick Leave
(Unfunded) (Unfunded)
Fair value of plan assets Current Year 730.88 0 0
(Previous year) 671.25 0 0
Present value of obligation Current Year 5504.89 1080.88 380.72
(Previous year) 4681.45 731.90 294.48
Amount recognized in Balance SheetCurrent Year 4774.01 1080.88 380.72
(Previous year) 4010.20 731.90 294.48
IV. Expenses recognized during the year (in the statement of Profit & Loss Account) (Rs.,in lakhs)
Details Gratuity Leave Sick
(Funded) Encashment Leave
(Unfunded) (Unfunded)
Current Service Cost Current Year 218.63 85.93 86.24
(Previous year) 165.24 72.02 42.10
Interest Cost Current Year 366.30 49.54 0
(Previous year) 347.69 64.20 0
Expected return on plan assets Current Year (53.45) 0 0
(Previous year) (41.11) 0 0
Actuarial (gain)/loss Current Year 437.80 438.70 0
(Previous year) (9.01) 51.75 0
Expenses recognized in the statement of P&L a/c Current Year 969.28 574.17 86.24
(Previous year) 462.81 84.47 42,10
V. Investment Details
(Percentage invested)
Description Gratuity as on 31/03/09 Gratuity as on 31/03/08
Gol Securities 0.20 0.20
Special Deposit Scheme 17.40 19.40
lOthers (T.D.R.s) 82.40 80.40
Total : » 100.00 100.00
VI. Principal Actuarial Assumptions

Gratuity Leave Encashment
(Funded) (Unfunded)
01-04-2008 31-03-2009 01-04-2008 31-03-2009
Discount Rate 8.00% 7.34% 8.00% 7.34%
Salary Escalation Rate 5.00% 6.00% 5.00% 6.00%
Attrition Rate 1.00% 1.00% 1.00%
Expected Rate of 8.00% 8.30%, 8.00% 0.00%
return on Plan assets
Salary escalation by taking into account inflation, seniority, promotion and other factors. Attrition rate 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. (Rs. in lakhs)
2008-09 2007-08
Employer's Contribution to Provident Fund 692.59 343.88
The Company's Provident Fund is exempted under Section 17 of Employees' Provident Fund Act, 1952. The
conditions for grant of exemption stipulates the employer shall make good deficiency, if any, in the interest rate
declared by the Trust vis-a-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.
57th Annual Report

SEGMENT REPORT
7. 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:
Rs. lakhs
Ship Ship Retrofit Un-allocated Total

building repairs
Segment Income:
Sales 19416.73 14412.77 5751.88 0.00 39581.3$
WIP (Accretion/Decretion) 6432.08 0.00 0.00 0.00 6432.08
Other Income 1777.52 811.65 1136.45 89.07 3814:69
Total Income 27626.33 15224.42 6888.33 89.07 49828.15
Segment Expenditure:
Materials & Direct Expenses 25235.89 4564.10 5743.77 0.00 35543.76
Direct Labour 1583.42 211.56 126.44 0.00 1921.42
Total Segment expenditure 26819.31 4775.66 5870.21 0.00 37465.18
Segment Result 807.02 10448.76 1018.12 89.07 12362.97

Overheads 6632.88 2410.34 1906.33 8666.65 19616.21
Provisions and Adjustments 867.89 600.84 (86.03) 5036.73 6419.43
Net Segment Result (6693.75) 7437.58 (802.18) (13614.31) (13672.67)
Fringe Benefit Tax 28.00 28.00
Income Tax 656.77 656.77
Deferred Tax (356.49) (356.49)
Total Result (6693.75) 7437.58 (802.18) (13942.59) (14000.95)
Other information
Segment Assets 39511.42 15599.29 24128.45 14958.78 94197.94
Segment Liabilities 54491.45 20013.99 44204.47 74230.68 192940.58
Capital Expenditure 449.61 362.12 841.47 0.00 1653.20
Depreciation 360.27 40.01 185.26 107.13 692.67
Non-cash expenditure other than Dep. 0.00 0.00 0.00 0.00 o.odr

2008-09 2007-08
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) RAdm.AjitTewari, Chairman & Managing Director,up to 30-11-
2008.
ii) Cmde. Naresh Kumar. Director (Technical) & Chairman &
Managing Director (AC) (from 01.12.2008)
iii) Shri.Rakesh Mahajan, Director (Finance & Commercial) (from
01-12-2008).
b) Details of transactions carried out with the above stated related
parties: Remuneration paid during the year 15.34 17.49
9. a) Net profit/(Loss) as per profit and loss account (Rs. In lakhs) (14000.95) 1133.54
b) Weighted average number of equity shares used as Denominator 2885733 2746560
for calculating EPS
c) Earnings per share: Profit/(Loss) Basic & Diluted Rs.(485.00) Rs. 41.00
10. A).The deferred tax asset as at 31-3-2009 comprises of the following:
a) Deferred tax asset:
i) Unpaid interest & taxes, sums payable as employer etc. 5302.16 4797.66
ii) Provisions made against doubtful debts, doubtful
advances and contingencies etc. 1163.51 1809.14
iii) Set off of unabsorbed depreciation available under Income
Tax Act 4948.96 4425.48
Total 11414.63 11032.28
b) Deferred Tax liability:
i) Timing Difference between book and tax depreciation 822.55 796.69
Net Deferred Tax Asset 10592.08 10235.59
B). The accounting of Deferred Tax Asset was referred to the
Expert Advisory Committee of The Institute of Chartered
Accountants of India for their opinion. The said opinion is
yet to be received.
11. As per technical evaluation, there is no impairment in the carrying cost
of cash generating units of the company in terms of Accounting Standard
i(AS 28), issued by the Institute of Chartered Accountants of India, in
view of the financial restructuring proposal of the company pending
with Government of India.
12. ,. The estimated cost of completion of vessels under construction has
."''-been revised to Rs 132334 lakhs as at 31.3.2009 from Rs 113736 lakhs
as at 31.3.2008. 132334 113736
48
57th Annual Report

13. Information under Schedule VI to the Companies Act, 1956
i) Licensed & Installed Capacities and Actual Production:
2008-09 2007-08
Licensed Capacity
A Ship Construction Not Applicable Not Applicable
B Well Platforms 2 Well Platforms 2 Well Platforms
Per annum (8000 MT of Per annum (8000 MT of
structural fabrication) structural fabrication)
Installed Capacity
Ai) Ship Construction 6.5 Pioneer Class vessels 6.5 Pioneer Class vessels of
of 21 500 DWT each. 21500 DWT each.
ii) Rated Capacity as Reckoned 3.5 Pioneer class vessels 3.5 Pioneer class vessels of
by consultant of 2 1500 DWT each. 2 1500 DWT each.
B Well Platforms 2 Well Platforms per annum 2 Well Platforms per annum
Actual Production
A Ship Construction 2.96 Pioneer class vessels 3.43 Pioneer class vessels
(296.614) Standard Pioneer Units) (342.929) Standard Pioneer Units)
B Well Platforms Nil Nil
Capacity Utilization*
A Ship Construction
i) At 6.5 Vessels 45% 53%
ii) At 3.5 Vessels 85% 98%
B Well Platforms Nil Nil
*inclusive of outsourcing and submarine works.
ii) Materials Consumed:

Rs.in lakhs
Description 2008-09 2007-08
Unit Quantity Value Quantity Value
Steel M.T 16792. 6701.01 11173 4341.36
Pipes Meters 10034 24.76 34222 116.93
Paints Ltrs. 43965. 111.60 41913 109.92
Pipe Fittings and others Nos. 37434 1387.40 39861 126.14
Ships Machinery and Equipt. 13335.77 14146.97
Others 602.07 49.67
Ship Repair Materials 656.53 1646.28
Retrofit Materials 3471.17 1166.99
Total 26290.31 21704.26
S_rH
ILJUL—J
*n PT***
in) Break up of Materials Consumed: 2008-09 2007-08

i) Value of all Imported Materials including components and spare
parts consumed during the year 21874.19 18263.62
ii) Value of all Indigenous Materials including components and spare
parts consumed during the year 4416.12, 3440.64
iii) Percentage of item (i) to total consumption 83.20 - 84.15
iv) Percentage of item(ii) to total consumption 16.80 15.85
iv) Expenditure in Foreign Currency
a) i) Royalty, Know-how and Professional Consultancy fees 0.00 0.00
ii) Traveling Expenses 0.00 0.58
iii) Others 3914.36 515.39
b) CIF value of imported materials , components & spare
parts and capital goods. 23790.64- 25938.91
v) Earnings in Foreign Currency from ship repair activity 3833.91 952.60
vi) Details of Remuneration to Chairman & Managing Director and other whole-time Directors:
(Rs in lakhs)
Sl.No. Particulars 2008-09 2007-08

i. Salary and Allowances 12.26 15.53
ii. Contribution to Provident Fund & Group Gratuity Scheme. 1.51 1.57
iii.. Reimbursement of Entertainment Expenses 1.18 0.22
iv. Reimbursement of Medical Expenses 0.33 -. 0.13
V. Value of Perquisite in respect of use of car (as per I.T. rules) 0.06 0.04
Total 15.34 17.49
14. a) Names of SSI units, where payments are out standing for more 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.
15. The reconciliation of balances as per price stores ledger and Bin Cards
is a continuous process
16 Certain Advances and Provisional Liabilities for Purchases remain
unadjusted, pending link up between the same.
17 Letters have been issued to all the customers seeking confirmation of
balances as at 31.03.2009, which are still to be received.
18 Consequent upon the observations of Comptroller & Auditor General
of India during the course of Audit under section 619(4) of the Companies
Act, 1956, the Accounts and notes forming part of the accounts as
approved by Board of Directors in 347th Board Meeting held on 19.06.09
have been revised. These changes has resulted in increase in loss by
Rs.78.41 lakhs, increase in capital-work-in-progress by Rs.71.46 lakhs.
57th Annual Report

increase-in Deferred Tax asset by Rs.9.46 lakhs, increase in inventories
by Rs.476.22 lakhs and increase in current liabilities by Rs.635.55 lakhs.
19. Previous year's figures have been regrouped / rearranged wherever
necessary.
Brahmayya & Co.,
v
( Partner)
INAITULA BAIG
Company Secretary
Date : 21-08-2009
Hindustan Shipyard Limitedt

Balance Sheet Abstract and General Business Profile of Hindustan shipyard Limited, Visakhapatnam
REGISTRATION DETAILS STATE CODE : 01
REGISTRATION NO. U74899DL1952GOI002064
BALANCE SHEET DATE : 31.03.2009
CAPITAL ISSUED DURING TFIE YEAR
Amount in Rs. thousands
Public Issue NIL
Bonus Issue NIL
Rights Issue NIL
Private Placement NIL
Issued to Government of India 209,800
POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS
Total Liabilities 19,294,056
Total Assets 19,294,056
SOURCES OF FUNDS
Paid-up Capital 3,019,922
Reserves and Surplus 950
Secured Loans 682413
Unsecured Loans 5,591,464
9,294,749
APPLICATION OF FUNDS
Net Fixed Assets 690,381
Deferred Tax Asset 1059208
Net Current Assets (2.329,104)
Accumulated Loss 9,874,264
9,294,749
PERFORMANCE OF THE COMPANY
Turnover (including other income) 4696047
Total Expenditure 6063314
Profit / (Loss) before tax -1367267
Profit / (Loss) after tax -1400095
Earnings per share in Rupees (face value Rs.1000/-) -485
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
Brahmayya & Co.,
RAKESH MAHAJAN Cmde. NARESH KUMAR Chartered Accountants
( Partner)
INAITULA BAIG Membership No. 018545
Company Secretary
Date : 21-08-2009
57th Annual Report

CASHFLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2009
(Rs. In lakhs)
31st March 2009 31st March 2008
A. Cash flow from operating activities:
Net Profit/(loss) before Extraordinary & (8228.88) 1590.08 ,
Prior period items
Adjustments for:
Depreciation 692.67 " 585.86-.,:
Interest paid 5049.13 4450.96
Interest received (1480.81) (2437.35)
Loss/(profit) on sale of fixed assets (1.39) (85.56)>
Operating Cashflow before working capital
changes & Extraordinary & Prior Period items (3969.28) 4103.99^
Extraordinary Items :
Expenditure under V.R. Scheme (net of grant-in-aid 0.00 7.72
from Govt. of India)
Provision towards liabity on sick leave of prev years (AS 15) 0.00 252.37 'U
Prior Period items: Net Expenditure 5443.79 (765.83) - j
Operating Cashflow before working capital
changes & after Extraordinary & Prior Period items (9413.07) 4609.73 •;;
Adjustments for working capital changes:
Inventories (11860.09) (12149.49)..'
Trade and other receivables 7393.40 4111.44
Trade and other payables 5969.54 (6352.13)
Cash generated from operation (A) (7910.22) (9780.45)
B. Cashflow from Investing acitivities:
Purchase of fixed assets (1653.20) (1565.71)
Capital Work-in-progress 106.61 (221.06)
Sale of fixed assets 1.72 90.48
Capital fund 0.00 0.00
Interest received 1480.81 2437.35
Net Cash from investing operation (B) (64.06) 741.06
C. Cashflow from financing activities:
Proceeds from Share Capital 2098.00 13170.00
Proceeds from Borrowings from GOI & Banks 1288.76 (6665.85) :
Interest paid (5049.13) (4450.96)
Net Cash from financing operation (C) (1662.37) 2053.19
D. Net Increase in Cash & Cash
Equivalent (A)+(B)+(C) (9636.65) (6986.20)
Cash and cash equivalent at the
beginning of the year 21183.74 28169.94
Cash and cash equivalent at the
end of the year 11547.09 21183.74 ,
Brahmayya & Co.,
(Finance & Commercial) Managing Director (AC) CV RAM ANA RAO
( Partner)
Company Secretary
Date : 21-08-2009
Hindustan Shipyard Limited)

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 2009
(Rs.in lakhs)
Description This year Previous Year
Details Details Total Details Details Total
Schedule -22
EXPENDITURE ON TOWNSHIP
AND RESIDENTIAL QUARTERS
Administration & Maintenance:
Salaries, Wages & Other Benefits 146.05 144.80
Housing Estate Site Rent 14.39 12.79
Property Tax on Residential Buildings 5.26 5.27
Electricity and Water Charges 179.38 161.72
.-Repairs and Maintenance 146.92 33.16
Colony Security 27.99 30.29
•Miscellaneous Expenditure 2.48 522.47 3.05 391.08
Depreciation 11.35 11.25
533.82 402.33
Less: Income-Rent 60.08 57.42
Electricity and Water Charges 83.09 143.17 390.65 74.11 131.53 270.80
Expenditure on Social Overheads:
.Schools and Educational Facilities 44.61 38.56
Less: Educational Grant 36.69 7.92 36.49 2.07
On Medical facilities uvci and above
Statutorily required to be maintained 410.45 297.08
-On Subsidised Canteen 74.03 64.20
On Subsidised lunch for Officers,
Staff and Workmen 189.43 263.46 146.77 210.97
On Subsidised transport :
Boats and launches 32.62 32.62 33.96 33.96
On Social & Cultural Activities 0.56 715.01 0.56 544.64
1105.66 815.44
Expenditure on Public Relations and
"Publicity:
'"Salaries 6.15 5.08
*< Publicity 1.57 5.24
1.12 10.32
NOTLS:
1. Interest on capital outlay on Township and Residential quarters and for providing other Social Amenities (original cost of
Rs.562.12 lakhs written down value Rs. 190.64 lakhs as on 31.03.2009) has not been taken into account since this has been
financed out of Equity Share Capital except for an amount of Rs.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.
Brahmayya & Co.,
( Partner)
Company Secretary
Date : 21-08-2009
CAPITAL OUTLAY ON TOWNSHIP RESIDENTIAL QUARTERS FOR PROVIDING SOCIAL AMENITIES
(Rs. in lakhs)
PARTICULARS GROSS BLOCK DEPRECIATION NET BLOCK
As on Additions Sales/ As on Upto For the Year On Sales/ Upto As on A.S on

31 .03.2008 during the Adjustment 31.03.2009 31.03.2008 Adjustment 31.03.2009 31.03.2009 31.03.2008
year during the for the year
year
Land 1.72 0.00 0.00 1.72 0.00 0.00 0.00 0.00 1.72 1.72
Buildings 490.99 0.00 0.00 490.99 296.90 9.60 0.00 306.50 184.49 194.09
Roads & compound walls etc 26.31 0.00 0.00 26.31 24.41 0.33 0.00 24.74 1.57 1.90
Electrical Installations 18.41 0.00 0.00 18.41 17.32 0.13 0.00' 17.45 0.96 1.09
Hospital Equipment 3.45 0.00 0.00 3.45 2.83 0.13 0.00 2.96 0.49 Q.62
Motor Vehicles 21.24 0.00 0.00 21.24 18.67 1.16 0.00 19.83 1.41 2.57
Total 562.12 0.00 0.00 562.12 360.13 11.35 -0.00 371.48 190.64 ?01.99
Previous Year 576.31 0.00 14.19 562.12 363.08 11.24 14.19 360.13 - 201.99 205.68
For and on behalf of the Board of DirectorsAs per our report of even date
Brahmayya & Co.,
( Partner)
Company Secretary
Date : 21-08-2009 u
•—
i
»X
- E
c
?
a
"C
FINANCIAL POSITION AND PERFORMANCE OF THE COMPANY £
(Rupees in crores) W
k, Hindustai
1999-2000 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
BALANCE SHEET:
Sources of Funds:
Paid up Capital 101.81 106.81 301.99
.3
114.31 121.81 129.31 136.81 144.31 149.31 281.01
Reserves and Surplus
3-
0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 >5'
Secured Loans 0.00 0.00 0.00 0.00 6.26 6.44 6.83 70.47 89.78 68.24 "ps
Unsecured Loans and Interest:

3.
r
Govt. of India 615.67 623.39 637.68 646.22 653.72 661.22 700.99 331.14 248.71 283.16 1
r-f
CD
State Bank of India 255.57 272.90 290.22 290.22 290.22 290.22 255.46 255.46 255.46 255.46 O-
Others 6.08 6.08 6.08 6.08 6.08 36.08 31.32 24.09 20.55 20.53
Total 979.23 1009.28 1048.39 1064.43 1085.69 1130.87 1139.01 830.57 895.61 929.48
Application of Funds:
Gross Block 165.89 166.29 167,29 167.39 166.90 167.90 169.29 177.55 192.14 208.61
Less: Cumulative Depreciation 105.00 108.98 114.23 118.67 122.27 125.96 129.98 133.02 137.87 144.73
Net Fixed Assets 60.89 57.31 53.06 48.72 44.63 41.94 ,39.31 44.53 54.27 63.88
Capital Work-in-Progress 0.16 0.55 0.68 0.64 0.69 0.20 0.52 4.02 6.23 5.16
Deferred Tax Asset 0.00 0.00 0.00 0.00 0.00 0.00 0.00 109.01 102.36 105.92
Current Assets 201.47 241.57 222.52 215.77 192.26 332.38 619.00 808.20 818.72 767.02
Current Liabilities and Provisions 354.78 380.62 333.76 304.13 307.35 407.00 676.98 991.42 933.39 999.93
Net Current Asset (153.31) (139.05) (111.24) (88.36) (115.09) (74.62) (57.98) (183.22). (114.67) (232.91)
Cumulative Loss 1071.49 1090.47 1105.89 1103.43 1155.46 1163.35 1157.16 856.23 847.42 987.43
Total 979.23 1009.28 1048.39 1064.43 1085.69 1130.87 1139.01 830.57 895.61 929.48
Net Worth * (969.68) (983.66) (991.58) (981.62) (1026.15) (1026.54) (1012.85) (706.92) (566.41) (685.44)
*Ne-t Worth = Paid up Capital+Free Reserves-Accumulated Losses
(Rupees in crores)
1999-2000 2000-01 2001-02 2002-03 ' 2003-04 '.' 2004-05 2005-06 2006-07 2007-08 "'2008-09
PROFIT AND LOSS ACCOUNT:
Income: ' . . . . .
Turnover 207.01 166.60 156.67 151.00 119.15 225.30 243.58 327.63 384.52 395.81
Work-in-Progress (3.72) 0.46 24.13 4.43 0.55 (10.07) 28.29 45.60 41.36 64.32
Other Income 12.83 11.28 20.59 9.24 7.50 21.75 47.01 26.54 84.26 38.15
Total 216.12 178.34 201.39 164.67 127.20 236.98 318.88 399.77 510.14 498.28
Expenditure:
Materials 103.42 65.13 109.66 42.75 38.03 103.08 144.54 190.19 222.55 264.66
Direct Expenses 30.62 26.62 24.63 17.38 24.97 39.65 43.60 80.16 89.88 62.10
Pay & Benefits 68.84 66.91 64.05 72.42 77.78 77.88 82.67 92.64 80.91 126.93
Taxes and Duties 9.08 5.33 1.93 3.20 2.78 4.29 8.59 13.49 20.37 28.68
Other Expenses 19.60 14.60 12.76 12.11 12.38 14.23 15.50 19.12 25.91 31.03
Provisions and Losses 104.38 28.45 7.99 16.58 19.28 8.48 14.03 45.15 8.74 14.07
Prior period Adjustments (158.31) 1.55 (5.58) 0.88 1.35 (0.86) (1.92) (387.40) (7.66) 54.44
Extraordinary items 0.00 0.00 0.22 0.00 0.00 0.00 0.00 41.31 0.08 0.00
Transfers (6.39) (44.27) (30.83) (9.28) (2.85) (11.64) "(3.32) (3.84) (4.45) (4.32)
Total 171.24 164.32 184.83 156.04 173.72 235.11 303.69 90.82 436.33 577.59
Profit / (Loss) before

Interest and Depreciation 44.88 14.02 16.56 8.63 (46.52) 1.87 15.19 308.95 73.81 (79.31)
Depreciation 6.00 5.84 5.44 5.12 4.32 4.15 4.07 4.06 5.82 6.93
Interest 25.27 27.16 ,26.54 1.05 1.19 5.61 4.93 34.70 44.51 50.49
Profit / (Loss) before tax 13.61 (18.98) (15.42) 2.46 (52.03) (7.89) 6.19 270.19 23.48 (136.73)
Income Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 78.27 5.49 6.85
Deferred Tax asset 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (109.01) 6.66 (3.57) u
*~~,
Net Profit / (Loss) 13.61 (18.98) (15.42) 2.46 (52.03) (7.89) 6.19 300.93 11.33 (140.01) •£
»«**
Profit & Loss Appropriation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.52 0.00 3
3
" C
c:
Cumulative Profit / (Loss) (1071.49) (1090.47) (1105.89) (1103.43) (1155.46) (1163.35) (1157.16) (856.23) (847.42) (987.43)
- *
_ jn
o
3
HINDUSTAN SHIPYARD LIMITED, VISAKHAPATNAM
SHIPS BUILT
S.No. Name of the Ship / Name of the Owner Dead Weight Date of Date of Date of
Tonnes Laying Keel Launching Delivery
1 2 3 4 5 6
1. "Jalausha" The Scindia Steam Navigation Co. Ltd. 8,179 22-06-1946 14.03-1948 26-10-1948
2. "Jalaprabha" The Scindia Steam Navigation Co. Ltd. 8,179 22-08-1946 20-11-1948 07-04-1949
• : •- 3. "Kutubtari" (Passenger- Ferry) The Scindia Steam Navigation Co. Ltd., 23-05-1947 18-12-1948 19-05-1949
4. "Jalaprakash" The Scindia Steam Navigation Co. Ltd., 8,138 27-05-1948 08-08-1949 20-12-1949
5. "Jalapankhi" The Scindia Steam Navigation Co. Ltd., 8,150 07-10-1949 06-12-1949 04-04-1950
6. "Jalapadma" The Scindia Steam Navigation Co. Ltd., 8,137 26-01-1950 14-09-1950 18-01-1951
7. "Jalapalaka" The Scindia Steam Navigation Co. Ltd., 8,141 26-01-1950 27-12-1950 03-04-1951
8. "Bharatmitra" The Bharat Line Limited 8,134 28-09-1950 26-03-1951 02-07-1951
9. "Jagrani" The Great Eastern Shipping Company Ltd., 8,125 09-05-1951 15-12-1951 09-06-1952
10. "Jalapratap" The Scindia Steam Navigation Co. Ltd., 8,125 09-05-1951 27-02-1952 09-08-1952
11. "Jalapushpa" The Scindia Steam Navigation Co. Ltd., 8,087 26-12-1951 09-07-1952 17-10-1952
12. "Bharatratna" The Bharat Line Limited 8,100 21-07-1952 26-08-1953 15-07-1954
u U nMuUi 'JaJaai^'LTJ^ ^cindyL^Sjtgarn Navigation Co. Ltd., 8,114 21-07-1952 09-11-1953 19-08-1954
14. "Jalavihar" The Scindia Steam Navigation Co. Ltd., 7,248 01-12-1953 16-08-1954 22-06-1955
15. "Jalavijaya" The Scindia' Steam Navigation Co. Ltd., 7,311 30-09-1953 26-03-1955 29-12-1955
16. "Vidyut" Land Customs Department. (Motor Launch) 19-10-1953 18-08-19.54 18-03-1958
17. "Jalavishnu" The Scindia Steam Navigation Co. Ltd., 7,322 16-12-1953 02-11-1955 23-05-1956
18. "State of Kutch" The Eastern Shipping Corporation Limited 8,253 02-09-1954 29-03-1956 25-11-1956
19. "Adyar" Madras Port Trust (Kort Nozzle Tug) 27-09-1954 31-12-1955 25-09-1957
20. "Andamans" Ministry of Home Affairs 2,470 10-08-1955 25-07-1956 04-12-1957
(Passenger cum cargo vessel)
21. "State of Orissa" The Eastern Shipping Corporation Ltd., 8,160 08-12-1955 16-02-1957 31-12-1957
22. "Jalavikram" The Scindia Steam Navigation Co. Ltd., 7,312 16-04-1956 29-07-1957 26-03-1958
23. "Jalaveera" The Scindia Steam Navigation Co. Ltd., 7,312 04-08-1956 22-11-1957 26-07-1958
HJS.L
1 2 3 4 5 6
24. "Jagmitra" The Great Eastern Shipping Company Ltd., 6,391 31-08-1957 05-07-1958 10-06-1959
25. "Dhruvak" Indian Navy (Mooring Vessel) 27-01-1956 16-07-1958 16-11-1959
26. "Indian Industry" The India Steamship Company Limited 6,419 07-12-1957 12-12-1958 27-10-1959
27. "Jayalakshmi" New Dholera Steamships Limited 5,405 22-08-1957 22-04-1959 27-01-1960
28. "State of Uttar Pradesh" The Eastern Shipping Corporation Ltd., 9,632 03-10-1958 31-12-1959 16-01-1961
29. "R.S.V. Haldia" Calcutta Port Commissioners (Port Survey Vessel) 16-11-1956 11-06-1960 25-03-1961
30. "State of Rajasthan" The Eastern Shipping Corporation Ltd., 9,644 22-01-1959 29-04-1960 18-05-1961
31. "Vishvanidhi" The Western Shipping Corporation of India Ltd., 9,666 11-05-1959 06-09-1960 02-10-1961
32. "State of Punjab" The Shipping Corporation of India Ltd., 12,557 02-12-1959 16-04-1961 06-04-1962
33. "Vishva Shanti" The Shipping Corporation of India Ltd., 12,606 29-09-1960 25-01-1961 14-09-1962
34. "Vishva Prem" The Shipping Corporation of India Ltd., 12,565 27-08-1960 20-12-1961 28-01-1963
35. "Vishva Maya" The Shipping Corporation of India Ltd., 12,577 22-09-1960 06-04-1962 30-04-1963
36. "Vishva Mangal" The Shipping Corporation of India Ltd., 12,608 05-05-1961 17-08-1962 23-09-1963
37. "Jala Kala" The Scindia Steam Navigation Co. Ltd., 12,913 12-10-1961 29-03-1963 12-11-1964
38. "Darshak" Indian Navy (Survey Vessel) 14-10-1957 02-11-1959 28-12-1964
39. "State of Madhya Pradesh" The Shipping Corporation of India Ltd., 12,873. 08-01-1962 15-10-1963 04-05-1965
40. "Rohini" Hindustan Shipyard Limited (Launch) 20-08-1965
41. "Jala Kendra" The Scindia Steam Navigation Co. Ltd., 12,947 24-05-1962 16-04-1964 29-01-1966
42. "State of West Bengal" The Shipping Corporation of India Ltd., 12,915 06-09-1962 05-12-1964 31-03-1966
43. "Jalakanta" The Scindia Steam Navigation Company Ltd., 12,912 26-04-1963 01-07-1965 02-08-1966
44. "State of Mysore" The Shipping Corporation of India Ltd., 12,923 13-11-1963 09-12-1965 11-10-1966
45. "Vishva Tej " The Shipping Corporation of India Ltd., 12,886 04-05-1964 01-10-1966 02-10-1967
46. "Vishva Tirth" The Shipping Corporation of India Ltd., 12,886 08-01-1965 28-12-1966 03-12-1967
47. "Vishva Seva" The Shipping Corporation of India Ltd., 12,959 23-08-1965 26-04-1967 02-03-1968
48. "Vishva Siddhi" The Shipping Corporation of India Ltd., 12,972 24-12-1965 15-11-1967 12-09-1968
49. "Vishva Bhakti" The Shipping Corporation of India Ltd., 12,937 23-01-1967 15-04-1968 29-01-1969
HSL
1 2 3 4 5 6
50. "Vishva Shoba" The Shipping Corporation of India Ltd., 12,931 13-02-1967 24-09-1968 11-05-1969
51. "Vishva Shakti" The Shipping Corporation of India Ltd., 12,900 19-05-1967 20-03-1969 17-12-1969
52. "Vishva Dharma" The Shipping Corporation of India Ltd., 12,852 22-11-1967 08-10-1969 20-04-1970
53. "Vishva Vikram" The Shipping Corporation of India Ltd., 12,881 06-06-1968 09-02-1970 12-09-1970
54. "Shanti" The Visakhapatnam Port Trust Launch 12-03-1970 14-12-1970 31-12-1970
55. "Vishva Darshan" The Shipping Corporation of India Ltd., 12,883 16-12-1968 20-07-1970 02-07-1971
56.' "Walchand" Hindustan Shipyard Limited (Landing Craft) 01-05-1971 14-07-1971 30-09-1971
57, "Vishva Nayak" The Shipping Corporation of India Ltd., 12,881 26-06-1969 30-11-1970 22-10-1971
58. "T.S. Rajendra" The Directorate General of Shipping (Training Ship) 20-10-1969 25-04-1971 27-03-1972
59. "Bombay Duck - II" The Visakhapatnam Port Trust (Dredger) 27-08-1971 12-07-1972 11-02-1973
60. "Vishva Karuna" The Shipping Corporation of India Ltd., 13,967 26-08-1970 02-11-1971 02-03-1973
61. "Vishva Yash" The Shipping Corporation of India Ltd., 13,986 18-03-1970 17-03-1972 18-05-1973
62. "Vishva Mamta" The Shipping Corporation of India Ltd., 13,971 23-12-1970 23-08-1972 16-10-1973
63. "Vishva Bandan" The Shipping Corporation of India Ltd., 13,765 30-06-1971 06-03-1973 04-03-1974
64. "Vishva Madhuri" The Shipping Corporation of India Ltd., 13,762 25-11-1971 17-08-1973 16-08-1974
65. "Indian Endurance" India Steam Ship Company Ltd., 14,197 29-03-1972 26-01-1974 16-03-1975
66. "Jag Doot" The Great Eastern Shipping Company Ltd., 21,298 11-09-1972 22-06-1974 23-03-1975
67. "Jagat Priya" Dempo Stemships Ltd., 21,393 30-08-1973 03-10-1974 30-11-1975
68. "Sagarika - 1" Oil & Natural Gas Commission (Supply Cum Crew Vessel) 05-04-1974 07-08-1975 28-02-1976
69. "Jag Dhir" The Great Eastern Shipping Company Ltd., 21,383 28-01-1974 14-03-1975 20-03-1976
70. "Sagarika - 2" Oil & Natural Gas Commission (Supply cum Crew Vessel) 18-12-1974 30-11-1975 30-03-1976
71. "Jag Dharma" The Great Eastern Shipping Company Ltd., 21,420 26-06-1974 24-07-1975 06-09-1976
72. "Indian Explorer" India Steam Ship Company Ltd., 14,089 07-10-1974 17-11-1975 30-10-1976
73. "Jag Deesh" The Great Eastern Shipping Company Ltd., 21,406 16-03-1975 30-03-1976 12-03-1977
74. "Damodar Ganga" Damodar Bulk Carriers Ltd., 21,365 26-07-1975 24-10-1976 25-06-1977
75. "Indian Grace" India Steam Ship Company Limited 21,283 21-11-1975 23-12-1976 29-03-1978
HSL
1 2 3 4 5 6
76. "Indian Glory" India Steam Ship Company Ltd., 21,344 26-02-1976 04-08-1977 27-10-1978
77. "Jala Godavari" The Scindia Steam Navigation Company Ltd., 20,914 02-07-1976 16-03-1978 16-04-1979
78. "Jalagovind" The Scindia Steam Navigation Company Ltd., 20,868 25-10-1976 03-11-1978 05-12-1979
79. "Jalagopal" The Scindia Steam Navigation Company Ltd., 20,850 12-04-1977 11-07-1979 11-09-1980
80. "Jalagouri" The Scindia Steam Navigation Company Ltd., 20,854 25-10-1977 01-12-1979 27-03-1981
81. "Tenneti" Hindustan Shipyard Ltd., (Landing Craft) 29-10-1980 06-05-1981 29-09-1981
82. "State of Haryana" The Shipping Corporation of India Ltd., 16,700 19-03-1979 27-07-1980 16-06-1983
83. "Nand Rati" Essar Bulk Carriers Ltd., 26,710 09-03-1981 30-01-1983 16-07-1984
84. "State of Gujarat" The Shipping Corporation of India Limited 16,789 30-05-1979 03-06-1981 12-12-1984
85. "Samudrika-4" OPSSV Oil & Natural Gas Commission 1,231 22-04-1984 24-11-1984 09-12-1985
86. "Samudrika - 5" OPSSV Oil & Natural Gas Commission 1,240 22-05-1984 10-03-1985 19-03-1986
87. "Lok Maheswari" Bulk Carrier, SDFC / Moghul Line Ltd., 26,728 03-10-1981 20-08-1983 31-03-1986
89. "State of Orissa" The Shipping Corproation of India Ltd., 16,806 05-12-1979 10-01-1982 08-07-1986
90. "Prabhu Daya" Tolani Shipping Company Ltd., 26,713 04-02-1983 25-11-1984 02-03-1987
92. "Sagar Bhushan" (Drill Ship) Oil & Natural Gas Commission 9,113 12-08-1984 18-08-1985 04-11-1987
93. "Lok Rajeswari" The Shipping Corporation of India Ltd., 26,639 05-03-1982 16-07-1984 27-10-1988
94. "Mundeswari" Central Inland Water Transport Corporation 750 - 01-08-1987 27-10-1988 14-01-1989
95. "Manjari" Central Inland Water Transport Corporation 750 01-08-1987 10-11-1988 30-01-1989
96. "Mahariadi"; Central Inland Water Transport Corporation 750 01-08-1987 27-10-1988 14-01-1989
J
97. !U "Mandakini" Central Inland Water Transport Corporation 750 01-08-1987 10-11-1988 30-01-1989
98. '-. "Malta"' Central Inland Water Transport Corporation 750 01:Q8- 19,8:7 :.... 10-01-1989 13-02-1989
99. : "Agro" Central Inland Water Transport Corporation 750 01-08-1987 07-02-1989 13-02-1989
ioo" "Lok Prakash" The Shipping Corporation of India Ltd., 26,790 19-07-1984 24-03-1985 12-04-1989
ior: "Lok Prem" The Shipping Corporation of India Ltd., 26,114"" 30-03-1985 29-05-1987 23-02-1990
1 2 3 ' •"''• ' 4 5 6
102. "INS Savitri" OPV, Indian Navy OPV 25-06-1988 23-05-1989 20-11-1990
103. "INS Gharial" GRSE / Indian Navy LSTL 30-11-1989 01-04-1991 02-05-1991
J04. "INS Sarayu" OPV, Indian Navy OPV 25-06-1988 16-10-1989 04-10-1991
105. "INS Sharada" Indian Navy OPV 16-06-1989 22-08-1990 16-12-1992
106. "Lok Pratap" The Shipping Corporation of India Ltd., 26,718 28-08-1985 31-07-1988 28-06-1993
107. "INS Sujatha" OPV, Indian Navy OPV 16-06-1989 23-10-1991 03-11-1993
108. "Ambica" HSD Oiler Indian Navy 1,000 01-09-1993 10-12-1994 23-01-1995
109. "Maharashtra" The Shipping Corporation of India Ltd., 42,750 DWT 18-09-1986 23-09-1992 06-01-1996
(Bulker)
110. "Swatantra" The Visakhapatnam Port Trust 30 T.B.P. Tug 10-09-1994 29-03-1997 12-09-1997
111. "M.V. Goa" The Shipping Corporation of India Ltd., 42,750 DWT 20-11-1994 22-03-1996 15-01-1998
(Bulker)
112. "M.V. Swaraj Dweep" - A&N Administration 1200 Passenger-cum- 22-3-1994 11-12-1996 9-12-1999
Cargo vessel
113. "Mahathma" - The Visakhapatnam Port Trust 50-T. B. P. Tug 5-7-1998 22-3-1999 17-1-2000
114. "Sardar Patel" - The Visakhapatnam Port Trust 50-T.B. P. Tug 5-7-1998 22-3-1999 27-5-2000
115. "M.V. Tamil Nadu" The Shipping
Corporation of India Limited 42,750 DWT 13-4-1997 21-10-1998 15-9-2000
(Bulker)
116. "M.V. Rangat" - A&N Administration 100 Passenger 30-09-1999 27-10-2000 16-10-2001
Vessel
117. "M.V. Baratang" - A&N Administration 100 Passenger 30-09-1999 27-10-2000 17-01-2002
118. "M.T. Kabini" - New Mangalore Port Trust 50-T. B.P. Tug 17-08-1999 19-04-2001 03-08-2002
119. "INS GAJ" - ATVP Head Qtrs., I. Navy 25-T. B.P. Tug 18-01-2000 31-08-2001 04-10-2002
120. "M.T. TIRACOL-Il" Mormugao Port Trust 45-T B.P. Tug 11-10-1999 15-11-2001 31-3-2003
121. "M.V. Chouldari" A&N Administration 100 Passenger Vessel 10-11-1999 05-01-2001 28-11-2003
122. "M.V. Chapora - II" Murmugao Port Trust 45-T.B.P. Tug 11-10-1999 25-01-2002 24-12-2003
123. "M.V. Teal" A&N Administration 100 Passenger Vessel 10-11-1999 05-01-2001 24-02-2004
124. "M.V. Jolley Buoy" for A&N Administration 100 Passenger Vessel 18-11-1999 23-04-2001 20-05-2004
1 ) r*
1 2 3 4 5 6
125. "M.V. Wandoor" for A&N Administration 100 Passenger Vessel 18-11-1999 23-04-2001 15-07-2004
126. "FRP Launch" for Visakhapatnam Port Trust 02-01-2005
127. "Ravi-B" for M/s Sarat Chatterjee & Co. 17.5 Ton Floating Crane 29-02-2000 05-09-2003 09-05-2004
128. "M.V. Hutbay" for A&N Administration 100 Passenger Vessel 08-12-1999 06-10-2002 11-02-2005
129. "G.H.D. Sagar Durga" for Visakhapatnam Port Trust 500 Cu.M Grab Hopper Dredger 30-09-1999 05-09-2003 09-02-2005
130. "Barge" for A&N Administration 10x6x2 Mtrs. Barge 02-02-2005
, 133. "Barge" f&r A&N Administration 10x6x2 Mtrs. Barge 08-02-2005
134. "Barge" for A<I;N Administration 10x6x2 Mtrs. Barge 08-02-2005
135. "Barge" for ,$&N Administration 10x6x2 Mtrs. Barge 16-02-2005
A36- M.V. Strait -Island for A&N Administration 100 Passenger Vessel 18-12-1999 11-01-2003 20-05-2005
Vm M;V. Jhansi-^ani for VisaKapfenam Port Trust 50 Ton B.P. Tug 03-11-2000 17-06-2003 01-09-2005
',-138. ORV Sagar Manjusha for NIOT Buoy Tender cum 23-12-2004 3-11-2005 14-06-2006
Research Vessel
139. M.L. Radha Nagar for A&N Administration Utility Launch 18-07-2006
140. M.-L. UttaVa for A&N Administration - do - 18-07-2006
.141. M.L. Nimbutala for A&N Administration - do - 02-11-2006
''142. M*.L, Nilambar for A&N Adrfliftistration - do - . ... 02-11-2006
143. M.V* Good5!*ovidence, GML, Chennai 30,000 DWT Trader Services 29-07-05 22-01-07 31-05-2007
Bulk Carrier
144. M.V. Good Princess, GML, Chennai 30,000 DWT Trader Service 18-01-06 16-05-07 23-01-2008
Bulk Carrrier
f
, i-45. M.V. Good Pacific, GML, Chennai - do - 01-02-07 03-01-08 07-05-2008
146. M.V. Kavaratti, UTL Administration 700 Passengers-Cum-Cargo 21-10-2000 14-02-05 27-06-08
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Hindustan Shipyard Limited

ISO -9001:2000 Certified
Phone:0891-2577659 Fax:0891-2577502
E-mail: hsl@hslvizag.com Web : www.hsl.gov.in

Hindustan Shipyard Ltd-09

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SANSCO SERVICES ~

Hindustan Shipyard Limited

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

Replies of Board of Directors on the

Major repair of Rig Sagar Ratna of ONGC

HINDUSTAN SHIPYARD LIMITED

Whole-time Directors Official Part-time Directors Non-Official Part-time Director

HEAD OFFICE & WORKS: Phone : 0891-2577404/2577659/

Cmde. Naresh Kumar

Shri Rakesh Mahajan Capt. P.V.K. Mohan

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

Hindustan Shipyard Limited)

57th Annual Report

Hindustan Shipyard Limited\

(Commodore Naresh Kumar, IN (Retd)

57th Annual Report

NOTICE OF 57th ANNUAL GENERAL MEETING

All the Shareholders of the Company

Hindustan Shipyard Limited i

DIRECTORS' REPORT FOR THE YEAR 2008-09

stood at Rs.304.00 Crores and the paid up capital at Rs.301.99.

•m^H^^^MHHi^^^^^^^^H^n«^BBBBa^^^^H^H^HBBHBHBHBBBMBHB 57"' Annual Report

Production in DWT 73743

2004-0512005-06 2006-07 2007-082008-0

ORDER BOOK POSITION

Owner Description of the vessel Nos.

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

Owner Description of the vessel Date

57lh Annual Report

Shiprepair Income (Rs. in Crs.)

Major repair of Rig Sagar Ratna of ONGC

Hindustan Shipyard Limitedi

57th Annual Report

LT & HT Switch gear on substation

Hindustan Shipyard Limited]

57lh Annual Report

Hindustan Shipyard Limitedi

•••••••••••••••••.•iiiii. iiiiiiiiiiiii mi,•«««• Hinn a MiiiiHHii^^'"-'—•^limin-mjuiiiia 57th Annual Report

Name of the Director No. of Meetings Attendance at

Name of the Director No. of Meetings

Hindustan Shipyard Limited •

For and on behalf of Board of Directors

Cmde. Naresh Kumar, IN (Retd)

57th Annual Report

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER

For and on the behalf of the

Hindustan Shipyard Limitedi

4. Leakages in the Compressed air distribution

Power and Fuel Consumption Current Year Previous Year

57th Annual Report

B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATIONS

Hindustan Shipyard Limitedi

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

Sl.No. Observation Reply

For and'ioh behalf of the Board of Directors

Cmde. NARESH KUMAR

57th Annual Report

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

Hindustan Shipyard Limitedi

(C.V. Ramana Rao)

57th Annual Report

Hindustan Shipyard Limitedi

Place: Visakhapatnam (C.V. Ramana Rao)

15-8-2008 - 62nd Independence Day