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HINDUSTAN SHIPYARD LIMITED
PAPERS TO BE LAID ON THE TABLE OF LOK SABHA/RAJYA SABHA
AUTHENTICATED
RAKSHA RAJYA MANTRI
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Board of Directors . . . . 01
Chairmans Address . . . . 02
Notice . . . . 05
Directors Report . . . . 07
Corporate Governance Report . . . . 18
Management Discussion & Analysis Report . . . . 28
Auditors Report . . . . 39
Comments of the C & AG of India . . . . 44
Balance Sheet . . . . 46
Profit & Loss Accounts . . . . 47
Notes to the Accounts . . . . 48
Notes forming part of Accounts . . . . 58
Cash Flow Statement . . . . 71
Social Overheads . . . . 72
Last 10 years at a glance . . . . 74
Ships built . . . . 76
Contents
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OUR VISION
To be a National Leader in
Ship & Submarine building and Repairs
OUR MISSION
To imbibe the latest in
Ship / Submarine building andrepair technology and serve
the defence, maritime and
oil sectors through all round
excellence in quality, delivery
and durability
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BOARD OF DIRECTORS(As on date of AGM)
RAdm N K MishraNM, IN (Retd.)
Chairman & Managing Director
Shri Ashok KK MeenaIAS
VAdm A V SubhedarAVSM, VSM
Shri Skand R TayalIFS (Retd.)
Independent Director
Shri Samirendra ChatterjeeIAS (Retd.)
Independent Director
Cmde KS SubramanianNM, IN (Retd.)
Director (Shipbuilding)
Cmde Ashok BhalVSM, IN (Retd.)
Director (Strategic Projects)
BANKERS
Indian Bank
State Bank of India
UCO Bank
Syndicate Bank
Andhra Bank Canara Bank
Shri V R S Naga Sarma
Chief Financial Officer &General Manager (Finance)
Registered Office :
Gandhigram Post Office,Gandhigram, Visakhapatnam - 530005
PERMANENT SPECIAL INVITEES
VAdm K R NairAVSM, VSM
Chief of Materiel, Indian Navy
VAdm A G ThapliyalAVSM & Bar
DG, Indian Coast Guard
Shri Rajnish KumarAddl. FA & JS (RK), MOD
RAdm Anil Kumar SaxenaNM
DGND, Indian Navy
Dr V Bhujanga RaoDS, CCR & D, DRDO
Shri Inaitula BaigCompany Secretary
Corporate Identity Number (CIN)U74899AP1952GOI076711
STATUTORY AUDITORS
M/s B V Rao & Co.Chartered Accountants, Visakhapatnam
COST AUDITORS
CMA U Prakash
Cost Accountant, Visakhapatnam
INTERNAL AUDITORS
M/s Ambica & IshaChartered Accountants, Visakhapatnam
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CHAIRMANS STATEMENT IN 62ndAGM
Dear Shareholders,
1. I have the great pleasure in welcoming you to this 62ndAnnual
General Meeting of your company and share some of significant
achievements during the year under review. The Directors Report, &
Audited Financial Statements have already been circulated to you,
with your permission, I take them as read.
2. Before I move to performance of our company, I would like to
highlight the some of the issues of Global Shipbuilding vis-a-vis Indian
Shipbuilding Industry.
World Shipbuilding Industry
3. Global Shipbuilding Industry continues to be dominated by China, Korea and Japan. In the interim, othercountries such as Vietnam, Brazil and Philippines and Turkey have made impressive inroads. The global recession,
that severely hit the Industry in beginning 2009, is now showing signs of improvement. By end of 2014, it is hoped
that the Industry will recover and this heralds good fortunes for HSL.
Shipbuilding Industry in India
4. India has an extensive coastline of more than 7,515 km and has a pool of trained man-power that best suits
shipbuilding Industry. However, Indian shipbuilding industry has not been able to capitalize its strengths and remains
far behind in the international stage.
5. As per an analysis conducted by ASSOCHAM, Indian Shipbuilding & Ship Repair Industry is likely to witness
opportunities worth Rs 25,000 Cr in coming years as over 41% of Indian ships have crossed 20 years of operations.
India has a total of 1,122 ships in its fleet and 41 per cent of this fall in the age group of 20 years and more.Considering that the average life of a shipping vessel is about 26 years, most of the existing vessels need to be
replaced. An average cost of constructing a large vessel is about $100 million. Therefore, the size of this opportunity
would be $3.3 billion.
6. Commercial ship construction at Indian shipyards is dwindling and all private shipyards are now looking for
share in the Defense Shipbuilding which is commercially very attractive. There is also a trend to encourage
participation of private yards in defence shipbuilding. This will throw major challenges to HSL in the coming years.
7. Now I move ahead to the major highlights of your Company and its performance during the period under
review.
Major Highlights
8. The Major highlights of the year 2013-14 are as under
(a) Despite severe financial crisis, the yard has delivered five vessels during the year under review.
(b) Some of the noteworthy achievements are as follows
(i) Delivery of Second of 05 nos Inshore Patrol Vessels for Indian Coast Guard.
(ii) Delivery of M V Good Day, fourth of 05 nos (53000 DWT) Bulk Carriers to M/s GML, Chennai
(iii) Launching & Delivery of 03 nos. 50 Ton Bollard Pull Tugs to Indian Navy
(iv) Repair of 20 Vessels of different types for Indian Navy, DCI, ONGC and VPT etc..
(v) The refit of INS Sindhukirti and Project VC 11184 has been put back on track.
Chairman's Statement
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Performance
9. The total income of the company during the year is Rs 519.07 Cr as compared to Rs 562.50 Cr of last year.
Your company has recorded a loss of Rs 46.21 Cr during the said financial year. The losses in the Financial Year
2013-14 are mainly attributable to lean Order Book, reduction in turnover, increase in Pay & Benefits and provisiontowards liquidated damages. Consequently, the accumulated losses are increased to Rs 1117.37 Cr as on 31 Mar
2014.
10. As reported last year, your companys financial position continues to be poor and a cause of concern. It has
not been possible to obtain loans from Banks due to the yards poor financial parameters. Notwithstanding above,
the yard has put all efforts to continue production from its internal accruals and funds drawn from RRMI. In order to
ease out the situation, the company has drawn Rs 110 Cr (approx) from the Refurbishment & Replacement of
Machineries & Infrastructure (RRMI) funds for completion of IPVs, Tugs and Sindukirthi submarine etc. The same
would be replenished from the receivables of the said projects. This has been done with the approval of the Board.
Present State of the Yard
11. Our yard is equipped with huge docks, large slipways and adequate carnage. We have a water front of 1000 Mwith alongside depth of 10 M all year round. These facilities are conducive to build large ocean going vessels and far
outweigh facilities at other DPSU yards. Keeping this in mind, and that the yard is co-located with large Naval
Establishments, the yard was brought under administrative control of Ministry of Defence in 2010 to undertake
construction of strategic vessels. Pending said transfer, the yard was directed not to take any orders of commercial
ships, presumably to keep the assets at HSL ready for building strategic vessels.
12. Things have changed since the transfer to MoD. Construction of strategic assets has been shelved. The yard is
languishing with orders of only 12 small tugs. Although, some big projects have been nominated, these are with
riders which make them economically unattractive and even these have been inordinately delayed. In the interim,
Defence Procurement Policy has been amended which promotes competition with private shipyards. Accordingly,
HSL is being denied orders on nomination and made to compete with economically sound private yards. In contrast,
other DPSU yards continue to enjoy orders on nomination.
13. It is a myth that HSL is inefficient. This has created such negativity that HSL was not even given RFP for ASW
Crafts and also not nominated for Fleet Support Ships. However, despite serious financial constraints the present
management have been able to put EKM refit and P-11184 back on track. All naval refits during last three years
have been completed on time and few of them which were required for operational commitments have been
delivered before time. In the last FY, the yard delivered 05 new ships, largest amongst all yards(including DPSU
yards) in the country. As regards performance, the net loss of the yard in last three years have been diminishing
year on year (2011-12 Rs 86 Cr, 2012-13 Rs 55 Cr & Rs 2013-14 Rs 46 Cr)
14. With your permission, now I would like to move ahead with some other aspects of the company.
Grading vide Memorandum of Understanding
15. The Performance of the company for the year, based on self appraisal is Good in terms of the MoU signed
with the Ministry of Defence.
Corporate Governance
16. Your Company constantly endeavors to adopt and maintain highest standards of ethics in all spheres of its
business activities. The company firmly believes that its business role is based on adherence to fundamental principles
of Corporate Governance like honesty, integrity, accountability, adequate disclosures, legal & statutory compliances,
and to protect, promote and safeguard interests of all stakeholders. It also strives to carry out its business obligations
with good corporate values duly discharging its duties for maximum level of transparency in decision making to
avoid conflicts of interests. It also accords due importance to adherence to the adopted corporate values and
objectives and discharging social responsibilities as a responsible corporate citizen. A detailed report on CorporateGovernance forms part of the Directors Report.
Chairman's Statement
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Financial Restructuring
17. As reported in our earlier reports, the Govt. of India has already sanctioned two Financial Restructuring
Packages to the yard. One in 1997 and another in 2011. Both the Financial Restructuring packages failed to turn
around the yard as both packages did not address the issue of Negative Net worth, Working Capital and Order BookImprovement. The restructuring packages have addressed only to clear of the legacy liabilities and did not fetch any
financial support towards working capital.
18. This issue has been brought to the notice of Ministry of Defence and in order to turn around the yard, a Fresh
Financial Restructuring proposal to turn net-worth positive and provide working capital has been forwarded to the
Ministry. Presently, the proposal of the yard is under consideration at Ministry.
Future Outlook
19. Our strategic location, well laid out facilities, expertise and experience of our personnel and a conducive
market are indicative of a bright future for the yard. However, the current financial constraints need to be tackled
to remain alive. High value orders such as LPDs and SOVs are on the horizon and thus will increase our Order book
from Rs. 1500 Cr now to at least Rs.12,000 Cr in next two years. The aging workforce would retire in next 2-3 years
and will open avenues for induction of new workforce. We have already inducted around 60 Management Trainees
in last two years and they would be trained to tackle the new orders. Overall the future is bright but the present
dark clouds of financial constraints needs immediate attention.
Human Resource Development
20. Attrition of Permanent workforce is an emerging concern of the yard. In order to tide over the issue and
considering the financial position of the yard, inductions in critical areas are being done through direct recruitment.
Recently, the yard has recruited 31 Management Trainees besides lateral induction.
21. Your company continues to impart training to the new entrants and existing employees as well to increase
the productivity. Your company believes that Human Resource of the company is a valuable asset and put its bestefforts to nurture it through proper training & motivation.
Acknowledgements
22. I would like to conclude by thanking Central and State government authorities, the Ministry of Defence, the
Naval and coast guard authorities, the Dredging Corporation of India Limited, Shipping Corporation of India Limited,
The Oil & Natural Gas Corporation Limited , M/s Good Earth Maritime Limited and the Shareholders for the trust
they have reposed on us. I would like to place on record our thanks to the Comptroller & Auditor General of India,
the Principal Director of Commercial Audit and Ex-Officio Member, the Statutory Auditors, Internal Auditors for the
valuable suggestions and co-operation. I also acknowledge with gratitude the continual assistance and guidance
received from Indian Navy and Coast Guard. Last but not the least I appreciate the vital role and hard work put in by
all employees of the company to achieve its Goal and Board of Directors who have supported the company tosustain in the tough times.
Jai Hind.
Visakhapatnam (N K Mishra)
23 Sep 2014 Rear Admiral , IN (Retd.)
Chairman & Managing Director
Chairman's Statement
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Notes :
1. A member entitled to attend and vote at the Annual General Meeting (the Meeting) is entitled to appoint
a Proxy to attend and vote instead of himself and a proxy need not be a member of the Company. The
instrument appointing proxy should, however, be deposited at the Registered Office of the Company not lessthan 48 hours before the commencement of the meeting.
2. A Statement pursuant to Section 102 (1) of the Companies Act 2013, relating to the special Business to be
transacted at the Meeting is annexed hereto.
3. Relevant documents referred to in the accompanying Notice and the Statement are open for inspection by
the Members at the Registered Office of the Company on all working days, during business hours up to the
date of the meeting.
4. The comments of the comptroller and Auditor General of India under section 619(4) of the Companies Act,
1956 on the Accounts of the Company have not been received so far. These are expected to be received
shortly and will be placed before the Meeting.To
All the Shareholders,
Directors & Chairman of the Audit Committee.
Permanent Special Invitees
Statutory Auditors,
STATEMENT PURSUANT TO SECTION 102 (1) OF
THE COMPANIES ACT, 2013 (the Act)
Item No. (c)
The Board has approved the appointment of CMA Prakash Uppalapati, Practicing Cost & Management Accountant as
Cost Auditor to conduct the audit of the cost records of the Company for the financial year ending 31 Mar 15 at an
audit fee of Rs.50,000/- plus taxes.
In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, the remuneration payable to the Cost Auditors has to be ratified by the shareholders of the Company.
Accordingly, consent of the Members is sought for passing an Ordinary Resolution as set out at item No. (c) of the
Notice for ratification of the remuneration payable to the Cost Auditors for the financial year ending 31 Mar 2015.
None of the Directors / Key Managerial Personnel of the Company / their relatives are, in any way concerned or interested,
financially or otherwise, in the resolution set out at Item No.(c) of the Notice.
The Board recommends the Ordinary Resolution set out at Item No. (c) of the Notice for approval by the shareholders.
By Order of the Board
Hindustan Shipyard Limited
(InaitulaBaig)
Company Secretary
Date: 11 Jul 2014
Place: New Delhi
Notice
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DIRECTORS REPORT FOR THE YEAR 2013-14
The Shareholders,
Hindustan Shipyard Limited
Gentlemen,
1. Your Directors are pleased to present the 62ndAnnual Report on the working of the Company for the financial
year 2013-14. The audited Profit & Loss account for the financial year 2013-14, Balance Sheet, as on 31 Mar 14,
together with report of the auditors of the Company and comments of Comptroller & Auditor General of India on
the Auditors report under Section 619 (4) of the Companies Act, 1956 are appended to this report.
Capital Structure
2. As on 31 Mar 14, the authorised share capital and paid up equity share capital of the Company are at Rs
304.00 Cr and Rs 301.99 Cr respectively.
Performance Highlights
2. Financial Parameters. During the year 2013-14, your Company has recorded a loss of Rs 46.21 Cr. The statedloss is due to reduction in Ship Repair turnover. With this, the accumulated losses as on 31 Mar 14 has increased to
Rs 1117.37 Cr as compared to Rs 1071.16 Cr reported last year. The negative net worth of the Company has increased
from Rs 769.17 Cr to Rs 815. 38 Cr
3. Value of Production.During the financial Year 2013-14, your Company achieved a value of production of
Rs 453.39Cr.
4. MOU Rating. The performance of the Company during the year 2013-14 is expected to be rated as Good in
accordance with the MOU parameters signed with the Government.
Division-Wise Performance
Shipbuilding5. The Shipbuilding Division of your Company has achieved a Value of Production of Rs. 239.14 Cr for 2013-14 as
against Rs.194.66 Cr in the previous year. The yard has set a target turnover of Rs 375 Cr for the current Financial
Year 2014-15
6. Delivery. During the Financial year 2013-14, the yard has delivered 05 Vessels which include one bulk carrier,
one IPV and three 50 T BP Tugs. This is the largest delivery amongst all private and DPSU yards in the country. This
is a record for the yard and considered a significant achievement as this has been achieved despite severe financial
crunch.
Directors Report
DHIRAJ, SAHAS & HIMMAT, 3 No 50 T BP Tugs delivered to Indian Navy
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Directors Report
7. The following are the major events during the year 2013-14 :
Sl Events Date Description Owner
(a) Floating / 02 Aug 13 Dhiraj, Second of 03 Nos. 50 T Bollard Pull Tug Indian Navy
Launching 02 Aug 13 Sahas, Third of 03 Nos. 50 T Bollard Pull Tug Indian Navy
13 Jan 14 Himat, First of 03 Nos. 50 T Bollard Pull Tug Indian Navy
(b) Delivery 08 May 13 ICGS Rani Avantibai, second of 05 Nos. Inshore ICGPatrol Vessel
29 Jul 13 MV Good Day, fourth of 05 nos. (53000 DWT) M/s GMLBulk Carriers
24 Dec 13 Dhiraj, Second of 03 Nos. 50 T Bollard Pull Tug Indian Navy24 Dec 13 Sahas, Third of 03 Nos. 50 T Bollard Pull Tug Indian Navy
31 Mar 14 Himmat, First of 03 Nos. 50 T Bollard Pull Tug Indian Navy
8 Order Book Position. The present order book of the yard comprise 24 Vessels, which are under various
stages of construction. As on 31 Mar 14, the value of Shipbuilding orders is worth Rs 1558.91 Cr. The details of the
order book are as under:
Sl Yard Nos Type of the Vessel Owner No of Balance
Vessels Contract
Value(In Rs Cr)
(a) 11140 53,000 DWT Diamond series GML, Chennai 1 36.88Bulk Carriers
(b) 11156 58 Inshore Patrol Vessels Indian Coast Guard 3 12.15
(c) 11165 72 Inshore Patrol Vessels Indian Coast Guard 8 551.12
(d) 11173 74 50 T Bollard pull Tugs Kandla Port Trust 2 54.37
(e) 11175 77 25 T Bollard Pull Tugs Indian Navy 3 110.24
(f) 11178 83 10T Bollard Pull Tugs Indian Navy 6 122.13
(g) 11184 VC 11184 Indian Navy 1 672.02
Total 24 1558.91
Visit of VAdm B.K. Verma, AVSM, COS, ENC on 31stJanuary 2014ICGS Rani Avantibai, second of 05 Nos. Inshore Patrol Vessel
delivered to Indian Coast Guard
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Directors Report
9. Production/ Physical Performance. Shipbuilding production in DWT and capacity utilisation achieved during
the year 2013-14 as compared to previous year are as under:
(a) The Installed capacity of the yard is 3.5 Pioneer Class vessels, each of 21500 DWT. Hence, the annual
capacity of the yard works out to 75,250 DWT.
(b) As against this, the yard has achieved a capacity utilisation of 38,694 DWT which is 51.42 % of installed
capacity. The capacity utilisation for the last year was 49,458 DWT which translates to 65.73% capacity
utilisation. The reduction of the capacities utilisation is primarily attributed to Low Order Book and poor
financial health to support procurements of materials and payment to service providers.
(c) The man-hours consumed for each DWT in the current year is recorded as 44.68 manhrs against 46
man-hours recorded last year.
Ship Repairs
10. During the year, Ship Repair Division has undertaken repairs of 20 vessels of different types for Indian Navy,
DCI, SCI, ONGC & VPT etc. The Value of Production of Ship Repair Division during the year is Rs 68.70 Cr as againstRs 152.98 Cr recorded last year. The decrease is due to overall recession in the maritime sector resulting in reduction
in high value Ship Repair orders. The yard has set a target turnover of Rs 150 Cr for the current Financial
Year 2014-15.
Submarine Repairs
11. During the year 2013-14, the Value of Production in respect of submarine repairs was Rs 145.56 Cr as against
Rs 134.79 Cr of the last year. The target Value of Production for Financial Year 2014-15 is Rs 125 Cr. The initial value
of the Contract was Rs 629.01 Cr, subsequently the Cost has been revised to Rs 990.52 Cr to cater for requirements
of additional material, documentation, infrastructure, Growth of Work, Taxes, Exchange Rate Variation and renewal
of main line cables. The Contractual DP of the project expired on 28 Feb 2014. Statement of Case for extension of
DP upto 31 Mar 2015 and additional sanction of Rs 80 Cr has been submitted to Indian Navy on 07 Feb 2014. The
hull repairs of the submarine have been completed and installation of Engineering, Electrical & Weapon equipment
and piping systems are in progress. The cumulative completion of work as on 31 Mar 14 is 85%.
Description In Rs. Cr
Ship Building Ship Repairs Retrofit Unallocated Total
VoP 239.13 68.70 145.56 0.00 453.39
Other Income 11.21 48.40 2.21 3.85 65.67
Total Income 250.34 117.10 147.77 3.85 519.06
Expenditure 246.24 21.20 87.42 0.00 354.86
Profit/(Loss) before Depreciation,
Interest and Income Tax (PBDIT) (87.56) 73.86 30.33 (46.06) (29.43)
Depreciation 5.59 0.40 1.54 0.00 7.53
Interest & Finance Charges 2.70 5.80 0.02 0.73 9.25
Net Profit / (Loss) (95.85) 67.66 28.77 (46.79) (46.21)
Operating Results
12. The summarised financial results of the Company for the year 2013-14 are as under: -
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Directors Report
Contribution to National Exchequer
13. The contribution of your Company by way of Income tax, service tax, customs duty, excise duty and VAT to
the national exchequer is Rs 26.49 Cr during the year 2013-14.
Future Outlook
14. Backed by a blend of expertise and experience of serving the domestic shipping needs, HSL is now poised to
take up the challenges of the global market in a big way. With a major thrust towards diversification, the technological
capabilities of the yard are channeled to cater to the growing needs of Defence sector. HSL, under administrative
control of MoD, has already been earmarked to undertake construction of various war vessels including IPVs, LPDs
and submarines. Collaboration with specialists in the relevant field is on the anvil. Technology up-gradation is planned
in the critical areas. The Ministry has also pledged to place high value orders. Despite competition from new yards
that are coming up, the future of the yard is bright and with Defence orders, the yard can reach new heights.
Modernisation
15. The present infrastructure of yard is outdated and almost outlived its life. Accordingly, there is an urgent need
to refurbish and also renew plant and machinery to meet the future challenges. The management has planned to
modernise the yard in two phases as under :
(a) Phase-I. Rs 457.36 Cr has been sanctioned by Govt. of India for Refurbishment & Replacement of Machinery
& Infrastructure (RRMI) under LPD Project. The amount was received on 23 Dec 11. As on date orders worth
Rs 41.43 Cr have been placed, out of which procurement/ work for an amount of Rs 13.07 Cr is completed.
Items Procured and works completed are Fire Tender, Fabrication of Building Dock Gate, Casting and repairs
of RCC keel blocks and installation of CCTV surveillance system etc. Tenders valued Rs 127.79 Cr is under
progress which includes Level luffing cranes at DDSR and new Panel Blasting & Painting Bay.
(b) Phase-II. The second phase of modernisation involves augmentation of infrastructure to enable constructionof sophisticated warships and strategic vessels for Indian Navy and Coast Guard. This would be funded through
Projects such as SOVs and P 75(I).
Design
16. During the year 2013-14, the design department has undertaken the following activities:
(a) Basic designs for 10 T Bollard Pull Tugs
(b) Detailed design of 50 T Bollard Pull Tugs for Kandla Port Trust and 25 T Bollard Pull Tugs for Indian Navy
have been completed successfully.
(c) During the period under review design capabilities of the yard have been augmented substantially tomeet the growing demand of Defence Ship buildings. The new softwares procured are as under.
(i) 40 Nos Aveva Marine CAD/CAM licenses.
(ii) Existing 25 Nos standalone AUTOCAD licenses increased to 35 nos networked AUTOCAD 2014
licences.
(d) Requisite training has also been imparted.
(e) Installation of Access Control System in DDO
(f) Design ToT contract for 08 IPVs Project for Indian Coast Guard has been signed with M/s Garden Reach
Shipbuilders and Engineers Limited.
(g) The Design office is now engaged with Validation of drawings submitted by M/s Vik Sandwik, Chennaifor project VC 11184.
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Quality Assurance
17. During 23-24 Dec 13, Surveillance Audit for ISO 9001:2008 Quality Management System was undertaken by
IRQS, Mumbai and the ISO certificate validity was extended upto Sep 2014. In order to improve the quality
consciousness, an in-house lead auditor training course was conducted by IRQS, Mumbai during 13-17 May 14.
18. The Department of Defence Production, MoD had
declared Financial Year 2013-14 as Year of Quality. In
this regard following activities were conducted during the
year 2013-14.
(a) 03 Seminars with involvement of local PSUs
and 14 workshops on various topics by
eminent personalities from IRS, DNV, ABS etc.
(b) Quality meetings with Indian Navy & Indian
Coast Guard(c) 07 Competitions on Quality Awareness
(d) Display of banners at important locations.
(e) Distribution of handouts of ISO 9001:2008
quality policy of organisation
(f) Institution of awards for best workshops and work centres
19. The Concluding session of Year of Quality 2013-14 was conducted on 30 Apr 2014. The Chief Guest of the
event was Shri C Sri Rama Murthy, Chief Operating Officer from IRS, Mumbai. The function was well attended and
prizes were distributed to winners of competitions conducted during 2013-14.
Safety
20. The management is committed to an accident free and safe working environment. During the year, Plant
Safety inspections were undertaken by safety personnel. Unsafe practices have been identified and remedial measures
have been indicated. During the period under review, regular Central Safety Committee meetings involving members,
co-opted members, other invitees, committee members and office bearers were conducted. Safety banners, posters,
caution boards are displayed in order to create safety awareness among employees.
21. Safety training programmes were organised for workmen and supervisors and employees of contract workers.
22. 43rd National Safety Day was observed on 04 Mar
14. The Chairman & Managing Director administered the
safety pledge to all personnel of the yard. Safety
competitions were conducted during the Safety Week and
Prizes were distributed to winners. Employees of the yard
were deputed to participate in safety competitions
conducted by the Andhra Pradesh Chapter of National
Safety Council, Hyderabad and Shri S K Durga Prasad did
HSL proud bagging First prize in Telugu Essay Writing and
Telugu Poem contest.
National Safety Day on 4th
March 2014
Presentation on Quality by Sri Amith Bhatnagar,
Principal Surveyor, IRS on the eve of Year of Quality 2013-14
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Directors Report
23. Fire Service Week was observed during 14 - 20 Apr 13 to create fire safety awareness. Lecture-cum-
Demonstration was organised by Fire Service Department. The function was well attended by all personnel of the
yard.
Information Technology
24. Following IT initiatives were undertaken during the year.
(a) Employee self-service applications have been developed in-house and available on HSL intranet portal
to provide information on Individual Provident Fund Balance, Nominee details etc.
(b) The Servers have been upgraded to improve the performance of ERP application and the storage space
of intra-mail communications have been enhanced.
(c) Unified Storage Solution has been implemented to provide secured, encrypted central enterprise storage
space for data sharing requirements of LAN users across the yard.
Environmental Aspects
25. Your Company continues to be environment friendly
and has fulfilled all the statutory requirements of central
and state pollution control boards. The Company is
committed to meet all the stipulated standards to maintain
and protect the environment.
Industrial Relations
26. During the year 2013-14, the Industrial Relation of
the Company remained peaceful and harmonious.
Welfare Activities
27. Your Companys concern for the welfare of the employees continues to be paramount and during the year
various welfare measures were implemented. Hindustan Shipyard Recreation (HSR) club assisted by the Company
to undertake various recreation activities for the employees. The Company has renovated and refurbished Crche
facility provided for the Children of Lady employees. HSR Club organised 67 th Independence Day and 65thRepublic
Day celebrations on 15 Aug 2013 and 26 Jan 2014 respectively at Colony Parade Ground. Cultural Programes werealso organised by the HSR Club on these occasions.
Plantation of Sapling by Sri Ashok K.K. Meena, JS (NS), MOD
Fire Week Celebrations on 14 20 April 2014
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Directors Report
Training
28. A large number of ITI Apprentices were trained on designated trades. During the year 2013-14, 229 Trade
Apprentices have successfully completed their training and were awarded National Apprenticeship Certificates by
Govt of India, Ministry of Labour and Employment, NCVT, RDAT, Hyderabad. Presently 212 Trade Apprentices are
undergoing apprenticeship training under the Apprentices Act.
29. Training was also imparted to Graduate Engineers and Diploma Holders. 20 Engineering Graduates, 04
Technician (Diploma) Apprentices were trained under the Apprentices Act and awarded Certificate of Proficiencies
by Govt. of India, Ministry of Human Resource Development, Board of Apprenticeship Training (SR), Chennai.
30. The yard also provided on job training and extended facilities for project work to 1114 students of various
Engineering Colleges, Management Institutions and marine Institutions.
Gender Budgeting
31. In pursuance of the directives 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. There are presently 92 women employees in the yard.
Medical Benefits
32. Your Company runs two dispensaries. The dispensary in the yard works from 07 AM to 10 PM and the other
at residential colony works round the clock to cater for the needs of employees and their dependents. Two ambulancesare available at yard dispensary round the clock. Outpatient medical facilities are extended through a panel of
doctors. Medical facilities are being extended to the employees through referral hospitals and full medical expenses
are being borne by the company in case of hospitalisation due to accidents that occur while on duty. Under referral
system, there are five hospitals which are used for in-patient treatment. The Company bears medical expenses
which are directly paid to the concerned hospitals. Majority of employees and their dependents are covered under
the Medical Reimbursement Scheme for hospitalisation. During the year, an amount of Rs 4.72 Cr was expended
towards medical treatment of employees and their dependents. For crane operators and drivers, annual Eye Check
up by Ophthalmologist from Government Hospital, were arranged. Medical checkups to all Staff and Workmen of
the Company who have crossed more than 50 years of age are taken up under occupational health service. All
retired employees both self and spouse are issued Medical cards to get concessional rates in clinical /lab charges,
without any additional financial burden for the yard.
Celebration of Independence Day
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Reservation of Posts for SCs/STs
33. Your Company has complied with all Govt. directives
with regard to reservation of posts for SC/ST.
Representation of SC/ST employees in various categoriesof posts, recruitments made & numbers filled by members
of SCs/STs during the calendar year 2013 and
representation of Ex-Servicemen & Women employees are
placed at annexure 3, 4 & 5 respectively.
Reservation for Physically Handicapped
34. Reservation for physically handicapped in all groups
viz A, B, C and D posts are being complied as per the
directives of Govt. of India. Present percentage of
physically handicapped employees is 3.01% as against
required 3%.
Official Language Implementation
35. Official Language Implementation Committee
meetings and Hindi Workshops were held regularly. Under
Hindi Teaching Scheme, training classes for Hindi Learning
& Typing were conducted for the employees. During the
year, 80 employees participated in Hindi workshops. To
ensure, compliance of Official language policy of Govt. of
India and to encourage use of Hindi, an inter-departmental
monthly incentive scheme is being followed. The Annual
Report, MOU and other documents of the company arebeing issued bilingually. To encourage the employees to
read Hindi books, a separate Hindi Library has been set
up. Presently the library has 350 books.
36. Hindi Fortnight was observed during 01-14 Sep 2013. On this occasion, various competitions were organised
and cash awards were presented to winners.
Implementation of Right to Information Act, 2005
37. As per directives of the Govt of India, the RTI Act 2005 is being complied, for which required infrastructure
has been put in place. An RTI portal in the website of the Company is being maintained. Periodical reports on the
progress of implementation of the Act are being submitted to statutory authorities/ Government.38. All necessary information as per the provisions of RTI Act 2005 are being furnished to information seekers
regularly. During the year 2013-14, your Company received 103 applications (directly and through MoD) and all of
them have been replied.
Corporate Social Responsibility
39. The yard continues to show its commitment towards CSR even though it is not required to allocate dedicated
funds towards CSR being a loss making organization. As a part of it, the Board of Directors has constituted a Board
level sub-Committee on CSR and Sustainability and formulated a CSR & Sustainability Policy and Plan for the year
2013-14. The Chairman of the Committee is Shri Samirendra Chatterjee, IAS (Retd.), Non-official Part time Director.
40. A Senior Management Committee on CSR & Sustainability has also been constituted to monitor theimplementation of the CSR Plan for the year 2013-14. The Senior Management Committee is chaired by an officer
Hindi Day Celebrations
123rdBirth Anniversary Celebrations of Dr. B.R. Ambedkar
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in General Manger Cadre with HODs/ Senior Officers from concerned Departments of the yard as its members. The
Committee overseen and implemented the CSR Plan for the year 2013-14.
41. The company has identified some of the need based CSR initiatives for the betterment of the local people and
society with minimum financial commitment. Towards this, an amount of Rs 1,05,000/- was spent during the year2013-14. The following activities have been undertaken for the betterment of all stakeholders, local people and the
society at large as a part of CSR initiative of the Company:
CSR Activities
(a) World Ozone Day on 16 Sep 2013. A rally was conducted to create public awareness of the dangers of
Ozone depletion and the need to reduce use of CFCs, Carbon emissions etc by over two hundred school and
college students and staff from the educational institutions functioning in HSL township, Members of HSL
Rover Scouts and Scout band.
(b) International Coastal Cleanup Day on 21 Sep 13. 150 (Approx) enthusiastic school and college students
and Staff from educational institutions functioning in the HSL township in Gandhigram, members of the
Rovers Scouts, members of CSR Senior Management Committee of the Company participated to clean up thesea shore along Varun Beach.
(c) Mega Medical Camps. On 20 Oct 13 & 30 Mar 14 two Mega Medical camps were organised for the
betterment of the weaker sections of society. Renowned Doctors of various specializations rendered their
valuable support for the cause and free medicines were distributed to needy patients. Around 1000 people of
weaker section benefitted from the camp.
(d) World Environment Protection Day. On 26
Nov 13, World Environment Protection Day was
observed. Essay writing, quiz, slogan and debate
competitions were conducted and prizes were
distributed to winners. A street play titled VrikshoRakshati Rakshitaha was also staged at Main Gate,
which drew huge crouds and appreciated by one
and all. In addition members of school children,
teachers and Rover Scouts took out a rally to stress
upon the importance of environment protection.
(e) Blood Donation Camp.On 30 Nov 13, a Blood
Donation camp was organised in association with
Lions Club of Visakhapatnam. A record number of
254 employees of HSL donated blood. Senior Officers and members of the CSR Committee, Doctors and
Paramedical Staff including representatives of the Unions/Associations participated in the event.
(f) National Energy Conservation Day.On 14 Dec 2013, as a part of Energy Conservation day, the yard
organised a short play titled Meere Aalochinchandi in residential colony to create awareness among colony
residents regarding energy conservation.
(g) National Road Safety Week (11-17 Jan 14). On 17 Jan 2014, as a part of National Road Safety Week,
the yard organised Sticking of Black Sticker on the head light of vehicles to dissuade driving with high beam
at Scindhia Junction. Around 1500 vehicles (two wheelers/ four wheelers) were stickered by employees of
HSL and H.S. Rover Scouts with the help of local police.
(h) Arrive Alive campaign for Road Safety. 400 (Approx) students along with Lecturers & Teachers of
Hindustan Shipyard Junior College, HS Degree College, Gandhigram Vidya Nililayam and other educational
institutions participated in a rally on Traffic Safety Awareness organised by the yard.
Playlet on World Environment Protection Day on 26thNovember 2013
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(i) Environment Protection. Saplings were planted in the yard by Chairman of CSR & Sustainability
Committee, Directors and many Senior Officers towards environment protection.
(j) Free Internship Training to Students. Free internship training was imparted to 52 students of
various colleges and educational institutions under CSR activity during the year 2013-14. Also, twophysically handicapped students were exempted from payment of fee towards Project and research
work at HSL under CSR initiatives during the year 2013-14.
(k) Augmentation of Libraries of Colleges run by
Gandhigram Education Society. HSL has taken
necessary steps to augment the libraries of the
colleges run by Gandhigram Education Society to
provide quality education to the students of
economically backward and weaker sections of the
society. Shri Samirendra Chatterjee, Chairman of theCSR Committee handed over books worth
Rs.30, 000/- to the Principals of Junior and Degree
Colleges in the Colony.
Sustainability: Your Company has organised Training
Programs/ Workshops/ Seminars for Executives, Staff &
Workmen, Year of Quality and taken Energy Saving
Measures as part of its sustainability activities.
42. Apart from the above, the company also bears the expenditures towards electricity and water charges of the
six educational institutions functioning under Gandhigram Education Society (GES). The expenditure on this account
was Rs 71089/- during the year 2013-14.Corporate Governance Report
43. A report on Corporate Governance & compliance certificate is placed at Annexure-1.
Management Discussion and Analysis
44. A report on Management Discussion and Analysis is placed at Annexure-2.
Activities of Vigilance Department
45. Vigilance department in HSL is functioning under the guidance of Central Vigilance Commission and constant
vigil on various activities of HSL is being looked after by the department. Preventive Vigilance was the focus during
the period under review. The main thrust has been given to transparency in procurement through acceleration of e-procurement and vendor development. Vigilance Awareness Week was observed from 28 Oct 13 to 02 Nov 13 to
emphasise the importance of enhanced probity and spread awareness against Corruption. As a part of Vigilance
Awareness Week, vigilance oath was administered and banners were displayed to create awareness. On 30 Oct
2013, a seminar was conducted on Promoting Good Governance-positive contribution of vigilance. Workshops
on the subject Disciplinary proceedings & Tendering Procedures were organised on 29 May 13, 20 Jun 13, 31 Jul
13 and 27 Sep 13 respectively through eminent speakers. During the year, rotation of employees in sensitive posts
has been done based on departmental exigencies, feasibility and work requirement.
Conservation of Energy
46. Information required under the Companies (Amendment) Act 1988 pertaining to Conservation of Energy,
Technology absorption and Foreign earnings and outgo is placed at Annexure-6.
Shri Samirendra Chatterjee, Chairman of the CSR Committee
handed over books to the Principals of Junior and Degree Colleges
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Particulars of Employees
47. During the year 2013-14, no employee of HSL drew remuneration in excess of Rs 60 Lakhs per annum, (ie Rs
5 Lakhs per month). Hence, the information required under Section 217(2A) of the Companies Act 1956, read with
the Companies (Particular of Employees) Amendment Rules 2011, be treated as NIL.
Statutory Auditors
48. M/s B V Rao & Co., Visakhapatnam had been appointed as Statutory Auditors of the Company for the financial
year 2013-14 by the Comptroller & Auditor General of India. The fees payable to Statutory Auditors for the year
2013-14 was Rs 1,60,000/- exclusive of Service tax and other pocket expenses.
The reply of the management to the observations of C&AG is placed at Annexure 7.
Directors Responsibility Statement
49. Pursuant to the requirement under section 217(2AA) of the Companies Act 1956 with respect to the Directors
Responsibility Statement, following is hereby confirmed:-
(a) That in preparation of the annual accounts, the applicable accounting standards had been followedalong with proper explanation relating to material departures.
(b) That the Directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company as on 31 Mar 14 and the loss of the Company for the financial year ended 31 Mar 14.
(c) That the Directors had taken proper & sufficient care for maintenance of adequate accounting records
in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
(d) That the Directors had prepared the annual accounts on a going concern basis.
Acknowledgements
50. The Board of Directors acknowledge with gratitude, the valuable guidance & support received from theDepartment of Defence Production, Ministry of Defence and Department of Public Enterprise. Your Directors are
particularly thankful to the valued customers i.e. Indian Navy and Coast Guard, Dredging Corporation of India, Oil &
Natural Gas Corporation Limited, Visakhapatnam Port Trust, Kandla Port Trust, Shipping Corporation of India etc.
Your Directors also express their gratitude to Controller of Defence Accounts (Navy), Government of Andhra Pradesh,
Departments of Customs, Income Tax, Excise, Service Tax & Sales Tax for their kind support. The Directors also
acknowledge their gratitude to the clients and all Classification Societies, who have ensured quality and adhered to
the standards. Your Directors also place on record their appreciation for the assistance extended by the Companys
bankers Indian Bank and valuable advice rendered and co-operation extended by the Statutory Auditors i.e.,
M/s B V Rao & Co., Internal Auditors i.e., M/s. Ambika-Isha & Co. and the Officers & Staff of the Offices of the
Principal Director of Commercial Audit & Ex-Officio Member Audit Board, Bangalore and their Headquarters. Your
Directors also wish to place on record its deep appreciation for the valuable contribution of the employees at
various levels for their hard work, dedication and commitment and look forward to their continued involvement
and spirited team effort towards achieving the future goals.
FOR AND ON BEHALF OF
THE BOARD OF DIRECTORS
(NK Mishra)
New Delhi Rear Admiral IN (Retd.)11 July 2014 Chairman & Managing Director
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Annexure 1
REPORT ON CORPORATE GOVERNANCE
As per the Guidelines issued by the Department of Public Enterprises, Government of India, a Reporton compliance of the provisions on Corporate Governance is enumerated in succeeding paragraphs.
2. Philosophy on Corporate Governance: Hindustan Shipyard Limited constantly endeavours to adopt and
maintain highest standards of ethics in all spheres of its business activities. The company firmly believes that its
business role is based on adherence to fundamental principles of Corporate Governance like honesty, integrity,
accountability, adequate disclosures, legal & statutory compliances, and to protect, promote and safeguard interests
of all stakeholders. It also strives to carryout its business obligations with good corporate values duly discharging its
duties for maximum level of transparency in decision making to avoid conflicts of interests. It also accords due
importance to adherence the adopted corporate values and objectives and discharging social responsibilities as a
responsible corporate citizen.
Board of Directors
3. Composition of the Board:The Board of Directors during the Financial Year 13-14 comprised 09 Members
viz. 04 Whole time Directors (Including the Chairman and Managing Director), 02 Part time Government Directors
and 03 Part time Non Officials Directors (Independent Directors).
4. The details of the members of the Board during the Financial Year ended on 31 Mar 14 are as under:
Corporate Governance
Name of the Directors Period Category of Directorship No. of Other
Directorship
RAdm N K Mishra, NM 01 Apr 13 to Chairman &Managing Director Nil31 Mar 14
Shri Rakesh Mahajan, 01 Apr 13 to Whole time Director Nil
10 Oct 13
Cmde K S Subramanian 01 Apr 13 to Whole time Director Nil
31 Mar 14
Cmde K L N Prasad 01 Apr 13 to Whole time Director Nil
31 Mar 14
Cmde Ashok Bhal, VSM 01 Apr 13 to Whole time Director Nil
31 Mar 14
VAdm K R Nair, AVSM,VSM 01 Apr 13 to Part-time Govt. Director 1
31 Mar 14
Shri Ashok K K Meena, IAS 01 Apr 13 to Part-time Govt. Director 2
31 Mar 14
Dr Devi Singh 01 Apr 13 to Part-time Non official Director 5
31 Mar 14 (Independent)
Shri Skand R Tayal, IFS 01 Apr 13 to Part-time Non official Director 1
31 Mar 14 (Independent)
Shri Samirendra Chatterjee, IAS 05 Apr 13 to Part-time Non official Director 0
31 Mar 14 (Independent)
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5. As on date of this report, Vice Admiral AV Subedhar, AVSM, VSM has been appointed as Non official Part time
Director w.e.f 18 Jun 2014 in the place of Vice Admiral K R Nair, AVSM, VSM vide Govt. of India letter 2(12)/2007-
D(SY) dated 23 Jun 2014.
Profiles of new Director
6. Vice Admiral A V Subhedar, AVSM, VSM.Vice Admiral AV Subhedar has commissioned in Indian Navy in
August 1977. He is a post graduate in Marine Engineering from Pune University. During his career, spanning over
Three and half decades, Admiral held important assignments, both Afloat and Ashore. He has served on five frontline
warships including a Tenure as Fleet Engineer Officer, Western Fleet in 1998. His important ashore appointments
include Director Naval Training and Ship Production at Naval Headquarters, Director Machinery Trials and Acceptance
Authority (Mumbai), Warship Production Superintendent (Mumbai), General Manager (Refit) Naval Dockyard
Visakhapatnam, Chief Staff Officer(Technical), Eastern Naval Command, Visakhapatnam and Admiral Superintendent,
Naval Dockyard, Mumbai. As Director General Naval Projects, Mumbai, he was responsible for planning and execution
of major technical and marine infrastructure for the Navy on West Coast. For his Meritorious service of exceptionally
high order in Indian Navy, he has been awarded as V ishisht Seva Medal in 2009 and Ati Vishisht Seva Medal in 2011
by the President of India.
7. The Board of Directors of HSL as on the date of this report is as under:
Name of the Directors Category of Directorship No. of Other
Directorship
R Adm Nikunj Kishore Mishra, NM, IN (Retd) Chairman & Managing Director Nil
Cmde K.S Subramanian, NM, IN, (Retd) Whole time Director Nil
Cmde Ashok Bhal, VSM, IN (Retd) Whole time Director Nil
V Adm A V Subhedar, AVSM, VSM, IN Part-time Govt. Director 1
Shri Ashok K K Meena, IAS Part-time Govt. Director 2
Shri Skand R Tayal, IFS (Retd) Part-time Non official Director 1
(Independent)
Shri Samirendra Chatterjee, IAS (Retd) Part-time Non official Director Nil
(Independent)
8. During the year and upto the date of this report the following Directors has left the board due to
superannuation / completion of tenures of their appointment:
(a) Vice Admiral K R Nair, AVSM, VSM has completed his tenure as Part time Official Director on 18 Jun2014. Vice Admiral A V Subhedar, AVSM, VSM has been appointed as Part time official Director in lieu.
(b) Shri Rakesh Mahajan, Director (Finance & Commercial) has relinquished his office of Director (Finance
& Commercial) on 10 Oct 2013 on acceptance of his resignation by the Competent Authority at Ministry
of Defence.
(c) Dr Devi Singh, has completed his tenure as Part time official Director on 17 May 2014.
(d) Cmde (Retd.) K L N Prasad, Director (Corporate Planning & Personnel) expired on 20 Jun 2014. Thus the
post of Director (Corporate Planning & Personnel) has fallen vacant.
9. The Board of Directors wishes to place on record the appreciation of the services rendered by the outgoingDirectors. The Board also deeply regret on the sad and sudden demise of Cmde (Retd.) K L N Prasad.
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Corporate Governance
10. Dr Devi Singh has completed his tenure on 17 May 2014 and thus one post of Independent Director post has
fallen vacant since 18 May 2014. Therefore, as on the date of the report, there is one vacancy of Independent
Director needs to be filled by the Govt. of India.
11. Permanent Special Invitees on the Board :During the Year, the following Permanent Special Invitees continuedon the Board:
(a) Shri Rajnish Kumar, Addl FA & JS (RK), MOD
(b) Rear Admiral Anil Kumar Saxena, NM
(c) Dr V Bhujanga Rao, DS, CCR&D, (NS& IC), DRDO
12. In addition, during the Financial year 2013-14 and upto the date of this report, the Govt. of India appointed
the following Permanent Special Invitees on the Board:
(a) Vice Admiral Anurag G Thapliyal, AVSM & Bar, Director General, Indian Coast Guard
(b) Vice Admiral K R Nair, AVSM, VSM, Chief of Materiel, Indian Navy
13. Board Meetings.The Board meets at regular intervals during which the company affairs are discussed and
decisions are taken. During the financial year ended 31 Mar 2014, Seven Board Meetings were held on 17 May
2013, 27 Jun 2013, 23 Jul 2013, 12 Sep 2013, 30 Sep 2013, 02 Dec 2013 and 26 Feb 2014.
14. Directors Attendance.Details of Directors attendance at the Board Meetings and Annual General Meeting
are given below.
Name of the Directors No. of Meetings
Held during the Attended Attendancetenure of Directors at last AGM
Radm N K Mishra, NM (Retd) 7 7 Yes
Shri Rakesh Mahajan 5 5 Yes
Cmde K S Subramanian, NM (Retd) 7 6 Yes
Cmde K L N Prasad (Retd) 7 6 Yes
Cmde Ashok Bhal, VSM, (Retd) 7 7 Yes
Shri Ashok K K Meena, IAS 7 6 -
VAdm K R Nair, AVSM, VSM 7 5 -
Dr Devi Singh 7 6 Yes
Shri Skand R Tayal, IFS 7 5 -
Shri Samirendra Chatterjee 7 6 -
15. Board Procedure. Board Meetings are held at least once in every quarter, and more often if considered
necessary, focusing on business requirements. Every Board meeting is convened through proper and appropriate
advance notice to the Board Members after obtaining approval from Chairman & Managing Director. Detailed
agenda, management reports, other relevant documents are generally circulated well in advance to the members
of the Board in order to have meaningful, informed and focused decisions at the meeting. To address specific urgent
needs, Board meetings are also called at short notice and sometimes considering business exigencies, Resolutionsare also passed through circulation which is confirmed by the Board members in its very next meeting.
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16. In general, agenda papers are prepared by the concerned officials, concurred by the Functional Directors and
put up for approval of Chairman & Managing Director. Duly approved Board notes and agenda papers are circulated
among the Board members by the Company Secretary.
17. The Board and its members have complete access to all informations of the company. The Board is also freeto recommend inclusion of any matter in agenda for discussion. If necessary, senior management is also called to
provide additional inputs to the items being discussed by the Board / committee.
18. Audit Committee. The Audit Committee of the Board comprises three members viz. Two Part time non
official Directors and One Part time Official Director. The Audit Committee is being chaired by a Non official part
time Director. The following were the Audit Committee Members during the Financial Year 2013-14.
(a) Dr. Devi Singh Chairman
(Part Time Non official director)
(b) Shri Skand R Tayal Member
(Part Time Non official director)
(c) Shri Ashok K K Meena, IAS Member
(Part Time Official director)
19. The terms of reference of the audit committee are as specified in Sec 292A of the Companies Act, 1956 and
the guidelines issued by the Department of Public Enterprises. The primary function of the committee is to assist
the Board of Directors to fulfill its responsibilities through review of financial reports, internal control systems for
finance, accounting and legal compliance by the management and Board.
20. The Audit Committee reviews Internal Audit Reports, meets Statutory Auditors and Internal Auditors and
discusses their findings, suggestions and other related matters and reviews the half yearly and annual financialstatements before their submissions to the Board.
21. The Chairman of the Committee apprises the Board regarding observations of the Audit Committee during
the Board meeting. The minutes of the Audit Committee meetings are placed before the Board.
22. During the financial year 2013-14, four meetings of the Audit Committee were held on 23 Jul 2013, 12 Sep
2013, 02 Dec 2013, and 26 Feb 2014.
23. The attendance of the members of the Audit Committee during the financial year 2013-14 is given below
Name of the member No of meeting
Held during the tenure AttendedDr Devi Singh 4 4
Shri Skand R Tayal, IFS (Retd.) 4 4
Shri Ashok K K Meena, IAS 4 4
24. Procurement Sub Committee:In order to obviate procedural delays in connection with procurement of high
value equipment, a Sub-committee of the Board with vested financial power was constituted in the 366 thBoard
meeting held on 21 Feb 2012 with the following Members
(a) RAdm N K Mishra , NM (Retd) Chairman
Chairman & Managing Director
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Corporate Governance
(b) Dr Devi Singh Member
Part time Non official Director
(c) Shri Rakesh Mahajan Member
Director (Finance & Commercial)
(d) Concerned Functional Director Member
25. In view of the resignation of Director (Finance & Commercial), the Procurement Sub Committee was
reconstituted in 380thMeeting of the Board of Directors held on 26 Feb 2013 with the following members
(a) Rear Admiral N K Mishra, NM (Retd.) Chairman
Chairman & Managing Director
(b) Shri Samirendra Chatterjee Member
Part time non official Director
(c) Concerned Functional Director Member
26. The terms of reference of the committee include powers to approve proposals for procurement of order for
required assets/capital expenditure items, materials, equipment, tools, stores & spares, imports, approvals of works,
sub-contracts, and facility hire valued above Rs 5 Cr and up to the value of Rs 20 Cr in each case for sanctioned
projects except nomination cases. However, the financial powers of Procurement Sub Committee to approve the
proposals were revised for procurement of materials and equipments value above Rs 25 Cr upto Rs 50 Cr for the
Project VC 11184 only.
27. During the Financial year 2013-14, one meeting of the Procurement Sub-Committee was held on 30 Sep 13
where all members were present.
28. Project Review Sub Committee.In order to review
important Govt. Sanctioned Projects and executed by the
Company, a Project Review Sub Committee (PRSC) of the
Board of Director was constituted in the 372ndMeeting of
Board of Director held on 14 Feb 13. The PRSC comprise
following Directors as members:
(a) Shri Skand R Tayal, IFS (Retd.) Chairman
Part time Non official Director
(b) Shri Rakesh Mahajan MemberDirector (Finance & Commercial)
(c) Concerned Functional Director Member
29. The terms of reference of the Committee are as follows:
(a) Detailed Review of technical and financial progress achieved with reference to the milestones fixed
and scope and specifications prescribed.
(b) Review adherence to contractual provisions and approved procurement policy of the company in
important cases of procurement.
(c) To identify deficiencies in the extant procedures and to make suggestions for improvement.
Visit of Ambassador (Retd) Skand R. Tayal, Independent Director
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30. In view of the resignation of Director (Finance & Commercial), the Project Review Sub Committee was
reconstituted in 380thMeeting of the Board of Directors with the following members
(a) Shri Skand R Tayal, IFS (Retd.) Chairman
Part time Non official Director
(b) Cmde K S Subramanian, NM (Retd.) Member
Director (Shipbuilding)
(c) Cmde K L N Prasad, (Retd.) Member
Director (Corporate Planning & Personnel)
(d) Cmde Ashok Bhal, VSM (Retd.) Member
Director (Strategic Project)
31. During the Financial year 2013-14, three meetings of the Project Review Sub-Committee were held on 10 Apr
2013, 23 Jul 2013 and 26 Feb 2014.
32. The attendance of the members of the Project Review Sub-Committee during the financial year 2013-14 is
given below:
Name of the member No of meeting
Held during the tenure Attended
Shri Skand R Tayal, IFS (Retd.) 3 3
Shri Rakesh Mahajan 2 2
Cmde K S Subramanian, NM (Retd.) 3 3
Cmde K L N Prasad, (Retd.) 3 2
Cmde Ashok Bhal, VSM (Retd) 3 3
33. Human Resource Committee.In order to address HR related issues that require the attention of the Board,
the Board in its 379thMeeting 02 Dec 2013 constituted the Human Resource Committee. The HR Committee comprise
following Directors as members:
(a) Shri Samirendra Chatterjee Chairman
Part time Non official Director
(b) Cmde K S Subramanian, NM Member
Director (Shipbuilding)
(c) Cmde K L N Prasad Member
Director (Corporate Planning & Personnel)34. The terms of reference of the Committee are as follows:
(a) To review and recommend the proposals towards revision in payment of allowances/benefits to the
employees.
(b) To examine the proposals related to other HR related issues like promotion policy of the company,
welfare measures for employees, IR issues etc. and give its recommendations.
(c) To review and monitor the execution of HR Plan in alignment with companys objective and future
business expansions and recommend the same to the Board for approval
35. During the Financial year 2013-14, one meeting of the HR Committee was held on 25 Jan 2014 where all
members were present.
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41. Remuneration of Whole-time Directors.The remuneration of Whole Time directors is fixed by the Government
as the Company is a Government Company within the meaning of Sec 2 (45) of Companies Act, 2013.
42. Remuneration to Part Time Directors.Part time Official Directors are not eligible for sitting fees attended by
them. The part time Non-Official (Independent) Directors are paid sitting fees as per the provisions of the Companies
Act, 2013 for each meeting of the Board /Committees (s) of the Board and reimbursed actual expenditure to attend
the meeting of the Board/Board Committee (s).
43. Code of Business Conduct and Ethics.As per guidelines issued by Department of Public Enterprises, the
company has formulated Code of Business Conduct and Ethics for Board Members and Senior Management for
better corporate governance and fair/ transparent practices. A copy of the same has been circulated to all concerned
and also available on the website of the Company. The Board members and senior management personnel, to
whom the said code is applicable, have affirmed compliance of the same for the year ended 31 Mar 14.
44. General Meetings.The details of the last three Annual General Meetings and Extra Ordinary General Meetings
of the company are given below:
Year Date Time Location
2010-11 16.09.2011 11.00 A.M Shipyard House, New Delhi
2011-12 21.09.2012 11.00 A.M HSL Board Room, Visakhapatnam
2012-13 30.09.2013 10.00 A.M HSL Board Room, Visakhapatnam
Extraordinary
General Meeting 27.05.2014 11.00 A.M HSL Board Room, Visakhapatnam
45. Whistle Blower Policy.The Company has its Whistle
Blower Policy and the same has been displayed on the
Website of the Company.
46. Risk Management Policy.The company has framed
a Risk Management Policy and the same has been
approved by the Board. As on the date, the policy is under
implementation.
47. Disclosures.During the year 2013 -14, the company
has not entered into any transactions with any Directors
that may have potential conflict with the interest of the
company at large. The members of the Board, apart from
receiving Directors remuneration (wherever applicable),
do not have any material or pecuniary relationship or transaction with the company which in judgment of the Board
may affect independence of judgment of the directors.
48. During the last three years, there has been no instance of non-compliance by the company on any matter
related to Companies Act, 1956 or any Industrial Laws.
Corporate Governance
62ndAnnual General Meeting on 23 Sep 2014
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30/8826 Hindustan Shipyard Limited
Corporate Governance
49. The guidelines issued by the Department of Public Enterprises, Govt of India have been complied with.
50. The company has not incurred any expenditure which is not for the purpose of Business of the Company, nor
has the Company incurred any expenditure which is person in nature for the Board of Directors and top management.
x
DECLARATION
As provided under the guidelines on Corporate Governance for CPSEs 2010 issued by the Department of Public
Enterprise, Government of India, it is hereby declared that all Board members and Senior Management personnel
have affirmed compliance with the code of conduct for Directors and Senior Management personnel of Hindustan
Shipyard Limited for the year ended 31 Mar 2014.
For Hindustan Shipyard Limited
Place: New Delhi (N K Mishra)
Date: 11 Jul 2014 Rear Admiral, IN (Retd.)
Chairman & Managing Director
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Corporate Governance
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32/8828 Hindustan Shipyard Limited
Annexure 2
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Structure and Developments1. The Indian shipbuilding industry consists of public and private sector yards. India has around 32 shipbuilding
yards operating in public & private sectors. in recent years, the industry has witnessed entry of new shipbuilders
from the private sector. With liberalisation policy of the Government and promulgation of Defence Procurement
Policy-2013 (DPP 2013), these shipbuilders have become serious competitors to Defence Public Sector yards.
2. With opening of Defence market to Private Sector, your Company is facing stiff competition. To meet this
competition, an intensive modernisation programme has been planned. On successful completion of the said
modernisation programme, your Company will be able to meet the future challenges and remain competitive. The
major customers of your Company, ie Indian Navy & Coast Guard, have announced ambitious expansion plans and
your Company is putting its best efforts to secure lucrative orders from these customers. This would help the yard
to turn around & become profit making.
SWOT Analysis
3. In the changing environment, your Company has identified following strengths, weaknesses, opportunities
and threats:-
(a) Strengths
Largest Shipyard on East Coast of India.
Only Shipyad on East Coast with submarine repair capability
Large covered building dock for un-interrupted work.
Strategically located with water depth of about 10 meters
Capable to build all kinds of vessels up to 80,000 DWT
850m of wharfage with more than adequate cranage
Large Dry dock and wet basin with exclusive workshops for ship repairs
Cranage to handle blocks/ loads upto 300 tons
Three low bed transporters up to 200 tons capacity
(b) Weaknesses
Aging work force with low productivity
Old plant and machinery with frequent breakdowns
Acute cash/ working capital constraints
Difficulty to retain good contractors & vendors view irregular payments
Weak supply chain management
Lack of high value orders
High overheads due to increased wages
Low teeth to tail ratio
(c) Opportunities
Increased requirements of ships to meet coastal security/ Defence needs
Large scope for repairs due to increased maritime/ offshore fleet & platforms
National need to Create second line Submarine Construction
Navys requirement for Strategic Vessels to meet Defence needs.
Need for large special ships to collect Intelligence information Medium Repair/ Mid Life update of Submarines
Management Discussion & Analysis
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Management Discussion & Analysis
(d) Threats
Loss of expertise due superannuation.
Poaching by sister PSUs & upcoming yards
Loss of business due new yards on East Coast Uneven playing field compared to Private Yards
Volitile Exchange Rate Variation
Unfavourable judgements for legal cases
Nonpayment of statutory dues to employees leading to legal tangles and IR climate.
Changing International Maritime Laws
Infrastructure Modernisation
4. As reported last year, the Refurbishment & Replacement of Machineries and Infrastructure is under progress
with financial support from Govt. of India under LPD Project. In this regard Rs 457.36 Cr has been sanctioned by
Govt. of India for the said purpose. The present status of activities pertaining to RRMI activities till date is as follows:-
(a) As on date orders worth Rs 41.43 Cr have been placed, out of which procurement/ work for an amount
of Rs 13.07 Cr is completed. Items Procured and works completed includes Fire Tender, Fabrication of Building
Dock Gate, Casting and repairs of RCC keel blocks and installation of CCTV surveillance system etc.
(b) Tenders valued Rs 127.79 Cr is under progress which includes Level luffing cranes at DDSR and new
Panel Blasting & Painting Bay
Segment-wise or Product-wise Performance
5. Your Company has three major revenue segments i.e. Shipbuilding, Ship Repairs & Submarine Retrofit. The
Value of Production during the Financial Year 2013-14 from these segments was Rs.453.40 Crs.
6. Segment wise performance during the FY 2013-14 were as under:-
(a) Shipbuilding. Your Company has delivered 05 Vessels which include one 53,000 DWT Bulk carrier ofM/s GML, Chennai, one IPV and three 50 T BP Tugs. This is the largest delivery amongst all private and DPSU
yards during the year 2013-14. The Shipbuilding Division of your Company has recorded a VOP of Rs 239.14
Cr during the said period.
(b) Ship Repairs. Your Company has undertaken Repairs of 20 Vessels of Indian Navy, DCI, SCI, ONGC and
VPT etc. Ship Repair segment of your Company has always been considered as profitable and is being given
utmost thrust as it carries higher margin comparative to shipbuilding segment. It is unfortunate that Indian
Navy has delayed committed refits of two vessels due to operational reasons. Thus the repair dock could not
be used to its desired potential and also the turnover of repair division was adversely afftected. The Ship
Repair Division recorded a VOP of Rs 68.70 Cr during the year 2013-14.
(c) Retrofit.Submarine Retrofit Division of your Company concentrates on refit of Submarines. Presently
INS Sindhukirti, an EKM Class Submarine is under Medium Refit-cum-Upgradation. The VOP of this Division
during the Financial Year 2013-14 was Rs 145.56 Cr. This is a presitigeous refit and has been inordinately
delayed to various reasons. However, during the year 2013-14, the refit has made noticeable progress and
the project has been put back on track.
Future Outlook
7. Our strategic location, expertise experience of our personnel and a conducive market are indicative of a
bright future for the yard. However, the current financial constraints need to be tackled to remain alive. High value
orders such as LPDs and SOVs are on the horizon and thus will increase our Order book from Rs. 1500 Cr now to at
least Rs.12,000 Cr in next two years. The aging workforce would retire in next 2-3 years and will open avenues for
induction of new workforce. We have already inducted around 60 Management Trainees and they would be trained
to tackle the new orders. Overall the future is bright but the present dark clouds of financial constraints needsimmediate attention.
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34/8830 Hindustan Shipyard Limited
Management Discussion & Analysis
Risks & Concerns
8. Presently the major concern of the Company is shortage of funds and low order book. The ongoing projects
were all taken in distress and all these are loss making. Due to inadequate Working Capital, ongoing projects are
being adversely affected as the yard unable to make timely payments to contractors, service providers and suppliers.Other areas of concerns include negative networth, aged workforce, high attrition of permanent workforce due
superannuation, old and aged plant & machineries etc. This in all lead to slippage of contract schedules, increase in
the cost and imposition of Liquidated Damages. Due to new procurement policies of the Government for defence
equipment, the company is at risk of loosing business to private players.
9. Acute shortage of funds (working capital) is affecting the yard adversely. Due to irregular payments, reliable
suppliers and contractors are slowly losing their interest. The salaries and wages of the employees are barely met by
drawing the funds from other projects leading to delay in projects. Further, though the present order book comprises
24 vessels of various categories. 22 of them are small which are not suited to a yard designed for large ships. The
present order book is Rs 1559 Cr which is far below break even orderbook of Rs 5,000 Cr. Further, the Ship Repair
business of the Company which has always been profitable, has been drastically reduced due to down turn in the
maritime sector. Even the Ship Repair orders placed on nomination by Indian Navy has been delayed by almost ayear which had adverse effect on the Ship Repair business.
10. Another area of concern is that the high value orders i.e. LPDs, SOV and Project 75 (I) which have been
nominate have been delayed. Hence, these orders will not be of any immediate help.
Financial Restructuring
11. As reported in our earlier reports, the Govt. of India has already sanctioned two Financial Restructuring
Package to the yard. One in 1997 and another in 2011. Both the Financial Restructuirng packages failed to turn
around the yard as both packages did not address the issue of Negetive Networth, Working Capital and Order Book
Imporvement. The restructuring packages have addressed only to clear of the legacy liabilities and did not fetch any
financial support towards working capital. As a result, the ongoing projects have been delayed leading to impositionof LD and also low turnover. Year on year the yard has been recoding losses and presently the financial health is
precarious and the yard is unable to pay statutory dues like salaries, wages, PF, Gratuity etc. Employees of the yard
have even filed cases before Regional Labour Commissioner to release their terminal benefit at the earliest which
has now become a cause of concern. The situation has been temporaily brought under control through a temporay
loan of Rs 46 Cr, from funds allocated for repair of infrasrucrure, to pay gratuity liabilities.Further, with the above
temporary measure, the yard has been able to progress the ongoing projects.
12. These issues have been brought to the notice of Ministry of Defence and in order to turn around the yard, a
Fresh Financial Restructuring proposal has been forwarded to the Ministry. Presently, the proposal of the yard is
under consideration at Ministry.
Internal Control System and their Adequacy
13. Your Company has a robust system of Internal Controls to achieve effective and efficient operations, reliability
of financial reports and compliance to applicable laws and regulations. The system comprises clear defined
organisatonal structure, pre-identified authority levels and procedures issued by the management covering all vital
and important areas of activities. viz. Purchase, Material Control, Works, Finance & Accounts, Personnel etc.
14. For the year 2013-14, your Company has outsourced internal audit to M/s Ambica & Isha, Chartered
Accountants, Visakhapatnam which is a Chartered Accoutant firm of repute.
15. The Internal Control Systems are reviewed regularly by the Audit Committee. The adequacy of Internal Control
procedures is also reviewed by the Statutory Auditors in their Audit Report. Your Company, being owned by
Government, is subject to Government Audit also.
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Management Discussion & Analysis
Financial Performance of the Company
16. The Financial performance of your Company during the year as compared to the last year are as under.
In Rs Cr
Details As on 31 Mar 14 As on 31 Mar 13
Total Income 519.06 562.50
Profit / (Loss) Before Depreciation, Interest & Tax (29.43) (29.52)
Profit / (Loss) Before Tax (46.21) (55.17)
Profit / (Loss) after Tax (46.21) (55.17)
Cumulative Profits / (Losses) (1117.37) (1071.26)
17. The reasons for losses in the Financial Year 2013-14 have been analysed and points to operational performance
of the Company. The reduction in total income, increase in pay and allowances and provision for LD have all
contributed to losses shown in the profit and loss statements. Consequently, the contribution has also reduced andinadequate to meet the fixed expenses of the yard.
18. The present order book comprise 24 vessels of Rs 1569 Cr against a breakeven orderbook of Rs 5,000 Cr,
Accordingly, the compny has posted losses.
Development in Human Resource
19. The company places paramount importance on its human resourse. Regular training and skill improvement
programmes have been undertaken to ensure that the employees are full trained to handle state of art technology.
Awareness training on occupational health safety, environment & fire fighting were also conducted during the year.
20. There has been no induction at lower levels and accordingly the middle management is almost non existent.
This has been addressed and 34 Management Trainees and other Senior Officers in the ranks of DGM/AGM/GMhave been inducted during the year.
21. During the Year, 229 Trade Apprentices have been successfully trained at our Apprentice Training School.
These personnel have been awarded National Apprenticeship Certificates iisued by Govt. of India, Ministry of Labour
and Employment, NCVT, RDAT, Hyderabad.
Industrial Relations
22. The industrial relations were cordial and harmonious during the year 2013-14.
Environment Aspects
23. Your Company continues to be environment friendly and has fulfilled all the statutory requirements of central
and state pollution control boards. The Company is committed to meet all the stipulated standards for maintaining
and protecting the environment.
Corporate Social Responsibility
24. Being Loss making, it is not mandatory to allocate dedicated funds towards CSR. However your yard remains
committed to CSR. As a part of it, the Board of Directors has constituted a Board level sub-Committee to oversee
and guide CSR activities. A CSR & Sustainability Policy and Plan for the year 2013-14 has been evolved. In addition,
a Senior Management Committee on CSR & Sustainability has also been constituted to monitor the implementation
of the CSR Plan for the year 2013-14.
25. The company has identified some of the need based CSR initiatives for the betterment of the local people and
society with limited financial commitment. Towards this, an amount of Rs 1,05,000/- was spent during the year
2013-14. The activities undertaken during the year 2013-14 has been detailed in the Diectors Report.
****
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Annexure - 3
A
nnexure-3
POSITIONREGARDING
REPRESENTATIONOFSCHEDULEDCASTEANDSCHEDULEDTRIBEINVARIOUS
CA
TEGORIESOFPOSTSASO
N1stJ
AN2013AND1STJA
N,2014
ClassificationofPost/Services
Ason1st January2013
Ason1stJ
anuary2014
Total
Sche
duled
Scheduled
Total
Scheduled
Scheduled
Strength
Ca
stes
Tribes
St
rength
Castes
Tribes
PERMANENT:
GROUPA
126
31
13
113
28
13
GROUPB
256
51
28
234
47
24
GROUPC
1498
2
07
59
1234
176
60
GROUPD(ExcludingSafaiwala)
263
48
9
238
42
8
GROUPDSafaiwala
57
57
-
51
51
-
TEMPORARY:
GROUPA
-
-
-
-
-
-
GROUPB
-
-
-
-
-
-
GROUPC
-
-
-
-
-
-
GROUPD(ExcludingSafaiwala)
-
-
-
-
-
-
GROUPDSafaiwala
-
-
-
-
-
-
GROUPD(underApprenticesAct,1961)
147
31
11
83
28
6
FIXEDTERM
CONTRACT:
GROUPA
-
-
-
-
-
-
GROUPB
33
5
1
31
4
1
GROUPC
29
5
2
25
5
2
GROUPD(IncludingSafaiwala)
644
1
48
28
676
157
26
GROUPD(Safaiwala)
12
5
-
10
4
-
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37/8833Annual Report 2013-14
Annexure - 4
A
nnexure-4
PARTICULARSOFRECRU
ITMENTMADEDURINGTHECALENDARYEAR2013ANDTHENUMBERFILLED
BY
MEMBERSOFSCs/STs
ClassificationofPosts/Se
rvices
Total
ScheduledCastes
Sche
duledTribes
Reasonf
or
Numberof
shortfalland
Postsfilled
Posts
Posts
Posts
Posts
stepstak
en
duringthe
Reserved
Filled
Reserve
d
Filled
toimpro
ve
year
thePosition
PERMANENT:
GROUPA
3
-
-
-
-
-
GROUPB
18
2
3
1
1
-
GROUPC
-
-
-
-
-
-
GROUPD(ExcludingSafaiwala)
2
-
1
-
-
-
GROUPDSafaiwala
-
-
-
-
-
-
GROUPD(underApprenticesAct,1961)
268
43
55
18
16
Candidatesnot
available
FIXEDTERM
CONTRACT:
GROUPA
-
-