Annual Report FY 2010-11 - Pipavav Shipyard

Pipavav Defence and Offshore
Engineering Company Limited
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15. Auditors
The Notes on Accounts read with the Auditors’ Report are self-explanatory and therefore, do not call for any further
explanations under Section 217(3) of the Act.
M/s. Chaturvedi & Shah, Chartered Accountants, Statutory Auditors of the Company, are retiring at the conclusion of the
ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. Certificate from the Auditors has
been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1B)
of the Act. Your Board recommends their re-appointment.
The Auditors has submitted the Peer Review certificate dated January 6, 2010 issued to them by the Institute of Chartered
Accountants of India (ICAI).
16. Directors’ Responsibility Statement
Pursuant to Section 217(2AA) of the Act, your Directors hereby confirm that:
a) in the preparation of annual accounts, the applicable accounting standards have been followed alongwith proper
explanation relative to material departures;
b) the Directors have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as
at March 31, 2011 and of profit of the Company for that year;
c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities; and
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17. Consolidated Financial Statements
Consolidated Financial Statements pursuant to Clause 41 of the Listing Agreement entered into with the Stock Exchanges
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and are attached for your reference.
18. Demat Suspense Account
Pursuant to Clause 5A of the Listing Agreement entered into with the Stock Exchanges, the details of shares in the demat
suspense account are as follows:
Particulars No. of
Shareholders
No. of Shares
Opening Balance as at April 1, 2010 44 9,076
Request received for transfer of shares from Suspense Account 27 4,828
Shares transferred to Claimants’ Demat Accounts during the year 27 4,828
Closing Balance as at March 31, 2011 17 4,248
The voting rights in respect of the shares lying in Demat Suspense Account shall remain frozen till the rightful owners claim
the shares.
Further, there are no shares issued in physical mode which remain unclaimed.
19. Acknowledgements
Your Directors take this opportunity to place on record their sincere appreciation for the assistance and co-operation
received from the various Departments of Government of India, Government of Gujarat, Financial Institutions, Commercial
Banks, employees, vendors and other stakeholders and all others whose continued support has enabled the Company to
achieve its goals. Your Directors appreciate and value the contributions made by each & every employee of the Company.
Your Directors are also thankful to its investors for reposing faith in the Company.
On behalf of the Board of Directors
Place : Mumbai Nikhil Gandhi
Date : May 28, 2011 Chairman
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