Annual Report FY 2010-11 - Pipavav Shipyard

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Pipavav Defence and Offshore Engineering Company Limited �� 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 � �� 17. Consolidated Financial Statements Consolidated Financial Statements pursuant to Clause 41 of the Listing Agreement entered into with the Stock Exchanges �� 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 �� 26
Annual Report 2010-11 �� Annexure “A” to the Directors’ Report Information as per Section 217(1)(e) read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors’ Report for the year ended March 31, 2011. A. CONSERVATION OF ENERGY (a) & (b) Energy Conservation/ reduction of consumption of energy measures taken: � � � �� continuous compressed air. � � � �� c) Impact of the measures at (a) and (b) above for the reduction of energy consumption and consequent impact on the cost of production of goods: The energy conservation measures taken have resulted in savings in cost of production and power consumption. d) Total energy consumption and energy consumption per unit of production as per Form ‘A’: � � �� viz. shipbuilding, is not included in the Schedule thereto. B. TECHNOLOGY ABSORPTION Information with respect to technology absorption is furnished below in prescribed Form B. Research and Development (R&D) The main business of the Company during the year under review is shipbuilding and it is not engaged in any major Research and Development activity. The Company has made continuous efforts to implement and adopt modern shipbuilding techniques which has resulted in higher productivity. The Company also carried out comprehensive analysis of bulk carrier hull structure to reduce consumption of steel. Technology Absorption, Adaptation and Innovation a) Efforts in brief, made towards technology absorption, adaptation and innovation. � � �� power source. � � �� Casting, Alloys etc. � � �� Welding Station (OSWS) 3-Electrode SAW process for wide thickness range of steel plates. �� 27
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Pipavav Defence and Offshore Engine
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I. Registration Details Place :- Mu
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Particulars Pipavav Defence and Off
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SAFE HARBOUR In this Report, we hav
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Annual Report FY 2010-11 - Pipavav Shipyard

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