Annual Report FY 2010-11 - Pipavav Shipyard

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Pipavav Defence and Offshore Engineering Company Limited Schedules forming part of the Profit and Loss Account Particulars For the year ended Rs in Lacs For the year ended Schedule - 18 PAYMENTS TO AND PROVISIONS FOR EMPLOYEES (Including Managerial Remuneration) March 31, 2011 March 31, 2010 Salaries, Wages and Allowances 2,322.70 1,950.93 Contribution to PF and Other Fund 241.31 92.39 Welfare and Other Amenities 175.92 119.53 Total Schedule - 19 ADMINISTRATIVE, SELLING AND OTHER EXPENSES ADMINISTRATIVE EXPENSES 2,739.93 2,162.85 Rent 432.09 287.81 Rates and Taxes 0.85 1.16 Electricity Expenses 53.33 49.02 Insurance Premium 20.98 27.65 Printing and Stationery 58.92 33.43 Communication Expenses 91.71 62.78 Travelling, Conveyance and Vehicle Hire Charges 1,006.61 690.69 Repairs and Maintenance - Building 156.86 33.88 Repairs and Maintenance - Others 140.10 77.50 Legal and Professional Charges 2,144.02 1,944.24 Directors Sitting Fees 3.90 4.30 Payment to Auditors 56.60 40.95 Miscellaneous Expenses SELLING EXPENSES 601.52 236.44 Advertising / Publicity Expenses 524.39 341.00 Brokerage and Commission 5.37 4.21 Business Promotion Expenses OTHER EXPENSES 234.00 218.89 Provision for estimated cost over contract revenue (2,931.79) 3,293.38 Loss on Sale of Fixed Assets (Net) 4.13 4.78 Donations 0.81 33.48 Wealth Tax 2.45 2.50 Total Schedule - 20 INTEREST AND FINANCIAL CHARGES Interest 2,606.85 7,388.09 - On Debentures 1,079.64 - - On Fixed Loans 8,199.27 4,003.67 - On Others 27.74 674.07 Loan Processing and Other Financial charges 2,593.98 2,622.18 Total 11,900.63 7,299.92 �� 62
Annual Report 2010-11 Schedules forming part of the Balance Sheet & the Profit and Loss Account SCHEDULE 21 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS: The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956. 2. USE OF ESTIMATES: The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised. 3. FIXED ASSETS: i. Fixed Assets are stated at cost net of cenvat / value added tax less accumulated depreciation and impairment loss, if any. All costs, including financing costs till commencement of commercial production attributable to the fixed assets are capitalised. ii. Expenses incurred relating to project, net of income earned during project development stage prior to commencement of commercial operation, are considered as project development expenditure and disclosed under Capital Work-in- Progress. 4. INTANGIBLE ASSETS: Intangible Assets are stated at cost of acquisition less accumulated amortization. Software, which is not an integral part of the related hardware, is classified as an intangible asset and is amortized over the useful life of five years. Amortization is done on straight line basis. 5. DEPRECIATION: Depreciation on Fixed Assets is provided on the Straight Line Method, at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. In respect of additions/extensions forming an integral part of existing assets depreciation has been provided over residual life of the respective fixed assets. The assets constructed on the leasehold land is depreciated during the lease period of the land or at the rates prescribed in Schedule XIV, whichever is higher. 6. INVESTMENTS: Current investments are carried at the lower of cost or quoted / fair value, computed category wise. Long Term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary. 7. BORROWING COSTS: Borrowing costs that are directly attributable to acquisition, construction or production of a qualifying asset (net of income earned on temporary deployment of funds) are capitalised as a part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue. 8. INVENTORY: The inventories i.e. Raw Materials, Stores and Spares, Finished Goods etc. have been valued at lower of cost or net realisable value. Cost of Inventories comprise of all costs of purchase, cost of conversion and other costs incurred in bringing them to their respective present location and condition. The cost of steel plates, profiles and equipments is determined on Specific Identification Method and other raw materials and stores & spares at Weighted Average Method. The cost of Work-in-progress and Finished Stock is determined on absorption costing method. Scrap is valued at net realisable value. �� 63
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PIPAVAV DEFENCE AND OFFSHORE ENGINE
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SKIL Infrastructure Limited, the pr
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State-of-the-art Infrastructure Ahe
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lowered in the dry dock with the he
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“ I am truly impressed by the com
Page 14 and 15: Pipavav Defence and Offshore at a g
Page 16 and 17: 14 “ We believe that we are now a
Page 18 and 19: 16 During the year, your Company ac
Page 20 and 21: 18 Financial snapshot Profit before
Page 22 and 23: 20 Board of Directors Mr. Nikhil P.
Page 24 and 25: Board of Directors Mr. Nikhil Gandh
Page 26 and 27: Pipavav Defence and Offshore Engine
Page 82 and 83: I. Registration Details Place :- Mu
Page 86 and 87: Particulars Pipavav Defence and Off
Page 105 and 106: SAFE HARBOUR In this Report, we hav
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Annual Report FY 2010-11 - Pipavav Shipyard

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