Annual Report FY 2010-11 - Pipavav Shipyard

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Pipavav Defence and Offshore Engineering Company Limited Schedules forming part of the Consolidated Profit and Loss Account Particulars For the year ended March 31, 2011 Rs in Lacs For the year ended March 31, 2010 Schedule - 17 PAYMENTS TO AND PROVISIONS FOR EMPLOYEES (Including Managerial Remuneration) Salaries, Wages and Allowances 2,353.28 1,830.85 Contribution to PF and Other Fund 242.40 243.38 Welfare and Other Amenities 177.65 123.53 Total 2,773.33 2,197.76 Schedule - 18 ADMINISTRATIVE, SELLING AND OTHER EXPENSES ADMINISTRATIVE EXPENSES Rent 435.75 289.81 Rates and Taxes 118.90 21.06 Electricity Expenses 58.17 60.47 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 1,006.69 694.20 Repairs and Maintenance - Building 156.86 33.88 Repairs and Maintenance - Others 150.58 93.53 Legal and Professional Charges 2,172.45 1,964.12 Directors Sitting Fees 3.90 4.30 Payment to Auditors 56.60 40.95 Miscellaneous Expenses 604.99 239.25 Security Expenses SELLING EXPENSES 49.91 0.67 Advertising / Publicity Expenses 524.39 341.00 Brokerage and Commission 5.37 4.21 Business Promotion Expenses OTHER EXPENSES 237.80 228.04 Provision for estimated cost over contract revenue (2,931.79) 3,293.38 Loss on Sale of Fixed Assets (Net) 4.13 1.49 Donations 0.81 33.48 Wealth Tax 2.45 2.50 Total 2,829.57 7,470.20 Schedule - 19 INTEREST AND FINANCIAL CHARGES Interest - On Debentures 1,079.64 - - On Fixed Loans 8,199.27 4,003.67 - On Others 27.80 674.17 Loan Processing and Other Financial charges 2,593.98 2,622.18 Total 11,900.69 7,300.02 �� 90
Annual Report 2010-11 Schedules forming part of the Consolidated Balance Sheet and the Profit and Loss account SCHEDULE 20: SIGNIFICANT ACCOUNTING POLICIES 1. Principles of Consolidation : The consolidated financial statements relate to the Pipavav Shipyard Limited (‘the Company’) and its subsidiary company. The consolidated financial statements have been prepared on the following basis: a. The financial statements of the Company and its subsidiary company are combined on a line-by-line basis by adding together the book values of the like items of assets, liabilities, income and expenses, after fully eliminating intra-group balances and intra-group transactions in accordance with Accounting Standard (AS) 21 – “Consolidated Financial Statements”. b. As far as possible, the consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances and are presented, in the same manner as the Company’s separate financial statements. c. The difference between the cost of investment in the subsidiary, over the net assets at the time of acquisition of shares in the subsidiary is recognized in the financial statements as Goodwill, which is not being amortised. 2. Other significant accounting policies : These are set out under “Significant Accounting Policies” as given in the Standalone Financial Statements of Pipavav Shipyard Limited. SCHEDULE 21: NOTES TO ACCOUNTS 1. Following subsidiary company is considered in the consolidated financial statements : Name of the Subsidiary Country of Incorporation Proportion of ownership interest E Complex Private Limited India 100% 2. Contingent Liabilities: 31.03.2011 (Rs. in Lacs) 31.03.2010 a) Guarantees given by Company’s Bankers i) Refund Bank Guarantees given to customers (Net of liabilities accounted for) 17,539.84 48,400.26 ii) Other Bank Guarantees (Bank Guarantees are provided under Contractual/Legal obligations. No cash outflow is expected). 9,065.85 7,597.99 b) Demands not acknowledged as Debts i) Income Tax (Out of total demand the Company has already deposited Rs.288.67 Lacs (P.Y. Rs. 21.17 Lacs) and no further cash outflow is expected in the near future). ii) Service Tax and excise duty (Relates to disallowance of Cenvat Credit taken by the Company.) iii) Other Claims (Relates to claims of suppliers and demand raised by vendor for service tax etc. No Cash Outflow is expected.) c) Letters of Credit opened in favour of suppliers (Cash Flow is expected on receipt of materials from Suppliers). 397.32 40.49 58.45 - 192.10 94.01 23,388.51 1,891.67 3. Estimated amount of contracts remaining to be executed on Capital Accounts and not provided for (Net of Advances) (Cash flow is expected on execution of such 3,693.81 11,791.55 �� Capital Contracts on Progressive basis) 91
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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
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Pipavav Defence and Offshore at a g
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14 “ We believe that we are now a
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16 During the year, your Company ac
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18 Financial snapshot Profit before
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20 Board of Directors Mr. Nikhil P.
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Board of Directors Mr. Nikhil Gandh
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Pipavav Defence and Offshore Engine
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Annual Report FY 2010-11 - Pipavav Shipyard

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