TITLE

Limitations & Disclaimers

Procedure for submission of Expression of Interest (EoI)

Central Inland Water Transport Corporation Limited – An overview

Annexure 1 – A copy of the Advertisement

Annexure 2 – Format of Expression of Interest

Annexure 3 – Format of Statement of Legal Capacity

Annexure 4 – Format of Request for Qualification

Annexure 5 – Government of India Guidelines for Qualification of Bidders

   

LIMITATIONS & DISCLAIMERS

 

1.     This document is being provided in connection with the proposed disinvestment of 100% of its equity by the Government of India (GoI) in Central Inland Water Transport Corporation Ltd. (CIWTC).  

2.     The sole purpose of this document is to assist the recipient in deciding whether they wish to proceed with a further investigation of the proposed disposal, but it is not intended to form the basis of any investment decision or any decision to purchase the Interest.  This document does not constitute nor should it be interpreted as an offer or invitation for the sale or purchase of securities described herein.  

3.     This document is meant to provide information only and upon the express understanding that recipients will use it only for the purposes set out above.  It does not purport to be all inclusive or contain all the information about Central Inland Water Transport Corporation Ltd. or be the basis of any contract.  No representation or warranty, expressed or implied, is or will be made as to the reliability, accuracy or the completeness of any of the information contained herein. It shall not be assumed that there shall be no deviation or change in any of the herein mentioned information on Central Inland Water Transport Corporation Ltd.  While this document has been prepared in good faith, neither Central Inland Water Transport Corporation Ltd. nor GoI nor any of their respective officers or employees make any representation or warranty or shall have any responsibility or liability whatsoever in respect of any statements or omissions herefrom.  Any liability is accordingly expressly disclaimed by Central Inland Water Transport Corporation Ltd., GoI and any of their respective officers or employees even if any loss or damage is caused by any act or omission on the part of Central Inland Water Transport Corporation Ltd., GoI or any of their respective officers or employees, whether negligent or otherswise.  

4.     By acceptance of this document, the recipient agrees that any information herewith will be superseded by any later written information on the same subject made available to the recipient by or on behalf of Central Inland Water Transport Corporation Ltd. and GoI.  Central Inland Water Transport Corporation Ltd. and any of their respective officers or employees undertake no obligation, among others, to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent, and they reserve the right, at any time and without advance notice, to change the procedure for the sale of all or any part of the Interest or terminate negotiations or the due diligence process prior to the signing of any binding  purchase agreement.  

5.     Accordingly, interested recipients should carry out an independent assessment and analysis of Central Inland Water Transport Corporation Ltd. and of the information, facts and observations contained herein.  

6.     This document has not been filed, registered or approved in any jurisdiction.  Recipients of this document resident in jurisdictions outside India should inform themselves of and observe any applicable legal requirements.

 

SUBMISSION OF EXPRESSION OF INTEREST (EOI)

 

1.      INTRODUCTION

1.1   The Central Inland Water Transport Corporation Ltd. was incorporated in the year 1967.  The company is under the administrative control of Ministry of Shipping.  The company is engaged in transportation by inland waterways.  The  profile of the company is at Appendix-I.

1.2   Government of India is holding 100% equity of the company.  As a part of its disinvestment programme, the Government of India (GoI) intends to disinvest 100% of its equity in the company along with transfer of management through strategic sale.  

2.      ADVERTISEMENT INVITING EOI

2.1          An advertisement has been issued in the business newspaper inviting interested parties to submit their ‘Expressions of Interest’ (EOI) to participate in the disinvestment process, a copy of which is enclosed as Annexure-I.

3.      EXPRESSION OF INTEREST  

3.1   The outlines of participating in the disinvestment process and the requirements relating to information to be provided by interested parties, when submitting their Expression of Interest (EoI), are given below.  

4.      ELIGIBILITY/ PRE-QUALIFICATION CRITERIA:

4.1    The interested party(ies)/consortium should have a net worth of Rs.3 crore and a minimum turnover of Rs.12 crore as per the latest annual accounts  (year 2001-02) and a satisfactory business and management track record.

 

4.2    In case of a consortium bid, the financial parameters of the lead bidder must be at least 51% of the amount indicated in para 4.1 above.

   

4.3   Where the financial statement is expressed in currency other than Indian Rupee, the eligible amount as described above shall be computed by taking the equivalent US Dollars at the exchange rates (as stipulated by Foreign Exchange Dealers Association of India) prevailing on the date(s) of such financial statement.

4.4    The PIM along with its enclosures does not constitute a commitment on the part of the GoI or CIWTC, whether in respect of the disinvestment process or otherwise.  Furthermore, this invitation confers neither any right nor expectation to any party to participate in the said process.  

4.5    The GoI and CIWTC reserve the right to withdraw from the process or any part thereof, to accept or reject any or all offers at any stage of the process and/or modify the process or any part thereof or to vary any terms at any time without assigning any reason whatsoever.  No financial obligation whatsoever shall accrue to the GoI or CIWTC in such an event.  

5.      INITIAL PROCESS

5.1    Following receipt of this PIM, Interested Parties will be required to submit an EoI Package comprising an Expression of Interest, a Statement of Legal Capacity and a Request for Qualification in the format specified in Annexure II, III,  and IV.

5.2    Based on an evaluation of the EoI Package received, Interested Parties which are deemed to be qualified by the GoI (“Qualified Interested Parties” or “QIPs”) and will be allowed to participate in the subsequent selection process (without conferring any right or expectation whatsoever to the QIPs).  

5.3    Following signing of a Confidentiality Agreement (“CA”) by duly authorized personnel, QIPs will be provided with the Confidential Information Memorandum (“CIM”) and invited to participate further in the process as would be detailed in the CIM.

  6.      FILING REQUIREMENTS  

6.1    Interested parties must submit “EoI Package” as per format in Annexure-II, in duplicate, accompanied by a Statement of Legal Capacity and Request for Qualification (“RFQ”) as per the formats given in Annexure-III & IV respectively of this PIM.  

6.2    EoIs must be signed by a duly authorized representative of the interested party.  In the case of a consortium or joint venture the EoI must be signed by a duly authorized representative for the group.  In addition, Statements of Legal Capacity and RFQs have to be submitted by interested parties and each member of any consortium or joint venture.  This comprises the EoI Package.

6.3    All EoI Packages must be in English and each copy shall be bound in a separate volume.  Submission of the aforesaid documents by fax, e-mail or other electronic means will not be acceptable.  It is the responsibility of the interested party(ies) alone to ensure that its EoI with required documents is delivered at the address given below by the stated time and date.  The covering envelope containing the aforesaid document should be clearly marked “Expression of Interest for participation in disinvestment in CIWTC”.  Neither the GoI nor CIWTC shall be responsible for non-receipt of correspondence.

6.4    The EoI package must be submitted by but not later than 17.00 hours (Indian Standard Time),  25^th March, 2003 at the following address:

Shri V.P. Gupta,

Under  Secretary,

Ministry of Disinvestment,

CGO Complex, Block No.11, 2^nd Floor,

New Delhi-110 003

 

7.      EOI FILED BY CONSORTIA/JOINT VENTURES

7.1    If a Consortium or Joint Venture is formed, or proposed to be formed, specifically for the purpose of this investment, details of the members of the Consortium or Joint Venture and the extent of their interest herein must be provided in the EoI Package.

7.2    Any subsequent change by way of withdrawal/substitution of any member of the consortium or joint venture or any change affecting the composition of the consortium or joint venture may be permitted upto the date on which financial bids are invited, but only with the specific approval of the GoI.  The date of inviting the bids would be informed at the appropriate time.  The GoI has the sole discretion to determine the impact of the change in membership on the structure and quality of the Consortium or joint venture and reject a proposal without assigning any reason whatsoever.

The RFQ should be duly filled in and accompanied by the following details:

  Ø      In case of a sole bidder

v     The Audited Balance Sheet and Profit & Loss Account of the sole bidder (Indian company/Foreign company) for the last 3 financial years.

 

v     Write-up on:  

·                     Profile of the sole bidder

·                     A statement of reasons for strategic interest in CIWTC

·                     Any other information considered material

 

 

Ø      In case of a consortium bid

 

v     The Audited Balance Sheet and Profit & Loss Account for the last 3 financial years of the lead bidder and other member companies associated in the bid.

v     Write-up on:

 

·                     Lead bidder

 

o        Profile of the lead bidder

o       A statement of reasons for strategic interest in CIWTC

     o       Any other information considered material by the lead   bidder  

 

·                     Other member companies

 

o       Profile of member companies in the consortium

o       Any other information considered material

 

8.      DISQUALIFICATION

8.1    The GoI shall not consider for the purpose of qualification, an EoI which is found to be incomplete in content and/or attachments and/or authentication etc.

8.2    Without prejudice to any other rights or remedies available to the GoI, a company/consortium/joint venture may be disqualified and its EoI dropped from further consideration for any reason whatsoever including those listed below:

  ·        Material misrepresentation by such company/any member of such consortium/joint venture whether, in the EoI along with the RFQ or otherwise

·        Failure by such company/consortium/joint venture to provide the information required to be provided in the EoI, along with the RFQ, pursuant to relevant sections of the PIM

·        Submission of an EoI along with RFQ in respect of any company/consortium/joint venture, where such company or any member of such consortium/ joint venture which has already submitted an EoI

 

8.3    If information becomes known, after the interested party has been qualified to receive the Confidential Information Memorandum (CIM), which would have entitled the GoI to reject or disqualify the relevant company/ consortium/ joint venture, the GoI reserves the right to reject the interested party at the time, or at any time after, such information becomes known to the GoI.

8.4    Where the interested party is a consortium/ joint venture, the GoI may disqualify the entire consortium/ joint venture for any of the reasons set out above, even if it applied to only one member of the consortium/ joint venture.

 

8.5    Further, Government of India issued guidelines for disqualification of bidders seeking to acquire any public sector enterprises through the process of disinvestment vide Department of Disinvestment OM No.6/4/2001-DD-II dated 13^th July, 2001, a copy of which is enclosed as Annexure-V.  The interested party(ies) are required to read the guidelines and satisfy themselves that they are qualified to bid for the stake in CIWTC through the process of disinvestment and give an undertaking in the Expression of Interest to be submitted by them to the effect that they are qualified to bid for the stake in CIWTC. 

 

8.6    Further, interested parties would be required to provide the information on the criteria, laid down in the guidelines of 13.07.2001 along with their Expressions of Interest (EOI) and that no investigation by a regulatory authority is pending against them. 

 

8.7    In case any investigation is pending against the concern or its sister concern or against its CEO or any of its Directors/Managers/employees, full details of such investigation including the name of the investigating agency, the charge/offence for which the investigation has been launched, name and designation of persons against whom the investigation has been launched and other relevant information should be disclosed, to the satisfaction of the Government.  For other criteria also, a similar undertaking shall be provided along with EOI.

 

8.8    The companies/consortia not satisfying the eligibility and requisite qualification criteria specified in the above sections are not eligible.

 

9.      FUTURE PROCESS

9.1    Based on the EoI submitted by the interested parties, the GoI will carry out an evaluation of the qualification of such interested parties. If at any time during the evaluation process, the GoI or the Advisor requires any clarification in order to carry out the evaluation, it reserves the right to request such information from any or all of the companies/ consortium/ joint ventures and the companies/ consortium/ joint venture will be obliged to respond to any reasonable request for such information and to supply the same within such reasonable timeframe as the GoI or the Advisor may require.

 

9.2    Based on an evaluation of EOIs received, interested parties, which are deemed fit (“qualified interested parties” “QIP”), will be qualified to participate in the subsequent selection process (without conferring any right or expectation whatsoever to QIP).  QIP will be provided with the Confidential Information Memorandum (CIM) and shall be invited to participate further in the process as would be described in detail in the CIM.  QIP will get an opportunity to conduct due diligence and take up dockyard/site/ship visits and will also have access to data rooms and hold discussions with the management of CIWTC/officials of Ministry of Shipping/Ministry of Disinvestment, Government of India.  The rules regarding access to information in the data rooms will be provided to QIPs later.  QIPs will be invited to submit their proposal and a binding price bid.

 

9.3    This document constitutes no form of commitment on the part of the GOI or CIWTC other than to provide further information on CIWTC.  Furthermore, this document confers neither the right nor an expectation on any party to participate in the proposed divestment process.  The GOI and CIWTC reserve the right to withdraw from the process or any part thereof or vary any terms at any time without assigning any reasons.  The GOI reserves the right to accept or reject any/all offer(s) without assigning any reasons.

  10.    ENQUIRIES  

10.1  The GoI and the Advisor (when appointed) reserve the right not to respond to question raised or provide clarifications sought, in their sole discretion, if it is considered that it would be inappropriate to do so. Nothing in this section shall be taken or read as compelling or requiring the GoI and the Advisor to respond to any question or to provide any clarification. No extension of any time and date referred to in this IM shall be granted on the basis or grounds that the GoI and the Advisor has not responded to any question/ provided any clarification.

 

11.    GOVERNING LAWS/ JURISDICTION/ ARBITRATION

  11.1  All matters relating to the disinvestment process and the bidding procedure shall be governed by the law of Union of India. Only Courts at New Delhi (with exclusion of all other Courts) shall have the jurisdiction to decide  or adjudicate on any matter which may arise.

                                                                                                

1. PROFILE OF THE COMPANY

 In 1844, India General Steam Navigation Company ( IGSN) was formed to undertake regular services of transportation of cargo and passengers through the Ganga. Its rival, India General Navigation and Railways Company ( IGNR) was formed in 1862. Subsequently, IGSN came to be known as River Steam Navigation Company ( RSN). Towards the end of the 19^th Century, IGNR and RSN came to be called Joint Steamer Companies (JSC). In the 1930s, IGNR was amalgamated with RSN. Thereafter, RSN carried on the transportation through Inland Waterways till the 1960s. The Indo-Pak hostilities of 1965 severely dented the operations of RSN by way of denying access to the movement of vessels between West Bengal and Assam through the then East Pakistan. While many vessels of RSN were impounded by the Government of Pakistan during and after the 1965 war, many Muslim employees forming the backbone of the floating staff of RSN also volunteered to leave the services of RSN. These two factors crippled RSN.  RSN barely survived in the later part of 1960s by Inter-Corporate Loan. Considering the prospect of many thousands of employee, the Government of India intervened when creditors of the Corporation files a suit in the High Court of Kolkata for winding up RSN sometimes in mid-1960s. In February 1967, the said Court approved a Scheme of Arrangement under which the Government of India was allowed to take over the business of RSN and its assets and a part of their liabilities. In May 1967, a new Corporate entity named Central Inland Water Transport Corporation Limited, a Public Sector Undertaking, came into existence.

2. CIWTC TODAY

2.1   At present, the activities of CIWTC are managed by two operating divisions, viz.

v     River Services Division

v     Rajabagan Dockyad

2.2   The principal activities of the two operating divisions are as follow :

v     RIVER SERVICES DIVISION

2.3  The activities of the River Services Division have been identified as the core activities of the Coporation.   The Coporaition is the principal IWT operator in the country with the largest fleet of IWT Vessels comprising of the following: 

 

Sl. No.	Category	No.	No. of Vessels under construction	No. of Vessels beyond economic Repair	Principal Specifications
1	Pusher Tugs	20	04	03	Capable for towing 2 in no. 750T capacity Dumb Barges
2	Self Propelled Carriers	15	--	02	Carrying capacity of 600T each
3	Self Propelled Oil Tankers	3	01	--	Carrying capacity between 600T to 1500T
4	Dumb Barges	58	--	07	Carrying capacity of 75T each
5	Dock loaders	4	---	--	Carrying capacity upto 500T each, suitable for over Dimensional Cargo
	Total	100	05	12

 

 

Sl No.	Category of revenue earning vessels	No. of vessels in operation	No. of Vessels under construction	No. of Vessels beyond economic repair
6.	IWT Barges	06	--	--
7.	Auxiliary Vessels	03	--	--
8.	Pontoons	07	--	--
9	Crane Pontoons	01	--	--
10	Floating Crane	01	--	--

 

Grant Total              :    118             05                      12

           

Notes :1 Disposal process in respect of 9(nine) vessels beyond economic repair has already been initiated

 

2. Machinery trials of (one) Pusher Tug progress.   Another Pusher Tug is scheduled to be launched in the current financial year.

   

3. The IWT activities of the Corporation are presently conducted from 2(two) terminals in Kolkata viz. Tea Transit Sheds and Juggernath Ghat, both on the land owned by Kolkata Port Turst and 3(three) Terminals in Assam viz. Pandu, owned by IWAI and Karimganj and Badarpur, both owned by the Corporation.

 

Under the rehabilitation plan approved by the Government, the surplus land, building and plant & machinery situated in the States of West Bengal and Assam are to be disposed of by the Government and, therefore, would not form a part of the disinvestment process.  The resources/proceeds from the sale of the assets would be handed over to the Government of India.

 

v     RAJABAGAN DOCKYARD

 

o       Construction of small and medium sized vessels

o       Repair of small and medium sized vessels     

 

Rajabagan Dockyard is situated in the South Western fringe of the Calcutta Urban Metropolis on a freehold land of approximately 33 acres. It has three(3) Docks including 1 dock equipped with 15T Level Luffing Crane and De-watering Installation. It has a water frontage of approximately 600 meters on the River Hooghly. Various facilities of the Dockyard are as follow :

 

(i)         The Ship Building facilities consist of :

 

1.	Hull Fabrication shop
2.	Building Berths
3.	Western Slipway
4.	Machine Installation and pipe shop
5.	Fitting out Jetty

 

(ii)        The Ship Repair facilities consist of :

 

1.	Dry Dock 1 & 2
2.	Dry Dock 3 & 4
3.	Dry Dock 5
4.	Shipwright Shop
5.	Outdoor Jetty
6.	Sawmill Jetty

 

(iii)

 

1.	Carpentry Shop
2.	Paint Shop
3.	Electrical Department
4.	Machine Shop I (old)
5.	Machine Shop II (new)  and Fitting Shop
6.	Tool Room
7.	Stores jetty
8.	Foundry
9.	Laboratory
10.	Maintenance Department

 

Under the rehabilitation plan approved by the Government, Rajabagan Dockyard with land, building, plant & machinery, dry docks, slipway, etc. is to be sold by the Government and would not, therefore, form a part of the disinvestment process.  The resources/proceeds from the sale of the assets would be handed over to the Government of India.

 

RE-ORGANISATION  OF CIWTC

 

In June 2001, the Government of India approved a Re-organisation Plan for the Corporation with a capital outlay of Rs.139.55 crore with a provision of write-off of GOI Loan and Interest thereon till 31.03.2000 amounting to Rs.425.20 crore. Thereafter, an MOU was signed between the Corporation and Ministry of Shipping in Jan 2002 to implement the said Approved Plan. The Capital Outlay consists of the following:

 

SL.  NO.	HEAD	AMOUNT ( RS. IN CRORE)
a)	One – Time Grant for payment of Statutory and Non-Statutory liabilities	33.71
b)	One – Time Repair of vessels	13.00
c)	Capital Repair of vessels	20.00
d)	Construction of vessels under 7th & 8th Five Year Plans	9.00
e)	Relocation of facilities of RBD	3.00
f)	Ways and Means Loans	33.77
g)	V.R. Scheme	27.07
	T O T A L	139.55

 

3.1     Under the above rehabilitation scheme till date Government have already released funds the details of which are giver hereunder:

Rs. in crore

Sl No.	Item	Total amount approved	Amount released during 2001-02	Amount released during 2002-03
1.	One –Time Grant for payment of Statutory and Non-Statutory liabilities	33.71	15.70	18.01
2.	One –Time grant for Repair of Vessels	13.00	11.80
3.	Capital Repair of Vessels	20.00	5.0	5.00
4.	Construction of Vessels under 7th and 8th Five Year Plans	9.00	4.00 *	---
5.	Relocation of facilities of RBD	3.00	3.00	---
6.	Ways and Means Loans	33.77	16.30	8.24
7.	Voluntary Retirement Scheme	27.07	10.00	5.00
	Total	139.55	(65.80)	36.25

*   Out of this, Rs. 1.54 Crore was released on 2000-01

 

Write –off of Government loans and interest till 31.03.2000 amount to Rs.425.20 crore has been given effect in the Balance-Sheet of the year 2001-02.  Govt. loans upto 31.3.2001 will have to be written off.   Further Rs.425.20 Crore may also go up as it does not include penal interest, for which fresh Govt. approval will be required.

 

Note :  The rehabilitation package would continue in the years 2003-04 and 2004-05; if not completed earlier

 

RESEARCH & DEVELOPMENT

 

CIWTC has no R & D facilities at present.

 

LOCATION OF VARIOUS OFFICES

 

The various offices of  CIWTC are located as below :

 

Registered and Head Office	4, Fairlie Place, Kolkata – 700 001
	Telephone :  033 – 2220  2321 / 23 / 24
	Fax           :  033 – 2243  6164
	e-mail        :  ciwtc@cal3.vsnl.net.in

 

River Services Division :
a)	Divisional Head Quarter		6, Garden Reach Road, Kolkata – 700 043
			Telephone :  033 – 2439 2381 / 7332 / 7357
			Fax           :  033 – 2439 6918
			e-mail        :  ciwtcrsd@vsnl.net
b)	Branch Offices
i)	In Kolkata		Juggernath Ghat , “ A” shed , Strand Bank Road,
			Kolkata – 700 070.
			Telephone : 033 – 2239 0921 / 3920
ii)		In other parts of West Bengal - HALDIA	5/29 A, CPT Town Ship, Haldia – 721067, Dt.: East Midnapore
			Telephone : 03224 - 26332
iii)		In Assam
I)		Guwahati	Office : Mahatma Gandhi Road, Fancy Bazar ,               Guwahati – 781 001
			Telephone : 0361 – 2541958
			Fax           :  0361 – 2543180
			Workshop :  Qulion Floating Workshop
			Pandu Port, Guwahati – 781 012
			Telephone : 0361 – 2570849
II)		Dhubri	P.O. Dhubri, Dt : Goalpara, PinCode : 783 301
			Telephone : 03662 - 230076
III)		Karimganj	Karimganj Steamer Ghat, P.O. & Dt. : Karimganj
			Pincode : 788 710
			Telephone : 03843 - 262332
iv)		In Bihar
		Patna	“Annapurna” 1st Floor,
			North Chhajubagh,
			Dr. T.N.Banerjee Road,
			Patna – 800 001.
			Cable         :  Watercom, Patna
			Telephone  :   0612  232 521
			Telex          :   22 – 361 IWTC-IN
v)		In U.P.
		Allahabad	“Krishna Kunj”,
			142, Kalyani Devi,
			Allahabad     :    211 001
			Telephone     :    0532 2652444
			Fax              :     0532  2651444

 

RAJABAGAN DOCKYARD	44, Garden Reach Road, Kolkata – 700 044
	Telephone : 033 – 2469 – 1538 / 3371 / 6844 / 8372
	e-mail : ciwtcrbd@cal3.vsnl.net.in

 

Liaison Office
New Delhi	Room No. 213 ( 2nd Floor )
	Kanishka Shopping Plaza - cum - Office Complex
	19, Ashoke Road, New Delhi – 110 001.
	Phone / Fax  :  011 – 2336 8883

 

MANAGEMENT PROFILE

 

The Corporation is managed by a Board of Directors consisting of Chairman-cum-Managing Director, the only whole-time Director, and two nominee (of Govt. of India) Directors. Each of the Operating Divisions are headed by  a General Manager. Besides, Personnel and Finance Divisions are headed by a Chief Manager each. There is a full time Company Secretary.

 

MARKETING ARRANGEMENTS

 

For Rajabagan Dockyard, the Corporation does not have any marketing and distribution set up and/or selling arrangement. This may be attributed to its position in the country as a very old shipyard of  repute. The Corporation usually receives enquiries from the major customers like Port Trusts, Govt. departments, etc. Major customers for the construction and repair activities are Kolkata Port Trust , Border Security Force, etc.. However, the extent of orders from the major customers is  negligible for the last three years ended 31.03.2002 .

 

For River Services Division, the Corporation has a skeletal marketing and distribution set up by which the various customers in and around the city of Kolkata are regularly contacted for their offering of cargo to be  transported in Inland Waterways.

 

DETAILS ABOUT SUBSIDIARY / INSTITUTES , ETC. MANAGED BY CIWTC

 

There are no Subsidiaries / Institutes under the management of CIWTC

 

HUMAN RESOURCES

 

The category-wise distribution of manpower as on 01.01.2003 are as follow :

 

SL. NO.	CATEGORY	NO.
a)	Officers	68
b)	Supervisors	19
c)	Clerical Staff	288
d)	Operatives	566
e)	Floating Staff	491
f)	Sub-Staff	235
	T O T A L	1,667

 

Note:- Under the rehabilitation plan, Government has already released funds to the tune of Rs.15 crore and 390 persons have already been released under VRS.  A part of the payment amounting to approximately Rs.5.45 crore is due to the persons already released on VRS.

 

QUALITY CONTROL

 

Though the Corporation has initiated the process of obtaining ISO – 9000 Certification for Rajabagan Dockyard, the process has been slowed down because of intended disposal of RBD as per GOI decision. 

 

There is no dedicated Quality Control Department for overseeing the manufacturing and service activities of CIWTC.  

 

STRENGTH OF THE COMPANY

 

RIVER SERVICES DIVISION	Considerable experience in Inland Water Transport
	Experienced Personnel familiar with operation of vessels
	Experience in handling of different types of cargo
	Monopoly on Inland Transport for Eastern Region
RAJABAGAN DOCKYARD	Excellent water front
	Adequate in-house facilities for manufacturing substantial part of ship ancillaries
	Highly Skilled  work force
	Unrestricted Power and Water supply.

 

12.    FINANCIALS OF THE COMPANY FOR THE FIVE YEARS ENDING 31.03.2002

 

				( Rs. in lakh )
	1997-1998	1998-1999	1999-2000	2000-2001	2001-2002
	1	2	3	4	5
Operational Earnings	865.73	1,305.24	1,901.90	523.03	960.28
Other Earnings	179.81	297.14	403.62	249.75	266.42
	1,045.54	1,602.38	1,495.52	772.78	1,226.70
Add : (Increase) / Less : Decrease in work-in-progress	(432.98)	201.08	(368.23)	(23.22)	41.23
Value of Production	1,478.52	1,401.30	1,863.75	796.00	1,185.47
Less : Variable Expenses :
Material & Stores	246.91	251.14	239.52	101.92	89.02
Power & Fuel	167.25	148.71	215.02	186.96	190.93
	414.16	399.85	454.54	288.88	270.95
Gross Margin :	1,064.36	1,001.45	1,409.21	507.12	905.52
Less : Fixed Expenses :
Employees’ Remuneration & Benefits	2,581.48	2,791.03	3,051.50	2,825.77	2,664.18
Repair & Maintenance	142.56	232.58	234.41	111.52	190.85
Other Expenses & Provisions	426.10	569.10	658.96	813.83	351.68
	3,150.14	3,592.71	3,944.87	3,751.12	3,206.71
Operating Loss for the year	2,085.75	2,591.26	2,535.66	3,244.00	2,301.19
Prior period Adjustment	141.36	236.34	(16.63)	113.88	(46,434.60)
Loss before Depreciation & Interest	2,227.11	2,827.60	2,519.03	3,357.88	(44,133.41)
Interest	2,682.76	3,419.52	3,673.67	4,097.32	630.58
Depreciation	341.30	342.63	355.49	371.25	374.67
TOTAL LOSS / (PROFIT)	5,251.17	6,589.75	6,548.19	7,826.45	(43,128.16)

 

 

					( Rs. in lakh )
		1997-1998	1998-1999	1999-2000	2000-2001	2001-2002
LIABILITIES :
a)	Paid up capital (Government of India )	9,756.23	10,121.23	10,423.23	10,886.23	11,999.23
b)	Reserves and Surplus
	i)  Capital Reserves	10,905.63	10,905.63	10,905.63	10,905.63	12,475.63
c)	Borrowings from
	i)  Government of India	14,785.23	16,570.23	18,292.23	20,255.23	4,706.00
	ii)  Others-Bank-Overdrafts	616.42	773.67	370.70	167.49	76.30
	iii) Interest accrued and due	16,251.82	19,665.93	23,202.21	27,131.42	442.59
d)	Current Liabilities & Provision	5,412.26	6,358.45	6,808.05	7,410.44	7,677.27
	T O T A L :	57,727.59	64,395.14	70,002.05	76,756.44	37,377.02
ASSETS :
e)	Gross Block	10,521.96	10,703.35	11,274.83	11,567.45	11,695.62
f)	Less :Cumulative Depreciation	3,722.24	4,064.25	4,433.75	4,810.89	5,101.41
g)	Net Block	6,799.72	6,639.10	6,841.08	6,756.56	6,594.21
h)	Capital Work-in-Progress	1,149.58	1,318.99	1,414.86	1,276.11	1,274.10
i)	Miscellaneous Expenditure (to the extent of not written off)	157.05	300.44	231.98	68.08	282.31
j)	Investments	1.45	1.45	1.45	1.45	1.45
k)	Current Assets, Loans and Advances	4,832.94	4,758.56	3,587.89	2,903.00	6,601.87
l)	Accumulated loss	44,786.85	51,376.60	57,924.79	65,751.24	22,623.08
	T O T A L :	57,727.59	64,395.14	70,002.05	76,756.44	37,377.02
m)	Working Capital [ k-d-c(iii) ]	(-) 16,831.14	(-)21,265.82	(-)26,422.37	(-)31,638.86	(-) 1,517.99
n)	Capital Employed ( g + m )	(-) 10,031.42	(-)14,626.72	(-)19,581.29	(-)24,882.30	5,076.22
o)	Net Worth ( a – i – l )	(-) 35,187.67	(-)41,555.81	(-)47,733.54	(-)54,933.09	(-)10,906.16
p)	Net Worth per rupee of paid up capital ( in Rupees )	(-) 3.60	(-) 4.10	(-) 4.58	(-) 5.04	(-) 0.91

 

 

PROFIT & LOSS ACCOUNT FOR 9 MONTHS ENDED 31.12.2002

 

	( Rs. in lakh )
	APR – DEC 2002
Operational Earnings	832.73
Other Earnings	60.00
Value of Production	892.93
Less : Variable Expenses :
Material & Stores	142.26
Power & Fuel	148.70
	290.96
Gross Margin :	601.97
Less : Fixed Expenses :
Employees’ Remuneration & Benefits	1,722.64
Repair & Maintenance	128.23
Other Expenses & Provisions	218.54
	2,069.41
Operating Loss for the period	1,467.44
Prior period Adjustment	-
Loss before Depreciation & Interest	1,467.44
Interest	900.00
Depreciation	262.00
TOTAL LOSS / (PROFIT)	2,629.44

 

For more information, the recommendations of the Disinvestment Commission can be accessed from their Website www.disinvest.gov.in and the website of the company www.ciwtc.com

 

 

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