Dear Members,
On behalf of the Board of Directors, it gives me immense pleasure in presenting to you 90th Annual Report together with the audited financial statements of the Company for the year ended 31 Mar 2023 and reports of the Statutory Auditors and the Auditor General of India thereon.
Important Events:
(H in crore)
PARTICULARS | 2022-23 |
2021-22 5733.28 |
Revenue from operations | 7827.18 |
|
Profit before Tax (Before Exceptional Items) |
1429.33 |
786.66 |
Profit for the year | 1072.72 |
586.47 |
Gross Block | 1493.57 |
1363.62 |
Net Block | 1024.33 |
964.62 |
Working Capital | 1945.34 |
1345.50 |
Net Worth | 4177.56 |
3321.36 |
Finance Cost | 6.37 |
7.16 |
During the year under review, the Company achieved the Revenue from Operations of H 7827.18 crore as compared to the previous year H 5733.28 crore. The Profit before tax and exceptional items is H 1429.33 crore for 2022-23 as against H 786.66 crore in the previous year. Highest ever Revenue from Operation with a whopping increase of more than 30% over the next best achieved in FY 2021-22. In the history of the Company, it is first time that Company is reporting PAT in four digits with a significant rise of 83% over the PAT of FY 2021-22.
Income Distribution for the year 2022-23 as against previous year is summarised as under:-
INCOME DISTRIBUTION | % 2022-23 | % 2021-22 |
Cost of materials consumed | 60.17 |
58.49 |
Employee benefit expenses | 9.28 |
12.95 |
Finance costs | 0.07 |
0.12 |
Depreciation and amortization expenses | 0.88 |
1.21 |
The consolidated financial statements of your Company and its associate Company Goa Shipyard Limited (GSL) for the year ended 31 March 2023 prepared pursuant to provisions of section 129(3) of the Companies Act, 2013 and applicable accounting standards together with the Auditors Report forms part of this Report.
In accordance to Section 129(3)(1) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statement of the associate Company is attached to the financial statements in Form AOC-1 (Appendix 1).
The Authorised Equity Share Capital of the Company as on 31 Mar 2023 stood at H 323.72 crore comprising of 323720000 (Thirty-two crore thirty seven lakh twenty thousand) Equity shares of H 10 each.
The Paid-up Equity Share Capital as on 31 March 2023 is H 201.69 crore comprising of 20,16,90,000 (Twenty crore sixteen lakh ninety thousand) shares of H 10 each. During the year under review there was no increase in the Authorised or Paid up Share Capital. The Company
has not issued any equity shares with differential rights as to the Dividend, Voting or otherwise, during the year under review.
The Interim dividend of H 9.10 per equity share (91.00%), amounting to H 183.54 crore was paid in the year 2022-
23 in accordance with the provisions of the Income Tax Act, 1961, as approved by the Board of Directors in their meeting held on 10 Nov 2022. The Board of Directors recommended a Final Dividend of H 138.36 crore which is 68.60% of the paid up share capital. The total Dividend declared for F.Y. 2022-23 is H 321.90 crore, which is 159.60% of the paid up share capital including the interim dividend amounting to H 183.54 crore.
Your Companys contribution during 2022-23 to the Central Exchequer by way of Income Tax, GST, IGST on imports and custom duty was H 1216.21 crore.
The Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from public was outstanding either at the beginning or at the end of the Financial year 2022-23.
Your Company has not given any loans, guarantees or made any investments under section186 of the Companies Act, 2013.
Your Company recorded a Revenue of H 7827.18 crore for 2022-23 as against H 5733.28 crore of the previous year.
Performance / Project Progress:
At present your Company is handling two major Shipbuilding projects for the Indian Navy, comprising of four Destroyers & four Frigates each. Besides, MDL is also handling construction of six Scorpene class Submarines for the Indian Navy, out of which five Submarines have already been delivered. Medium Refit cum Life Certification(MRLC) of INS Shishumar is currently at an advanced stage of refit completion and presently undergoing trials.
Destroyers are potent surface combatants that are contemporary and state- of- the- art platforms. First Destroyer was delivered on 28 Oct 2021 and has been commissioned into the Indian Navy on 21 Nov 2021. Second Ship of the project was delivered on 24 Nov 2022 and has been commissioned on 18 Dec 2022. The highlight of both these deliveries is that both the Ships have been delivered within contractual timelines with out any delay. The Third ship of the project was launched on 20 Apr 2019 and is currently undergoing Sea Trials and is expected to be delivered ahead of the contractual timelines. The fourth Ship of the Project was launched on 17 May 2022 and is currently at an advance stage of outfitting.
To enhance the pace of production and undertake parallel construction for third and fourth ships, your Company has adopted new method of Mega Block outsourcing with enhanced outfitting in the Machinery Compartments where Units / Blocks are constructed simultaneously at two different geographical locations and towed to MDL and joined together, facilitating launching of ship from MDL premises.
Production of the first ship had commenced on 16 Feb 2017 and the keel was laid on 28 Dec 2017. The first ship was Launched on 28 Sep 2019. Production of Second ship commenced on 27 Feb 2018 and Keel laid on 07 May 2019 and was launched on 17 May 2022. Production of third ship commenced on 31 Jan 2019 and Keel laid on 10 Sep 2020 and was launched on 11 Sep 2022. Production for fourth ship commenced on 22 Jan 2020.
In order to meet the contractual timelines , the Units and Blocks are being built at three (03) different geographical location. These Blocks are being constructed by resorting to the ‘Integrated Construction Methodology wherein the pre- outfitting of various element are being carried out at the Unit and Block stages itself. The infrastructure of the yard has been modernized for realizing ‘Integrated Construction Methodology that is at par with the global best practices for warship building. All the four ships are at an advanced stage of outfitting.
The Scorpene Submarines under construction at MDL are state- of-the art Conventional Submarines being built in collaboration with Naval Group (NG), France.
Sr. No. |
Scorpene Submarine | Delivered on | Commissioned on |
1 | First | 21 Sep 2017 |
14 Dec 2017 |
2 | Second | 19 Sep 2019 |
28 Sep 2019 |
3 | Third | 15 Feb 2021 |
10 Mar 2021 |
4 | Fourth | 09 Nov 2021 |
25 Nov 2021 |
5 | Fifth | 20 Dec 2022 |
23 Jan 2023 |
6 | Sixth | 20 Apr 2022 |
undergoing trials |
Medium Refit cum Life Certification(MRLC) of INS Shishumar (SSK class) is at an advance stage of refit completion and is presently undergoing trials.
/modernization of existing facilities from time to time. The company is replacing existing 12 nos. LL
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cranes by new Cranes in a phased manner. Company has also commenced the work of replacement of old Caisson Gate of East Yard Dry dock by new Caisson gate.
Your Company is also exploring the possibility for setting up a green field shipyard at its Nhava Yard in a phased manner with short term and long term developments plan. Short term development shall enable MDL to facilitate the immediate use of the existing infrastructure for Shipbuilding and Ship Repair business whereas long term development is to facilitate construction of large size vessels and Submarines including major refits and repairs.
Towards undertaking the construction of advanced and next generation vessels, MDL intends to build a New Floating Dry Dock of 12000T capacity.
Your Company is committed towards up-liftment of under privileged sections of society and towards this a skill development hub is being created with an Apprentice Training School (ATS) and associated development work at Gavhan village, Navi Mumbai.
The progress of all the ongoing projects were affected in 2020-22 on account of pandemic. All efforts are being made to complete ongoing projects as per revised time schedules.
During the year, MDL had signed Memorandum of Understanding (MoU) with Ministry of Defence, Government of India for the financial year 2022-23. The MoU outlines targets and various performance parameters for the Company. The value of production was targeted at H 7654 Crs. Achievement of value of production is H 7,584.03 crs for FY 2022-23. During the year, your Company achieved a Profit Before Tax (PBT) before exceptional items of H 1,429.33 crore. Final evaluation will be carried out post CAG Audit of the accounts for FY 2022-23. The Import Content in VOP for 2022-23 is Rs.2817.72 and for FY 2021-22 IS Rs. 1684.21 Cr.
The R&D policy of the Company was approved by the Board in June 2013 and a committee was formed to drive the implementation of the R&D policy, in accordance with the guidelines issued (September 2011) by the DPE on R&D.
Under the "Atmanirbhar Bharat" initiative, MDL has undertaken the challenge of Indigenously Designing and Development of conventional Submarine.
In addition to the Midget Submarine, many other innovative R&D projects are currently in progress at Submarine division through collaboration with Academic Institutions, Start Ups & industry not only in the defence sector but also in the field of energy and
other civil applications. Military products like Expendable Underwater Target (EUT) and Mobile Target Emulator (MTE) which are being developed in partnership with the Industry and are designed to simulate the situation of actual moving submarine for training purpose and for decoy measures.
MDL has developed and launched Indias first Fuel Cell powered Electric Vessel (FCEV) as a ‘Proof of Concept. This will provide a sustainable green technology solution for waterways transportation with zero emissions.
Modern marine transport solutions like Hybrid Electric & Solar boats which can provide an environment friendly options are also under development. This hybrid boat can offer a better alternative to conventional diesel boats. The R&D team is also developing prototype of Lithium Ion Battery system solution for conventional Submarines.
In addition to the above, MDL is actively participating in iDEX initiative of Govt. of India and in collaboration with Start-ups/ MSMEs/ Innovators has already accepted various challenges like Autonomous Underwater Swarm Drone, Development of Steering console for manoeuvring of Underwater platform, Design & Development of Submersible Boat etc.
Your Company has executed and completed trials for three major R&D projects, through Industry-Academia participation with IIT Madras, Chennai through their incubated start-ups belonging to the Tamil Nadu Corridor. Your Company has ventured into the area of Artificial Intelligence (AI) also through these projects. The product developed through the first Project, AI enabled weld inspection tool with computerized radiography to replace manual radiography (RT), was launched during the Defexpo 2020 at Lucknow. The second project fruitfully concluded by developing an AI enabled robotic weld inspection tool employing phased array technique, and this can replace computerized radiography. The product was at display during Defexpo 2020. An AI enabled Remotely Operated
Vehicle (ROV) is the third project which was also displayed during DEFEXPO 2020. This AI ROV can detect and classify underwater images, thus making the inspections of Ships quick and safe. The products are now 100% operational and are deployed in-house for weld inspections and underwater inspections. Once the AI learning is completed with the current deployment, the commercializing of AI products will be explored.
Your company is exploring development of innovative AI projects with the help of Domestic industry, academia and startups. Some of the major projects includes Artificial Intelligence (AI) enabled Autonomous Underwater Swarm Drones, Artificial Intelligence Based Predictive Maintenance of Ship Equipment and Artificial Intelligence Based Energy Management of Fuel Cell .
The in-house projects as well as projects in collaboration withacademicinstitutionsofreputelikeWelding Research Institute, Trichy, IISc Bangalore and NID are all aimed at solving the unique issues faced by the Ship Yard during the detailed design and integration of complex systems into a front line Naval platform. The specialists groups functioning under GM(Design) contributes consistently in the areas of structural analysis, ergonomics & HFE, noise & vibration Control, RCS management, propulsion system integration, materials and HVAC.
MDL has validated an innovative Shaft Alignment procedure wherein the propeller shaft line assembly is completed at the Dry Dock itself leading to significant cost saving to the Yard and reduction in the build period of the vessel.
In addition to the above, MDL has developed state-of- the-art Basic Design of Naval vessels, incorporating advanced and optimized equipment, machineries, weapon and arrangement etc.
MDL has initiated implementation of Product Data Management/Product lifecycle Management(PDM/ PLM) for the Frigates under construction.
Your Company has spent approximately 1.13 % of the total income as expenditure towards R&D during the FY year 2022-23. The various projects undertaken under R&D are elaborated in Appendix ‘F.
2.5. Indigenization & Make in India
for ships and Submarines. Some of the major items which have been indigenised include the Fire Fighting System for the Magazines (storage compartment on-board warship for Missiles, Torpedoes and other ammunition for the close range weapon system), Soda lime used in the carbon dioxide level monitoring system on-board submarines, Polychloroprene rubber flow straighter is used to bridge the gap between two casing panel so as to maintain the flow of water turbulent free, and GRP Panel provisioned for stream line the structure for a laminar flow and walls around the submarine.
As a major leap in line with National Mission of "Atmanirbhar Bharat" and "Make in India" and with an aim of indigenizing the design of conventional submarines, MDL has initiated an ambitious program of Design and Construction of Indigenous Conventional Submarine.
MDL has proactively pursued indigenous development for items/ equipment for conventional Submarine. 31 out of total 165 submarine equipment have been indigenized. Balance 134 have been tendered and PSO for 26 have been issued including for Main Electric Propulsion Motor, 03 out of 26 equipment have been indigenized for conventional Submarine.
Your Company has implemented 5S (Workplace Management System) in the 20 Workshops/ Stores/Offices.
As a part of sustaining 5S certification, all 20 workshops/offices/stores were re-certified during the period of report for continuation of 5S certification through surveillance audit.
The Quality Circle teams are solving at least three numbers work related problems in a year and are presenting their case studies at Chapter, National and International Conventions and winning Top Most Awards for the company. The awards won by the QC teams in the year 2022-2023 are as under:
Awards Won by MDL QC teams at QC Events 22-23.
+ Case Study] for the day one Presentation of CCQC-22 won by Shramik QC Team from Fitting and Machinery Shop of Shipbuilding.
2022) Aurangabad held at 27 to 30 Dec-2022. 08 out of 11 QC teams won PAR Excellence Award and 03 QC teams won Excellent Award.
Benchmarking
MDL has a long Legacy of producing more than 800 ships of various types. Over the year Quality Inspection Procedure has evolved to suit the latest construction methodology for Ships and Submarine.
MDL has three tier Quality Management System, which comprises self-Inspection by Production Quality Team constituted from the best qualified executives/ operatives/ staff followed by inspection by QA department and finally by the Customer rep. (WOT/THIRD PARTY) which leaves no scope for any error right from the raw material stage to post completion of final product. The non-conformity management with three level monitoring and advising does not allow any anomaly to remain un- attended/un-resolved.
Other Achievements/Facts:
Quality Management and product Lifecycle Management (PLM) are both proven disciplines that help companies improve Quality and Product Profitability. All activities for P17A, specially Inspection process, (except those whose design module upload is in progress) are being managed through PLM, which offers potential cost savings and simplicity of a single system. All basic QIP and
one combine project QAP has been converted into PDM/PLM format with their relevant context parameters.
Integrated Constrution (IC) is being implemented on a live project on Project P17A for the first time in the Warship Building history of the Nation. In IC, the pre-outfitted blocks are prepared at multiple geographical locations and thereafter assembled into a Ship of the Yard with a significant benefit of reduced build period. The concept leverages on executing various activities in parallel instead of Sequentially. One of the complex activities like shaft alignment that used to take 6-8 months has been reduced to less than two(2) months.
MDL in partnership with IIT Madras, Chennai(IITM) has designed and developed different ARTIFICIAL INTELEGANCE enabled products, out of which below mentioned two are being used on regular work by SB QA :
These products are being developed for improved quality assurance of weld with less time, less labor consumption and higher efficiency. Both the products are safer than the conventional methods in many ways. With data migration, they will become more smart and AI UT can altogether replace radiography (y-rays).
Artificial Intelligence (AI) enabled weld inspection with computerized radiography has been frequently utilized for all the thickness. The results are visible as it has reduced the cost of film by reusing the imaging plate in place of hundreds of films.
Artificial Intelligence (AI) enabled Robotic Weld Inspection using advanced phased array technique: Once mature, this system will enable us to reduce the use of conventional RT in many folds.
Your company is also exploring the development of innovative AI projects like Artificial Intelligence (AI) enabled Autonomous Underwater Swarm Drones, Artificial Intelligence Based Predictive Maintenance of Ship Equipment and Artificial Intelligence Based Energy Management of Fuel Cell .
AI Def Expo 2022
Honble Raksha Mantri Shri. Rajnath Singh launched 75 Artificial Intelligence products / solutions developed by DPSUs, SERVICES (IA, IN, IAF), DRDO, IDex, SIDM and associated Startups, as part of "AiDEF" event on11th July 2022 at Vigyan Bhavan, New Delhi. This event showcased large number of AI projects
/ solutions that increase the efficiency of complex systems / manufacturing processes of the organizations with AI value addition. MDL presented its 3 AI products in "AiDEF "expo which was well appreciated by Honble Raksha Mantri during his visit at exhibition.
Your Company is committed to implement Quality Management Systems (QMS) as per ISO 9001:2015 standard. 71 Lead Auditors and 77 Internal Auditors are trained for carrying out the Internal Audits for sustenance of QMS in Shipbuilding Division. As a part of sustaining QMS as per ISO 9001:2015 Standard,
1st Surveillance Audit for Submarine Division as per QMS ISO 9001:2015 was conducted on 26 & 27 Apr 2022 and successfully completed with ‘NIL Non-conformity reports by M/s IRQS with respect to the scope of "Design, Development, Construction, Refit, Test & Trials of Submarines. Based on audit results, M/s IRQS has recommended the continuation for "Certificate of Approval" of QMS ISO 9001:2015.
Implementation of e-Measurement Book (e-MB): In compliance with Govt. of India guidelines, Online measurement book ‘e-MB has been developed in existing SAP system in September 2022. This e-MB system will replace the existing system of physical Measurement Book for works undertaken by Technical Service Dept. The features of e-MB system include linking of each MB with service purchase order and its service line item, Automatic preparation of service entry sheet with e-MB submission, online document attachment facility.
MDL is in the process of revamping MDL official website with new design, look, user features and product centric approach. The purpose and goal of the revamped website is to provide our Visitors / Clients / Vendors / Employees / other Stakeholders a user friendly platform which will give an insight of MDL and facilitate information about MDLs products and Services. The new website shall be interactive and provides convenient access to information about the company through classification under intuitive tabs such as About Us, Products, Services, Investors, Sustainability, Careers, Procurement and Employee information.
MoD guidelines related to Information Security are complied as and when received.
MDL is (International Organization for Standardization / International Electro Technical Commission) ISO/IEC 27001:2013 (Information Security Management System) ISMS Certified organization w.e.f November 22, 2022.
Indian Register Quality Systems has certified that the Information Security Management Systems (ISMS) of Mazagon Dock Shipbuilders Limited (MDL) has been assessed and found conforming to the Standard ISO/IEC 27001:2013.ISO 27001 is an international compliance framework set by the International Organization for Standardization (ISO). MDL has implemented an ISMS Information Security Management System and achieved conformity with the requirements for its Data Centre at Mumbai, Near Disaster Recovery (DR) at Mumbai & Far DR at Bangalore under CIT functions. ISO 27001 certification reinforces our commitment to Customers, Partners and Regulators to protect their information in all forms. This achievement demonstrates MDLs commitment to continual improvement, development, and protection of Information Assets/Sensitive Data by implementing appropriate Risk Assessments, Policies & Procedures and Controls.
Your Company is complying with Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012. Accordingly, out of the total annual procurement,
25 % procurement is to be made from MSE.During the FY 2022-23, your Company has achieved 34.20 % procurement from MSEs.
During the FY 2022-23 your Company had conducted two vendor development programs exclusively for MSes owned by SC/ST and Women entrepreneurs. Your Company had also arranged supplier meeting (Buyer Seller) during the year. To futher enhance the vendor base, your Company had participated in eight online/ offline national level programs conducted by MSME- Development Institute (DI) across India.
During the financial Year 2022-23, MDL participated in DEFEXPO 2022 in Gandhinagar and Africa Aerospace and Defence (AAD) in City of Tshwane – South Africa
as an exhibitor for marketing and business promotions. The exhibitions immensely helped in showcasing MDLs capabilities and technical strength in warship building and submarine construction. The exhibitions were successful in projecting the image and capabilities of India in the defence production sector in general and warship/ submarine building capabilities in particular. MDL had obtained various leads for potential future projects. MDL delegation visited 16th International Defence Exhibition 2023 (IDEX) and the 7th edition of Maritime Defence Exhibition 2023 (NAVDEX) held in Abu Dhabi. MDL was also part of Ministry of Defence, Government of India delegation who visited and participated in the seminars held in Tanzania, Malaysia, Australia and Bangladesh organized by High Commission of India. During the seminar MDL interacted with the Armed forces / Navy representatives wherein Indian shipbuilding capacities and capabilities were showcased.
Your company has been conferred with "Certificate of Registration" for its integrated Health, Safety & Environment Management System (HSEMS) in compliance with ISO 14001:2015 and OHSAS 18001:2007
w.e.f. Apr 2019. The Certificate is issued by M/s KBS Certification, a firm accredited by Joint Accreditation System of Australia and New Zealand (JAS-ANZ), a member of the International Accreditation Forum (IAF).
MDL having qualified the above standards has joined the exclusive club of companies, committed to sustainable development by continual improvement in performance towards Health, Safety & Environment in their operations/ processes. This qualification fortifies MDLs credibility in all its functioning and future business prospects.
The standard OHSAS 18001:2007 was upgraded to ISO 45001:2018 w.e.f. Sept 2021. Accordingly, MDL successfully completed the transition of its HSEMS
system from OHSAS 18001:2007 to ISO 45001:2018 in Sept 2021. The Current HSEMS Certification is valid till July 2025.
Your company has been putting emphasis on the overall growth & development of Human Resources and is committed to continue its relentless efforts in updating the competencies of its executives through exposure to various Learning & Development programs organized by Institutes of National Importance and through sponsoring function based Seminar
/ Conferences / workshops. Besides, in order to ensure smooth supply of skillsets for Companys requirement and shipbuilding industry, various training programs viz. trainings of Trade Apprentices under the Apprentices Act, 1961, BOAT Apprentices and Marine Engineering students under the aegis of DG, Shipping at the Companys run Apprentice Training School have regularly been organized.
A list of Programmes/Trainings conducted during 2022- 23 is as below:
The exposure visit was a mix of classroom training with experiential learning by way of village visit.
3 programs have already been conducted and
65 Executives trained. The Executives trained at NDDB, Anand further shared the knowledge via a capsule program with a view to develop the Culture, Ethics & Values for MDL. 12 such programs were conducted and around 1565 employees were trained.
conducted at Goa wherein 12 Women employees had been participated and in National Meet of Forum of women in Public Sector (WIPS) was conducted at Kolkata wherein 13 women employees participated. Training on ‘Women Empowerment was conducted wherein 130 women employees participated. On the occasion of Womens Day, MDL organized Self Defence program for women Executives wherein 25 women Executives benefited. Apart from that, participation of lady employees is ensured in all the above mentioned programs.
Your Company has undertaken a number of measures, which have immensely facilitated towards National Integration. Some of these activities are enumerated below:
(4) of Employees Pension Scheme, 1995 in terms of direction given by Honble Supreme Court vide Order dated 04th November 2022 and subsequent guidelines issued by EPFO in this regard.
Your Company values its human resources highly. To keep their morale high, apart from statutory welfare measures, your company extends several other welfare activities.
Your Company has arranged various Group Savings Linked Insurance Schemes, which provide financial assistance in case of untimely death (accidental/ illness) of an employee while on duty. Besides, Group Personal Accident Insurance Scheme has also been in place, which provides 24 hours coverage for compensation in the event of an accident of an employee resulting in death or permanent / partial disability.
All the serving employees, including their dependent family members, are covered under the Medical scheme. Hospitalization claims of around H 45.78 Crore were disbursed towards treatment of the employees and their dependent family members during the FY 2022-23.
Your Company also provides number of welfare measures viz., Onsite Dispensary and Occupational Health Centre, Hospitalization, Wellness Centre,
Onsite Gym & Club, Uniform, Monsoon Gears, Subsidized Canteen Facility, Scholarship to Unemployed Wards of Employees etc.
Your Company has Post-Retirement Medical Scheme to provide medical facilities to the retired employees and their spouse. The Scheme is administered through a Health Service Benefit Provider and is funded directly by MDL. In terms of the Scheme, expenses incurred beyond the stipulated ceiling are also provided in case of critical diseases. MDL also provides medical expenses to Executives retired before 2007 and Non-Executives retired before 2006 as per extant Scheme.
Your Company has facilitated Group Personal Accident Policy covering all active employees (Executives and Non-Executives).
Defined Contributory Superannuation (Pension) Scheme is in operation for Executives which is in line with the Department of Public Enterprises Pay Revision Guidelines, operated through NPS, New Pension Scheme. MDL contributes 7% of Basic pay and DA to the Superannuation Pension Fund whereas minimum 3% contribution is made by the employees which is credited to National Pension Scheme.
Defined Contributory Superannuation (Pension) Scheme for Non-Executives is also operational in MDL similar to Pension Scheme for executives. The pension scheme is operated through NPS, New Pension Scheme. MDL contributes 5% of Basic pay and DA to the Superannuation Pension Fund whereas minimum 3% contribution is made by the employees which is credited to National Pension Scheme.
As per the recommendation No.51, Para (ii)(a) of the National Commission for Women (NCW) in its Annual Report for the year 1995-96, the employment position of Women as on 31 Mar 2023 is given below as directed by the Ministry of Defence, vide their letter Nos. 39(6)/99/D(B&C), dated 27 Aug 1999.
Note: MDL being a heavy engineering industry, the number of women applying in various trades and disciplines against vacancies notified is low.
Sr. no | Grade | No. of Employees | Women |
Percentage |
5 | WG-05 | 2387 | 57 | 2.39 |
6 | WG-06 | 655 | 14 | 2.14 |
7 | WG-07 | 788 | 19 | 2.41 |
8 | WG-08 |
74 |
0 | 0 |
9 | WG-09 | 92 | 0 | 0 |
10 | WG-10 | 36 | 0 | 0 |
11 | WG-3A | 2 | 0 | 0 |
12 | WG-4A | 91 | 0 | 0 |
Total | 4598 | 90 | 1.96 |
Sr no. |
Grade |
No. of Employees | Women |
Percentage |
1 |
SI-02 |
2 | 0 | 0 |
2 |
SI-03 |
1 | 0 | 0 |
3 |
SI-05 |
237 |
41 | 17.30 |
4 |
SI-06 |
16 |
0 | 0 |
5 |
SI-07 |
51 |
10 | 19.61 |
6 |
SI-08 |
7 | 1 | 14 |
7 |
SI-09 |
25 |
2 | 8.00 |
8 |
SI-10 |
24 |
4 | 16.67 |
9 |
SI-4A |
11 |
0 | 0.0 |
Total |
374 |
58 |
15.5 |
3.6. Persons with Disabilities (PWD) As On 31 Mar 2023:
The total number of physically challenged employees as on 31 Mar 2023 was 111 and its percentage to total employees works out to 1.88%.
Sr no. |
Group |
HI |
LD |
VI |
TOTAL |
1 |
GROUP-A |
7 |
13 |
8 |
28 |
2 |
GROUP-B |
0 |
0 |
0 |
0 |
3 |
GROUP-C |
9 |
69 |
5 |
83 |
Total |
16 | 82 |
13 |
111 |
HI- Hearing Impaired, LD-Locomotive Disability, VI-Visually Impaired.
Industrial relation scenario during this period was cordial and harmonious. There were no man-hours lost on account of Industrial conflict. In the absence of a recognized Union, efforts were made to resolve issues of mutual concern through deliberations with the Unions on the Bargaining Council and other unions.
The Meetings with the Unions on Bargaining Council are held on regular basis and issues of mutual concerns like safety precautions, issues relating to Covid19 pandemic, Recruitment of Fixed Term employees etc. are settled
through bilateral negotiation process and Industrial Relations & Labour situation at MDL, Mumbai, in general, is normal and peaceful.
Your company has been observing all the Government directives and instructions issued from time to time on reservation of posts for SCs / STs / OBCs. All the rosters of SC / ST / OBC / PWD are maintained, which is inspected by the respective Liaison Officer from time to time and perused by the SC/ST Unions also. Detailed statistics regarding the total number of employees, number of women employees, recruitment made during the calendar year 2022 and the representation of SCs
/ STs / Ex-servicemen as on 01 Jan 2022 are given at Appendices A, B & C to this Report.
Weaker sections of the society are given adequate protection in the form of just and equitable treatment at the hands of employer. To ensure the same, a separate "Grievance Redressal Cell" has been constituted for SC / ST employees. A quarterly meeting of representatives of SC/ST is held with Director (CP&P) wherein grievances related to SC/ST are discussed and resolved.
Following enactment of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redress) Act, 2013, an Internal Complaint Committee (ICC) has been in place to deal with and redress complaints on sexual harassment. 01 (One) complaints were received during the fiscal year out of which 01 was disposed-off.
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S. No |
Awarding Authority | Awards For |
1 | Convention on Quality Concepts |
|
2 | International Convention on Quality Control
Circles (ICQCC – 2022) Jakarta, Indonesia |
02 Quality Circle Teams from MDL participated in
International Convention on Quality Control Circles (ICQCC – 2022) Jakarta, Indonesia held in Nov 2022. Both MDL QC Teams won Gold Award |
3 | National Convention on Quality Concepts (NCQC – 2022) | 11 QC teams from MDL participated in National Convention on Quality Concepts (NCQC – 2022) Aurangabad held at 27 to 30 Dec-2022. 08 out of 11 QC teams won PAR Excellence Award and 03 QC teams won Excellent Award. |
4 | MDLs in-house magazine "Jaltarang" | MDLs in-house magazine "Jaltarang" was selected as the best magazine by Ashirwad Rajbhasha Sansthan and on 20 September 2022 was awarded first prize by Honorable Governor Shri Bhagat Singh Koshyari at Raj Bhavan. |
Your Company has been adhering to the directives issued by the Govt. of India from time to time for extensive use of Hindi for official purposes. MDLs efforts towards progressive use of Official Language are detailed below:
Vigilance is an integral Managerial function. Vigilance department takes appropriate action to carry out preventive, participative and punitive vigilance in
Mazagon Dock Shipbuilders Limited (MDL). It promotes transparency, integrity, fairness, accountability in various activities including all commercial procurement functions, recruitment, outsourcing activities etc. Vigilance department suggests Systemic Improvements based on the investigation of the complaints/ spot checks/ CTE type examination and also ensures that integrity is maintained in all functions of the organization.
Activities carried out by Vigilance Department during the period from 01 April 2022 to 31 March 2023 are as follows.
As a part of Preventive Vigilance, CTE type intensive examination of Procurements/ Service Contracts/ Consultancy Contracts/ Subcontracts/ Outsourcing orders are taken to verify compliance to prescribed procedures and statutory norms/ regulations. Five (05) such CTE type examinations were carried out by Vigilance department and Systemic Improvements were suggested.
Vigilance department received 47 complaints. Investigation of 11 complaints were pending from 2021-22. Out of these cumulative 58 nos., investigation has been completed for 51 complaints and the remaining 07 complaints are under investigation at various stages as on 31 March 2023.
Surprise/Spot checks of various functions of the organization are also being conducted by Vigilance department. 13 nos. surprise/spot checks have been conducted and suggestions/corrective measures were recommended for Systemic Improvements.
40 nos. of Audit Reports (CAG-01 no. & Internal Audit Reports -39 nos.) were scrutinized.
The pending Disciplinary proceedings against delinquent executives are being closely monitored by Vigilance Department. As on 31 March 2023, 02 Major Disciplinary Proceeding are in process. Penal action is recommended against 03 employees and administrative actions such as recordable warning, advisory, counseling etc. were recommended against
10 employees. Administrative actions were taken against 13 employees.
Timely vigilance clearances were issued for personnel/ officials proceeding on foreign tours
and official duty abroad, compulsory retirement (FR 56J), separation (resignation/ retirement), DPC (Promotion), Board Level PESB Recruitment and attending interview/ forwarding application.
82 APRs of MDL Executives were scrutinized by Vigilance department manually. From the year 2022 onwards, online submission of APRs has been implemented. Exception report to enable faster scrutiny is under development.
Sixteen (16) Systemic Improvements in the areas of procurement, project execution and other organizational functions like HR, Medical, Administration etc. were suggested to management as an initiative for Preventive Vigilance and the same were accepted by the management and promulgated through Circulars by Directors concerned.
As per CVC guidelines to all CPSEs, 2-Days training module has been effectively implemented for MDL Executives at the Induction/Mid-Career level. Training has been imparted by MDL Vigilance Team to a total of 85 executives in 2 such batches during the year, in co-ordination with MDC.
In terms of the CVC Letter No. 015/MXC/017 (Pt 16) dated 08 Jan 21, MDL in coordination with NDDB, Anand organized Exposure Visit for executives at induction and mid-career level. This training at NDDB was attended by 100 executives of MDL, in 03 batches for induction level and 02 batches for mid-carrier level executives.
Vigilance executives are trained on various vigilance related aspects through internal & external resources; in turn these executives impart training to MDL Executives & Non-Executives.
In terms of Regulation 34 read with Schedule V of SEBI (LODR) Regulations and the DPE Guidelines, a report on Corporate Governance for the year ended 31 March, 2023 has been prepared and annexed to this Report. The Companys Secretarial Auditor has issued a certificate on Corporate Governance and is appended to the Corporate Governance Report at Appendix ‘D.
Under the Right to Information (RTI) Act, 2005, to facilitate provision of information to the citizens requesting for the same, your Company has evolved necessary structure by designating officers as Assistant Public Information Officer, Public Information Officer and Appellate Authority for the purpose of implementation of the Right to Information Act in the Company. During the year, the Company received
145 applications and 09 First appeals through online/ offline mode. The information/ replies sought for were duly furnished. The Quarterly Returns are being uploaded on the Central Information Commissions (CIC) website. Proactive disclosures of information were updated on the website of MDL under RTI Link as directed by CIC
Against the Statutory requirement of minimum 4 meetings of the Board in a financial year, Ten meetings of the Board of Directors of the Company were held. These were on 30 May 2022, 30 July 2022, 10 Aug 2022, 27 Sep 2022, 10 Nov
2022, 06 Jan 2023, 21 Jan 2023, 30 Jan 2023, 28 Feb 2023
and 28 March 2023 were held during FY 2022-23.
As your Company is a Central Government Public Sector Enterprise(CPSE), the appointment, tenure and remuneration of Directors (Functional Directors including the CMD) are determined by Government of India through Public Enterprises Selection Board (PESB), The terms and conditions of appointment, including the period of appointment, the scale of pay and other entitlements are notified by the Government of India.
The Ministry of Defence (Administrative Ministry) appoints the Government Nominee Directors and they are not entitled to any remuneration or sitting fees.
The non-executive Independent Directors are appointed by the Government of India and they are entitled to sitting fees for attending the Board/Committee meetings as prescribed by the Board in adherence with the statutory rules and regulations.
According, to the Ministry of Corporate Affairs, Government of Indias Gazette Notification No GSR 463 (E ) dated 5 June 2015, your Company, a Government Company, is not required to frame a Policy on Directors appointment and remuneration including criteria for determining qualifications, evaluation etc., under section 134(3)( e ) of the Companies Act.
Pursuant, to the Ministry of Corporate Affairs, Government of Indias Gazette Notification No GSR 463 (E ) dated 5 June 2015, the statement indicating the manner in which formal annual evaluation has been made by the Board of its own performance and that of its committees and individual directors is not required for your Company, as the performance of directors is evaluated by the Administrative Ministry.
The following changes took place in the Directorship of the Company during the year under review:-
VAdm. Narayan Prasad, IN(Retd) (DIN 08644492) was appointed as the Chairman & Managing Director w.e.f.
30 December 2019 pursuant to appointment letter from Department of Defence Production, Ministry of Defence dated 29 November 2019. He superannuated on 31 Januaray 2023, the Board placed on record its appreciation for the valuable support, contribution and guidance provided by VAdm Narayan Prasad, IN (Retd) during his tenure.
Shri. Sanjeev Singhal, (DIN 07642358) Director(Finance) has been entrusted with additional charge of CMD of the Company w.e.f. 01 February 2023 as per the directions of Department of Defence Production, Ministry of Defence.
Shri. Anurag Bajpai,JS(DIP/P&C) (DIN 08948155) was appointed as the Government Nominee Director ( Part Time Official Director) on the Board of the Company
w.e.f 10 November 2022 in place of Shri Sanjay Jaju, ex- Additional Secretary (DP) (DIN 01671018) pursuant to orders conveyed by the Ministry of Defence vide their letter dated 10 November, 2022. The Board placed on record its appreciation for the support and contribution provided by Shri Sanjay Jaju during his tenure.
Cdr. Vasudev Puranik, IN (Retd) (DIN 09623387) was appointed as the Director (Corporate Planning & Personel) w.e.f. 09 June 2022 pursuant to appointment letter from Department of Defence Production, Ministry of Defence dated 08 June 2022.
Shri. Dattaprasad Kholkar (DIN 10054086) was appointed as Independent Director (Part Time Non- Official) w.e.f. 23 Feb 2023 pursuant to appointment letter from Department of Defence Production, Ministry of Defence dated 13 Feb 2023.
Shri. Shambhuprasad B Tundiya (DIN 03245725) was appointed as Independent Director (Part Time Non- Official) w.e.f. 24 Dec 2021 pursuant to appointment letter from Department of Defence Production, Ministry of Defence dated 24 Dec 2021. He resigned on 13 Nov 2022 due to pre-ocupations, the Board placed on record its appreciation for the support and contribution provided by Shri. Shambhuprasad B Tundiya during his tenure.
Audit Committee pursuant to the provisions of Section 177 of the Companies Act, 2013 and the Rules made thereunder has been constituted by the Board. The Committee acts in accordance with the terms of reference as approved by the Board. The composition and other details are disclosed in the Corporate Governance Report. All recommendations made by the Audit Committee were accepted by the Board.
All Independent Directors of your Company have confirmed that they meet the criteria of Independence as prescribed under both the Companies Act, 2013 and the SEBI Listing Regulations.
A Separate Meeting of Independent Directors in accordance with the provisions of the Companies Act, 2013 was held on 28 March 2023 and all the Independent Directors were present.
The Independent Directors have also confirmed that they have complied with the "Code of Business Conduct and Ethics for Board Members and Senior Management" of the Company
The Company is committed to all its stakeholders to conduct business in an economically, socially and environmentally sustainable manner as part of its CSR & Sustainability policy.
Your Company is committed to undertake various programs for integrating social and business goals in a sustainable manner through inclusive growth so as to make a positive impact for the society at large. Your Company has adopted Corporate Social Responsibility & Sustainability Policy in compliance with Section 135 of the Companies Act 2013 and Rules framed there under.
The CSR Budget of your company for the FY 2022-23 was H13.92 crore (2% of average profit of the previous three financial years as per section 198 of Companies Act 2013). In addition to above, a sum of H4.56 crore were carried forward from the previous financial year (2021-22). Out of total amount of H18.48 crore, your company spent H12.61 crore towards CSR activities during FY 2022-23 (current FY). Balance sum of H5.87 crore remains unspent
as several projects/programs could not be accomplished/ completed due to delay in the submission of required documents and/or delay in execution of some projects by the implementing agencies. The same was transferred to the Unspent CSR expenses on 26 April 2023.
Your Company has executed 27 projects as part of its CSR initiatives mainly in sectors of Education, Health & Sanitation, Skill Development and Village Development. The executed projects are in line with schedule VII of the Companies Act. The details of the major projects executed in FY 2022-23 are as under: -
MDL has continued its support for Gift Milk project in Gadchiroli district (another Aspirational district of Maharashtra) under which fortified milk was supplied to about 4400 students of 40 Govt. Schools in the district.
MDL continued its project in supporting and counseling more than 93,000 cancer patients at nine Regional Cancer Centres in 5 different States/ UTs of India. Further, MDL provided much needed support for intellectually deficient children and adults at Childrens Home in Mankhurd for the benefit of 265 children who are victims of natural calamity, social apathy and loss of parents. MDL has also made contribution to PMCARES fund.
In line with the Swachh Bharat Mission of Govt. of India, your company has continued the clean-ship of areas/ wards in Mazagon, Mumbai. MDL has also made contribution to Swacch Bharat Kosh.
MDL has continued its support for "MDL Super 10" project and a total of 25 students from Shahapur area (Thane district) have been provided support to get quality education at Bhonsala Military School, Nagpur.
The CSR committee certifies that the implementation and monitoring of the CSR projects being executed are in accordance with the CSR objectives and policy of the company. The Annual Report on CSR contains the requisite details as specified in the Companies Act, 2013 and is placed at Appendix E.
Your Company has engaged various initiatives towards sustainable development and energy conservation in the year under report. In alignment with the Government of Indias policy to increase the quantum of renewable energy and to reduce energy consumption various projects were undertaken by your company as follows:
Information required under Section 134(3)(m) of the Companies Act 2013, pertaining to Conservation of Energy, Technology Absorption is given in Appendix ‘F to this Report.
Your Company, adhering to the Prime Ministers Swachh Baharat Abhiyaan, has been able to make positive impact in creating mass awareness movement in and around MDL and bring about lasting behavior change in the society through participation of employees at all levels as well as the people from the surrounding area.
In accordance with Ministry of Corporate Affairs notification no. GSR 463(E) dated 05 June 2015, Government Companies are exempt from Section 197 of the Companies Act, 2013 and rules thereof regarding disclosure of particulars of employees drawing remuneration in excess of the specified limit.
In terms of the Companies Act, 2013 as amended, the Annual Return is available on http://mazagondock.in/ Annual Return.
As required under Section 134(3) (c) and 134(5) of the Companies Act, 2013 the Directors Responsibility Statement is given as under, that:-
The Comptroller and Auditor General of India under Companies Act 2013, appointed M/s. C.R. Sagdeo & Co, Chartered Accountants Mumbai, as the Statutory Auditors of the Company for the financial year 2022-
23 as MDL is a CPSE. The Auditors have certified the Accounts and their Report is placed as a part of Annual Report.
The Notes on the Financial Statements referred to in the Auditors Report are self-explanatory and do not call for further comments. During the year under review, no fraud has been reported by the Auditors under section 143(12) of the Companies Act, 2013 read with Rule 13 of the Companies (Audit and Auditors) Amendment Rules, 2015.
The Comments of the Comptroller and Auditor General of India under Section 143 of the Companies Act 2013 are placed as a part of Annual Report.
M/s. Dhananjay V Joshi & Company, Mumbai, were appointed as Cost Auditors for conducting cost Audit of the Company under section 148 of the Companies Act, 2013 for the year 2022-23 and accordingly such accounts and records are made and maintained.
M/sRaginiChokshi&Co.,PracticingCompanySecretaries, Mumbai were appointed to conduct Secretarial Audit of the Company for the financial year 2022-2023 pursuant to provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of the SEBI(LODR) Regulations, 2015. The Report of the Secretarial Audit in Form MR-3 is annexed to the Directors Report as Appendix 3 and forms part of this report. The Report does not contain Qualification, Reservation or Adverse remark except that the Company did not have sufficient numbers of Independent Directors on the Board of the Company as stipulated under the SEBI (LODR) Regulations, 2015.
In this regard, your Company being a Government Company, under the Administrative Control of the Ministry of Defence, Department of Defence Production, the power to appoint Directors (including Independent Directors) and finalizing the terms and conditions of appointment vest with the Government of India. The matter regarding appointment of required number of Independent Directors has been taken up with the administrative Ministry from time to time and the Government is seized of the Matter.
As per Regulations 34(2) (e) of the SEBI (LODR) Regulations, the Management Discussion and Analysis Report (MDAR) is attached to this Report as Appendix ‘G.
Pursuant to regulation 21 of the SEBI(LODR), 2015 the Company has constituted a Risk Management Committee and its terms of reference, Risk Management Policy etc. are set out in the Corporate Governance Report.
The Listing Regulations mandates the inclusion of the BRSR as part of the Annual Report for the top 1000 listed entities based on Market Capitalization. In compliance with the Listing Regulations, we have integrated BRSR disclosures into our Annual Report.
Your Company has envisaged following measures of future outlook.
i. Infrastructure
Your Company is exploring the possibility for setting up a green field shipyard at its Nhava Yard in a phased manner with short term and long term developments plan. Short term development will enable MDL to facilitate the immediate use of the existing infrastructure for shipbuilding and ship
repair business whereas long term development will facilitate the construction of large size vessels and submarines including major refit and repairs.
To undertake the construction of advanced and next generation vessels, MDL intends to build a New Floating Dry Dock of 12000T capacity.
Your Company is committed towards up-liftment of under privileged sections of society and towards this a skill development hub is being created with an Apprentice Training School (ATS) and associated development work at Gavhan village, Navi Mumbai.
The progress of all the ongoing projects were affected in 2020-21 & 2021-22 on account of the prolonged pandemic situation worldwide. All efforts are being made to complete ongoing projects as per revised time schedules.
MDL has been shortlisted as one of the Strategic Partners (SP) for future submarine project P 75(I). RFP from MoD for P75 (I) was issued on 20 July 2021 to shortlisted strategic partners and revised bid submission date is 01 Aug 2023.
Preliminary proposal for additional 03 nos. Scorpene class Submarines with higher Indigenization content has been submitted to IHQ/MoD(N) on 10 Oct 2022. MDL comments on INs SOC were forwarded on 08 Apr 2023. case is currently under deliberation at MOD.
Successful completion of construction of two SSK class submarines, Modernization & Refit of four SSK class submarines, present construction of six Scorpene class submarines and Medium Refit cum Life Certification (MRLC) of one SSK class Submarine, INS Shishumar has forged MDLs position as the only Indian Shipyard with capabilities to build & provide Life Cycle Support for conventional submarines.
Medium Refit cum Life Certification (MRLC) of INS Shishumar, SSK class Submarine is currently in advanced stage of refit completion. RFP for second SSK class Submarine has been issued by IN on 28 Apr 2022 and order placement is expected by Jun 2023. MDL is fully poised to render Life Cycle support for Submarines of Indian and Foreign Navies.
MDL has augmented necessary infrastructure for Submarine construction through a modernisation project. Presently, high level of skill has been developed in MDL for Submarine construction and at the same time local vendors have been developed for complex and high quality fabrication jobs. The skilled workforce of MDL and vendors are ready to take on new challenges in submarine construction. Post infrastructure augmentation, MDL submarine building capacity has been enhanced substantially to cater for two dedicated Submarine Assembly Lines fully ready for operations. With these assembly lines, MDL has a capacity to undertake construction of 11 Submarines at any given time.
is deeply aware of the situation. Nevertheless, the defence needs in the international market continue to rise. MDL has unique strengths and skill sets that have been painstakingly developed in the past eight decades and are adapted in the complex activities of weapon integration sensors for high tech defence platforms. This gives a cutting edge for MDL against their competitors and MDL is all set to cash-in this scenario. MDL has also appointed Management Representatives for canvasing MDLs rich legacy in construction of Naval and Non-Naval vessels and promoting MDLs products in the global market. The Management Representative will also facilitate expansion and growth of MDL business in near future.
/ procuring Scorpene class Submarines is being explored. Your Company also intends to undertake infrastructure development and become part of global supply chain for products. MDL was awarded an order for supply of various types of valves from M/s. Fortune Engineering & Energy services, Dubai, United Arab Emirates.
the GoI have opened Lines of Credit with funding typically extended by EXIM bank as well as the B2B route with sovereign guarantee of the recipient nation.
Acknowledgements
Your Directors wish to place on record their gratitude and sincere appreciation for the assistance, co-operation and guidance received by the Company from various Ministries of the Government of India especially the Ministry of Defence, Department of Defence Production, the Indian Navy, Greater Mumbai Municipal Corporation,
Mumbai Port Trust, Principal Controller of Defence Accounts (Navy), the Departments of Customs, Income Tax and GST.
Your Directors also place on record their appreciation for the assistance extended by the Companys Bankers Viz. State Bank of India the valuable advice rendered and co-operation extended by the Statutory Auditors, M/s. Sagdeo & Co Chartered Accounts, Mumbai, and the officers of the Principal Director of Commercial Audit and Ex-Officio Member of the Audit Board, Bengaluru. Your Directors express their gratitude to the clients, who have extended patronage to the Company. Your Directors also appreciate and acknowledge the devoted efforts put in by the Companys employees at all levels.
Sincere thanks also to all the Stakeholders for having unwavering confidence in the Company and willingness to extend all support to the Company.
For and on behalf of the Board
Sanjeev Singhal
Chairman & Managing Director
DIN: 07642358
Place: Mumbai Date: 10 Aug, 2023
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.