Guidelines for implementation of Shipbuilding Financial Assistance Policy (SBFAP)

Government of lndia Ministry of ShiPPing File No. SY-1 6023/6/201 5-SBR GUIDELINESFoRIMPLEMENTATIoNoFSHIPBUILDINGFINANcIALASSISTANCE POLICY (as consolidated and further amended in February' 2019) 1.(a)Title:Thepolicyforgrantoffinancialassistancetoshipyardsshallbecalled ,,shipbuilding Financial Assistance Policy" and the guidelines formulated to implement the policy shall be called "Guidelines for lmplementation of shipbuilding Financial Assistance Policy'' (b)Validity:TheShipbuildingFinancialAssistancePolicyandtheguidelinesshallcome int: force with effect from April 1, 2016 and shall be applicable for shipbuilding contracts sig ned during the dates, April 1 2016 to March 31 , 2026 including the said dates' (c]Applicability:Thesaidpolicyaswellasthegurdelinesshallbeapplicabletoallthe lndian shipyards. 2. Definitions. (a)..ActualPayment,,meanSthetotalquantumofpaymentreceivedbytheshipyard p()rtainingtoashipbuildingContractincludingsuChpaymentreceivedsubsequenttothe dt:liveryofthevesselasrsdulycertifiedbyaCharteredAccoUntantregisteredWithInstitute ol chartered Accountants of lndia in the format prescribed at Annexure-lll of these guidelines and supported by requisite documentary evidence' (h) "Competent authority"means the authority designated for performance of various fr,rnctions under these guidelines for implementation of the policy by Ministry of Shipping in Schedule-V. (r;)"shipbuildingContract",unlessotherwisestated'meansashipbuildingConlract correspondingtoconstructionofunderlyingvesselorvessels'asthecasemaybe'and shallincludetheinitialorthefirstContractsignedforSuchconstructionoranysubsequent contracts amending the said initial contract or executed replacing the said contract that the Contract continues !o pgtain te the said u nderlying- vessel or vessels of I,rovided furthe-r i" r"0""r.v' zorgFil" No SY-16023/6/201s-sBR consolidated and amended ^s Page 1 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/201 5-SBR the initial contract. rn case of cancellation, contract would mean the new shipbuirding Contract signed with the new buyer. (d) "contract Price" means the price at which the initial or the first shipbuilding conlract has been signed, or any such rower price agreed at a rater date in a supplementary or subsequent Contract for the vessels required to be constructed under the contract invorving the shipyard as one of the parties to the said rarer contract (e) "Date of contract," means the date of signjng of the initial or the first contract for construction of underlying vessel or vessels, as the case may be. (0 "Financial Assistance", means the monetary incentive granted by the government to the shipyards for construction of vessels underlying a shipbuilding contract under the policy, sublect to fulfillment of conditions prescribed in policy guidelines. (S) "Fa ir Price,, means- (i) ln case of a standard vesser, the price of the underrying vesser as on the date of contract as derived by the competent authority based on internationar trend; (ii) ln case of speciarized vessers, and, vessers other than standard or speciarised vessers, the rowest of the prices, as on the date of contract, as are determined by three approved lnternational Valuers listed in Schedule_lll. (iii) Fair price in respect of shipbuirding contracts for ships procured from rndian shipyards by centrar Government / psu / State government departments, organisations set up under Acts of parriament and contro[ed and managed by centrar Government departments and cpsEs. secured by Shipyards on L1 basis through tender process, wil be considered as the Li price discovered / determined through competitive, open and fair bidding process. As consolidated and furttrer am gC Page 2 oI 41Government of lnd ia Ministry of ShiPPing File No SY-1 6023/6/201 5-SBR (h) ,,ln principle approval" means the approval granted by the competent authority establishing eligibility of claim of a shipyard for grant of financial assistance for vessel under corrstruction. subject to fulfillment of conditions prescribed in the policy guidelines. (i) "lnternational Valuer" means the valuers listed in Schedule-lll, to which valuers could be added or deleted by Ministry of Shipping from time to time' (j) ,,Rate of Financial Assistance" means the rate at which the financial assistance sh;rll be granted to the shipyard and determined with respect to the rate indicated in column (3) of the table in Schedule-lV corresponding to the date of Contract' (m) ,,Recognized Organization" means an organization recognized by the Government of lndia as per the Gazette Notification No SO 3316(E) dated Decembet 26 ' 2014. (n).,specializedVessel'',forthepurposeofgrantoffinancialassistanceunderthese giidelines, means a type or class of vessel listed in Schedule-ll' (o) ..standard Vessel,,means a vessel that is not a Specialized vessel and for which fairpriceisdeterminedonaperiodicbasisbythecompetentauthoritybasedon international Prlce trends. (p) "Vessel other than Standard or Specialized Vessel" means vessel' which is n,:ither specialized vessel nor standard vessel' (q)"shipyard"meansanyfloatingoralandbasedfacilitycomprisingofallorany amongstthefollowingasessentialfeatures'namely'-waterfront'turningbasin'berthing anddockingfacility,sl.pwaysandshiplifts,and,locatedwithintheterritoriesoflndiaand undertaking construction, manufacture, reconstruction or repair of vessels in lndia' (r)"Vessel",forthepurposeofgrantoffinancialassistanceundertheseguidelines' rneans all types of floating crafts or structures built under the classification of one of the tlecognized Organizations but shall exclude the crafts specified in Schedule-l' ,\ rit" t"lo sY-16023/6/2015-sBR Page 3 of 41Government of lndia Ministry of Shipping File No SY-1 6023/6/201 5-SBR (s) "Major portion of the hu[" means, the main hulr of the ship / vesser, that is made of Shipbuilding grade steer, Aruminum or any such materiars as approved for the purpose of construction of ships/ vessels by Recognized Maritime Authorities, and does not include. superstrucrure, Equipment & Machinerres, Mast, Equipment foundations, shaft support Brackets, Stern tube, Bow Thruster Tunnels. Rudder etc. 3. Eligibility of vessel for availing the Financial Assistance. only those vessels. which are constructed and derivered within a period of three years from the date of contract, shal be erigibre for avairing financiar assistance under the poricy. Provided that, in case of speciarized vessers, the competent authority may grant in principle approval for construction and delivery of such vessels within a specific period even beyond the aforesaid three years, but not exceeding six years, when the shipyard appries for such approvar for the vesser under the poricy guiderines and thereafter the derivery period provided for in this crause shal be such extended period as permitted by the Competent Authority. 4. Application for Financial Assistance. (a) The application for in principle approval for grant of financial assistance for a vessel shall be made as per the procedure prescribed in Annexure-l of this policy. (b) The application for rerease of financiar assisrance for a vesser shal be made subsequent to delivery of the vessel as per the procedure prescribed in Annexure-ll of this policy and the competent authority sha , after due scrutiny of the apprication, permit rerease of the financial assistance to the applicant shipyard. (c) ln case the competent authority, after scrutiny, identifies deficiencies in the applicatron made in pursuance of sub-crauses (a) or (b) above, it may give an opportunity to ,th Fe J a gpp !1lic .a rn ]t r s :th ipyard as per the procedure prescribed in Annexure-r and Annexure-r, as rake a decision for in principte As consolidated and further rr" Page 4 of 41Government of lndia MinistrY of ShiPPing File No. SY-16023/6/201 5-SBR approval or release of financial assistance, as the case may be' based on response of the app licant shipyard. Any denial of benefit sought under the applications made in pursuance ofl;ub.clauses(a)and(b)abovebythecompetentauthorityshallbeconveyedtothe ap6rlicant shipyard in writing with reasons for such denial 5. Computation of Financial Assistance' (a)Thequantumoffinancialassistanceforavesselshallbetheproductofthe apq:licablerateoffinancialassistanceprevarlingonthedateofContract'and'thelowestof th€ contract price or the fair price when converted in lndian Rupees: Providedthat,atthetimeofreleaseoffinancialaSsiStanCe,iftheactualpayment reoeived for a vessel is lower than the contract price' such payment shall replace the contract price in the formulae for computation of the financial assistance' (brlncaseofaContractobtainedthroughglobaltenderorcompetitivebidding,thebid prceshallbetreatedaStheContraclpriceforcomputationoffinancialassistanceinthe fo'mulae specified at sub-clause (a) above' (c) For the purpose of computation of financial assistance as per the formulae specified at sub-clause (a) above, the fair price or contract price or actual payment' if received in fcreign currency, shall be converted into lndian Rupees as per the exchange rate published by the State Bank of lndia under the category of TT Buying Rates on the date of Contract' provided that, in case the exchange rate is not among the currencies published by theStateBankoflndia,theapplicantshipyardShallobtainaCertificatefromtheStateBank oflndiaabouttheexchangerateforthecurrencyprevailingonthedateofContract, , sY-16023/6/2015-sBR Page 5 of 41Government of lndia Ministry of Shipping File No SY-16023/6/2015-SBR 6. Release of Financial Assistance. (a) Wherever, in principle approval for grant of financial assistance for a vessel has been granted by the competent authority, such financial assistance shall be released for the vessel subject to compliance of conditions of this policy: Provided that, for aI vessers other than speciarized vessers, such financiar assistance shall not exceed Rupees Forty Crores per vessel. Provided further that, in case the budget is not avairabre for rerease of financiar assistance for vessel(s) under an eligible contract in a particular year for release of financial assistance' rhe same wi, be rereased on priority in the subseguent financiar year on availability of budget. (b) The requisite financial assistance shall only be released in lndian Rupees. 7. General Conditions. (a) ln case of shipbuilding contracts signed for construction or manufacture of more than one vesser, onry those vessers under the contract whose date of derivery ries within the period of rhree years or such extended period permitted under crause 3 above by the competent Authority from the date of contract shal be granted in principre approvar by the competent Authority for craiming financiar assistance for the vessers mentioned therein: Provided that, onry those vessers which are actualy derivered within three years from the date of contractor within the extended period permitted under crause 3 above by the competent Authority shafl be considered for rerease of financiar assistance. Provided further that, if any supprementary contracu addendum wi, be entered after March 31, 2026, the same wifl not be considered for the purpose of computation of financiar assistance. As consotidated ano rurGianenoeo in reur@ec Page 6 of 4'lGovernment of lndia MinistrY of ShiPPing File No SY-1 6023/6/201 5-SBR (b) The major portion of the hull of the vessel for which financial assistance is claimed is to be constructed and assembled in lndia (c)Theassemblyofthehull,installationandcommissioningofthemajormachineryand equipment and tests/trials of the vessel is to be done in lndia ln case any tesUtrials are requiredtobeconductedoutsidelndia,intermsoftheContract/ownerrequtrements'the sarne shall also be acceptable for grant of financial assistance' (d) The shipyard applying for financial assistance under the policy for a vessel should no1 have availed any monetary support under any other policy or scheme of the Central or Stitte Government for the said vessel. Such support shall not include: (i) any exemptions of domestic taxes or import duties applicable on procurement of raw materials, components or capital goods, as the case may be; (ii) any fiscal or monetary benefits arising from the location of shipyard; (iii)anyfiscalormonetarybenefitsarisingfromgrantofinfraStruCturestatustothe sf ipyard, or, (iv) any other fiscal or monetary benefit available by virtue of being a shipyard irrespective of the vessel being constructed/ repaired thereat' (e,)Notwithstandinganythingcontainedintheseguidelines'onlythosevesselsshallbe e igible for grant of financial assistance for which the construction shall commence s:bsequent to the signing of valid contracts covered under these guidelines' (l) The shipyard applying for in principle approval as well as release of financial assistanceunderthepolicyShouldgubmitanaffidavitaspertheformatprescribedin Lnnexure-l and Annexure-ll respectively, including for compliance of conditions in sub- clauses (b) to (e) above. ln case of application for release of financial assistance such , sY-16023/6/2015-sBR PageT ol 41Government of lndia Ministry of Shipping File No SY-16023/6/2Oi 5-SBR affidavit shall also be accompanied with a certrficate from the Recognized organization as per the formats prescribed in Annexure_ll. 8. Grievance Redressal, Amendments, Review and lnterpretation. (a) lf any grievance arises from acts of commission or omission of the designated compelenr authority as prescribed under these guiderines, the same sha be referred to the lnstitutional Mechanism, as notifred by the Ministry of shipping rn this regard, and the decision of such rnstitutionar Mechanism in this regard shaI be finar. The Minrstry of shipping sharr arso notify the procedure for firing. as weI as, resorution of such requests by the lnstrtuttonal Mechanism (b) Ministry of Shipping shall review these guidelines every two years from the date of issue or the date of rast revrew, as the case may be. However, this sha, not affect the r.ght of the Ministry to amend or modify these guiderines at any pornt of time incruding the Schedules and Annexures appended thereto. (c) ln case any doubts arise with respect to interpretataon of these guiderines, the same would be resorved with the approvar of Hon'bre Minister of Shipping and such decision sha be final ano As corrsolidated y-l6O*/6/2015-SBR Page I of 4iGovernment of lndia MinistrY of ShiPPing File No. SY-1 6023/6/201 5-SBR SCHEDULE.I LIST OF VESSELS EXCLUDED FROM FINANCIAL ASSISTANCE POLICY l.Vesselsbuiltforlndaanbuyerorshipowner,whicharelessthan24metersinlength' ex<;eptclassed*dredgersoflengthof,l0mandabove(registeredlength/rulelengthaS ShoWnintheregistrycertifiCate/tonnagecertificate).However,forexportordersminimum 24 m length restriction is not applicable 2. Vessels made of wood irrespective of their lengths' 3 Vessels built for defence purposes or for use by Navy or Coast Guard' 4.VesselsbuiltundercontractssecuredonnominationbasisfromtheCentralorState GclvernmentortheiragenciesexceptthosesecuredfromtheCentralorStatePublicSector Er terprises. -clsssedwithoneoftheRecogntzedorganizations(RoS)oftheGolandassignedwithaClassnotationaS "D-edger (oi any tYPe)" p.ffiended in FebruarY 2ol9 Page 9 of 41 -Y-16023/6/2015-sBRGovernment of lndia Ministry of Shipping Fite No Sy-i6023/6/201 5-SBR SCHEDULE-II LIST OF SPECIALIZED VESSELS 1. LNG Carrying Vessels. 2. LPG Carrying Vessels. 3. All Passenger Vessels under MS Act/SOLAS with a minimum capacity of 5O0passengers. 4. Chemical Tankers. 5. Floating or Submersible Drilling or production platforms. 6. Floating, Produclion, Storage and Offloading (FpSO) units. 7. Floating, Storage and Offtoading (FSO) units. 8. Floating, Storage, Regasification Units (FSRUs). 9 Mobile Offshore Driiling Unit (MODU) Rigs. 10. Mobile Offshore production Units. As consolidated a Page 10 of 41Government of lnd ia Ministry of ShiPPing File No. SY-1 6023/6/201 5-SBR SCHEDULE-III LIST OF INTERNATIONAL VALUERS Sl. No. Name of lnternational Valuers @Boulevard Jean Mermoz, 92200 Neuilly- 1. sur-Seine, France. 2. MA Gatbraitirs Limited Shipbrokers' Bridge gate House 124-126 Borough High Street, London - SEl 1BL. @ox 278, AudreY House, 16-20 EIY 3 Place,London - ECl N 6SN. 4. @., 1 commonwealth Lane, #09-19 oNE Commonwealth, Singapore -149544 - 5. Uls. f.f oiOcean Oftsnore nS,p.O Box 1833 Vika, N-0123, Oslo'Norway' e Leadenhall Building' 122' b. Leadenhall Street, London, EC3A 8EE. 7. HrtE. Nlaerif Aroker, Midtermolen' 1 DK-2100 Copenhagen, Denmark tharine Docks' London B, ElW 1BF o ME aasnTovisors, 2L23, T V lndustrial estate, 2+a-R' S K Ahire Marg, Worli, Mumbai 400 030 INDIA ffiloor, 2 London Wall Buildings, 10. London Wall, London, United Kindom, ECM 5PP Phone No 44(0) 3031234500 sors Pvt Ltd Maker ' 1 Bhavan No. 1, Sir, Thackersey Marg, Mumbai-400021 (lndia)' Tel No' (22\ 6631 4949 1663 1 49'1 7. Email id : jbbmbi@j bbodamail com T o SY-16023/6/2015-SBR Page 11 of 41Government of lndia Ministry of Shipping File No SY-1 6023/6/201 5-SBR SCHEDULE.III LIST OF INTERNATIONAL VALUERS Maritime Strategie SE1 1YW UK, Phone No 44 20 79400070. Simpson Spence young Ltd , 5b natffes pface *f +Of lOZ, SinS nd Tower. Singapore, Singapore 049623. ph No. +65 6g S47:,2O. offshore Shipbrokers Limiteolz erossom st'."et, London gr opLux +a zoi 3779774, 44 207 377 9775. Emait id:chartering@offshore- shipbrokers. coms&p@offshore-sh ipbrokers.com English White Sh Mobile: +44 (0) 77BS 457 39S. Emait: sandp@ewshipping.com Web: www.ewshipping.com. Address:2, pointgarry Road, North Berwick,East Lothian, EH39 4ET As consolidated and BR Page 12 of 41 EGovernment of lndia MinistrY of ShiPPing File No SY-'l 6023/6/201 5-SBR SCHEDULE-IV RATES FOR FINANCIAL ASSISTANCE Sl. No. Financial Year Rate of Financial Assistance (%) (1) (2) (3) 1. 2016-2017 20.00 2017-2018 20 00 Z, 2018-2019 20 00 3. 4. 2019-2020 17.00 4 2020-2021 17 00 17.00 6 2021-2022 2022-2023 14.00 7. 4.00 B, 2023-2024 1 14.00 9. 2024-2025 10 2025-2026 11.00 A 2019File No SY-16023/6/2015-SBR , Page 13 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/201 5_SBR SCHEDULE.V DESIGNATION OF COMPETENT AUTHORITY Sr. No. Sections of the Poliry Competent Authority (1) (2) (3) 1 2 (s),2 (h),2(o) Director General ot Snrpping 2 3 Director General of Shrpprng 3 4 Director General ot Sfrrpprng 4 6 Director General of Shipping 7 Director General of Shipping As consolidated t, "nO Page 14 of 41Government of lndia Ministry of ShiPPing File No. SY-1 6023/6/201 5-SBR ANNEXURE-I PROCEDURE FOR OBTAINING "IN PRINCIPLE" APPROVAL . within forty five (45) days from the date of signing the contract, the shipyard shall 1.1 apply under the policy on the web portal created for the purpose by the competent authority anrl obtain a unique application number, which will be used for all future references. 1...1. Provided that, for contracts signed between the period 1st April, 2016 and the date ofissuanceofamendedguidelinesoctober,20lTorthedate-oflaunchofthe col.responding updated software. whichever is later, forty five (45) days shall be available to shipyards from the date of issuance of amended guidelines october, 2017 or the date of launch of correspondang updated software, whichever is later, for applying under the policy and obtaining a unique application number. which will be used for all future references' 2. After the unique application number has been generated' in case of contracts for construction of standard vessels, the applicant shipyard shall submit the application for in- prncipleapprovalalongwiththedetailssoughtbytheportalandthefollowingdocuments. withinforty-five(45)daysfromthedateonWhichtheuniqueapplicationnumberis g€rnerated: (i) Notarized copy of the Contract signed between the shipyard and the ship owner or buyer for construction of the vessel; (ii) Technical specifications of the vessel to be constructed, (iii). Bank Account details of the shipyard agreed under the contract' (i'r) AffidavitsignedbytheProprietor/Partner/Chairman/CMD/MD/CEooftheshipyard. duly authorized in this regard, as per the format attached at Annexure-lA' 7 1gFile No sY-'16023/6/2015-sBR Page15of41Government of lndia Ministry of Shipping File No. SY-1 6023/6/20'1 5-SBR ANNEXURE.I 3.1 1n case of contracts for construction of speciarised vessers, and, vessers other than standard or speciarised vessers, along with generation of the unique application number the applicant shall simultaneously obtain details of five valuers, randomly selected by the portal from the list of valuers indicated in Schedule-lll of these guidelines, for assessment of fair value of the vessels. 3'2 The appricant shipyard shaI submit the apprication for in- principre approvar. arong with three varuation reports (from amongst the five varuers provided by the portar), other details sought by the portar, and the fo[owing documents, within forty-five(45) days from the date on which details of valuers are generaled by the porlal: (i) Notarized copy of the contract signed between the shipyard and the ship owner or buyer for construction of the vessel; (ii) Technical specifications of the vessel to be constructed. (iir). Bank Account details of the shipyard agreed under the contract. (iv) Affidavit signed by the Proprietor/Partner/Chairman/CMD/MD/C EO of the shipyard, dury authorized in this regard, as per the format afiached at Annexure-lA. 3 3 Provided that all valuation certaficates from the valuers provided in Schedule lll of the guidelines. obtained between the period ist Aprir, 2016 and the date of issuance of amended guiderines october, 2017 0r the date- of raunch of the corresponding updated software, whichever is rater, sha[ be accepted by DG shipping, irrespective of the fact whether these varuers were provided by the portar or not. A period of forty five (45) days from the date of issuance of amended gurderines october, 2017 or the date. of raunch of the corresponding updated software, whichever is later, would be available for uploading any such valualion reports which have not already been uploaded on the portal. As consolidated "nO Page 16 of 41Government of lndia Ministry of ShiPPing File No. SY-16023/6/2015-SBR ANNEXURE-I 3.4. ln case out of the five valuers provided by the portal, more than two valuers either do not respond or are not willing to assess the value, the shipyard shall indicate the same on the portal and request for fresh set of five valuers within forty five (45) days from the date on which details of previous set of valuers are generated by the portal. The portal shall reselect another set of five valuers to assess the values upon such submission by the shipyard. The applicant shipyard shall submit the application for in-principle approval 'along with the three valuation reports (from amongst the five valuers provided by the portal) and recluisite documents/ details within forty five (45) days from the date on which details of the fresh set of five valuers are generated by the portal. The applicant shipyard shall submit the application for in. principle approval , alongwith three valuation reports (from amongst the five valuers provided by the portal) and requisite documents /details within forty five (45) days from the date on which details of valuers are generated by the portal' 3.1;. Provided that for all contracts signed between 1"rApril, 2016 and the date of issuance of amended guidelines october, 2017 ot the date- of launch of corresponding updated software, whichever is later, for which a unique application number already exists' list of valuers for the purpose of uploading any balance valuation reports (to have three valuation reports) must be requested for by the applicant shipyard on the portal within, thirty (30) days of the date of issuance of amended guidelines october, 2017 or the date. of launch of the corresponding updated software, whichever is later' 3.6 Provided that, if inspite of having exhausted the entire list of valuers provided in S,:hedule-lll of the guidelines, by repeatedly following the procedure indicated in para 3.4, three valuations cannot be obtained from the international valuers by a shipyard' then the DirectorateGeneralofShippingshallaftersatisfyingitselfabouttheinabilityofthe applicantShipyardtoobtainthreevaluations,shallconstituteanExpertCommitteeto recommend further course of action to the Ministry of Shipping' A No SY-16023/6/2015-SBR Page 17 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/201 5-SBR ANNEXURE.I 41 wrthin thirty (30) days of finar submission of apprication for obtaining in- principre approval, along with the three valuation reports, the competent authority shall scrutanize the application and either grant or decrine in-principre approvar to the appricant shipyard. 2. 4 Provided that rn case the competent authority notices any deficiency in the requisite documents, it may indicate the same to the shipyard within thirty (30) days from the date of final submission of the appricatron and seek crarification through web portar onry. 4.3 1n cases where such crarifrcations are sought, the appricant shipyard shal make good the deficiency and/or provide crarification within thirty (30) days of receipt of such communication from the competent authority through web portal only. 4-4. on receipt of such crarification, lhe competent authority shal make a decision for grant or deniar of in-principre approvar on the said apprication wirhin thirty (30) days of receipt of such clarification. 5' ln case of deniar either under aforementioned para 4.1 0r para 4.4, the reasons for such denial sharr be communicated by the competent Authority to the appricant shipyard, along with the finar decision. within thirty (30) days and ninety (g0) days, respectivery. of frnal submission of application for obtaining in-principle approval. ' srs hT h iph p be up in ld dga er ) re s do A/er s b sr sa o u cen iac tnh io c no r uf ( tdc So n Er or re , s tn ao t no tm dn ad Cti -n otog cn h u ti nhp rd io ia iu ,te ig "d h , a s eo mr ir ^w a ,ta t , r ie i "o ow iio in lu ;,r {pd lt yb ue ,o a .n Ano su son cc te ad ti oto n oth f e r npu db ,r ic ( srh Aro ru ) g th td tD aG n As consolidated and furttrer ame BR Page 18 of 41Government of lndia Ministry of ShiPPing File No. SY-16023/6/20'1 5-SBR ANNEXURE.IA DRAFT AFFIDAVIT FORMAT l, (insert name), son/daughter of (insert Father's name)' being the --'- -- autrorized signatory of name of the Shipyard) (hereinafter referred to as the "shipyard") do hereby solemnly affirm and state as under: '1 . That I am the -(inse or ft _- (insert name of Shipyard) and am competent to !;wear this affidavit. 2.lstatethat(insertnameoftheShipyard)isacompany/partnership firnr/proprietorshipfirmregisteredundertheapplicablelawsofthecountryandSituatedin (inSertnameoftheState)andtheactivitiesarecarriedout/operatedwithinthe territories of lndia. 3. I state that the shipyard has executed a contract dated date of contract) with M/s.- (insert name and address of the ship owner/buyer) for details of the vessel like Hull No. DWT and type/Category construction o,f -(insert ofthevessel)(hereinafterreferredtoasthe.,Vessel,,).lstatethattheorderisan exporudomesticorderandhasbeenobtainedoncompetitivebidding/negotiated/nomination -(insert b;Lsis. 4.lstatethataSperthecontractthefollowingvessel(s)havetobedeliveredtothe ship owner M/s. (insert name of the buyefl on the following dates' namely'- -- (r. (ldentification Details of Vessel 1) on -- (contractual delivery date)' (i ) (ldentification Details of Vessel 2) on _- (contractual delivery date) 5 I state that the Shipyard shall use the following Bank Accounts for all financtal transactions with the buyer/ship owner, namely:- A. grite t'lo SY-16023/6/2015-SBR Page 19 of 4'lGovernment of lndia Ministry of Shipping File No. SY-1 6023/6/201 5-SBR ANNEXURE-IA (i) Bank Account No. (insert bank account number) opened in (insert name and address of the Branch of the Bank) in the name of (insert name of the shipyard). (ii) Bank Account No (insert bank account number) opened in (insert name and address of the Branch of the Bank) in the name of (insert name of the shipyard). 5'1' I further state that any change in the Bank Account number shal be intimated by me or the authorized signatory of the shipyard to the Government of rndia within seven (7) days of such change. 6 l state that the shipyard is not craiming any monetary support under any other poricy or scheme of the centrar or state Government for the said vesser. Such support shal not include: (i) any exemptions of domestic taxes or import duties appricabre on procurement of raw malerials, components or capital goods, as the case may be; (ii) any fiscal or monetary benefits arisrng from the location of shipyard; (iii) any fiscar or monetary benefits arising from grant of infrastructure status to the shipyard; or, (iv) any other fiscar or monetary benefit avairabre by virtue of being a shipyard irrespective of the vessel being constructed/ repaired thereal. 7 l state that the construction of the subject vesser (s) has/have not commenced pnor Ato s s cig on ni sn og l ido af tq eo dn t rra nc Ot d ated Date of contract as mentioned in para 3). r* Page 20 of 41Government of lndia Ministry of ShiPPing File No SY-16023/6/201 5-SBR ANNEXURE.IA 8. I state that the following documents have been furnished by the Shipyard in support of its application for release of financial assistance under Financial Assistance Policy of the Government of lndia, namelY:- E Notarized copy of the contract signed between the shipyard and the ship owner or buyer for construction of the vessel; ! Technical specifications of the vessel to be constructed, I Bank Account details of the shipyard agreed under the contract g. I state that all the above documents are true copies of their originals and are geluine. I undertake to furnish any other/fu rther/add itiona I documents that may be asked by the G()vernment of lndia for conveying in principle approval to the Shipyard VERIFICATION Verified at place) on this the day of --'- 20- that thrl contents of the foregoing affidavit are true and correct to the best of my knowledge and no part of it is false and nothing material has been concealed there from -(insert DEPONENT N 3TE:- The affidavit shall be executed after discharging the Stamp Duty Liability on the alfidavitattherateprescribedintheapplicablestateStampActorthelndianStampAct whichever is aPPlicable. A 201gFile No SY-'I6023/6/2015-SBR , Page 21 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6i20i S-SBR ANNEXURE.II PROCEDURE FOR RELEASE-OF FINANCIAL ASSISTANCE 1'1 Within sixty (60) days from the date of derivery of the vesser, the shipyard, using its unique application number, shall apply for release of financial assistance under the policy on the web portar and submit erectronic copies of the foflowing documents, namery:- . Protocol of Delivery and Acceptance of the Vessel. o certificate of Actual Payment received for a vessel duly certified by a Chartered Account registered with lnstitute of Chartered Accountants of lndia. . Builder'sCertificate. . ln case of export, proof of export of the vessel in the form of: D Export Clearance Certificate issued by Customs authorities. D Shipping Biil o Provisionar/Finar Regiskation certificate of the vesser, as the case may be. . Affidavit as per the format in Annexure_llA. o Certification from the Recognized Organization in the format attached at Annexure-llB. o lndemnity Bond as per the format prescribed in Annexure-IC signed by the proprretor, Partner, chairman' cMD, MD or cEo of the shipyard, dury authorized in this regard, as per the format attached at Annexure-flc inter aria stating that in case of any of the documents/information furnished in the claim for financial assistance for the vessel is/are found to be incorrecufarse at a rater stage, the shipyard sharr return the financiar assistance obtained arong with interest @ 1g% per annum computed from the date of grant of such financiar assistance tiil the date of repayment. Beyond Ninety (g0) days, however, 18% interest compounded quarterly would be payable by the shipyard. 2 'l Provided that for vessers derivered upto the date of issuance of amended guiderines October, 2017 or the date- of launch of the corresponding updated software, As consolidated anO gR Page 22 of 41Government of lndia Ministry of ShiPPing File No. SY-16023/6/201S-SBR ANNEXURE.II whichever is later, the respective shipyards shall apply for release of financial assistance un(ler the policy within sixty days of grant of in- principle approval by Directorate General of Shrpping 2.1 . Within forty five (45) days of final submission of application for financial assistance. the competent authority shall scrutinize the application and either permit or deny release of financial assistance to the applicant shipyard 2.i'.. Provided that in case the competent authority notices any deficiency in the requisite dosuments, it may indicate the same to the shipyard within forty five (45) days from the date of final submission of the application and seek clarification' 2.:r. ln cases where such clarifications are sought, the applicant shipyard shall make goodthedeficiencyand/orprovideclarificationwithinthirty(30)daysofreceiptofsuch communication from the competent authority. 2.4,onreceiptofsuchclarification,thecompetentauthorityshallmakeadecisionto eilher permit or decline release of financial assistance on the said application within thirty (30) days of receipt of such clarification. 2.5.lncasethecompetentauthorityproposestodenyreleaseoffinancialassistanceto tl.eapplicantshipyard,thecompetentauthorityShallheartheapplicantshipyardinperson a-rd after such hearing, decide to either permit or deny release of financial assistance to the acplicantShipyard,lncaseofdenial,thecompetentaUthorityshallalsorecordreasonsfor srch denial and communicate the same to the shipyard' .Theclateof]aunchofcorrespondingupdatedsoftwarewouldbeannounce(JtothepublicthrouqhDG (:;hipping) website including ntimatiin through email lo Shipyards Associat'on of lndia (SAl) lndian Shrpbuilders Association (tSBA) and Cochin Shipyard Limited (CSL). 7ffiF"U*ary, 2019File No. SY-16023/6/201s-SBR Page 23 ol 41Government of lndia Ministry of Shipping File No. Sy-.1 6023/6/201 5_SBR ANNEXURE.II 31 ln case of contracts. wherein any payment is deferred by the buyer or any payment is withherd as performance guarantee as per the terms stated in the shipbuilding contract initiafly submitted to Directorate Generar of shipping, the shipyard shall apply for release of frnancial assistance, limited to only two instances, in the following manner; t. At the first instance, the lnitiar apprication for the rerease of financiar assistance shall be submitted, as mentioned in paragraph 1 .1 0f this Annexure, within 60 days of the delivery of vessel, for the portion of payment received from the buyers. II, At the second rnslance. the finar apprication for the rerease of the remaining part of financiar assistance to cater for the deferred payment or the performance guarantee money which is wathherd by the buyer, shal be submitted within 45 days from the date of receipt of the finar payment, arong with forowing documents, a. Certificate of payments received for the vessel duly certified by a chartered Account registered with lnstitute of chartered Accountants of lndia, as per Annexure lllA b' Audited barance sheet of the shipyard for the compreted financiar years between the first apprication and the finar apprication for the rerease of financial assistance. c. Affidavit as per annexure _lV J.l ln no case finar Apprication for the fund release sha, be made exceeding three (3) years from the end of the financiar year in which the derivery of the vesser was made. J,J Time Iines for processing of finar apprrcation for fund rerease sha, adhere to the same steps as described in para 2.2 to Z.S. As consolidated and furtrer amen gR Page 24 of 41Government of lndia Ministry of ShiPPing File No SY-16023/6/201 5-SBR ANNEXURE-IIA DRAFT AFFIDAVIT FORMAT 1, (insert name), son/daughter of (insert Fatheis name)' being the authorized signatory of name of the Shipyard) (hereinafter referred to as the -" shipyard") do hereby solemnly affirm and -s tate as under: '1 . That I am the -(inse or ft (insert name of Shipyard) and am competent to swear this affidavit. -- 2.lstatethat(insertnameoftheShipyard)isacompany/partnership finn/proprietorship firm registered under the applicable laws of the country and situated in (insert name of the State) and the activities are carried ouUoperated within the territories of lndia. date of 3. I state that the shipyard has executed a contract dated cc ntract) with M/s.---- (insert name and address of the ship owner/buyer) for cc,nstruction of details of the vessel like Hull No' - (D iW nT s ean rd t type/category ofthevessel)(hereinafterreferredtoaSthe,.Vessel,')'lstatethattheorderisan exporudomestic order and has been obtained on competitive bidding/neg otiated/nom ination -(insert basis. 4 I state that as per the contract the following vessel (s) have been delivered to the ship owner M/s. _-.- (insert name of the buyer) on the following dates' namely:- (i)(ldentificationDetailsofVessel,l)on_=_-(actualdeliverydate). (ii)(ldentificationDetailsofVessel2)on_--(actualdeliverydate). o SY-16023/6/2015-SBR T Page 25 of 4'tGovernment of lndia Ministry of Shipping File No. SY-1 6023/6/201 5-SBR ANNEXURE.IIA 5. I state that the Shipyard has obtained the foreign currency in the following Bank Accounts for all financial transactions with the buyer/ship owner, namely:_ (i) Bank Account No. -- (insert bank account number) opened in (insert name and address of the Branch of the Bank) in the name of (insert name of the shipyard). (ii) Bank Account No. (insert bank account number) opened in (insert -- name and address of the Branch of the Bank) rn the name of (insert name of the shipyard). 6. I state that : (a) The major portion of the hul of the vesser has been constructed and assembred in lndia. (b) The assembry of the hu[, instalation and commissroning of the major machinery and equipment has been done in rndia. The tests/triars of the comprete vesser have been done based on the owner's requirements/Contract. (c) The shipyard has not craimed and wi, not craim any monetary support under any other policy or scheme of the centrar or state Government for the said vesser. such support shall not include. (i) any exemptions of domestic taxes or import duties appricabre on procurement of raw materials. componenls or capital goods, as the case may be; As consolidated rn Page 26 of 41Government of lndia MinistrY of ShiPPing File No. SY-16023/6/20'1 5-SBR ANNEXURE.IIA (ii) any fiscal or monetary benefits arising from the location of shipyard; (iii) any fiscal or monetary benefits arising from grant of infrastructure status to the shipyard; or, (iv) any other fiscal or monetary benefit available by virtue of being a shipyard irrespective of the vessel being constructed/ repaired thereat (d) The construction of the vessel (s) mentioned in Para 4 above has commenced after the signing of the said contract on -=--.- (Date of contract as mentioned in Para 3 abr)ve. T.lstatethatthefollowingdocumentshavebeenfurnishedbytheShipyardinsupport of ts application for release of financial assistance' namely'- ! Protocol of Delivery and Acceptance of the Vessel' ! certificate of Actual Payment received for a vessel duly certified by a chartered Account registered with lnstitute of Chartered Accountants of India' ! Buildeis Certificate f ln case of export, Proof of export of the vessel in the form of: tr Export Clearance Certificate issued by Customs authorities' tr ShiPPing Bill fl Provisional/Fin al Registration Certificate of the vessel' as the case may be' fl Affidavit as per the format in Annexure-llA f] certification from the Recognized organization in the format attached at Annexure-llB' f] lndemnity Bond signed by the Proprietor' Partner' Chairman' CMD' MD or CEO of the shipyard, duly authorized in this regard, as per the format attached at Annexure-llC A File No SY-'I6023/6/2015-SBR Page 27 o'f 41Government of India Ministry of Shipping File No SY-16023/6/201 5-SBR ANNEXURE.IIA 8 r state that a, the above documents are lrue copies of their originars and are genuine. I undertake to furnrsh any other/further/add itionar documents that may be asked by the Government of lndia for release of financial assistance to the Shipyard. VERIFICATION Verified at __(insert place) on this the day of 20_ that -- -- the contents of the foregoing affidavit are true and correct to the best of my knowledge and no part of it is false and nothing material has been concealed there from. DEPONENT NorE :- The affidavit sha, be executed after discharging the stamp Duty Liabirily on the affrdavit at the rate prescribed in the appricabre state stamp Act or the rndian Stamp Act whichever is applicable. As consolidated rnd J Page 28 of 41Government of lndia MinistrY of ShiPPing File No. SY-1 6023/6/201 5-SBR ANNEXURE -IIB (Letter Head of the Recognized Organization) To, competent authoritY] [The Subject: lnspection Certificate for Vessel No. Th s is to certify that: (a) The above vessel has been inspected by the surveYors of the Recognized Organization to verify that the said vessel has been built in accordance with technical sp3cification as per the initial contract dated and found to be conforming to the Cc,ntractual Specification. (b. It is also certified that the construction of the vessel has commenced on (c) lt is further certified that the ma.;or portion of the hull of the vessel has been ccnstructed and assembled in lndia. The assembly of the hull, installation and commissioningofthemajormachineryandequipmenthasbeendoneinlndia.The tests/trials of the complete vessel have been done at based on the o\vner's req uirements/Contract (c)MainParticularsoftheship'ReportofSurveyandSurveyFindingsareplacedat Annexure-llB1, Annexure-l l82 and Annexure-l l83 respectively' Yours sincerelY, (Name of the authorized signatory) E nclosures. As above. (insert name of the ShiPYard) Copy to: l 2o'lgFile No SY-16023/6/2015-SBR Page 29 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/20't 5-SBR ANNEXURE.IIBl MAIN PARTICULARS Ship Name of . Owner IMO No Shipyard Name of : Yard No. Contract Ref. Tonnage Gross : Type of Vessel Main Dimensions:- all Length over . moulded Breadth . Depth m Class Notation. Descriptive Note: lssued at: As consolidated and further amenGO rn f gR Page 30 of 41Government of lndia Ministry of ShiPPing File No. SY-1 6023/6/201 5-SBR ANNEXURE.IIB2 REPORT OF SURVEY Upon the request from Shipbuilder M/s . lndia, the undersigned Surveyor carried out Survey of their vessel (Yard No. ) to verify that the vessel, as built' corrforms to the Contract Specification, during the period at the Shipyard's Premises at ( date loc,rtion-.........----) Thr-'following have been observed/ verified as part of the above survey: (b (d) (e) (s) sd/- (Name of the authorized signatory) A o SY-16023/6/2015-SBR Page 31 of 41Government of lndia Ministry of Shipping File No. SY-16023/6/201 S-SBR ANNEXURE.II83 DEVIATIONS FROM THE CONTRACT SPECIFICATION sd/- (Name of the authorized signatory) As consolidated and furt BR Page 32 of 41Government of lnd ia Ministry of ShiPPing File No SY-16023/6/2015-SBR ANNEXURE.IIC FORMAT OF THE INOEMNITY BOND INDEMNITY BOND on THIS INDEMNITY BOND executed at this 1. day of year, by . (insert narne of the ShiPYard), through its, (insert name of proprietor/partner/Chairman/CMD/MD/CEO), son/daughter of (insert (insert name and address of the Shipyard) fat rer's name) of (hereinafter called "the Shipyard") IN FAVOUR OF Government of lndia represented through Ministry of shipping, Transport Bhavan, 1, .'Government,,). Tr]nsport Bhavan, New Delhi- 1 1o 00,1 (hereinafter called the (insert name of shipyard)("Sh ipyard") had executed a WHEREAS (insert full name and address of the buyer) vide Contract with M/s. for construction of (inse rt aelreement dated details of the vessel like Hull No, DWT and type/category of the vessel) The order had been basis' obtained on competitive bidding/negotiation/nomination AND WHEREAS the vessel was due for delivery on as per paragraph of the contract and has been delivered to the ship owner vide (insert name of the Buyer) on i.r-.. M/s. Protocol of Delivery and Acceptance dated ANDWHEREAStheshipyardhasappliedtotheMinistryforreleaseoffinancialassistance in respect of the Vessel, and obtained the in principle approval on , o SY-16023/6/2015-SBR Page 33 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/201 5-SBR ANNEXURE -IIC AND WHEREAS on the basis of the documents furnished, the shipyard is erigibre for ohfinancial assistance in respect of the Vessel on the following terms and condilions: (a) The documents furnished by the shipyard are true copies of their originars and are gen uine. (b) The vesser for which financiar assistance is being craimed by the Shipyard has been built in accordance with the technicar specification refrected in the initiar contract document and there has been no major variation in the same. (c) The major portion of the hul of the vesser for which financiar assisrance is craimed has been constructed and assembred in rndia. The assembry of the hu[, instalation and commissioning of the major machinery and equipment of the vesser has been done in lndia. The test/triars have been done in rndia/outside rndia, in terms of the ContracUowner requirements. (d) The construction of the said vesser (s) has commenced after the date of signing of contract. (e) The shipyard shal furnish any other further/additionar documents that may be required by the Government for rerease of financiar assistance to the shipyard. (f) The amount of financiar assistance that may be received by the shipyard shal be the full and finar set ement of the craim of the shipyard towards financiar assistance and the shipyard sha, have no further craim from the Government in this regard. (s) The Shipyard shal accept the financiar assistance as assessed by the Government as full and final set ement of their claim. NOW. THEREFORE. THESE PRESENTWITNESSTH, That in pursuance of conditions hereinbefore mentioned, which the Shipyard has accepted without any condition or reservation, the shipyard hereby agrees to incremnify rgrin. t,lg coyg,rl.nt ar"g"., Aa sj 9 co9 nsi? oli, d! a1 tet dT le+ t r tosses, ctaims, costs, erc. anO r* Page 34 of 41Government of lndia Ministry of ShipPing File No. SY-16023/6/201S-SBR ANNEXURE.IIC whichtheGovernmentmayhavetosuffer,undergo,incurasaresultofany misrepresentation of any information to the Government for release of financial assistance to the Shipyard for the Vessel. Further, the financial assistance received by the Shipyard would be returned With interest@18 percent per annum, from the date of grant of financial assistance, if any information/document furnished by the shipyard for claiming such assistance is found to be incorrect' (PROPRI ETOR/PARTNER/CMD/CHAI RMAN/CEO/M D) Witnesses: (Name and sign) 1. (Name and sign) 2. NcTE:-TheaffidavitshallbeexecutedafterdischargingtheStampDutyLiabilityonthe alfidavit at the rate prescribed in the applicable state stamp Act or the Indian Stamp Act whichever is aPPlicable. 7 Gtyj0l'gFil" No SY-16023/6/2015-SBR Page 35 of 41Government of lndia Ministry of Shipping File No SY-'t6023/6/20.1 5-SBR ANNEXURE.III [FORMAT FOR LETTER OF CHARTERED ACCOUNT ON THE LETTER HEAD OF THE pRACTtStNG CHARTERED ACCOUNTANTI This is to certify that (Name of Shipyard) (hereinafter referred lo as the "awardee") was awarded a Contract for conslruction of for the owner, M/s. (Name and address of the ship owner/broker/charterer). As per the Contract, the vessel was to be delivered on (contracted delivery date) but the delivery was effected only on with a delay of (days) which catled for a liquidated damage(LD) due to the awardee of the contract. rn view of above, the owner has deducted an amount of Rs. (amount in lndian Rupees calculated based on the exchange rate prevairing on the date of effecting payment by the ship owner/ broker /charterer) as Liquidated damage and the net price received by the yard is Rs. lndian Rupees). This Certificate is issued to _______ (Name of the shipyard) for them to claim the financial assistance from the Government of rndia under the Shipbuirding Financiar Assistance poricy of the Government of lndia promulgated as per GOI order no. dated Signature Name Address Dated. Member ln Practice Place SEAL As consolidated and furtrer amen BR Page 36 of 41Government of lndia MinistrY of ShiPPing File No SY-1 6023/6i201 5-SBR ANNEXURE-IIIA FOR LETTER OF CHARTERED ACCOUNT ON THE LETTER HEAD OF THE [FCRMAT PR,qCTISING CHARTERED ACCOUNTANT] (Name of Shipyard) This is to certifY that as the "awardee") was awarded a Contract for (hereinafterreferred to M/s. for the owner, (Name construction of and address of the ship owner/broker/charterer)' Withregardtotherequestforthereleaseoffinancialasslstanceunderthepolicy, the shipyard has earlier submitted an affidavit vide dated towards the f rst claim, a copy of which is attached with this certificate The undersigned has carried out a financial audit on in order to ascertain the subsequent payments received by the shipyard from the buyer as stated in the contract. lt is noted that the owner has deducted an amount of tls (amount in INR calculated based on the exchange rate prevailing on the rjateofeffectingpaymentbytheShipowner/broker/charterer)asLiquidatedDamage towards the non-performance of vessel/ non fulfillment of performance guarantee as per 'ihe term of the original contract. The balance net price received by the yard against the ceferred payment /performance guarantee money is Rs --- (ln lndian Rupees) againstthebalancereceivableamountof--(amountinlNR). to (Name of the Shipyard), in This Certificate is issued ordertomakethesecondandfinalclaimofthefinancialassistancefromthe Governmentoflndia,undertheShipbuildingFinancialASsistancePolicyofthe no'-dated- Government of lndia, promulgated vide GOI order Affi FebruarY' 201 gFile No' sY-16023/6/201 5-SBR Page 37 of 41Government of lndia Ministry of Shipping File No. SY-1 6023/6/201 S-SBR Signature Name Address Member ln Practice Place......... SEAL The break up detairs of the barance payment recerved by the shrpyard, subsequent to the date of issuance of initiar certificate by the chartered accountant, is as folows. Break-up of amount Date of lnvoice No.& Total Amount received (lNR) S No. receipt of date payment Received (lNR) Principal Tax component component 1 2 3 4 Signature Name Address Dated Member ln Practice Place SEAL As consolidated "nO r* Page 38 of 41 -Government of lndia Ministry of ShiPPing File No. SY-l 6023i6/201 S-SBR ANNEXURE-IV DRAFT AFFIDAVIT FORMAT 1,.-(insert name),son/daughter of (insert Father's name), being tl^re authorized signatory of-(insert name of the Shipyard) (hereinafter referred to as the "shipyard") do hereby solemnly affirm and state asunder: 1 That lam the-of-(insert name of Shipyard) and am competent to swear this affidavit 2. I state that as per the contract the following vessel (s) has / have been delivered t,]theshipownerM/s.(insertnameofthebuyer)onthefollowingdates,namely,- (i) (ldentification Details of Vessell )o n-.---(actu al delivery date)' (ii) Vessel2)on-......---(actu al delivery date) (ldentification Details of :3. lstate that the Shipyard has obtained the foreign currency in the following Bank .Accounts for all financial transactions with the buyer/ship owner' namely:- (i) Bank Account No bank account number) opened in of-(insert _(insert name and address of the Branch of the Bank)in the name name of the shiPYard). -(insert (ii) Bank Account No bank account number)opened in ---(insert -(insertnameandaddressoftheBranchoftheBank)inthenameof-(insert name of the shiPYard). Y-16023/6/201 5-SBR Page 39 of 41Government of lndia Ministry of Shipping File No. SY- 16023/6/2015-SBR 4. I state that: (a) The vessel/s was delivered on (dd/mm/yyyy) at (place). (b) The shipyard has arready received / appried for (strike out which is not applicable) financial assistance (amount in rNR) under ,,shipbuirding Financiar Assislance Policy" upon processing of the firsl application for the release of financial assistance on (ddimm/yyyy, Date of sanction of rerease of financiar assistance under first application). (c) The shipyard has received the "l retention money/performance guarantee money/deferred payment,' for the remaining amount (... . .. . . .in /NR) on date (dd/mm/yyyy) from owneribuyer, after deduction of amount ( ........../ or,nil, as the case may be) from the contract value. (d) The cost for any additionar work other than the terms of the contract is not included in the above amount. 5 l state that the forowing documents have been furnished by the shipyard in support of its application for rerease of financiar assistance, namery:_ Certificate of payments received for the vessel, duly certified by a Chartered Accountant registered with lnstitute of Chartered Accountants of lndia". (Annexure ilA) "Audited Barance sheet" of the shipyard for the comprete financiar year between the first applications for part rerease of financiar assistance and the finar apprication for the remaining amount of financial assistance. rKeep onlv applicable term A. "onroli r - Page 40 of 41Government of lndia Ministry of ShiPPing File No. SY-16023/6/2015-SBR ti. I state that all the above documents are true copies of their originals and are rlen u ine. tundertake to furnish any other/fu rth er/additional documents that may be asked by the GovernmentoflndiaforreleaseoffinancialassistancetotheShipyard, VERIFICATION Verified at-(insert place) on this the-day of thatthecontentsoftheforegoingaffidavitaretrueandcorrecttothebestofmy knowledgeandnopartofitisfalseandnothingmaterialhasbeenconcealedthere -20 from. DEPONENT NOTE:-TheaffidavitshallbeexecutedafterdischargingthestampDutyLiability ontheaffidavitattherateprescribedintheapplicablestateStampActorthelndian Stamp Act, whichever is applicable. o SY-16023/6/201s'SBR Page 41 of 41