1. Summary Information
|
|
|
Country |
|
|
Company Name |
GOA SHIPYARD LIMITED |
Principal Name 1 |
Mr. Vineet Bakshi |
|
Status |
Good |
Principal Name 2 |
Mr. S Ananthasayanam Sampathikumaran |
|
|
|
Registration # |
24 - 000077 |
|
Street Address |
Vasco Da Gama, Goa-403802, |
||
|
Established Date |
29.09.1967 |
SIC Code |
-- |
|
Telephone# |
91-832-2512152 (5 Lines_) / 2513954/ 2512359 |
Business Style 1 |
Shipbuilders |
|
Fax # |
91-832-2513870/ 2513943/ 2513260/ 2512148 |
Business Style 2 |
Ship repairs |
|
Homepage |
Product Name 1 |
Ship Repairs and General Engineering |
|
|
# of employees |
1776 (Approximately) |
Product Name 2 |
Ship Construction |
|
Paid up capital |
Rs. 291,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate (1.17%) Government (Central and State)
(51.09%) Government Companies (47.21%) Other top fifty shareholders
(0.50%) Others (0.03%) |
Banking |
SBI Consortium
Bank |
|
Public Limited Corp. |
NO |
Business Period |
44 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
11,764,400,000 |
Current Liabilities |
11,102,500,000 |
|
Inventories |
3,630,700,000 |
Long-term Liabilities |
122,000,000 |
|
Fixed Assets |
596,300,000 |
Other Liabilities |
1,997,000,000 |
|
Deferred Assets |
000 |
Total Liabilities |
13,221,500,000 |
|
Invest& other Assets |
1,573,900,000 |
Retained Earnings |
4,052,800,000 |
|
|
|
Net Worth |
4,343,800,000 |
|
Total Assets |
17,565,300,000 |
Total Liab. & Equity |
17,565,300,000 |
|
Total Assets (Previous Year) |
15,494,300,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
4,728,900,000 |
Net Profit |
1,307,200,000 |
|
Sales(Previous yr) |
4,768,500,000 |
Net Profit(Prev.yr) |
819,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOA SHIPYARD LIMITED |
|
|
|
|
Registered Office : |
Vasco Da Gama, Goa-403802 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
29.09.1967 |
|
|
|
|
Com. Reg. No.: |
24 - 000077 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 291.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U63032GA1967G0I000077 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG03202D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG7569F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Shipbuilders, Ship repairs and Engineers |
|
|
|
|
No. of Employees: |
1776 (Approximately) |
RATING & COMMENTS
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 17000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. T A Calaco |
|
Designation : |
Finance Department |
LOCATIONS
|
Registered Office : |
Vasco Da Gama, Goa-403802, |
|
Tel. No.: |
91-832-2512152 (5 Lines_) / 2513954/ 2512359/ 2513943 |
|
Fax No.: |
91-832-2513870/ 2513943/ 2513260/ 2512148/ 2514232 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit: |
Units II and III, Sancoale Industrial Estate, Zuarinagar-403726, |
|
|
|
|
Branch Office 1 : |
Mumbai Office Mazagon Dock Limited, |
|
Tel. No.: |
91-22-23738321/ 23738747 |
|
Fax No.: |
91-22-23738140 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
‘H’ Block, Defence Headquarters, DHQ Post Office, New Delhi-110011, |
|
Tel. No.: |
91-11-23015681 |
|
Fax No.: |
91-11-23792311 |
DIRECTORS
As on 27.08.2010
|
Name : |
Mr. Vineet Bakshi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Shipyard House, |
|
Date of Birth/Age : |
11.01.1954 |
|
Date of Appointment : |
01.03.2010 |
|
DIN No.: |
02960365 |
|
|
|
|
Name : |
Mr. S Ananthasayanam Sampathikumaran |
|
Designation : |
Director |
|
Address : |
D2/2 GSL Officesrs’ Residential Enclave, |
|
Date of Birth/Age : |
09.07.1952 |
|
Date of Appointment : |
05.11.2003 |
|
DIN No.: |
00124035 |
|
|
|
|
Name : |
Mr. Rangila Choudhary |
|
Designation : |
Whole Time Director |
|
Address : |
131 A Duplex Bunglow Rangavi Estate, |
|
Date of Birth/Age : |
01.03.1955 |
|
Date of Appointment : |
19.01.2009 |
|
DIN No.: |
02554804 |
|
|
|
|
Name : |
Mr. Anil Kumar Vadm Chopra |
|
Designation : |
Director |
|
Address : |
Duplex No. 1, Oberoi Apartments, 2 Somanath Marg, Civil Lines, New
Delhi-110054, |
|
Date of Birth/Age : |
18.03.1955 |
|
Date of Appointment : |
10.02.2009 |
|
DIN No.: |
02572393 |
|
|
|
|
Name : |
Mr. Om Prakash Bansal |
|
Designation : |
Director |
|
Address : |
2521, Gover Highland, NIBM Kondhwa, Pune-411048, |
|
Date of Birth/Age : |
30.09.1945 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
02730246 |
|
|
|
|
Name : |
Mr. Prem Kumar Kataria |
|
Designation : |
Director |
|
Address : |
8205 Sector B-IX, Vasant Kunj, New Delhi-11070, |
|
Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
12.07.2010 |
|
DIN No.: |
03175921 |
KEY EXECUTIVES
|
Name : |
Mr. Ramchandra Chimanshet Asukar |
|
Designation : |
Secretary |
|
Address : |
S-2n, Prime Monarch, Near Vidya Mandir School, Airport Road, Adarsh
Nagar, Chicalim-603711, Goa, India |
|
Date of Birth/Age : |
01.01.1957 |
|
Date of Appointment : |
17.06.1991 |
|
|
|
|
Name : |
Mr. T A Calaco |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
A Abdul Razak |
|
1350 |
|
Andrew A D’Aquino Henriques |
|
1035 |
|
Cmde. P.S. Chauhan |
|
4500 |
|
Conceicao Luid Pereira |
|
1125 |
|
Damodar Mangalji and Company Limited |
|
22500 |
|
Dempo Brother Limited |
|
103905 |
|
Joao Hugo Eduardo de Sequeira |
|
4005 |
|
Gangadhar Narsingdas Agarwal |
|
48825 |
|
Hemenigeldo Da Cruz |
|
1462 |
|
Hiralal Kodidas Gosalia |
|
1665 |
|
Kurt Homme and Cia Lda |
|
1102 |
|
Madeva Upendra Sinai Talaulikar |
|
1125 |
|
Mazgaon Dock Limited |
|
13739400 |
|
Michael Reinaldo Simon De Souza |
|
5625 |
|
Minguel Fausto Moneteiro |
|
4500 |
|
Eugenia De Araujo Masccerenhas |
|
337 |
|
|
|
56587 |
|
Narcinva Purxotoma Quenim |
|
6300 |
|
President of |
|
14866695 |
|
S. Kantilal and Company Limited |
|
22500 |
|
Sesa Goa Limited |
|
62707 |
|
Shantilal Khushaldas and Brothers Private Limited |
|
22500 |
|
V.M. Salgaocar and Brother Limited |
|
101250 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
1.17 |
|
Government (Central and State) |
51.09 |
|
Government Companies |
47.21 |
|
Other top fifty shareholders |
0.50 |
|
Others |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Shipbuilders, Ship repairs and Engineers |
||||||
|
|
|
||||||
|
Products: |
|
GENERAL INFORMATION
|
Customers : |
·
Indian Navy ·
Indian Coast Guard ·
Oil and Natural Gas Corporation ·
·
·
·
Andaman and Nicobar Adminstration ·
Government of ·
Government of ·
Government of ·
Government of ·
Exploratory Fisheries Project, Mumbai ·
Central |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
1776 (Approximately) |
||||||||||||||||||||||||
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|
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
U N Bene and Company Chartered Accountant |
|
Address : |
F-1, Gopika M L Furtado Road Opposite ICICI Bank, Margao Goa-403601, |
|
Tel No.: |
91-832-2730643/ 2725089 |
|
E mail: |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29100000 |
Equity Shares |
Rs. 10/-each |
Rs. 291.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
291.000 |
291.000 |
291.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4052.800 |
3051.100 |
2425.600 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4343.800 |
3342.100 |
2716.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
122.000 |
576.800 |
717.600 |
|
|
TOTAL BORROWING |
122.000 |
576.800 |
717.600 |
|
|
DEFERRED TAX LIABILITIES |
56.800 |
34.900 |
12.300 |
|
|
|
|
|
|
|
|
TOTAL |
4522.600 |
3953.800 |
3446.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
596.300 |
543.900 |
499.700 |
|
|
Capital work-in-progress |
1573.900 |
686.500 |
369.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3630.700
|
3024.800
|
1123.600 |
|
|
Sundry Debtors |
1945.900
|
664.400
|
206.500 |
|
|
Cash & Bank Balances |
5025.000
|
6417.000
|
7374.400 |
|
|
Other Current Assets |
188.200
|
1564.800
|
1171.500 |
|
|
Loans & Advances |
4605.300
|
2592.900
|
1925.300 |
|
Total
Current Assets |
15395.100
|
14263.900
|
11801.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
896.700
|
579.700 |
724.300 |
|
|
Other Current Liabilities |
10205.800
|
9555.300 |
7399.000 |
|
|
Provisions |
1940.200
|
1405.500 |
1101.100 |
|
Total
Current Liabilities |
13042.700
|
11540.500
|
9224.400 |
|
|
Net Current Assets |
2352.400
|
2723.400 |
2576.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4522.600 |
3953.800 |
3446.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4728.900 |
4768.500 |
269.400 |
|
|
|
Revenue from Government Contract |
4.500 |
4.500 |
4.500 |
|
|
|
Excess Provision written back |
4.000 |
10.400 |
20.100 |
|
|
|
Other Income |
874.500 |
776.200 |
812.700 |
|
|
|
TOTAL (A) |
5611.900 |
5559.600 |
1106.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Trade Purchase |
1143.300 |
855.400 |
130.700 |
|
|
|
Material Consumed |
3678.000 |
1899.200 |
1532.200 |
|
|
|
Sub Contract Expenses |
473.400 |
353.000 |
168.200 |
|
|
|
Direct Expenses |
349.600 |
152.100 |
89.900 |
|
|
|
Salaries, Wages and Benefits |
1108.000 |
835.400 |
572.500 |
|
|
|
Other Expenses |
657.400 |
367.500 |
337.300 |
|
|
|
Accretion/ Decretion to works in progress |
[3935.900] |
[311.600] |
[2902.700] |
|
|
|
Prior Period Items |
8.000 |
0.000 |
4.500 |
|
|
|
TOTAL (B) |
3481.800 |
4151.000 |
[67.400] |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1908.500 |
1408.600 |
1174.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.800 |
106.500 |
64.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2019.300 |
1302.100 |
1109.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.000 |
42.900 |
40.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1972.300 |
1259.200 |
1069.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
665.100 |
439.600 |
369.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1307.200 |
819.600 |
699.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.100 |
0.600 |
0.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1001.600 |
626.000 |
529.000 |
|
|
|
Proposed Dividend at 90% |
262.000 |
165.900 |
145.500 |
|
|
|
Tax on Distributed profit including surcharge
and cess thereon |
43.500 |
28.200. |
24.700 |
|
|
BALANCE CARRIED
TO THE B/S |
0.200 |
0.100 |
0.600 |
|
|
|
|
|
|
|
|
|
|
Basic/diluted
Earnings Per Share (Rs.) |
45 |
28 |
24 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
23.29
|
14.74
|
63.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
41.71
|
26.41
|
396.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.33
|
8.50
|
8.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.38
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.03
|
3.63
|
3.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.24
|
1.28 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
HIGHLIGHTS:
Financial
Parameters:
The financial parameters for 2009-10 have shown outstanding improvement over
previous year and in most of the cases, scaling new heights since inception of
the shipyard in 1957, surpassing all previous records.
Value of
Productions:
During the financial year 2009-10, the company has achieved highest
value of production of Rs. 8664.800 Millions as compared to Rs. 5080.100
Millions in the previous year which works out to over 170% of the previous year
value.
FINANCIAL RESULTS:
Profit:
During the year 2009-10, the company has earned highest ever Profit
before Tax of Rs. 1972.300 Millions as against Rs. 1259.200 Millions in the
previous year an increase of 56.6% and made Net Profit after Tax of Rs.
1307.200 Millions against Rs. 819.600 Millions in the previous year. This is an
increase of 59.5% over the last year.
Fixed Assets:
·
·
·
Building and Other Civil Constructions
·
Plant and Machinery
·
Slipways
·
Fittin out Jetty
·
Capital Dradging
·
Furniture, Fittings and Office Equipments
·
Motor Cars and Vehicles
·
Steam Launches and Boats
INTRODUCTION:
Subject established in 1957, is a leading ISO 9001-2000
certified shipyard on the West Coast of India, functioning under the
administrative control of Ministry of Defence, Govt. of India.
Subject is strategically located on the banks of river Zuari
in
Beginning as a small barge building yard, Subject has garnered reputation as
one of the most sophisticated ship builders in the Country. For over four
decades, GSL has designed, built and commissioned a wide range of sophisticated
vessels for varied applications in the defence and commercial sectors with
special expertise in building modern patrol vessels of Steel and Aluminium hull
structure.
Subject’s inherent strengths are:
·
An ISO 9001 Certified Company
·
World class CAD/CAM facility for basic
design, simulation and advanced outfitting
·
Sate –of-art manufacturing facilities
which includes four Slipways with a maximum weight of 3000 tonnes and 180m long
Outfitting Jetty
·
Unique distinction of implementing ERP
for all functions
·
Steel Preparation Shop for priming and
cutting of steel,aluminium and non ferrous plates
·
A work force of over 1600 skilled
personnel and over 125 qualified engineers and naval architects
SERVICES OFFERED
GSL offers a wide spectrum of services to its valued customers which include:
- Designing and
building of variety of vessels
- Repair and
modernization of vessels
- Technology
transfer
CORPORATE OBJECTIVE:
Production and Utilisation of Resources:
·
To design and build sophisticated ships
for Navy and Coast Guard organisations with the aim of achieving
self-sufficiency in this vital technology.
·
To build commercial vessels like
Offshore Supply Vessels, Oceanographic and Coastal Research Vessels, Fishing
Vessels,
Dredgers, Tugs, etc.
·
To carry out ship repairs.
·
To promote use of indigenous equipment
such as computers, radar, communication equipment, auxiliary machinery,
electrical fittings and domestic equipment.
·
To substitute gradually indigenous
equipment in place of imported equipment.
Social Objectives:
·
To help build up a strong industrial
base through development of ancillaries.
·
Encourage Scheduled Caste/Tribe persons
by giving them preference in employment in the company and in the promotion of
SC/ST employees as specified by the Government.
·
To ensure that the ecological balance
is not disturbed due to industrialisation, through pollution control, wherever
required.
·
To reinforce Government’s efforts in
promoting social justice to the people at large by formulating corporate
policies on employment, welfare, workers’ participation, consistent with the
Government’s policies. Promote use of Hindi as a medium of communication.
Export Promotion and Import Substitution:
·
Earn foreign exchange through
shipbuilding and shiprepair.
Employee Relations and Welfare:
·
To improve productivity by harmonious
industrial relations.
·
Promote welfare activities to raise
morale of the employees.
·
Promote development of managerial and
technical skills of the Company’s employees through development programmes and
technical training. Provide training to a large number of apprentices for
absorption in the Company’s own unit and in other industries.
·
To improve standards of safety with the
help of a sound safety organisation and training personnel at all levels in
safety so as to reduce accidents and loss of manhours.
Raise Productivity by R AND D and Quality Control:
·
Maintain high standard of quality through
strict quality control measures to the fullest satisfaction of the customer and
to build up an image of the Company.
·
Make sustained efforts for
self-reliance through continuous R AND D on extensive basis and develop viable
design capability.
·
Generation and maximization of internal
financial resources for enhancing growth and maximization of the return on
investment.
·
Enhancement of the Company’s share in
the total industrial output.
PERFORMANCE HIGHLIGHTS
Financial Parameters: The financial parameters for 2008-09 have shown
outstanding improvement over previous years and in most of the cases, scaling
new heights since inception of the shipyard in 1957, surpassing all previous
bench marks.
Value of Production: During the financial year 2008-09, the Company has
achieved highest value of production of Rs.5080.100 Millions as compared to Rs.
3172.100 Millions in the previous year which works out to over 160% of the
pervious year value.
MOU Rating: In terms of parameters laid down in the Memorandum of Understanding
signed with the Government for the year 2008-09, the company is expected to be
rated “Excellent” in its performance in this year also as in the last two
years.
FINANCIAL RESULTS
Profit: During the year 2008-09,
the Company has earned highest ever Profit before Tax of Rs.1259.100 Millions
as against Rs.1069.300 Millions in the previous year an increase of 17.8% and
made Net Profit after Tax of Rs.819.600 Millions against Rs.699.700 Millions in
the previous year. This is an increase of 17.2% over the last year.
FINANCE
The paid-up share capital of the Company as on 31st March, 2009 was
Rs.291.000 Millions. The Company neither had any outstanding loans nor has
taken any fresh loan from the Government during the year.
The foreign exchange outgo during the year was Rs.1198.700 Millions and
the earning in foreign exchange was Rs.113.400 Millions.
CONTRIBUTION TO
CENTRAL EXCHEQUER
The Company’s contribution to the Central Exchequer during 2008-09 was Rs.699.800
Millions (Rs. 5710.500 Millions last year), which includes Rs.4400.800 Millions
by way of Corporate Tax (Rs. 445.300 Millions last year), Rs.24.700 Millions by
way of Tax on Distributed Profit (Rs. 13.900 Millions last year), Rs.74.300
Millions towards dividend ( Rs. 41.600 Millions last year) and Rs.160.000
Millions by way of Value Added Tax (NIL last year).
SHIP CONSTRUCTION
The 5th Advanced Offshore Patrol Vessel (AOPV) Yard 1187 was
commissioned on 20th May 2008 by the Hon’ble Raksha Mantri, Sri A.K. Antony.
The 6th AOPV Yard 1202 (2nd in series), built with in-house design capability
for Indian Coast Guard, was delivered on 19th January, 2009. The vessel was
commissioned on 21st January, 2009 by Hon’ble Raksha Mantri, Shri A.K. Antony.
The first 105M Naval Offshore Patrol Vessel, built with in-house design
capability for Indian Navy, was launched on 30th March, 2009, by Mrs. Maria
Teresa Mehta, wife of Admiral Sureesh Mehta, PVSM, AVSM, ADC, Chief of the
Naval Staff, Indian Navy. The production of fourth Naval Offshore Patrol Vessel
(NOPV) Yard 1211 has commenced. With this all four NOPVs are under various
stages of construction on schedule.
The construction of first of the 90M Coast Guard OPV Yard 1203 reached
the advanced stage and the follow on two Coast Guard OPVs Yards 1204 and 1205
of the 90M series are progressing at Bharuch,
The construction of 2nd Sail Training Ship (STS) Yard 1210 commenced
during the year.
The production of three Harbour tugs for Royal Navy of Oman, Sultanate
of Oman has also commenced in October, 2008 at sub-contractor’s yard
The production of indigenous Glass Reinforced Plastic (GRP) boats has
commenced in December, 2008 at GSL Unit-II. Delivery to States of Goa, Gujarat,
Karnataka and
SHIP REPAIRS
The ship repair activities have been presently suspended due to demolition
of the old slipways. These are being replaced by building modern repair berths
with shiplift system under Infrastructure Modernization project. However, the
Company has been undertaking refits/repairs of naval vessels at Naval Dockyard,
Mumbai and Naval Ship Repair Yard at Karwar
The Company and Indian Navy has agreed for strategic co-operation under
which GSL will utilize naval facilities at Karwar for construction/underwater
works of ship being constructed and launch these using Naval Shiplift facilities
at Karwar.
ORDER BOOK
POSITION
As on 31st March, 2009, the net value of outstanding work against orders
received for Ship Construction, Ship repair/refit work and General Engineering
Services amounted to Rs.36740.000 Millions (approximately).
In order to build high technology vessels and diversified products
indigenously, collaboration/ Memorandum of Understanding (MOU)/Transfer of
Technology agreements are being entered into with Indian/foreign parties. In
its endeavour to remain competitive, the Company continued its efforts in
enhancing the service provider base significantly in various disciplines of
shipbuilding activities like fabrication, piping, insulation, electrical
cabling, electric/electronic equipment installation and trials, etc. The
outsourcing is facilitating the Company to overcome temporary phase of resource
constraints due to infrastructure modernization and to increase production
potential of the yard. This has resulted in increasing the capability of the
shipyard to meet on time the commitments made to the customers, fair
competition amongst service providers, overall cost reduction, besides meeting
the tight delivery schedules of various shipbuilding projects under
construction. This initiative has also added to the value of production of the
shipyard.
CURRENT YEAR
PROSPECTS
The Company has set a high production target (VOP) of Rs.8660.000
Millions (a further targeted increase of almost 70% over Rs.5080.000 Millions achieved
this year) and net profit of Rs.1180.000 Millions for the year 2009-10, as per
the MOU signed by the Company with the Government. The Company is confident of
not only achieving these targets but exceed these substantially with optimum
capacity utilization.
EXPORT PROMOTION
The Company has been making strenuous efforts for exporting its
products, specially the in-house designed range of Patrol Vessels by
participating in various exhibitions, seminars and by giving presentations on
shipbuilding ability of the yard and interacting with dignitaries of various
countries involved in decision making for future acquisition plans.
In order to publicize the expertise and experience and improve the
exposure in international market, the Company participated along with the other
Defence PSUs, as part of ‘India Pavilion’ in the following Exhibitions during
the Financial Year 2008-09: (i) Defence Services Asia (DSA -08) held in Kuala
Lumpur, Malaysia, from 21st to 24th April 2008, (ii) Africa Aerospace and Defence
(AAD-08) held in Cape Town, South Africa, from 17th to 21st September, 2008.
The Company deputed its personnel to attend the International Conference on
Offshore Patrol Vessels held from 30th September, 2008 to 2nd October, 2008 in
The Company in its efforts to seek export orders from abroad for its
diversified range of products particularly in the Middle East, succeeded in
obtaining its first order for supply of Three 12T Bollard Pull Harbour Tug
Boats for Royal Navy of Oman, Sultanate of Oman. The tugs are under
construction and are expected to be delivered as per contractual schedule.
In response to Request for Information (RFI) of Ministry of Defence,
Sultanate of Oman, for Patrol Boats for Royal Navy of Oman (RNO), the Company
submitted the proposal for two variants of Patrol boats and made a presentation
to RNO for the construction of these Patrol Boats. The Company has now been
selected by MoD, Sultanate of Oman, to participate in the tender for these
Patrol Boats, for which bid is being submitted.
Subsequent to visit of the Nigerian and
ISO 9001
CERTIFICATION
The Company's Quality Management System is certified for “Design,
Construction and Repairs of Ships and Craft and providing General Engineering
Services” in accordance with the requirements of the international standard ISO
9001-2000 by Indian Register of Quality System (IRQS). The present certificate
is valid up to 19th November, 2009 and the same is being maintained by conducting
periodic surveillance audits by IRQS.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.