www.goashipyard.

com

11.4 Goa Shipyard Limited

GSL was established on 26 Nov 1957 under the Portuguese Law as EstaleriosNavais De Goa, as a small barge repair facility. Later on, it was leased to Mazagaon Dock Ltd. following the liberation of Goa in 1961 till 1967. It was renamed as Goa Shipyard Limited in 1967. GSL graduated over the period from barge building to designing and building high tech sophisticated warships since 1990 onwards. GSL is a Schedule-B Miniratna CPSE in Transport Equipment sector, under the administrative control of Ministry of Defence, Department of Defence Production with 51.09% shareholding by the Government of India. 47.21% equity of GSL is held by the Mazagon Dock Ltd. Its Registered and Corporate offices are at Vasco da Gama, Goa.

Performance Highlights

The operational performance of the company along with performance indicators and selected financial ratios during the period 2008-09 to 2010-11 can be seen on the opposite page. The Company registered an increase of `72.61crore in total income during 2010-11 which went up to `1027.39 crore in 2010-11 from `954.78crore during 2009-10. The net profit of the company increased to `176.13 crore, an increase of `45.41crore over the previous year due to increase in turnoverand fall in direct expenses & interest. The enterprise employs 1667 employees. The retirement age in the company is 60 years. It is following IDA 2007 pattern of remuneration.
Particulars Executives including NonUnionised Supervisors Non-Executives # Total Employees 2010-11 491 1176 1667 2009-10 482 1219 1701 2008-09 484 1206 1690

Human Resource Management

Vision / Mission

The Vision of the Company is to be a global reader in building and repairing ships and GRP vessels in the medium sized sector. The Mission of the Company is to be a global shipbuilder and ship repair organization in the high technology sector and to diversify into other related products. GSL is engaged in shipbuilding, ship repair and General Engineering Services for defence and commercial sector having shipyard (GSL main Unit) at Vasco da Gama (Goa). GSL has also set up dedicated facilities, GSL Unit II and III for GRP boats construction at Sancoale, Goa. The physical performance of company during the period 2008-09 to 2010-11 is mentioned below:
Main product Shipbuilding Unit SSU 2010-11 6.41 2009-10 5.98 2008-09 5.90

Industrial/ Business Operations

# Detail break-up of Non-Executive employees is at Statement no. 25 of volume-I of PE Survey.

Technology Up-gradation, Research & Development

(SSU Standard Ship Unit)

All ships are built and repaired as per customers specifications.The product range includes Offshore Patrol Vessels, Missile Crafts, Sail Training Ships, Tugs, Boats, Fishing Vessels, Passenger Vessels, etc. The diversified products are Glass Reinforced Plastic (GRP) boats, Damage Control Simulator, Survival at Sea Training Facility, etc. Supply of stern gear equipment and spares for ships to other Defence Shipyards. In addition, GSL undertakes supply of stern gear equipment and spares to the defence shipyards in the country and provides installation and service support for commissioning of systems onboard. GSL is one is one of the few shipyards internationally who have capacity and capability to carry out basic design of ships. GSL products with in-house R&D are well proven in service and have received accolades from both the owners as well as admirers from India and Overseas.

GSL undertakes its own Research & Development activities for the design and development of its product range and is one of the few shipyards internationally who have capacity and capability to carry out basic design of ships. GSL products with in-house R&D are well proven in service and have received accolades from both the owners as well as admirers from India and Overseas. GSL possesses world class CAD / CAM facilities with Tribon M3 platform having an interface with ERP system and project management software for efficient functioning of all activities, thus making it virtually a paperless office.With GSLs continuous efforts in R&D over the years, the yard has successfully designed and built 35 Knots, 50m Fast Patrol Vessels (FPVs) and 105m Advanced Offshore Patrol Vessels (AOPVs), 90m Offshore Patrol Vessels (OPVs). The vessels are in operation service of Indian Coast Guard.

Strategic Issues

To be competitive in global market and to enhance the shipbuilding capacity, the shipyard has embarked on an ambitious modernisation programme.Goa Shipyard modernization project is being implemented in four phases. The first two phases of the modernization programme comprising state-of-the-art 6000 Ton shiplift with the ship transfer facility and shipbuilding / repair berths were commissioned on 21st May 2011.Work on Phase 3 & 4 which include new shipbuilding facilities, new building berths and dedicated facilities for building Mine Counter Measure Vessel (MCMV) for Indian Navy is scheduled to commence shortly.

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Transportation Equipment

Vaddem House, Vaddem, Vasco da Gama, GOA403 802

Goa Shipyard Limited

Balance Sheet Particulars Authorised Capital (1) Sources Of Fund (1.1) Shareholders Funds (A) Paid-Up Capital Central Govt Others (B) Share Application Money (C) Reserves & Surplus Total (A) + (B) + (C) (1.2) Loan Funds (A) Secured Loans (B) Unsecured Loans Total (A) + (B) (1.3) Deferred Tax Liability Total (1.1) + (1.2) + (1.3) (2) Application Of Funds (2.1) Fixed Assets (A) Gross Block (B) Less Depreciation (C) Net Block (A-B) (D) Capital Work In Progress Total (C) + (D) (2.2) Investment (2.3) Current Assets, Loan & Advances (A) Inventories (B) Sundry Debtors (C) Cash & Bank Balances (D) Other Current Assets (E) Loan & Advances Total (A)+ (B)+ (C)+ (D)+ (E) (2.4) Less:current Liabilities & Provisions (A) Current Liabilities (B) Provisions Total (A+B) (2.5) Net Current Assets (2.3-2.4) (2.6) Deferred Revenue / Pre. Expenditure (2.7) Deferred Tax Asset (2.8) Profit & Loss Account(Dr) Total (2.1+2.2+2.5+2.6+2.7+2.8) 69888 23764 93652 23908 0 0 0 59936 111025 19402 130427 23524 0 0 0 45226 29993 14845 32002 3384 37336 117560 36307 19459 50250 1882 46053 153951 41648 6708 34940 1088 36028 0 11908 5945 5963 15739 21702 0 0 1175 1175 1850 59936 0 1220 1220 568 45226 1487 1423 0 54001 56911 1487 1423 0 40528 43438 2010-11 4000 2009-10 4000

(` in Lakhs) 2008-09 4000

Profit & Loss Account Particulars (1) Income (A) Sales/Operating Income (B) Excise Duty 51446 3 51443 3707 47589 102739 47289 0 47289 8830 39359 95478 2010-11 2009-10

(` in Lakhs) 2008-09

47685 0 47685 7911 3116 58712

1487 1423 0 30511 33421 0 5768 5768 349 39538

(C) Net Sales (A-B) (D) Other Income/Receipts (E) Accretion/Depletion in Stocks (I)Total Income (C+D+E) (2) Expenditure (A) Purchase of Finished Goods/ Consumption Of Raw Materials (B) Stores & Spares (C) Power & Fuel (D) Manufacturing / Direct / Operating Expenses (E) Salary, Wages & Benefits / Employee Exp. (F) Other Expenses

54317 0 201 7227 10708 2396 29 74878 27861 851 0 27010

48190 23 217 9767 11080 4729 91 74097 21381 470 0 20911

27499 47 214 5051 8354 2763 698 44626 14086 429 0 13657

10935 5496 5439 6865 12304 0

(G) Provisions (II)Total Expenditure (A to G) (3) Profit Before Dep, Int, Taxes & EP (PBDITEP) (I-II) (4) Depreciation (5) Dre/Prel Exp Written Off (6) Profit Before Int., Taxes & Ep (Pbitep) (3-4-5)

30248 6644 64170 15648 25929 142639

(7) Interest (A) On Central Government Loans (B) On Foreign Loans (C) Others (D) Less Interest Capitalised (E) Charged to P & L Account (A+B+C-D) (8) Profit Before Tax & EP(PBTEP) (6-7E) (9) Tax Provisions (10) Net Profit / Loss Before EP (8-9) (11) Net Extra-Ord. Items (12) Net Profit / Loss(-) (10-11) (13) Dividend Declared (14) Dividend Tax (15) Retained Profit (12-13-14) 0 0 531 0 531 26479 8866 17613 0 17613 3550 590 13473 0 0 1108 0 1108 19803 6651 13152 80 13072 2620 435 10017 0 0 1065 0 1065 12592 4396 8196 0 8196 1659 282 6255

101350 14055 115405 27234 0 0 0 39538

Important Indicators (i) Investment (ii) Capital Employed (iii) Net Worth (iv) Cost of Production (v) Cost of Sales (vi) Gross Value Added (At Market Price) (vii) Total Employees (Other Than Casuals) (Nos.) (viii) Avg. Monthly Emoluments Per Employee (Rs.)

2010-11 2910 58848 56911 76260 28671

2009-10 2910 29487 43438 75675 36316

2008-09 2910 32673 33421 46120 43004

Financial Ratios (i) Sales : Capital Employed (ii) Cost of Sales : Sales (iii) Salary / Wages : Sales (iv) Net Profit : Net Worth (v) Debt : Equity (vi) Current Ratio (vii) Sundry Debtors : Sales (No. of Days) (viii) Total Inventory : Sales

2010-11 87.42 55.73 20.82 30.95 0.02 1.26 105.33 212.81

2009-10 160.37 76.8 23.43 30.09 0.03 1.18 150.19 280.24

2008-09 145.95 90.18 17.52 24.52 0.17 1.24 50.86 231.53

1667 53529

1701 54282

1690 41193

Public Enterprises Survey 2010-2011: Vol-II

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