47th Annual General Meeting Held at Goa Shipyard

At the 47th Annual General Meeting (AGM) of Goa Shipyard Limited (GSL) held on 24th September 2013, the company recorded Value of Production (VoP) of Rs. 506.62 Crore and earned a Gross Profit of Rs 68.53 Crore. The company declared dividend of Rs. 5.82 crore which is equal to 20 % of the paid up share capital.

During the year, keel was laid for first and second in the series of 105 M Coast Guard Offshore Patrol Vessel and Fisheries Research Vessel. Besides, GSL delivered the 2nd in series Naval OPV (Yard 1195) to Indian Navy. The year gone by also witnessed an upsurge in ship repair activities in the yard and the company repaired 23 vessels such as Tugs, Offshore Patrol Vessels, Offshore Supply Vessels, Platform Supply Vessels, mini bulk carriers, etc.

GSL has been making efforts to export its products, specially the in-house designed range of Patrol Vessels and Interceptor Craft.

As part of the diversification effort, GSL executed the stern gear supply orders for other shipyards for Naval vessels and supply of CPP spares to the Indian Navy and other shipyards. The shipyard also continued to provide training on Survival at Sea to ONGC personnel on their training vessel Samudra Shiksha. In addition the yard executed an export order from a Middle East country for imparting training to their personnel.

GSL is presently executing orders for supply of Glass Reinforced Plastic Patrol Boats and constructing a Shore Based Test Facility which is being set up with technology and specialized equipment from Russia at INS Hansa, Goa, for Aeronautical Development Agency, Bangalore.

As part of the ongoing R&D activities, GSL is working on a range of Designs of Vessels from 30 to 115 m. to cater to the Indian defence as well as international market.

In order to meet with future challenges, the company is implementing its major modernization programme in phases. The facilities created under Phases 1 & 2 and related facilities have been put to regular use. In addition, three in number 45T Level Luffing cranes have been installed over the Repair Berth and Jetty which has enhanced the material handling capacity. Construction contract of about Rs.350 crore as part of Phase 3A of GSL modernization programme was awarded in January, 2013. Work on the project is expected to be completed by July, 2015.

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Press Release, September 26, 2013