Goa Shipyard Limited Unlisted Shares Annual Reports

Goa Shipyard Limited Unlisted Shares

The Goa Shipyard Limited (GSL) Annual Report for 2023-24 provides an overview of the company's performance, strategic initiatives, and future outlook. The company's vision is to be a contemporary organization in ship design, construction, ship repairs, and general engineering solutions. Its mission is to be a world-class shipbuilding yard that meets the maritime needs of indigenous and export markets by delivering products and services on time at competitive prices. **Key Financial Highlights:** * GSL reported an extraordinary growth of 100% in Gross Revenue, surpassing ₹2,000 Cr for the first time. * EBITDA and Profit After Tax saw impressive increases of 65% and 76%, respectively. * Revenue from Operations reached ₹1,753 Cr, representing a 102% year-on-year growth. * Profit Before Tax (PBT) reached ₹365 Cr, a 78% increase from the previous year. * Order book position stood at ₹18,562 Cr as of March 31, 2024, providing stable revenue visibility. * The company paid an interim dividend of ₹5.00 per share, totaling ₹58.20 Cr and recommended a final dividend of ₹2.00 per equity share, amounting to ₹23.28 Cr. The cumulative dividend for the year is ₹7.00 per equity share, translating to a total outflow of ₹81.48 Cr. * Contribution to the Exchequer during FY 2023-24 was ₹181 Cr, up from ₹108 Cr. * Capital Expenditure during the year 2023-24 amounts to 25.33 Cr towards modernization of Plant & Machinery, R&D investments and infrastructure upgradation. **Operational Performance:** * Ship Construction accounted for approximately 91% of the company's turnover. * Launched first frigate INS Triput on 23 Jul 2024 and first PCV ICGS Samudra Pratap on 29 Aug 2024. * Construction of seven NGOPVs for the Indian Navy is underway. * Construction of eight FPVs for the Indian Coast Guard is progressing as scheduled. * The GES vertical delivered Damage Control Simulator to Indian Navy at Port Blair and twelve specialized boats to the Indian Army. * Ship Repair Division completed refits of five vessels. * Construction of a 4000T Floating Dry Dock for the Sri Lanka Navy is progressing. * Secured a global order to construct a Next Generation Trailing Suction Hopper Dredger for Luxembourg based Jan De Nul Group. **Strategic Initiatives & Indigenization:** * Focusing on indigenization and Make in India initiatives, with 32 out of 44 identified equipment and systems successfully indigenized. * R&D unit recognized by the Government of India, enhancing design capability with CAD/CAM facility and a Virtual Reality Centre. * Spearheading the development of Autonomous Surface Vessels. * Actively participating in iDEX initiative of Government of India and working in tandem with start-ups. * Mission Raksha Gyan Shakti initiative pursued by securing eight IPRs during FY 2023-24 (49 cumulative total). * Utilizing Srijan Portal for indigenization, with 83 equipment/ items successfully indigenized. **Corporate Governance & Social Responsibility:** * Acknowledges the importance of strong corporate governance and its impact on performance, integrity, and sustainability, achieving "Excellent" grading for corporate governance. * Spent ₹3.81 Cr on CSR activities, focused on healthcare, sanitation, education, and skill development, exceeding statutory requirement. **Other Key Points:** * A Joint Venture company LENS (Laboratory for Electro Optical Navigational Systems) Foundation under Section 8 of the Companies Act, 2013, will provide state-of-the-art testing and certification facilities in the field of Electro-Optics. * Company willing to adopt latest technologies and Industry 4.0 practices. * Company continues to bid for refit projects pertaining to friendly foreign navies, defence ships, and commercial vessels. **Future Outlook:** * The company's robust order book and multiple projects will ensure consistent growth. * Actively pursuing new high-value orders in warship construction and collaborating with various firms for product development. * Committed to adopting the latest technologies and advanced equipment to improve efficiency and quality. * Ship repair business poised for future growth, with emerging potential from the Indian Navy and Coast Guard. * Export initiatives aligned with the Government of India's target, opening new vistas in the global market. **Appreciation:** * Acknowledgement to the Ministry of Defence, Central and State Government Authorities, statutory bodies, and stakeholders for their guidance and support. * Appreciation for the contribution of the employees and CISF contingent. * Committed to driving transformation and scaling new heights. The notice for the Annual General Meeting includes details about ordinary and special business, including the adoption of financial statements, declaration of dividends, ratification of auditor remuneration, and explanatory statements. The report also outlines details on share transfers, inspections of documents, dividend payments, unclaimed dividends, and other relevant information for shareholders.

Goa Shipyard Limited Unlisted Shares

Annual Report 2022-23 of Goa Shipyard Limited (GSL): GSL, a Central Public Sector Enterprise under the Ministry of Defence, is located in Vasco-da-Gama, Goa, and engages in shipbuilding, ship repair, and general engineering services. It is a Miniratna, Category-I, ISO certified company. **Review of Operations (2022-23):** GSL achieved a Value of Production of ₹824.97 Cr, a 17% year-over-year (YoY) increase. Profit After Tax (PAT) stood at ₹154.54 Cr, up from ₹101.09 Cr the previous year. The company's net worth reached ₹1,246 Cr. GSL's order book reached ₹20,146 Cr by March 31, 2023. A major contract worth ₹5,965 Cr was signed to design and construct seven Next Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy. GSL handed over the first of three 7.5 T Bollard Pull Tugs to the Assam Inland Water Transport Development Society (AIWTDS) ahead of schedule. GSL is executing multiple contracts including construction of two Advanced Frigates for the Indian Navy, two Pollution Control Vessels (PCVs), and eight Fast Patrol Vessels (FPVs) for the Indian Coast Guard. A Virtual Reality Centre (VRC) was inaugurated on February 1, 2023, to allow designers to visualize 3D warship models. GSL is likely to be rated as "Very Good" based on MoU targets with the Government of India for FY 2022-23. **Chairman's Message & Operational Highlights:** GSL signed a contract for approximately Rs 6,000 Cr for constructing seven NGOPVs for the Indian Navy, which increased the overall order book value. The company's Gross Revenue was Rs 1,046 Cr, a 21% increase. Profit Before Tax grew 52% to Rs 205 Cr. Execution of shipbuilding projects is ongoing. The design of two Frigates is in advanced stages. Construction of two PCVs and eight FPVs for the Indian Coast Guard is progressing. The export contract for a 4000 T Floating Dry Dock for the Sri Lanka Navy is advancing. The company achieved record revenue of Rs 160 Cr from ship repair. A Damage Control Simulator Facility was delivered to the Indian Navy. GSL is pursuing export opportunities aggressively and participating in global tenders. GSL continues to increase indigenization and is working towards a 55% indigenization content for Advanced Frigates. Modernization efforts were completed with the inauguration of an Integrated Stores Complex. The company has set up a Virtual Reality Centre for design review. The design and construction of PCV, FPV, and NGOPV platforms are progressing. GSL is adopting Artificial Intelligence (AI) to improve processes. **Corporate Objectives and Performance:** GSL's Corporate Objectives include designing and building warships, carrying out repairs and refits, and diversifying its business. Performance highlights for FY 2022-23 include a record order book, all-time high net worth, signing a contract for NGOPVs, executing 20 platforms concurrently, commencing construction of an export contract for a floating drydock, operationalizing a Virtual Reality Centre, and achieving record revenue from ship repair. The company delivered three 7.5 T Bollard Pull Tugs for AIWTDS and completed infrastructure modernization. **Financial Performance Details:** GSL's financial performance demonstrates an increase in gross revenue, operating revenue, profit before tax, and profit after tax. The company has declared an interim dividend of Rs 3.75 per share. Further review of financial position reveals increases in equity share capital and reserves & surplus. There is also increased thrust on procurement from MSEs. **Corporate Social Responsibility (CSR) and Government Programs:** GSL contributes towards sustainable development, focusing on healthcare, sanitation, education, and skill development, spending Rs 394.06 lakh. GSL is also at the forefront in implementing government flagship programs. **Board of Directors and Management:** The annual report includes a list of the Board of Directors and senior management personnel. Shri Brajesh Kumar Upadhyay is the Chairman & Managing Director. Changes in Directors occurred during the year. **Future Outlook:** GSL expresses optimism for the future. It is committed to strengthening its core business, accelerating innovation, and adopting Industry 4.0 practices. GSL aspires to be a major contributor to the "Make in India" initiative. **Other Key Information:** The 57th Annual General Meeting (AGM) is scheduled for September 29, 2023. The notice includes information about joining the AGM through video conferencing, proxy details, and dividend information. The company's International Securities Identification Number (ISIN) is INE178Z01013.

Goa Shipyard Limited Unlisted Shares

Goa Shipyard Limited (GSL) Annual Report Summary 2020-21 **Chairman's Message & Operational Performance:** The Chairman welcomes shareholders to the 55th Annual General Meeting, conducted via video conferencing due to the ongoing COVID-19 pandemic. GSL demonstrated resilience, overcoming pandemic-related disruptions to achieve positive financial results. The company maintained on-time deliveries of shipbuilding projects, including the delivery of two Offshore Patrol Vessels (CGOPV) to the Indian Coast Guard with over 70% indigenous content. Construction of two advanced P1135.6 Frigates for the Indian Navy is underway, with keel laying completed and design/procurement progressing. GSL secured an order for twelve specialized boats for high-altitude operations for the Indian Army and another for two Pollution Control Vessels (PCVs) for the Indian Coast Guard. **Ship Repairs, General Engineering, and Financial Performance:** The refit division expanded by executing multiple refits, completing 17 vessels during FY 2020-21, including naval, coast guard, fishery survey, and commercial vessels. A River Passenger Ferry and associated jetty were built for U.P. Contracts are in progress for LPG Cylinder Carrier Vessels for Lakshadweep and Bollard Pull Tugs for Assam. A contract for a Damage Control Simulator (DCS) Facility at Port Blair has been secured. Net worth reached ₹1,098 Cr. Gross Revenue stood at ₹979 Cr compared to ₹1,072 Cr in the previous year. Value of Production ('VoP') was ₹827 Cr versus ₹903 Cr in FY 2019-20. Profit Before Tax was ₹172 Cr (previous year ₹265 Cr), and Profit After Tax was ₹128 Cr (previous year ₹198 Cr). The halt in construction in the first quarter impacted revenue and profit. The financial impact of COVID-19 for FY 2020-21 was assessed at ₹27.75 Cr. The order book as of 31 Mar 2021 stood at ₹14,120 Cr, primarily consisting of OPVs and Frigates for the Indian Coast Guard and Navy. A ₹559 Cr contract for two PCVs was recently secured. **Dividend, Exchequer Contribution, MOU Rating, and Export Initiatives:** The Board recommends a final dividend of Re 1.00 per equity share, adding to the Interim Dividend, totaling ₹4.75 per equity share and a total outgo of Rs 55.29 Cr. The Company contributed Rs 101.17 Cr to the Exchequer via taxes. The company anticipates achieving an "Excellent" rating for FY 2019-20 and "Very Good" for FY 2020-21 based on MoU performance parameters with MoD. GSL seeks to increase global presence through exports, targeting Southeast Asia, the Middle East, Africa, and Latin America, formulating strategies and appointing foreign marketing representatives. **Future Outlook, AatmaNirbhar Bharat, and Infrastructure Modernization:** The Indian defence industry offers growth opportunities. The government targets US$ 25 billion in defence production by 2025. The 2021-22 defence capital outlay was increased by 18.75%. GSL is responding to defence acquisition programs, submitting offers for New Generation OPVs, Fast Patrol Vessels, and Cadet Training Ships. The Company is bidding for refit RFPs and liaising with the commercial shipping industry and emerged as successful bidder for the refit of three Coast Guard vessels and one Naval ship. The future outlook appears bright given a healthy order book and expected orders. The Government encourages domestic manufacturing under the 'AatmaNirbhar Bharat Abhiyan', exemplified by the 101 defence items under import embargo and Defence Acquisition Procedure (DAP) 2020. GSL is aligning with this vision, increasing indigenization in shipbuilding technology and developing ship designs/platforms included under import embargo. A major infrastructure modernization plan at GSL has been completed in substantial part. Works on Phase 1, 2, & 3A were completed, and Phase 3B and 4 are in an advanced stage. **Research & Development, Government Programs, and Corporate Social Responsibility:** GSL aims to be at the forefront of cutting-edge technology, recognized as an In-house R&D unit by the Government of India. It has optimally utilized in-house capabilities for design programs, including the CGOPV project. The process of customizing the design of P1135.6 Frigate Project for indigenized equipment has commenced. The company ventured into AI systems to build a vibrant AI ecosystem with intelligent machines enabling high level cognitive processes in the shipbuilding products and processes. It also implements various government programs such as procurement from MSEs and the 'Swachh Bharat Campaign'. The company has achieved "Excellent" grading in corporate governance and is contributing to the social development of the Goan community through CSR activities aligned with national priority of tackling the COVID-19 pandemic. **Human Resources & Relations, Road Ahead, and Appreciation:** The company recognizes the contribution of human resources and provides a conducive learning environment, emphasizing safety and health of its employees, and maintains harmonious industrial relations. Rapid upgradation in shipbuilding technologies and Government initiatives for indigenisation drive demand in technologically advanced vessels and defence market. The Yard is gearing up to build new age competencies and adopt newer and improved business processes to enlarge its product offerings. **Directors' Report:** The Board presents the 55th Annual Report for 2020-21. GSL recorded sustained performance despite COVID-19-related disruptions. It achieved Value of Production of Rs 827 Cr and Profit After Tax of Rs 128 Cr. The 2nd & 3rd CGOPV vessels were delivered to the Indian Coast Guard, with over 70% indigenous content. The company diversified into shipbuilding opening new business lines and opportunities and is executing the contract for the P1135.6 Frigates for the Indian Navy. During the year, the refit of 17 ships was completed. The Company has been declared the lowest bidder for two Pollution Control Vessels for the Indian Coast Guard and has obtained the prestigious order for design and construction of specialized boats for the Indian Army. **Financial Results (Directors' Report):** Revenue from Operations achieved Rs 979 Cr but the dip was mainly on account of lockdown and restrictions on production activities due to COVID-19 pandemic. The Profit Before Tax ('PBT') in FY 2020-21 was Rs 172 Cr Adjustment of exceptional items of expenditure of Rs 27.75 Cr incurred by the Company towards salary and depreciation during the lockdown period severely impacted the PBT. **Covid Impact and Response (Directors' Report):** In compliance to the lockdown order of the Central/State Government, the Yard had suspended ship production, ship repair and other construction activities. Essential services were operating with restricted manpower. Work from Home was enabled for employees. During the year, the pandemic imposed several challenges to the Yard which resulted in slowdown of production activities and operational performance. The Yard was able to successfully deliver two vessels and launch two other vessels of CGOPV series. The Company contributed Rs 50.00 lakh to Goa State COVID-19 Relief Account. **Additional Highlights:** * The Company expects to achieve 'Excellent' rating for FY 2019-20 and 'Very Good' rating for FY 2020-21 in terms of actual achievements vis-à-vis parameters laid down in the MoU signed with MoD. * The Board declared and paid Interim Dividend for FY 2020-21 @ Rs 3.75 per equity share of Rs 5.00 each, being 75% of the Paid-up Share Capital of Rs 58.20 Cr. * After reviewing the profits for the year and financial position of the Company, the Board of Directors is pleased to recommend final dividend for FY 2020-21 @ Re 1.00 per equity share of Rs 5.00 each i.e. 20% of the Paid-up Share Capital. * The Paid-up Share Capital of the Company as on 31 Mar 2021 was Rs 58.20 Cr. * Other Equity representing Reserves and P&L Account balance stood at Rs 1,040.48 Cr as at the end of the year prior to declaration of final dividend of Rs 11.64 Cr as proposed. * As on 31 Mar 2021, the net value of works to be executed in respect of orders received by the Company for Ship Construction, Ship Repair/Refit work and General Engineering Services amounted to Rs 14,120 Cr (approx) * The Company has adopted the 'Make in India' initiatives launched by the Government of India and successfully implemented the "Make in India and Indigenisation" policies promulgated by the Government from time to time. * The Company has adopted Integrity Pact for procurement transactions/contracts above Rs 2.00 Cr. * Vice Admiral Ashok Vishwanath Subhedar (Retd.) is the Independent External Monitor (IEM) for monitoring implementation of Integrity Pact in the Company. * The Company contributed a total amount of Rs 50.00 lakh to FITT-IIT, Delhi towards Innovation for Defence Excellence and also contributed towards Armed Forces Flag Day Fund. * The total manpower strength as on 31 Mar 2021 is 1,389 including 238 executives, 159 supervisors and 866 workmen. * The Company bagged the following awards during FY 2020-21: 19th Annual Greentech Safety Award 2020, 9th Annual Greentech HR Award 2020, 12th Construction Industry Development Council ('CIDC') Vishwakarma Awards, 2021 * The Company celebrated International Women's Day with great zeal and enthusiasm by undertaking notable activities to embark the spirit of womanhood. * The Company observes Quami Ekta Week/Communal Harmony week, 'Rashtriya Ekta Diwas', and the 'Constitution Day' . * The Company has a Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. * The Company has complied with the Secretarial Standards 1 & 2 relating to 'Meetings of the Board of Directors' and 'General Meetings', respectively issued by the Institute of Company Secretaries of India. * Government Company engaged in producing defence equipment are exempted to furnish the information with respect to conservation of energy, technology absorption, foreign exchange earnings and outgo under the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014. * As on 31 Mar 2021, 6,08,00,764 equity shares of the Company representing 52.23% of the issued, subscribed and paid-up equity share capital of the Company has been dematerialized. * Smt Nazli Jafri Shayin, Joint Secretary, Department of Defence, MoD has been appointed as Government Nominee Director on the Company's Board * The Auditors' Report on the Financial Statements of the Company for FY 2020-21 is appended to this Report. There are no audit qualifications or adverse remarks on the Company's Financial Statements. The comments of the C&AG under Section 143(6) of the Companies Act, 2013, on the Financial Statements of the Company for FY 2020-21 are placed next to the Statutory Auditors' Report.