Cochin Shipyard Ltd - Stock Valuation and Financial Performance

The company was incorporated as Cochin Shipyard Limited on March 29, 1972 as a private limited company under the Companies Act, 1956, with the Registrar of Companies, Kerala at Ernakulam. The company became a deemed public limited company under section 43A of Companies Act, 1956 on July 1, 1982. The company again became a private limited company with effect from July 16, 1985. The company became a public limited company with effect from November 8, 2016 and a fresh certificate of incorporation consequent upon conversion to public limited company was issued by the Registrar of Companies, Kerala at Ernakulam.

In the last three decades the company has emerged as a forerunner in the Indian Shipbuilding & Ship repair industry. This yard can build and repair the largest vessels in India. The yard has delivered two of India’s largest double hull Aframax tankers each of 95,000 DWT. CSL has secured shipbuilding orders from internationally renowned companies from Europe & Middle East and is nominated to build the country’s first indigenous Air Defense Ship. Shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including upgradation of ships of oil exploration industry as well as periodical lay-up repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries and Port Trust besides merchant ships of SCI & ONGC. The yard has, over the years, developed adequate capabilities to handle complex and sophisticated repair jobs. The Shipyard also trains graduate engineers to marine engineers who later join ships both Indian and foreign as 5th Engineers.

Business area of the company

The company caters to clients engaged in the defence sector in India and clients engaged in the commercial sector worldwide. In addition to shipbuilding and ship repair, it also offers marine engineering training. Moreover, the company is in the process of constructing a new dock, a ‘stepped’ dry dock (Dry Dock). This stepped dock will enable longer vessels to fill the length of the dock and wider, shorter vessels and rigs to be built or repaired at the wider part. It is also in the process of setting up an International Ship Repair Facility (ISRF), which includes setting up a shiplift and transfer system.

Awards and Recognition

• 2015: The Gateway awards for shipbuilding company of the year. Shipbuilding Company of the Year in recognition of healthy order book and technical competence and also for active contribution to ‘Make in India’ initiative.
  
• 2015 TMA- HLL CSR award Trivandrum management association jointly with HLL Lifecare Limited awarded the company as winner for spending Rs 54.6 million for the benefit of society.
  
• 2015: Samatva 2015 Winner of best CSR practices among public sector undertakings.
  
• 2016: Award for Outstanding Safety Performance. Winner of the award for outstanding performance in industrial safety in the category of very large size engineering industries (having more than 750 employees) given by National Safety Council (Kerala Chapter).
  
• 2016: KMA Excellence Award For best in-house magazine.
  
• 2016: Safety Award Award for outstanding performance in industrial safety in the category of very large factories (having more than 500 workers) given by Department of Factories & Boilers, Government of Kerala.
  
• 2016: National safety council (Kerala chapter) safety awards Award for outstanding safety performance for outstanding performance in industrial safety as winner by achieving the lowest frequency rate of accidents.
  
• 2016: Award for top 50 PSU organisations with innovative HR practices Award presented by Times Ascent to top 50 PSU organisation with “Innovative HR Practices” at Asia Pacific HRM Congress.
  
• 2016: KMA excellence award for best CSR activities undertaken.
  
• 2016: BT-CSR excellence award Award of excellence in the category of best performing PSE (CSR head) given by Bureaucracy Today.
  
• 2016: Best corporate citizen award. Winner in category III awarded by National Institute of Personnel Management (Kerala chapter).
  
• 2017: KMA Excellence Award-2017 For undertaking best CSR activities.
  
• 2017 Rajbhasha Karyanvan Puraskaar Awarded first prize by Nagar Rajbhasha Karyanvan Samiti (Upakram), Kochi, for best implementation of official language Hindi during the year 2015-16.
  
• 2017: Recognition of WIPS Activities Award Awarded by Forum of Women in Public Sector (under the aegis of SCOPE) in its 27th National Meet held at Nagpur on February 11, 2017- February 12, 2017.
  
• 2018: KMA CSR award 2018 for the category, Education.
  
• 2018: KMA CSR award 2018 for the category, Health and Hygiene.
  
• 2018: Rajbhasha Kirti Puraskar in recognition of the achievements of the PSUs and Government departments in implementation of the Official Language.
  
• 2018: Rajbhasha Shield (second prize) for the year 2016-17 and 2017-18 from Ministry of Shipping for best official language implementation.
  
• 2018: Rajbhasha Trophy (first prize) for the year 2017-18 from Kochi Town Official Language Implementation Committee (TOLIC) for the best implementation in the Official Language field.
  
• 2019: KMA award 2019 for recognition of contribution in the category ‘innovative and effective deployment of CSR fund’ and also in specific contribution in the category ‘health & hygiene'.
  
• 2019: NIPM Best Corporate Citizen Award 2019 from National Institute of Personnel Management, in recognition of its CSR initiatives in ‘healthcare’ sector.
  
• 2019: Rotary International CSR Excellence Award 2019. The Company won golden award for its contribution in ‘healthcare and sanitation’ sector and platinum award for its contribution in ‘education and special education’ sector.
  
• 2019: Rajbhasha Kirti Puraskar in recognition of the achievements of the PSUs and Government departments in implementation of the official language.
  
• 2019: Rajbhasha Shield (first prize) for the year 2018-19 from Ministry of Shipping for best official language implementation.

Milestones

• April, 1972: Laying of foundation stone for hull shop of the company.
  
• July, 1975: Vice Admiral N. Krishnan and Admiral S. M. Nanda sign the contract for building the first bulk carrier at Cochin Shipyard.
  
• July, 1981: Delivery of first ship named ‘Rani Padmini’.
  
• October, 1990: Delivery of first tanker named ‘007 Motilal Nehru’.
  
• May, 1993: Received approval from Directorate General of Shipping for starting Graduate Engineer’s Course for six months at the company.
  
• May, 1999: Delivered the Double Hull Motor Tanker ‘M.T. Abul Kalam Azad’ with a dead weight at design draught of 83576 T to Shipping Corporation of India Limited.
  
• February, 2003: Delivered first export order, LB II Barge to National Petroleum Construction Company, Abu Dhabi.
  
• January, 2004: Contract signed for building of six bulk carriers for M/s Clipper Group, Bahamas - The first series of export order.
  
• November, 2006: Delivered nine fire-fighting tugs to Saudi Seaport Authority, Saudi Arabia from December 2004.
  
• February, 2009: Keel laying of the first Indigenous Aircraft Carrier for the Indian Navy.
  
• October, 2010: Signed the shipbuilding order of 20 Fast Patrol Vessels for Indian Coast Guard.
  
• September, 2011: Set up the 500 Tonne Bollard Pull facility at Vizhinjam, the largest facility for bollard pull test in Asia.
  
• December, 2012: Signed contract for setting up of ISRF at Cochin Port Trust.
  
• August, 2013: Launched the first Indigenous Aircraft Carrier for the Indian Navy.
  
• December, 2013: Allotment of 8.51% Secured redeemable non-convertible tax-free bonds of face value of Rs 1,000 million.
  
• March, 2014: Delivered the 100th ship built by the company.
  
• July, 2014: Implemented SAP ERP System.
  
• December, 2015: Obtains license from GTT to build LNG Ships using the containment system known as the Mark-III Technology.
  
• December, 2016: The last ship of the 20 Fast Patrol Vessel delivered to Indian Coast Guard.
  
• June, 2017: Delivered double ended Ro-Ro ferry ‘Sethusagar - I and II’ to Kochi Municipal Corporation.
  
• August 11, 2017: Cochin Shipyard Limited was Listed on BSE and NSE.
  
• October 23, 2017: Incorporated Joint Venture Company viz., Hooghly Cochin Shipyard Ltd in partnership with Hooghly Dock and Port Engineers Limited.
  
• January 18, 2018: Signed MOI with Defence Research and Development Organisation (DRDO) for export of Defence vessels incorporating Defence systems developed by DRDO and produced by Indian OEMs.
  
• March 17, 2018: Signed MOU with Kolkata Port Trust for operations and management of ship repair facility at Netaji Subhas Dock. CSL shall utilize the facilities for the purpose of ship repair and allied services and for the growth of ship repair in the region.
  
• October 30, 2018: Launching of 2 nos. 500 Pax vessels for A&N Administration by Smt. Kanchan
  
• Gadkari, wife of Shri Nitin Gadkari, Hon’ble Union Minister for Shipping, Road Transport, Highways, Water Resources, River Development and Ganga Rejuvenation.
  
• February 19, 2019: First batch of three Tuna Long Liner Cum Gillnetter Fishing Vessels for fishermen beneficiaries of Department of Fisheries, Government of Tamil Nadu was flagged off by Honb’le Chief Minister of Tamil Nadu, Thiru Edappadi K Palaniswami.
  
• March 28, 2019: An agreement entered into between CSL and Kolkata Port Trust for operations and management of ship repair facility at Netaji Subhas Dock, which shall be focusing on the ship repair requirements at Kolkata area and inland waterways.
  
• April 30, 2019: CSL signed contract for building 8 nos. Anti-Submarine Warfare Shallow Water Crafts for Indian Navy.
  
• June 26, 2019: Commencement of Block Erection of 2 nos. RO-PAX Vessels for IWAI by Shri Paul Ranjan D, Director (Finance), CSL and Shri Mathew George, Director, IWAI.
  
• September 19, 2019: Inauguration of CSL Maritime Park by Shri Mansukh L Mandaviya, Hon’ble Minister of State for Shipping (Independent Charge) and Chemicals & Fertilizers.