The Cochin Shipyard is a Miniratna Category I Central Public Sector Undertaking under the Ministry of Shipping. The shipyard was set up as a green field shipyard based on a consultancy report of MHI, Japan. Today, CSL can rightly claim to be the finest shipyard in the country. It is proud of the fact that the largest ships built in India, including a double hull tanker built for SCI, was constructed here. Over the years, the shipyard has grown and diversified its products and today, it can claim to be the builder of very high-end support vessels for the Offshore industry. The first indigenous Aircraft Carrier, which will enhance the fighting capabilities of the Navy, is being built here.
The Shipyard also undertakes repairs of a wide variety of ships of the merchant fleet, Indian Navy, Coast Guard, Fisheries, Oil Rigs and Jack Ups. It has 60% of the market share for ship repair in the country and is the only yard that’s capable of undertaking underwater repairs of the navy’s Aircraft carrier.
The Shipyard also trains Marine Engineers for the mercantile fleet. The Marine Engineering Training Institute run by it has been consistently graded ‘excellent’ by the Credit Rating Agency since 2004.
The yard is the first Indian shipyard to have implemented the Integrated Management System (IMS) for compliance with multiple standards in the fields of Quality, Occupational Health & Safety and Environment.
Impressive Performance The yard has been able to post impressive performance in the last few years. Its shipbuilding income increased five-fold from `222 crore in 2005-06 to `1,320 crore in 2010-11. The turnover increased three-fold, from `374 crore to `1,462 crore while profit before tax increased by 13 times from `25.45 crore to `346 crore and the net profit 12-fold from `18 crore to `228 crore during the period. Its contribution to the national exchequer by way of VAT, Income Tax, Fringe Benefit Tax, Excise duty, Customs Duty and Service Tax increased from `26.54 crore in 2005-06 to `108 crore in 2010-11. In 2010-11, the company declared a dividend amounting to around `20 crore on its capital.
In recognition of its performance in the last few years, CSL was awarded category I Miniratna status by Government of India in July 2008. The yard also received the MOU Excellence award for outstanding performance for 2008-09 under the Memorandum of Understanding (MOU) entered into with the Govt. of India. The award was presented by Prime Minister Manmohan Singh to Cmde K Subramaniam, Chairman and Managing Director on December 15, 2010. CSL was selected for the MOU Excellence award in 2009-10 as well.
Strong social focus
CSL is very much alive to its social responsibilities. The yard has charted four major areas of work in relation to Corporate Social Responsibility viz Community Development, Green Technology, Training & Capacity Building and Promotion of Arts, Games and Sports. Under the above, the company has taken up number of projects in the fields of education, health, water supply, sanitation, non-conventional energy, support to the children and women, among others.
Cochin Shipyard has one of the best infrastructures in India. Some 80 cranes with capacities ranging from 10 T to 300 T, two of the biggest dry docks in the country which can take in Aframax tankers, two marine coating shops for quality painting under controlled condition, modern steel-cutting facilities, TRIBON design software and CAD/CAM facilities are present here. CSL has also set up separate facilities for constructing small commercial ships. This facility gives the yard a diversified product profile.
VISION & new initiatives
Cochin Shipyard’s vision is to emerge as an internationally preferred shipyard focused on shipbuilding and ship repair. The company strives to meet its objectives by offering quality products at competitive price and best time schedules.
The shipyard has embarked upon an exercise of identifying short, medium and long term goals and drawing up a 20-year vision document. The key components of this are expansion, new facilities, an enhanced product profile and CAPEX requirement.
In order to pursue its vision and maintain its momentum of growth, Cochin Shipyard is in the process of identifying locations for setting up new facilities.