Mazagon Dock Limited is one of the most heavily loaded, producing sophisticated world-class warships and other commercial craft
In the year 1774, a small dry dock was constructed in the Mazagon Village, Mumbai, to service ships of the British East India Company. The company was named Mazagon Dock. Over the next 200 years, the dry dock progressively developed into a massive conglomerate, universally known as the Mazagon Dock Limited. At present, it is the leading warship-building yard in the country and one of the most heavily loaded, producing sophisticated worldclass warships and other commercial craft.
Important events during the year 2008-09
• Inauguration of Submarine Hull Workshop in Alcock Yard on May 29, 2008.
• Keel Laying of Two Multipurpose Support Vessels (MSVs) being built for M/s. Greatship Global Offshore Services Pvt. Ltd, Singapore on July 14, 2008.
• Commencement of New Wet Basin work on September 10, 2008 as part of Mazdock Modernisation Project.
Financial highlights
• The Value of Production for the Financial Year 2008-09 was Rs 2568.93 crore ($557.99 million) as against Rs 2321.69 crore ($504.29 million) in the previous year.
• The profit is Rs 397.289 crore ($86.29 million) for 2008-09 as against Rs 380.70 crore ($82.69 million) in the previous year.
Capital Structure: The Authorised Equity Share Capital and Preference Share Capital of the Company as on March 31, 2009 stood at Rs 200 crore ($43.44 million) and Rs 123.72 crore ($26.86 million) respectively. The Paid-Up Equity Share Capital as on March 31, 2009 remained at Rs 199.20 crore ($43.26 million) and that of the Preference Share Capital was at Rs 49.49 crore ($10.74 million), after redemption of second instalment of Rs 24.75 crore ($5.37 million). There was no increase in the Authorised or Paid up Equity Share Capital during the year
Dividend: Taking into consideration the distributable profits after the third installment of Rs 24.74 crore ($5.36 million), for the redemption of the Preference Share Capital due in 2009-10, the Board of Directors recommended for a dividend at 25 per cent on the Equity Share Capital amounting to Rs 49.80 crore ($10.81million) for the year 2008-09.
Contribution to central exchequer: MDL’s contribution to the Central Exchequer through Income Tax, Service Tax, Custom Duty, Excise Duty, F.B.T. and dividend with associated taxes, during the year 2008-09, was Rs 280.21 crore ($60.86).
Division-wise Performance
Shipbuilding: The Shipbuilding Division achieved a Value of Production of Rs1421.85 crore ($307.23 million) during the year 2008-09, as against Rs 1657.20 crore ($358.08 million) during the previous year and against Rs 2085.37 crore ($450.6 million) of the Budget Estimate for the year 2008-09.
Submarines: The Value of Production on account of Submarine construction and repairs was Rs 1146.43 crore ($247.72 million) during the year 2008-09, as compared to Rs 659.13 crore ($142.42 million) the previous year. This was against Rs 914.63 crore ($ 197.63 million) for the financial year 2008-09. Augmentation of necessary facilities is progressing at a satisfactory pace.
Commercial Vessels: One Dumb Cutter Suction Dredger of 2000 cu m solids per hour pumping capacity for Dredging Corporation of India Limited at a cost of about Rs 250 crore ($54.02 million) was under trials as on March 31, 2009, and was delivered by the end of November 2009.
Two Multipurpose Support Vessels at a total cost of about Rs 470 crore ($101.55 million) are under construction for M/s. Greatship Global Offshore Services Pvt. Ltd, Singapore. They are expected to be delivered by June 2010.
