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Kochi, July 21 The public sector Cochin Shipyard Ltd is set to achieve the ‘Mini Ratna’ status conferred by the Ministry of Shipping. This will set the pace for the shipyard to sustain the growth momentum and achieve its vision of becoming an international shipyard of repute.

According to guidelines issued by the Department of Public Enterprises, the grant of the status would empower the board of Cochin Shipyard to take speedy decisions on capital expenditure, a press statement said.

The company has been consistently achieving outstanding physical and financial performance in the last few years.

The company could achieve a record turnover of Rs 967 crore during the year 2007-08. The profit before tax for the year was Rs 149 crore, which is higher by 74 per cent from last year. The net profit for 2007-08 was Rs 93 crore as compared to Rs 58 crore for 2006-07, a growth of 60 per cent.

Improved performance and profitability of the company has resulted in an increase in net worth from Rs 264 crore as on March 31, 2004 to Rs 429 crore as on March 31, 2008, an increase of 63 per cent.

The yard needs to create additional capacity in order to sustain the present growth momentum in the future too.

The conferring of Mini Ratna status would help the company to achieve this at a faster pace. The yard has proposals for setting up a dry dock to cater to building and repairing large-sized ships.

Besides the yard’s proposal to create a separate division for small commercial ships has received the Centre’s nod and this facility is expected to be commissioned by mid-2009, the release said.

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