India: Dredging Corporation of India Limited, 2009-2010 Financial & Operational Report

Dredging Corporation of India Limited (DCI) was established in 1976 to provide integrated dredging services to the Major Ports of the Country. DCI is a Mini Ratna Category-I Public Sector Undertaking under the administrative control of Ministry of Shipping, Government of India.

The Company has been upgraded to Schedule “B” from “C” during the year 2002. Clients include Major Ports, non-major Ports, Indian Navy, State Governments, etc.

Financial results for the year 2009-2010

During the year 2009-10 the Corporation recorded a turnover of 693.94 Crores compared to 832.22 Crores of the previous year. It includes operational income of 645.40 Crores (for the Previous Year 685.22 Crores). The profit before tax was 77.65 Crores (61.88 Crores for the Previous Year). The net profit after tax for the year is 70.05 Crores (46.37 Crores for the Previous Year).

Dredging operations

During the year under review, maintenance dredging contracts were executed at Kolkata, Paradip, Visakhapatnam, Mormugao, New Mangalore Port and capital dredging for Paradip and Mormugao Port. The works were executed either under the

existing contracts or renewal of the contracts entered into with the Ports etc., during the previous years or new contracts entered into during the year. The capacity utilisation during the year is 81% of no, of days of available capacity.

Memorandum of Understanding

For the 19th consecutive year, the Company has signed Memorandum of Understanding (MOU) with Government of India for the year 2010-11. The Company expects the rating of ‘EXCELLENT’ for the year 2009-10.

Acquisition of new dredgers, addition of capacities

– Contract was signed on 29.04.2010 for procurement of 2 TSHDs of each 5500 Cu.m. capacity. The dredgers are expected to be delivered in Nov’2012 and May’2013 respectively;

– One No. cutter suction dredger of 2000 cum solids per hr capacity was delivered by MDL, Mumbai to DCI on 06.03.2010. The vessel will be put to operation after satisfactory completion of trails.

-The Back hoe dredger, order for which was placed in January, 2009 is expected to be delivered by end 2010.

International safety management code

The progress of implementation of ISM, ISPS and ISO upto 31st March, 2010 was as follows:

-Ship Security System (ISPS)

All dredgers (except dumb vessels Dr. VII and Dr. XVÍII) of DCI hold valid International Ship Security Certificates (ISSCs). Renewal of ISSCs of all above vessels have been completed successfully.

-Quality Management System (ISO 9001:2008)

DCI is certified for ISO 9001:2000 (QMS) by Indian Register of Shipping (IRS). The renewal/ re-certification audits by IRS for the revised version of QMS (ISO 9001:2008) were completed during March, 2010. The scope of the system covers Head Office, Project Offices and Vessels.

-Environment Management System (ISO 14001:2004)

The certification of audits of Environmental Management System (ISO 14004:2004) were completed during January, 2010 and DCI has been certified for EMS. The scope of the system covers Head Office, Project Offices and Vessels.

Corporate social responsibility

The Company has recently formulated a Corporate Social Responsibility Policy for fulfilling its obligation to the society at large. The Company would be undertaking developmental activities in consultation with the Government administration and other specialist agencies.

[mappress]

Source: nseindia, September 9, 2010

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