WISL's state-of-the-art Floating Dry Dock "westerner" has a capacity to repair ships upto 60,000 dwt and to accommodate ships upto 225m. length and 32.5m. in breadth.
The yard has been designed and established in collaboration with world leaders in Ship Repairs. Functionally laid out and built around the gravity centre concept, the yard is 90% covered by lift and carry facilities by Portal/EOT/FDD & mobile cranes.
WISL is strategically located at Mormugao Port Goa along the west coast of India at 15° 25' North and 73° 47' East and is geographically best positioned to offer a complete range of ship repair services. The shipyard has ISO 9001:2008 Quality Certification.The port is an international customs Port. Goa also has a domestic airport. The Classification societies such as IRS, LRS & ABS have offices at Goa.
Shiprepairs consists of replacement of aging steel plate, pipes and valves, refurbishment of crew accommodation, repair/replacement/ renovation of deck side equipment, crane and tank covers, navigational equipment like propeller and rudder repairs, hull and tank repairs, surface coatings and rust prevention, air conditioning and communication systems, etc.
WISL repairs vessels such as cargo vessels, passenger vessels, transhippers, dredgers, coast gaurd / Naval vessels, barges, tugs, OSV'S, tankers and deepwater oil rigs.
Now, very recently, the honourable Supreme Court, has lifted the ban on Mining in Goa and therefore, the ship repairing sector has started to look vibrant once again.
It is to be noted that the ships which come for repairing, do not want to go empty after the work is over. And this is precisely the reason why the company suffered so much, as the mining in Goa dried up.
Now with diversification (of its business) and mining sector looking up, the company hopes to do well in the near future.
Though, it might take some time for the company to generate business as the during the monsoon, the ships might not be ready to carry the wet cargo (as it increases the weight), however, since ship repairing takes time, the order booking could start from now, if we assume from October, 2014, the mining boom in Goa to commence (post monsoon). Since, a share moves much ahead of the actual happening, we could see the share performing well in the bourses, after the new government took charge at the centre. Also, the company is likely to get a few orders from the Indian Defense (Navy, Coastguards, etc) Departments. But the real benefits will come in FY16.
Moreover, ABG Shipyard Ltd, its parent company has gone in for restructuring of its loan (CDR Package) and hence it is expected that the tight liquidity condition which is present at present would be eased much in the coming days. The scrip should be accumulated on all declines for an immediate price target of Rs.4.5-5.
If Kingfisher Airlines Ltd, with a BOOK VALUE of Rs.(-) 166.59 can trade at Rs.3.72, then why should the stocks of Western India Shipyard Ltd with a much better Book Value not trade above Rs.4? Kingfisher Airlines Ltd was also recommended in this blog, after which the share plunged to below Rs.3, only to recover and is now trading around Rs.3.72 up 2.48%, intra-day.