The performance improvement services provided by Practus assisted the ship repair firm in designing internal control measures for payments to avoid irregular and inconsistency in payments.

Client NameROIIndustryOwnershipManagementNo. of EmployeesSizeProject Duration
Ship Repair Business5xMarinePrivateProfessional150$70 million 7 months

About The Company

GBC Shipping Ltd. the flagship company of GBC group was incorporated in the year 1985 as GBC Shipyard Pvt. Ltd. with the main objects of carrying Shipbuilding and Ship Repair business. In 15 years from the year 1991, the company had achieved the status of the largest private sector shipbuilding yard in India with a satisfied customer base all around the world.

Practus’ Role

  • Designed Cash control measures and reporting’s in the specific areas.
  • Compliance with Listing requirements with BSE and NSE.
  • Contribution to the forensic audit.
  • Enforcing customs officials to stop auction during the moratorium period.
  • Contribution to Interim Fundraising activities.
  • Contribution to filing petitions with NCLT (National company law tribunal).
  • Attending income tax cases relating to Transfer pricing, summons, scrutiny, etc.
  • Debt restructuring arrangement study.
  • Meetings with HOD to give an insight into IRP(Resolution Process).
  • Arranging valuation reports for three locations.
  • Design SOP for control over assets, inventory, and cash.
  • Interaction with income tax, customs, bankers, Ministry of defense and Ministry of shipping.
  • Design recovery strategy and pass claims of financial and operation creditors.
  • Supportive function for COC (creditors of committee meetings for lenders).
  • Team management of 16 (including 3 qualified CA,1 CS, 1 Advocate,1 IRS).
  • Draft progress report and debt profile of financers.
  • Arranging IT support on SAP FICO module.

Impact Delivered

  • Going concerned with 1/3 of the monthly budgeted expenses consistently for 3 months.
  • Operational control of repairs and job work logically at the site for ship repair. Study of Ministry of shipping for subsidy and put up a claim for recovery.
  • Finalization with Statutory auditors. Designed internal control measures for payments to avoid irregular and inconsistency in payments.
  • Generation of sources of revenue. Meeting with Ministry of Defense and other receivables. Led a team of recovery from receivables.
  • Tapped up with Insurers for quotes of various insurances policy’s and cost-saving of about 65% on the total insured value.
  • Supportive functions for FEMA, MCA, SEBI, and other compliances.
  • Generation of sources of revenue. Meeting with Ministry of Defense and other receivables. Leading a team of recovery from receivables.