It''s gives me pleasure to present the details of the performance of
your Company for the Financial Year 2011-2012. The Annual Report
consisting of the Accounts for the year ended March 31, 2012 and Notice
convening the Annual General Meeting is enclosed herewith.
The results of your Company have not been as good as I would have liked
them to have been. The turnover was Rs.174.98 crores during FY11/12 on
a standalone basis, as compared to Rs.276.76 crores for the FY 10/11;
the profit was down by 31.91% to Rs. 15.26 crores and EPS was down by
34.53% to Rs.9.10. The main reason for the subdued performance during
this year was due to our inability to win contracts in green field and
brown field areas of operation on account of considerable slowdown in
the award of EPC contracts during the previous year. I am happy to
inform you that the measures taken by the company to improve its
competitive edge have succeeded and we secured the prestigious OGIP
contract from ONGC. This contract is valued at OGIP Rs.270.00 crores.
The Order Book position of your Company stands at Rs.353.50 crores, as
on March 31, 2012.
ONGC is likely to come up with Rs.2000 crores worth of tenders on the
Brownfield projects in the ensuring season where your Company has built
up considerable strength over the years. The newly built vessel, Beas
Dolphin, is on charter with McDermott in the Middle East and we are in
advanced stage of negotiation for charter of VIKRANT DOLPHIN. These
developments and other measures that your Board of Directors have
taken, give me confidence that your company has resumed its upward
I would like to pay a special tribute to Mrs. Manjit Kirpal Singh, who
completes her tenure as Director today. All of you are aware that she
has been with the company from its inception. In the initial years she
not only managed the company''s finances but also supervised the
operations during my absence. Throughout her tenure, initially as
Director (Finance and Administration) and later as Non-Executive
Director, she looked after the interests of the company and helped
build up the morale and team spirit of our employees. Your Board would
have liked her to continue as a Director, but she has decided that it
is time for her to make room for younger and more knowledgeable person
to replace her on the Board.
I am sure, all of you would like to give her a standing ovation for her
contribution to Dolphin Offshore and wish her good health and happiness
in the future.
I would like to welcome and reward for your approval Vice Admiral H.S
Malhi (Retd.) as Executive Director (Special Project).He brings to the
board vast experience as Marine Engineering in Navy and later Chairman
and Managing Director of prestigious warship build yard Mazagon Dock
I would like to re-iterate our strong commitment to good corporate
governance. We are continuously striving to improve the quality of our
disclosures. Members would have observed that the contents of our
Annual Reports over the past few years contain more information about
the company and its working.
Our employees constitute our biggest asset and I am sure that their
continued employment, improved efficiency and, I hope, prosperity, will
enable your Company to face the challenges ahead. The effort of your
Company is not only to comply with regulatory requirements but also
practice Corporate Governance principles based on integrity,
transparency and overall corporate accountability.
I am grateful to the Board of Directors for their support and guidance
and also to all customers, bankers, financial institutions, Government
and regulatory authorities, shareholders and most of all to all the
employees for their valuable support and co-operation.
I look forward to your continued support, trust and participation in
the growth of the Company.
With warm regards,
Rear Admiral Kirpal Singh