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Dolphin Offshore Enterprises (I) Ltd.

BSE: 522261 | NSE: DOLPHINOFF | Series: NA | ISIN: INE920A01011 | SECTOR: Oil Drilling And Exploration

BSE Live

May 26, 16:00
4.18 0.00 (0.00%)
Volume
No Data Available
54
  • Prev. Close

    4.18

  • Open Price

    4.18

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    4.18 (2)

Dolphin Offshore Enterprises (I) is not traded on BSE in the last 30 days

NSE Live

May 26, 15:32
3.80 0.00 (0.00%)
Volume
No Data Available
1,625
  • Prev. Close

    3.80

  • Open Price

    3.65

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Dolphin Offshore Enterprises (I) is not traded on NSE in the last 30 days

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Chairman's Speech

Dear Shareholders, It gives me great pleasure to invite you to attend the 36th Annual General Meeting of the Company. The Annual Report consisting of the Accounts for the year ended March 31, 2015 and Notice convening the Annual General Meeting is enclosed herewith. The results of your Company have not been good as compared to the previous year. The Turnover was Rs.49.84 Crores during Financial Year 2014-2015 on a standalone basis, as compared to Rs.233.49 Crores for the Financial Year 2013-2014; the Company reported a loss of Rs.44.36 Crores as against loss of Rs.34.06 Crores as compared to the previous year. The main reason for the poor performance during this year was due to the inability of your Company to procure major orders, increased competition as there was pressure on contractual rates and a prudent write off of Rs.28.30 Crores. Unfortunately, the Industry especially in which your Company operates is going through one of the worst recession during last 4 decades. The management is aware of this and is taking extensive measures to tide over the current difficult phase and also to improve its competitive edge in market place. During the year, your Company did not execute any major EPC contract. The Order Book position of your Company continues to be very low. As per information received by your Company, ONGC will be coming out with the reissue of RUMP I & II tenders and also tenders for revamp BHS, NQ RC, ICP SHW, WIS platforms etc. valuing Rs.6000 crs to Rs.8000 crs. A substantial portion of this investment will be made in brown field projects, where your Company has an inherent advantage as it has in-house capabilities of undertaking such EPC projects on its own. However, the results of your Company are better on the consolidated basis. Our wholly owned subsidiary companies, Dolphin Offshore Enterprises (Mauritius) Pvt. Ltd. (DOEMPL) and Dolphin Offshore Shipping Ltd. (DOSL) have performed well and results are evident in the consolidated accounts of the year. DOEMPL has generated a Turnover of Rs.138 69 crs and profit of Rs.89.50 Crores while DOSL has generated a Turnover of Rs. 23.27 and profit of Rs.2.97 Crores for the Financial Year. The Barge, VIKRANT DOLPHIN continues to be on long term charter with M/s. Representaciones Y Distribuciones Evya SA de CV, 2 (Evya), Mexico till December 31, 2017 unless the Charter period is extended. DOEMPL is entering into an Agreement with M/s.Paxocean Engineering Zhuhai Co. Limited for the construction of a 400 men DP-3 Accommodation Work Barge and 85M 150 men DP-2 Offshore Construction Vessel. The expected delivery of these vessels is during the second half of the calendar year 2017. Besides, your Company is also making lots of efforts for expanding its business in the Middle East. In view of the above, I trust that the difficult phase of your Company is likely to end soon. The various corrective measures taken by management and your Board of Directors, gives me confidence that your Company will be in a position to sail through the intense competition that this industry is going through. As you are aware, your Company places a lot of emphasis on HSE and is accredited with OHSAS 18001-2007 & ISO 14001-2004. I would like to inform you that at the ensuing Annual General Meeting of the Company and in accordance with the Articles of Association of the Company and the provisions of the Companies Act, 2013, Mr. Satpal Singh, Managing Director & CEO of the Company retire by rotation, and being eligible, seek re-appointment. The Board of Directors in their Board Meeting held on February 04, 2015 appointed (Dr.) Mrs. Vasantha S. Bharucha as an Additional Director (Independent) for 5 years subject to approval of shareholders. Vice Admiral Harisimran Singh Malhi has resigned from the post of Non Executive Director w.e.f. June 4, 2015; I express my sincere appreciation for his valued inputs and matured advices during his tenure as a Director in your Company. 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 prosperity will enable your Company to face strongly 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 cooperation. I look forward to your continued support, trust and participation in the growth of the Company. With warm regards, Rear Admiral Kirpal Singh Chairman August 25, 2015