MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUKE OFFSHORE LIMITED |
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Registered Office : |
403, Urvashi Sayani Road, Prabhadevi, Mumbai -400 025, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.12.1985 |
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Com. Reg. No.: |
38300 |
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CIN No.: [Company
Identification No.] |
L45209MH1985PLC038300 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10398D |
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PAN No.: [Permanent
Account No.] |
AABCD3165B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on the Stock Exchange. |
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Line of Business : |
Providing high technology services to the oil
industry, both on shore and offshore. The company also provides such similar
services to other industries. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Delayed |
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Litigation : |
Unknown |
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Comments : |
Subject’s track record is poor. At present, the company donot have
significant business. It’s payment are delayed. The company can be considered for any business dealings on safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office : |
403, Urvashi Sayani Road, Prabhadevi, Mumbai -400 025, Maharashtra |
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Tel. No.: |
91-22-24221225/ 24365789 |
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Fax No.: |
91-22-23523162/ 24227606 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
George A. Duke |
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Designation : |
Chairman |
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Name : |
Mr. D. N.
Thukral |
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Designation : |
Managing
Director |
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Name : |
Mr.
Dakshesh Dhruv |
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Designation : |
Director |
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Name : |
Mr. John
Miles |
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Designation : |
Director |
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Name : |
Mr. V. J.
Sod |
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Designation : |
Director |
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Name : |
Mr.
Donald Duke |
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Designation : |
Director |
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Name : |
Mr. Avik
G. Duke |
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Designation : |
Director |
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Name : |
Ms. Komal
G. Duke |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Anil
Nolkha |
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Designation : |
Company
Secretary |
BUSINESS DETAILS
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Line of Business : |
Providing high technology services to the oil
industry, both on shore and offshore. The company also provides such similar
services to other industries. |
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Products : |
Professional Charge |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
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Facilities : |
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Banking Relations
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Unknown |
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Auditors : |
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Name : |
Jacob K.
Varghese & Company Chartered
Accountants |
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Address : |
102, Saideep, 1st Floor, opp. Vaishali Hotal, Chembur,
Mumbai – 400 071, India |
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Tel. No.: |
91-22-25217793 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5250000 |
Equity Shares |
Rs.10/- each |
Rs.52.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4980326 |
Equity Shares |
Rs.10/- each |
Rs.49.803
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.803 |
49.803 |
49.803 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(50.703) |
(36.744) |
(25.200) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
(0.900) |
13.059 |
24.600 |
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LOAN FUNDS |
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1] Secured Loans |
3.817 |
3.817 |
4.100 |
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2] Unsecured Loans |
7.988 |
13.048 |
10.900 |
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TOTAL BORROWING |
11.805 |
16.865 |
15.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.905 |
29.924 |
39.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.660 |
13.275 |
18.900 |
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Capital work-in-progress |
0.000 |
0.000 |
5.500 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEPOSIT |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.198
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17.664 |
17.700 |
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Cash & Bank Balances |
2.037
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1.652 |
2.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.930
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0.085 |
0.100 |
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Total
Current Assets |
3.165
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19.401 |
19.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.020
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2.852 |
4.900 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
3.020
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2.852 |
4.900 |
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Net Current Assets |
0.145
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16.549 |
14.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.300 |
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TOTAL |
10.905 |
29.924 |
39.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.750 |
0.289 |
0.200 |
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Other Income |
0.045 |
0.026 |
0.100 |
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Total Income |
0.795 |
0.315 |
0.300 |
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Profit/(Loss) Before Tax |
(0.827) |
(1.269) |
(1.600) |
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Provision for Taxation |
13.053 |
1.716 |
0.000 |
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Profit/(Loss) After Tax |
(13.880) |
(2.985) |
(1.600) |
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Expenditures : |
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Administrative Expenses |
1.700 |
3.000 |
0.900 |
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Payment to Auditors |
0.000 |
0.100 |
0.000 |
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Interest |
0.000 |
0.000 |
0.100 |
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Depreciation & Amortization |
0.000 |
0.000 |
0.200 |
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Other Expenditure |
(0.078) |
(1.516) |
0.700 |
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Total Expenditure |
1.622 |
1.584 |
1.900 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2008 |
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Type |
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Full Year |
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Sales Turnover |
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0.30 |
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Other Income |
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0.00 |
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Total Income |
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0.30 |
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Total Expenditure |
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1.90 |
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Operating Profit |
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(1.60) |
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Interest |
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0.00 |
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Gross Profit |
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(1.60) |
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Depreciation |
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0.00 |
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Tax |
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0.00 |
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Reported PAT |
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(1.60) |
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Dividend (%) |
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0.00 |
QUARTERLY RESULTS
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PARTICULARS |
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30.06.2008 |
30.09.2008 |
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Type |
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1st
QUARTER |
2nd
QUARTER |
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Sales Turnover |
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4.20 |
39.90 |
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Other Income |
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0.00 |
0.00 |
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Total Income |
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4.20 |
39.90 |
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Total Expenditure |
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2.00 |
10.40 |
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Operating Profit |
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2.20 |
29.50 |
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Interest |
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0.00 |
0.00 |
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Gross Profit |
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2.20 |
29.50 |
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Depreciation |
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0.00 |
0.00 |
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Tax |
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0.00 |
0.20 |
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Reported PAT |
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2.20 |
29.30 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
2.34 |
1.09 |
0.85 |
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Long Term Debt-Equity Ratio |
2.34 |
1.09 |
0.85 |
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Current Ratio |
3.90 |
5.09 |
4.00 |
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Fixed Assets |
0.04 |
0.01 |
0.01 |
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Inventory |
0.00 |
0.00 |
0.00 |
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Debtors |
0.08 |
0.02 |
0.01 |
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Interest Cover Ratio |
0.00 |
0.00 |
(15.00) |
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Operating Profit Margin(%) |
(2000.00) |
566.67 |
(650.00) |
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Profit Before Interest And Tax Margin(%) |
(2000.00) |
566.67 |
(750.00) |
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Cash Profit Margin(%) |
(2000.00) |
566.67 |
(700.00) |
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Adjusted Net Profit Margin(%) |
(2000.00) |
566.67 |
(800.00) |
LOCAL AGENCY
FURTHER INFORMATION
History
Duke Offshore was promoted by George A Duke, Komal G Duke and Avik G Duke as a private limited company in Dec.'85 and was converted into a public limited company in Sep.'94.
The company started as a diving and underwater engineering company offering
specialised underwater inspection services to the offshore oil industry. It
expanded its operations into hook-up and commissioning of offshore oil fields
installations, construction and fabrication of small offshore structures. It
has its workshop at Tarapur, Maharashtra.
The company has entered into an agreement with Merpro Process Technology, UK, a
hi-tech process company, to jointly market and manufacture its products in
India and abroad. In 1995-96, the company proposed to expand its activities
through a major expansion programme. The company which was hiring equipments
from outside sources till then, proposed to own the equipments and machinery to
reduce the cost of operations. To part-finance its expansion and modernisation
programme, it came out with a public issue in Dec.'95.
Reputed client list includes ONGC, Mazagaon Dock, Bombay Port Trust, Shipping
Corporation of India, BPCL Refinery, HPCL, Essar Oil, Tata Power House, NKK
Japan, Hyundai Corporation, South Korea, etc.
Dividend
Due to financial loss in the Current Financial year and to conserve the resources, the directors do not recommended declare any dividend.
Operations
The operations of the company were limited to consolidating and resolving the Company’s pending issues. With almost all issue being resolved they look forward to the company being revived in the future.
Profile
1990 saw the company starting offshore oil platform top side
maintenance, followed
soon thereafter with setting up their own yard outside Mumbai for fabrication and specialized piping for
the oil industry. With
the increasing demand for these services the company entered into Electrical and Instrumentation work for the oil industry. Finally
they were doing multiple platform hook up and pre commissioning
work for ONGC
through Mazagon Dock Ltd (MDL)
1995 Subject had its Initial Public Issue (IPO) on the Bombay Stock
Exchange (BSE), Ahmedabad Stock exchange (ASE) and Calcutta Stock Exchange
(CSE). The issue was more than twice oversubscribed.
1995 The company took up pipe line river crossings for Oil and
Gas and soon there after took up water pipe line work and has now a specialist
team for water pipe line fabrication and laying.
1999 The company suffered major financial reverses mainly due to
inability to recover its outstanding dues from two major clients, invoking of
its Bank Guarantees and commencement of arbitration proceedings and legal
cases, by 2005 Company wins an arbitration, and clears outstanding liabilities.
2007 The company fully recovered from its reverses sets new course to meet new challenges in
its specialized fields.
Excellent labour relations has ensured the return of all their specialized and
experienced personnel. They are now more determined to prove ourselves once
again. Their motto is Creating
Excellence
Fixed Assets
- Equipments
- Gas cylinders
- Computer
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.67 |
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UK Pound |
1 |
Rs.75.47 |
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Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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6 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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