MIRA
INFORM REPORT
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Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOLPHIN OFFSHORE ENTERPRISES ( |
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Formerly Known
As : |
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Registered
Office : |
1001, Raheja Centre, 214, Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
17.05.1979 |
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Com. Reg. No.: |
11-021302 |
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Capital Investment
/ Paid-up Capital : |
Rs. Millions |
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CIN No.: [Company Identification
No.] |
L11101MH1979PLC021302 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is provide of underwater services to Indian Oil and Gas
Industry |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Middle-and-senior-level
managers of India Inc are quite optimistic about the economic situation in
2014, says the latest survey by hiring agency Randstad
$ 1.25 bn Foreign direct investment in
the pharmaceutical sector during the April-November period of this financial
year, compared with $ 581 million a year earlier. $97 bn,
the amount of excess cash tied up in the working capital processes by leading
Indian firms, although there has been a marginal improvement in the performance
last year, says a recent EY report. $2.5 bn,
estimated capital expenditure by Facebook which
celebrated its 10th anniversary in 2014. Its capex was $ 1.37 billion in 2013. Foreign
institutions and non-resident Indians can now invest in the insurance sector,
within the 26 % cap on foreign direct investment in the sector. The Department
of Industrial Policy and Promotion said this relaxation will apply to insurance
companies, insurance brokers, third-party administrators, surveyors and loss
assessors.
In a boost to the
tourism sector,
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
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Date |
07.08.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
A3 (Short Term Rating) |
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Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
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Date |
07.08.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Vinjay Sarode |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-22-66026602 |
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Date : |
06.03.2014 |
LOCATIONS
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Registered Office : |
1001, Raheja Centre, 214, Nariman Point, Mumbai-400021, |
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Tel. No.: |
91-22-22832226 / 34 / 42 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
L.I.C. Building, Plot No. 54, Sector 11, Next to K. Stars
Hotel, C.B.D. Belapur (East), Navi
Mumbai - 400 614, Maharashtra, India |
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Tel. No.: |
91-22-66026602 |
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Fax No.: |
91-22-66026603 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Rear Admiral Kirpal Singh |
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Designation : |
Executive Chairman |
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Name : |
Mr. S. Venkiteswaran |
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Designation : |
Vice Chairman |
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Name : |
Mr. Arvind K. Parikh |
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Designation : |
Director |
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Name : |
Mr. Bipin R. Shah |
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Designation : |
Director |
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Name : |
Dr. Faqir Chand Kohli |
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Designation : |
Director |
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Name : |
Mr. J. Jayaraman |
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Designation : |
Director |
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Name : |
Mr. Robert D. Petty |
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Designation : |
Director |
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Name : |
Mr. S. Sundar |
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Designation : |
Director |
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Name : |
Vice Admiral Harisimran Singh Malhi |
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Designation : |
Director |
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Name : |
Mr. Sabyasachi Hajara |
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Designation : |
Additional Director (w.e.f. June 21, 2013) |
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Name : |
Mr. Satpal Singh |
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Designation : |
Managing Director |
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Name : |
Mr. Navpreet Singh |
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Designation : |
Jt. Managing Director |
KEY EXECUTIVES
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Name : |
Mr. V. Surendran |
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Designation : |
Secretary |
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Name : |
Mr. Tapan Banik |
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Designation : |
Chief Operating Officer and Vice President (Operations) (Operation
Division) |
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Name : |
Mr. Shashank Karnik |
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Designation : |
Chief Operating Officer and Vice President (Projects) (Project
Division) |
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Name : |
Mrs. Umaparvati Srinivasan |
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Designation : |
Vice President – Finance (Accounts & Finance) |
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Name : |
Mr. H. Rammohan |
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Designation : |
Senior General Manager – Purchase (Central Procurement Department) |
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Name : |
Mr. Abraham T. Lucose |
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Designation : |
Senior General Manager- Special Projects & Human Resource
(Corporate/HR & Admin) |
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Name : |
Mr. Keith Drego |
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Designation : |
General Manager (Marketing) |
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Name : |
Mr. S. Surendar |
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Designation : |
Deputy General Manager (Information Technology) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
5869789 |
35.00 |
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|
2560662 |
15.27 |
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|
8430451 |
50.26 |
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|
|
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|
765279 |
4.56 |
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|
765279 |
4.56 |
|
Total shareholding of Promoter and Promoter Group (A) |
9195730 |
54.83 |
|
(B) Public Shareholding |
|
|
|
|
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|
399329 |
2.38 |
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|
399329 |
2.38 |
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|
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|
1667761 |
9.94 |
|
|
|
|
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|
1929474 |
11.50 |
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|
1768909 |
10.55 |
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|
1811315 |
10.80 |
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|
157216 |
0.94 |
|
|
1654099 |
9.86 |
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|
7177459 |
42.79 |
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Total Public shareholding (B) |
7576788 |
45.17 |
|
Total (A)+(B) |
16772518 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
16772518 |
0.00 |
%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image004.gif){kind=small}
Individual shareholders holding nominal share
capital up to %20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image006.gif)
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Sl.
No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
1 |
Kirpal Singh |
9,21,923 |
5.50 |
210000 |
22.78 |
1.25 |
5.50 |
|
2 |
Manjit K Singh |
5,48,857 |
3.27 |
0 |
0.00 |
0.00 |
3.27 |
|
3 |
Navpreet Singh |
9,92,084 |
5.91 |
280000 |
28.22 |
1.67 |
5.91 |
|
4 |
Satpal Singh |
9,56,840 |
5.70 |
210000 |
21.95 |
1.25 |
5.70 |
|
5 |
Kamal Malhi |
3,33,172 |
1.99 |
0 |
0.00 |
0.00 |
1.99 |
|
6 |
Ritu N Singh |
2,74,400 |
1.64 |
0 |
0.00 |
0.00 |
1.64 |
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7 |
Prabha Chandran |
5,09,912 |
3.04 |
0 |
0.00 |
0.00 |
3.04 |
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8 |
Rishma Singh |
2,44,608 |
1.46 |
0 |
0.00 |
0.00 |
1.46 |
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9 |
Aanchal Malhi |
1,80,256 |
1.07 |
0 |
0.00 |
0.00 |
1.07 |
|
10 |
Simrit Malhi |
2,31,256 |
1.38 |
0 |
0.00 |
0.00 |
1.38 |
|
11 |
Tarun Singh |
1,65,760 |
0.99 |
0 |
0.00 |
0.00 |
0.99 |
|
12 |
Akhil Singh |
1,65,760 |
0.99 |
0 |
0.00 |
0.00 |
0.99 |
|
13 |
Nitu Singh |
1,56,800 |
0.93 |
0 |
0.00 |
0.00 |
0.93 |
|
14 |
Rohan Singh |
1,88,161 |
1.12 |
0 |
0.00 |
0.00 |
1.12 |
|
15 |
Dolphin Offshore Projects Limited |
25,60,662 |
15.27 |
2361116 |
92.21 |
14.08 |
15.27 |
|
16 |
Sunita Singh Maclaren |
7,65,279 |
4.56 |
0 |
0.00 |
0.00 |
4.56 |
|
|
Total |
91,95,730 |
54.83 |
3061116 |
33.29 |
18.25 |
54.83 |
(*) The term encumbrance has the same meaning as assigned
to it in regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS,
CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING
MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Sl.
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Clearwater Cap Partners Cyprus Limited |
1003786 |
5.98 |
5.98 |
|
|
2 |
|
650313 |
3.88 |
3.88 |
|
|
3 |
Madhukar Sheth |
542864 |
3.24 |
3.24 |
|
|
4 |
Acira Consultancy
Private Limited |
405290 |
2.42 |
2.42 |
|
|
5 |
Sunidhi Capital Private
Limited |
300000 |
1.79 |
1.79 |
|
|
6 |
Pat Financial Consultants Private Limited |
231127 |
1.38 |
1.38 |
|
|
|
Total |
3133380 |
18.68 |
18.68 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC”
AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl.
No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Clearwater Cap Partners Cyprus Limited |
1003786 |
5.98 |
5.98 |
|
|
|
Total |
1003786 |
5.98 |
5.98 |
BUSINESS DETAILS
|
Line of Business : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
·
State Bank of ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountant |
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Under Common Control : |
·
Dolphin Offshore Projects Limited ·
Kanika Shipping
Limited |
|
|
|
|
Subsidiaries : |
·
Global Dolphin Drilling Co Limited ·
Dolphin Offshore Enterprises ( ·
Dolphin Offshore Shipping Limited ·
IMPaC Oil & Gas Engineering ( |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16772518 |
Equity Shares |
Rs.10/- each |
Rs. 167.725
Millions |
|
|
|
|
|
1.
Reconcilition of the shares
outstanding at the begining and at the end of the
reporting period
Equity Shares
|
PARTICULARS |
31.03.2013 |
|
|
|
NO IN LACS |
RS. IN MILLIONS |
|
Shares outstanding at the beginning of the year |
167.72 |
167.725 |
|
|
|
|
|
Shares outstanding at the end of the year |
167.72 |
167.725 |
2.
Aggregate number of bonus shares issued, share
issued for consideration other than cash and shares bought back during the
period of five year immediately preceeding the
reporting date
|
Particulars |
Year (Aggregate No. of Shares) - No. in lacs |
||||
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
Equity Shares |
|
|
|
|
|
|
Fully paid up pursuant to contract(s) without payment being received in
cash |
Nil |
Nil |
Nil |
Nil |
Nil |
|
Fully paid up by way of bonus shares |
Nil |
38.26 |
Nil |
Nil |
Nil |
|
Shares bought back |
Nil |
Nil |
Nil |
Nil |
Nil |
3.
Details of shareholders holding more than 5 %
shares in the company
|
PARTICULARS |
31.03.2013 |
|
|
|
NO OF SHARES
HELD |
% OF HOLDING |
|
Kirpal Singh |
9,19,523 |
5.48% |
|
Navpreet Singh |
9,80,152 |
5.84% |
|
Satpal Singh |
9,41,555 |
5.61% |
|
Dolphin Offshore Projects Limited |
25,60,662 |
15.27% |
|
|
6,50,313 |
3.88% |
|
ClearWater CAP Partners Cyprus Limited |
10,03,786 |
5.98% |
4.
Terms/rights attached to equity shares
The Company has only
one type of equity shares having a par value of Rs.10 per share. Each holder of
equity share is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend
proposed by the Board of
Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting.
During the year
31st Mar 2013, the amount of per share dividend recognized as distribution to
equity shareholder was Rs. 1.50
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets
of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of
equity shares held by the shareholders.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
167.725 |
167.725 |
167.725 |
|
(b) Reserves & Surplus |
2342.629 |
2219.480 |
2087.918 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2510.354 |
2387.205 |
2255.643 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
86.200 |
243.350 |
4.050 |
|
(b) Deferred tax liabilities (Net) |
2.938 |
7.311 |
8.186 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
13.646 |
8.530 |
0.000 |
|
Total Non-current Liabilities (3) |
102.784 |
259.191 |
12.236 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
886.090 |
689.212 |
1112.632 |
|
(b) Trade payables |
1199.443 |
299.703 |
443.458 |
|
(c) Other current
liabilities |
588.944 |
369.378 |
418.035 |
|
(d) Short-term provisions |
34.138 |
27.294 |
36.522 |
|
Total Current Liabilities (4) |
2708.615 |
1385.587 |
2010.647 |
|
|
|
|
|
|
TOTAL |
5321.753 |
4031.983 |
4278.526 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
297.482 |
276.561 |
302.237 |
|
(ii) Intangible Assets |
7.309 |
10.287 |
13.821 |
|
(iii) Capital
work-in-progress |
11.426 |
11.641 |
16.540 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
201.932 |
201.932 |
201.932 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
112.015 |
79.963 |
63.019 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
630.164 |
580.384 |
597.549 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
261.996 |
113.216 |
0.000 |
|
(c) Trade receivables |
2106.095 |
1819.600 |
2133.803 |
|
(d) Cash and cash
equivalents |
125.887 |
88.483 |
73.408 |
|
(e) Short-term loans and
advances |
1085.920 |
1160.178 |
1015.864 |
|
(f) Other current assets |
1111.691 |
270.122 |
457.902 |
|
Total Current Assets |
4691.589 |
3451.599 |
3680.977 |
|
|
|
|
|
|
TOTAL |
5321.753 |
4031.983 |
4278.526 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3402.910 |
1749.831 |
2767.606 |
|
|
|
Other Income |
120.006 |
283.160 |
171.499 |
|
|
|
TOTAL (A) |
3522.916 |
2032.991 |
2939.105 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2551.501 |
1150.738 |
1872.478 |
|
|
|
Employee benefits expenses |
363.075 |
237.838 |
248.342 |
|
|
|
Other Expenses |
306.868 |
221.889 |
319.976 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(132.028) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
3089.416 |
1610.465 |
2440.796 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
433.500 |
422.526 |
498.309 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.237 |
164.388 |
130.109 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
255.263 |
258.138 |
368.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.829 |
40.672 |
44.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
211.434 |
217.466 |
324.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
63.126 |
64.826 |
99.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
148.308 |
152.640 |
224.169 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Revenues |
1274.762 |
977.127 |
2045.627 |
|
|
|
Other Income |
3.126 |
10.858 |
32.442 |
|
|
TOTAL EARNINGS |
1277.888 |
987.985 |
2078.069 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials, Store and Spares |
950.269 |
8.504 |
23.331 |
|
|
TOTAL IMPORTS |
950.269 |
8.504 |
23.331 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.84 |
9.10 |
13.90 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
942.400 |
243.300 |
350.300 |
|
Total Expenditure |
868.000 |
184.200 |
261.500 |
|
PBIDT (Excl OI) |
74.500 |
59.200 |
88.800 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
74.500 |
59.200 |
88.800 |
|
Interest |
45.400 |
38.800 |
44.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
29.100 |
20.300 |
44.600 |
|
Depreciation |
10.000 |
10.100 |
10.100 |
|
Profit Before Tax |
19.100 |
10.200 |
34.500 |
|
Tax |
6.300 |
3.300 |
11.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
12.800 |
7.000 |
23.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
12.800 |
7.000 |
23.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
|
FINANCIAL ANALYSIS
[all figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
167.725 |
167.725 |
167.725 |
|
Reserves & Surplus |
2087.918 |
2219.480 |
2342.629 |
|
Net
worth |
2,255.643 |
2,387.205 |
2,510.354 |
|
|
|
|
|
|
long-term borrowings |
4.050 |
243.350 |
86.200 |
|
Short term borrowings |
1112.632 |
689.212 |
886.090 |
|
Total
borrowings |
1,116.682 |
932.562 |
972.290 |
|
Debt/Equity
ratio |
0.495 |
0.391 |
0.387 |
%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image008.gif)
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2767.606 |
1749.831 |
3402.910 |
|
|
|
-36.775 |
94.471 |
%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2767.606 |
1749.831 |
3402.910 |
|
Profit |
224.169 |
152.640 |
148.308 |
|
|
8.10% |
8.72% |
4.36% |
%20LIMITED%20-%20257080_MIRA%2007-Mar-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
|
|
8] |
No. of employees |
|
|
9] |
Name of person contacted |
|
|
10] |
Designation of contact
person |
|
|
11] |
Turnover of firm for last
three years |
|
|
12] |
Profitability for last
three years |
|
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
|
|
15] |
Capital in the business |
|
|
16] |
Details of sister
concerns |
|
|
17] |
Major suppliers |
|
|
18] |
Major customers |
|
|
19] |
Payments terms |
|
|
20] |
Export / Import details
(if applicable) |
|
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
|
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
|
|
34] |
External Agency Rating,
if available |
|
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Borrowings |
159.600 |
159.600 |
0.000 |
|
|
|
|
|
|
TOTAL |
159.600 |
159.600 |
0.000 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs. In
Millions 31.03.2012 |
|
Long-Term Borrowings |
|
|
|
Other loans and advances |
|
|
|
Deposits from Shareholders and Others |
7.600 |
5.150 |
|
Short-Term Borrowings |
|
|
|
Loans and advances from related parties |
|
|
|
From Directors |
19.882 |
22.115 |
|
Deposits |
|
|
|
From Shareholders & Others |
6.940 |
4.190 |
|
Other loans and advances |
|
|
|
From Companies |
79.000 |
94.200 |
|
|
|
|
|
TOTAL |
113.422 |
125.655 |
INDEX OF CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Date of charge modification |
||||||
CORPORATE INFORMATION
Subject was
incorporated as a Private Limited Company on May 17, 1979 with the objective of
providing services to the Offshore Oil and Gas industry. The Company initially
commenced operations by providing diving services to the Oil and Gas Natural
Commission (now reconstituted as the Oil and Natural Gas Company Ltd). Over the
years, the Company has expanded its capabilities and now provides a range of
services as explained below.
In 1994, Dolphin Offshore
went public and is currently listed on the Bombay Stock Exchange and the
National Stock Exchange.
Dolphin Offshore
has two wholly owned subsidiaries, Dolphin Offshore Shipping Ltd (hereinafter
referred to as DOSL) and Dolphin Offshore Enterprises (
The current range of services that Dolphin Offshore and subsidiaries
provide are :
a. Underwater
diving and engineering
b. Design and
engineering
c. Vessel
operations and management
d. Marine
logistics
e. Ship repair and
rig repair services
f. Fabrication
g. E&I
services
h. Offshore
hook-up and commissioning
i. Undertaking turnkey EPC contracts.
AUDITED FINANCIAL STATEMENTS
During the year, the turnover was higher on account of the
execution of OGIP contractof ONGCL
,but the resultant profits have reduced in comparison with the previous
year onaccount of increased pressure margin as a
result of increased competition.
Future Prospects
As stated in the preceeding paragraph, the future prospects
in the coming years looks better. The main reasons for this are as
follows:
• Global demand for
energy continues to grow, especially in developing countries such as
• For the few years, the
dramatic development of unconventional oil and gas, such as shale gas and tight
oil. Unlocked by technological advancements, development of these resources may
change the global landscape of oil and gas
• Oil and gas remains the
main source of energy in few more years due to the effective lack of cost
effective. While demand for oil and gas has reduced during the last year due to
uncertain global economic conditions, the supply side has also been affected
due to the political upheaval witnessed in the Middle East and North Africa.
With new sanctions being imposed on
• With the activity
levels picking up, more and more resources are being deployed and hence the
pressure on oilfield service providers to obtain contracts at very low costs is
diminishing, hence there is a belief that the cut throat competition currently
prevalent in the market will also ease.
• As per indications
given by ONGC, there will be a large amount of investment in the Indian
offshore region to bolster domestic production. A substantial portion of this
investment will be made in Brownfield projects, where your Company has an in herent advantage as it has in house capabilities of
undertaking such EPC projects on its own.
• To take advantage of
the renewed investments being made in the Middle East and
In view of the factors
stated above, Management is confident that the Company will be able to grow
better in the coming years.
FIXED ASSETS
·
·
Premises
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Computer
·
Computer Software
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2013
NOTES
1.
The Standalone unaudited
results are given as per the requirements of Clause 41 of the Listing Agreement
and have been subjected to limited review by Statutory Auditors, The
consolidated results are given for information only and are not subjected to
limited review by the Statutory Auditors'.
2.
The Auditors' report on previous
financial statements contains qualification/reservation as under:--
a) Sundry debtors include outstanding from a
customer amounting to Rs. 25,25.82
lacs (March 31, 2013 - Rs.
25,25.82 lacs}. This relates to a subcontract job
done during 2006-07 and amount outstanding relates to change orders, which is
still under process of resolution by the ultimate customer. The Management
believes that this amount will be received and hence no provision has been made
in the books till date.
b) Sundry debtors also includes outstanding from
another customer on account of the following:--
i) During the year 2009-10, the Company has taken extra
time to complete two of its EPC contracts beyond the scheduled contract
completion date as the Company had to execute significant additional work and
also on account of delays not attributable to the Company. The potential
liability for liquidated damages resulting from the extended completion date as
on December 31, 2013 is Rs. 22,35.84 lacs (March 31, 2013 - Rs,18,40.10 lacs).
As the Company believes that the liquidated damages will be waived for the
reasons stated above, no provision for the same has been made in the books till
date.
ii) During the year 2010-11, the Company has
incurred additional expenditure on executing additional work under its EPC
contracts. The Company has quantified and submitted some of its claims for
extra work done and has commenced discussions with the clients for finalising the same. However, as a matter of abundant
caution, only a portion of these extra claims amounting to Rs.
33,84.45 lacs (March 31,
2013- Rs. 33,84.45 lacs)
have been recognised as revenue. The balance of the
additional claims will be recognised as revenues as
and when the same are accepted by the clients.
c) Considering the nature of projects being executed
by the Company and its main client, the consequential claims and counter claims
towards liquidated damages, change order, etc., as per general practice
prevalent in the industry, the balances outstanding as trade receivables and
balances payables towards contractors and vendors of the company are not
confirmed. However, the management is confident that such receivables/ payables
are stated at their realisable / payable value and
adequate provisions are made in the accounts, wherever required.
d) Long term contracts are progressively
evaluated at the end of each accounting period. On Contracts under execution
which have reasonably progressed, profit is recognized by evaluation of the
percentage of work completed at the end of the accounting period, whereas,
foreseeable losses are fully provided for in the respective accounting period.
The percentage of work completed is determined by the percentage of work
completed as certified by the client.
Additional claims (including for escalation),
which in the opinion of the management are recoverable on the contracts, are recognised at the time of evaluation of the job completed.
3.
As the Company has only one
business segment, namely Offshore Services, the segment reporting requirement
is not applicable.
4.
Prior period figures have been
reclassified as necessary for comparative purpose only.
5.
The above results have been
reviewed by the Audit Committee and have been adopted by the Board at its
meeting held on February 03, 2014.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
|
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
|
|
PAID-UP CAPITAL |
1~10 |
|
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
|
|
--LIQUIDITY |
1~10 |
|
|
--LEVERAGE |
1~10 |
|
|
--RESERVES |
1~10 |
|
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES/NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES/NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES/NO |
|
--AFFILIATION |
YES/NO |
YES/NO |
|
--LISTED |
YES/NO |
YES/NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.