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DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED

DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED. ANALYSTS MEET MAY 15, 2009. SIGNIFICANT FACTORS / ISSUES DURING FY 2008 - 09. POSITIVE FACTORS.

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DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED

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  1. DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED ANALYSTS MEET MAY 15, 2009

  2. SIGNIFICANT FACTORS / ISSUESDURING FY 2008 - 09

  3. POSITIVE FACTORS • WITH THE SUCCESSFUL COMPLETION OF THE ONGC 6 CLAMP-ON PROJECT AND ONGC BBBLRP PROJECTS EXECUTED IN CONSORTIUMS, DOLPHIN IS QUALIFIED AS INDEPENDENT EPC CONTRACTOR WITH ONGC. THIS QUALIFICATION GIVES DOLPHIN A WIDER RANGE OF PROJECTS WHICH IT CAN BID FOR. • AS INDEPENDENT EPC CONTRACTOR, DOLPHIN WINS ICP AND NQD REVAMP CONTRACTS AT A PRICE OF RS 315.37 CRORES.

  4. POSITIVE FACTORS • RUPEE WEAKENED DURING THE YEAR RESULTING IN HIGHER REVENUES AND FOREIGN EXCHANGE GAINS, AS DOLPHIN IS A NET FOREIGN EXCHANGE EARNER. • DOLPHIN IS ABLE TO DEPLOY ITS ASSETS AND SERVICES IN CHINA, MALAYSIA AND VIETNAM, ESPECIALLY DURING THE MONSOON PERIOD, WHEN COMPANY’S ASSETS ARE TRADITIONALLY IDLE.

  5. POSITIVE FACTORS • DOLPHIN ENJOYS THE BENEFIT OF STABLE VESSEL RATES DUE TO LONG TERM CHARTER OF SEAMEC 1 AND ABOUZAR 81. • SALE OF DOLPHIN VESSELS AND TRANSFER OF ITS MARINE DIVISION TO ITS WHOLLY OWNED SUBSIDIARY, PROCYON OFFSHORE RESULTING IN PROFIT ON SALE OF ASSETS OF RS 3.00 CRORES AND DECREASE IN OVERHEAD COSTS, WHILE IMPROVING OPERATIONAL EFFICIENCY.

  6. NEGATIVE FACTORS • DELAYED AWARD OF THE ICP AND NQD CONTRACTS RESULTS IN LIMITED BILLINGS DURING THE YEAR. • TUMBLING OIL PRICES LEADS TO DECREASE IN JOB OPPORTUNITIES OVERSEAS. • INCREASING COMPETITION IN INDIA FROM FOREIGN COMPANIES NOW EYEING THE INDIAN MARKET, AS WELL AS FROM INDIAN COMPANIES NOW DESIROUS OF ENTERING THIS MARKET.

  7. NEGATIVE FACTORS • BAD DEBTS OF RS 39.64 CRORES WRITTEN OFF DURING THE YEAR. • CHANGE ORDERS ON L&T SHRC CONTRACT STILL NOT RESOLVED RESULTING IN HIGH INTEREST COSTS.

  8. STAND ALONE FINANCIAL RESULTSFOR THE YEAR ENDED MARCH 31, 2009

  9. BALANCE SHEET AS AT MARCH 31, 2009

  10. BALANCE SHEET(CURRENCY: CRORES OF INDIAN RUPEES)

  11. BALANCE SHEET(CURRENCY: CRORES OF INDIAN RUPEES)

  12. SHAREHOLDERS’ FUNDS (CURRENCY: CRORES OF INDIAN RUPEES)

  13. SECURED LOAN FUNDS (CURRENCY: CRORES OF INDIAN RUPEES)

  14. UNSECURED LOAN FUNDS (CURRENCY: CRORES OF INDIAN RUPEES)

  15. FCCBS • 0.5% FCCBS OUTSTANDING IS USD 12 MILLION. LISTED ON SINGAPORE STOCK EXCHANGE, BUT NOT BEING TRADED. • CONVERSION PRICE CURRENTLY RS 225 PER EQUITY SHARE, PRIOR TO BONUS ISSUE. POST BONUS, CONVERSION PRICE IS RS 161. • MATURITY DATE IS DECEMBER 22, 2010. YTM IS 6.5%

  16. FIXED ASSETS (CURRENCY: CRORES OF INDIAN RUPEES)

  17. FIXED ASSETS • DECREASE IN NET BLOCK DUE TO TRANSFER OF BLOCK OF VESSELS TO WHOLLY OWNED SUBSIDIARY, PROCYON OFFSHORE. • PROFITS ON TRANSFER OF ASSETS FROM HOLDING COMPANY TO SUBSIDIARY IS EXEMPT FROM CAPITAL GAINS TAX.

  18. INVESTMENTS (CURRENCY: CRORES OF INDIAN RUPEES)

  19. CURRENT ASSETS(CURRENCY: CRORES OF INDIAN RUPEES)

  20. LOANS AND ADVANCES LOANS AND ADVANCES HAVE INCREASED BY 60.37% DUE TO - INCREASE IN LOAN TO SUBSIDIARY – RS 16.00 CRORES. - DUE FROM SUBSIDIARY – RS 7.90 CRORES - ADVANCES TO SUPPLIERS - RS 11.33 CRORES.

  21. CURRENT LIABILITIES(CURRENCY : CRORES OF INDIAN RUPEES)

  22. RATIOS

  23. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009

  24. PROFIT & LOSS ACCOUNT(CURRENCY : CRORES OF INDIAN RUPEES)

  25. PROFIT & LOSS ACCOUNT(CURRENCY : CRORES OF INDIAN RUPEES)

  26. EARNINGS PER SHARE(CURRENCY : INDIAN RUPEE)

  27. REVENUES MAIN CLIENTS OF THE COMPANY DURING THE YEAR WERE – • LEIGHTON - PRP PROJECT – STILL ONGOING / IN PHASES • ONGC - ICP REVAMP – STILL ONGOING • ONGC – NQD REVAMP – STILL ONGOING • PUNJ LLOYD – HEERA PROJECT – IN PHASES

  28. REVENUES • NPCC – DIVING SERVICES – JOB COMPLETED • OFFSHORE SUBSEA WORKS – STILL ONGOING • ONGC BBBLRP – JOB COMPLETED.

  29. OPERATING EXPENSES(CURRENCY: CRORES OF INDIAN RUPEES)

  30. VESSEL CHARTER AND RELATED COSTS • LESS THAN PROPORTIONATE INCREASE IN CHARTER COSTS AS SEAMEC 1 AND ABOUZAR 81 ARE UNDER LONG TERM CONTRACT. • COST OF FUEL DURING THE YEAR HAS DECREASED.

  31. EQUIPMENT RELATED EXPENSES EQUIPMENT RELATED EXPENSES HAS INCREASED BY 33.33% DURING THE YEAR DUE TO THE FACT THAT THE COMPANY’S SATURATION DIVING SYSTEMS SDS 01 AND SDS 02 WERE DEPLOYED THROUGH OUT THE YEAR, INCLUDING THE MONSOON PERIOD.

  32. G & A EXPENSES(CURRENCY: CRORES OF INDIAN RUPEES)

  33. EMPLOYEE COSTS EMPLOYEE COSTS HAVE INCREASED BY RS 6.65 CRORES DUE TO INCREASE IN DIRECTORS REMUNERATION AND DUE TO INCREASE IN THE NUMBER OF PERMANENT EMPLOYEES DURING THE YEAR IN LIEU OF CONSULTANTS / CONTRACTORS. ACCORDINGLY LEGAL & PROFESSIONAL FEES HAVE DECREASED BY 35.88%

  34. BAD DEBTS BAD DEBTS OF RS 39.64 CRORES MAINLY COMPRISE WRITE OFF OF DUES FROM IOEC OF RS 37.42 CRORES AND OTHER RECEIVABLES AWAITING APPROVAL OF CHANGE ORDERS. THESE AMOUNTS, IF ANY, WILL BE WRITTEN BACK AS AND WHEN RECEIVED

  35. MISCELLANEOUS INCOME(CURRENCY: CRORES OF INDIAN RUPEES)

  36. PROFIT MARGINS(AS A PERCENTAGE OF REVENUES)

  37. PROFIT MARGINS • GROSS OPERATING PROFIT MARGINS HAVE INCREASED DUE TO ABILITY TO MARKET ASSETS AND SERVICES AT HIGHER PRICES AND LONGER DURATIONS. • NET PROFIT MARGINS HAVE INCREASED DUE BETTER CASHFLOWS RESULTING IN LOWER WORKING CAPITAL REQUIREMENTS.

  38. DOLPHIN OFFSHORE ENTERPRISES (INDIA) LIMITED THANKYOU

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