I was also thinking about 10 boats award and IFR event. Is this 10 boats contract is separate from that of IFR event?
No, it’s not separate. The 10 boats mentioned in the release to the exchange (and also the tender) are for the IFR. Minimum period of hire is 15 days, which is specified in the tender.
If those 10 boats are part of the show only then I am not bullish on its earning. One event management! If we see previous qtr earning then I can think of almost no business left with the company. This company need serious contracts.
The management says that they cannot divulge the details of the contract as it is a matter on National Security and also classified information.
It seems like that the contract is for longer duration and renewed. Moreover, Duke has now been appointed as an official partner of Indian Navy at IFR. This would help Duke to showcase itself as a potential partner for other south east asian nations
I wouldn’t go by the results of quarter ending September. Operating in the monsoon period does require vessels that can withstand sea state 4-6 conditions; those are on the Douglas sea scale. It’s not only about rainfall, the wave heights matter more. If you go by wave climatology of the Indian Ocean, you could pretty much expect May-September to be a dull period; see figure 5.3.
That said, this specific contract for IFR is not a renewal. You could treat it as a “repeat order” from the same customer, but not a renewal. IFR although an annual exercise, is not held in India every year. One cannot treat it as a big order, except for the size relative to annual sales. I would have preferred the company move up the value chain, if there is such a chain. It is the procurement of the second OPV as stated by @RajeevJ which would have a more material effect.
i think it will be mostly a one time event.
but if you read the announcement carefully u fill find that such a IFR is happening for first time in India. So there are chances of such events happening in future.
Our approach or rather government approach has opened up towards sea for logistics and transport & Navy
And we are increasing expenditure in developing the water ways in india
so these are healthy tail winds for this company
Also can the reduction of crude prices will be of any help to this company?
Although to early to say, I personally think this company shall be a slow mover in terms of sales and the basis of growth is limited to the no of boats they purchase. Scaling up needs to be watched closing and investment to be gradually increased in the stock.
Disc : as on date I do not have investment in this stock.
how much is the oppurtunity size? how much boat does its own currently? how many boats are they planning to add? how sustainable is the growth
Can anyone please throw light on this?
Are they paying Tax in full ?
There seems to be something missing in TAX paid area for this company…
Uploading AR for the Company for FYE 2009 and 2008 as requested by @kmadiga
13864-08.pdf (1.1 MB)
13864-09.pdf (1.7 MB)
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Thanks 
Duke Offshore Ltd has informed BSE that the Company have procured a state of the art High Speed Crew / Patrol Vessel to be added to its offshore oil field support fleet.
The vessel “Duke Sprint” which was built in Singapore, will fly the Indian flag and will arrive in India in the first week of August 2016. http://www.bseindia.com/corporates/anndet_new.aspx?newsid=c38a4b66-2e54-4773-bc27-d38706275e9c
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Since new OPV has been procured and would be joining the fleet in August, we can expect the company to get Ravva oil field contract from Cairn India very soon.
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Any idea what would be the purchase cost of the newly acquired Patrol vehicle ?
I am not aware of cost of purchase for the OPV.
Nevertheless, I believe that they must have bought it at a good bargain as the management waited for quite a long time for the procurement.
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The numbers look good. I was digging further when I found out that there are 2 cases filed against this company.
Link- DUKE OFFSHORE LTD - Company, directors and contact details | Zauba Corp
Does anyone know what this is about?
The company AR does not mention any pending litigations/contingencies
Also, the revenue recognition looks funny. No mention of completion of work/service/contract or transfer of risks.
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Annual return to be made by company having share capital as per Section 159 - Every company having a share capital shall within sixty days from the day on which each of the annual general meetings referred to in Section 166 is held or where the annual general meeting for any year has not been held, the latest day on or before which that meeting should have been held in accordance with the provisions of this Act, prepare and file with the Registrar a return containing the particulars specified in Part I of Schedule V, as they stood on that day.
Three copies of balance sheet, etc., to be filed with Registrar - Section 220(1) - As per the provisions of Section 220(1) of the Companies Act, 1956, after the balance sheet and the profit and loss account have been laid before a company at an annual general meeting as aforesaid, there shall be filed with the Registrar within thirty days from, the date on- which the balance sheet and the profit and loss account were so laid or where the annual general meeting of a company for any year has not been held, there shall be filed with the Registrar within thirty days from the latest day on or before which that meeting should have been held in accordance with the provisions of this Act.
Therefore Section 159 and Section 220 (1) have to be complied with irrespective whether the annual meeting of the company was held on not.
Non-compliance of sections related to Annual General Meeting
Compliance of Section under Companies Act, 1956 Particular section under which offence is punishable Who is punishable (Compounding application to be made by) Period (or)/(and) Amount of fine
u/ s 159 Non filing of Annual Returns u/ s 162 Company and Every officer in default including persons in accordance with whose instructions the Board is accustomed to act. Rs.500/- for every day during which the default continues.
u/s 220 (1) filing of Balance Sheet with ROC within 30 days of the due date of the AGM (even when AGM is not held) and u/s 220 (2) Filing of statement of reasons for not holding AGM along with ROC. (single offence) 220(3) Company and Every officer in default. Rs.500/- for every day during which the default continues. Link http://www.rna-cs.com/annual-general-meeting-and-consequences-of-default-in-holding-annual-general-meeting/
so these prosecutions are not grave/serious in nature?
Nice digging, @shunz
The complaints seem quite old., i.e. dated 03-08-1999
I checked the sections mentioned on the net. These are mostly company act related sections.
I found the following on www.indiankanoon.org :
Central Government Act
Section 162 in The Companies Act, 1956
162. Penalty and interpretation.
(1) If a company fails to comply with any of the provisions contained in section 159, 160 or 161, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to fifty rupees for every day during which the default continues.
(2) For the purposes of this section and sections 159, 160, and 161, the expressions" officer" and" director" shall include any person in accordance with whose directions or instructions the Board of directors of the Company is accustomed to act. General provisions regarding registers and returns
Central Government Act
Section 220 in The Companies Act, 1956
220. Three copies of balance sheet, etc., to be filed with Registrar.
(1) After the balance sheet and the profit and loss account have been laid before a company at an annual general meeting as aforesaid, there shall be filed with the Registrar 2 within thirty days from, the date on- which the balance sheet and the profit and loss account were so laid 3 , or where the annual general meeting of a company for any year has not been held, there shall be filed with the Registrar within thirty days from the latest day on or before which that meeting should have been held in accordance with the provisions of this Act.
(2) If the annual general meeting of a 2 company before which a balance sheet is laid as aforesaid does not adopt the balance sheet 3 , 4 , or is adjourned without adopting the balance sheet,] or, if the annual general meeting of a company for any year has not been held], a statement of that fact and of the reasons therefor shall be annexed to the balance sheet and to the copies thereof required to be filed with the Registrar.
I feel, looking at the company size, that too around 17 years back, they might have not submitted the balance sheet in time & might not have been in a position to comply with the rules as specified in the company act. Hence, the sections.
About the AR., I agree that the visibility of revenue / work done is not very clear.
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please share your view after study june quarter 2016 result .very bad result.any one speak with mgmt after june result .when the effect of new vessel purchased reflected in result and how much topline and bottom line grow? pl share