1. Summary Information
|
Country |
India |
||
|
Company Name |
AFCONS
INFRASTRUCTURE LIMITED |
Principal Name 1 |
Mr. Cyrus Pallonji Mistry |
|
Status |
Ba (54) |
Principal Name 2 |
Mr. Pallonji Shapoorji Mistry |
|
Registration # |
11-19335 |
||
|
Street Address |
“Afcons
House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No.
11978, Andheri (West), Mumbai – 400 053, Maharashtra |
||
|
Established Date |
22.11.1976 |
SIC Code |
-- |
|
Telephone# |
91-22-26731107
/ 26367091 / 7093 / 66773100 Ext 138 / 66773214 / 66773241 |
Business Style 1 |
Engaged in the business of all kinds of Construction Jobs |
|
Fax # |
91-22-26730047
/ 26369052 / 26315910 / 26731031 / 26730027 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
6800 |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
4,217,005,000 |
Product Name 3 |
--- |
|
Shareholders |
Bodies corporate (96.98%) |
Banking |
State Bank of India Oriental Bank of Commerce |
|
Public Limited Corp. |
-- |
Business Period |
35 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(54) |
|
Related
Company |
|||
|
Relation
- Subsidiaries |
Country
|
Company
Name |
Afcons Pauling (India) Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
10,071,062,000 |
Current Liabilities |
3,349,815,000 |
|
Inventories |
1,283,534,000 |
Long-term Liabilities |
5,387,643,000 |
|
Fixed Assets |
3,712,188,000 |
Other Liabilities |
443,664,000 |
|
Deferred Assets |
-- |
Total Liabilities |
9,181,122,000 |
|
Invest& other Assets |
197,661,000 |
Retained Earnings |
1,866,300,000 |
|
|
|
Net Worth |
6,083,323,000 |
|
Total Assets |
15,264,445,000 |
Total Liab. & Equity |
15,264,445,000 |
|
Total Assets (Previous Year) |
17,443,615,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
14,666,009,000 |
Net Profit |
363,598,000 |
|
Sales(Previous yr) |
20,106,529,000 |
Net Profit(Prev.yr) |
493,526,000 |
MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AFCONS INFRASTRUCTURE LIMITED |
|
|
|
|
Formerly Known As : |
|
|
|
|
|
Registered Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai – 400 053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
22.11.1976 |
|
|
|
|
Com. Reg. No.: |
11-19335 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U45200MH1976PLC019335 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA09981G / MUMA19369A / MUMA20959B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA9067G |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-26731107 / 26367091 / 7093 / 66773100 Ext 138 / 66773214 / 66773241 |
|
Fax No.: |
91-22-26730047 / 26369052 / 26315910 / 26731031 / 26730027 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Other Offices : |
Located at : (Domestic Offices)
International Offices
|
DIRECTORS
As on 30.09.2008
|
Name : |
Mr. Cyrus Pallonji Mistry |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
04.07.1968 |
|
Date of Appointment : |
26.04.2000 |
|
|
|
|
Name : |
Mr. Pallonji Shapoorji Mistry |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.06.1929 |
|
Date of Appointment : |
26.04.2000 |
|
|
|
|
Name : |
Mr. Shapoor Pallonji Mistry |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
06.09.1964 |
|
Date of Appointment : |
26.04.2000 |
|
|
|
|
Name : |
Mr. Narendra J Jhaveri |
|
Designation : |
Director |
|
Address : |
C-42, Samprat Residency, Opposite Parivar Society, |
|
Date of Birth/Age : |
09.08.1935 |
|
Date of Appointment : |
22.03.1996 |
|
|
|
|
Name : |
Mr. Jimmy Jehangir Parakh |
|
Designation : |
Director |
|
Address : |
502, |
|
Date of Birth/Age : |
01.10.1949 |
|
Date of Appointment : |
27.09.2007 |
|
|
|
|
Name : |
Mr. Bhagwan Dass Narang |
|
Designation : |
Director |
|
Address : |
Flat No. 29, (GF) Pocket – F, DDA. APP. SFC. Scheme, Shaikh Sarai,
Phase – I, |
|
Date of Birth/Age : |
12.04.1945 |
|
Date of Appointment : |
27.09.2007 |
|
|
|
|
Name : |
Mr. R M Premkumar |
|
Designation : |
Director |
|
Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400 030, |
|
Date of Birth/Age : |
16.08.1945 |
|
Date of Appointment : |
27.09.2007 |
|
|
|
|
Name : |
Mr. Abhimanyu Hemendra Divanji |
|
Designation : |
Director |
|
Address : |
51, Le Repos, |
|
Date of Birth/Age : |
20.11.1928 |
|
Date of Appointment : |
27.03.2002 |
|
|
|
|
Name : |
Mr. Pradip Narotam Kapadia |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
30.09.1951 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Naushir Dara Khurody |
|
Designation : |
Director |
|
Address : |
12 A, |
|
Date of Birth/Age : |
26.10.1936 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Krishnamurthy Subrahmanian |
|
Designation : |
Managing Director |
|
Address : |
611, Wing C, Evening Star, Raheja Vihar, Andheri (W), Mumbai – 400
072, |
|
Date of Birth/Age : |
03.06.1958 |
|
Date of Appointment : |
15.11.2002 |
|
|
|
|
Name : |
Mr. S Paramasivan |
|
Designation : |
Whole Time Director |
|
Address : |
Venus Flat No. 85, Versova Venus Housing Society, Plot No. 6, R D P 2,
SVP Nagar, Versova, Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1957 |
|
Date of Appointment : |
10.06.2002 |
|
|
|
|
Name : |
Mr. Anil Namdeo Jangle |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 703, Janki Kutir, Vikram Apartment, Juhu, Mumbai – 400 049, |
|
Date of Birth/Age : |
01.07.1942 |
|
Date of Appointment : |
07.04.2003 |
KEY EXECUTIVES
|
Name : |
Mr. R P Rajendran |
|
Designation : |
Secretary |
|
Address : |
206, Ganga Darshan, |
|
Date of Birth/Age : |
08.09.1952 |
|
Date of Appointment : |
01.04.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity share
breakup (percentage of total equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate |
96.98 |
|
Directors or relatives of directors |
0.33 |
|
Other top fifty (50) shareholders |
2.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in the business of all kinds of Construction Jobs. It undertakes work of Jetty, Wharves, Dry Dock, Tunnels, Highways, Bridges, Foundations, Pipelines, Dredging and Turnkey Projects. |
GENERAL INFORMATION
|
Customers : |
·
·
·
·
Nuclear Power Corporation of · National Thermal Power Corporation · Andhra Pradesh Power Generation Corporation Limited · Oil and Natural Gas Corporation Limited · Bharat Petroleum Corporation Limited · Indian Oil Corporation Limited · IRCON International Limited · Delhi Metro Rail Corporation Limited ·
· MECON Limited · Essar Limited · Gujarat Heavy Chemicals Limited ·
· Wockharht Hospitals ·
|
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
No. of Employees : |
6800 |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Oriental
Bank of Commerce, Corporate Ground Finance Branch, Maker Tower “E”, 18th
Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India · Central Bank of India, Corporate Finance Branch, MMO Building, 1st Floor, M G Road, Fort, Mumbai – 400 023, Maharashtra, India · UCO Bank · Axis Bank Limited ·
Bank of ·
Bank of · Andhra Bank · Dena Bank · BMP Paribas · ING Vysya Bank Limited ·
Bank of · Calyon Bank · Centurion Bank Limited |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Facilities
: |
|
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||
|
Name : |
· Deloitte Haskins and Sells Chartered Accountants Address : 12,
· J. C. Bhatt Chartered Accountants Address : 3rd Floor,
Surya Mahal, Burjorji Bharucha Marg, Fort, Mumbai – 400 020, |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Holding Companies : |
Shapoorji Pallonji and Company Limited (Ultimate Holding Company) |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Subsidiaries : |
·
Afcons Pauling ( ·
Afcons BOT Constructions Private Limited ·
Tensacciai [ ·
Kier Afcons ( ·
Afcons (Overseas) Constructions and Investments
Private Limited ·
Hazarat and Company Private Limited CIN No.:
U74999MH1982PTC028701 ·
SSS Electricals ( CIN No.:
U28920MH1985PTC036876 ·
Afcons Dredging and Marine Services Limited ·
Afcons Construction Mideast LLC ·
Afcons Arethusa Offshore Services Private Limited
(CIN No.: U11101MH1984PTC032807) ·
Afcons Infrastructures International Limited ·
Afcons Offshore and Marine Services Private
Limited |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Fellow Subsidiary :
|
|
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Associates : |
Afcons [ |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Partners : |
Afcons Pauling Joint Venture |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Jointly Controlled Entity : |
|
||||||||||||||||||||||||||||
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs. 10/- each |
Rs. 3500.000 Millions |
|
650000000 |
Preference Shares |
Rs. 10/- each |
Rs. 6500.000 Millions |
|
|
Total |
|
Rs. 10000.000
Millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71700514 |
Equity Shares |
Rs. 10/-
each |
Rs. 717.005
Millions |
|
100000000 |
0.01% Non Cumulative and Non Profit Participatory
Convertible Preference Shares |
Rs. 10/-
each |
Rs. 1000.000
Millions |
|
250000000 |
0.01% full and Compulsorily Convertible
Non-Cumulative Non Participatory Preference Shares |
Rs. 10/-
each |
Rs. 2500.000
Millions |
|
|
Total |
|
Rs. 4217.005 Millions |
Note
1. Of the above
Equity Shares :-
(a) 200,000 Shares of Rs.10 each have been issued as Fully paid up for
Consideration other than Cash.
(b) 3,500,000 Shares of Rs.10 each are issued as Fully Paid up Bonus Shares
by Capitalization of Rs. 35,000,000 out of General Reserve.
(c) 24,076,349 (Previous year 24,075,389) Shares are held by Cyrus
Investments Limited (CIL) which is a subsidiary of Shapoorji Pallonji and
Company Limited (SPCL), the holding company.
(d) 24,075,389 shares are held by Sterling Investment Corporation
Private Limited (SICPL), a subsidiary of SPCL.
(e) 13,015,929 shares are held by Floreat Investments Limited (FIL), a
subsidiary of SPCL.
(f) 4,016,250 shares are held by Renaissance Commerce Private
Limited(formerly Afcons BOT Constructions Private Limited), a subsidiary of
Shapoorji Pallonji Infrastructure Capital Company Limited (SPICCL), which is a
subsidiary of SPCL.
(g) 4,016,250 shares are held by Hermes Commerce Limited (formerly
Afcons Dredging and Marine Services Limited), a subsidiary of Shapoorji
Pallonji Infrastructure Capital Company Limited (SPICCL), which is a subsidiary
of SPCL.
(h) 20,000,000 shares allotted to SICPL, a subsidiary of SPCL on
22-12-06 pursuant to conversion of 7.5% Redeemable ‘Non-cumulative convertible
Preference Shares into equity shares at par.
(i) 300,514 (Previous year 4,380) shares have been issued under ESOP
scheme 2006.
2 The 0.01% Non Cumulative and Non Profit Participatory Convertible
Preference Shares of Rs.10 each are held by Floreat Investments Limited, a
subsidiary of SPCL on the following terms:
(a) The Preference Shares shall be non- cumulative and non profit
participating convertible Preference Shares carrying a fixed rate of dividend
of 0.01% per annum to be paid in priority to the holders of any other class of
shares.
(b) The Preference Shares shall be deemed to be converted into common
equity shares of the Company at a price of Rs. 68.25 per equity share
(consisting of par of Rs. 10 and a premium of Rs. 58.25) immediately,
automatically and without any further act of the parties in the event of
conversion of the Preference Shares mentioned in note 3 (b) below.
3. The 0.01% Fully and Compulsorily Convertible Non-Cumulative, Non
Participatory Preference shares of Rs. 10 each are held by India Infrastructure
AIL (Mauritius) Limited on the following terms:
(a) Non-cumulative preferential dividend at a fixed rate of 0.01 per
cent per annum to be paid in priority to the holders of any other class of shares;
(b) The Preference Shares will be mandatorily converted in to equity
shares at a price to be ascertained at the relevant point of time if Initial
Public Offering (IPO) happens between 18-36 months from the date of issue viz.
14th Jan 2008 or any time thereafter but before 14th Jan 2013.
(c) The Preference Shares shall rank senior to all types of shares
issued or to be issued by the Company.
4. Particulars of Option on Unissued Share Capital
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4217.005 |
4214.044 |
4215.250 |
|
|
2] Share Application Money |
0.018 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1866.300 |
1509.577 |
1025.182 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6083.323 |
5723.621 |
5240.432 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2364.436 |
3192.368 |
2431.331 |
|
|
2] Unsecured Loans |
3023.207 |
3712.772 |
2733.071 |
|
|
TOTAL BORROWING |
5387.643 |
6905.140 |
5164.402 |
|
|
DEFERRED TAX LIABILITIES |
443.664 |
434.561 |
367.287 |
|
|
|
|
|
|
|
|
TOTAL |
11914.630 |
13063.322 |
10772.121 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3712.188 |
3813.541 |
3006.707 |
|
|
Capital work-in-progress |
168.145 |
197.762 |
153.236 |
|
|
|
|
|
|
|
|
INVESTMENT |
29.516 |
32.445 |
82.818 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1283.534
|
1765.607 |
1111.674 |
|
|
Sundry Debtors |
3508.890
|
3290.631 |
2039.694 |
|
|
Cash & Bank Balances |
173.491
|
121.254 |
513.363 |
|
|
Other Current Assets |
5458.098
|
7030.355 |
6617.693 |
|
|
Loans & Advances |
9305.583
|
1173.952 |
905.765 |
|
Total
Current Assets |
11354.596
|
13381.799 |
11188.189 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1873.302
|
3505.129 |
|
|
|
Other Current Liabilities |
1360.599
|
739.741 |
|
|
|
Provisions |
115.914
|
135.423 |
56.374 |
|
Total
Current Liabilities |
3349.815
|
4380.293 |
3694.965 |
|
|
Net Current Assets |
8004.781
|
9001.506 |
7493.224 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
18.068 |
36.136 |
|
|
|
|
|
|
|
|
TOTAL |
11914.630 |
13063.322 |
10772.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14666.009 |
20106.529 |
16978.436 |
|
|
|
Other Income |
436.788 |
396.125 |
515.993 |
|
|
|
TOTAL (A) |
15102.797 |
20502.654 |
17494.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Production |
9575.794 |
15062.025 |
12793.271 |
|
|
|
Payment to and provision for employees |
1739.777 |
1960.736 |
1520.741 |
|
|
|
Operational and other expenses |
2115.736 |
1484.753 |
1411.608 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
13431.307 |
18507.514 |
15725.62 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1671.490 |
1995.140 |
1768.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
789.523 |
948.143 |
864.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
881.967 |
1046.997 |
904.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
322.136 |
296.166 |
240.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
559.831 |
750.831 |
664.658 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
196.233 |
257.305 |
224.442 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
363.598 |
493.526 |
440.216 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
739.910 |
248.043 |
[192.081] |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1.250 |
0.000 |
|
|
|
Proposed Dividend on Preference Shares |
0.350 |
0.350 |
0.079 |
|
|
|
Tax on Dividend |
0.059 |
0.059 |
0.013 |
|
|
BALANCE CARRIED
TO THE B/S |
1103.099 |
739.910 |
248.043 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3735.690 |
1930.537 |
NA |
|
|
TOTAL EARNINGS |
3735.690 |
1930.537 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
110.650 |
406.557 |
NA |
|
|
|
Consumables |
124.106 |
202.151 |
NA |
|
|
TOTAL IMPORTS |
234.756 |
608.708 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.08 |
6.91 |
6.16 |
|
|
|
Diluted |
1.08 |
1.47 |
3.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.41
|
2.41 |
2.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.82
|
3.73 |
3.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.72
|
4.37 |
4.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.92
|
0.13 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
1.97 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
3.06 |
3.03 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U45200MH1976PLC019335 |
|||||||||
|
Name of the
company |
AFCONS INFRASTRUCTURE LIMITED |
|||||||||
|
Address of the
registered office or of the principal place of business in |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai – 400 053, Maharashtra |
|||||||||
|
This form is for |
Creation of
charge |
|||||||||
|
Type of charge |
Movable Property Others (Capital
Equipment, Spares, Accessories etc.) |
|||||||||
|
Particular of
charge holder |
Oriental Bank of Commerce
Limited, Large Corporate Branch, 181 A Maker Tower ‘E’, 18th
Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: emailroc@rediffmail.com |
|||||||||
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of Term
Loan |
|||||||||
|
Date of
instrument Creating the charge |
17.09.2009 |
|||||||||
|
Amount secured by
the charge |
Rs.500.000
millions |
|||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest @ PLR – 2.75% (presently 9.25% p.a.) or such other rate as agreed
between the borrower and bank from time to time. Penal interest @ 2% p.a.
over and above the normal interest rate in case of default. Terms of
Repayment:
Margin: Margin @
15% Extent and
Operation of the charge: At the request of the borrower company, the bank has
sanctioned term loan of Rs.500.000 millions against hypothecation of capital
equipment, spares, accessories etc. purchased out of proceeds of term
loan. |
|||||||||
|
Short particulars
of the property charged |
Hypothecation of
capital equipment, spares, accessories etc. purchased out of proceeds of term
loan. |
|
Name of the company |
AFCONS INFRASTRUCTURE LIMITED |
|
Presented By |
AFCONS INFRASTRUCTURE LIMITED |
|
1) Date and description of instrument creating the change |
Term Loan
Agreement dated 29th November, 2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.250.000
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
That the Borrower
hereby hypothecate and charge by way of first charge in favour of the Bnak
the machinery / vehicle / goods / items / furniture and fixtures movable
property of any kind as well as all other movable assets, whether existing or
future, belonging to the Borrower and in case of any earlier charge on the
existing movable assets, as second charge over the same. In favour of the
Bank, hereinafter called “the hypothecated assets” which expression shall
where required or necessary include all fittings, fixtures, tools accessories
and parts whatsoever pertaining to the said hypothecated assets and all
replacements of or escalation or accretion thereof of any type and nature
thereof, for repayment by the Borrower to the Bank of the amount due under or
arising out of this agreement and costs, expenses and any kind of charges
incurred by the Bank from time to time for purpose of such security /
hypothecated assets and for all necessary steps till actual realization. The
Borrower specifically agrees that in case of any such addition, escalation or
accretion, etc to the hypothecated assets / securities, as the case may be
accruing in respect of said hypothecated assets / securities or any way of
production and profits thereto or any part hereof shall also be deemed to be
hypothecated assets / securities or by way of production and profits thereto
shall also be deemed to be hypothecated / charged with the Bank and parties
agree that there is no need for signing any additional supplementary
agreement in this respect. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
7.25% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Corporate Ground
Finance Branch, Maker Tower “E”, 18th Floor, Cuffe Parade, Mumbai
– 400 005, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
As per Term Loan
Agreement dated 29th November 2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
Corporate
identity number of the company |
U45200MH1976PLC019335 |
|
Name of the
company |
AFCONS INFRASTRUCTURE LIMITED |
|
Address of the
registered office or of the principal place of business in |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai
Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai – 400 053,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Floating
charge |
|
Particular of
charge holder |
Central Bank of Corporate Finance Branch, |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Book Debts |
|
Date of
instrument Creating the charge |
31.03.2009 |
|
Amount secured by
the charge |
Rs.1000.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate
of interest Corporate Short Term Loan of Rs.1000.000 millions : interest at BPLR –
2.00% i.e. 12.50% - 2.00% = 10.50% (BPLR is 12.50% at present) or at such
other rate as shall from time to time. ·
Terms
of repayment Corporate Short Term Loan of Rs.1000.000 millions : Door to door tenor
Three Years. Repayable in annual instalments of Rs.500.000 millions each at
the end of 2nd and 3rd year. ·
Margin As may be stipulated by the Bank from time to time. ·
Extent
and operation of the charge Hypothecation of Book Debts of the company, together with interest,
costs, charges, expenses and other monies payable thereunder to secure the
repayment of monies due and payable under the short term of Rs.1000.000
millions granted / agreed to be granted by the Bank to the Borrower. ·
Others
Nil |
|
Particulars of
the property charged |
Hypothecation of
all the Company’s present ad future book-debts, outstandings and receivables
older than 6 months hypothecated to the Bank and their assigns to the extent
of 25% of the loan amount by way of First charge as security for the payment
and discharge of the company’s present and future indebtedness. |
Fixed Assets
·
Land – Freehold
·
Land – Leasehold
·
Buildings
·
Plant and Machinery
·
Leasehold Improvements
·
Floating Equipments etc.
·
Laboratory Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Motor Vehicles
WEB DETAILS
COMPANY PROFILE :
In its 50th year of operations,
AFCONS, is a part of the Shapoorji Pallonji Group, the
third largest construction group in
AFCONS has a presence in almost
the entire spectrum of Infrastructure activities in
It is the first Indian construction Company to have constructed an underground
metro station (at
With ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certification, AFCONS is also recognized by the
Government of India as a 'Star Export
House'.
In March 2009, AFCONS earned a
total income of Rs 22.18 billion with a CAGR of 47 per cent over past three
years. Its goal is to achieve a turnover of $ 1 billion by 2011-12, of which 25
percent will be from overseas market. With an entry into the offshore oil and
gas business, AFCONS has entered
a different league.
Accolades include the WQC International Star Award in the Gold category by
Business Initiative Directions, Spain, safety awards from Reliance Industries
Ltd, National Safety Council of India and Ishikawajima-Harima Heavy Industries
Co. Limited and the ACCE FOSROC award for effective use of construction
chemicals in a civil engineering project by ACCE-I in 2001 for a tanker berth
jetty trestle for RPL, Jamnagar.
What's more, many projects constructed by AFCONS-such as the Bandra-Worli Outfall Project, Mumbai; Airoli
Bridge, Navi Mumbai; Mandovi Bridge, Goa; Sharavati Bridge, Honnavar; Railway
bridge across Thane Creek in the Mankhurd-Belapur Railway Project-have been
recognized for their excellence in construction and engineering.
AFCONS is presently executing
major marine works in
AFCONS is actively pursuing new
and developing markets such as Middle East & Africa.
AFCONS has 6500 dedicated
personnel, which includes 1060 engineering & Management Personnel highly
skilled workmen and various dedicated site level personnel. All achievements
that have been highlighted herein are a testimony of their unflinching
commitment.
History
1959 - Born as Rodio Hazarat Co, a partnership between
1976
- Consequent to the exit of Rodio Foundation Engineers and Hazarat and Co,
renamed as Asia Foundations and Construction Limited wherein from a partnership
it became a closely held private limited Company with equity shares distributed
to the employees
1977
- Became a deemed public limited Company
1993
- Shipping Credit and Investment Corporation of India (SCICI) became a 20% shareholder,
which shareholding was transferred to ICICI pursuant to the merger of SCICI
with ICICI
1997
- Became a full-fledged public limited Company by the name of “Afcons
Infrastructure Limited”. In 1998 ICICI subscribed to further shares in the
Company, which made ICICI the single largest shareholder with 47.37% equity
stake in the Company.
2000
- Shapoorji Pallonji Group acquired 53.96% shareholding in the Company in 2000
where 47.37% was acquired from ICICI Limited and 6.59% was acquired from the Hazarat
family.
Overview
Subject,
is the premier - most engineering, construction, rehabilitations and
infrastructure companies in India with an annual turnover of around 400 Million
USD in this current financial year, which is expected to touch 1.0 Billion USD
in about two years time. Over the last five decades, AFCONS has emerged as the
leader in its business field by continuously delivering its world-class
services in the areas of Marine Works, Highways, Bridges, Power Houses, Tunnels
and other General Civil Engineering Projects
Since
its establishment in 1959, AFCONS has played a pivotal role led the growth of
construction industry, creating in the process customer trust and enviable
reputation for itself.
AFCONS
is a certified with ISO 9001:2000, OHSAS 18001:1999 and ISO 14001:2004 company
and conduct its business through an established Quality System. AFCONS has a
commendable record in terms of safety at the various project sites and has
received a number of awards as well as appreciation letters from the clients
AWARDS :
Award
: Safety
Category : 4 Million Accident Free man hours achieved in LNG Kochi
site.
AFCONS
Kochi LNG tank site was awarded the trophy for achieving the remarkable target
"4 Million Accident free man hours" by Mr. Pushp Khetrapal, Vice
President, Petronet LNG Limited The program was witnessed by the officials from
M/s Petronet LNG Ltd, WHESSOE, Gas de France, IHI Corporation, AFCONS, VTV and
the workers.
Award : 'First Prize' , Award For Excellence
Category : Under
Project
of Grade Separator at Mukarba Chowk, Delhi under Chief Engineer, Flyover
Project Zone - I has been awarded "First Prize" Under - Category -
'Others' for best projects completed during 2009-10 from Hon'ble Minister of
Urban Development, Union of India Sh. Jaipal Reddy on 156th CPWD
Day, 12th July 2010.
Award : Leading Company
From
Category : Global Awards for Quality,
Innovation.
AFCONS Infrastructure Ltd (AFCONS), the infrastructure arm of Shapoorji Pallonji Group, has won the prestigious
International World Quality Commitment (WQC) 2009 award organized by Business
Initiative Directions, Paris. This recognition is based on the criteria of the
QC 100 quality mode, implemented in over 100 countries
Award
:
Given to AFCONS In
recognition of its commitment and timely completion of works to meet the goal
of producing first gas from Dhirubhai 1 & 3 gas fields in
Award :
Construction world as a part of its continues endeavor to
recognize top performance conducted a perception based survey of construction
and engineering industry professionals.
AFCONS for consecutive 3 years ie
2007,2008,2009 , as one of
Award : Bharat Shiromani Award – 2004
Category : Outstanding Contributions in the field of
Construction & Infra - structure Industry.
Shri K Subrahmanian,Managing
Director, AFCONS Infrastructure Ltd
Mumbai and ISO 9001 : 2000 Construction Company has been conferred with Bharat Shiromani Award –2004 for his
outstanding contributions in the field of Construction & Infrastructure
Industry and commitment to National Progress and Human Welfare by Shiromani.
Award : ACCE FOSROC Award
Category : Effective use of Construction Chemicals in Civil
Engineering Project
Tankers Berth Jetty Trestle for
RPL,
Award : Safety Award
Ishikawajima-Harima Heavy
Industries Co. Ltd awarded AFCONS
with the Safety Award for LNG
Tank at Dahej-Gujarat in 2001
Award : Maharashtra State Road
Development Corporation
Fly-over at Nitin Casting &
Cadbury Junctions, Thane Maharashtra State Road Development Corporation.
Award : ICI-MC-Banchemie Award
Category : Outstanding Contributions in the field of
Construction & Infra- structure Industry.
Award : 6th Most Outstanding Bridge
National Awards 1999
Award : ACCE SOM DUTT Award
Category : Excellence in Construction of Transportation
Project.
Award : Sarvamangala Award 2002
Category : Excellence in Construction in Civil Engineering
Association of Consulting Civil
Engineers (
Award : Most Outstanding Concrete
Structure
Worli & Bandra Marine Outfalls
was awarded for the Most Outstanding
Concrete Structure of India - 1997 (under Category I) by Maharashtra
India Chapter of American Concrete Institute.
Award : Most Outstanding Bridge National
Awards 1995
Award : Most Outstanding Bridge National
Awards 1995
Award : Most Outstanding Concrete
structure
NEWS
Afcons-Gunanusa JV and ONGC sign contract
for ICP-R Process Platform Project
Afcons - Gunanusa
Joint Venture (AGJV) and Oil and Natural Gas Company (ONGC) signed the contract
for ICPR Process Platform Project, part of Mumbai High South Re-Development
phase II project. At the signing ceremony, AGJV was represented by Sigit
Purwanto (Gunanusa's Director of Commercial) and Paramasivan S (Afcons's
Executive Director of Finance), and ONGC by R.R.Prasad, its General Manager.
The project scope
of works are Engineering, Procurement, Construction, Commissioning and
Installation of ICP-R platform (topside 7300 MT and jacket 3600 MT) and a Flare
Tripod (topside 90 MT and jacket 630 MT). The project also included 1.2 km
submarines pipelines between ICP-R and ICP-F3, also Hook-Up and Modification of
5 nearby platforms.
This is the first
project for AGJV and it will be completed on April, 2011.
Afcons
Infrastructure Limited bags US$ 366 mn ONGC contract
Afcons Infrastructure Limited (Afcons), the
infrastructure arm of Shapoorji Pallonji Group, has made a grand foray into the
offshore oil and gas segment. A joint venture of Afcons – Gunanusa (an
Indonesian Company) has bagged the job of offshore platform for ONGC at a value
of US$ 366 million. The project is expected to be completed by April 2011.
Afcons is also in the process of establishing an Oil and Gas Fabrication Yard
at Mahuva in
The scope of work includes setting up the ICP-R
Process Platform with a bridge connected to ICG existing complex, a flare
tripod, laying 1.2 km of submarine pipelines and modification / integration
with the ICP and ICG platforms.
Mr. K. Subrahmanian, Managing Director,
Afcons Infrastructure Limited, said, “Afcons Infrastructure Limited closed the
year ended March ‘09 with a top line of Rs.22500 millions and a PBT in excess
of Rs.850 millions, which is a good growth in the current environment.” He
added, “By bagging a prestigious ONGC offshore oil and gas contract, Afcons has
made a significant entry into the offshore business, which has been the domain
of overseas players with limited participation from Indian companies. With ONGC
slated to invest nearly US$ 60 billion in the next 5 years, Afcons will make a
significant bid into a lucrative business opportunity in the offshore
business.”
Kencana wins order
from Afcons Gunanusa JV
It is reported that
Kencana HL Sdn Bhd a wholly owned subsidiary of
The contract comprises scope of fabrication, load out, sea fastening and
transportation of the ICP-R main jacket and ICP-F3 flare jacket to offshore
Kencana
HL Sdn Bhd gets order from Afcons-Gunanusa JV
Kencana
HL Sdn Bhd, a wholly owned subsidiary of Malaysia's Kencana Petroleum Berhad,
has bagged an order worth RM50.5 million (approx Rs.707.000 millions) from
Afcons-Gunanusa JV, a company based in Mumbai, for the construction of jackets
for offshore process platform.
The
contract comprises scope of fabrication, load out, sea-fastening and
transportation of the ICP-R main jacket and ICP-F3 flare jacket to offshore
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.