MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	AFCONS INFRASTRUCTURE LIMITED (w.e.f. August 1996)
Formerly Known As :	ASIA FOUNDATIONS AND CONSTRUCTIONS LIMITED
Registered Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.11.1976
Com. Reg. No.:	11-19335
Capital Investment / Paid-up Capital :	Rs.4217.005 Millions
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.
No. of Employees :	7000 (Approximately)

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.

INFORMATION PARTED BY

Name :	Mr. Sachin Sharma
Designation :	Finance Manager
Contact No.:	91-22-67191296
Date :	10.11.2011

LOCATIONS

Registered Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26731107 / 26367091 / 7093 / 66773100 Ext 138 / 66773214 / 66773241/ 67191000
Fax No.:	91-22-26730047/ 26730026/ 26369052 / 26315910 / 26731031 / 26730027/ 26367093
E-Mail :	asia.afcons@gems.vsnl.net.in rajendran@afcons.com bd@afcons.com
Website :	http://www.afcons.com
Location	Owned
Other Offices :	Located At : Domestic Offices · New Delhi · Chennai · Kolkata · Nagpur International Offices · U.A.E. · Muscat · Mauritius · Madagascar

DIRECTORS

AS ON 30.09.2008

Name :

Mr. Cyrus Pallonji Mistry

Designation :

Chairman cum Managing Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.07.1968

Date of Appointment :

26.04.2000

Din No.:

00010178

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L85110KA1989PLC009968	TATA ELXSI LIMITED	Director	16-01-90	16-01-90	26-10-09	Active	NO
2	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29-09-09	27-03-91	-	Active	NO
3	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	03-07-91	03-07-91	27-11-09	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04-04-94	04-04-94	14-12-09	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16-01-95	16-01-95	28-01-08	Active	NO
6	U65920MH1923PLC001053	CYRUS INVESTMENTS LIMITED	Director	17-11-95	17-11-95	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17-11-95	17-11-95	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17-11-95	17-11-95	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20-11-95	20-11-95	-	Amalgamated	NO
10	U27203MH1995PTC095322	SP ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	11-03-96	11-03-96	16-11-10	Active	NO
11	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06-11-97	06-11-97	-	Active	NO
12	U72200MH1999PTC122642	BUILDBAZAAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	12-11-99	12-11-99	-	Active	NO
13	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04-12-99	04-12-99	29-01-08	Active	NO
14	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	26-04-00	26-04-00	-	Active	NO
15	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	23-06-03	23-06-03	-	Active	NO
16	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31-07-06	19-08-05	15-12-09	Active	NO
17	U99999MH1917PLC000478	TATA SONS LIMITED	Director	16-07-07	10-08-06	-	Active	NO
18	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13-08-07	29-11-06	07-07-08	Active	NO
19	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10-02-07	10-02-07	-	Active	NO
20	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	04-09-08	03-04-08	-	Active	NO
21	U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	Director	17-11-08	17-11-08	-	Active	NO

Name :

Mr. Pallonji Shapoorji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.06.1929

Date of Appointment :

26.04.2000

Din No.:

00046121

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65920MH1923PLC001053	CYRUS INVESTMENTS LIMITED	Director	16-01-50	16-01-50	Active	NO
2	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	25-05-51	25-05-51	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	31-03-07	07-04-56	Active	NO
4	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	20-11-63	20-11-63	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	03-01-95	03-01-95	Active	NO
6	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	28-03-96	28-03-96	Active	NO
7	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06-11-97	06-11-97	Active	NO
8	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	26-04-00	26-04-00	Active	NO
9	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	20-02-02	20-02-02	Active	NO
10	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31-07-06	19-08-05	Active	NO
11	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13-08-07	17-01-07	Active	NO

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

06.09.1964

Date of Appointment :

26.04.2000

Din No.:

00010114

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	16-03-83	16-03-83	-	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21-07-86	21-07-86	11-03-09	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29-09-09	22-04-87	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04-04-94	04-04-94	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16-01-95	16-01-95	-	Active	NO
6	U65920MH1923PLC001053	CYRUS INVESTMENTS LIMITED	Director	17-11-95	17-11-95	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17-11-95	17-11-95	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17-11-95	17-11-95	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20-11-95	20-11-95	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06-11-97	06-11-97	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04-12-99	04-12-99	-	Active	NO
12	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	03-09-01	03-09-01	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	15-03-02	15-03-02	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28-03-03	28-03-03	20-06-11	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17-04-03	17-04-03	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28-05-03	28-05-03	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12-07-05	12-07-05	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19-08-06	19-08-06	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13-08-07	29-11-06	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	20-12-06	20-12-06	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28-09-07	28-09-07	18-12-08	Active	NO
22	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06-07-10	06-07-10	-	Active	NO

Name :

Mr. Narendra Jamnadas Jhaveri

Designation :

Director

Address :

C-42, Samprat Residency, Opposite Parivar Society, Premchand Nagar Road, Bodekdev – Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

09.08.1935

Date of Appointment :

22.03.1996

Din No.:

00198912

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27203WB1938PLC009515	INDIAN ALUMINIUM COMPANY LIMITED	Director	26-10-91	26-10-91	-	Amalgamated	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	22-03-96	22-03-96	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	29-03-96	29-03-96	28-07-10	Active	NO
4	L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	Director	18-06-96	18-06-96	-	Active	NO
5	U67120MH1995PLC095642	NATIONAL SECURITIES DEPOSITORY LIMITED	Director	18-10-96	18-10-96	09-08-07	Active	NO
6	L29308MH1954PLC009371	VOLTAS LIMITED	Director	10-08-98	10-08-98	09-08-10	Active	NO
7	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	10-02-00	10-02-00	05-03-11	Active	NO
8	L28920MH1957PLC010839	SIEMENS LIMITED	Director	09-11-00	09-11-00	-	Active	NO
9	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Director	13-06-01	13-06-01	-	Active	NO
10	U99999MH1986PLC093854	SIEMENS INFORMATION SYSTEMS LIMITED	Director	01-04-05	01-04-05	26-09-09	Active	NO
11	L21011WB1936PLC008726	STAR PAPER MILLS LIMITED	Director	30-05-05	30-05-05	22-05-07	Active	NO
12	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	28-09-06	01-10-05	02-02-09	Active	NO
13	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	30-01-06	30-01-06	-	Active	NO
14	U85110KA1999PTC024701	MANIPAL HEALTH SYSTEMS PRIVATE LIMITED	Director	17-05-06	17-05-06	08-03-08	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	20-07-07	16-10-06	-	Active	NO
16	L85910GJ1974PLC002595	SIEMENS HEALTHCARE DIAGNOSTICS LIMITED	Additional director	30-04-07	30-04-07	-	Amalgamated	NO
17	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	02-09-08	29-06-07	-	Active	NO
18	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	12-09-07	21-07-07	-	Active	NO
19	U65923GJ1990PLC013966	GVFL LIMITED	Director	23-09-08	06-12-07	-	Active	NO
20	U67110AP1993PLC052266	EDELWEISS SECURITIES LIMITED	Director	10-07-08	14-01-08	-	Active	NO
21	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24-07-10	18-05-10	-	Amalgamated	NO

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

502, Sterling Tower, Horichandra Goregaonkar Marg, Gamdevi, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

27.09.2007

Din No.:

00004945

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1979PTC021128	S C IMPEX PRIVATE LIMITED	Director	30-07-84	30-07-84	10-12-07	Active	NO
2	U61790MH1985PTC035376	SILVER STREAK INVESTMENT PRIVATE LIMITED	Director	16-02-85	16-02-85	21-06-11	Active	NO
3	U65990MH1985PTC035404	BLUE ARROW FINANCE CO PRIVATE LIMITED	Director	19-02-85	19-02-85	16-06-11	Active	NO
4	U74999MH1985PTC037814	SHAPOORJI DATA PROCESSING PRIVATE LIMITED	Director	02-05-86	02-05-86	10-12-07	Active	NO
5	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	01-09-86	01-09-86	-	Active	NO
6	U65990MH1979PTC021790	S P FINANCE PRIVATE LIMITED	Director	20-01-87	20-01-87	-	Active	NO
7	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	22-04-87	22-04-87	01-04-11	Active	NO
8	U65990MH1979PTC021792	FINVESTCO INVESTMENTS PRIVATE LIMITED	Director	15-03-89	15-03-89	-	Amalgamated	NO
9	U65990MH1989PTC051347	DAY STAR TRADING PRIVATE LIMITED	Director	12-04-89	12-04-89	07-05-08	Active	NO
10	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	13-04-89	13-04-89	13-06-11	Active	NO
11	U51900MH1979PTC020924	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	29-05-89	29-05-89	-	Active	NO
12	U67130MH1989PTC051192	HEMINISHI INVESTMENT PRIVATE LIMITED	Director	12-06-89	12-06-89	-	Amalgamated	NO
13	U74999MH1993PTC071499	ADVANCE TECH ENERGY ADDITIVES PRIVATE LIMITED	Director	15-04-93	15-04-93	-	Active	NO
14	U55200MH1993PTC072856	SHAPOORJI HOTELS PRIVATE LIMITED	Director	14-07-93	14-07-93	14-06-11	Active	NO
15	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04-07-94	04-07-94	27-06-11	Active	NO
16	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	21-12-94	21-12-94	-	Active	NO
17	U67120MH1995PTC084748	ADARO SECURITIES PRIVATE LIMITED	Director	19-01-95	19-01-95	-	Active	NO
18	U99999MH1995PTC085899	STERLING GENERATORS PRIVATE LIMITED	Director	24-02-95	24-02-95	-	Active	NO
19	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	28-02-95	28-02-95	10-12-07	Active	NO
20	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	26-06-96	26-06-96	10-12-07	Active	NO
21	U25192MH1993PTC072591	S P FABRICATORS PRIVATE LIMITED	Director	12-12-96	12-12-96	15-04-11	Active	NO
22	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	17-02-98	17-02-98	10-12-07	Amalgamated	NO
23	U70101MH1998FTC114830	FAERY ESTATES PRIVATE LIMITED	Director	24-05-07	08-05-98	30-04-08	Active	NO
24	U70100MH1995PLC092856	JOYOUS HOUSING LIMITED	Director	17-08-98	17-08-98	26-01-09	Active	NO
25	U70100MH1998PTC114764	GRAND VIEW ESTATES PRIVATE LIMITED	Director	15-06-99	15-06-99	05-05-08	Active	NO
26	U70200MH1995PTC084751	PALCHIN REAL ESTATES PRIVATE LIMITED	Director	24-01-00	24-01-00	10-12-07	Active	NO
27	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	20-06-00	20-06-00	-	Active	NO
28	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	01-12-08	18-10-00	-	Active	NO
29	U28920MH1979PTC021425	CYRUS ENGINEERS PRIVATE LIMITED	Director	26-12-00	26-12-00	10-12-07	Active	NO
30	U67120MH1979PTC021592	S C FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	03-09-02	03-09-02	-	Active	NO
31	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	05-09-02	05-09-02	16-06-11	Active	NO
32	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28-03-03	28-03-03	20-06-11	Active	NO
33	U65990MH1979PTC021791	CRYSTAL INVESTMENT COMPANY PRIVATE LIMITED	Director	16-04-03	16-04-03	-	Active	NO
34	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	17-04-03	17-04-03	30-05-08	Active	NO
35	U92490MH2003PTC139673	DHAN GAMING SOLUTION (INDIA) PRIVATE LIMITED	Director	21-06-04	21-06-04	24-02-09	Active	NO
36	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12-07-05	12-07-05	15-06-11	Active	NO
37	U65920MH1923PLC001053	CYRUS INVESTMENTS LIMITED	Director	26-08-05	26-08-05	10-11-08	Active	NO
38	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	16-12-05	16-12-05	30-04-08	Active	NO
39	U70100MH2005PTC158264	WINDWARD BUILDERS PRIVATE LIMITED	Director	22-12-05	22-12-05	30-04-08	Active	NO
40	U45200MH2005PTC158340	FLOORAISE DEVELOPERS PRIVATE LIMITED	Director	27-12-05	27-12-05	25-08-08	Active	NO
41	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	03-02-06	03-02-06	-	Active	NO
42	U45200MH2006PTC160662	MANJRI DEVELOPERS PRIVATE LIMITED	Director	23-03-06	23-03-06	10-12-07	Active	NO
43	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27-09-07	22-12-06	-	Active	NO
44	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	28-03-07	28-03-07	20-06-11	Active	NO
45	U65990MH1996PTC102459	BENGAL SHAPOORJI DEVELOPERS PRIVATE LIMITED	Director	05-06-07	05-06-07	30-04-08	Active	NO
46	U65990MH1988PTC049619	BENGAL SHAPOORJI HOUSING DEVELOPMENT PRIVATE LIMITED	Director	05-06-07	05-06-07	30-04-08	Active	NO
47	U70102MH2007PTC174823	PRECAUTION PROPERTIES PRIVATE LIMITED	Director	10-10-07	10-10-07	07-05-08	Active	NO
48	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	23-06-08	01-11-07	16-05-11	Active	NO
49	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	28-05-08	28-05-08	03-10-11	Active	NO
50	U31200MH1974PLC017538	STERLING AND WILSON LIMITED	Director	29-09-08	12-08-08	-	Active	NO
51	U45209GJ2008PTC054828	SHAPOORJI PALLONJI INDUSTRIAL PARK PRIVATE LIMITED	Director	21-08-08	21-08-08	03-10-11	Active	NO
52	U45201GJ2008PTC054483	SP SIMAR INFRASTRUCTURE ZONE PRIVATE LIMITED	Director	29-09-09	30-04-09	03-10-11	Active	NO
53	U45203MH2010PTC202625	SHAPOORJI PALLONJI ROADS PRIVATE LIMITED	Director	30-04-10	30-04-10	30-09-11	Active	NO
54	U40103MH2010PTC202791	SHAPOORJI PALLONJI POWER PROJECTS PRIVATE LIMITED	Director	05-05-10	05-05-10	18-10-11	Active	NO
55	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06-07-10	06-07-10	-	Active	NO

Name :

Mr. Bhagwan Dass Narang

Designation :

Director

Address :

Flat No. 29, (GF) Pocket – F, DDA. APP. SFC. Scheme, Shaikh Sarai, Phase – I, Delhi – 110 017, India

Date of Birth/Age :

12.04.1945

Date of Appointment :

27.09.2007

Din No.:

00038052

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L34300DL2005PLC139163	SHIVAM AUTOTECH LIMITED	Director	14-02-06	14-02-06	-	Active	NO
2	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	29-12-06	30-05-06	-	Active	NO
3	U27102DL2005PLC139741	IST STEEL AND POWER LIMITED	Director	30-09-06	30-09-06	01-04-11	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	02-02-07	06-01-07	-	Active	NO
5	L45205TN1995PLC030231	VA TECH WABAG LIMITED	Director	07-09-09	07-06-07	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27-09-07	29-06-07	-	Active	NO
7	U22121DL2001PLC159705	AMAR UJALA PUBLICATIONS LIMITED	Director	24-08-07	24-08-07	-	Active	NO
8	U67120AP1995PLC019877	KARVY STOCK BROKING LIMITED	Director	29-09-08	29-09-08	-	Active	NO
9	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director appointed in casual vacancy	29-09-08	29-09-08	-	Active	NO
10	U67110DL1996PLC079973	DSE FINANCIAL SERVICES LIMITED	Nominee director	12-11-09	12-11-09	-	Active	NO
11	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	29-09-10	30-01-10	-	Active	NO
12	U74900MH2009PTC193065	MULTIPLES EQUITY FUND TRUSTEE PRIVATE LIMITED	Director	31-08-10	06-07-10	-	Active	NO
13	U85110TZ1987PTC017564	POTENTIAL SEMAC CONSULTANTS PRIVATE LIMITED	Director	27-08-11	04-10-10	-	Active	NO
14	U51909WB1987PLC097552	FAIRDEAL SUPPLIES LIMITED	Additional director	25-10-10	25-10-10	01-04-11	Active	NO
15	U99999DL1978PTC008855	ARVIND TECHNO ENGINEERS PRIVATE LIMITED	Director	21-09-11	29-08-11	-	Active	NO

Name :

Mr. Ramunni Menon Premkumar

Designation :

Director

Address :

101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

16.08.1945

Date of Appointment :

27.09.2007

Din No.:

00328942

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1966PLC013459	SICOM LIMITED	Nominee director	01-04-11	31-03-06	-	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27-09-07	29-06-07	-	Active	NO
3	L72900MH1989PLC131521	FINE-LINE CIRCUITS LIMITED	Director	25-08-07	30-06-07	-	Active	NO
4	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	15-07-08	15-10-07	-	Active	NO
5	U28113MH2004PTC149620	RAMA CYLINDERS PRIVATE LIMITED	Director	31-07-08	29-04-08	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LIMITED	Nominee director	30-06-08	30-06-08	23-01-09	Active	NO
7	U40109MH2005SGC153646	MAHARASHTRA STATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	30-12-09	03-12-08	11-06-10	Active	NO
8	U51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Nominee director	10-08-09	10-08-09	-	Active	NO
9	U40102DL2008PTC177307	NTPC BHEL POWER PROJECTS PRIVATE LIMITED	Nominee director	27-09-10	25-08-10	-	Active	NO
10	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	30-09-11	14-10-10	-	Active	NO
11	U74120MH2011PTC220546	SUMER ENERGY PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO

Name :

Mr. Abhimanyu Hemendra Divanji

Designation :

Director

Address :

51, Le Repos, Perry Cross Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

20.11.1928

Date of Appointment :

27.03.2002

Din No.:

00051508

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	28-08-81	28-08-81	-	Active	NO
2	U74999MH1982PTC028701	HAZARAT AND COMPANY PRIVATE LIMITED	Director	28-07-83	28-07-83	-	Active	NO
3	U11101MH1984PTC032807	AFCONS OFFSHORE AND MARINE SERVICES PRIVATE LIMITED	Director	02-05-84	02-05-84	17-06-09	Active	NO
4	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	18-07-85	18-07-85	-	Active	NO
5	U45200MH1987PTC045580	KIER AFCONS (INDIA) PRIVATE LIMITED	Director	14-12-87	14-12-87	-	Dissolved	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27-03-02	27-03-02	-	Active	NO

Name :

Mr. Pradip Narotam Kapadia

Designation :

Director

Address :

Govind Building, 140, Princess Street, Mumbai – 400 002, Maharashtra, India

Date of Birth/Age :

30.09.1951

Date of Appointment :

30.09.2008

Din No.:

00078673

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910GJ1979PTC003314	SUMANGLA INVESTMENTS PRIVATE LIMITED	Director	17-05-84	17-05-84	Active	NO
2	U74300MH1979PTC021542	HTA MARKETING SERVICES PRIVATE LIMITED	Director	30-06-84	30-06-84	Active	NO
3	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	21-01-03	21-01-03	Active	NO
4	U17114GJ1995PLC027397	MAFATLAL DENIM LIMITED	Director	31-03-06	31-03-06	Active	NO
5	U99999MH1938PTC002771	HINDUSTAN THOMPSON ASSOCIATES PRIVATE LIMITED	Director	22-06-07	23-08-06	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30-09-08	28-11-06	Active	NO
7	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	25-09-09	12-09-08	Active	NO
8	U67190MH2008PTC181421	C3 ADVISORS PRIVATE LIMITED	Director	23-09-09	24-11-08	Active	NO

Name :

Mr. Naushir Dara Khurody

Designation :

Director

Address :

12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

26.10.1936

Date of Appointment :

30.09.2008

Din No.:

00007150

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74100MH1977PTC019472	KHURODY TECHNICAL SERVICES PRIVATE LIMITED	Director	08-04-83	08-04-83	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	28-05-99	28-05-99	-	Active	NO
3	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24-09-01	24-09-01	-	Amalgamated	NO
4	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	22-10-01	22-10-01	-	Active	NO
5	L29308MH1954PLC009371	VOLTAS LIMITED	Director	28-01-02	28-01-02	16-08-11	Active	NO
6	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	07-02-02	07-02-02	01-09-08	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	17-03-04	17-03-04	-	Active	NO
8	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31-01-05	31-01-05	22-06-09	Active	NO
9	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	04-02-05	04-02-05	08-04-08	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23-01-06	23-01-06	01-10-11	Active	NO
11	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30-09-08	22-12-06	-	Active	NO
12	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	29-08-07	17-04-07	-	Active	NO
13	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	26-09-08	26-09-08	-	Active	NO
14	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	26-09-08	26-09-08	-	Amalgamated	NO
15	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	09-09-09	08-10-08	-	Active	NO
16	U93090MH2009PTC191515	MILESTONE RELIGARE INVESTMENT ADVISORS PRIVATE LIMITED	Director	20-05-10	08-04-09	-	Active	NO

Name :

Mr. Krishnamurthy Subrahmanian

Designation :

Managing Director

Address :

611, Wing C, Evening Star, Raheja Vihar, Andheri (West), Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

03.06.1958

Date of Appointment :

15.11.2002

Din No.:

00047592

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	01-07-11	15-11-02	Active	NO
2	U35110GJ2008PTC054507	SIMAR PORT PRIVATE LIMITED	Director	17-07-08	17-07-08	Active	NO

Name :

Mr. Paramasivan Srinivasan

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

Din No.:

00058445

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74210MH1971PLC015196	FOURESS ENGINEERING(INDIA)LIMITED	Director	26-10-98	26-10-98	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Whole-time director	01-07-11	10-06-02	Active	NO
3	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	12-02-03	12-02-03	Active	NO
4	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	12-02-03	12-02-03	Active	NO
5	L25100MH1965PLC013379	THE RUBBER PRODUCTS LIMITED	Director	11-09-08	28-05-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin Sharma
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

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.
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

GENERAL INFORMATION

Supplier:

· Tisco

· Tata Iron Steel

Customers :

· Mumbai Port Trust

· Jawaharlal Nehru Port Trust

· Chennai Port Trust

· Nuclear Power Corporation of India

· 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

· Delhi Development Authority

· MECON Limited

· Essar Limited

· Gujarat Heavy Chemicals Limited

· Kokilaben Dhirubhai Ambani Hospital

· Wockharht Hospitals

· Nanavati Hospital

· Kokan Railway Corporation

· Chennai Metro

· Kolkata Metro

· Delhi Metro Railway

· Reliance Industries

No. of Employees :

7000 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, NGN Vaidya Marg, Horniman Circle, Fort, Mumbai – 400 023, Maharashtra, India

· Oriental Bank of Commerce, Corporate Ground Finance Branch, Maker Tower “E”, 18^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· HDFC Bank

· Sandoz House Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· UCO Bank

· Axis Bank Limited

· Bank of India

· Dena Bank

· BNP Paribas

· ING Vysya Bank Limited

· ICICI Bank Limited

· Union Bank of India

· IDBI Bank Limited

· Standard Chartered Bank

· Yes Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans and Advances form Banks
i) Cash Credit account and working capital demand loans	1324.920	1266.239
ii) Equipment/ Car Loan	1039.516	1800.698
iii] Term Loans	0.000	125.000
Total	2364.436	3191.937

NOTES:

1. Secured by a first charge on the immovable properties of the Company situated in Andheri, Mumbai and Nagpur on a pari-passu basis. Further secured by hypothecation of the Company’s stocks of construction materials, stores and work in progress, all other movable properties, plant and machinery and book debts on a pari-passu basis.

2. Secured by first charge by way of hypothecation of the equipment / car(s) financed.

3. Secured by charge on receivables older than 6 months.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term Loans and Advances
From Banks	725.000	2328.772
From Others – Commercial Papers (Maximum amount raised during the year Rs.1896.692 Millions)	1414.207	0.000
Other Loans and advances
From Banks	875.000	1375.000
From others	9.000	9.000
Total	3023.207	3712.772

Banking Relations :	--
Auditors :
Name :	· Deloitte Haskins and Sells Chartered Accountants Address : 12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India · J. C. Bhatt Chartered Accountants Address : 3^rd Floor, Surya Mahal, Burjorji Bharucha Marg, Fort, Mumbai – 400 020, Maharashtra, India
Holding Companies :	Shapoorji Pallonji and Company Limited (Ultimate Holding Company)
Subsidiaries :	· Afcons Pauling (India) Limited · Afcons BOT Constructions Private Limited · Tensacciai [India] Private Limited · Kier Afcons (India) Private Limited [since liquidated] Under Members Voluntary Winding Up · Afcons (Overseas) Constructions and Investments Private Limited · Hazarat and Company Private Limited CIN No.: U74999MH1982PTC028701 · SSS Electricals (India) Private Limited CIN No.: U28920MH1985PTC036876 · Afcons Dredging and Marine Services Limited · Afcons Construction Mideast LLC Dubai UAE · Afcons Arethusa Offshore Services Private Limited (CIN No.: U11101MH1984PTC032807) · Afcons Infrastructures International Limited · Afcons Offshore and Marine Services Private Limited
Fellow Subsidiary :	· Sterling Investments Corporation Private Limited · Floreat Investments Limited · Cyrus Investments Limited (Directly)
Associates :	Afcons [Mideast] Construction and Investments Private Limited
Partners :	Afcons Pauling Joint Venture
Jointly Controlled Entity :	Afcons SMCC Joint Venture Afcons Aarsleff Joint Venture (upto 5^th November 2007)

CAPITAL STRUCTURE

AS ON 20.09.2010

Authorised Capital : Rs.10000.000 Millions

Issued, Subscribed and Paid-up Capital : Rs.4218.819 Millions

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 nonprofit 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	2864.867
	Other Current Liabilities	1360.599	739.741	773.724
	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	15725.620
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

Particulars	31.03.2011
Sales Turnover [Approximately]	28900.000

Expected Sales (2011-12): Rs.33000.000 Millions.

The above information has been parted by Mr. Sachin Sharma.

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

SUNDRY CREDITORS DETAILS

Particulars	31.03.2010	31.03.2009	31.03.2008
	(RS. IN MILLIONS)
Sundry Creditors
Total outstanding dues to micro, medium and small enterprises	7.226	11.709	1.152
Total outstanding dues to creditors other than micro and small enterprises	1866.076	3493.420	2863.715
Total	1873.302	3505.129	2864.867

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	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS

The Company has performed well as can be reflected from the financial results above. The Total Income, PBT, EBIDTA and PAT has grown by 7%, 45%, 16% and 62% respectively. The Order book as on 31 March 2010 was Rs.57537.800 Millions as compared to the previous year order book of Rs.42623.100 Millions. Presently the share of the overseas contract is over 24% of the order book.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

The fiscal year 2009-10 began as a difficult one. There had been a significant slowdown in the growth rate in the second half of 2008-09 following the global financial crisis that began in 2007 and spread to the real economy across the world. The Indian economy, however, was hit in the latter part of the global recession and the real economic growth witnessed a sharp fall, followed by lower exports, lower capital outflow and corporate restructuring. Yet, over the span of the year, the Indian economy posted a remarkable recovery, not only in terms of overall growth figures but, more importantly, in terms of certain fundamentals, which justify optimism for the Indian economy in the medium to long term. The real turnaround came in the second quarter of 2009-10 when the economy grew by 7.9%. As per the advance estimates of GDP for 2009-10, released by the Central Statistical Organisation (CSO), the economy is expected to grow at 7.2% in 2009-10, with the industrial and service sectors growing at 8.2% and 8.7% respectively.

In tandem with the turnaround in overall industrial growth, core industries and infrastructure services have also evinced signs of recovery with easing of supply bottlenecks in certain sectors and demand recovery in others. India’s gross domestic product (GDP) grew by 6% during October to December 2009, over the corresponding quarter of the previous year, as per data released by the CSO.

Six core infrastructure industries grew at 4.5 % in February 2010 against 1.9 % during the corresponding month last year, primarily due to increased output in electricity. The six infrastructure sectors-crude, petroleum refinery products, coal, electricity, cement and finished steel-that constitute 26.68 % in lIP, recorded a growth of 5.3 % in the period April-February 2009-10, as against 2.9% in the same period last year. In order to sustain economic growth during the time of the worst recession, the government authorities in India have announced the stimulus packages to prop up economic growth. It is expected that the global economies will continue to sustain in the short-term, as the effect of stimulus programs is yet to bear fruit.

INDUSTRY STRUCTURE AND DEVELOPMENT

The Construction industry is an integral part of the Indian economy and accounts for significant share of the GDP. It is also one of the largest employers of skilled and unskilled labour force in the country and is characterized by mix of both organized and unorganized entities.

Provision of quality infrastructure is a crucial pre requisite for sustainable growth of the economy. The fast growth of the Indian economy has placed increasing stress on physical infrastructure which suffers from substantial deficits in terms of capacities and efficiencies in their delivery. The pattern of inclusive growth of the economy projected for the Eleventh Plan, with GDP growth averaging 9% per year can be achieved only if this infrastructure deficit can be overcome and adequate investment takes place to support higher growth and an improved quality of life for both urban and rural communities. While there has been some improvement in infrastructure development in the recent years there are still significant gaps that need to be bridged.

To revive economic growth, the government has put strong impetus on infrastructure development in the current budget. It has made provision of Rs.1735520.000 Millions for Infrastructure development. The Government has raised the allocation for road transport by over 13% to Rs.198940.000 Millions and Railway by over 6% to Rs.167520.000 Millions.

The Government has also introduced various policies and schemes like Viability Gap Funding (VGF), setting up of an Infrastructure SPV i.e. India Infrastructure Finance Company, Bharat Nirman Programme, National Urban Renewal Mission. Committee on Infrastructure to strengthen the Indian infrastructure sector It has also increased its budgetary allocation to the aforesaid scheme and policies to further boost the Infrastructure development of the Country.

The Government has been actively encouraging private investment in Infrastructure through Public Private Partnership to meet the massive Infrastructure funding requirement.

With the huge investment proposed in Infrastructure sector in the Eleventh plan period (2007-2012) coupled with the government initiative, the growth of infrastructure development in India in the near terms looks very promising. The Company is well poised to participate in this opportunity.

BUSINESS OVERVIEW

The Company has bagged a prestigious order worth Rs.14580.000 Millions from the Border Roads Organization for constructing 8.8 KM long 81-Directional traffic dual lane single bore Highway Tunnel at Rohtang Pass, for providing all weather connectivity between Manali and Leh and Ladakh for defence forces. This longest tunnel, is being built in Joint Venture with Strabag AG, Austria.the Company’s share of work is equivalent to Rs.5830.000 Millions.

The Company in Joint Venture with Transtonnelstroy Limited, Russia has bagged order worth Rs.9379.500 Millions from Kolkata Metro Rail Corporation Limited for the work of constructing 2 crucial transportation tunnel 20 meters below the Hooghly riverbed along with construction of 3 underground stations. The project is part of the Rs.48745.800 Millions East West Metro Corridor Project.

The Company has made a significant entry in the Kingdom of Jordan by bagging the project Construction of New Phosphate Rock Terminal in South Port of Aquaba, Jordan for Jordan Phosphate Mines Co. PLC. for (JD142.230 million) equivalent to Rs.9115.500 Millions.

In September 2009, the Company has received mandate from Konkan Railway Corporation Limited to resume work on some locations of the prestigious project of constructing special bridge across river Chenab on the Katra-Laole Section of Jammu and Kashmir .The project was awarded to the Company in 2004 and the works were subsequently suspended in 2008 by Indian Railway Board as the plans for the bridge could not be finalized in view of the treacherous geological conditions and alignment issues.

The Company has also bagged several other orders in various segments of construction business i.e. Marine works, Bridges, Civil works both in India and abroad.

The present order book position of the Company as on 31st March, 2010 is Rs.57537.800 Millions. Presently the share of the overseas contract is over 24% of the order book.

The growth has been well diversified across different segments and geographies on the desired line and focus. All the segments are well balanced and there is no over dependence on any one sector or geography and we remain present in all segments with a reasonable significant participation.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009
	(Rs. In millions)
Claims against the Company not acknowledged as debts a) Liquidated damages against the company b) Differences with sub-contractors in regard to rates and quantity of materials. c) Proposed Recovery by the Government of Andhra Pradesh towards Sales Tax on B.T. escalation. d) Labour and other matters. The above claims are pending before various authorities. The Company is confident that the cases will be successfully contested	-- 68.666 -- 0.100	33.132 71.392 21.819 0.100
a) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures. b) Corporate Guarantees given on behalf of Subsidiaries and Joint Ventures.	7079.139 7112.714	2048.060 8240.640
Sales tax and Extra tax Represents demands raised by Sales Tax Authorities in matters of disallowance of labour and service charges, consumables etc. for which appeal is pending before various appellate authorities. The Company is confident that the cases will be successfully contested.	192.982	165.103
Excise Duty Represents demands raised by Central Excise Department for Excitability of girders. The Company is confident that the cases will be successfully contested.	132.287	22.738
Service Tax Represents demand confirmed by the Asst. Commissioner of Service Tax for disallowance of Cenvat Credit, since abatement claimed. The Company has appealed against the said order with Commissioner of Service Tax Mumbai and is confident that Cenvat Credit will be allowed as it is project specific and abatement has not been availed on the same.	0.284	--

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 India of the company

“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’, 18^th 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:

Amt. of Installment	Due date of payment of 1^st installment	No. and Periodicity of installments
Rs.31.250 millions	12 months from the date of 1^st installment.	16 Quarterly installments.

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 29^th 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”, 18^th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
6) Date and brief description of instrument modifying the charge	As per Term Loan Agreement dated 29^th 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

FIXED ASSETS

· Land – Freehold

· Land – Leasehold

· Buildings

· Plant and Machinery

· Leasehold Improvements

· Floating Equipments etc.

· Laboratory Equipments

· Office Equipments

· Furniture and Fixtures

· Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.