|
Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AFCONS INFRASTRUCTURE LIMITED (w.e.f. August 1996) |
|
|
|
|
Formerly Known
As : |
|
|
|
|
|
Registered
Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.11.1976 |
|
|
|
|
Com. Reg. No.: |
11-019335 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4218.395 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 27000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be correct and
as per commitments. 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 DENIED BY
|
Name : |
Mr. Sachin Sharma |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67191000 |
|
Date : |
05.06.2012 |
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 : |
|
|
Website : |
|
|
Location |
Owned |
|
|
|
|
Other Offices : |
Located At : Domestic Offices ·
· Chennai · Kolkata ·
International Offices · U.A.E. ·
·
·
|
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Cyrus Pallonji Mistry |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
04.07.1968 |
|
Date of Appointment : |
26.04.2000 |
|
Din No.: |
00010178 |
|
Name : |
Mr. Pallonji Shapoorji Mistry |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.06.1929 |
|
Date of Appointment : |
26.04.2000 |
|
Din No.: |
00046121 |
|
Name : |
Mr. Shapoor Pallonji Mistry |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
06.09.1964 |
|
Date of Appointment : |
26.04.2000 |
|
Din No.: |
00010114 |
|
Name : |
Mr. Narendra Jamnadas Jhaveri |
|
Designation : |
Director |
|
Address : |
C-42, Samprat Residency, Opposite Parivar Society, |
|
Date of Birth/Age : |
09.08.1935 |
|
Date of Appointment : |
22.03.1996 |
|
Din No.: |
00198912 |
|
Name : |
Mr. Jimmy Jehangir Parakh |
|
Designation : |
Director |
|
Address : |
502, |
|
Date of Birth/Age : |
01.10.1949 |
|
Date of Appointment : |
27.09.2007 |
|
Din No.: |
00004945 |
|
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 |
|
Din No.: |
00038052 |
|
Name : |
Mr. Ramunni Menon 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 |
|
Din No.: |
00328942 |
|
Name : |
Mr. Abhimanyu Hemendra Divanji |
|
Designation : |
Director |
|
Address : |
51, Le Repos, |
|
Date of Birth/Age : |
20.11.1928 |
|
Date of Appointment : |
27.03.2002 |
|
Din No.: |
00051508 |
|
Name : |
Mr. Pradip Narotam Kapadia |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
30.09.1951 |
|
Date of Appointment : |
30.09.2008 |
|
Din No.: |
00078673 |
|
Name : |
Mr. Naushir Dara Khurody |
|
Designation : |
Director |
|
Address : |
12 A, |
|
Date of Birth/Age : |
26.10.1936 |
|
Date of Appointment : |
30.09.2008 |
|
Din No.: |
00007150 |
|
Name : |
Mr. Krishnamurthy Subrahmanian |
|
Designation : |
Managing Director |
|
Address : |
611, Wing C, Evening Star, Raheja Vihar, Andheri (West), Mumbai – 400
072, |
|
Date of Birth/Age : |
03.06.1958 |
|
Date of Appointment : |
15.11.2002 |
|
Din No.: |
00047592 |
|
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 |
KEY EXECUTIVES
|
Name : |
R P Rajendran |
|
Designation : |
Secretary |
|
Address : |
206, Ganga Darshan, |
|
Date of Birth/Age : |
08.09.1952 |
|
Date of Appointment : |
01.10.1991 |
|
PAN No.: |
AAHPR6302D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
As on 29.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
96.50 |
|
Directors or relatives of Directors |
0.39 |
|
Other top fifty shareholders |
3.11 |
|
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 : |
|
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
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No. of Employees : |
7000 (Approximately) |
|||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Oriental
Bank of Commerce, Corporate Ground Finance Branch, Maker Tower “E”, 18th
Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
HDFC Bank, ·
UCO
Bank ·
Axis
Bank Limited ·
Bank
of ·
Dena
Bank ·
BNP
Paribas ·
ING
Vysya Bank Limited ·
ICICI
Bank Limited ·
Union
Bank of ·
IDBI
Bank Limited ·
Standard
Chartered Bank ·
Yes
Bank Limited |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
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Facilities : |
|
|
Financial Institute : |
Chennai Metro Rail Limited, No. 7, “ |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor 1 : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
PAN.: |
AACFD4815A |
|
|
|
|
Auditor 2 : |
|
|
Name : |
J. C. Bhatt Chartered Accountants |
|
Address : |
3rd Floor, Surya Mahal, Burjorji Bharucha Marg,
Fort, Mumbai – 400 020, |
|
PAN.: |
AABPB4478L |
|
|
|
|
Holding Company
: |
Shapoorji Pallonji and Company Limited (w.e.f. 6th July, 2010) U45200MH1943PLC003812 |
|
|
|
|
Subsidiaries : |
·
Hazarat
Company Private Limited CIN
No.: U74999MH1982PTC028701 ·
Afcons Corrosion Protection Private Limited
(formerly known as SSS Electricals ( CIN
No.: U28920MH1985PTC036876 ·
Afcons Offshore and Marine Services Private
Limited CIN
No.: U11101MH1984PTC032807 ·
Afcons Construction ·
Afcons Infrastructure International Limited
(AIIL) ·
Afcons ·
·
Afcons Gunanusa Joint Venture ( Jointly
Controlled Entity) ·
Transtonnelstroy Afcons Joint Venture ( Jointly
Controlled Entity) ·
Dahej Standby Jetty Project undertaking (Jointly
Controlled Entity w.e.f. 13th May, 2010) |
|
|
|
|
Fellow Subsidiaries : |
·
Sterling Investments Corporation Private Limited ·
Floreat Investments Limited ·
Cyrus Investments Limited |
|
|
|
|
Associates : |
Afcons ( |
|
|
|
|
Partnership firm
in which the Company is a partner : |
Afcons Pauling Joint Venture |
|
|
|
|
Jointly
Controlled Entities : |
·
Strabag AG Afcons Joint Venture ·
Saipem Afcons Joint Venture |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
|
650000000 |
Non Cumulative and
Non Profit Participatory Convertible shares and Fully and Compulsorily
Convertible on Cumulative Non Participatory Preference shares |
Rs.10/- each |
Rs.6500.000 Millions |
|
|
TOTAL |
|
Rs.10000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
71839500 |
Equity Shares |
Rs.10/- each |
Rs.718.395 Millions |
|
350000000 |
|
Rs.10/- each |
Rs.3500.000 Millions |
|
|
TOTAL |
|
Rs.4218.395
Millions |
Notes:
(A) 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 Millions out of General
Reserve.(c)48,165,838 (Previous year Nil) Shares are held by Shapoorji Pallonji
and Company Limited (SPCL) (Holding Company) **(d)Nil (Previous Year
24,079,669) Shares are held by Cyrus Investments Limited (CIL) **(e)Nil
(Previous year 24,075,389) shares are held by Sterling Investment Corporation
Private Limited (SICPL) **(f)13,015,929 shares are held by Floreat Investments
Limited (FIL), a subsidiary of SPCL.(g)4,016,250 shares are held by Renaissance
Commerce Private Limited, a subsidiary of Shapoorji Pallonji Infrastructure
Capital Company Limited (SPICCL), which is a subsidiary of SPCL.(h)4,016,250
shares are held by Hermes Commerce Limited, a subsidiary of Shapoorji Pallonji
Infrastructure Capital Company Limited (SPICCL), which is a subsidiary of
SPCL.(i)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.(j)439,468 (Previous year 300,514)
shares have been issued under ESOP scheme 2006.**The above shareholding takes
into account the effect of the Composite Scheme of Arrangement between SPCL,
CIL and SICPL which has been approved by the High Court of Mumbai. Under the
terms of the Scheme as approved, the shares of the Company held by SICPL and
CIL are vested in SPCL w.e.f. the appointed date viz 01-04-2008. However, the
actual transfer of the shares held by CIL and SICPL in favour of SPCL has been
done in October 2010.
(B) Out of the
above 350,000,000 Preference Shares 100,000,000, 0.1% Non Cumulative and Non
Profit Participatory Convertible Preference Shares of Rs. 10 each and
250,000,000, 0.1% Fully and Compulsorily Convertible Non-Cumulative, Non
Participatory Preference Shares of Rs. 10 each.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.
After 29.09.2011
Authorised Capital : Rs. 10000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 4219.702 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4218.395 |
4217.005 |
4214.044 |
|
|
2] Share Application Money |
0.000 |
0.018 |
0.000 |
|
|
3] Reserves & Surplus |
2445.948 |
1866.300 |
1509.577 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6664.343 |
6083.323 |
5723.621 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3388.958 |
2364.436 |
3192.368 |
|
|
2] Unsecured Loans |
3414.949 |
3023.207 |
3712.772 |
|
|
TOTAL BORROWING |
6803.907 |
5387.643 |
6905.140 |
|
|
DEFERRED TAX LIABILITIES |
576.042 |
443.664 |
434.561 |
|
|
|
|
|
|
|
|
TOTAL |
14044.292 |
11914.630 |
13063.322 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4178.922 |
3712.188 |
3813.541 |
|
|
Capital work-in-progress |
206.228 |
168.145 |
197.762 |
|
|
|
|
|
|
|
|
INVESTMENT |
29.676 |
29.516 |
32.445 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6453.266
|
6741.632
|
1765.607 |
|
|
Sundry Debtors |
4435.382
|
3508.890
|
3290.631 |
|
|
Cash & Bank Balances |
1570.583
|
173.491
|
121.254 |
|
|
Other Current Assets |
0.000
|
0.000
|
7030.355 |
|
|
Loans & Advances |
2644.979
|
930.583
|
1173.952 |
|
Total
Current Assets |
15104.210
|
11354.596
|
13381.799 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1711.870
|
1873.302
|
3505.129 |
|
|
Other Current Liabilities |
3680.723
|
1360.599
|
739.741 |
|
|
Provisions |
82.151
|
115.914
|
135.423 |
|
Total
Current Liabilities |
5474.744
|
3349.815
|
4380.293 |
|
|
Net Current Assets |
9629.466
|
8004.781
|
9001.506 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
18.068 |
|
|
|
|
|
|
|
|
TOTAL |
14044.292 |
11914.630 |
13063.322 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10021.315 |
14586.080 |
20106.529 |
|
|
|
Other Income |
1389.326 |
516.717 |
396.125 |
|
|
|
TOTAL (A) |
11410.641 |
15102.797 |
20502.654 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Contract Cost |
6128.604 |
9575.794 |
15062.025 |
|
|
|
Employee related expenses |
1697.112 |
1739.777 |
1960.736 |
|
|
|
Administrative selling other expenses |
1647.954 |
2115.736 |
1484.753 |
|
|
|
TOTAL (B) |
9473.670 |
13431.307 |
18507.514 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1936.971 |
1671.490 |
1995.140 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
724.200 |
789.523 |
948.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1212.771 |
881.967 |
1046.997 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
324.312 |
322.136 |
296.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
888.459 |
559.831 |
750.831 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
301.637 |
196.233 |
257.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
586.822 |
363.598 |
493.526 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1103.099 |
739.910 |
248.043 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.250 |
|
|
|
Proposed Dividend on Preference Shares |
0.407 |
0.350 |
0.350 |
|
|
|
Tax on Dividend |
|
0.059 |
0.059 |
|
|
BALANCE CARRIED
TO THE B/S |
1689.514 |
1103.099 |
739.910 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3692.900 |
3735.690 |
1930.537 |
|
|
TOTAL EARNINGS |
3692.900 |
3735.690 |
1930.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
340.216 |
110.650 |
406.557 |
|
|
|
Consumables |
71.689 |
124.106 |
202.151 |
|
|
TOTAL IMPORTS |
411.905 |
234.756 |
608.708 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.18 |
5.08 |
6.91 |
|
|
|
Diluted |
1.74 |
1.08 |
1.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.14
|
2.41
|
2.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.87
|
3.82
|
3.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
|
3.72
|
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.92
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
1.44
|
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
3.39
|
3.06 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
(Rs.
in Millions) 31.03.2011 |
(Rs.
in Millions) 31.03.2010 |
(Rs.
in Millions) 31.03.2009 |
|
|
|
|
|
|
Creditors due small micro enterprises |
0.096 |
7.226 |
100.883 |
|
Creditors due others |
1711.774 |
1866.076 |
3404.246 |
|
Total |
1711.870 |
1873.302 |
3505.129 |
|
|
|
|
|
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
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 |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
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 |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS
During the year, the Company has performed well as can be reflected from
the financial results above. The Total Income, PBT, EBIDTA and PAT has grown by
24.56%, 19.60%, 7.87% and 22.04% respectively.
The Order book as on 31st March 2011 was Rs. 81742.800 Millions as
compared to the previous year order book of Rs. 57537.700 Millions. Presently
the share of the overseas contract is 10.83% of the order book.
During the year, the following major works were completed:
1. Relocation of 220 MW Floating Power Plant from Mangalore to
2. Bait Al Barakah Maritime facilities for guarding restricted area in
3. Site Grading Work at
4. Improvement for Outer Ring Road from IIT gate to NH-8 Intersection,
During the year, the Company has secured the following major contracts:
1. Rehabilitation,
strengthening and four laning of Jammu Udhampur section from Km 15.00 (on Jammu
Bypass) to Km 67.00 on NH 1A in the State of Jammu and Kashmir for SP Jammu
Udhampur Highway Private Limited for Rs.15980.000 Millions.
2. Design and
Construction of container berth (625 m length) at Hazira for Adani Hazira Port
Private Limited Rs.970.000 Millions.
3. Civil and erection
works forming part of DSO phase of Iron Ore Mining in Liberia for SNC-Lavalin
and Arcelor Mittal for US$ 55 millions equivalent to Rs.2500.000 Millions.
4. EPC Marine
facilities for standby jetty at Dahej LNG Terminal, Gujarat for LNG Petronet
for Rs.5331.600 Millions in Joint Venture with Pt. Gunanusa Utama Fabricators,
Indonesia.
5. UG Package 1
Design and construction of underground stations at Washermanpet, Mannadi, High
court, Chennai Central and Egmore and associated tunnels for Chennai Metro Rail
Limited for Rs.15668.100 Millions in Joint Venture with Transtonnelstroy
Limited, Russia.
6. UG Package 5
Design and construction of underground stations at Shenoy Nagar, Anna Nagar
East, Anna Nagar Tower and Thirumangalam and associated tunnels for Chennai
Metro Rail Limited for Rs.10309.900 Millions in Joint Venture with
Transtonnelstroy Limited, Russia. Drivage of two punch entries aligning from RG
OC II High Wall to No.1 seam of Adriyala Shaft block at Adriyala Shaft Project
for Singareni Collieries Limited Rs.211.800 Millions.
AWARDS AND RECOGNITIONS
The Company has
been awarded Infrastructure Excellence Award 2011 for the Best Infrastructure
Project in Railways at third edition of the ESSAR Steel Infrastructure Excellence
Awards in association with CNBC TV18 jointly initiated by Essar Steel and E18
at New Delhi on 19th April 2011 .This award was for the construction
of the Indias longest rail bridge of 4.6km connecting International Container
Transshipment Terminal at Vallarpadam, Kochi with Idapally in North Kochi for
the Client Rail Vikas Nigam Limited.
During the year,
the Company has also received following award from Client expressing their
satisfaction on successful completion of the project in time and with good
quality.
Grade Separator at
Mukarba Chowk Project Site at
Koldam Hydo
Electricity Power Project site at Himachal Pradesh won a safety certificate and
award for a good performance in the field of Safety and House Keeping by the
Client NTPC Limited on 15th August 2010. In recognition of our export
performance, Government of India has recently upgraded our status to Trading
House.
All these proud
achievements are the result of the hard work put in by the entire team of the
Company.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In millions) |
|
|
|
|
|
|
Claims against the Company not acknowledged as debts a) Differences with sub-contractors in regard to rates and quantity of
materials. b) Labour and other matters. The above claims are pending before various authorities. The Company
is confident that the cases will be successfully contested |
42.033 0.100 |
68.666 0.100 |
|
|
|
|
|
a) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures.
b) Corporate Guarantees given on behalf of Subsidiaries and Joint
Ventures. |
13063.498 7159.984 |
7079.139 7112.714 |
|
|
|
|
|
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. |
192.455 |
192.982 |
|
|
|
|
|
Excise Duty Represents demands raised by Central Excise Department for
Excitability of girders. The Company is confident that the cases will be
successfully contested. |
14.502 |
132.287 |
|
|
|
|
|
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 |
0.284 |
|
Income Tax Represents
notices u/s 201(1) and 201(1A) received from Income Tax Dept in respect of
Non compliance of TDS. Company has filed Appeals before the Appellate
Authority and management is confident that the outcome of the appeals will be
decided in companys favor and the demand raised will be set aside. |
91.358 |
--- |
FIXED ASSETS
·
Land – Freehold
·
Land – Leasehold
·
Buildings
·
Plant and Machinery
·
Leasehold Improvements
·
Floating Equipments etc.
·
Laboratory Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Motor Vehicles
AS PER WEBSITE DETAILS:
PROFILE:
In its 52nd 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 BS OHSAS 18001:2007 certification, AFCONS is also recognized by the Government of India as a 'Star Export House'.
In March 2011, AFCONS
earned a total income of Rs 28.93 billion with a CAGR of 21 per cent over past
five years. Its goal is to achieve a turnover of $ 2 billion by 2014-15, of
which 25-30 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, Paris, Safety awards from Reliance Industries
Ltd, National Safety Council of India and Ishikawajima-Harima Heavy Industries
Co. Ltd. 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 overseas
works in
AFCONS
is actively pursuing new and developing markets such as Middle East and
AFCONS has 6500 dedicated personnel, which includes 1060 engineering and 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.
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. 55.56 |
|
|
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 69.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
ACH |
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.