MIRA
INFORM REPORT
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Report Date : |
21.03.2012 |
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Tel. No.: |
91 022 67190000 |
IDENTIFICATION DETAILS
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Name : |
LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f 29.04.2011) |
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Formerly Known
As : |
LEIGHTON CONTRACTORS ( |
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Registered
Office : |
302-303, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.11.1998 |
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Com. Reg. No.: |
11-117187 |
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Capital
Investment / Paid-up Capital : |
Rs.1418.763 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1998FTC117187 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML03930D |
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PAN No.: [Permanent Account No.] |
AAACL3338D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Company is into the business of providing services as engineering,
procurement and commissioning contractors (EPC). |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10420000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established 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 regular and as per
commitments. The company can be considered good for normal 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 DECLINED BY
Management Non Cooperative
LOCATIONS
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Registered Office : |
302-303, |
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Tel. No.: |
91-22-67190000 |
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Fax No.: |
91-22-67190199 |
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E-Mail : |
gangaprasad.kurmi@leighton.co.in |
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Website : |
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Branch Office 1 : |
8/F, Vatika City Point, M G Road, Opposite First India Place, Gurgaon
– 122002, Haryana, India |
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Tel. No.: |
91-12-44958200 |
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Fax No.: |
91-12-44958201 |
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Branch Office 1 : |
Ramanujan IT City, Taramani, Rajiv Gandhi, Salai - 600113, |
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Tel. No.: |
91-44-66674100 |
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Fax No.: |
91-44-66674108 |
DIRECTORS
As on 16.09.2011
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Name : |
Mr. Russell John Waugh |
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Designation : |
Managing director |
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Address : |
Flat No. 1603, 16th Floor, Casa Grande Tower 1, Tulsi Pipe
Road Tower, Parel (West), Mumbai – 400013, Maharashtra, India |
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Date of Birth/Age : |
25.04.1966 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00292257 |
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Name : |
Mr. Hamish Gordon Tyrwhitt |
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Designation : |
Director |
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Address : |
House No. 2, No.74, |
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Date of Birth/Age : |
17.06.1953 |
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Date of Appointment : |
16.05.2011 |
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DIN No.: |
03535903 |
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Name : |
Peter Allan Gregg |
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Designation : |
Director |
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Address : |
71, |
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Date of Birth/Age : |
24.02.19554 |
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Date of Appointment : |
28.04.2011 |
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DIN No.: |
03423620 |
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Name : |
Stephen Michael Sasse |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
12.08.1962 |
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Date of Appointment : |
30.04.2011 |
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DIN No.: |
03519060 |
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Name : |
Mr. Parvez Umrigar |
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Designation : |
Director |
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Address : |
164, Bora Bazar, Fort, Mumbai – 400001, |
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Date of Birth/Age : |
02.06.1963 |
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Date of Appointment : |
28.04.2011 |
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DIN No.: |
00106689 |
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Name : |
Mr. Sunil Bhalchandra Shinde |
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Designation : |
Director |
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Address : |
609, A, Aradhana Spring, Mills Compound, G. D. Ambedkar Marg, Naigaon
, Dadar, Mumbai – 400014, Maharashtra, India |
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Date of Birth/Age : |
12.05.1957 |
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Date of Appointment : |
28.07.2011 |
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DIN No.: |
02245013 |
KEY EXECUTIVES
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Name : |
Mr. Gangaprasad Kurmi |
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Designation : |
Secretary |
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Address : |
C 37, 202, Devpooja Chambers, Sector – 3, Miraroad, Thane – 401107, |
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Date of Birth/Age : |
20.06.1976 |
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Date of Appointment : |
28.07.2011 |
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Pan No.: |
AKYPK9874G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2011
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Names of Shareholders |
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No. of Shares |
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Leighton International Limited, Islands |
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92219601 |
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Leighton Offshore Pte Limited, |
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1 |
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Welspun Infra Projects Private Limited, |
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49656709 |
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TOTAL |
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141876311 |
Equity Share Break up (Percentage of Total Equity)
As on 16.09.2011
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Company is into the business of providing services as engineering,
procurement and commissioning contractors (EPC). |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution: |
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Auditors : |
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Name : |
B S R and Associates Chartered Accountant |
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Address : |
Lodha Excellus, 1st Floor Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, |
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PAN.: |
AADFB6889R |
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Ultimate Holding
Company: |
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Holding Company of
the holding Company: |
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Holding Company: |
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Fellow Subsidiaries
: |
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Joint Venture : |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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142500000 |
Equity Shares |
Rs.10/- each |
Rs.1425.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
141876311 |
Equity Shares |
Rs.10/- each |
Rs.1418.763
Millions |
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Footnotes
(A) Includes:
(1)141,876,310 equity shares are held by Leighton International Limited
('LIL'),
(2) 1 equity share is held by Leighton Contrators Singapore Pte. Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1418.763 |
1418.763 |
710.613 |
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2] Share Application Money |
0.000 |
0.000 |
615.135 |
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3] Reserves & Surplus |
1185.654 |
1349.415 |
66.790 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2604.417 |
2768.178 |
1392.538 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1708.395 |
2147.128 |
2064.128 |
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TOTAL BORROWING |
1708.395 |
2147.128 |
2064.128 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4312.812 |
4915.306 |
3456.666 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
943.681 |
956.709 |
1381.833 |
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Capital work-in-progress |
337.291 |
1.963 |
14.821 |
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INVESTMENT |
14.526 |
1378.408 |
154.500 |
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DEFERREX TAX ASSETS |
206.173 |
151.766 |
139.229 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
2539.699
|
3957.207 |
4532.887 |
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Cash & Bank Balances |
4574.951
|
833.967 |
186.120 |
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Other Current Assets |
3673.056
|
4017.303 |
5142.383 |
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Loans & Advances |
1832.224
|
1782.813 |
1698.989 |
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Total
Current Assets |
12619.930
|
10591.290 |
11560.379 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
5874.208
|
6107.274 |
4898.281 |
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Other Current Liabilities |
3068.491
|
1864.594 |
4748.374 |
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Provisions |
866.090
|
192.962 |
147.441 |
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Total
Current Liabilities |
9808.789
|
8164.830 |
9794.096 |
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Net Current Assets |
2811.141
|
2426.460 |
1766.283 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4312.812 |
4915.306 |
3456.666 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
18488.480 |
18270.825 |
13568.030 |
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Other Income |
|
350.883 |
267.199 |
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TOTAL (A) |
18488.480 |
18621.708 |
13835.229 |
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Less |
EXPENSES |
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Site and Administrative Cost |
|
16120.731 |
13132.967 |
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TOTAL (B) |
15822.810
(Including Financial Expenses) |
16120.731 |
13132.967 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2500.977 |
702.262 |
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Less |
FINANCIAL
EXPENSES (D) |
|
347.758 |
188.499 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2665.670 |
2153.219 |
513.763 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.240 |
262.010 |
296.898 |
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PROFIT BEFORE
TAX (E-F) (G) |
2356.430 |
1891.209 |
216.865 |
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Less |
TAX (H) |
1142.190 |
608.580 |
54.971 |
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PROFIT AFTER TAX
(G-H) (I) |
1214.240 |
1282.629 |
161.894 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1349.419 |
66.790 |
(95.104) |
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Less |
APPROPRIATIONS |
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|
Transfer to General Reserve |
121.420 |
0.000 |
0.000 |
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Interim Dividend |
1378.000 |
0.000 |
0.000 |
|
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BALANCE CARRIED
TO THE B/S |
1064.239 |
1349.419 |
66.790 |
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Earnings Per
Share (Rs.) |
8.56 |
10.51 |
9.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
6.57
|
6.89 |
1.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.35 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.37
|
16.38 |
1.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.90
|
0.68 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.42
|
3.73 |
8.52 |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.30 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
|
Particulars
|
31.03.2011
|
31.03.2010 |
31.03.2009 |
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|
Rs. in Millions |
||
|
Sundry Creditors |
5874.208
|
6107.274 |
4898.281 |
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TOTAL |
5874.208
|
6107.274 |
4898.281 |
OPERATIONS
For the financial year ended 31st March, 2011the net profit after tax of the Company was Rs.1214.240 million, as compared to the previous year’s net profit after tax of Rs.1282.630 million. The turnover for the year was Rs.18488.480 million as compared to Rs.18621.710 million of the previous year.
OUTLOOK
Oil and Gas, Infrastructure, Building and Mining (resources development) are all areas where the country has high needs and increasing demands.
The company has good track record and experience in all these areas and all areas are expected to provide growth opportunities. The management of the company is focused on project opportunities that align with the company’s values and strengths and will provide acceptable shareholder returns. As the business is in a phase of growth, the Company enters the New Year having set challenging targets including targets for securing new work. As part of its growth strategy, the Company intends to pursue selected BOT projects which leverage the strategic partnership between Leighton and Welspun.
CHANGE OF NAME
The name of the Company has changed from Leighton Contractors India Private Limited to Leighton Welspun Contractors Private Limited w.e.f. 29th April, 2011 as approved at the Extra-ordinary General Meeting of the shareholders held on 28th April, 2011.
BACKGROUND
Subject was incorporated on 20 November 1998. The Company is
a subsidiary of Leighton International Limited a company incorporated under the
laws of Cayman Islands, which is a subsidiary of Leighton Holdings Limited,
On 29 April 2011, the existing shareholder Leighton
International Limited transferred by way of sale 49,656,709 equity shares
having face value of Rs.10 each equivalent to 35% of total shares of Leighton
Contractors (
By virtue of the said share purchase deal, w.e.f 29 April
2011 the name of the Company has been changed from Leighton Contractors (
The Company is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011
|
31.03.2010 |
|
|
Rs. in Millions |
|
|
Outstanding guarantees
in respect performance bond on behalf of Leighton –OSE JV |
0.000
|
570.000 |
|
Entry tax matter in
appeal |
1.000
|
1.000 |
|
Income tax matter in
Appeal A.Y 2007-08 |
21.218
|
0.000 |
|
Customs duty |
69.460
|
0.000 |
|
TOTAL |
91.678
|
571.000 |
FORM 8
|
Corporate
identity number of the company |
U99999MH1998FTC117187 |
|
Name of the
company |
Leighton Welspun
Contractors Private Limited |
|
Address of the
registered office or of the principal place of business in |
302-303, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10313261 |
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Type of charge |
|
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Particular of
charge holder |
Axis Trustee
Services Limited, Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 12th January, 2012 at Gurgaon in favour of Axis Trustee
Services Limited acting as the Security Trustee for the benefit of lenders. |
|
Date of
instrument Creating the charge |
12.01.2012 |
|
Amount secured by
the charge |
Rs.11000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ICICI Bank: 3.25
% p.a. above 1-Base Axis Bank:
Commission - (1) 0.45% p.a. payable quarterly in advance for Performance Bank
Guarantee and Financial Bank Guarantee Terms of
Repayment Repayable on
demand Margin Nil Extent and
Operation of the charge The charge shall
operate by way of first pari passu charge on entire current assets (present
and future) and second pari passu charge on the movable properties and
equipments of the Company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First pari passu
charge on entire current assets (present and future) Second pari passu
charge on the movable properties and equipments |
|
Date of
instrument modifying the charge |
13.10.2011 |
|
Particulars of
the present modification |
The facilities
from ICICI Bank Limited and Axis Bank Limited has increased from Rs.6500.000
millions to Rs.11000.000 Millions |
FIXED ASSETS
- Plant and Machinery
- Office Equipments
- Computer Equipment
- Furniture and Fixture
- Vehicles
- Leasehold Properties
- Computer Software
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.50.25 |
|
|
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.66.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.