MIRA INFORM REPORT

Report Date :

04.09.2012

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) :	31.03.2011
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 (52)

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 :	Regular
Litigation :	Clear
Comments :	Subject is a part of the ‘Shapoorji Pallonji Group’, the third largest construction group in India. It is a well established and reputed company having good track. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Loan)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Rating	AA
Rating Explanation	High degree of safety and very low credit risk
Date	05.07.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Sachin Sharma
Designation :	Finance Manager
Contact No.:	91-22-67191000

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 29.09.2011

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	16/01/1990	16/01/1990	26/10/2009	Active	NO
2	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	27/03/1991	21/03/2012	Active	NO
3	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	3/07/1991	3/07/1991	27/11/2009	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/04/1994	4/04/1994	14/12/2009	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	28/01/2008	Active	NO
6	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	8/12/2011	Active	NO
8	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U27203MH1995PTC095322	SP ALUMINIUM SYSTEMS PRIVATE LIMITED	Director	11/03/1996	11/03/1996	16/11/2010	Active	NO
11	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	8/12/2011	Active	NO
12	U72200MH1999PTC122642	BUILDBAZAAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	12/11/1999	12/11/1999	25/11/2011	Active	NO
13	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	4/12/1999	4/12/1999	29/01/2008	Active	NO
14	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	26/04/2000	31/03/2012	Active	NO
15	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	23/06/2003	23/06/2003	9/12/2011	Active	NO
16	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31/07/2006	19/08/2005	15/12/2009	Active	NO
17	U99999MH1917PLC000478	TATA SONS LIMITED	Managing director	1/04/2012	10/08/2006	-	Active	NO
18	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	7/07/2008	Active	NO
19	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10/02/2007	10/02/2007	-	Active	NO
20	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	4/09/2008	3/04/2008	20/03/2012	Active	NO
21	U45200MH2008NPL188263	INSTITUTE FOR LEAN CONSTRUCTION EXCELLENCE	Director	17/11/2008	17/11/2008	17/11/2011	Active	NO
22	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Additional director	29/11/2011	29/11/2011	-	Active	NO
23	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Additional director	23/12/2011	23/12/2011	-	Active	NO
24	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Additional director	24/02/2012	24/02/2012	-	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	Date of cessation	Company Status	Defaulting status
1	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	16/01/1950	16/01/1950	6/02/2012	Active	NO
2	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	25/05/1951	25/05/1951	6/02/2012	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	31/03/2007	7/04/1956	2/02/2012	Active	NO
4	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	20/11/1963	20/11/1963	6/02/2012	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	3/01/1995	3/01/1995	6/02/2012	Active	NO
6	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	28/03/1996	28/03/1996	6/02/2012	Active	NO
7	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	6/02/2012	Active	NO
8	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	26/04/2000	26/04/2000	6/02/2012	Active	NO
9	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	20/02/2002	20/02/2002	21/02/2012	Active	NO
10	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	31/07/2006	19/08/2005	6/02/2012	Active	NO
11	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	17/01/2007	6/02/2012	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	16/03/1983	16/03/1983	10/11/2011	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21/07/1986	21/07/1986	11/03/2009	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	22/04/1987	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/04/1994	4/04/1994	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	6/11/1997	6/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	4/12/1999	4/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	3/09/2001	3/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19/08/2006	19/08/2006	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	20/12/2006	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28/09/2007	28/09/2007	18/12/2008	Active	NO
22	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	6/07/2010	6/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER AND ENERGY LIMITED	Director	17/01/2012	17/01/2012	-	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	26/10/1991	26/10/1991	-	Amalgamated	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	29/03/1996	29/03/1996	28/07/2010	Active	NO
4	L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
5	U67120MH1995PLC095642	NATIONAL SECURITIES DEPOSITORY LIMITED	Director	18/10/1996	18/10/1996	9/08/2007	Active	NO
6	L29308MH1954PLC009371	VOLTAS LIMITED	Director	10/08/1998	10/08/1998	9/08/2010	Active	NO
7	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	10/02/2000	10/02/2000	5/03/2011	Active	NO
8	L28920MH1957PLC010839	SIEMENS LIMITED	Director	9/11/2000	9/11/2000	-	Active	NO
9	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Director	13/06/2001	13/06/2001	-	Active	NO
10	U99999MH1986PLC093854	SIEMENS TECHNOLOGY AND SERVICES PRIVATE LIMITED	Director	1/04/2005	1/04/2005	26/09/2009	Active	NO
11	L21011WB1936PLC008726	STAR PAPER MILLS LIMITED	Director	30/05/2005	30/05/2005	22/05/2007	Active	NO
12	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	28/09/2006	1/10/2005	2/02/2009	Active	NO
13	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
14	U85110KA1999PTC024701	MANIPAL HEALTH SYSTEMS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	8/03/2008	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	20/07/2007	16/10/2006	4/04/2012	Active	NO
16	L85910GJ1974PLC002595	SIEMENS HEALTHCARE DIAGNOSTICS LIMITED	Additional director	30/04/2007	30/04/2007	-	Amalgamated	NO
17	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	2/09/2008	29/06/2007	-	Active	NO
18	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	12/09/2007	21/07/2007	-	Active	NO
19	U65923GJ1990PLC013966	GVFL LIMITED	Director	23/09/2008	6/12/2007	-	Active	NO
20	U67110AP1993PLC052266	EDELWEISS SECURITIES LIMITED	Director	10/07/2008	14/01/2008	-	Active	NO
21	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	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	30/07/1984	30/07/1984	10/12/2007	Active	NO
2	U61790MH1985PTC035376	SILVER STREAK INVESTMENT PRIVATE LIMITED	Director	16/02/1985	16/02/1985	21/06/2011	Active	NO
3	U65990MH1985PTC035404	BLUE ARROW FINANCE CO PRIVATE LIMITED	Director	19/02/1985	19/02/1985	16/06/2011	Active	NO
4	U74999MH1985PTC037814	SHAPOORJI DATA PROCESSING PRIVATE LIMITED	Director	2/05/1986	2/05/1986	10/12/2007	Active	NO
5	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	1/09/1986	1/09/1986	-	Active	NO
6	U65990MH1979PTC021790	S P FINANCE PRIVATE LIMITED	Director	20/01/1987	20/01/1987	-	Active	NO
7	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	22/04/1987	22/04/1987	1/04/2011	Active	NO
8	U65990MH1979PTC021792	FINVESTCO INVESTMENTS PRIVATE LIMITED	Director	15/03/1989	15/03/1989	-	Amalgamated	NO
9	U65990MH1989PTC051347	DAY STAR TRADING PRIVATE LIMITED	Director	12/04/1989	12/04/1989	7/05/2008	Active	NO
10	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	13/04/1989	13/04/1989	13/06/2011	Active	NO
11	U51900MH1979PTC020924	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	29/05/1989	29/05/1989	-	Active	NO
12	U67130MH1989PTC051192	HEMINISHI INVESTMENT PRIVATE LIMITED	Director	12/06/1989	12/06/1989	-	Amalgamated	NO
13	U74999MH1993PTC071499	ADVANCE TECH ENERGY ADDITIVES PRIVATE LIMITED	Director	15/04/1993	15/04/1993	-	Active	NO
14	U55200MH1993PTC072856	SHAPOORJI HOTELS PRIVATE LIMITED	Director	14/07/1993	14/07/1993	14/06/2011	Active	NO
15	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	4/07/1994	4/07/1994	27/06/2011	Active	NO
16	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	21/12/1994	21/12/1994	-	Active	NO
17	U67120MH1995PTC084748	ADARO SECURITIES PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
18	U99999MH1995PTC085899	STERLING GENERATORS PRIVATE LIMITED	Director	24/02/1995	24/02/1995	-	Active	NO
19	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	28/02/1995	28/02/1995	10/12/2007	Active	NO
20	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	26/06/1996	26/06/1996	10/12/2007	Active	NO
21	U25192MH1993PTC072591	S P FABRICATORS PRIVATE LIMITED	Director	12/12/1996	12/12/1996	15/04/2011	Active	NO
22	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	17/02/1998	17/02/1998	10/12/2007	Amalgamated	NO
23	U70101MH1998FTC114830	FAERY ESTATES PRIVATE LIMITED	Director	24/05/2007	8/05/1998	30/04/2008	Active	NO
24	U70100MH1995PLC092856	JOYOUS HOUSING LIMITED	Director	17/08/1998	17/08/1998	26/01/2009	Active	NO
25	U70100MH1998PTC114764	GRAND VIEW ESTATES PRIVATE LIMITED	Director	15/06/1999	15/06/1999	5/05/2008	Active	NO
26	U70200MH1995PTC084751	PALCHIN REAL ESTATES PRIVATE LIMITED	Director	24/01/2000	24/01/2000	10/12/2007	Active	NO
27	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PVT LTD	Director	20/06/2000	20/06/2000	-	Active	NO
28	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	1/12/2008	18/10/2000	-	Active	NO
29	U28920MH1979PTC021425	CYRUS ENGINEERS PRIVATE LIMITED	Director	26/12/2000	26/12/2000	10/12/2007	Active	NO
30	U67120MH1979PTC021592	S C FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	3/09/2002	3/09/2002	-	Active	NO
31	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	5/09/2002	5/09/2002	16/06/2011	Active	NO
32	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
33	U65990MH1979PTC021791	CRYSTAL INVESTMENT COMPANY PRIVATE LIMITED	Director	16/04/2003	16/04/2003	-	Active	NO
34	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	17/04/2003	17/04/2003	30/05/2008	Active	NO
35	U92490MH2003PTC139673	DHAN GAMING SOLUTION (INDIA) PRIVATE LIMITED	Director	21/06/2004	21/06/2004	24/02/2009	Active	NO
36	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	15/06/2011	Active	NO
37	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	26/08/2005	26/08/2005	10/11/2008	Active	NO
38	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	16/12/2005	16/12/2005	30/04/2008	Active	NO
39	U70100MH2005PTC158264	WINDWARD BUILDERS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	30/04/2008	Active	NO
40	U45200MH2005PTC158340	FLOORAISE DEVELOPERS PRIVATE LIMITED	Director	27/12/2005	27/12/2005	25/08/2008	Active	NO
41	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	3/02/2006	3/02/2006	-	Active	NO
42	U45200MH2006PTC160662	MANJRI DEVELOPERS PRIVATE LIMITED	Director	23/03/2006	23/03/2006	10/12/2007	Active	NO
43	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	22/12/2006	-	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	14/02/2006	14/02/2006	-	Active	NO
2	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	29/12/2006	30/05/2006	-	Active	NO
3	U27102DL2005PLC139741	IST STEEL AND POWER LIMITED	Director	30/09/2006	30/09/2006	1/04/2011	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	2/02/2007	6/01/2007	-	Active	NO
5	L45205TN1995PLC030231	VA TECH WABAG LIMITED	Director	7/09/2009	7/06/2007	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	29/06/2007	-	Active	NO
7	U22121DL2001PLC159705	AMAR UJALA PUBLICATIONS LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
8	U67120AP1995PLC019877	KARVY STOCK BROKING LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
9	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director appointed in casual vacancy	29/09/2008	29/09/2008	-	Active	NO
10	U67110DL1996PLC079973	DSE FINANCIAL SERVICES LIMITED	Nominee director	12/11/2009	12/11/2009	-	Active	NO
11	L35999HR1968PLC004977	LAKSHMI PRECISION SCREWS LIMITED	Director	29/09/2010	30/01/2010	-	Active	NO
12	U74900MH2009PTC193065	MULTIPLES EQUITY FUND TRUSTEE PRIVATE LIMITED	Director	31/08/2010	6/07/2010	-	Active	NO
13	U85110TZ1987PTC017564	POTENTIAL SEMAC CONSULTANTS PRIVATE LIMITED	Director	27/08/2011	4/10/2010	-	Active	NO
14	U51909WB1987PLC097552	FAIRDEAL SUPPLIES LIMITED	Additional director	25/10/2010	25/10/2010	1/04/2011	Active	NO
15	U99999DL1978PTC008855	ARVIND TECHNO ENGINEERS PRIVATE LIMITED	Director	21/09/2011	29/08/2011	-	Active	NO
16	U74899DL2003PLC120173	MAYAR HEALTH RESORTS LIMITED	Additional director	5/11/2011	5/11/2011	-	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	1/04/2011	31/03/2006	-	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/09/2007	29/06/2007	-	Active	NO
3	L72900MH1989PLC131521	FINE-LINE CIRCUITS LIMITED	Director	25/08/2007	30/06/2007	-	Active	NO
4	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	15/07/2008	15/10/2007	-	Active	NO
5	U28113MH2004PTC149620	RAMA CYLINDERS PRIVATE LIMITED	Director	31/07/2008	29/04/2008	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LIMITED	Nominee director	30/06/2008	30/06/2008	23/01/2009	Active	NO
7	U40109MH2005SGC153646	MAHARASHTRA STATE ELECTRICITY TRANSMISSION COMPANY LIMITED	Director	30/12/2009	3/12/2008	11/06/2010	Active	NO
8	U51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Nominee director	10/08/2009	10/08/2009	-	Active	NO
9	U40102DL2008PTC177307	NTPC BHEL POWER PROJECTS PRIVATE LIMITED	Nominee director	27/09/2010	25/08/2010	-	Active	NO
10	U40100AP2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	30/09/2011	14/10/2010	-	Active	NO
11	U74120MH2011PTC220546	SUMER ENERGY PRIVATE LIMITED	Director	4/08/2011	4/08/2011	22/03/2012	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	28/08/1981	28/08/1981	-	Active	NO
2	U74999MH1982PTC028701	HAZARAT AND COMPANY PRIVATE LIMITED	Director	28/07/1983	28/07/1983	-	Active	NO
3	U11101MH1984PTC032807	AFCONS OFFSHORE AND MARINE SERVICES PRIVATE LIMITED	Director	2/05/1984	2/05/1984	17/06/2009	Active	NO
4	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	18/07/1985	18/07/1985	-	Active	NO
5	U45200MH1987PTC045580	KIER AFCONS (INDIA) PRIVATE LIMITED	Director	14/12/1987	14/12/1987	-	Dissolved	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	27/03/2002	27/03/2002	-	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	Date of cessation	Company Status	Defaulting status
1	U65910GJ1979PTC003314	SUMANGLA INVESTMENTS PRIVATE LIMITED	Director	17/05/1984	17/05/1984	-	Active	NO
2	U74300MH1979PTC021542	HTA MARKETING SERVICES PRIVATE LIMITED	Director	30/06/1984	30/06/1984	-	Active	NO
3	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
4	U17114GJ1995PLC027397	MAFATLAL DENIM LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
5	U99999MH1938PTC002771	HINDUSTAN THOMPSON ASSOCIATES PRIVATE LIMITED	Director	22/06/2007	23/08/2006	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	28/11/2006	-	Active	NO
7	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	25/09/2009	12/09/2008	-	Active	NO
8	U67190MH2008PTC181421	C3 ADVISORS PRIVATE LIMITED	Director	23/09/2009	24/11/2008	-	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	8/04/1983	8/04/1983	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
3	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24/09/2001	24/09/2001	-	Amalgamated	NO
4	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	22/10/2001	22/10/2001	-	Amalgamated	NO
5	L29308MH1954PLC009371	VOLTAS LIMITED	Director	28/01/2002	28/01/2002	16/08/2011	Active	NO
6	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	7/02/2002	7/02/2002	1/09/2008	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	17/03/2004	17/03/2004	-	Active	NO
8	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	22/06/2009	Active	NO
9	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	4/02/2005	4/02/2005	8/04/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23/01/2006	23/01/2006	1/10/2011	Active	NO
11	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	22/12/2006	-	Active	NO
12	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	29/08/2007	17/04/2007	-	Active	NO
13	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
14	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	26/09/2008	26/09/2008	-	Amalgamated	NO
15	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	9/09/2009	8/10/2008	-	Active	NO
16	U93090MH2009PTC191515	MILESTONE RELIGARE INVESTMENT ADVISORS PRIVATE LIMITED	Director	20/05/2010	8/04/2009	-	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	Date of cessation	Company Status	Defaulting status
1	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	1/07/2011	15/11/2002	-	Active	NO
2	U35110GJ2008PLC054507	SIMAR PORT LIMITED	Director	17/07/2008	17/07/2008	-	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	Date of cessation	Company Status	Defaulting status
1	U74210MH1971PLC015196	FOURESS ENGINEERING(INDIA)LIMITED	Director	26/10/1998	26/10/1998	2/01/2012	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Whole-time director	1/07/2011	10/06/2002	-	Active	NO
3	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
4	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
5	L25100MH1965PLC013379	THE RUBBER PRODUCTS LIMITED	Director	11/09/2008	28/05/2008	2/11/2011	Active	NO

KEY EXECUTIVES

Name :	R P Rajendran
Designation :	Secretary
Address :	206, Ganga Darshan, J. P. Road, Versova, Mumbai – 400061, Maharashtra, India
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 :

• Mumbai Post Trust
• Jawaharlal Nehru Post Trust
• Chennai Post Trust
• Nuclear Power Corporation of India
• National Thermal Power Corporation
• Andhra Pradesh Power Generation Corporation Limited
• Oil and Natural Gas Corporation Limited
• Indian Oil Corporation Limited
• IRCON International Limited, New Delhi
• Delhi Metro Rail Corporation Limited
• Delhi Development Authority
• MECON Limited
• Essar Limited
• Gujarat Heavy Chemicals Limited

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 Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans banks secured	131.000	0.000
Working capital loans banks secured	2647.044	1324.920
Loans taken for vehicles secured	610.914	1039.516
Total	3388.958	2364.436
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	750.000	725.000
Rupee term loans others unsecured	1155.949	1414.207
Other debt unsecured	1509.000	884.000
Total	3414.949	3023.207

Financial Institute :	Chennai Metro Rail Limited, No. 7, “Harini Towers”, Conran Smith Road, Gopalapuram, Chennai – 600086, Tamilnadu, India
Banking Relations :	--
Auditor 1 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India
PAN.:	AACFD4815A
Auditor 2 :
Name :	J. C. Bhatt Chartered Accountants
Address :	3^rd Floor, Surya Mahal, Burjorji Bharucha Marg, Fort, Mumbai – 400 020, Maharashtra, India
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 (India) Private Limited) CIN No.: U28920MH1985PTC036876 · Afcons Offshore and Marine Services Private Limited CIN No.: U11101MH1984PTC032807 · Afcons Construction Mideast LLC · Afcons Infrastructure International Limited (AIIL) · Afcons Madagascar Overseas SARL (Subsidiary of AIIL) · Afcons Gulf International Project Services FZE (Subsidiary of AIIL) · 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 (Mideast) Construction and Investments Private Limited
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

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
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, 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 Kakinada for GMR Energy Limited, Bangalore

2. Bait Al Barakah Maritime facilities for guarding restricted area in Oman for Royal Court Affairs, Oman

3. Site Grading Work at Kochi LNG Terminal, Puthuuvypeen, Kerala, for Petronet LNG Limited

4. Improvement for Outer Ring Road from IIT gate to NH-8 Intersection, New Delhi for Public Works Department, New Delhi

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 19^th 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 Delhi has been given the Award for Excellence for the project of under the Category – Best projects completed during 2009-10 by client Central Public Works Department on 12th July 2010. LNG Tank Site at Kochi has be awarded 5 Million Safe Man-hours Achievement Trophy from the Client M/s. IHI Corporation, Japan on 30^th December 2010.

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 India with a group turnover in excess of Rs 90 billion.

AFCONS has a presence in almost the entire spectrum of Infrastructure activities in India and transnationally in the Middle East and Africa. Over the last five decades, AFCONS has emerged as the leader in its business field by continuously delivering its world class services in the areas of Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects.

It is the first Indian construction Company to have constructed an underground metro station (at Barakhamba Road, New Delhi) without a foreign JV and one of only four qualified bidders for construction of Reactor Buildings in the country.

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 Oman, Jordan, Liberia and Bahrain.

AFCONS is actively pursuing new and developing markets such as Middle East and Africa.

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.

PRESS RELEASE:

Mr. K. Subrahmanian discusses about how AFCONS, true to its Mission Statement, would like to be known as a prominent transnational Infrastructure Company. He also briefly explains AFCONS expansion plans for the coming years.

AFCONS AS A PROMINENT TRANSNATIONAL INFRASTRUCTURE COMPANY
[ DATED - AUG 2012 ]

AFCONS, true to its Mission statement would like to be known as a prominent transnational infrastructure

Says Mr K Subrahmanian Managing Director - Afcons Infrastructure Limited

Over the last five decades, AFCONS infrastructure Limited, a part of Shapoorji Pallonji Group, has emerged as one of the leaders in infrastructure EPC industry by continuously delivering world-class services. It has a strong portfolio of completed construction projects including more than 176 marine works, 132 bridges/flyovers, 3000 lane km of roads, 43 km of elevated metro rail, four LNG tanks and nine tunnels and hydro works.

AFCONS achieved many milestones over the years like: first Indian construction company to construct underground metro station (at Barakhamba Road, New Delhi) without any foreign joint venture, built 4 out 6 LNG tanks of India, built India's longest rail bridge of 4.62km connecting the island Vallarpadam with Idappalli in north Kochi. Currently, AFCONS is constructing some of the prestigious projects like: India's 1st underwater tunnel for Kolkata metro rail; 8.8km long Rohtang Pass highway tunnel, which is the longest road tunnel in the world at an altitude of 13000ft, in the Himalayan region.

AFCONS is presently executing major overseas projects in Oman, Jordan, Liberia and Bahrain and actively pursuing new markets in MEN A region.

Q. Which are the current major projects in hand as well as on site with AFCONS as on date?

A. Major ongoing projects (Project values are indicated)

· Marine and Industrial projects Marine facilities for Standby Jetty at Dahej for Petronet LNG Limited. (Rs.540.000 Millions)

· Civil and structural steel works of LLDPE/HDPE (Swing) plant and polypropylene plant of ONGC Petro Additions Limited (OPAL) at Dahej SEZ, Gujarat (Rs.1300.000 Millions)

· Additional port civil works at Buchanan and Yekepa, Liberia (Rs. 600.000 Millions)

· Engineering, Procurement, Construction and Commissioning maritime facilities for Kochi LNG terminal, at Kochi (Rs.2450.000 Millions)

· New phosphate rock terminal in Aqaba, Jordan (Rs.9300.000 Millions)

Transportation

Design and construction of underground section from Howrah Maidan station to west end of Central station for Kolkata Metro Rail Corporation (Rs.9420.000 Millions)

Two packages of underground metro line EPC civil construction in Chennai (Rs.26040.000 Millions)

Construction of two viaduct related works (5.75km and 5.16km respectively) for RVNL, Kolkata (Rs.4450.000 Millions)

Mina Salman interchange -Bahrain (Rs. 2790.000 Millions)

Redevelopment of Connaught place, New Delhi (Rs.1880.000 Millions)

Design and construction of 6 lane cable stayed railway over bridge in Nagpur (Rs.540.000 Millions)

Special Projects

Design and construction of special bridge across the river Chenab in Jammu Kashmir (Rs.6530.000 Millions)

Four laning of NH 1 highway at Jammu-Udhampur (Rs.16000.000 Millions)

Construction of single line tunnel on Katra - Laole section of Udhampur -Srinagar - Baramulla Rail Link Project Rs. 5320.000 Millions.)

Rohtang Pass - 8.8km highway tunnel at 13000ft above sea level in the Himalaya region (Rs. 5640.000 Millions)

Q. Your valuable comments on the general conditions prevailing in India with special emphasis on Infrastructure and what are the remedies to tide over the lacunae?

A. Currently Indian Economy is undergoing severe strain. After few years of 8% plus GDP growth, now it has come down to 7%. Physical deficit is a matter of serious concern. While the actual were nowhere near the targets for the year ended March 2012, going forward the targets set for the current year also looks unrealistic. On the top of it, there have been talks about policy paralysis at every level in the government.

The ongoing EURO crisis is also creating its ripple, which is effecting on the Indian Economy too. In the current scenario, it is difficult to decouple Indian market from the global market. On top of it, the continued high inflation and unviable interest rate scenario has created a low level of confidence in the overall business community. Resultantly, private sector investment has come to a grinding halt and even though Government has expressed a very strong desire actions are taking place in reality. The real action is only of roads and urban infrastructure. Further, prevailing currency management has left an uncertainty in the overall market, especially in the infrastructure segment. Therefore, the ground level situation currently is not very-conducive.

The remedies really are addressing the above referred issues. The key being inflation, fiscal deficit and currency.

Q. How well equipped are you in terms of deploying state of art equipments and technology?

A. AFCONS has always believed in innovation and technology as its core strength. Probably, AFCONS is one of the few companies to have invested heavily into strategic equipments. In the year 2010-11 alone, AFCONS has invested in excess of US $ 100 million on strategic assets. AFCONS is probably the only company in the globe to have fully owned large capacity of jack-up ranging from 200-750 tons and 9 marine barges ranging from 200-1200 tons. Additionally, other strategic equipments like that of 7 tunnel boring machines (TBMs), 14 integrated piling rigs, special marine floating craft which can lift upto 1200 tons capacity, etc. We are open and fully geared to use technology and resultant newer equipments as a way of life.

Q. Which are the most recent projects done by AFCONS and gained the recognition in the industry? A. ICP-R Process Platform Project, for ONGC AFCONS has entered into the offshore market for the first time with a process platform of US $ 366 million with PT Gunanusa of Indonesia as JV partner. It will be significant to note that since the inception of ONGC, there are only 14 process platforms made in India in the last nearly 40 years. Thus, the ICP-R process platform is one of the high end process platforms in IC complex. For the first time entrant into offshore market, we have completed the project upto installation on schedule which has created huge appreciation for AFCONS -

PT Gunanusa JV in the oil and gas market.

This process platform is having process facilities and compressor module along with utility services such as Gas turbine generator, HP, Cyclone separator, Building module, Bridge, Flare tripod, Deck cranes, etc. GTG is under commissioning. Vallarpadam Rail Bridge Project, for Rail Vikas Nigam Limited (RVNL) AFCONS achieved the distinction of building India's longest rail bridge of 4.62km connecting the island Vallarpadam with Idappalli in north Kochi for Rail Vikas Nigam Limited (RVNL) in a national record time of 27months.

The bridge was constructed within the shortest possible time using sophisticated equipments with innovative technology such as concrete placing by pumping concrete for a length of 2.1km, which incidentally is a national record. The bridge girders were erected with the help of sophisticated girder launcher with a record speed of about 500m length in one month. The introduction of this technologically advanced launching truss spread from NRS Malaysia is another great innovation in the project delivery excellence. This major bridge has 134 spans of pre-cast girders resting on piers above pile foundations.

The company maintained safety, health and environment system and procedures throughout the contract period. The standards on safe practices maintained at this site were comparable with international standards. The project is completed with zero fatality record. For this project, AFCONS bagged the award for 'Best Pre-stressing Structure for the year 2010' by Indian Concrete Institute, 'Best project in Railways category' at the 'D and B Axis Bank Infra Awards 2011' and 'CNBC TV 18 ESSAR Steel Infrastructure Excellence Award 2011' by CNBC Network 18.

3 Level Grade Separator Project, Ghazipur

In this project, the scope of work included 770m long main flyover with 8 lanes for vehicular traffic, 6630m underpass with 4 lanes plus 3m carriageway on each side for non-motorized vehicles, rotary of 80m, surface level 8 numbers of slip road each of 3500m with 11m width on either side of flyover and underpass. Project was completed one day ahead of schedule within 25 months of time schedule. The Herculean task in an urban area (New Delhi) was completed ahead of schedule due to technical and managerial competency of engineers and workers engaged during entire construction of the project. The resource deployment such as equipments, machineries, manpower and materials were exceeding expectations and the same has been appreciated by client PWD.

The grade separator at Ghazipur serves the functional needs of the people of New Delhi, helps in reducing the traffic intensity and allows free flow of traffic to different directions. In this project, for the first time in New Delhi, a dedicated cyclist, pedestrian and non-motorised track has been constructed. The middle path has been left free for two way vehicular movements. For this project, AFCONS bagged the 'CIDC Vishwakarma Award 2012' in 'Urban Roads' category and 'EPC World Award 2011' and 'Construction Week Awards 2011' awards for 'Best project in Roads and Highway' category.

Q. Going forward, what will be AFCONS' expansion plan?

A. AFCONS, true to its Mission statement would like to be known as a prominent transnational infrastructure company. We already have our presence in 12 different countries and we would expand it further. During the last 4 years, AFCONS has consistently achieved over 25% of its turnover from overseas market and during the last couple of years it is in excess of 30%. In the next 3 years, we would like to have 50% of our turnover corning from overseas market. We would continue to focus in Middle East and Africa and additionally we are looking at South East Asia as an area of our focus.

We expect an average growth of about 20-25% with decent bottom line.

MOST ADMIRED COMPANIES - CONSTRUCTION WORLD
[DATED - JULY 2012 ]

The construction world magazine has been continually endeavored to bring the best companies to the fore and highlight them through a survey, thus zeroing down the top ten list of Most Admired Construction companies in India.

Afcons Infrastructure Limited. has been listed among the Top Ten Most Admired Companies since 2007.

"The industry is undergoing tremendous challenges, and we believe that Afcons will emerge triumphant in these trying circumstances. Our drive on innovation will be an ongoing process and our core value. Also, our thrust on overseas markets will continue."

- K Subrahmanian

Managing Director

AFCONS INFRASTRUCTURE

The integrity of its mission to be a prominent transnational infrastructure company cannot be doubted. After all, this flagship company of Shapoorji Pallonji Group, recorded a robust turnover of Rs 2,6000.000 Millions for the financial year 2011-12.

Armed with an experience that spans over five decades in the industry, Afcons Infrastructure Limited (Afcons), has till date, executed myriad infrastructure projects across India and the MENA region. The company, known for its on-time delivery, has till date completed 176 marine, 132 bridges and flyovers, 3,000 km of roads, 43 km of elevated metro rail, four LNG tanks, nine tunnels and hydro projects.

From being the first Indian company to construct an underground metro station without any foreign JV, to building India's longest rail bridge (4.62 km) from Vallarpadam to Idappalli in Kochi in a national record time of around 27 months, Afcons has many innovations to its credit. "Our drive for innovation will be an on-going process, and we will do everything to make it our core value," avers K Subrahmanian, Managing Director. Striving for enhanced value creation of all its stakeholders, the company is currently engaged in constructing India's first underwater tunnel for Kolkata Metro rail and the 8.8 km long Rohtang Pass highway tunnel, which will be also be the longest road tunnel in the world at an altitude of 13,000 ft.

Vision statement...

"To be a prominent transnational infrastructure company recognised for business innovations and focused on total satisfaction and enhanced value creation for all its stakeholders."

MIDDLE EAST AND NORTH AFRICA MARKET OPPORTUNITIES - ECONOMIC TIMES
[DATED - MAY 2012 ]

Mr. K. Subrahmanian discusses the unique features about the MENA (Middle East and North Africa) market and the opportunities Indian Companies can leverage from this region.

"THANKS TO OIL and GAS REVENUES, MEN A REGION PRESENTS OPPORTUNITIES IN DEVELOPING INFRASTRUCTURE"

K SUBRAHMANIAN, MD, AFCONS INFRASTRUCTURE LIMITED DISCUSSES THE UNIQUE FEATURES ABOUT THE MENA (MIDDLE EAST AND NORTH AFRICA) MARKET AND THE OPPORTUNITIES INDIAN COMPANIES CAN LEVERAGE FROM THIS REGION

Can you give us an overview of your company and its presence In MENA?

AFCONS is a 52 year old company which is a part of Shapoorji Pallonji Group, a 147 year old group in India. AFCONS has a transnational presence in India, Middle East and Africa. In the last six years we have worked in 11 different countries in these regions. AFCONS has 30-40 per cent of revenue coming from overseas markets in the last three years. AFCONS prides itself having completed the projects in these markets on or ahead of the schedule. It has a strong portfolio of completed construction projects including 176 marine works, 132 bridges/flyovers, 3000 lane km of roads, 43 km of elevated metro rail, four LNG tanks and nine tunnels and hydro works.

AFCONS has its presence in UAE, Qatar, Bahrain, OMAN, Kuwait, Saudi Arabia etc. in the Middle East with presence in North African regions as well.

What do you think are the unique features about this market and how can Indian companies leverage from the opportunities available here?

Thanks to Oil and Gas revenues, MENA region presents great opportunities in developing infrastructure. In most of the countries of MENA region, government is driving the infrastructure. Some countries which were hit by 2008 global recession also has come back to near normalcy. In the Middle East, countries like UAE, Qatar,

Saudi Arabia and OMAN are driving the markets with Kuwait very closely following. We also expect huge opportunities from North Africa, countries like Algeria, Angola etc., which are presenting great opportunities. Indian contracting companies are well recognised in all these places.

In most of the countries of MENA region, government Is driving the Infrastructure. Some countries which were hit by 2008 global recession also has comeback to near normalcy. In the Middle East, countries like UAE, Qatar, Saudi Arabia and OMAN are driving the markets with Kuwait very closely following. We also expect huge opportunities from North Africa, countries like Algeria, Angola etc, which are presenting great opportunities, Indian contract! ng companies are well recognised In all these places

What are your future growth plans In this country?

We will establish our relationship further in these geographies. Initial steps of creating local setups in these geographies are already in place. We need to spread our wings aggressively in these areas to increase our market share significantly. Going forward, we expect MENA region to be a key contributor to our growth.

EXCAVATION FOR FOUNDATION OF CHENAB BRIDGE - DAILY EXCELSIOR
[DATED - MAY 2012 ]

Afcons is making the Chenab River Railway Bridge, which will be one of the tallest railway bridges in the world, after completion.

The excavation for foundation of the 1315 meter long bridge across river Chenab on Katra – Banihal section of the prestigious Udhampur – Baramulla railway project has begun in Reasi district.

Excavation for foundation of world's tallest railway bridge begins

* DRDO finalizes blast load parameters for superstructure

JAMMU May 4: About eighty years after the contract for design and built of world's tallest railway bridge was awarded to AFCONS Infrastructure Limited, the escalation for foundation of the 1315 meter long bridge across river Chenab on Katra-Banihal Section of the prestigious Udhampur-Baramulla railway project has begun in Reasi district while as Defence Research and Development Organization (DRDO) has finalized the blast load parameters for the superstructure of the bridge.

Authoritative sources told EXCELSIOR that based on the soil, rock and other vital parameters furnished by the Northern Railways and AFCONS Infrastructure Limited^ a team of Indian Institute of Science and Technology, Bangalore, headed by senior scientist Dr Sita Ram finalized the designs for excavation for foundation of world s Tallest railway bridge across river Chenab. The designs were then submitted to foreign consultants for proof-checking.

"Following the approval of the foreign consultants, the designs were recently received by AFCONS Infrastructure Limited and after mobilizing men and machinery, the company has finally begun the excavation for the foundation of the bridge towards Baikal side"⁷, they said, adding "the company has also started construction of about two kilometers road which is vital to have access to entire area where the excavation has to be carried out.

About the other side, they said, "the design for excavation from Kauri side is in the final stages of completion and within next few months the same would be submitted to APCONS after proof-checking by the foreign consultants".

It is pertinent to mention here that contract for design and built of the bridge was awarded to APCONS by Konkan Railway Corporation Limited

_{Excavation for foundation of world's tallest railway bridge begins}

(KRC'L) in the year 2004 bur excavation for the foundation could not be started during all these years because of varied reasons.

When contacted, D K Kunar, AFCONS' Senior Y ice-President of the Project confirmed that excavation for the foundation has begun. "We will have to carry out 12 lakh tones of excavation on both sides of river Chenab for laying strong foundation of the bridge and it would take one and half year to complete the excavation", he informed.

"The excavation has to be carried out in most scientific manner in order to ensure that excavated material doesn't fall in river Chenab as the same will create silt and the dam of Salal hydroelectric project", Mr Kunar said.

According to the sources, the Defence Research and Development Organization (DRDO) has also finalized the blast load parameters for the superstructure of the bridge and the same have been submitted to the foreign consultants — WSP Consulting Kortes (Finland) and Leonhardt Audra and Partners (Germany) for preparation of designs of the superstructure.

""The design of superstruc-ture was also prepared in the past but the same had to be changed in view of some vital suggestions from security point of view and later the DRDO was approached to suggest the blast load parameters' they said.

Responding to a question, sources said_: "the Finland and Germany based companies have not begun preparation of design as they are demanding around Rs.150.000 Millions on the ground that they have no faint if the design of the superstructure has to be changed from security point of view", adding " the Northern Railways has been apprised of this problem and a joint meeting of APCONS, foreign consultants and Northern Railways is likely to be held in near future to resolve this issue and ensure that foreign consultants start preparation of design".

In reply to another query, they said,, "by the time the excavation for foundation is completed^ the design of the supers truc-ture would be ready", adding ' the bridge, which is vital to link holy town of Katra with Banihal is targeted to be completed within next four years".

The railway bridge across river Chenab will be world s tallest as it will have highest point of 360 meter as against the 343 meter highest point of world's existing highest road bridge (Millau Bridge). The total length of the bridge will be 1315 meter and height from river bed to top of bridge 360 meter. The main arch span (steel structure) will be 480 meter.

VALLARPADAM BRIDGE, INDIA'S LONGEST RAIL BRIDGE COVERAGE IN INFRASTRUCTURE LINE
[DATED - APRIL 2012 ]

Afcons Infrastructure Limited, engaged in construction of road connectivity in Kochi since 2011, achieved the

distinction of building India's longest rail bridge connecting the island Vallarpadam with Idappalli in North Kochi. The 4.62 Km bridge was awarded the best pre-stressing structure for the year 2010 by Indian Concrete Institute.

Vallarpadam Rail Bridge project India's longest Rail Bridge

AFCONS infrastructure Limited, engaged in construction of road connectivity in Kochi since 2001, achieved the distinction of building India's longest rail bridge connecting the island Vallarpadam with Idappalli in north Kochi. The 4.62 km bridge was awarded the best pre-stressing structure for the year 2010 by Indian Concrete Institute. The bridge was constructed within the shortest possible time using sophisticated equipments with innovative technology such as concrete placing by pumping concrete for a length of 2.1km, which incidentally is a national record. The bridge girders were erected with the help of sophisticated girder launcher with a record speed of about 500m length in one month. This major bridge has 134 spans of pre-cast girders resting on piers above pile foundations.

The Project is to construct rail connectivity for the International Container Transshipment Terminal for a total length of 8.60 Km rail line in Kerala at Cochin from Idappalli to Vallarpadam, out of which major elevated bridge is 4.60 Km. The bridge is made up of 135 piers supported on pile foundation with pile cap, pier, and pier cap. The superstructure is a combination of precast PSC "I" girder and "U" girder with deck slab and other supporting arrangements. The project is of National importance and was monitored closely by the Prime Minister Office (PMO) during construction. So it was very crucial to complete the commissioning the International Container Transshipment Terminal in an ambitious time schedule of 30 months. In spite of all time delays by state authorities, AFCONS took this job as a challenge and succeeded in constructing longest rail bridge so far constructed in India within a shortest time period of 30 months.

AFCONS had adopted various modern and innovative construction techniques which optimized the cost in terms of works for pier, pier cap, Precast girders and launching including the deck slabs. The escalation costs were greatly contained by timely completion of the project which is a major achievement. In fact the rail connectivity was completed in all respects one year before the completion and commissioning of port. Various innovative technologies were involved for the construction method which cost and time effective as well as user friendly. 1 .National record in Pumping of concrete for a length of 2.1 Km.

Highly sophisticated beam launcher was used for launching precast superstructure concrete beams which is capable of launching 25 girders in a month, ie. about 500 meters of bridge approximately which is one of the highest productivity norms achieved in India.

Slip form technology was used for making ballast retainer walls. About 12km of wall was concreted within about 40 days using this technology in spite of constraints in transporting concrete (single lane travel for the transit mixers i.e. the concrete transit mixer can enter the bridge only after the previous transit mixers completes pouring of concrete and travels back to the entry point of the bridge.) In spite of this restriction peak productivity of 1.1km per day was achieved, achieving a record production.

ICTT is the country's first terminal to operate in the Special Economic Zone (SEZ) in the island of Vallarpadam, Kochi. Road connectivity to ICTT was provided by National Highway Authority of India from Kalamassery to Vallarpadam of about 17.5 Km in length whereas and rail connectivity was provided by Rail Vikas Nigam Limited through AFCONS Infrastructure Limited for 8.6 Km from Vallarpadam to Idappalli.

Mr. K. Subrahmanian, Managing Director, Afcons Infrastructure Limited said, "Afcons is proud to be associated with the ICTT and other major projects creating many landmarks in a city known for its scenic beauty, traditional architecture and cultural diversity. Popularly known as the commercial city of Kerala, the city has a large number of islands that are now witnessing growth due to policy initiatives of the Government. Afcons has been engaged in this development process since 1994".

This 4.62 km India's longest rail bridge will connect main land to the proposed ICTT on Vallarpadam island. This bridge is going to be the lifeline for ICTT Cochi, which is expected to contribute socio-economic growth of the country in a big way by exponentially increasing the exports and imports.The bridge alignment passes through densely populated islands having only intermittent water way connectivity lead to construction of permanent approach roads, facilitating transportation, medical and communication thereby improved the quality of life. The project infrastructure amenities enabled in promoting education, employment and commercial opportunity. In order to protect the environment and avoid pollution the rail connectivity throughout the alignment was planned and constructed as an elevated via-duct for length of 4.62Km.

During construction solid waste generated was used for construction of temporary approach roads and reclamation of marshy lands for a clean environment. The company maintained safety, health and environment system and procedures throughout the contract period. The standards on safe practices maintained at this site were comparable with international standards. The project is completed with zero fatality record. Afcons Infrastructure was also awarded the Best project in Railways category at the D and B Axis Bank Infra Awards 2011 and the CNBC TV18 Infrastructure excellence award for the Vallarpadam Rail bridge project.

COVERAGE IN CONSTRUCTION BUSINESS TODAY
[ DATED - MARCH 2012 ]

Coverage in Construction Business Today.

In its 52nd year of operations, Afcons, a part of I the Shapoorji Pallonji Group, the third largest I construction group in India, has a group turnover in excess of Rs 90 billion.

Over the last five decades, the company has emerged as the leader in its business field by continuously delivering its world-class services in the areas of marine works, highways, bridges, metro works, power houses, tunnels, oil and gas, LNG tanks and other general civil engineering projects.

It is the first Indian construction company to have constructed an underground metro station (Barakhamba Road, New Delhi) without a foreign JV and one of only four qualified bidders for construction of reactor buildings in the country.

Its goal is to achieve a turnover of $ 2 billion by 201415, of which 25-30 per cent will be from overseas market. With an entry into the offshore oil and gas business, Afcons has entered a different league. It is presently executing major overseas works in Oman, Jordan, Liberia and Bahrain and is actively pursuing new and developing markets like Middle East and Africa. The company has a strong portfolio of completed construction projects including 176 marine works, 132 bridges/flyovers, 3,000 lane km of roads, 43 km of elevated metro rail, four LNG tanks and nine tunnels and hydro work.

Poised for growth, Afcons expects to reach a top line of Rs 3,5000.000 Millions. The company has an average order size of Rs 4550.000 Millions and average execution period of about

28 months.

Projects recognised for excellence

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.

Ongoing prestigious projects

· Rohtang Pass - 8.8 km highway tunnel at 13,300 sq ft above sea level in the Himalaya Region in JV with Strabag, Austria - $ 350 million •Offshore process platform of ONGC Bombay High in JV with Gunanusa of Indonesia - $ 366 million •Bulk jetty for Sohar, Oman in JV with Saipem, France

· $ 200 million

· First Underwater Metro Tunnel for Kolkata Metro, Kolkata - $ 210 million

· Marine Transport Terminal facility at Aquaba, Jordan $ 240 million

· Two packages of underground Metro Line EPC Civil Construction in Chennai - $ 600 million

· Four laning of NH 1 Highway at Jammu – Udhampur $ 350 million

· Standby Jetty at Dahej for Petronet - $ 150 million

· Marine facility in Liberia for Arcelor Mittal -$ 55 million ED

Order book position: Rs 8,1830.000 Millions Group turnover: In excess of Rs 90 billion Total income: Rs 28.93 billion (as on March 2011) Workforce: 6,500 personnel, which includes 1,060 engineering and management personnel, highly skilled workmen and various dedicated site level personnel.

ICPR COVERAGE IN EPC WORLD
[ DATED - MARCH 2012 ]

ICPR Coverage in EPC World.

_{ICP-R PROCESS PLATFORM}

In order to augment the exploitation program under Mumbai High South re-development Phase-II, ONGC has added one process platform along with associated pipelines and modification works at IC process complex of Mumbai High Field located about 165 km northwest of Mumbai in the Arabian Sea on the continental shelf of western India. This process platform is constructed to compress 2.3 MMSCMPD having process facilities and compressor module along with utility services. The project was awarded to AFCONS -Gunanusa JV in March, 2009.

AFCONS Gunanusa Joint Venture has completed one of the biggest Process Platforms - AFCONS first entry into offshore segment. The project consisted of the following items of work to be done:

· One (1) Launch Jacket - 5852 MT

· Twelve (12) (inclined) 72 inch skirt piles

· One (1) Module Support Frame (MSF) - 3254 MT

· Separator Module - For separation of oil and gas from the well fluid - 2370 MT

· PGC Module - For compression of Process gas using Gas turbine - 2130 MT

· TG Module - For generation of electricity using Gas turbine - 1800 MT

· Building Module - Offices, Workshops, Control rooms and Helicopter Landing-1616 MT

· One (1) Bridge (between ICP-R and existing ICG platform) - 380 MT

· One (1) Tripod Jacket - 1510 MT

· Three (3) (vertical) 60 inch skirt piles

· One (1) Tripod deck structure

· 1.3 KM (2) subsea rigid pipelines of 28" and 4" size and (2) subsea cables

· The total top sides weighed - 11170 MT and total platform weighed 22437 MT

Key Partners in the EPC contract:

· AKER Engineering Malaysia - Design Engineering

· Kawasaki Heavy Industries, Japan -Design and Fab of PGC

· Gunanusa and Kencana yard -Fabrication ofJacket and topside

· Heerema Marine Contractors -Offshore Installation of Structures

· Swiber offshore - Pipeline Installation

· OHCS Pvt Limited - Hook up and commissioning

· Noble Denton - Marine warranty surveyor

There are some landmark achievements and several innovations along the way -

ACHIEVEMENTS

· Clocking cumulative man hours of 6 million+ without Lost Time Incident

· No major NCR on quality of work performed

· Tallest Platform in IC complex

· After connection to ICP, making it the largest complex in ONGC

· String Test of PGC module was done for FIRST TIME in Indonesia at Gunanusa Yard

INNOVATIONS

· 4 legged process platform jacket without main piles is a first in Mumbai High

· State of Art Buoyancy Chambers were designed covering pile sleeve cluster to facilitate Jacket upending and avoid removal of Subsea Buoyancy tanks

· Vertical pile driving. (First time in Indian Offshore) eliminated chaser piles

· Single pile make-up of 114m length is the longest pile constructed by vertical pile driving - a first in Indian Offshore - reduced critical offshore time and eliminated the necessity of pile welds at offshore

· Introduced phased array as NDT method in lieu of RT for the first time in any ONGC project on piping welds

· In a first of its kind the transition pieces were welded to the process platform jacket in onshore yard.

CHENAB PROJECT COVERAGE IN CONSTRUCTION BUSINESS TODAY
[ DATED - JAN-FEB 2012 ]

Chenab Project Coverage in Construction Business Today

_{A TALL DEAL}

Afcons is making the Chenab River Railway Bridge, which will be one of the tallest railway bridges in the world, after completion in 2015. K SUBRAMANIAN, Managing Director, Afcons Infrastructure, tells us more about this prestigious project...

The construction of Udhampur - Srinagar - Baramulla Railway Project is vital for acceleration of socio-economic development of Jammu and Kashmir.

The bridge on the Chenab River on the upstream of Salal Dam is situated near Kauri Village. The railway line crosses the river at about 359 m above the bed level. The total length of the bridge is 1,315m consisting of an arch span of 469 m across the Chenab.

The bridge has to be designed and constructed considering many parameters that are unique to this bridge. Some of the considerations are the high wind forces, location of the bridge in highly active seismic zone of India, possibility of terrorist attacks, provision for future track, continuous monitoring systems etc. All these features make the bridge unique and once completed it will be one of the tallest bridges constructed for the first time in the world. While Northern Railway owns the total project, Konkan Railway Corporation is executing the project on behalf of Northern Railway and the Chenab Bridge Project Undertaking a joint venture company of Afcons, Ultra and VSL bagged the prestigious project in 2004.

The main span of the Chenab Bridge is proposed as a arch, made from large steel trusses. The chords of the trusses will be sealed steel boxes, filled with concrete to assist in controlling wind-induced forces on the bridge. The boxes will be stiffened internally. The designers have considered the aesthetic merit of the bridge and made a strong attempt to bring a natural cadence to the site.

Design

For the Chenab Bridge, there is a greater emphasis on the structural response to wind forces. Wind Tunnel Tests were conducted at Force Technology Laboratory, Norway to establish the topographic effects of the site on the reference wind speed; the static force coefficients; the occurrence of any aeroelastic effects such as vortex shedding, galloping and flutter; the effects of gust-buffeting.

The design of the bridge is being carried out as per the approved design basis note prepared specially for this bridge drawing the experiences gained from various projects abroad and international codes and practices. BS:5400 is the basic platform on which the design and construction of the Chenab Bridge will be carried out.

Construction

World over bridges are incrementally launched either on straight alignment or on curved alignment of uniform radius. Never the bridges are incrementally launched from one end when the bridge is partly on straight and partly on curve and more so when the bridge is on transition curve with varying radius. The deck on the viaduct of Chenab Bridge is partly in straight, partly in circular curve and partly on transition curve. This is first time in the world that incremental launching is attempted on a transition curve.

The arch span will be constructed using cable cranes and derrick moving on the already erected portion of the viaduct.

MDS INTERVIEW IN PROJECT MONITOR
[ DATED - JAN 2012 ]

Coverage of MDs interview in Project Monitor.

Road and metro rail projects will get maximum investment

K. Subrahmanian, Managing Director, Afcons Infrastructure Limited

In its 52nd year of operations, Afcons Infrastructure Limited a part of Shapoorji Pallonji Group, is the third largest construction group in India. Afcons, headquartered in Mumbai, has a presence in almost the entire spectrum of infrastructure activities in India and in the Middle East and Africa. It is the first Indian construction company to have constructed an underground metro station, at Barakhamba Road, New Delhi, without a foreign JV and one of only four qualified bidders for construction of reactor buildings in the country. K. Subrahmanian, in an email interaction with Jibran Buchh, talks about the investment potential in the infrastructure sector.

Huge investment is expected in development and up gradation of infrastructure. Which segments will see maximum investment?

Ideally, investment in hydropow-er, road, rail and port in that order would significantly help the country. However, for the ground level situation it looks that road and urban infrastructure (metro) would get maximum investment,

The government proposes to develop Expressway Authority of India to implement expressways of 18,637 km in phases till 2022.

The project execution should be one of the highest orders and the implementing agency should have the necessary skill-set. Actually, considering the huge oil price increase recently in the domestic market, it makes a lot of sense to have such expressways which have an impact in wastage reduction of oil significantly, apart from helping in reaching places faster.

Land acquisition continues to be has been a major hurdle in highway development. How can this problem be solved?

There has to be far greater commitment at both Centre and state level in a coordinated manner in land acquisition. Some efforts towards better awareness will also help. A part of economic benefit, associated with development of the land being acquired, can flow to the original landowners either by way of increased compensation or some other benefit. Collectively, if all the above points are addressed, the issue of land acquisition can be substantially tackled.

A substantial portion of India's highway development programme involves up gradation and expansion. Do you agree that such projects should have easier ECB norms?

The recent decision by Reserve Bank of India to relax ECB norms is a welcome step. This has been a result of persuasion over the years from the infrastructure sector.

Once the projects get commissioned, it does entail and give you an opportunity to also refinance over a longer period and the fact that refinancing is now permitted in foreign currency is very useful.

Having said that, there is still a cap that only 25 per cent of these ECBs be permitted for refinancing and this is subject to the condition that the balance 75 per cent is required to be used for a fresh borrowing.

While it is a welcome move and enables to create one more avenue of liquidity, the financing flexibility sought by industry is not getting completely answered.

What is Afcons Infrastructure's long-term strategy for India?

Afcons would like to be one of the major players in the infrastructure segment in India. We would be present in all verticals—marine, transport, oil and gas, and hydro etc.

We would be truly transnational in our approach and we would like to be recognised for business innovations focused on total satisfaction and enhanced value creation for all our stakeholders.

Afcons has bagged a $66.3-million contract from the Ministry of Works, Bahrain. Can you tell us more about this project?

The project, envisaging the construction of a three-level highway interchange, is a challenging assignment as a two-lane flyover will be built on an existing highway—the entry point to Bahrain between the King Fahad Causeway and Khaifa bin Salman Port. The flyover will have an underpass (tunnel) for three lanes in each direction.

The project needs to be completed in 28 months of time.

Is the company looking at increasing its revenue from overseas projects?

Afcons has achieved a sustainable turnover from overseas market in excess of 25 per cent for over three years now. In fact, in the last financial year, our export turnover was 30 per cent. We would look at increasing our revenue from the overseas market

EPC WORLD AWARD AND GHAZIPUR PROJECT COVERAGE
[ DATED - JAN 2012 ]

EPC world award and Ghazipur project coverage.

Outstanding Contribution in Roads and Highways

Afcons Infrastructures Limited.

Afcons is known for innovation, team work and total satisfaction. We have contributed lot of flyway infrastructure for development and betterment of India. Infrastructure is growing in India. Most of the cities in the country is undertaking developmental projects like airports, metro, roads etc. We have the main contribution in economics.

Afcons' 3 level Grade Separator, Ghazipur Project

AFCONS Infrastructure Limited (AFCONS), the infrastructure arm of Shapoorji Pallonji Group, has completed the 3-lcvel grade separator project at crossing ot NH 24 and Road No 56 at Ghazipur in Delhi, a day before the deadline of june 30,2010.

This Herculean task was completed ahead of schedule due to technical and managerial competency of engineers and workers engaged during entire construction of the project. The resource deployment such as equipments, machineries, manpower and materials were exceeding expectations and the same has been appreciated by PWD (Client).

The scope of work included 770 m long main flyover with 8 lanes fur vehicular traffic, 6630 m underpass with 4 lanes plus 3 in carriageway on each side for non-motorized vehicles, rotary of 80m. surface level 8 numbers of slip road each of 3500 m with 11 m width on either side of flyover and underpass. Project was completed one day ahead of schedule within 25 months of time schedule.

Various innovative techniques were adopted during construction stage to optimize cost as well as economical and timely completion of project. The construction of the Superstructure for main flyover was done by using balance cantilever bridge builder technique.

This technique has been implemented for the first time in Delhi flyover with record time cycle of 6 days was achieved during the complete construction of segments of 3 m each on both sides in progression. This was necessary as the segments of main flyover were required to be constructed without disturbing the traffic below. Also this technique reduced the staging shuttering cost as well as time for erection and dismantling of staging and shuttering.

The Diaphragm walls were constructed first followed by top slab so that the continuous and smooth traffic will be ensured during balance construction of underpass.

The underpass has a dedicated cyclist, pedestrian and non-motorised track, which differentiates itself from all the others. This provision has been done keeping in mind the convenience of the cyclist and pedestrian tracking from Anand Vihar to Noida. The middle path has been left free for two way vehicular movements.

The maximum length of single span of carriage way is 75 m and width 15.2 m. The main flyover of the Grade Separator at Ghazipur, from Ghaziabad to Nizamuddin bridge consists of total 14 span out of 6 span is done with bridge building technique.

The grade separator at Ghazipur serves the functional needs of the people of Delhi, helps in reducing the traffic intensity and allows free flow of traffic to different directions.

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. 55.45
UK Pound	1	Rs. 87.98
Euro	1	Rs. 69.70

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		52

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.