Business information report

1. Summary Information

		Country	India
Company Name	AFCONS INFRASTRUCTURE LIMITED	Principal Name 1	Mr. Pallonji Shapoorji Mistry
Status	Good	Principal Name 2	Mr. Shapoor Pallonji Mistry
		Registration #	11-019335
Street Address	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra
Established Date	22.11.1976	SIC Code	--
Telephone#	91-22-26731107 / 26367091 / 7093 / 66773100 Ext 138 / 66773214	Business Style 1	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.
Fax #	91-22-26730047/ 26730026	Business Style 2	--
Homepage	http://www.afcons.com	Product Name 1	--
# of employees	7000 (Approximately)	Product Name 2	--
Paid up capital	Rs. 4,219,702,000	Product Name 3	--
Shareholders	--	Banking	State Bank of India
Public Limited Corp.	--	Business Period	37 years
IPO	--	International Ins.	-
Public Enterprise	--	Rating	A (63)
Related Company
Relation	Holding Company	Company Name	Shapoorji Pallonji and Company Limited

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	11,746,895,000	Current Liabilities	10,462,798,000
Inventories	5,124,113,000	Long-term Liabilities	6,781,144,000
Fixed Assets	5,465,357,000	Other Liabilities	762,697,000
Deferred Assets	0	Total Liabilities	18,006,639,000
Invest& other Assets	3,188,922,000	Retained Earnings	3,298,946,000
	0	Net Worth	7,518,648,000
Total Assets	25,525,287,000	Total Liab. & Equity	25,525,287,000
Total Assets (Previous Year)	19,880,531,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	15,534,824,000	Net Profit	858,714,000
Sales(Previous yr)	10,799,642,000	Net Profit(Prev.yr)	586,822,000

MIRA INFORM REPORT

Report Date :

04.04.2013

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) :	31.03.2012
Date of Incorporation :	22.11.1976
Com. Reg. No.:	11-019335
Capital Investment / Paid-up Capital :	Rs. 4219.702 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 :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 30000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the Shapoorji Pallonji Group the third largest construction group in Indian. It is a well established and reputed company having good track record. However, the general financial position of the company appears to be strong. Fundamental are healthy. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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	Highest Degree of Safety. It carry lowest credit risk.
Date	January 2013

Rating Agency Name	CRISIL
Rating	AA Cash Credit
Rating Explanation	Highest Degree It carry very low credit risk.
Date	January 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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

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 / 66773241 / 67191100
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 · Jordan · Liberia · Bahrain

DIRECTORS

As on 29.09.2011

Name :

Mr. Cyrus Pallonji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

04.07.1968

Date of Appointment :

23.03.2012

DIN No.:

00010178

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	03/07/1991	03/07/1991	27/11/2009	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/04/1994	04/04/1994	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	08/12/2011	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	06/11/1997	06/11/1997	08/12/2011	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	04/12/1999	04/12/1999	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	09/12/2011	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	01/04/2012	10/08/2006	-	Active	NO
18	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	07/07/2008	Active	NO
19	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10/02/2007	10/02/2007	-	Active	NO
20	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	04/09/2008	03/04/2008	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	Director	05/09/2012	29/11/2011	-	Active	NO
23	L28920MH1919PLC000567	THE TATA POWER COMPANY LIMITED	Director	08/11/2012	23/12/2011	-	Active	NO
24	U74899DL1995PLC066685	TATA TELESERVICES LIMITED	Director	29/10/2012	24/02/2012	-	Active	NO
25	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	29/06/2012	02/04/2012	-	Active	NO
26	L27100MH1907PLC000260	TATA STEEL LIMITED	Director	14/08/2012	21/05/2012	-	Active	NO
27	L28920MH1945PLC004520	TATA MOTORS LIMITED	Director	10/08/2012	29/05/2012	-	Active	NO
28	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Director	22/08/2012	30/05/2012	-	Active	NO
29	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	31/08/2012	22/06/2012	-	Active	NO

Name :

Mr. Pallonji Shapoorji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

01.06.1929

Date of Appointment :

26.04.2000

DIN No.:

00046121

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	16/01/1950	16/01/1950	06/02/2012	Active	NO
2	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	25/05/1951	25/05/1951	06/02/2012	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	31/03/2007	07/04/1956	02/02/2012	Active	NO
4	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	20/11/1963	20/11/1963	06/02/2012	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	03/01/1995	03/01/1995	06/02/2012	Active	NO
6	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	28/03/1996	28/03/1996	06/02/2012	Active	NO
7	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06/11/1997	06/11/1997	06/02/2012	Active	NO
8	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	26/04/2000	26/04/2000	06/02/2012	Active	NO
9	L17110MH1919PLC000628	FORBES & 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	06/02/2012	Active	NO
11	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	17/01/2007	06/02/2012	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 :

23.03.2012

Din No.:

00010114

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	04/04/1994	04/04/1994	-	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	06/11/1997	06/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04/12/1999	04/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LTD	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	06/07/2010	06/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER & 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 – 380015, Gujarat, India

Date of Birth/Age :

09.08.1935

Date of Appointment :

22.03.1996

Din No.:

00198912

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27203WB1938PLC009515	INDIAN ALUMINIUM CO LTD	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	09/08/2007	Active	NO
6	L29308MH1954PLC009371	VOLTAS LIMITED	Director	10/08/1998	10/08/1998	09/08/2010	Active	NO
7	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	10/02/2000	10/02/2000	05/03/2011	Active	NO
8	L28920MH1957PLC010839	SIEMENS LIMITED	Director	09/11/2000	09/11/2000	-	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	01/04/2005	01/04/2005	26/09/2009	Active	NO
11	L21011WB1936PLC008726	STAR PAPER MILLS LTD.	Director	30/05/2005	30/05/2005	22/05/2007	Active	NO
12	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	28/09/2006	01/10/2005	02/02/2009	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	08/03/2008	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	20/07/2007	16/10/2006	04/04/2012	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	02/09/2008	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	06/12/2007	-	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. Ramunni Menon Premkumar

Designation :

Director

Address :

101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400030, Maharashtra, India

Date of Birth/Age :

16.08.1945

Date of Appointment :

27.09.2007

Din No.:

00328942

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1966PLC013459	SICOM LIMITED	Nominee director	01/04/2011	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 LTD.	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	03/12/2008	11/06/2010	Active	NO
8	L51909MH2002PLC135594	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	04/08/2011	04/08/2011	22/03/2012	Active	NO

Name :

Mr. Bhagwan Dass Narang

Designation :

Director

Address :

B-64, Ground Floor, Gulmohar Park, New Delhi-110049, India

Date of Birth/Age :

12.04.1945

Date of Appointment :

27.09.2007

DIN No.:

00038052

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	01/04/2011	Active	NO
4	L51909DL1988PLC101836	DISH TV INDIA LIMITED	Director	02/02/2007	06/01/2007	-	Active	NO
5	L45205TN1995PLC030231	VA TECH WABAG LIMITED	Director	07/09/2009	07/06/2007	-	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	28/09/2012	Active	NO
8	L29120TZ1977PLC000780	REVATHI EQUIPMENT LIMITED	Director appointed in casual vacancy	29/09/2008	29/09/2008	-	Active	NO
9	U67120AP1995PLC019877	KARVY STOCK BROKING LIMITED	Director	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	06/07/2010	-	Active	NO
13	U85110TZ1987PTC017564	SEMAC CONSULTANTS PRIVATE LIMITED	Director	27/08/2011	04/10/2010	-	Active	NO
14	U51909WB1987PLC097552	FAIRDEAL SUPPLIES LIMITED	Additional director	25/10/2010	25/10/2010	01/04/2011	Active	NO
15	U99999DL1978PTC008855	ARVIND TECHNO ENGINEERS PRIVATE LIMITED	Director	21/09/2011	29/08/2011	-	Active	NO
16	U74899DL2003PLC120173	MAYAR HEALTH RESORTS LIMITED	Director	29/09/2012	05/11/2011	-	Active	NO
17	U67190MH2001PLC227379	KARVY FINANCIAL SERVICES LIMITED	Additional director	31/10/2012	31/10/2012	-	Active	NO

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

502, Sterling Tower, Horichandra Goregaonkar Marg, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

27.09.2007

Din No.:

00004945

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	02/05/1986	02/05/1986	10/12/2007	Active	NO
5	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	01/09/1986	01/09/1986	-	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	01/04/2011	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	07/05/2008	Active	NO
10	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	13/04/1989	13/04/1989	13/06/2011	Active	NO
11	U51900AP1979PTC081529	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	29/05/1989	29/05/1989	11/04/2012	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	04/07/1994	04/07/1994	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	08/05/1998	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	05/05/2008	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	01/12/2008	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	03/09/2002	03/09/2002	-	Active	NO
31	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	05/09/2002	05/09/2002	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	03/02/2006	03/02/2006	-	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
44	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	28/03/2007	28/03/2007	20/06/2011	Active	NO
45	U65990MH1996PTC102459	BENGAL SHAPOORJI DEVELOPERS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	30/04/2008	Active	NO
46	U65990MH1988PTC049619	BENGAL SHAPOORJI HOUSING DEVELOPMENT PRIVATE LIMITED	Director	05/06/2007	05/06/2007	30/04/2008	Active	NO
47	U70102MH2007PTC174823	PRECAUTION PROPERTIES PRIVATE LIMITED	Director	10/10/2007	10/10/2007	07/05/2008	Active	NO
48	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	23/06/2008	01/11/2007	16/05/2011	Active	NO
49	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	28/05/2008	28/05/2008	03/10/2011	Active	NO
50	U31200MH1974PLC017538	STERLING AND WILSON LIMITED	Director	29/09/2008	12/08/2008	-	Active	NO
51	U45209GJ2008PTC054828	SHAPOORJI PALLONJI INDUSTRIAL PARK PRIVATE LIMITED	Director	21/08/2008	21/08/2008	03/10/2011	Active	NO
52	U01403GJ2008PTC054483	NURSERY PROJECTS AND AGRI DEVELOPMENT PRIVATE LIMITED	Director	29/09/2009	30/04/2009	03/10/2011	Active	NO
53	U45203MH2010PTC202625	SHAPOORJI PALLONJI ROADS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	30/09/2011	Active	NO
54	U40103TN2010PTC088516	SHAPOORJI PALLONJI POWER PROJECTS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	18/10/2011	Active	NO
55	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
56	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	21/08/2012	29/03/2012	-	Active	NO
57	U72300MH2012PTC237177	GRETEL SYSTEMS AND DEVELOPMENT PRIVATE LIMITED	Additional director	19/11/2012	19/11/2012	-	Active	NO

Name :

Mr. Naushir Dara Khurody

Designation :

Director

Address :

12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

26.10.1936

Date of Appointment :

30.09.2008

Din No.:

00007150

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74100MH1977PTC019472	KHURODY TECHNICAL SERVICES PRIVATE LIMITED	Director	08/04/1983	08/04/1983	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LTD	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	07/02/2002	07/02/2002	01/09/2008	Active	NO
7	L17110MH1919PLC000628	FORBES & COMPANY LIMITED	Director	17/03/2004	17/03/2004	21/08/2012	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	04/02/2005	04/02/2005	08/04/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23/01/2006	23/01/2006	01/10/2011	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	09/09/2009	08/10/2008	-	Active	NO
16	U93090MH2009PTC191515	MILESTONE RELIGARE INVESTMENT ADVISORS PRIVATE LIMITED	Director	20/05/2010	08/04/2009	-	Active	NO
17	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Additional director	19/04/2012	19/04/2012	-	Active	NO

Name :

Mr. Pradip Narotam Kapadia

Designation :

Director

Address :

Govind Building, 140, Princess Street, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

30.09.1951

Date of Appointment :

30.09.2008

Din No.:

00078673

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	C.C.CHOKSHI ADVISORS PRIVATE LIMITED	Director	23/09/2009	24/11/2008	-	Active	NO

Name :

Mr. Abhimanyu Hemendra Divanji

Designation :

Director

Address :

51, Le Repos, Perry Cross Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

20.11.1928

Date of Appointment :

27.03.2002

Din No.:

00051508

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PVT LTD	Director	28/08/1981	28/08/1981	20/07/2012	Active	NO
2	U74999MH1982PTC028701	HAZARAT AND COMPANY PRIVATE LIMITED	Director	28/07/1983	28/07/1983	20/07/2012	Active	NO
3	U11101MH1984PTC032807	AFCONS OFFSHORE AND MARINE SERVICES PRIVATE LIMITED	Director	02/05/1984	02/05/1984	17/06/2009	Active	NO
4	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	18/07/1985	18/07/1985	20/07/2012	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	20/07/2012	Active	NO

Name :

Mr. Subrahmanian Krishnamurthy

Designation :

Managing director

Address :

D-1103, Lake Lucerne, Ekta Supreme Housing Complex, Off Adi sankaraharya Marg, Near Gopal Sharma School, Powai, Mumbai-400070, Maharashtra, India

Date of Birth/Age :

03.06.1958

Date of Appointment :

01.07.2011

DIN No.:

00047592

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	01/07/2011	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 – 400053, Maharashtra, India

Date of Birth/Age :

20.05.1957

Date of Appointment :

10.06.2002

Din No.:

00058445

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74210MH1971PLC015196	FOURESS ENGINEERING(INDIA)LIMITED	Director	26/10/1998	26/10/1998	02/01/2012	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	01/04/2012	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 PVT LTD	Director	12/02/2003	12/02/2003	-	Active	NO
5	L25100MH1965PLC013379	THE RUBBER PRODUCTS LIMITED	Director	11/09/2008	28/05/2008	02/11/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendran Ramaiyer Palambalkode
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

As on 29.09.2011

Shareholders details attached

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

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 :

Port and Marine

• Mumbai Port Trust
• Jawaharlal Nehru Port Trust
• Chennai Port Trust

Transportation

• IRCON Internatioal Limited, New Delhi
• Delhi Metro Rail Corporation Limited
• Delhi Development Authority

Energy and Power

• Nuclear Power Corporation of India
• National Thermal Power Corporation
• Andhra Pradesh Power Generation Corporation Limited

Buildings and Industrial Structures

• MECON Limited
• Essar Limited
• Gujarat Heavy Chemicals Limited

Oil and Gas

• Oil and Natural Gas Corporation Limited
• Bharat Petroleum Corporation Limited
• Indian Oil Corporation Limited

No. of Employees :

7000 (Approximately)

Bankers :

• Chennai Metro Rail Limited

No.7, "Harini Towers", Conran Smith Road, Gopalapuram, Chennai - 600086, Tamil Nadu, India

· State Bank of India

· UCO Bank

· Oriental Bank of Commerce

· 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	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee Loan	401.528	237.577
Foreign Currency Loan	1017.400	0.000
Foreign Currency Loan - From banks	468.057	131.011
Working Capital Demand Loans - From banks	2300.000	2600.000
Buyers Credit	160.184	0.000
Cash Credit Facility from Banks	682.643	47.033
Total	5029.812	3015.621
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working Capital loans - From banks	750.000	1500.000
Working Capital Demand Loans - From banks	250.000	0.000
Rupee Loan	0.000	500.000
Packing Credit Finance	254.350	0.000
Commercial Papers - From Banks	487.982	465.854
Commercial Papers - From Other parties	0.000	690.095
From Related Parties	9.000	9.000
Total	1751.332	3164.949

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Name :	J. C. Bhatt and Associates Chartered Accountants
Holding Company:	Shapoorji Pallonji and Company Limited
Subsidiaries:	Hazarat and Company Private Limited Afcons Corrosion Protection Private Limited (formerly known as SSS Electricals (India) Pvt Ltd.) Afcons Offshore and Marine Services Private Limited Afcons Construction Mideast LLC Afcons Infrastructures Kuwait for Building, Road and Marine Contracting WLL w.e.f. 11th September, 2011 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
Fellow Subsidiary(s):	Floreat Investments Limited
Associate:	Afcons (Mideast) Constructions 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 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs. 3500.000 Millions
650000000	Preference Shares	Rs.10/- each	Rs. 6500.000 Millions
	Total		Rs. 10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71970238	Equity Shares	Rs.10/- each	Rs. 719.702 Millions
100000000	0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares	Rs.10/- each	Rs. 1000.000 Millions
250000000	0.01% Fully and Compulsorily Convertible Non-Cumulative, Non Participatory Preference shares	Rs.10/- each	Rs. 2500.000 Millions
	Total		Rs. 4219.702 Millions

Rights, preferences and restrictions attached to Equity Shares:

(a) Rights to receive dividend as may be approved by the Board / Annual General Meeting

(b) The Equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provision of the Companies Act, 1956.

(c) Every member of the company holding equity shares has right to attend the General Meeting of the company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the company.

Rights, preferences and restrictions attached to 0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares:

(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 R 68.25 per equity share (consisting of par of R 10 and a premium of Rs. 5.825 millions) immediately, automatically and without any further act of the parties in the event of conversion of the Preference Shares

(c) Every member of the Company holding preference shares has a right to vote in the General Meeting of the Company on resolution placed before the Company which directly affects the rights attached to his preference shares.

Rights, preferences and restrictions attached to 0.01% Fully and Compulsorily Convertible Non-Cumulative, Non Participatory Preference shares:

(a) The Subscriber Preference Shares shall be entitled to non-cumulative preferential dividend at a fi xed rate of 0.01% per annum to be paid in priority to the holders of any other class of shares.

(b) The Subscriber Preference Shares shall be fully automatically and mandatorily converted in to equity shares on the Mandatory Conversion date (i.e. 13th January, 2013 being the 5^th year from the date of issue viz. 14th January, 2008) at a value to be determined at the time of Conversion.

(c) The Subscriber Preference Shares shall rank senior to all types of shares issued or to be issued by the Company.

(d) The Company to obtained prior consent of the holder of Subscriber Preference Shares (either at meeting or by way of a consent letter) before

(i) issue of further Preference Shares of the same or any other class;

(ii) issue of Ordinary Shares which will result in a change of control;

(iii) issue of securities entitling holders to acquire any shares of and / or voting rights in the Company;

(iv) amendment of Memorandum of Association and Article of Association of the Company;

(v) variation of rights of Subscriber Preference Shares.

Reconciliation of the number of shares outstanding at the beginning and at the end of the year:

Particulars	31.03.2012
	No. of Shares	Rs. in millions
Equity shares outstanding at the beginning of the year	71839468	718.394
Add : Shares issued during the year under ESOP	130770	1.308
Equity shares outstanding at the end of the year	71970238	719.702
0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares at the beginning of the year	100000000	1000.000
Preference shares outstanding at the end of the year	100000000	1000.000
0.01% Fully and Compulsorily Convertible Non-Cumulative Non Participatory Preference shares at the beginning of the year	250000000	2500.000
Preference shares outstanding at the end of the year	250000000	2500.000

Details of shares held by the holding company, the ultimate holding company, their subsidiaries and associates:

Particulars	31.03.2012
	Equity Shares	0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares
	Number of shares
Shapoorji Pallonji and Company Limited the holding company	48720883	--
Subsidiaries of the holding company: Floreat Investments Limited (FIL)	13015929	100000000
Renaissance Commerce Private Limited	4016250	--
Hermes Commerce Limited	4016250	--

Details of shares held by each shareholder holding more than 5% of shares of the Company:

Name of shareholder	31.03.2012
	No. of Shares	% holding
Equity shares Shapoorji Pallonji and Company Limited	48,720,883	67.70%
Floreat Investments Limited	13,015,929	18.09%
Renaissance Commerce Private Limited	4,016,250	5.58%
Hermes Commerce Limited	4,016,250	5.58%
0.01% Non Cumulative and Non Profit Participatory Convertible Preference Shares Floreat Investments Limited	100,000,000	100.00%
0.01% Fully and Compulsorily Convertible Non-Cumulative Non Participatory Preference shares India Infrastructure AIL (Mauritius)	250,000,000	100.00%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4219.702	4218.395	4217.005
2] Share Application Money		0.000	0.000	0.018
3] Reserves & Surplus		3298.946	2445.948	1866.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7518.648	6664.343	6083.323
LOAN FUNDS
1] Secured Loans		5029.812	3015.621	2364.436
2] Unsecured Loans		1751.332	3164.949	3023.207
TOTAL BORROWING		6781.144	6180.570	5387.643
DEFERRED TAX LIABILITIES		762.697	576.042	443.664
TOTAL		15062.489	13420.955	11914.630
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5465.357	4178.922	3712.188
Capital work-in-progress		3149.724	47.264	168.145
INVESTMENT		39.198	29.676	29.516
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5124.113	3700.657	6741.632
	Sundry Debtors	3666.629	2583.154	3508.890
	Cash & Bank Balances	358.455	1600.487	173.491
	Other Current Assets	3230.654	4467.409	0.000
	Loans & Advances	4491.157	3272.962	930.583
Total Current Assets		16871.008	15624.669	11354.596
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4245.907	2122.225	1873.302
	Other Current Liabilities	6116.744	4229.085	1360.599
	Provisions	100.147	108.266	115.914
Total Current Liabilities		10462.798	6459.576	3349.815
Net Current Assets		6408.210	9165.093	8004.781
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		15062.489	13420.955	11914.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	15534.824	10799.642	14586.080
		Other Income	941.165	635.559	516.717
		TOTAL (A)	16475.989	11435.201	15102.797
Less	EXPENSES
		Cost of construction	10085.147	6430.976	13431.307
		Cost of traded Goods	79.499	1697.112
		Employee benefits expense	2128.718	0.000
		Other expenses	1554.663	1373.223
		TOTAL (B)	13848.027	9501.311	13431.307
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2627.962	1933.890	1671.490
Less	FINANCIAL EXPENSES (D)		1134.251	721.200	789.523
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1493.711	1212.690	881.967
Less/ Add	DEPRECIATION/ AMORTISATION (F)		378.921	324.311	322.136
	PROFIT BEFORE TAX (E-F) (G)		1114.790	888.379	559.831
Less	TAX (I)		256.076	301.557	196.233
	PROFIT AFTER TAX (G-I) (J)		858.714	586.822	363.598
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1689.514	1103.099	739.910
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Proposed Dividend on Preference Shares	0.350	0.350	0.350
		Tax on Dividend	0.057	0.057	0.059
	BALANCE CARRIED TO THE B/S		2547.821	1689.514	1103.099
	EARNINGS IN FOREIGN CURRENCY		8797.123	3692.900	3735.690
		Export Earnings	8797.123	3692.900	3735.690
	TOTAL EARNINGS
	IMPORTS
		Capital Goods	261.177	340.216	110.650
		Consumables	3420.458	71.689	124.106
	TOTAL IMPORTS		3681.635	411.905	234.756
	Earnings Per Share (Rs.)
	Basic		11.94	8.18	5.08
	Diluted		2.55	1.74	1.08

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.21	5.13	2.41
Net Profit Margin (PBT/Sales)	(%)	7.18	8.23	3.84
Return on Total Assets (PBT/Total Assets}	(%)	4.99	4.49	3.72
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.92
Debt Equity Ratio (Total Liability/Networth)		2.29	1.90	1.44
Current Ratio (Current Asset/Current Liability)		1.61	2.42	3.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Acceptances	66.805	42.531	1873.302
Other than Acceptances
Total outstanding dues to micro, medium and small enterprises	10.769	0.096
Total outstanding dues other than micro, medium and small enterprises	4168.333	2079.598
Total	4245.907	2122.225	1873.302

Sr. No.	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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

.

During the year, the following major works were completed:

1. Construction of A1 Berth at Jamnagar for Reliance Ports and Terminal Limited, India.

2. Design and supply of fabricated structural steel for Algeria Fertilizer Jetty for Saipem S.A. Energies, France.

3. Construction of Grade Separator at crossing of Road No.56 and G.T.Road near Apsara Border, Delhi for PWD- Delhi, India.

4. Construction of port Sohar–Bulk Jetty for Sohar International Development Company, Oman in Joint Venture with Saipem.

5. Civil Works for two LNG Storage Tanks at Kochi for IHI Corporation, Japan.

6. Civil and erection works forming part of DSO Phase of Iron ore mining for Arcelor Mittal Liberia Ltd.,Liberia.

7. Construction of 3 Level Grade Separator at crossing of NH24 and Road No.56 at Ghazipur on NH-24, Delhi for PWD-Delhi, India.

During the year, the Company has secured the following major contracts:

1. Construction of 7 span bridge with 2 lanes carriageway and Underpass with 3 lanes on each side at the Mina Salman Junction Interchange and its associated slip roads for Ministry of Works, Govt. of the Kingdom of Bahrain for BD 24,205,500 (approx. Rs. 2905.000 Millions).

2. Civil and Structural Steel Works of Polypropylene plant of ONGC Petro Additions Limited (OPAL) at Dahej SEZ, Gujarat for Technimont ICB, Mumbai for Rs. 483.000 Millions.

3. Civil and Structural Steel Works of LLDPE/HDPE (Swing) Plant of ONGC Petro Additions Limited (OPAL) at Dahej SEZ, Gujarat for Technimont ICB, Mumbai for Rs. 798.200 Millions.

4. Construction of viaduct including related works for 5.16 km length excluding station areas from CH.12570.00 to CH.18630.00 between Nicco Park to CBD-1 in Newgaria–Airport Corridor of Kolkata Metro Railway Line for Rail Vikas Nigam Limited, Kolkata for Rs. 2125.400 Millions.

5. Construction of viaduct including related works for 5.756 km length excluding station areas from CH. 247.00 to CH. 6400.00 between Kavi Subhash (Newgaria) to VIP Bazar in Newgaria–Airport corridor of Kolkata Metro Rail Line for Rail Vikas Nigam Limited, Kolkata for Rs. 2336.000 Millions.

6. Construction Works for Expansion of Vaporization plant of Shell Hazira LNG terminal for Saipem India Projects, Chennai for Rs. 89.000 Millions.

AWARDS AND RECOGNITIONS

i) During the year, the Company received the following awards:

● CIDC Vishwakarma Award 2012 from Construction Industries Development Council for best project award in the category Transportation, Infrastructure, Power Housing and Urban Development for the Grade Separator Project at Apsara Border, Delhi.

● EPC World Awards 2011 in the category of Outstanding Contribution in Roads and Highways for the 3 Level grade separator project at Ghazipur, Delhi.

● DandB Axis Bank Infra Awards 2011 in the Railways category for the Vallarpadam Rail bridge project.

● Construction Week Awards 2011 in the Roads and Highway section for the 3 Level grade separator projects at Ghazipur, Delhi.

ii) Their Mukarba Chowk project at Delhi received a Commemorative Trophy and Certificate and the 3 Level grade separator projects at Ghazipur, Delhi received Commemorative Medal and Certificate.

The Company has also been listed among the Top Ten Most Admired Companies for the Sixth year in succession by the Construction World. All these proud achievements are the result of the hard work put in by the entire team of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

BANKERS CHARGES REPORT AS PER REGISTRY

OVERVIEW OF THE GLOBAL ECONOMY

The year 2011-2012 was abetted by the continuing global volatility and challenges. The growth momentum of the Advance Economies was impacted as the protracted debt crisis in the euro area and fiscal fragilities dampened business and consumer confidence. The resource rich Middle East and North Africa (MENA) region has been facing significant internal challenges and geopolitical risks. These uncertainties led to widespread risk aversion and adversely affected capital fl ows to new projects. The growth prospects for 2012-2013 remain uncertain, with growth petering out in the euro area and moderating in the emerging markets, while a better-than- expected recovery is shaping up in the US.

OVERVIEW OF THE INDIAN ECONOMY

The Indian economy being exposed to global economic environment has been impacted by the global uncertainties. In addition, on the internal front, the economy is facing challenges due to inflationary pressures, tight monetary conditions, low investments, delays in policy decision and negative perception created due to scams etc.

In 2011-12 the GDP registered a growth of 6.5% driven by sectors like power, tourism, financial services etc. The slowdown in 2011-12 was seen in all the major sectors of the economy as compared with the previous year. The services sector grew by 8.9%, Industry by 3.4% and Agriculture by 2.8% and Construction sector by 4.8% as compared with 9.3%, 7.2%, 7% and 8% respectively in 2010-11. Industrial growth remained subdued due to supplyside bottlenecks, particularly in the mining sector, and moderation in investment demand. The most dismal picture has been presented by capital goods segment which has been in negative, territory during the fiscal. Significantly, slowdown was witnessed in capacity addition as defined by capital formation which decelerated to 5.5% in 2011-2012 as against 7.5% achieved in 2010-2011. The resilience of the Indian economy is being tested, but they hope the economy to bounce back in the short term.

INDUSTRY STRUCTURE AND DEVELOPMENT

The Construction industry is an integral part of the Indian economy and accounts for 7.8% of the GDP. It is the second largest employers of skilled and unskilled labour force in the country and is characterized by mix of both organized and unorganized entities.

The infrastructure development story in India has been plagued with issues of implementation. As a result, the pace of growth has been much lower than required to sustain the desired economic growth. The Eleventh Plan envisaged the importance of investment in Infrastructure for achieving a sustainable and inclusive growth of 9% to 10% in GDP over the next decade. In this context, investment in physical Infrastructure has increased from the level of about 5% of GDP (in 2007) to about 8% of GDP by 2011-12, and is expected to rise to 10% as per the 2012-13 union budget. The cumulative investment in Infrastructure in the Twelfth Five-Year plan (2012-17) is targeted at around $1trillion, with nearly half of it expected to be channelized into construction. Private participation is expected to bring about 50% of the funding required, with the rest coming from public sources.

Towards the same, in the Union Budget 2012-13, the tax free bonds were doubled to Rs. 600000.000 millions including Rs. 100000.000 millions each for NHAI, IRFC, IIFCL and power sector and Rs. 50000.000 millions each for HUDCO, National Housing Bank, SIDBI, and ports. Additionally allocation has been increased to Rs. 253600.000 millions towards the National Highways Development Programme, an increase of about 14 % over the previous year.

The Government has been actively encouraging private investment in Infrastructure through Public Private Partnership (PPP) to meet the massive Infrastructure funding requirement. In the course of the Eleventh Plan, the government has taken several initiatives for standardising the documents and processes for structuring and award of PPP projects in a transparent and competitive manner.

However, they find that things in reality have slowed down, while the Government had grandiose plans, implementation mechanism is not well-oiled. Fiscal situation and Inflation adds further dimension to the growth story.

BUSINESS OVERVIEW

During the year, the Company has bagged lower orders both in India and abroad. The sectors of key businesses to the Company faced increased level of competitive intensity due to lower number of jobs and increase in competition. The order book position of the Company as on 31st March, 2012 was Rs. 70052.000 millions

During last 5 years, the Company has executed projects in, Abu Dhabi, Dubai, Qatar, Mauritius, Madagascar, Oman, Algeria, Liberia and Yemen. Currently, the Company is executing projects in Jordan, Liberia and Bahrain. During the year ended 31st March 2012, the Company achieved 38.28% of its turnover from overseas market.

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

Overseas Market

The infrastructure segment in the overseas market, even in the face of uncertain economic conditions, is showing resilience in certain pockets. In view nof the visibly strong infrastructure potentials, the Company has identified Middle East and Africa as the key markets. In Middle East, Saudi Arabia and Qatar have projected strong infrastructure investment in the coming years. Countries such as Dubai, Kuwait and Abu Dhabi which saw slowdown post 2008 financial crisis are slowly picking up, but they do not expect them to reach pre 2008 levels in infrastructure investment in the short term. Africa, given the abundance of natural resources such as coal and iron ore, has seen investment in green field mines by global mining corporations and thus mining driven infrastructure opportunities are available in both short and medium term in both railways and marine segments.

South East Asia is another market where opportunities are available. South East Asian economies are slowly reaching sustained GDP growth in excess of 6%, and are now developing infrastructure to sustain the same going forward. Specifically countries such as Indonesia, Myanmar and Vietnam with plenty of natural resources and increasingly improving political climate are attracting investments in mining and energy related infrastructure.

Given the favourable environment and their successful execution history in overseas markets, they are increasingly looking at overseas for driving their future growth.

Road:

Road has been the key drivers of infrastructure growth in India. Ministry of Roads, Transport and Highways (MORTandH) has prepared a Master Plan for the National Expressways Network for a total length of about 18,637 km. This is in addition to the initiatives taken up under National Highway Development Programme (NHDP). NHDP is being implemented under several phases.

The Working Group on road sector for Twelfth Plan in its report stated that ongoing phases of NHDP - I, II, III and V involving upgradation to four or more lanes of about 32,750 km to be completed within the Twelfth Plan at an estimated fund requirement of Rs. 3237740.000 millions. Further it is proposed that existing National Highway Network of 71,772 km may be increased to about 85,000 km in the Twelfth Plan, for the development of regions which are currently not connected by National Highways.

During the year 2011-12, an ambitious target of awarding 7800 KM was set, of which 6700 KM was awarded. Post this success, the target for the year 2012-13 have been decided at 9500 KM, marking an increase of 21.79 per cent over last year and an increase in investment by 73.6 per cent. Of these, a total of 4,360 km of roads will be awarded for maintenance under the OMT (Operate, Maintain, Transfer) system for the fi rst time. The investment in the current year will hopefully bring in the required acceleration for successful implementation of the twelfth plan.

Railways:

The annual Plan of 2012-13 envisages the highest-ever planned investment in the railways at Rs. 601000.000 millions. The Indian Railways plans to bring in new technologies and augment the existing infrastructure through High Speed Corridors, Dedicated Freight corridors etc.

MRTS / Urban Infrastructure :

The urban population share may reach 50% in 25 year thereby adding 300 to 400 million to the existing population of about 350 million. Urbanisation in India has been relatively slow in past, but is now expected to accelerate. The segment has been showing strong growth. Last year saw commencement of operations on Bengaluru Metro. Also construction was initiated on Jaipur Metro. Delhi Metro has been a success story and is in its 3rd phase of mexpansion.The Government is encouraging private sector participation in major urban transport projects. They expect the segment to remain strong and be a continuous source of opportunities.

Ports:

As per the data provided by Indian Ports Association, cargo handled at major ports decreased by 1.7% in the year 2011-12, for the first time in 12 years, primarily due to reduction in iron ore exports. The rate of addition of new capacity is expected to be higher in minor ports relative to major ports, and private investment is expected to drive the same. Ministry of Shipping has broadly identified 42 projects valued at Rs. 145000.000 millions to be awarded in the current fiscal. The target includes development of two new ports on east coast.

The Maritime Agenda 2020 envisages investments worth over Rs. 1485000.000 millions in the maritime sector. The agenda aims to create a port capacity of around 3,200 MT to handle the expected traffic of about 2,500 MT by 2020. A majority of the projects will be implemented through the public-private participation (PPP) model. The Private investments in the port sector have increased significantly over the years.

Power:

The capacity addition in eleventh Five year plan is estimated to be ~55GW as against an original target of 78GW, with about 60% being added in last two years. The execution has been slow due to concerns on fuel availability, land, environmental issues and long term financing.

In the twelfth five year plan a target of 62GW of capacity addition has been defined, which would require an investment of Rs. 6386000.000 millions in power Generation

OUTLOOK

The Company has diversified in segments and geographies since 2008, and is continuing in the same direction for driving its growth. Apart from consolidating its business in Marine and Transportation segment, the Company intends to scale up its presence in oil and gas and hydro and tunneling construction.

Geographically, the Company would enhance its overseas presence. Over the last 3 years the Company had a sustained revenue share of 30% from overseas markets, and the strategy is to increase it to 40% and beyond over the next 2 years, through consolidation of its forays into Middle East and Africa.

The Company would continue to maintain its status as a prominent Transnational Infrastructure Company recognized for its business innovation, focused on Total Satisfaction and creating enhanced value for all their stakeholders.

Corporate identity number of the company	U45200MH1976PLC019335
Name of the company	AFCONS INFRASTRUCTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra, India Email: rajendran@afcons.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10347350
Type of charge	Movable property (not being pledge)
Particular of charge holder	Chennai Metro Rail Limited No.7, "Harini Towers", Conran Smith Road, Gopalapuram, Chennai - 600086, Tamil Nadu, India Email: chennaimetrorail@gmail.com
Nature of instrument creating charge	First Supplemental Deed Of Hypothecation Dated 22nd August, 2012.
Date of instrument Creating the charge	22.08.2012
Amount secured by the charge	Rs. 254.289 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest INTEREST FREE (EQUIPMENT MOBILISATION ADVANCE FROM CLIENT) Terms of Repayment The additional scheduled equipment shall remain as a security till the "additional scheduled equipment advance" given by chenai metro rail limited to the transtonnelstroy-afcons jv is fully adjusted against the payment of the running bill. Margin Nil Extent and Operation of the charge First charge on all the additional scheduled equipments of the co. Deployed at the site for the project(package UAA-05).the additional equipments will remain as security during the period the additional equipment advance given by chenai metro rail ltd. To transtonnelstroy-afcons jv is fully adjusted against the payment of the running bill.the details of the additional scheduled equipments is annxed as a schedule to the first supplemental deed of hypothe.attached herewith.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The additional scheduled equipmt. Of the co. Deployed at the site for the project (UAA-05).
Particulars of the present modification	By first supplemental deed of hypothecation dated 22nd august, 2012., against the release of additional equipment advance by the client, co. On behalf of transtonnelstroy- afcons jv has provided additional equipments as a security during the period the additional equipment advance given by client is fully adjusted against the payment of the running bill.

CONTINGENT LIABILITIES

Contingent liabilities (to the extent not provided for)

Particulars	31.03.2012	31.03.2011
	(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	17.190 0.100	42.033 0.100
Guarantees a) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures. b) Corporate Guarantees given on behalf of Subsidiaries and Joint Ventures.	14154.360 8032.420	13063.498 7159.984
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.	194.727	192.455
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	14.502
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.	22.927	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
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Leasehold improvements
• Floating Equipments
• Laboratory Equipments

CMT REPORT (Corruption, Money Laundering and 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 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 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.54.39
UK Pound	1	Rs.82.05
Euro	1	Rs.69.59

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	PRL

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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 and 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.