MIRA INFORM REPORT
|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
AFCONS INFRASTRUCTURE LIMITED (w.e.f. August 1996) |
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Formerly Known
As : |
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Registered
Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai
Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.11.1976 |
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Com. Reg. No.: |
11-019335 |
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Capital
Investment / Paid-up Capital : |
Rs. 4219.702 millions |
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CIN No.: [Company Identification
No.] |
U45200MH1976PLC019335 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA09981G MUMA19369A MUMA20959B |
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PAN No.: [Permanent Account No.] |
AAACA9067G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is 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. |
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No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 30000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is 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.
There appears slight dip in the profitability. 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long term rating: AA |
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Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation 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.
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 |
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Fax No.: |
91-22-26730047/ 26730026/ 26369052 / 26315910 / 26731031 / 26730027/
26367093 |
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E-Mail : |
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Website : |
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Location |
Owned |
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Other Offices : |
Located At : Domestic Offices ·
·
Chennai ·
Kolkata ·
International
Offices ·
U.A.E. ·
·
·
·
·
·
|
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Cyrus Pallonji Mistry |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.07.1968 |
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Date of Appointment : |
23.03.2012 |
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DIN No.: |
00010178 |
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Name : |
Mr. Pallonji Shapoorji Mistry |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.06.1929 |
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Date of Appointment : |
26.04.2000 |
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DIN No.: |
00046121 |
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Name : |
Mr. Shapoor Pallonji Mistry |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
06.09.1964 |
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Date of Appointment : |
23.03.2012 |
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Din No.: |
00010114 |
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Name : |
Mr. Narendra Jamnadas Jhaveri |
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Designation : |
Director |
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Address : |
C-42, Samprat Residency, Opposite Parivar Society, Premchand Nagar
Road, Bodekdev, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
09.08.1935 |
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Date of Appointment : |
22.03.1996 |
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Din No.: |
00198912 |
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Name : |
Mr. Ramunni Menon Premkumar |
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Designation : |
Director |
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Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400030, |
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Date of Birth/Age : |
16.08.1945 |
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Date of Appointment : |
27.09.2007 |
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Din No.: |
00328942 |
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Name : |
Mr. Bhagwan Dass Narang |
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Designation : |
Director |
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Address : |
B-64, Ground Floor, |
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Date of Birth/Age : |
12.04.1945 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00038052 |
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Name : |
Mr. Jimmy Jehangir Parakh |
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Designation : |
Director |
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Address : |
502, |
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Date of Birth/Age : |
01.10.1949 |
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Date of Appointment : |
27.09.2007 |
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Din No.: |
00004945 |
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Name : |
Mr. Naushir Dara Khurody |
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Designation : |
Director |
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Address : |
12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026, |
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Date of Birth/Age : |
26.10.1936 |
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Date of Appointment : |
30.09.2008 |
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Din No.: |
00007150 |
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Name : |
Mr. Pradip Narotam Kapadia |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.09.1951 |
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Date of Appointment : |
30.09.2008 |
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Din No.: |
00078673 |
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Name : |
Mr. Abhimanyu Hemendra Divanji |
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Designation : |
Director |
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Address : |
51, Le Repos, |
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Date of Birth/Age : |
20.11.1928 |
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Date of Appointment : |
27.03.2002 |
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Din No.: |
00051508 |
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Name : |
Mr. Subrahmanian Krishnamurthy |
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Designation : |
Managing director |
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Address : |
D-1103, Lake Lucerne, Ekta Supreme Housing Complex, Off Adi sankaraharya
Marg, Near Gopal Sharma School, Powai, Mumbai-400070, Maharashtra, India |
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Date of Birth/Age : |
03.06.1958 |
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Date of Appointment : |
01.07.2011 |
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DIN No.: |
00047592 |
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Name : |
Mr. Paramasivan Srinivasan |
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Designation : |
Whole Time Director |
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Address : |
Venus Flat No. 85, Versova Venus Housing Society, Plot No. 6, R D P 2,
SVP Nagar, Versova, Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
20.05.1957 |
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Date of Appointment : |
10.06.2002 |
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Din No.: |
00058445 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendran Ramaiyer Palambalkode |
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Designation : |
Secretary |
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Address : |
206, Ganga Darshan, |
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Date of Birth/Age : |
08.09.1952 |
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Date of Appointment : |
01.10.1991 |
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PAN No.: |
AAHPR6302D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
Note: Major Shareholders details file 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 |
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Other top fifty shareholders |
3.11 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is 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
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Customers : |
Port and Marine Transportation
Energy and Power
Buildings and Industrial Structures
Oil and Gas
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No. of Employees : |
7000 (Approximately) |
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Bankers : |
No.7, " ·
State Bank of ·
UCO Bank ·
Oriental Bank of Commerce ·
Axis Bank Limited ·
Bank of ·
Dena Bank ·
BNP Paribas ·
ING Vysya Bank Limited ·
ICICI Bank Limited ·
Union Bank of ·
IDBI Bank Limited ·
Standard Chartered Bank
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Name : |
J. C. Bhatt and Associates Chartered Accountants |
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Holding Company: |
Shapoorji Pallonji and Company Limited |
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Subsidiaries: |
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Fellow Subsidiary : |
Floreat Investments Limited |
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Associate: |
Afcons ( |
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Partnership firm in which the Company is a partner: |
Afcons Pauling Joint Venture |
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Jointly Controlled Entities: |
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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 5th 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 |
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} |
(%) |
6.59
|
4.49 |
3.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.90
|
0.93 |
0.89
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
2.42 |
3.39
|
LOCAL AGENCY FURTHER INFORMATION
|
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
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,
5. Civil Works for
two LNG Storage Tanks at
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,
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
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,
● EPC World
Awards 2011 in the category of Outstanding Contribution in Roads and Highways
for the 3 Level grade separator project at Ghazipur,
● 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,
ii) Their Mukarba
Chowk project at
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
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
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
During last 5
years, the Company has executed projects in,
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
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
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
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.
UNSECURED LOAN
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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
PRESS RELEASE
AFCONS INFRASTRUCTURE LIMITED WINS RS 9380.000-MILLIONS KOLKATA METRO
ORDER
Afcons Infrastructure Limited (Afcons), the infrastructure arm of Shapoorji Pallonji Group, has bagged Rs 9380.000-millions projects from the Kolkata Metro Corporation. The project includes Design and Construction of Underground Metro from Howrah Maidan station to Central Station, which is a part of East West Metro Project in Kolkata. The overall project comprises of three underground stations at Howrah Maidan and Mahakaran respectively, one Crossover at Howrah Maidan and Twin Bored tunnels using earth pressure balancing machine, which is essentially a tunnel boring machine in soft soil. Length of tunnel: Twin Bored Tunnel: 2954 m and approximately 520m is under the river Hooghly. This project is to be completed in four years time.
Says Ramakrishna V Ramanan, Director – Transportation, Afcons Infrastructure Limited, “We are very happy to get ourselves associated with the Kolkata Metro Corporation through this order and our skill-set and engineering expertise will be on display once again in executing critical infrastructure projects, such as Metro Rail, in the development of the nation. The project includes Design and Construction of Underground Metro from Howrah Maidan station to Central Station, which is a part of East West Metro Project in Kolkata.”
Order includes Design and Construction of Underground Metro from Howrah Maidan station to Central Station
1st time in India a Transportation Tunnel Project running 20 Meter below a River
“This is the first time in India a Transportation Tunnel Project is running approx. 20 m below a river, and hence, it’s challenging. Latest technologies will be used in the construction of this under river link and will go a long way in boosting the transportation infrastructure of Kolkata City,” he adds.
Afcons Infrastructure Limited, in a Joint Venture with a Russian company
Transtonnelstroy Limited, has bagged this prestigious contract.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.54.28 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.