1. Summary Information

		Country	India
Company Name	AFCONS INFRASTRUCTURE LIMITED	Principal Name 1	Mr. Narendra Jamnadas Jhaveri
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 / 66773241/ 67191000 / 66773241 / 67191100	Business Style 1	Engaged in the Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.
Fax #	91-22-26730047/ 26730026/ 26369052 / 26315910 / 26731031 / 26730027/ 26367093	Business Style 2	--
Homepage	http://www.afcons.com	Product Name 1	--
# of employees	Information declined by the management	Product Name 2	--
Paid up capital	Rs. 4,219,702,000	Product Name 3	--
Shareholders	Bodies corporate - 97.24% Directors or relatives of Directors - 0.19% Other top fifty shareholders - 2.57%	Banking	Axis Bank Limited
Public Limited Corp.	NO	Business Period	38 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (60)
Related Company
Relation	Country	Company Name	CEO
Holding Company:	India	Shapoorji Pallonji and Company Limited	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	12,032,537,000	Current Liabilities	10,332,274,000
Inventories	7,372,137,000	Long-term Liabilities	10,758,740,000
Fixed Assets	9,133,721,000	Other Liabilities	1,159,137,000
Deferred Assets	0,000	Total Liabilities	22,250,151,000
Invest& other Assets	1,521,279,000	Retained Earnings	3,589,821,000
		Net Worth	7,809,523,000
Total Assets	30,059,674,000	Total Liab. & Equity	30,059,674,000
Total Assets (Previous Year)	25,525,287,00
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	18,898,687,000	Net Profit	464,216,000
Sales(Previous yr)	15,534,824,000	Net Profit(Prev.yr)	858,714,000

MIRA INFORM REPORT

Report Date :

07.04.2014

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) :	31.03.2013
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 :	Subject is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 31000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of the Shapoorji Pallonji Group. It is a well-established and reputed company having good track record. There seems some dip in the profit of the company during current year. However, general financial position of the company seems to be strong. Fundamental are healthy. Trade relations are reported as 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper Programme: A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	November 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 DECLINED

MANAGEMENT NON - COOPERATIVE (91-22-26731107)

LOCATIONS

Registered Office / Head 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
Domestic Offices :	Located at : · New Delhi · Chennai · Kolkata · Nagpur
International Offices :	Located at : · Mauritius · Oman · Abu Dhabi · Indonesia

DIRECTORS

As on 26.09.2013

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
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
Qualification:	M.A. , M.SC (FCM)
Date of Appointment :	22.03.1996
Din No.:	00198912
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
Qualification:	M.A.(Cantab.) Economics (Hons)
Date of Appointment :	30.09.2008
Din No.:	00007150
Name :	Mr. Pradip Narotam Kapadia
Designation :	Director
Address :	Govind Building, 140, Princess Street, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	30.09.1951
Qualification:	B.A. , L.L.B.
Date of Appointment :	30.09.2008
Din No.:	00078673
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
Qualification:	B.E. P.G.D.I.E.
Date of Appointment :	01.07.2011
DIN No.:	00047592
Name :	Mr. Paramasivan Srinivasan
Designation :	Managing 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
Qualification:	B.Com, CAIIB, FICWA, FCS
Date of Appointment :	01.04.2012
DIN No.:	00058445
Name :	Mr. Umesh Narain Khanna
Designation :	Director appointed in casual vacancy
Address :	12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	08.07.1957
Qualification:	MBA,B.E (Electrical Engineer)
Date of Appointment :	22.08.2012
DIN No.:	03634361

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 26.09.2013

SHAREHOLDERS DETAILS ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Bodies corporate	97.24
Directors or relatives of Directors	0.19
Other top fifty shareholders	2.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.

Products :

Item Code No.	Product Description
99999990	Construction

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Axis Bank Limited, 2nd Floor, Statesman House, 148 Barakhambha Road,, Delhi - 110001,Delhi, India
• HSBC Bank (Mauritius) Limited, Hsbc Centre, 18 Cybercity, Ebene, Mauritius - Mu, Mauritius
• DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road,, New Delhi - 110001,Delhi, India
• Oriental Bank of Commerce Limited, Large Corporate Branch, 181 A Maker Tower 'E', 18th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• Indian Overseas Bank, Worli Branch,Kakad Chambers, Dr. Annie Besent Road, Mumbai - 400018, Maharashtra, India
• ICICI Bank Limited, Zenith House Kashavrao Khyade Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	714.367
Foreign currency term loans from banks	1863.700
Working capital loans from banks	1000.000
Other loans and advances	396.432
Short-term borrowings
Foreign currency term loans from banks	176.922
Working capital loans from banks	1800.000
Other loans and advances	623.175
Total	6574.596

Secured Loan	31.03.2012 (Rs. in Millions)
Rupee Loan	401.528
Foreign Currency Loan	1017.400
Foreign Currency Loan - From banks	468.057
Working Capital Demand Loans - From banks	2300.000
Buyers Credit	160.184
Cash Credit Facility from Banks	682.643
Total	5029.812

Banking Relations :	---
Financial Institution:	Chennai Metro Rail Limited, No.7, "Harini Towers", Conran Smith Road, Gopalapuram, Chennai - 600086, Tamil Nadu, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Auditors :
Name :	J. C. Bhatt and Associates Chartered Accountants
Address :	502, Poonam Pearl, C.D. Barfiwala Marg, Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPB4478L
Holding Company:	Shapoorji Pallonji and Company Limited, India CIN: U45200MH1943PLC003812
Subsidiaries:	Hazarat and Company Private Limited M/s. Afcons Corrosion Protection Private Limited (formerly known as M/s. SSS Electricals (India) Private Limited CIN: U28920MH1985PTC036876 Afcons Offshore and Marine Services Private Limited Afcons Construction Mideast LLC Afcons Infrastructures Kuwait for Building, Road and Marine Contracting WLL Afcons Overseas Construction LLC, (w.e.f. 3rd September, 2012) 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:	Floreat Investments Limited SP Jammu Udhampur Highway Private Limited Forvol International Service Limited
Associate:	Afcons (Mideast) Construction and Investments Private Limited
Partnership firm in which the Company is a partner:	Afcons Pauling Joint Venture
Jointly Controlled Entities:	Strabag AG Afcons Joint Venture Saipem Afcons Joint Venture

CAPITAL STRUCTURE

As on 31.03.2013

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4219.702
(b) Reserves & Surplus	3589.821
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	7809.523
(3) Non-Current Liabilities
(a) long-term borrowings	4974.499
(b) Deferred tax liabilities (Net)	922.827
(c) Other long term liabilities	1185.857
(d) long-term provisions	91.516
Total Non-current Liabilities (3)	7174.699
(4) Current Liabilities
(a) Short term borrowings	5784.241
(b) Trade payables	4210.158
(c) Other current liabilities	4936.259
(d) Short-term provisions	144.794
Total Current Liabilities (4)	15075.452
TOTAL	30059.674
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9098.684
(ii) Intangible Assets	35.037
(iii) Capital work-in-progress	1480.591
(iv) Intangible assets under development	0.000
(b) Non-current Investments	40.688
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	908.581
(e) Other Non-current assets	2672.802
Total Non-Current Assets	14236.383
(2) Current assets
(a) Current investments	0.000
(b) Inventories	7372.137
(c) Trade receivables	4909.774
(d) Cash and cash equivalents	162.138
(e) Short-term loans and advances	3140.992
(f) Other current assets	238.250
Total Current Assets	15823.291
TOTAL	30059.674

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

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	18898.687	15534.824	10799.642
		Other Income	593.295	941.165	635.559
		TOTAL (A)	19491.982	16475.989	11435.201
Less	EXPENSES
		Cost of construction	--	10085.147	6430.976
		Cost of materials consumed	4660.174	--	--
		Purchases of stock-in-trade	19.318	--	--
		Cost of traded Goods	--	79.499	1697.112
		Employee benefit expense	3235.414	2128.718	0.000
		Other expenses	9002.791	1554.663	1373.223
		TOTAL (B)	16917.697	13848.027	9501.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2574.285	2627.962	1933.890
Less	FINANCIAL EXPENSES (D)		1329.623	1134.251	721.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1244.662	1493.711	1212.690
Less/ Add	DEPRECIATION/ AMORTISATION (F)		674.658	378.921	324.311
	PROFIT BEFORE TAX (E-F) (G)		570.004	1114.790	888.379
Less	TAX (I)		105.788	256.076	301.557
	PROFIT AFTER TAX (G-I) (J)		464.216	858.714	586.822
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3924.400	1689.514	1103.099
	APPROPRIATIONS
		Transferred to General Reserve	34.800	0.000	0.000
		Interim Dividend on Equity Shares	144.000	--	--
		Transferred to Debenture Redemption Reserve	62.500	--	--
		Proposed Dividend on Preference Shares	0.400	0.350	0.350
		Tax on Dividend	23.400	0.057	0.057
	BALANCE CARRIED TO THE B/S		4603.500	2547.821	1689.514
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5214.000	8797.123	3692.900
	TOTAL EARNINGS		5214.000	8797.123	3692.900
	IMPORTS
		Capital Goods	NA	261.177	340.216
		Consumables	NA	3420.458	71.689
	TOTAL IMPORTS		NA	3681.635	411.905
	Earnings Per Share (Rs.)
	Basic		6.44	11.94	8.18
	Diluted		1.39	2.55	1.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.38	5.21	5.13
Net Profit Margin (PBT/Sales)	(%)	3.02	7.18	8.23
Return on Total Assets (PBT/Total Assets}	(%)	2.00	4.99	4.49
Return on Investment (ROI) (PBT/Networth)		0.07	0.15	0.13
Debt Equity Ratio (Total Debt /Networth)		1.38	0.90	0.93
Current Ratio (Current Asset/Current Liability)		1.05	2.42	3.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10799.642	15534.824	18898.687
		43.846	21.654

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	10799.642	15534.824	18898.687
Profit	586.822	858.714	464.216
	5.43%	5.53%	2.46%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Lodging No.:-	SL/113/2013	Filing Date:-	07/02/2013	Reg. No.:-	S/403/2013	Reg. Date:-	10/06/2013
Petitioner:-	M/S DHARTI DREDGING AND INFRASTRUCTURE LIMITED			Respondent:-	AFCONS INFRASTRUCTURE LIMITED AND 2 ORS
Petn.Adv.:-	K K ASSOCIATES			Resp.Adv.:-	DESAI AND DIWANJI (1)

District:-

OUTSIDE MAHARASHTRA

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	SPECIFIC PERFORMANCE SUIT

Next Date:-

11/04/2014

Stage:-

FOR WRITTEN STATEMENT

Coram:-

ADDL. REG.(OS)/ADDL. PROTHONOTARY & SR. MASTE

Last Date:-

14/03/2014

Stage:-

FOR WRITTEN STATEMENT

Last Coram:-

ADDL. REG.(OS)/ADDL. PROTHONOTARY & SR. MASTE

Act :-

Code of Civil Procedure 1908

OPERATIONS

The Company has achieved total income of Rs.30796.900 Millions for the year compared to the previous years Rs.25507.800 Millions showing an increase of 20.74%.The EBIDTA for the year was Rs.3489.800 Millions compared to Rs.2797.200 Millions in the previous year resulting in increase by 24.76%. The Consolidated Profit before Tax for the year was Rs.1514.600 Millions compared to Rs.1505.600 Millions in the previous year resulting in a marginal increase of 0.60%.The Consolidated Profit after Tax for the year was Rs.921.200 Millions compared to Rs.881.400 Millions in the previous year resulting in increase by 4.51%. Their Order book as on 31st March 2013 was Rs.74742.700 Millions.

During the year, the following major works were completed:

i. Design and construction of container berth (625 m length) at Hazira for Hazira Port Private Limited.

ii. Civil and erection works forming part of DSO phase of iron ore mining at Liberia for Arcelor Mittal Liberia Limited.

iii. ICPR Process Platform for MHS Redevelopment Phase II- executed in Joint Venture with PT. Gunanusa Utama Fabricators, Indonesia for Oil and Natural Gas Corporation Limited.

iv. Design and Construction of Flyover at Nagpur for Maharashtra Airport Development Company Limited.

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

i. Design Package CC-15: Part Design and Construction of elevated viaduct from Ch. Km. 26.739 to Km.34.344 including entry exit line to depot, elevated ramp at Kalkaji and special spans and Construction of six elevated stations of Phase-III of Delhi MRTS of Delhi Metro Rail Corporation Limited. of approx. value of Rs.3710.000 Millions.

ii. Western Range DSO Iron Ore Project, Liberia, Package 166580 C106A (Bundled) Bulk Earthworks, Concrete and Civil Works at Port of Arcelor Mittal Liberia Limited of approx. value of Rs.2820.000 Millions.

iii. Design Package CC-29: Part Design and Construction of elevated viaduct and Ramp length 2654.44 m and Construction of two elevated stations of Phase-III of Delhi MRTS of Delhi Metro Rail Corporation Limited. of Rs.1380.000 Millions

iv. Port of Pipavav Construction work of New Port Infrastructure Contract II Civil Works of Gujarat Pipavav Port Limited. of Rs.2790.000 Millions .

v. Fuel Quay Repair Works at Buchanan Port, Liberia of Arcelor Mittal Liberia Limited of Rs.290.000 Millions.

vi. Construction of Elevated Road over Barapulla Nallah starting from Sarai Kale Khan to Aurobindo Marg near INA Market, New Delhi-Phase-II of PWD Limited., Delhi of Rs.3550.000 Millions .

vii. Earthworks and Civils Concentrator at western Liberia of Arcelor Mittal Liberia Limited of Rs.370.000 Millions.

During the year, the Company in Consortium with Technip KT India and TH Heavy Engineering BHD of Malaysia has bagged the HRD Process Platform Project of Oil and Natural Gas Corporation Limited. The Company’s share in the Consortium is approx. value Rs.11790.000 Millions.

CORPORATE INFORMATION

Subject is an unlisted Public Limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Afcons is a part of the Shapoorji Pallonji Group. Afcons has a presence in almost the entire spectrum of infrastructure activities in India and Overseas. The Company is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Non-convertible debentures others	1000.000
Working capital loans from banks	0.000
Short-term borrowings
Term loans from banks	571.082
Working capital loans from banks	560.000
Commercial paper	2044.062
Loans and advances from related parties	9.000
Total	4184.144

PARTICULARS	31.03.2012 (Rs. in Millions)
Working Capital loans - From banks	750.000
Working Capital Demand Loans - From banks	250.000
Rupee Loan	0.000
Packing Credit Finance	254.350
Commercial Papers - From Banks	487.982
Commercial Papers - From Other parties	0.000
From Related Parties	9.000
Total	1751.332

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10392335	29/11/2012	1,000,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148 BARAKHAMBHA ROAD, DELHI, DELHI - 110001, INDIA	B64277312
2	10369233	09/07/2012	840,000,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBERCITY, EBENE, MAURITIUS, - MU, MAURITIUS	B45154655
3	10358916	04/06/2012	278,300,000.00	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA TOWERS,, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B40878605
4	10347339	10/07/2012 *	1,047,545,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B44304525
5	10347350	22/08/2012 *	254,488,810.00	CHENNAI METRO RAIL LIMITED	NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALA PURAM, CHENNAI, TAMIL NADU - 600086, INDIA	B57374233
6	10347347	22/08/2012 *	390,273,751.00	CHENNAI METRO RAIL LIMITED	NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALAPURAM, CHENNAI, TAMIL NADU - 600086, INDIA	B57373714
7	10311680	03/10/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	132, KAKAD CHAMBER, DR.ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B23130917
8	10307940	06/09/2011	500,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	LARGE CORPORATE BRANCH, 181 A MAKER TOWER "E", 18 TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B21332317
9	90228657	25/07/2012 *	60,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J.N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA	B45549128

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2013	31.03.2012
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	601.295 0.000	17.190 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.	13512.617 8573.618	14154.360 8032.420
Sales tax and Extra tax Represents demands raised by Sales Tax Authorities in matters of a) disallowance of labour and service charges, consumables etc. b) Tax on AS7 Turnover and c) Interest and Penalty etc. for which appeal is pending before various appellate authorities. The Company is confident that the cases will be successfully contested.	137.021	194.727
Service Tax Represents demand confirmed by the Asst. Commissioner of Service Tax for a) disallowance of Cenvat Credit, since abatement claimed by the Company and b) disallowance of general exemption of Railway for construction of Metro Railways and private Transport terninal etc. The Company has appealed against the said order with Commissioner of Service Tax Mumbai and is confident that the cases will be successfully contested. The company has received the stay order for some case from the CESTAT.	945.426	22.927

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments
• Leasehold improvements

Intangible assets

• Computer software
• Goodwill

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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 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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.80.65

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.