MIRA
INFORM REPORT
|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
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) : |
31.03.2013 |
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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 Marine Works, Highways, Bridges, Metro Works,
Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil
Engineering Projects both in |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
CP : A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
July 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Sachin Sharma |
|
Designation : |
Senior Manager Finance |
|
Contact No.: |
91-22-67191000 |
|
Date : |
26.08.2014 |
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 |
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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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Branch Office: |
403, Mercantile House, Krishna, 15, Kasturba Gandhi Marg, New Delhi –
110001, India |
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Tel No.: |
91-11-23713454/23713455 |
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Domestic Offices
: |
Located at : ·
New Delhi ·
Chennai ·
Kolkata ·
Nagpur |
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International
Offices : |
Located at : ·
Mauritius ·
Oman ·
Abu Dhabi ·
Indonesia |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Shapoor Pallonji Mistry |
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Designation : |
Director |
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Address : |
Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra,
India |
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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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Qualification: |
M.A. , M.SC (FCM) |
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Date of Appointment : |
22.03.1996 |
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Din No.: |
00198912 |
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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,
Maharashtra, India |
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Date of Birth/Age : |
26.10.1936 |
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Qualification: |
M.A.(Cantab.) Economics (Hons) |
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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 : |
Govind Building, 140, Princess Street, Mumbai – 400002, Maharashtra, India
|
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Date of Birth/Age : |
30.09.1951 |
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Qualification: |
B.A. , L.L.B. |
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Date of Appointment : |
30.09.2008 |
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Din No.: |
00078673 |
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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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Qualification: |
B.E. P.G.D.I.E. |
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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 : |
Managing 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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Qualification: |
B.Com, CAIIB, FICWA, FCS |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
00058445 |
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Name : |
Mr. Umesh Narain Khanna |
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Designation : |
Director appointed in casual vacancy |
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Address : |
12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
08.07.1957 |
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Qualification: |
MBA,B.E (Electrical Engineer) |
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Date of Appointment : |
22.08.2012 |
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DIN No.: |
03634361 |
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 |
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Name : |
Mr. Sachin Sharma |
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Designation : |
Senior Manager Finance |
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 |
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Other top fifty shareholders |
2.57 |
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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. |
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Products : |
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Exports : |
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Products : |
Construction Projects |
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Countries : |
·
Middle East ·
Africa |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Europe ·
China ·
Singapore ·
USA |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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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 ·
State Bank of India ·
Yes Bank ·
Union Bank ·
IDBI Bank ·
Punjab National Bank ·
Standrad Chrtared Bank ·
UCO Bank ·
Dena Bank |
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Facilities : |
Total Limited (Rs. 63000.000 Millions)
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Banking
Relations : |
--- |
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Financial Institution: |
Chennai Metro
Rail Limited, No.7, "Harini Towers", Conran Smith Road,
Gopalapuram, Chennai - 600086, Tamil Nadu, India |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie
Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Auditors : |
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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 |
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Holding Company: |
·
Shapoorji Pallonji and Company Limited, India CIN: U45200MH1943PLC003812 |
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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 |
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Fellow
Subsidiary: |
·
Floreat Investments Limited ·
SP Jammu Udhampur Highway Private Limited ·
Forvol International Service Limited |
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Associate: |
·
Afcons (Mideast) Construction and Investments
Private Limited |
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|
Partnership firm
in which the Company is a partner: |
·
Afcons Pauling Joint Venture |
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|
Jointly
Controlled Entities: |
·
Strabag AG Afcons Joint Venture ·
Saipem Afcons Joint Venture |
CAPITAL STRUCTURE
AFTER 26.09.2013
Authorised Capital : Rs.
10000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 5219.702
Millions
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 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4219.702 |
4219.702 |
4218.395 |
|
(b) Reserves & Surplus |
3589.821 |
3298.946 |
2445.948 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7809.523 |
7518.648 |
6664.343 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4974.499 |
2636.985 |
1868.588 |
|
(b) Deferred tax liabilities (Net) |
922.827 |
762.697 |
576.042 |
|
(c) Other long term liabilities |
1185.857 |
550.188 |
247.407 |
|
(d) long-term provisions |
91.516 |
68.918 |
57.488 |
|
Total Non-current Liabilities (3) |
7174.699 |
4018.788 |
2749.525 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
5784.241 |
4155.771 |
4311.982 |
|
(b) Trade payables |
4210.158 |
4245.907 |
2122.225 |
|
(c) Other current
liabilities |
4936.259 |
5554.944 |
3981.678 |
|
(d) Short-term provisions |
144.794 |
31.229 |
50.778 |
|
Total Current Liabilities (4) |
15075.452 |
13987.851 |
10466.663 |
|
|
|
|
|
|
TOTAL |
30059.674 |
25525.287 |
19880.531 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9098.684 |
5417.352 |
4168.662 |
|
(ii) Intangible Assets |
35.037 |
48.005 |
10.260 |
|
(iii) Capital
work-in-progress |
1480.591 |
3149.724 |
47.264 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
40.688 |
39.198 |
29.676 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
908.581 |
1137.927 |
373.698 |
|
(e) Other Non-current assets |
2672.802 |
3213.459 |
4103.159 |
|
Total Non-Current Assets |
14236.383 |
13005.665 |
8732.719 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7372.137 |
5124.113 |
3700.657 |
|
(c) Trade receivables |
4909.774 |
3666.629 |
2583.154 |
|
(d) Cash and cash
equivalents |
162.138 |
358.455 |
1600.487 |
|
(e) Short-term loans
and advances |
3140.992 |
3353.230 |
2899.264 |
|
(f) Other current
assets |
238.250 |
17.195 |
364.250 |
|
Total Current Assets |
15823.291 |
12519.622 |
11147.812 |
|
|
|
|
|
|
TOTAL |
30059.674 |
25525.287 |
19880.531 |
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 materials consumed |
4660.174 |
1985.624 |
2964.281 |
|
|
|
Purchases of stock-in-trade |
19.318 |
79.499 |
0.000 |
|
|
|
Employee benefit expense |
3235.414 |
2098.093 |
1671.330 |
|
|
|
Other expenses |
9002.791 |
9684.811 |
4865.700 |
|
|
|
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 |
212.690 |
|
|
|
|
|
|
|
|
|
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 (H) |
105.788 |
256.076 |
301.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
464.216 |
858.714 |
586.822 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3924.400 |
2980.200 |
1792.700 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend on Equity Shares |
144.000 |
0.000 |
0.400 |
|
|
|
Proposed Dividend on Preference Shares |
0.400 |
0.400 |
|
|
|
|
Tax on Dividend |
23.400 |
0.000 |
|
|
|
|
Interim distribution of profit to a Joint
Venture Partner |
0.000 |
0.700 |
|
|
|
|
Transferred to General Reserve |
34.800 |
0.000 |
|
|
|
|
Transferred to Debenture Redemption
Reserve |
62.500 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
4603.500 |
3924.400 |
2980.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5214.000 |
8797.100 |
3692.900 |
|
|
TOTAL EARNINGS |
5214.000 |
8797.100 |
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 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
28000.000 |
The above information has been parted by Mr. Sachin Sharma (Senior
Manager Finance)
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
|
0.90 |
1.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4218.395 |
4219.702 |
4219.702 |
|
Reserves & Surplus |
2445.948 |
3298.946 |
3589.821 |
|
Net worth |
6,664.343 |
7,518.648 |
7,809.523 |
|
|
|
|
|
|
long-term borrowings |
1868.588 |
2636.985 |
4974.499 |
|
Short term borrowings |
4311.982 |
4155.771 |
5784.241 |
|
Total
borrowings |
6,180.570 |
6,792.756 |
10,758.740 |
|
Debt/Equity
ratio |
0.927 |
0.903 |
1.378 |
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
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
1259.931 |
1592.955 |
623.337
|
|
|
|
|
|
|
Total |
1259.931 |
1592.955 |
623.337
|
|
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 |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Non-convertible debentures others |
1000.000 |
0.000 |
|
Working capital loans from banks |
0.000 |
750.000 |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
571.082 |
254.350 |
|
Working capital loans from banks |
560.000 |
250.000 |
|
Commercial paper |
2044.062 |
499.594 |
|
Loans and advances from related parties |
9.000 |
9.000 |
|
Total |
4184.144 |
1762.944 |
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 |
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 |
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,
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.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
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 |
YES |
|
--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 a a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.