MIRA INFORM REPORT
|
Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
LEIGHTON INDIA CONTRACTORS PRIVATE LIMITED (w.e.f. 17.02.2014) |
|
|
|
|
Formerly Known
As : |
LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f 29.04.2011) LEIGHTON CONTRACTORS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS Marg,
Kurla (West), Mumbai – 400070, Maharashtra |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.11.1998 |
|
|
|
|
Com. Reg. No.: |
11-117187 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1533.800
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1998FTC117187 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML03930D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3338D |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19170000 |
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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 subsidiary of Leighton International Limited, Cayman
Islands. It is well-established company having fine track record. There appears drastic dip in profitability of the company during the financial
year 2013. However, the rating takes into consideration financial and managerial
support that company receives from its parent company and sound liquidity
position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding support, the company can be considered good
for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of complaints
received by the watchdog which keeps tabs on unfair trade practices in the
marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A+” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
14.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
14.03.2014 |
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
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-67190000)
LOCATIONS
|
Registered Office : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-67190000 |
|
Fax No.: |
91-22-67190199 |
|
E-Mail : |
gangaprasad.kurmi@leighton.co.in kailsh.didwania@leighton.co.in |
|
Website : |
|
|
|
|
|
Branch Office 1 : |
8/F, Vatika City Point, M.G. Road, Opposite First India Place, Gurgaon
– 122002, Haryana, India |
|
Tel. No.: |
91-124-4958200 |
|
Fax No.: |
91-124-4958201 |
|
|
|
|
Branch Office 2 : |
Ramanujan IT City, Taramani, Rajiv Gandhi Salai (OMR), Chennai – 600113, Tamilnadu,
India |
|
Tel. No.: |
91-44-66674100 |
|
Fax No.: |
91-44-66674108 |
DIRECTORS
As on 19.06.2013
|
Name : |
Mr. Sandeep Shyamlal Garg |
|
Designation : |
Director |
|
Address : |
D-173, Narmada Appartment, Alknanda, New Delhi – 110019, India |
|
Date of Birth/Age : |
25.05.1960 |
|
Date of Appointment : |
06.10.2012 |
|
DIN No. : |
00036419 |
|
|
|
|
Name : |
Mr. James Mackinnon Salmon |
|
Designation : |
Managing Director |
|
Address : |
Flat No.802, Building No.7, Orchard Residency, LBS Marg, Ghatkopar
(West), Mumbai – 400086, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1960 |
|
Date of Appointment : |
27.09.2012 |
|
DIN No. : |
02344553 |
|
|
|
|
Name : |
Mr. Peter Allan Gregg |
|
Designation : |
Director |
|
Address : |
351/3, Darling Island Road, Pyrmont, NSW, Australia 2009 |
|
Date of Birth/Age : |
24.02.1955 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No.: |
03423620 |
|
|
|
|
Name : |
Mr. Peter Geoffrey Pollard |
|
Designation : |
Director |
|
Address : |
Houe No.2, 74 Mount Kellett Road, Hong Kong |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
09.05.2012 |
|
DIN No.: |
05246605 |
|
|
|
|
Name : |
Ian Leslie Edwards |
|
Designation : |
Director |
|
Address : |
DD 230 Lot 331 7A Siu Hang Hau Village New Territories Hongkong |
|
Date of Birth/Age : |
14.06.1962 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
05253949 |
|
|
|
|
Name : |
Malcolm Ashcroft Robert |
|
Designation : |
Alternate director |
|
Address : |
Seachange on Crown, 28-32, Crown Road, Queenscliff, NWS, Australia
2096 |
|
Date of Birth/Age : |
15.10.1973 |
|
Date of Appointment : |
16.05.2013 |
|
DIN No.: |
06585499 |
KEY EXECUTIVES
|
Name : |
Mr. Gangaprasad Kurmi |
|
Designation : |
Secretary |
|
Address : |
C-37, 202, Devpooja Chambers, Sector – 3, Miraroad, Thane – 401107, |
|
Date of Birth/Age : |
20.06.1976 |
|
Date of Appointment : |
28.07.2011 |
|
Pan No.: |
AKYPK9874G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Leighton International Limited, Cayaman Islands |
|
92219601 |
|
Leighton Offshore Pte Limited, |
|
1 |
|
Welspun Infra Projects Private Limited, |
|
49656709 |
|
Welspun Projects Limited, India |
|
11503485 |
|
TOTAL |
|
153379796 |
As on 19.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
60.12 |
|
Bodies corporate |
39.88 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services. |
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Products / Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution : |
· GE Money Financial Services Private Limited, 401 402, 4th Floor, Aggarwal Millenium Tower, E1 2 3, Netaji Subhash Place, Pitampura, Delhi - 110034, India · Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
PAN No.: |
AADFB6889R |
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|
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Holding Company : |
Leighton International Limited, Cayman Islands |
|
|
|
|
Ultimate
Holding company : |
Leighton Holdings Limited, Australia |
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|
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|
Associate : |
Welspun Corp Limited, India CIN No.: L27100GJ1995PLC025609 |
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Joint
Venture : |
· Leighton OSE, India [(unincorporated JV) 50.00%] · Leighton Infra 13, India [(unincorporated JV) 50.00%] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153500000 |
Equity Shares |
Rs.10/- each |
Rs. 1535.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153379796 |
Equity Shares |
Rs.10/- each |
Rs. 1533.800
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 |
1533.800 |
1418.800 |
1418.800 |
|
(b) Reserves & Surplus |
3258.800 |
2063.100 |
1185.600 |
|
(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) |
4792.600 |
3481.900 |
2604.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
410.400 |
1496.400 |
855.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1690.600 |
|
(d) long-term
provisions |
88.500 |
96.200 |
146.800 |
|
Total Non-current
Liabilities (3) |
498.900 |
1592.600 |
2693.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
304.900 |
750.600 |
852.500 |
|
(b) Trade
payables |
6710.300 |
4781.000 |
5874.200 |
|
(c) Other
current liabilities |
2540.800 |
2035.700 |
1377.800 |
|
(d) Short-term
provisions |
315.100 |
95.100 |
719.300 |
|
Total Current
Liabilities (4) |
9871.100 |
7662.400 |
8823.800 |
|
|
|
|
|
|
TOTAL |
15162.600 |
12736.900 |
14121.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1613.900 |
1888.500 |
937.900 |
|
(ii)
Intangible Assets |
1090.000 |
7.600 |
5.800 |
|
(iii)
Capital work-in-progress |
64.600 |
44.800 |
35.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
71.200 |
39.400 |
14.500 |
|
(c) Deferred tax assets (net) |
221.400 |
188.500 |
206.300 |
|
(d) Long-term Loan and Advances |
1341.900 |
477.200 |
1118.700 |
|
(e) Other
Non-current assets |
731.500 |
731.500 |
631.500 |
|
Total Non-Current
Assets |
5134.500 |
3377.500 |
2950.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
2852.200 |
2443.300 |
1908.200 |
|
(d) Cash
and cash equivalents |
569.600 |
2525.300 |
4575.000 |
|
(e)
Short-term loans and advances |
1393.800 |
1759.800 |
1015.000 |
|
(f) Other
current assets |
5212.500 |
2631.000 |
3673.100 |
|
Total
Current Assets |
10028.100 |
9359.400 |
11171.300 |
|
|
|
|
|
|
TOTAL |
15162.600 |
12736.900 |
14121.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
16215.000 |
17814.000 |
18488.480 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
15895.300 (Including
Depreciation) |
16548.200 (Including
Depreciation) |
15822.810 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
2665.670 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
309.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
319.700 |
1265.800 |
2356.430 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
191.100 |
413.200 |
1142.190 |
|
|
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT
FROM JV |
31.800 |
24.900 |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
160.400 |
877.500 |
1214.240 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1941.700 |
1064.200 |
1349.410 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
121.420 |
|
|
|
Interim Dividend Paid |
|
|
1378.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2102.100 |
1941.700 |
1064.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Operating Revenue |
4884.200 |
8991.700 |
NA |
|
|
|
Insurance Claim |
385.800 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
5270.000 |
8991.700 |
NA |
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
1.05 |
6.18 |
8.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.99
|
4.93
|
6.57
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
10.16
|
17.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.36
|
0.90
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.15
|
0.65
|
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.21
|
1.27
|
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 |
1418.800 |
1418.800 |
1533.800 |
|
Reserves & Surplus |
1185.600 |
2063.100 |
3258.800 |
|
Net
worth |
2604.400 |
3481.900 |
4792.600 |
|
|
|
|
|
|
long-term borrowings |
855.900 |
1496.400 |
410.400 |
|
Short term borrowings |
852.500 |
750.600 |
304.900 |
|
Total
borrowings |
1708.400 |
2247.000 |
715.300 |
|
Debt/Equity
ratio |
0.656 |
0.645 |
0.149 |
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) |
|
Total Income |
18488.480 |
17814.000 |
16215.000 |
|
|
|
(3.648) |
(8.976) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
18488.480 |
17814.000 |
16215.000 |
|
Profit |
1214.240 |
877.500 |
160.400 |
|
|
6.57% |
4.93% |
0.99% |
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 |
----- |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10458920 |
17/10/2013 |
1,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B89044598 |
|
2 |
10446777 |
05/09/2013 |
750,000,000.00 |
GE MONEY FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH
FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 |
B83884502 |
|
3 |
10313261 |
16/07/2013 * |
18,915,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B80262462 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment Indian sources |
67.900 |
50.100 |
|
Deposits |
16.100 |
30.800 |
|
Loans and advances from related parties (First Charge on Current Assets and second charge on movable assets) |
326.400 |
1415.500 |
|
Total |
410.400 |
1496.400 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from 302-303, Windsor Building, 3rd Floor, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra to the present address.
GENERAL INFORMATION
ABOUT COMPANY
Subject was formerly Leighton Contractors (India) Private Limited was incorporated on 20 November 1998. The Company is a subsidiary of Leighton International Limited a company incorporated under the laws of Cayman Islands, which is a subsidiary of Leighton Holdings Limited, Australia. On 29 April 2011, the existing shareholder Leighton International Limited transferred by way of sale 49,656,709 equity shares having face value of Rs. 10 each equivalent to 35% of total shares of Leighton Contractors (India) Private Limited to Welspun Infra Projects Private Limited. By virtue of the said share purchase deal, w.e.f 29 April 2011 the name of the Company has been changed from Leighton Contractors (India) Private Limited to Leighton Welspun Contractors Private Limited. On 28 March 2013, the Company has issued and allotted 11,503,485 equity shares of Rs 10 each equivalent to 7.5% of total shares of the Company to Welspun Projects Limited (WPL) for acquisition of EPC division of Water business of WPL and right to execute an identified EPC contract vide agreement dated 5 March 2013 between the Company, Leighton International Limited (LIL), Welspun Infra Projects Private Lmited (WIPL) and Welspun Projects Lmited (WPL). The Company is in the business of acquiring /offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants and equipment and provision of other related services.
FINANCE
During the year, the Company managed its finances well and has the required funded and non-funded working capital facilities from the banks. The Company also repaid the foreign currency loan availed from HSBC. These facilities have been rated by CRISIL as A + and A1 respectively.
AWARDS AND RECOGNITIONS:
Their Company is recognized by various institutions for its excellence performance. During the year, the Company has received International RoSPA Gold Awards for occupational Health and Safety. The Company has recently received a letter of appreciation from CAIRN India wherein the client acknowledged their efforts and appreciated LWINs approach towards HSE culture. Various projects have shown continued improvement in HSE and secured internal milestones of Silver, Gold and Platinum awards. Their Company is recognized for its contribution to the Oil and Gas industry, thought leadership and commitment to deliver quality projects. The advisory board of the 19th IORS summit acknowledged Leighton Welspuns contribution in the field, and awarded LWIN the Outstanding Achievement Award 2012.
BUSINESS PROSPECTS AND CHALLENGES:
The International Monetary Fund has said India needs to address 'bottlenecks' in its power and infrastructure sectors which are mainly to be blamed for a dramatic slowdown in the country's economic growth over the past year or so. India's economic growth is at its weakest in a decade following weak demand for its exports in developed markets and slow investments. Infrastructure development is impacted due to lack of clear-cut policies on land acquisition and a multiplicity of authorities and bureaucratic hurdles often lead to delays in the implementation of industrial and infrastructure projects in India, creating an obstacle to economic growth. The Country also faces challenges of high inflation and wide fiscal and current account deficits. The Company is able to secure repeat orders from all the existing clients based on its successful and timely completion of the earlier projects with reliance on Safety and Quality. The order book position has improved from Rs. 28837.000 millions to Rs. 30296.600 millions as of 31st March, 2013.
FIXED ASSETS
v
Tangible
Assets
· Buildings
· Office Building
· Plant and Equipment
· Factory Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· Goodwill
· Computer Software
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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 |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.