MIRA
INFORM REPORT
|
Report Date : |
07.10.2014 |
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 ( |
|
|
|
|
Registered
Office : |
Tower 3, 7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
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 |
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|
|
|
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 (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of Leighton International Limited, Cayman
Islands. It is well-established company having satisfactory track record. The company possesses a favourable financial
profile marked by adequate networth base along with
slow realisation of debtors and accrued payables. Management has reported a drastic dip in its net profitability
resulting in stress on cash flows during FY13. As per indirect source, we found that the management has seen a
significant deterioration in the subject operational performance during FYE
14, leading to operational losses which has led to sharp and project cost. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of strong holding support, the company can be considered for
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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan
after he accepted Rs 10 lakhs
as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A/ Negative” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
06.08.2014 |
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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||||
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Products / Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||
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|
||||||||||||
|
Bankers : |
Hongkong and Shanghai Banking Corporation Limited |
||||||||||||
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|
||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Holding Company : |
Leighton International Limited, Cayman Islands |
|
|
|
|
Ultimate
Holding company : |
Leighton Holdings Limited, Australia |
|
|
|
|
Associate : |
Welspun Corp Limited, India CIN No.: L27100GJ1995PLC025609 |
|
|
|
|
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
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
981.700 |
0.000 |
|
|
|
|
|
|
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
AS PER WEBSITE
PRESS RELEASE
Leighton secures an
International Convention Centre & Grand Hyatt Hotel contract in India
01 April 2014
Leighton India Contractors Private Limited, a part of Leighton Asia, India Offshore Group, has secured a US$26 million civil and structural works contract for an International Convention Centre and Grand Hyatt Hotel on Bolgatty Island in Kochi, Kerala for the Lulu Group.
The project occupies a construction area of approximately 69,000 square metres including the construction of convention centre with convention halls, service areas and basement parking facility for 450 vehicles.
Grand Hyatt Hotel will feature 250 guestrooms and amenities including restaurants, a bar and lobby lounge, spa and fitness centre, swimming pool, and a Grand Club lounge. The hotel will also offer more than 5,600 square metres of meeting and event function space, including a 2,400 square metre ballroom.
Construction works are scheduled to start in April 2014 and will be completed by July 2015.
This is Leighton India’s second project in Kochi after the impressive Tritvam Residential project currently being delivered for TATA and it represents Leighton’s first significant involvement with the Lulu Group.
Jim Salmon, Managing Director of Leighton India Contractors Private Limited, said, “We are delighted to have secured our first project with one of Southern India’s largest and most respected developers. Leighton India’s international experience and wealth of local knowledge, coupled with a renowned commitment to safety and quality will ensure the successful delivery of this major project.”
Ian Edwards, Managing Director of Leighton Asia, India and Offshore said: “This latest contract award illustrates our growing reputation in India for delivering excellent results. and It also demonstrates our longer-term ambition to become a sought-after contractor in India’s complex building sector”.
WELSPUN GROUP EXITS
FROM LEIGHTON HOLDINGS JV
Tue, Feb 11 2014
Mumbai: Construction company Leighton Holdings Limited on Tuesday said
it had acquired Welspun Group’s entire 39.9% stake in
its India-based joint venture company Leighton Welspun
Contractors Private Limited to consolidate its operations in the country.
The $99 million cash transaction was concluded on 7 February with the simultaneous transfer of shares back to Leighton International, a wholly owned subsidiary of Leighton Holdings, the company said in a statement.
Welspun Group had acquired a 35% stake in 2011 and subsequently acquired additional shares in March 2013.
Following the recent acquisition, Leighton Welspun will now be renamed as Leighton India Contractors Private Limited.
Leighton India has presence in building, oil and gas and infrastructure projects. Some of the current projects include constructing India’s longest two-lane road tunnel in Jammu and Kashmir, a super luxury residential project in Gurgaon and three offshore pipeline replacement and topside replacement projects for Oil and Natural Gas Corp. Limited. Welspun could not be immediately reached for comments. In March 2013,
Welspun Group’s unit called Welspun Projects Limited had transferred its 72% of its engineering, procurement and construction orders to Leighton Welspun Contractors Private Limited for an equity stake in the joint venture company.
In March, Akhil Jindal, head of group finance and strategy at Welspun Group, had said that his company had no expertise in executing EPC orders and it made strategic sense to focus on developer’s role for Welspun Group while Leighton can leverage on what they are good at.
On Tuesday, Jim Salmon, managing director of Leighton India, said his company continues to see long-term prospects in the India market and can go to the market as a single brand Leighton with the offerings of his group companies.
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
Decl records 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.61.75 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.