MIRA INFORM REPORT
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Report No. : |
338403 |
|
Report Date : |
25.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
AFCONS INFRASTRUCTURE LIMITED |
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Formerly Known
As : |
ASIA FOUNDATIONS AND CONSTRUCTIONS LIMITED |
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Registered
Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai
Road, Azad Nagar PO, Andheri (West), Mumbai - 400053, Maharashtra |
|
Tel. No.: |
91-22-67191000/ 26731107/ 26367091 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 [Profit and Loss Account] |
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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
Million [As on 31.03.2013] |
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CIN No.: [Company Identification
No.] |
U45200MH1976PLC019335 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
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 India and Overseas. |
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|
|
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
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 fine track record. Financial position of the company seems to be strong. Fundamental are
healthy. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. NOTE: The management has filed its financial information with
government department for the year 2014, but Balance sheet statement for the
year 2014 could not be made available from any source. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non convertible debenture |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
March, 2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Aadish Porwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67191000 |
|
Date : |
24.08.2015 |
LOCATIONS
|
Registered/ Head Office : |
“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road,
Azad Nagar PO, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Tel. No.: |
91-22-67191000/ 26731107/ 26367091 |
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Fax No.: |
91-22-26730047/ 26730026 |
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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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Domestic Offices
: |
Located at: ·
New
Delhi ·
Kolkata ·
Chennai |
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Domestic Workshop : |
Plot No. A-26/2/1, MIDC Industrial Area, Butibori, Nagpur – 441122, Maharashtra, India |
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Overseas Offices : |
Located at: ·
Mauritius ·
Oman ·
Abu Dhabi, UAE ·
Indonesia |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Subrahmanian Krishnamurthy |
|
Designation : |
Managing director |
|
Address : |
D-1103, Lake Lucerne, Ekta Supreme Housing Complex, Off Adi
Sankaraharya Marg, Near Gopal Sharma School, Powai, Mumbai-400070,
Maharashtra, India |
|
Date of Birth/Age : |
03.06.1958 |
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Qualification: |
B.E. P.G.D.I.E. |
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Date of Appointment : |
01.07.2014 |
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PAN No.: |
AACPR7380Q |
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DIN No.: |
00047592 |
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|
|
Name : |
Mr. Paramasivan Srinivasan |
|
Designation : |
Managing director |
|
Address : |
Venus Flat No. 85, Versova Venus Housing Society, Plot No. 6, R D P 2,
SVP Nagar, Versova, Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
20.05.1957 |
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Qualification: |
B.Com, CAIIB, FICWA, FCS |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AAOPS8230J |
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DIN No.: |
00058445 |
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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 |
|
Qualification : |
B.A England Business and Economics |
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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 |
|
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 : |
30.09.2014 |
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Din No.: |
00007150 |
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|
|
|
Name : |
Mr. Pradip Narotam Kapadia |
|
Designation : |
Director |
|
Address : |
Govind Building, 140, Princess Street, Mumbai – 400002, Maharashtra,
India |
|
Date of Birth/Age : |
30.09.1951 |
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Qualification: |
B.A. , L.L.B. |
|
Date of Appointment : |
30.09.2008 |
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Din No.: |
00078673 |
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|
|
|
Name : |
Mr. Umesh Narain Khanna |
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Designation : |
Director appointed in casual vacancy |
|
Address : |
12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
08.07.1957 |
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Qualification: |
MBA, B.E (Electrical Engineer) |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
03634361 |
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|
|
|
Name : |
Mr. Ramunni Menon Premkumar |
|
Designation : |
Director |
|
Address : |
101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai – 400030,
Maharashtra, India |
|
Date of Birth/Age : |
16.08.1945 |
|
Qualification : |
M.A., B.L , IAS |
|
Date of Appointment : |
30.09.2014 |
|
DIN No.: |
00328942 |
KEY EXECUTIVES
|
Name : |
Mr. Rajendran Ramaiyer Palambalkode |
|
Designation : |
Secretary |
|
Address : |
206, Ganga Darshan, |
|
Date of Birth/Age : |
08.09.1952 |
|
Date of Appointment : |
01.10.1991 |
|
PAN No.: |
AAHPR6302D |
|
|
|
|
Name : |
Mr. Aadish Porwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
97.29 |
|
Directors
or relatives of directors |
0.19 |
|
Other
top fifty shareholders |
2.52 |
|
|
|
|
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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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Others
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
·
DBS Bank Limited Upper Ground Floor, Birla
Tower, 25 Barakhamba Road, New Delhi - 110001, Delhi, India ·
Chennai Metro Rail Limited No.7, "Harini
Towers", Conran Smith Road, Gopalapuram, Chennai - 600086, Tamilnadu,
India ·
State Bank of India Corporate Accounts Group
Branch, Voltas House, 23 JN Heredia Marg, Mumbai - 400021, Maharashtra, India ·
Indian Overseas Bank Worli Branch, Kakad
Chambers, Dr. Annie Besent Road, Mumbai - 400018, Maharashtra, India ·
Indian Overseas Bank Pandurang Budhkar Marg,
Worli, Mumbai - 400018, Maharashtra, India ·
ICICI Bank Limited K.K. Marg, Mahalaxmi,
Mumbai - 400034, Maharashtra, India ·
Bharat Overseas Bank Limited P.B. Marg, Worli, Mumbai
- 400030, Maharashtra, India ·
ICICI Bank Limited Zenith House, Keshavrao
Khyade Marge, Mahalaxmi, Mumbai - 400034, Maharashtra, India · HSBC Bank · Bank of India · Axis Bank Limited · Oriental Bank of Commerce |
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Facilities : |
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Auditors 1 : [As on
31.03.2013] |
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|
Name : |
Delloite Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Auditors 2 : [As on 31.03.2013] |
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Name : |
J.C. Bhatt and Associates Chartered Accountants |
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Address : |
502, Poonam Pearl, C.D. Barfiwala Marg, Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABPB4478L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company
: [As on
31.03.2013] |
Shapoorji
Pallonji and Company Limited [U45200MH1943PLC003812] |
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|
|
Subsidiaries of the Company : [As on
31.03.2013] |
·
Hazarat and Company Private Limited
[U74999MH1982PTC028701] ·
Afcons Corrosion Protection Private Limited
(formerly known as SSS Electricals (India) Private Limited)
[U28920MH1985PTC036876] ·
Afcons Offshore and Marine Services Private
Limited [U11101MH1984PTC032807] ·
Afcons Construction Mideast LLC ·
Afcons Infrastructures Kuwait for Building,
Road and Marine Contracting WLL ·
Afcons Overseas Construction LLC, (w.e.f.
3rd September, 2012) ·
Afcons Infrastructure International Limited
(AIIL) ·
Afcons Madagascar Overseas SARL (Subsidiary
of AIIL) ·
Afcons Gulf International Project Services
FZE (Subsidiary of AIIL) ·
Afcons Gunanusa Joint Venture ( Jointly
Controlled Entity) ·
Transtonnelstroy Afcons Joint Venture (
Jointly Controlled Entity) ·
Dahej Standby Jetty Project undertaking |
|
|
|
|
Fellow Subsidiary(s) : [As on
31.03.2013] |
·
Floreat Investments Limited ·
SP Jammu Udhampur Highway Private Limited ·
Forvol International Service Limited |
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|
Associate of the Company : [As on
31.03.2013] |
Afcons
(Mideast) Construction and Investments Private Limited |
|
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|
|
Partnership firm in which the Company is a
partner : [As on
31.03.2013] |
Afcons
Pauling Joint Venture |
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|
|
|
Jointly Controlled Entities : [As on
31.03.2013] |
·
Strabag AG Afcons Joint Venture ·
Saipem Afcons Joint Venture |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3500.000 Million |
|
650,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 6500.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 10000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71,970,238 |
Equity Shares |
Rs. 10/- each |
Rs. 719.702
Million |
|
450,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 4500.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 5219.702 Million |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3500.000 Million |
|
650,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 6500.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 10000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71,970,238 |
Equity Shares |
Rs. 10/- each |
Rs. 719.702
Million |
|
350,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 3500.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 4219.702 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4219.702 |
4219.702 |
|
(b) Reserves & Surplus |
|
3589.821 |
3298.946 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7809.523 |
7518.648 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
4974.499 |
2636.985 |
|
(b) Deferred tax liabilities (Net) |
|
922.827 |
762.697 |
|
(c)
Other long term liabilities |
|
1185.857 |
550.188 |
|
(d)
long-term provisions |
|
91.516 |
68.918 |
|
Total
Non-current Liabilities (3) |
|
7174.699 |
4018.788 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
5784.241 |
4155.771 |
|
(b)
Trade payables |
|
4210.158 |
4245.907 |
|
(c)
Other current liabilities |
|
4936.259 |
5554.944 |
|
(d)
Short-term provisions |
|
144.794 |
31.229 |
|
Total
Current Liabilities (4) |
|
15075.452 |
13987.851 |
|
|
|
|
|
|
TOTAL |
|
30059.674 |
25525.287 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
9098.684 |
5417.352 |
|
(ii)
Intangible Assets |
|
35.037 |
48.005 |
|
(iii)
Capital work-in-progress |
|
1480.591 |
3149.724 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
40.688 |
39.198 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
908.581 |
1137.927 |
|
(e)
Other Non-current assets |
|
2672.802 |
3213.459 |
|
Total
Non-Current Assets |
|
14236.383 |
13005.665 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
7372.137 |
5124.113 |
|
(c)
Trade receivables |
|
4909.774 |
3666.629 |
|
(d)
Cash and cash equivalents |
|
162.138 |
358.455 |
|
(e)
Short-term loans and advances |
|
3140.992 |
3353.230 |
|
(f)
Other current assets |
|
238.250 |
17.195 |
|
Total
Current Assets |
|
15823.291 |
12519.622 |
|
|
|
|
|
|
TOTAL |
|
30059.674 |
25525.287 |
NOTE:
Balance Sheet Statement for the year 2014 is not available only Profit
and Loss Account is available.
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
27267.446 |
18898.687 |
15534.824 |
|
|
|
Other Income |
733.741 |
593.295 |
941.165 |
|
|
|
TOTAL (A) |
28001.187 |
19491.982 |
16475.989 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7371.256 |
4660.174 |
1985.624 |
|
|
|
Purchases of Stock-in-Trade |
82.430 |
19.318 |
79.499 |
|
|
|
Employees benefits expense |
3714.377 |
3235.414 |
2098.093 |
|
|
|
Other expenses |
12747.493 |
8996.206 |
9684.811 |
|
|
|
TOTAL (B) |
23915.556 |
16911.112 |
13848.027 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4085.631 |
2580.870 |
2627.962 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1597.210 |
1336.208 |
1134.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2488.421 |
1244.662 |
1493.711 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1459.553 |
674.658 |
378.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1028.868 |
570.004 |
1114.790 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
359.136 |
105.788 |
256.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
669.732 |
464.216 |
858.714 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Earnings on Interest |
18.571 |
14.545 |
61.261 |
|
|
|
Other Earnings |
7905.388 |
5199.433 |
8735.862 |
|
|
TOTAL EARNINGS |
7923.959 |
5213.978 |
8797.123 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spare Parts |
198.435 |
98.426 |
261.177 |
|
|
|
Capital Goods |
400.559 |
2555.936 |
3420.458 |
|
|
TOTAL IMPORTS |
598.994 |
2654.362 |
3681.635 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
9.30 |
6.44 |
11.94 |
|
|
|
Diluted
|
1.97 |
1.39 |
2.55 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
31680.000 |
|
|
|
|
|
Expected Sales (2015-2016): Rs. 34500.000 Million
The above information has been parted by Mr. Aadish Porwal (Finance
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
1259.931 |
1592.955 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
NA |
21.224 |
3613.574 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.46 |
2.46 |
5.53 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.98 |
13.66 |
16.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.00 |
4.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
1.54 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.05 |
0.90 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
4219.702 |
4219.702 |
|
Reserves & Surplus |
3298.946 |
3589.821 |
|
Money received against share warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
7518.648 |
7809.523 |
|
|
|
|
|
Long-term borrowings |
2636.985 |
4974.499 |
|
Short term borrowings |
4155.771 |
5784.241 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
1592.955 |
1259.931 |
|
Total
borrowings |
8385.711 |
12018.671 |
|
Debt/Equity ratio |
1.115 |
1.539 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15534.824 |
18898.687 |
27267.446 |
|
|
|
21.654 |
44.282 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15534.824 |
18898.687 |
27267.446 |
|
Profit |
858.714 |
464.216 |
669.732 |
|
|
5.53% |
2.46% |
2.46% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: LPETNL/108/2013 Filing
Date: 09.04.2013 Reg. No.: LPETN/108/2013 Reg. Date: 09.04.2013 |
|
Main Matter Lodging No: SL/113/2013
Reg. No.: S/403/2013 |
|
Petitioner: M/S DHARTI DREDGING AND INFRASTRUCTURE Respondent: AFCONS
INFRASTRUCTURE LTD Petn. Adv : K K ASSOCIATES (0) District: OUTSIDE MAHARASHTRA |
|
Bench: SINGLE Status: Pre-Admission
Category:
LEAVE PETITION UNDER CLAUSE XII |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10581038 |
16/07/2015 |
2,000,000,000.00 |
STATE BANK OF INDIA |
NIVELLE HOUSE, J. N. HEREDIA MARG, BALLARD
ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C59418152 |
|
2 |
10558277 |
14/03/2015 |
1,000,000,000.00 |
STATE BANK OF INDIA |
NEVILLE HOUSE, 3RD FLOOR, J N HEREDIA MARG,
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
C48479471 |
|
3 |
10512885 |
16/07/2014 |
896,675,000.00 |
SOCIETE GENERALE INDIA |
6TH FLOOR, MOHAN DEV BUILDING, 13 TOLSTOY
MARG, |
C14999874 |
|
4 |
10507002 |
30/06/2014 |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE
HOUSE, J.N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C09882309 |
|
5 |
10507013 |
30/06/2014 |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE
HOUSE, J.N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C09885021 |
|
6 |
10392335 |
29/11/2012 |
1,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN HOUSE, 148 BARAKHAMBHA
ROAD, DELHI, DELHI - 110001, INDIA |
B64277312 |
|
7 |
10369233 |
09/07/2012 |
840,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
HSBC CENTRE, 18 CYBERCITY, EBENE,
MAURITIUS, - MU, MAURITIUS |
B45154655 |
|
8 |
10347339 |
30/06/2014 * |
1,047,545,000.00 |
DBS BANK LIMITED |
CAPITOL POINT, GROUND FLOOR & FIRST
FLOOR,, BABA |
C09657479 |
|
9 |
10311680 |
14/02/2014 * |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
LARGE CORPORATE BRANCH, PLOT NO. 31, G
BLOCK, 7TH FLOOR, NAMAN CORPORATE LINK, BANDRA KURLA COMP, MUMBAI,
MAHARASHTRA - 400050, INDIA |
B98464670 |
|
10 |
10307940 |
28/01/2014 * |
500,000,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
LARGE CORPORATE BRANCH,181 A MAKER TOWER
"E', 18TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B96500988 |
|
11 |
90228657 |
21/04/2015 * |
90,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE,
J.N. HEREDIA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
C52301405 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Non-convertible debentures |
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 |
CORPORATE
INFORMATION
Afcons Infrastructure Limited 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.
OPERATIONS (AS ON 31.03.2013)
The
Company has achieved total income of Rs.30796.900 Million for the year compared
to the previous years Rs.25507.800 Million showing an increase of 20.74%.The
EBIDTA for the year was Rs.3489.800 Million compared to Rs.2797.200 Million in
the previous year resulting in increase by 24.76%. The Consolidated Profit
before Tax for the year was Rs.1514.600 Million compared to Rs.1505.600 Million
in the previous year resulting in a marginal increase of 0.60%. The
Consolidated Profit after Tax for the year was Rs.921.200 Million compared to
Rs.881.400 Million in the previous year resulting in increase by 4.51%. Our
Order book as on 31st March 2013 was Rs.74742.700 Million.
During
the year, the following major works were completed:
1)
Design
and construction of container berth (625 m length) at Hazira for Hazira Port
Private Limited.
2)
Civil
and erection works forming part of DSO phase of iron ore mining at Liberia for
Arcelor Mittal Liberia Limited.
3)
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
4)
Design
and Construction of Flyover at Nagpur for Maharashtra Airport Development
Company Limited.
During
the year, the Company has secured the following major Contracts:
1)
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 Million.
2)
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 Million.
3)
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 Million.
4)
Port
of Pipavav Construction work of New Port Infrastructure Contract II Civil Works
of Gujarat Pipavav Port Limited of Rs.2790.000 Million.
5)
Fuel
Quay Repair Works at Buchanan Port, Liberia of Arcelor Mittal Liberia Limited
of Rs.290.000 Million.
6)
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 Million.
7)
Earthworks
and Civil Concentrator at western Liberia of Arcelor Mittal Liberia Limited of
Rs.370.000 Million.
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 Million.
AWARDS AND RECOGNITIONS (AS ON 31.03.2013)
During
the year, the Company received CNBC TV 18-Infrastructure Excellence Awards 2012
for the Main Awards Category-Highways and Flyovers for the 3-Level Grade
Separator Project, at Ghazipur, New Delhi.
The
Company has been listed among the Top Ten Most Admired Company for the Seventh
year in succession by the Construction World.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Million) |
31.03.2012 (Rs.
In Million) |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
i) Differences with sub-contractors in regard to rates and quantity of materials. |
601.295 |
17.190 |
|
ii) Labour and other matters. The above claims are pending before various courts. The Company is confident that the cases will be successfully contested. |
0.000 |
0.100 |
|
(b) Guarantees i) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures and counter guaranteed by the Company. |
13512.617 |
14154.360 |
|
ii) Corporate Guarantees given on behalf of Subsidiaries and Joint Ventures. |
8573.618 |
8032.420 |
|
(c) Sales Tax and Entry 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 |
|
(d) 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 & 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. Note: In respect of items mentioned under Paragraphs (a), (c), and (d) above, till the matters are finally decided, the financial effect cannot be ascertained. |
945.426 |
22.927 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Leasehold improvements
·
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. 66.51 |
|
|
1 |
Rs. 104.01 |
|
Euro |
1 |
Rs. 76.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.