MIRA INFORM REPORT
|
Report No. : |
349148 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
LEIGHTON INDIA CONTRACTORS PRIVATE LIMITED (w.e.f. 17.02.2014) |
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|
|
|
Formerly Known
As : |
LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f 29.04.2011) LEIGHTON CONTRACTORS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Tower 3, 7th Floor, Equinox Business Park, Off BKC, LBS
Marg, Kurla (West), Mumbai – 400070, Maharashtra |
|
Tel. No.: |
91-22-67190000 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.11.1998 |
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|
Com. Reg. No.: |
11-117187 |
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Capital
Investment / Paid-up Capital : |
Rs.1533.800
Million |
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CIN No.: [Company Identification
No.] |
U99999MH1998FTC117187 |
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|
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|
IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML03930D |
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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. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “Leighton International Limited, Cayman
Island”. The company undertakes construction contracts in the oil and gas,
infrastructure, and real estate sectors. For the financial year ended 2014, company has possesses moderate
operational performance and incurred huge loss from its operational
activities. The ratings continue to reflect company’s established track record in
executing complex construction projects and the strong operational and financial
support that it receives from its holding entity. The ratings also factor in
the company’s order book with higher-margin contracts, and its low working
capital requirements. Rating strengths is partially offset by its susceptibility to intense
competition and to the cyclicality in the engineering, procurement, and
construction (EPC) segment along with customer concentration in its order
book and is exposed to delayed payments by customers leading to a stretched
working capital cycle. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. In view of aforesaid, the company can be considered good for normal
business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “A” |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
15.09.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1” |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
15.09.2015 |
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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
CONTACT 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 |
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E-Mail : |
gangaprasad.kurmi@leighton.co.in kailsh.didwania@leighton.co.in |
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Website : |
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Branch Office 1 : |
8/F, Vatika City Point, M.G. Road, Opposite First India Place, Gurgaon
– 122002, Haryana, India |
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Tel. No.: |
91-124-4958200 |
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Fax No.: |
91-124-4958201 |
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|
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Branch Office 2 : |
Ramanujan IT City, Taramani, Rajiv Gandhi Salai (OMR), Chennai – 600113, Tamilnadu,
India |
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Tel. No.: |
91-44-66674100 |
|
Fax No.: |
91-44-66674108 |
DIRECTORS
AS ON 16.12.2014
|
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 |
|
Date of Cessation : |
07.02.2014 |
|
DIN No. : |
00036419 |
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|
|
|
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 |
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Date of Birth/Age : |
15.07.1960 |
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Date of Appointment : |
27.09.2012 |
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Date of Cessation : |
31.07.2014 |
|
DIN No. : |
02344553 |
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|
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|
Name : |
Mr. Peter Allan Gregg |
|
Designation : |
Director |
|
Address : |
351/3, Darling Island Road, Pyrmont, NSW, Australia 2009 |
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Date of Birth/Age : |
24.02.1955 |
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Date of Appointment : |
28.04.2011 |
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Date of Cessation : |
13.03.2014 |
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DIN No.: |
03423620 |
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|
|
|
Name : |
Ian Leslie Edwards |
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Designation : |
Director |
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Address : |
DD 230 Lot 331 7A Siu Hang Hau Village New Territories Hongkong |
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Date of Birth/Age : |
14.06.1962 |
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Date of Appointment : |
13.04.2012 |
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Date of Cessation : |
12.09.2014 |
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DIN No.: |
05253949 |
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|
|
|
Name : |
Malcolm Ashcroft Robert |
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Designation : |
Alternate director |
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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 |
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Date of Cessation : |
13.03.2014 |
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DIN No.: |
06585499 |
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Name : |
Mark Ronald Griffiths |
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Designation : |
Whole-time director |
|
Address : |
Farm No.16, Shakuntala Farm House, M G Road, New Delhi – 110037, India |
|
Date of Birth/Age : |
13.03.1969 |
|
Date of Appointment : |
01.08.2014 |
|
DIN No. : |
06929020 |
|
Name : |
Venkatesan Sankaranarayanan |
|
Designation : |
Whole-time director |
|
Address : |
Flat E-404,Army Welfare Society, Dara Enclave,, Plot No. 6, Sector 9,Nerul (East), Navi Mumbai - 400706, Maharashtra, India |
|
Date of Appointment : |
02.04.2015 |
|
DIN No.: |
02237446 |
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|
|
|
Name : |
Fraser Jeremy Truebridge |
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Designation : |
Whole-time director |
|
Address : |
Muhammad Iqbal Abdul Karim, Park Road North- Villa-16 W Sub Met, Nad Al Sheba, Dubai, United Arab Emirates |
|
Date of Appointment : |
02.04.2015 |
|
DIN No. : |
07076580 |
KEY EXECUTIVES
|
Name : |
Mr. Gangaprasad Kurmi |
|
Designation : |
Secretary |
|
Address : |
C-37, 202, Devpooja Chambers, Sector – 3, Miraroad, Thane – 401107, |
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Date of Birth/Age : |
20.06.1976 |
|
Date of Appointment : |
28.07.2011 |
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PAN No.: |
AKYPK9874G |
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|
|
|
Name : |
Mr. Sanjeev |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.12.2014
|
Names of Shareholders |
|
No. of Shares |
|
Leighton International Limited, Cayaman Islands |
|
169179143 |
|
Leighton Asia Limited, Hong Kong
|
|
1 |
|
TOTAL |
|
169179144 |
AS ON 17.03.2015
|
Names of Allottee |
|
No. of Shares |
|
Leighton International Limited, Cayman Islands |
|
19278266 |
|
|
|
|
|
TOTAL |
|
19278266 |
AS ON 16.12.2014
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 |
100.00 |
|
|
|
|
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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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Financial Institutions : |
· 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 : |
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|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Lodha Excellus, 1st Floor Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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PAN No.: |
AADFB6889R |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
Leighton International Limited, Cayman Island |
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Ultimate Holding
company : |
Actividades de Construccion y Servicios S.A., Madrid |
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Holding Company of
the Leighton Holdings Limited : |
Hochtief AG |
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Holding Company of
the Leighton International Limited, Cayman Island : |
Leighton Holdings Limited |
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Fellow subsidiary
of Holding Company : |
Leighton Asia Limited |
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Shareholder (having significant influence.) : |
Welspun Infra Projects Private Limited (upto 7 February, 2014) |
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Joint Venture
Company: |
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Fellow Subsidiary
Company : |
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Associates Company
: |
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CAPITAL STRUCTURE
AFTER 16.12.2014
Authorised Capital : Rs.
3500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 3325.408 Million
AS ON 16.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2200.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169,192,146 |
Equity Shares |
Rs.10/- each |
Rs. 1691.921
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169,179,144 |
Equity Shares |
Rs.10/- each |
Rs. 1691.791
Million |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 1535.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153,379,796 |
Equity Shares |
Rs.10/- each |
Rs. 1533.800
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1533.800 |
1533.800 |
1418.800 |
|
(b) Reserves & Surplus |
(1533.000) |
3258.800 |
2063.100 |
|
(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) |
0.800 |
4792.600 |
3481.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
468.800 |
0.000 |
1496.400 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
840.300 |
410.400 |
0.000 |
|
(d) long-term
provisions |
602.300 |
88.500 |
96.200 |
|
Total Non-current
Liabilities (3) |
1911.400 |
498.900 |
1592.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3341.100 |
304.900 |
750.600 |
|
(b) Trade
payables |
13370.700 |
6710.300 |
4781.000 |
|
(c) Other
current liabilities |
2103.700 |
2849.800 |
2035.700 |
|
(d) Short-term provisions |
60.500 |
6.100 |
95.100 |
|
Total Current
Liabilities (4) |
18876.000 |
9871.100 |
7662.400 |
|
|
|
|
|
|
TOTAL |
20788.200 |
15162.600 |
12736.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1327.500 |
1613.900 |
1888.500 |
|
(ii)
Intangible Assets |
6.700 |
1090.000 |
7.600 |
|
(iii)
Capital work-in-progress |
40.400 |
64.600 |
44.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
65.900 |
71.200 |
39.400 |
|
(c) Deferred tax assets (net) |
2222.600 |
221.400 |
188.500 |
|
(d) Long-term Loan and Advances |
1704.900 |
1341.900 |
477.200 |
|
(e) Other
Non-current assets |
100.000 |
731.500 |
731.500 |
|
Total Non-Current
Assets |
5468.000 |
5134.500 |
3377.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
3133.100 |
2852.200 |
2443.300 |
|
(d) Cash
and cash equivalents |
221.800 |
569.600 |
2525.300 |
|
(e)
Short-term loans and advances |
1124.100 |
1393.800 |
1759.800 |
|
(f) Other
current assets |
10841.200 |
5212.500 |
2631.000 |
|
Total
Current Assets |
15320.200 |
10028.100 |
9359.400 |
|
|
|
|
|
|
TOTAL |
20788.200 |
15162.600 |
12736.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
17814.000 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
27518.200 |
16215.000 |
17814.000 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
TOTAL |
34320.900 |
15895.300 |
16548.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, |
(6802.700) |
319.700 |
1265.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(2001.200) |
191.100 |
413.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX BEFORE SHARE OF PROFIT FROM JOINT VENTURES |
(4801.500) |
128.600 |
852.600 |
|
|
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT
FROM JOINT VENTURES |
9.800 |
31.800 |
24.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(4791.700) |
160.400 |
877.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2102.100 |
1941.700 |
1064.200 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2689.600) |
2102.100 |
1941.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Operating Revenue |
NA |
4884.200 |
8991.700 |
|
|
|
Insurance Claim |
NA |
385.800 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
5270.000 |
8991.700 |
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(31.24) |
1.05 |
6.18 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
187.500 |
0.000 |
981.700 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(10026.600) |
51.700 |
1825.600 |
|
Net cash flows from (used in) operating activities |
(3635.300) |
(281.400) |
614.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(36.85) |
2.16 |
10.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(8503.38) |
0.07 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4762.38 |
0.06 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
1.02 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1418.800 |
1533.800 |
1533.800 |
|
Reserves & Surplus |
2063.100 |
3258.800 |
(1533.000) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3481.900 |
4792.600 |
0.800 |
|
|
|
|
|
|
long-term borrowings |
1496.400 |
0.000 |
468.800 |
|
Short term borrowings |
750.600 |
304.900 |
3341.100 |
|
Current Maturities of
Long Term Debt |
981.700 |
0.000 |
187.500 |
|
Total borrowings |
3228.700 |
304.900 |
3997.400 |
|
Debt/Equity ratio |
0.927 |
0.064 |
4,996.750 |
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) |
|
Total Income |
17814.000 |
16215.000 |
27518.200 |
|
|
|
(8.976) |
69.708 |
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 |
17814.000 |
16215.000 |
27518.200 |
|
Profit/Loss |
877.500 |
160.400 |
(4791.700) |
|
|
4.93% |
0.99% |
(17.41%) |
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 |
No |
|
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 |
No |
|
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) |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
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
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
||||||||
|
Lodging No:- |
SSL/400/2015 |
Failing Date:- |
23.04.2015 |
Reg. No.:- |
SS/491/2015 |
Reg. Date:- |
24.06.2015 |
|
|
Petitioner:- |
DAN BUNKERING (MIDDLE EAST) DMCC |
Respondent:- |
LEIGHTON INDIA CONTRACTORS PRIVATE LIMITED |
|||||
|
Petn.Adv:- |
CRAWFORD BAYLEY AND COMPANY (I1491) |
Resp.Adv.: |
MULLA AND MULLA AND CRAIGIE BLUNT |
|||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
SINGLE |
Category: |
MONETARY SUITS |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
|||||
|
Act:- |
Code of Civil Precedures 1908 |
|||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10313261 |
11/04/2014 * |
20,915,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS TRUSTEE SERVICES LIMITED, PANDURANG BUDHKAR |
C03062189 |
* Date of charge modification
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.
FINANCIAL PERFORMANCE
The revenue and other income for the financial year is Rs. 27518.200 Million as against 16215.000 Million for the previous financial year registering an increase of 70%. The costs have increased due to re-estimation of program and costs on certain projects and also include provisioning for the doubtful advances/receivables, writing off of goodwill and intangible assets.
As of 31 March 2014 Company has book order size of Rs. 37075.400 Million with margin of Rs. 3491.100 Million. During the year, the Company took additional borrowings, with support from Leighton Holdings, to meet its cashflow commitments caused by delays in settlement of its receivables. The financial performance to be seen in the context of tough period for infra industry with many companies filing Corporate debt restructuring due to delays is settlement of their claims by their customers in the industry including public sector companies.
CHANGE IN
SHAREHOLDING
During the year, Welspun Infra Projects Private Limited (WIPPL), Leighton International Limited (LIL) and the Company entered into an agreement (Share Purchase Agreement) whereby which WIPPL transferred its investment in the equity shares (61,160,194 equity shares) in the Company to LIL who was previously holding 92,219,601 equity shares in the Company. Post this transaction 153,379,795 equity shares are held by LIL and 1 equity share by Leighton Asia Limited.
CHANGE OF NAME
The transfer of shares by Welspun to LIL was completed in February 2014 and post transfer, the Company become wholly owned subsidiary of LIL. By virtue of this the name of the Company was changed from Leighton Welspun Contractors Private Limited to Leighton India Contractors Private Limited.
UPDATE ON BUSINESS
The Company has temporarily suspended infrastructure and mining divisions during the year in August 2013 till the overall economic scenario improves to concentrate on other two focus areas of the Company i.e. Oil and Gas and Building division and accordingly exit from Mohali water works projects and terminate Dewas and Chirai EPC
contract, which has not yet started operation. The Company has Right of First refusal on Dewas and Chirai EPC Contract for 3 years and Company would monitor the opportunities in Water sector and would participate if there are good sustainable growth and synergy opportunities as envisaged to replicate Leighton ?s international experience. Company assigned Mohali Water Works to Welpsun Infra Projects Private Limited and Terminated Dewas and Chirai EPC Contract, which is yet to start operation and retained RoFR for 3 years.
BUSINESS PROSPECTS
AND CHALLENGES
Infrastructure was one of the core sectors that were affected by the economic slowdown to a major extent during the year. Infrastructure sector operates in a difficult framework in India. The Company is confident that the new government will change things for the better, the fact remains that the sector has been riddled by multiple problems viz. significant delays in decision-making, lack of environmental clearance for a variety of infrastructure projects etc.
Engineering and construction contracts often involve changes of scope, variations and delays that are not on account of the contractors and these claims need to be expeditiously settled within a reasonable timeframe of six to nine months.
GENERAL INFORMATION
ABOUT COMPANY
Leighton Welspun Contractors Private Limited (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.
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.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
50 |
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.