Afcon Book.indd - Afcons Infrastructure Ltd.

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AFCONS OFFSHORE AND MARINE SERVICES PRIVATE LIMITED4. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, and Medium Enterprises Development Act, 2006, to whomthe Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identifiedon the basis of information available with the Company. This has been relied upon by the auditor.5. The previous year’s figures have been regrouped/ rearranged, wherever necessary, to correspond with those of the current period.Signatures to schedules 1 to 5As per my attached report of even dateFor and on behalf of the Board of DirectorsJ C Bhatt A.N. Jangle P.R. RajendranChartered Accountant Director DirectorPlace : Mumbai,Dated : 17 th June, 20106. Balance Sheet Abstract and Company’s general business profile:Registration detailsRegistration no. 32807State code 11Balance sheet date 31-03-2010Capital raised during the yearPublic issueRights issueBonus issuePrivate placementPosition of mobilization and deployment of fundsTotal liabilitiesTotal assetsSources of fundsPaid-up capitalReserves and surplusSecured loansUnsecured loansApplication of fundsNet fixed assetsInvestmentsNet current assetsMiscellaneous expenditureAccumulated lossesPerformance of CompanyTurnoverTotal expenditureProfit before taxProfit after taxEarnings per shareDividend rate %Generic names of three principal services of CompanyNilNilNilNil(Amounts in Rupees ‘000s)7,1877,187(Amounts in Rupees ‘000s)1,0006,187NilNil(Amounts in Rupees ‘000s)NilNil7,187NilNil(Amounts in Rupees ‘000s)158797979Refer note B1 of schedule 5NilNot applicableFor and on behalf of the Board of DirectorsA.N. JangleDirectorP.R. RajendranDirectorPlace : Mumbai,Dated : 17 th June, 201066
AFCONS CONSTRUCTION MIDEAST (LLC), DUBAIMANAGER’S REPORTThe Board has pleasure in submitting its report together with the audited financial statements for the year ended 31 st December, 2009.Principal ActivityThe principal activity of the Company is the engineering and construction of infrastructure projects, including roads, bridges, marine works andspecialized foundation works.Operating ResultsDuring the year under review the Company was engaged in execution of the project awarded by the Road and Transport Authority, Dubai whichincludes construction of a 440 metre long 6 lane pre-stressed concrete viaduct, two other pre-stressed bridges and 4.5 km. of road works.The Company’s turnover for the year ending 31.12.2009 was at AED 317.86 Million which, after considering the IAS-11 impact of AED 32.20 Million,has been accounted at AED 285.68 Million.In view of the above impact of IAS-11, the profit of AED 40 Million has been reduced to net profit of AED 7.76 Million for the year under review.The company has witnessed the reduction in operational costs due to realization of cost cutting initiatives and availability of resources at cheaperrates.DividendIn view of the performance of Company during the year the Board is not recommending any dividend.OutlookWith the effects of the global economic crisis still resonating, 2009 was undoubtedly a challenging year for almost every industry across the world.On March 20th 2010, we have handed over the major facilities of the Project of the Roads and Transport Authority, Dubai one month ahead ofscheduled completion date of the client. The client was immensely happy for the early completion with excellent quality of the work and appreciatedAFCONS for being a new contractor in Dubai to substantially finish the scope of work one month before the contract completion date.The effects of global slowdown had an impact in the economy of UAE also. However, the measures adopted by the U.A.E Government to confrontthe global financial crisis have contributed towards the national economy’s ability to retain its strength. Government initiatives such as injectingliquidity into the banking and various other government owned organisations have all helped the UAE back onto the road for recovery, and as aresult, the year 2010 carries with it a positive economical outlook.We are seeing positive signs of recovery, however it is still too early in 2010 to confirm sustainability as the macroeconomic environment andglobal trade patterns remain unpredictable. We will continue to focus on increasing market share in Infrastructure and Oil & Gas Sectors togenerate revenue whilst maintaining tight cost control measures. The initiatives by UAE Government in Infrastructure projects like Railtransportation and Oil & Gas sectors combined with the strategy we have adopted will increase the order book for the company.We are confident about the long term outlook for the Infrastructure and Oil & Gas industry and believe the challenges and our initiativesimplemented in 2009 will position AFCONS in a far stronger position as we move into the future. The emphasis on providing quality work with clientsatisfaction remains a key objective for AFCONS.Board of ManagersThe Board of Managers of the Company, who acted throughout the year under review and subsequently is as follows:• Mr.C.P.Mistry• Mr.J.J.Parakh• Mr.K.Subramanian• Mr.A.N.Jangle• Mr.N.Selvaraj.Mr. C.P. Mistry has resigned from the Board with effect from 15 th December 2009.The Board takes this opportunity to place on record the appreciation for MR. C.P. Mistry’s valuable contributions and services rendered during thetenure as Manager of the company.AuditorsMessrs BDO Chartered Accountants and Advisors (formerly Messrs BDO Patel & Al Saleh, Dubai) were appointed as external auditors for the yearended 31 st December 2009. Being eligible for reappointment for 2010 they have expressed their willingness to continue in office.AcknowledgementThe Board expresses their appreciation for the continued support and co-operation received by the Company from its Clients, Bankers, FinancialInstitution and Employees.By order of the BoardFor Afcons Construction Mideast LLC.May 18, 2010A. N. JangleManager67
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