MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASHOKA BUILDCON LIMITED |
|
|
|
|
Registered
Office : |
S. No. 861, Ashoka House, Ashika Marg, Vadala, Nashik – 422011,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.05.1993 |
|
|
|
|
Com. Reg. No.: |
11-071970 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 552.180 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45200MH1993PLC071970 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKA00802E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA9292J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Construction and contract related activities, BOT Projects, and Sale of Goods. |
|
|
|
|
No. of Employees
: |
1600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial position
of the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and condition. |
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 |
Bank Guarantee: A1 |
|
Rating Explanation |
Highest degree of safety. It carry lowest credit risk. |
|
Date |
04.10.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit: A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
04.10.2012 |
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 BY
|
Name : |
Mr. Sandeep Bamp |
|
Designation : |
Finance Head |
|
Contact No.: |
91-253-3011705 |
|
Date : |
08.05.2013 |
LOCATIONS
|
Registered Office / Corporate Office: |
S. No. 861, Ashoka House, Ashika Marg, Vadala, Nashik – 422 011,
Maharashtra, India |
|
Tel. No.: |
91-253-3011705 |
|
Fax No.: |
91-253-2422704 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at ·
Pune ·
Mumbai ·
Delhi and NCR ·
·
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ashok M. Katariya |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
20.07.1949 |
|
Qualification : |
B. E. – Civil |
|
Experience : |
36 Years |
|
Directorship held in
other Public Limited companies: |
|
|
|
|
|
Name : |
Mr. Satish D. Parakh |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
24.10.1958 |
|
Qualification : |
B. E. – Civil |
|
Experience : |
30 Years |
|
Directorship held
in other Public Limited companies: |
|
|
|
|
|
Name : |
Mr. Michael Pinto |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.05.1943 |
|
Directorship held
in other Public Limited companies: |
|
|
|
|
|
Name : |
Mr. Milapraj Bhansali |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.12.1951 |
|
Directorship held
in other Public Limited companies: |
MRB Credit and Leasing Limited Viva Highways Private Limited |
|
|
|
|
Name : |
Mr. Sharadchandra Abhyankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shyam Sundar S. G. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Albert Tauro |
|
Designation : |
Director |
|
Date of Birth/Age : |
11.03.1951 |
|
Qualification : |
M. Com., CAIIB |
|
Directorship held
in other Public Limited companies: |
CentBank Financial Services Limited |
|
|
|
|
Name : |
Mr. Sanjay P. Londhe |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
27.04.1964 |
|
Qualification : |
B. E. – Civil, B. E. – F. I. E. |
|
Experience : |
27 Years |
|
Directorship held
in other Public Limited companies: |
|
KEY EXECUTIVES
|
Name : |
Mr. Manoj A. Kulkarni |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sandeep Bamp |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
34794857 |
66.09 |
|
|
25130 |
0.05 |
|
|
731540 |
1.39 |
|
|
731540 |
1.39 |
|
|
35551527 |
67.52 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
35551527 |
67.52 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2528086 |
4.80 |
|
|
9944 |
0.02 |
|
|
7137319 |
13.56 |
|
|
184 |
0.00 |
|
|
9675533 |
18.38 |
|
|
|
|
|
|
3370542 |
6.40 |
|
|
|
|
|
|
650700 |
1.24 |
|
|
3391501 |
6.44 |
|
|
11227 |
0.02 |
|
|
1337 |
0.00 |
|
|
9890 |
0.02 |
|
|
7423970 |
14.10 |
|
Total Public
shareholding (B) |
17099503 |
32.48 |
|
Total (A)+(B) |
52651030 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
52651030 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name
of the Shareholder |
No. of Shares |
Percentage of
Holding |
|
Ashok Motilal Katariya |
43,49,439 |
8.26 |
|
Ashish Ashok Katariya |
41,03,932 |
7.79 |
|
Satish Parakh |
39,36,065 |
7.48 |
|
Ashish Ashok Katariya |
37,01,024 |
7.03 |
|
Satish Dhondulal Parakh |
35,93,525 |
6.83 |
|
Shobha Parakh |
35,19,020 |
6.68 |
|
Astha Ashish Katariya |
30,54,303 |
5.80 |
|
Asha Ashok Katariya |
26,35,080 |
5.00 |
|
Ashok Motilal Katariya |
20,60,030 |
3.91 |
|
Aditya Satish Parakh |
17,37,980 |
3.30 |
|
Ashoka Premises Private Limited |
7,31,540 |
1.39 |
|
Ayush Ashish Kataria |
6,37,873 |
1.21 |
|
Narendra Shakadwipi |
5,42,388 |
1.03 |
|
Shweta Ashok Katariya UG Ashok Motilal
Katar |
4,25,000 |
0.81 |
|
Snehal Manjit Khatri |
3,50,000 |
0.66 |
|
Sanjay Prabhakar Londhe |
1,01,562 |
0.19 |
|
Ashoka Buildwell Developers Private
Limited |
17,990 |
0.03 |
|
Vimal Narendra Shakadwipi |
16,006 |
0.03 |
|
Leelabai Kantilal Hiran |
12,994 |
0.02 |
|
Nishant Narendra Shakadwipi |
10,500 |
0.02 |
|
Padmabai Fakirchand Pophaliya |
8,136 |
0.02 |
|
Ashoka Builders (Nasik) Private Limited |
7,140 |
0.01 |
|
Total |
3,55,51,527 |
67.52 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Name
of the Shareholder |
No. of Shares |
Percentage of
Holding |
|
IDFC Trustee Company Ltd A/c IDFC
Infrastructure Fund 2 A/c IDFC Pvt Equity Fund II |
7137319 |
13.56 |
|
ICICI Prudential Life Insurance Company
Limited |
2234364 |
4.24 |
|
Sunil Bansilal Raisoni |
1263907 |
2.40 |
|
DSP Blackrock India T.I.G.E.R Fund |
997908 |
1.90 |
|
Canara Robeco Mutual Fund A/c. Canara
Robeco Equity Tax Saver |
660603 |
1.25 |
|
Shubham Rajendra Raisoni |
682716 |
1.30 |
|
Kalpana Sunil Raisoni |
615990 |
1.17 |
|
Total |
13592807 |
25.82 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Name
of the Shareholder |
No. of Shares |
Percentage of
Holding |
|
IDFC Trustee Company Ltd A/c IDFC
Infrastructure Fund 2 A/c IDFC Pvt Equity Fund II |
7137319 |
13.56 |
|
Total |
7137319 |
13.56 |
Details of Locked-in Shares
|
Name
of the Shareholder |
No. of Shares |
Percentage of Holding |
|
Aditya Satish Parakh |
12,48,024 |
2.37 |
|
Ashish Ashok Katariya |
31,64,643 |
6.01 |
|
Ashok Motilal Katariya |
32,78,021 |
6.23 |
|
Satish Parakh |
28,36,542 |
5.39 |
|
Total |
1,05,27,230 |
19.99 |
BUSINESS DETAILS
|
Line of Business : |
Construction and contract related activities, BOT Projects, and Sale of Goods. |
GENERAL INFORMATION
|
No. of Employees : |
1600 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Bank Limits – Rs. 80000.000 Millions |
|||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution |
Infrastructure Development Finance Company Limited |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Parties where
control exists : |
|
|
|
|
|
Directors and their
relatives : |
Shubham Agencies |
|
|
|
|
Enterprises in
which Key Management Personnel / Directors have significant influence : |
|
|
|
|
|
Associates and Joint
Ventures : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64000000 |
Equity Shares |
Rs.10/- each |
Rs. 640.000 Millions |
|
1710000 |
Preference Shares |
Rs.100/- each |
Rs. 171.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 811.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52648021 |
Equity Shares |
Rs.10/- each |
Rs. 526.480 Millions |
|
257000 |
Preference Shares: 0% Redeemable, Non-convertible |
Rs.100/- each |
Rs. 25.700 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 552.180
Millions |
Redemption of 0%
Redeemable, Non-convertible Preference Shares:
|
Sr. No. |
No. of Shares |
Premium at
Redemption |
Redemption Period |
Redemption Month |
|
|
257,000 |
150% |
12th Year |
October, 2012 |
Reconciliation of
Number of Shares Outstanding:
|
Class of Shares |
31.03.2012 |
|
|
|
Equity Shares |
Preference Shares (*) |
|
Outstanding as at 01-Apr-11 |
52,636,146 |
1,018,850 |
|
Addition during the period |
11,875 |
- |
|
Matured during the period |
- |
(761,850) |
|
Outstanding as at 31-March'12 |
52,648,021 |
257,000 |
(*) 0% Redeemable, Non-convertible Preference Shares
Details of shares in
the Company held by each shareholder holding more than 5% shares:
|
Class of Shares |
31.03.2012 |
|
|
|
Equity Shares |
Preference Shares (*) |
|
Ashok M. Katairya |
4,271,819 |
70,400 |
|
Asha A. Katariya |
2,635,080 |
-- |
|
Ashish A. Katariya |
4,103,932 |
-- |
|
Ashish A. Katariya-HUF |
3,672,268 |
-- |
|
Ashok Champalal Luniya |
-- |
-- |
|
Astha A. Katairya |
3,039,757 |
-- |
|
IDFC Trustee Company Limited-IDFC Infrastructure Fund 2 A/c IDFC PE Fund II |
7,137,319 |
-- |
|
Satish D. Parakh |
3,935,190 |
-- |
|
Satish D. Parakh-HUF |
3,593,525 |
-- |
|
Shobha S. Parakh |
3,517,150 |
-- |
|
Sunil B. Raisoni |
-- |
57,600 |
|
Ashoka Builders (Nasik) Private Limited |
-- |
129,000 |
|
Asrar Investments Limited |
-- |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
552.180 |
628.247 |
581.302 |
|
|
2] Share Application Money |
0.000 |
0.907 |
0.000 |
|
|
3] Reserves & Surplus |
7264.447 |
6331.718 |
3467.999 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7816.627 |
6960.872 |
4049.301 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2277.027 |
1755.244 |
1668.932 |
|
|
2] Unsecured Loans |
547.161 |
1487.034 |
1599.617 |
|
|
TOTAL BORROWING |
2824.188 |
3242.278 |
3268.549 |
|
|
DEFERRED TAX LIABILITIES |
10.263 |
15.592 |
30.065 |
|
|
|
|
|
|
|
|
TOTAL |
10651.078 |
10218.742 |
7347.915 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2714.979 |
2624.153 |
2326.820 |
|
|
Capital work-in-progress |
12.945 |
54.109 |
42.785 |
|
|
|
|
|
|
|
|
INVESTMENT |
4423.632 |
2902.978 |
2159.638 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3526.843
|
2670.509 |
1954.618 |
|
|
Sundry Debtors |
1714.065
|
2382.599 |
1754.586 |
|
|
Cash & Bank Balances |
385.880
|
583.648 |
587.438 |
|
|
Other Current Assets |
1343.330
|
805.115 |
0.000 |
|
|
Loans & Advances |
4936.544
|
3523.983 |
2474.731 |
|
Total
Current Assets |
11906.662
|
9965.854 |
6771.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3340.620
|
2536.499 |
2283.785 |
|
|
Other Current Liabilities |
4817.588
|
2627.221 |
1661.795 |
|
|
Provisions |
248.932
|
164.632 |
7.121 |
|
Total
Current Liabilities |
8407.140
|
5328.352 |
3952.701 |
|
|
Net Current Assets |
3499.522
|
4637.502 |
2818.672 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10651.078 |
10218.742 |
7347.915 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13379.545 |
11958.117 |
11162.459 |
|
|
|
Other Income |
282.364 |
201.489 |
202.475 |
|
|
|
TOTAL (A) |
13661.909 |
12159.606 |
11364.934 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
10137.814 |
9204.404 |
|
|
|
|
Cost of Material Sold |
659.478 |
591.112 |
9675.799 |
|
|
|
Employee Benefits Expenses |
371.841 |
287.745 |
|
|
|
|
Other Expenses |
275.491 |
243.191 |
|
|
|
|
TOTAL (B) |
11444.624 |
10326.452 |
9675.799 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2217.285 |
1833.154 |
1689.135 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
490.331 |
378.350 |
341.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1726.954 |
1454.804 |
1347.425 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
357.413 |
307.284 |
355.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1369.541 |
1147.520 |
991.605 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
324.672 |
300.169 |
234.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1044.869 |
847.351 |
756.918 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2773.111 |
1925.760 |
1168.842 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3817.980 |
2773.111 |
1925.760 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
19.86 |
17.32 |
16.57 |
|
|
|
Diluted |
19.65 |
17.02 |
16.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4108.200 |
2531.500 |
3758.300 |
|
Total Expenditure |
3536.500 |
2154.800 |
3389.100 |
|
PBIDT (Excl OI) |
571.700 |
376.600 |
369.200 |
|
Other Income |
104.200 |
60.900 |
300.900 |
|
Operating Profit |
675.900 |
437.600 |
670.200 |
|
Interest |
103.400 |
105.500 |
96.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
572.600 |
332.000 |
574.000 |
|
Depreciation |
119.900 |
119.100 |
126.000 |
|
Profit Before Tax |
452.700 |
212.900 |
448.000 |
|
Tax |
123.500 |
51.800 |
124.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
329.200 |
161.100 |
323.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
329.200 |
161.100 |
323.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.65
|
6.97 |
6.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.24
|
9.60 |
8.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.37
|
9.11 |
10.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.16 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.36
|
0.47 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.87 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Micro, Small and Medium Enterprises |
-- |
-- |
-- |
|
Others |
3340.620
|
2536.499 |
2283.785 |
|
|
|
|
|
|
Total |
3340.620
|
2536.499 |
2283.785 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
Case
Details
Bench:-
Bombay
|
Stamp No.: ARAST/4098/2012
Filing Date:- 06/02/2013 Reg.
No.:- ARA/18/2012 Reg. Date:-
21/03/2013 |
|
Petitioner:- NATIONAL HIGHWAYS AUTHORITY OF INDIA Respondent:- M/S ASHOKA BUILDCON LIMITED (JOINT
VENTURE) Petn. Adv.:- M.V. KINI AND COMPANY Resp.Adv.:- A.A. GARGE
FOR RESPONDENT District:- PUNE |
|
Bench:- SINGLE Stature:- Admitted (Unready) Last Date:- 01/04/2013
Stage:- APPEALS FOR ADMISSION – FRESH [CIVIL Last Coram:- HON’BLE SHRI JUSTICE R.D.
DHANUKA SIDE MATTERS] |
|
Act:- Arbitration Conciliation Act 1996 Under Section:- 37 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN INFRASTRUCTURE
SECTOR
The infrastructure sector continues to experience a good growth inspite of various issues like administrative issues at the project award level and high interest rates.
Developing a proper road infrastructure has become prime agenda of the government and the NHAI mainly triggered by continuous increase in number of vehicles plying on the roads, rapid urbanisation and loss of billions of rupees due to poor and inadequate roads. A strong political will expedite awarding activities with friendly policies for the stake holders which has been demonstrated by the new Model Concession Agreement, acceptance of RFQ and RFP as standard bidding documents along with implementation of international competitive bidding process like e-bidding which has shared risks and obligations between concessionaire and government equally. A balance redressal to land acquisition issues and environment clearances and financial support will further give impetus to the development.
COMPANY OVERVIEW
Subject is one of the leading infrastructure development Companies having a pan India presence. The Company has strong in-house integrated road infrastructure execution capabilities.
They are developing and building infrastructure facilities on:
Design, Build, Finance, Operate and Transfer (DBFOT) basis in Highways; and
Engineering, Procurement and Construction (EPC) basis in Highways and Power Sector
The Company is also engaged in taking up projects on an O&M or tolling basis.
In addition, the Company also has the facilities for Ready Mix Concrete (RMC) and Bitumen supply for own and third party uses.
SUCCESSFUL PROJECT
EXECUTION
The Company has a proven track record of successful completion of Projects under both DBFOT and EPC basis. The Company has successfully executed ~ 3,099 (EPC) + ~ 6438 (DBFOT) Lane KMs till date and currently executing another ~
Over the years, the Company has developed a good experience on NH-6 by constructing the Road infrastructure to the extent of 57% of the total projects awarded under PPP scheme of NHAI on NH-6.
Currently Five Projects, located in Maharashtra, Orissa, Karnataka and West Bengal, are under construction on Design, Build, Finance, Operate and Transfer (DBFOT) Basis.
KEY EVENTS DURING THE
YEAR
The Company has bagged the following projects during the year ending March 31, 2012:
1. Award of two to four laning of Cuttack Angul section on NH-42 in Orissa at an approx. cost of Rs. 11000.000 millions and executed Concession Agreement with NHAI;
2. Financial Closure of Dhankuni – Kharagpur Project in West Bengal and start of Toll Collection having Project Cost of Rs. 22000.000 millions;
3. Also started Toll Collection for Durg Project, Chhattisgarh– Maharashtra Border section on NH-6 having Project Cost of Rs. 6305.400 millions; and
4. Award of Turnkey Power Distribution
OPERATIONS
In the year, the Company has won One DBFOT project viz. Cuttack Angul Project on NH-42 for cost of about Rs. 11000.000 millions.
Company has also bagged Turnkey EPC Contract in Power T & D segment of Rs. 5570.000 millions from Maharashtra State Electric Distribution Company Limited and one Turnkey EPC Contract in Power T & D segment of Rs. 58.200 millions from Chhattisgarh State Power Distribution Company Limited
During the period, the toll collection has been started on following Projects of respective SPVs.
|
Name of the Project
SPV |
Name of the Project |
|
Ashoka Belgaum Dharwad Tollway Private Limited |
Belgaum Project on NH-4 |
|
Ashoka Highways (Durg) Limited |
Durg Project on NH-6 |
|
Jaora-Nayagaon Toll Road Company Private Limited |
MPRDC – SH 31 third and major homogeneous section |
|
Ashoka Dhankuni Kharagpur Tollway Limited |
Dhankuni Project on NH-6 |
Company has achieved a considerable progress in construction to the extent of 71% for Pimpalgaon-Nashik-Gonde Project towards its share of EPC Work.
FUTURE OUTLOOK
The Company, with its competence and focus on BOT projects will continue to bid for projects under DBFOT Scheme. It will also strengthen its skills in executing power distribution projects and would selectively bid for more number of such project
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loan from related parties |
547.161 |
630.806 |
|
Working Capital Loan from Bank |
0.000 |
856.228 |
|
Total |
547.161 |
1487.034 |
CONTINGENT LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Bank Guarantees and Letters of Credit issued by bankers in favour of third parties |
7383.512 |
|
Corporate Guarantee issued by the Company in favour of Banks/ Financial Institutions for finance raised by Companies under the same management [Including Guarantees given against shortfall in termination payment by customer to lenders of Rs. 11476.056 millions |
11762.370 |
|
Claims against the Company not acknowledged as debts |
2.390 |
|
Liability against capital commitments outstanding (Net of Advances) |
6.932 |
|
Liability of Duty against Export Obligations |
3.918 |
|
Disputed Duties / Tax Demands (net of taxes paid) |
145.569 |
WEB DETAILS
PRESS RELEASE
ASHOKA BUILDCON TO MULL BONUS ISSUE, STOCK SPLIT; STOCK UP
APR 30, 2013
Road developer Ashoka Buildcon rose more than two percent on Tuesday as the company will consider bonus issue and stock split next week.
The meeting of the board of directors will be held on May 10, 2013, to consider and approve the audited financial results of the company for the quarter (Q4) and year ended March 31, 2013.
The company also proposes to recommend a final dividend. Road developer said they would also consider issue of bonus shares and splitting of shares on May 10.
FIXED ASSETS
v
Tangible
assets
- Leasehold Land
- Freehold Land
- Buildings
- Plant and Machineries
- Data Processing Equipments
- Office Equipments
- Furniture and Fixtures
- Vehicles
v
Intangible
Assets
- License to collect Toll
- 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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.