|
|
|
MIRA INFORM REPORT
|
Report No. : |
499135 |
|
Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASHOKA BUILDCON LIMITED |
|
|
|
|
Registered
Office : |
S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik-422011,
Maharashtra |
|
Tel. No.: |
91-253-3011705 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.05.1993 |
|
|
|
|
Com. Reg. No.: |
11-071970 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 935.744 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1993PLC071970 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
27AABCA9292J1ZA |
|
|
|
|
TIN No.: |
27640298453 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
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
: |
Subject is engaged in the business of Construction of
Infrastructure facilities on Engineering, Procurement and Construction Basis
(EPC) and Built, Operate and Transfer (BOT) Basis and Sale of Ready Mix
Concrete and Bitumen. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
1815 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 53263700 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was incorporated in the year 1993. It is engaged in Construction activities and also engaged in Power Transmission and Distribution on EPC basis. For the financial year 2017, the revenue of the company has increased by 5.57% along with fair profit margin of 8.97%. The rating takes into consideration strong financial profile of the company marked by healthy networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has its share price trading at around INR 230.40 against the face value (FV) of INR 05 on BSE as on 20th March 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 6589.170 million and has reported profit margin of 7.88%. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by working capital-intensive operations. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
21.09.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
21.09.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 20.03.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Sameet Srivastava |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8805430003 |
[91-253-3011705]
Ringing
LOCATIONS
|
Registered/
Corporate Office : |
S. No. 861, Ashoka House, Ashoka Marg, Vadala, Nashik – 422011, Maharashtra, India |
|
Tel. No.: |
91-253-3011705 |
|
Mobile No.: |
91-9323080212 (Mr. Prem Kumar) 91-8805430003 (Mr. Sameet Srivastava) |
|
Fax No.: |
91-253-2236704 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
5th Floor, V-Tech IT Park, Survey No.113/2, Wadala Road, Near Indira Nagar, Jogging Park, Nashik - 422009, Maharashtra, India |
|
|
|
|
Branch Offices : |
· The Capital Building, Opposite ICICI Bank, A/807, 8th Floor, BKC- Bandra (East), Mumbai-400051, Maharashtra, India Tel. No.: 91-22-67399700 · 61, Suryodaya Apartment, PKT-8-PH-1, Sector-12, Dwarka, New Delhi-110075, India Tel. No.: 91-11-28032762 · E-28/29, Ashoka Arch, Opposite Nisarg Mangal Karyala, Market Yard, Gultekdi, Pune-411 037, Maharashtra, India Tel. No.: 91-20-24270744/ 24266600 Fax No.: 91-20-24270832 · Asha Tower, 3rd Floor, Ramkirshna, Ashram Road, Plot No. 147, Dhantoli, Nagpur-440012, Maharashtra, India Tel. No.: 91-712-2440172 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Satish Dhondulal Parakh |
|
Designation : |
Managing Director |
|
Address : |
2/3, Aditya, Behind Aditya Petrol Pump, IBP Colony, Gangapur Road, Nasik-422005, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1958 |
|
Qualification : |
B. E. – Civil |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00112324 |
|
|
|
|
Name : |
Mr. Michael Philip Pinto |
|
Designation : |
Director |
|
Address : |
405, Shalaka Maharshi Karve Road, Mumbai-400021, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1943 |
|
Qualification : |
Master in Public Administration |
|
Date of Appointment : |
31.05.2007 |
|
DIN No.: |
00021565 |
|
|
|
|
Name : |
Mr. Gyan Chand Daga |
|
Designation : |
Director |
|
Address : |
F-2301, Oberoi Splendor, J V Link Road, Opposite Majas Depot, Andheri (East), Mumbai-400060, Maharashtra, India |
|
Date of Appointment : |
18.02.2013 |
|
DIN No.: |
00101534 |
|
|
|
|
Name : |
Mr. Sharadchandra Damodar Abhyankar |
|
Designation : |
Director |
|
Address : |
303, Marvel Residency Co-Operative Housing Society Limited, Nanda Patkar Road, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
03.10.2007 |
|
Qualification : |
B.A./ LL.M and Solicitor |
|
Date of Appointment : |
03.10.2007 |
|
DIN No.: |
00108866 |
|
|
|
|
Name : |
Mr. Albert Tauro |
|
Designation : |
Director |
|
Address : |
A-2, 302, Park Island, Shastri Nagar, Yerwada, Pune-411006, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1951 |
|
Qualification : |
M. Com., CAIIB |
|
Date of Appointment : |
18.05.2012 |
|
DIN No.: |
01860786 |
|
|
|
|
Name : |
Mrs. Sunanda Vishnu Dandekar |
|
Designation : |
Director |
|
Address : |
Flat 604, Meghdoot A CHS Limited, Wing - A, Vile Parle (East), Shahaji Raje Marg, Mumbai-400057, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07144108 |
|
|
|
|
Name : |
Mr. Ashok Motilal Katariya |
|
Designation : |
Whole-time Director/ Executive Chairman |
|
Address : |
Anshuman, Sahadev Nagar, Gangapur Road, Nasik-422013, Maharashtra, India |
|
Date of Birth/Age : |
20.07.1949 |
|
Qualification : |
B. E. – Civil |
|
Date of Appointment : |
13.05.1993 |
|
DIN No.: |
00112240 |
|
|
|
|
Name : |
Mr. Sanjay Prabhakar Londhe |
|
Designation : |
Whole-time Director |
|
Address : |
Utkarsha, SBI Colony, Bhabha Nagar, Near Mumbai Naka, Nasik-422001, Maharashtra, India |
|
Date of Birth/Age : |
27.04.1964 |
|
Qualification : |
B. E. – Civil, B. E. – F. I. E. |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
00112604 |
|
|
|
|
Name : |
Mr. Milap Raj Bhansali |
|
Designation : |
Whole-time Director |
|
Address : |
233 B, Jolly Maker 1, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
Date of Appointment : |
07.02.2014 |
|
DIN No.: |
00181897 |
KEY EXECUTIVES
|
Name : |
Mr. Paresh Chatursinha Mehta |
|
Designation : |
Chief Finance Officer (Kmp) |
|
Address : |
Fno-5 Pno-42, Arun Prabha Resi, Anandwan Colony, Nashik-422007, Maharashtra, India |
|
Date of Appointment : |
12.08.2014 |
|
PAN No: |
AGWPM0969L |
|
|
|
|
Name : |
Mr. Manoj Achyut Kulkarni |
|
Designation : |
Company Secretary |
|
Address : |
7, Hariom Apartment, Khodade Nagar, Gandhinagr, Takli Road, Nasik-422006, Maharashtra, India |
|
Date of Appointment : |
01.02.2006 |
|
PAN No: |
AFKPK7070H |
|
|
|
|
Name : |
Mr. Sameet Srivastava |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
102578178 |
54.81 |
|
(B) Public |
84570633 |
45.19 |
|
|
|
|
|
Total |
187148811 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of Shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
100308168 |
53.60 |
|
|
Shobha Satish
Parakh |
25363675 |
13.55 |
|
|
Asha Ashok
Katariya |
13312551 |
7.11 |
|
|
Ashok Motilal
Katariya |
9633775 |
5.15 |
|
|
Ashish Ashok
Katariya |
9125732 |
4.88 |
|
|
Ashish Ashok
Katariya - HUF |
8186351 |
4.37 |
|
|
Astha Ashish
Katariya |
6720262 |
3.59 |
|
|
Ashok Motilal
Katariya - HUF |
9702981 |
5.18 |
|
|
Shweta Keyur Modi |
4622866 |
2.47 |
|
|
Satish Parakh |
3936065 |
2.10 |
|
|
Satish Dhondulal
Parakh - HUF |
3593525 |
1.92 |
|
|
Ayush Ashish
Kataria |
1913619 |
1.02 |
|
|
Aditya Satish
Parakh |
1715319 |
0.92 |
|
|
Nishant Narendra
Shakadwip |
1127565 |
0.60 |
|
|
Narendra
Shakadwipi |
538987 |
0.29 |
|
|
Snehal Manjeet
Khatri |
280235 |
0.15 |
|
|
Sanjay Prabhakar
Londhe |
279101 |
0.15 |
|
|
Anjali Sanjay
Londh |
99031 |
0.05 |
|
|
Rohan Sanjay
Londhe |
98800 |
0.05 |
|
|
Ankita Aditya
Parakh |
50000 |
0.03 |
|
|
Padmabai Fakirchand
Pophaliya |
7728 |
0.00 |
|
|
Any Other
(specify) |
2270010 |
1.21 |
|
|
Ashoka Premises
Pvt Ltd |
2194620 |
1.17 |
|
|
Ashoka Buildwell
and Developers Pvt. Ltd. |
53970 |
0.03 |
|
|
Ashoka Builders
(Nasik) Pvt. Ltd. |
21420 |
0.01 |
|
|
Sub Total A1 |
102578178 |
54.81 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
102578178 |
54.81 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
55039820 |
29.41 |
|
|
Hdfc Trustee
Company Limited - HDFC Prudence Fund |
4594000 |
2.45 |
|
|
Franklin India
Smaller Companies Fund |
4033440 |
2.16 |
|
|
Reliance Capital
Trustee Co. Ltd-A/C Reliancesmall Cap Fund |
5422619 |
2.90 |
|
|
Icici Prudential
Balanced Fund |
4765371 |
2.55 |
|
|
L And T Mutual
Fund Trustee Ltd-L And T Tax Advantage Fund |
4184784 |
2.24 |
|
|
Alternate
Investment Funds |
258561 |
0.14 |
|
|
Foreign Portfolio
Investors |
10899455 |
5.82 |
|
|
India Midcap
(Mauritius) Ltd. |
2200673 |
1.18 |
|
|
Financial
Institutions/ Banks |
636879 |
0.34 |
|
|
Sub Total B1 |
66834715 |
35.71 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
5162357 |
2.76 |
|
|
Individual share
capital in excess of INR 0.200 Million |
6373809 |
3.41 |
|
|
Any Other (specify) |
6199752 |
3.31 |
|
|
HUF |
255592 |
0.14 |
|
|
NRI – Non- Repat |
59490 |
0.03 |
|
|
NRI – Repat |
217028 |
0.12 |
|
|
Clearing Members |
283072 |
0.15 |
|
|
Bodies Corporate |
5384570 |
2.88 |
|
|
Sub Total B3 |
17735918 |
9.48 |
|
|
B=B1+B2+B3 |
84570633 |
45.19 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Construction of
Infrastructure facilities on Engineering, Procurement and Construction Basis
(EPC) and Built, Operate and Transfer (BOT) Basis and Sale of Ready Mix Concrete
and Bitumen. (Registered
Activity) |
|
|
|
|
Brand Names : |
‘’ASHOKA’’ |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
1815 [Approximately] |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India ·
Axis Bank Limited ·
Bank of India ·
Bank of Maharashtra ·
Canara Bank ·
Corporation Bank ·
Federal Bank Limited ·
Indian Bank ·
IDFC Bank Limited ·
State Bank of India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution: |
· Srei Equipment Finance Limited 'Vishwakarma', 86C, Topsia Road,Kolkata-700046, West
Bengal, India |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly Owned Subsidiary : |
·
Ashoka
Infrastructure Limited ·
Ashoka
Infraways Limited ·
Viva
Highways Limited ·
Ashoka
Technologies Private Limited ·
Ashoka
Cuttak Angul Tollway Limited ·
Viva
Infrastructure Limited ·
Ashoka
Highways Reseach Centre Private Limited ·
Ashoka
Bagewadi Saundatti Road Limited ·
Ashoka
Hungund Talikot Road Limited ·
Ashoka
Path Nirman (Nasik) Private Limited ·
Unison
Enviro Private Limited |
|
|
|
|
Subsidiary Company : |
·
Ashoka-DSC
Katni Bypass Road Limited ·
Ashoka
Pre-Con Private Limited ·
Ashoka
Concessions Limited ·
Ashoka
GVR Mudhol Nipani Roads Limited ·
Jaora
Nayagaon Toll Road Co. Private Limited |
|
|
|
|
Stepdown Subsidiary : |
·
Ashoka
Highways (Bhandara) Limited ·
Ashoka
Highways (Durg) Limited ·
Ashoka
Sambalpur Baragarh Tollway Limited ·
Ashoka
Belgaum Dharwad Tollway Limited ·
Ashoka
Dhankuni Kharangpur Tollway Limited ·
Ashoka
Kharar Ludhiana Road Limited ·
Blue
Feather Infotech Private Limited ·
Ratnagiri
Natural Gas Private Limited ·
Endurance
Road Developers Private Limited |
|
|
|
|
Joint Ventures : |
·
GVR
Ashoka Chennai ORR Limited ·
Abhijeet
Ashoka Infrastructure Private Limited
·
Mohan
Mutha Ashoka Buildcon LLP ·
Cube
Ashoka JV Co. ·
PNG
Tollway Limited |
|
|
|
|
Joint Operations|: |
·
Ashoka
Infrastructures ·
Ashoka
Valecha JV ·
ABL
BIPL JV ·
BIPL
ABL JV |
|
|
|
|
Partnership Firm: |
· Ashoka Bridgeways ·
Ashoka Highway Ad. |
|
|
|
|
Joint Venture
Partner: |
· Macquaire SBI Infrastructure Investment Pte Limited · SBI Macquaire Infrastructure Trust |
|
|
|
|
Related party with
whom transaction have taken place during the year: |
· Ashoka Township ·
Hotel
Evening Inn Private Limited
·
Ashoka
Education Foundation ·
Ashoka
Institute of Medical Sciences & Research · Ashoka Builders (Nasik) Private Limited · A 1 Tiles Private Limited · Ashoka Vastu Akruti Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
248000000 |
Equity Shares |
INR 5/- each |
INR 1240.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
187148811 |
Equity Shares |
INR 5/- each |
INR 935.744 Million |
|
|
|
|
|
Terms/rights attached to equity shares:
The Company has only one class of share capital, i.e., equity shares having face value of INR 5 per share. Each holder of equity share is entitled to one vote per share.
Reconciliation of
Number of Shares Outstanding:
|
Class of Shares |
31.03.2017 |
|
|
Equity Shares |
|
Outstanding as at beginning of the period |
187148811 |
|
Addition during the period |
-- |
|
Matured during the period |
-- |
|
Outstanding as at
end of the period |
187148811 |
Details of shares in the
Company held by each shareholder holding more than 5% shares:
|
Class of Shares |
31.03.2017 |
|
|
Equity Shares |
|
Ashok M. Katairya |
9633775 |
|
Ashok M. Katairya - HUF |
9702981 |
|
Asha A. Katariya |
9702981 |
|
Ashish A. Katariya* |
Refer Note below |
|
Ashish A. Katariya-HUF* |
|
|
Astha A. Katairya* |
|
|
Satish D. Parakh* |
|
|
Satish
D. Parakh-HUF* |
|
|
Shobha
S. Parakh |
25363675 |
Note: The
shareholding of the above shareholders (*) were more than 5 % in FY 15-16, but holding
in FY 16-17 has fallen below 5 %. Hence, Number of shares held by those
shareholders for FY 16-17 has not been disclosed.
The aggregate number of equity shares issued by way
of bonus shares in immediately preceding last five financial years ended on
March 31, 2017 – 5,26,51,030 shares (previous period of five years ended March
31, 2016 - 5,26,51,030 shares)
Shares held under Employees' Stock Option:
The Board of Directors of the company has approved creation of an Employee Stock Option on December 13, 2007. The company has granted stock options for 7,80,050 shares on December 15, 2007 at an exercise price of inr190 per share. Options granted to be vested over a period of five years, first such vesting has occurred in December 15, 2010. Pursuant to the share split and the declaration of Bonus by the company, the ESOP scheme has been amended by the Board of Directors to fairly adjust the exercise price and revise the number of options. In accordance with the split of shares and declaration of bonus, the exercise price of the share is now INR 63.33.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
935.744 |
935.744 |
793.133 |
|
(b) Reserves & Surplus |
17706.566 |
16021.914 |
10267.541 |
|
(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) |
18642.310 |
16957.658 |
11060.674 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
885.870 |
687.010 |
2191.983 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1832.167 |
1110.703 |
1764.803 |
|
(d)
long-term provisions |
186.235 |
575.734 |
650.550 |
|
Total
Non-current Liabilities (3) |
2904.272 |
2373.447 |
4607.336 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
882.229 |
1944.002 |
2005.764 |
|
(b)
Trade payables |
5276.252 |
4416.832 |
6130.101 |
|
(c)
Other current liabilities |
6228.709 |
4974.009 |
3241.416 |
|
(d)
Short-term provisions |
441.616 |
31.510 |
4.581 |
|
Total
Current Liabilities (4) |
12828.806 |
11366.353 |
11381.862 |
|
|
|
|
|
|
TOTAL |
34375.388 |
30697.458 |
27049.872 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1574.496 |
1318.776 |
1485.436 |
|
(ii)
Intangible Assets |
113.702 |
192.965 |
222.193 |
|
(iii)
Capital work-in-progress |
158.414 |
36.347 |
109.173 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
97.639 |
|
(b) Non-current
Investments |
13064.696 |
12299.568 |
11871.800 |
|
(c) Deferred tax assets
(net) |
178.684 |
199.073 |
98.823 |
|
(d) Long-term Loan
and Advances |
463.569 |
19.840 |
17.699 |
|
(e)
Other Non-current assets |
1017.540 |
1319.809 |
920.074 |
|
Total
Non-Current Assets |
16571.101 |
15386.378 |
14822.837 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
9306.256 |
7962.885 |
4627.612 |
|
(c)
Trade receivables |
5875.245 |
5799.005 |
5539.320 |
|
(d)
Cash and cash equivalents |
638.109 |
274.442 |
241.736 |
|
(e)
Short-term loans and advances |
960.232 |
935.548 |
793.695 |
|
(f)
Other current assets |
1024.445 |
339.200 |
1024.672 |
|
Total
Current Assets |
17804.287 |
15311.080 |
12227.035 |
|
|
|
|
|
|
TOTAL |
34375.388 |
30697.458 |
27049.872 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
20519.041 |
19434.923 |
19666.640 |
|
|
|
Other Income |
719.168 |
982.956 |
584.615 |
|
|
|
TOTAL |
21238.209 |
20417.879 |
20251.255 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5767.403 |
8619.150 |
607.617 |
|
|
|
Employees benefits expense |
901.145 |
729.680 |
613.790 |
|
|
|
Other expenses |
574.806 |
590.313 |
480.800 |
|
|
|
Construction Expenses |
10610.822 |
6960.871 |
0.000 |
|
|
|
Excise Duty on Sales |
68.317 |
56.495 |
0.000 |
|
|
|
Exceptional Items |
0.000 |
94.539 |
0.000 |
|
|
|
Operating Expenses |
0.000 |
0.000 |
15466.892 |
|
|
|
TOTAL |
17922.493 |
17051.048 |
17169.099 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3315.716 |
3366.831 |
3082.156 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
474.325 |
666.165 |
590.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2841.391 |
2700.666 |
2491.937 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
507.352 |
670.684 |
553.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2334.039 |
2029.982 |
1938.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
494.396 |
641.582 |
516.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1839.643 |
1388.400 |
1421.760 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
9.83 |
7.49 |
8.98 |
|
|
|
Diluted
|
9.83 |
7.42 |
8.96 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
236.944 |
1706.536 |
164.498 |
|
|
|
|
|
|
Cash Generated from Operations |
5271.811 |
(2786.820) |
(257.940) |
|
|
|
|
|
|
Net Cash Flow From Operating Activities |
4549.845 |
(3495.859) |
(746.693) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
7228.170 |
3786.990 |
6589.170 |
|
Total Expenditure |
6253.170 |
3280.940 |
5793.570 |
|
PBIDT (Excl OI) |
975.000 |
506.050 |
795.600 |
|
Other Income |
92.160 |
107.770 |
165.760 |
|
Operating Profit |
1067.160 |
613.810 |
961.360 |
|
Interest |
129.460 |
115.550 |
127.710 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
937.700 |
498.260 |
833.650 |
|
Depreciation |
113.300 |
130.260 |
144.190 |
|
Profit Before Tax |
824.400 |
368.000 |
689.460 |
|
Tax |
205.010 |
41.280 |
169.580 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
619.390 |
326.720 |
519.880 |
|
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 |
619.390 |
326.720 |
519.880 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
104.51 |
108.91 |
102.81 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.49 |
3.35 |
3.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
333.92 |
187.04 |
3682.40 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
0.42 |
0.67 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.80 |
2.17 |
1.61 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.41 |
0.45 |
0.51 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.11 |
0.26 |
0.39 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.69 |
0.67 |
1.03 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.10 |
0.09 |
0.17 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.99 |
5.05 |
5.22 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
8.97 |
7.14 |
7.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.35 |
4.52 |
5.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.87 |
8.19 |
12.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.39 |
1.35 |
1.07 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.66 |
0.65 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.55 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.14 |
4.64 |
5.50 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.39 |
1.35 |
1.07 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5/- |
|
|
|
|
Market Value |
INR 230.40/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
793.133 |
935.744 |
935.744 |
|
Reserves & Surplus |
10267.541 |
16021.914 |
17706.566 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
11060.674 |
16957.658 |
18642.310 |
|
|
|
|
|
|
long-term borrowings |
2191.983 |
687.010 |
885.870 |
|
Short term borrowings |
2005.764 |
1944.002 |
882.229 |
|
Current Maturities of Long
term debt |
164.498 |
1706.536 |
236.944 |
|
Total
borrowings |
4362.245 |
4337.548 |
2005.043 |
|
Debt/Equity
ratio |
0.394 |
0.256 |
0.108 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
19666.640 |
19434.923 |
20519.041 |
|
|
|
(1.178) |
5.578 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
19666.640 |
19434.923 |
20519.041 |
|
Profit/ (Loss) |
1421.760 |
1388.400 |
1839.643 |
|
|
7.23% |
7.14% |
8.97% |
LEGAL CASES
|
CASE DETAILS |
||||
|
Bench:- Bombay Presentation Date: 01.08.2017 |
||||
|
Stamp No. : |
WPST/21850/2017 |
Filing Date:- 01.08.2017 |
||
|
|
||||
|
Petitioner:- |
NASHIK DISTRICT CENTRAL CO-OPERATIVE |
Respondent:- |
ASHOKA BUILDCON LIMITED |
|
|
Petn. Adv.:- |
VIVEK VIJAY SALUNKE (I2954) |
|||
|
District:- |
NASHIK |
|||
|
Bench:- |
SINGLE |
|||
|
Status:- |
Pre-Admission |
|||
|
Next Date:- |
09.04.2018 |
Stage:- |
AT 3.00 PM |
|
|
Coram:- |
HON’BLE SHRI JUSTICE M. S SANKLECHA |
|||
|
Last Date:- |
28.09.2017 |
Stage:- |
AT 3.00 PM |
|
|
Last Coram:- |
HON’BLE SHRI JUSTICE M. S SANKLECHA |
|||
|
Act. : |
C.P.C.- (Interlocutory Order) |
|||
|
CASE DETAILS |
|||
|
Bench:- Bombay Presentation Date: 06.04.2016 |
|||
|
Lodging No: ITXAL/378/2016
Filing Date: 06.04.2016 Reg. No.: ITXA/1406/2016
Reg. Date: 19.08.2016 |
|||
|
Petitioner:- |
PR. Commissioner of income tax |
Respondent:- |
ASHOKA BUILDCON LIMITED |
|
Petn. Adv.:- |
Sham V Walve (I3200) |
Resp. Adv: |
MIHIR C NANIWADEKAR (I3974) |
|
District:- |
NAGPUR |
||
|
Bench:- |
Division |
||
|
Status:- |
Pre-Admission |
Category: |
Tax Appeals |
|
Last Date:- |
25.01.2018 |
Stage:- |
For rejection [Original Side Matters] |
|
Last Coram:- |
According to sitting list According to sitting list |
||
|
Act. : Income tax act, 1961 Under Section : 260(A) |
|||
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 |
Yes |
|
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) |
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 |
Yes |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G50486455 |
100115905 |
HDFC BANK LIMITED |
20/07/2017 |
- |
- |
17990000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG, LOWER PAREL (WEST)MUMBAIMH400013IN |
|
2 |
G50816602 |
100116698 |
HDFC BANK LIMITED |
30/06/2017 |
- |
- |
2407584.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG, LOWER PAREL (WEST)MUMBAIMH400013IN |
|
3 |
G51286698 |
100117951 |
SREI EQUIPMENT FINANCE LIMITED |
30/06/2017 |
- |
- |
26851679.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
4 |
G51286185 |
100117949 |
SREI EQUIPMENT FINANCE LIMITED |
30/06/2017 |
- |
- |
26460000.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
5 |
G51286599 |
100117950 |
SREI EQUIPMENT FINANCE LIMITED |
30/06/2017 |
- |
- |
26814343.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
6 |
G51286201 |
100117952 |
SREI EQUIPMENT FINANCE LIMITED |
30/06/2017 |
- |
- |
24846181.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD,KOLKATAWE700046IN |
|
7 |
G49946148 |
100114738 |
ICICI BANK LIMITED |
30/06/2017 |
- |
- |
29981053.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN |
|
8 |
G48109581 |
100108775 |
AXIS TRUSTEE SERVICES LIMITED |
16/06/2017 |
- |
- |
92000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
9 |
G50487065 |
100115906 |
HDFC BANK LIMITED |
07/06/2017 |
- |
- |
1098126.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG, LOWER PAREL (WEST)MUMBAIMH400013IN |
|
10 |
G44519478 |
100099421 |
HDFC BANK LIMITED |
16/05/2017 |
- |
- |
3558000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans from related parties |
|
|
|
Subsidiaries |
261.303 |
242.880 |
|
Joint
Ventures |
212.240 |
190.227 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Supply chain finance - from banks |
203.856 |
849.213 |
|
|
|
|
|
Total |
677.399 |
1282.320 |
GENERAL INFORMATION
Ashoka
Buildcon Limited (“the Company”) is a public limited company
domiciled in India and incorporated on May 13, 1993 under the Provisions of Companies Act, 1956. The registered
office of company is located at S.No.861 Ashoka House, Ashoka Marg, Vadala,
Nashik, Maharashtra 422011.Shares of the company are listed on Bombay Stock
Exchange (BSE) and National Stock Exchange (NSE).
Company is presently engaged
in the business of construction of infrastructure facilities on Engineering,
Procurement and Construction Basis (EPC) and Built, Operate and Transfer (BOT)
Basis and Sale of Ready Mix Concrete. The Company has promoted Special Purpose
Vehicles (SPVs) for some of its projects, wherein ‘Toll Collection
Rights’ are received in exchange
of the Construction Cost. For this, the SPVs significantly engage the services
of the Company for contract related activities due to inherent execution
capabilities / expertise and experience of the Company.
OPERATIONS
a) During the year, the Company has won Road Projects worth INR 32731.000 Million and Power Projects worth INR 13068.600 Million as detailed below.
|
Name
of the Project |
Authority |
Project
Cost (INR In Million) |
|
Two/Four laning with paved shoulders of Govindpur (Rajgunj)- Chas-West Bengal Border section of NH-32 from 0.000 to km. 56.889 in the State of Jharkhand on NHDP Phase-IV on EPC mode |
National Highways Authority of India |
486.000 |
|
4/6 laning of Kharar to Ludhiana section of NH-95 (new NH-05) from Kharar km. 10+185 (design chainage) to Samrala chowk, Ludhiana km. 86+199 (design chainage) in the State of Punjab on Hybrid Annuity Mode |
National Highways Authority of India |
16000.000 |
|
Request for Proposal for “Six
laning from Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km
681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under
NHDP Phase - V (Package II) on Hybrid Annuity Mode |
National Highways Authority of India |
11871.000 |
|
|
Sub-total A |
3273.100 |
|
Power Projects |
|
|
|
Rural Electrification on
Turnkey basis under DDUGJY Scheme, a GOI Scheme on behalf of DVVNL/Government
of Uttar Pradesh for Aligarh and Kanpur Zones |
Dakshinanchal Vidyut Vitran Nigam Limited |
1786.600 |
|
Rural Electrification works
under Deen Dayal Upadhyay Gram Jyoti Yojana Connecting unconnected Rural
Household (RHHs) in Faizabad Zone at Madhyanchal Vidyut Vitran Nigam Ltd. Of
Uttar Pradesh State |
Madhyanchal Vidyut Vitran Nigam Ltd. |
616.000 |
|
Rural Electrification works
in the State of Bihar under Deendayal Upadhyaya Gram Jyoti Yojana for
following districts : Sitamarhi, West Champaran, Munger, Patna & Sasaram |
North /South Bihar Power Distribution Co. Ltd |
9498.800 |
|
Turn Key Contracts for Providing APL Service Connection with LT line Extension under State Plan (Mukhyamantri Vidhyut Sambandh Nischay Yojna) |
North Bihar Power Distribution Co. Ltd. |
1167.200 |
|
|
Sub-total B |
13068.600 |
|
|
Total |
45799.600 |
c. Ashoka Sambalpur Baragarh Tollway Limited, a SPV has commenced toll collection for entire stretch of 88.20 KMs for the Project viz. Four Laning of Sambalpur-Baragarh-Orissa/Chhattisgarh Border Section of NH-6 on DBFOT pattern under NHDP Phase III w.e.f.June 24, 2016.
d. During the year, one Project viz. Indore-Sanawad-Khandwa-Burhanpur-Edlabad Road Project SH-27 in the State of Madhya Pradesh on Build -Operate and Transfer (BOT Basis) with Toll Rights which has been operated by one of the wholly owned subsidiaries viz. Viva Highways Limited (VHL) was handed over to Madhya Pradesh Road Development Corporation, Bhopal, after the expiry of the Concession period as per the Concession Agreement with the said Authority. VHL had submitted claims for extension of toll period which are at arbitration stage.
AWARDS AND
RECOGNITIONS RECEIVED BY THE COMPANY DURING THE YEAR:
|
Awarded by |
Name of the Award/Recognition |
|
Economic Times |
Ashoka - Best Infra Brand of the year 2016 |
|
National EHS Award |
Best EHS Practices Award to Power Infra Projects of the Company |
|
World Safety Forum - Category – Best Environment Award |
Best Environment Practices Award to the Company |
|
Construction Times Award - Project of The Year |
Roopnarayan Bridge - Best Bridge Project of the Year 2016 |
|
EPC World Awards |
Infra Company of the Year 2016 |
|
CIDC Vishwakarma |
Best Professionally Managed Company for the year 2016 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
In
the last fiscal, Road Ministry had set an all-time high target of building 15,000 km of roads and managed
8,200 km against it.
Though the execution was not at the target level of 41 km per day, it did record an all-time high pace of
22 kms per day, which is 33% more than the last fiscal. The Ministry had
also set a target of awarding
25,000 km of stretch under Highway Projects in last fiscal and managed to
award around 14,000 km, again the highest figure so far in any fiscal.
On the awarding front, NHAI is facing
challenges, mostly on the land acquisition front, to meet its target for
awarding of road projects.
MoRTH had announced target of awarding 25,000 kms of road projects in FY17, of
which, 15,000 kms would fall under NHAI. As against 15,000 km, NHAI has guided
that it would be completing the year with projects awarded closer to 5,000 - 5,200
kms which will be up by 10% to 15% from the last fiscal which was about 4,500 kms.
BUDGET 2017-18
The Union Budget 2017-18 has given a major
push to the infrastructure sector with an allocation of INR 39.600 Million. For
the road sector, the budget allocation has been stepped up to INR 640000.000
Million in FY2017-18 from INR 570000.000 Million in previous fiscal.
Also, 2,000 km of coastal connectivity roads will be constructed. In addition, an allocation of
INR190000.000 Million has been made towards the Pradhan Mantri Gram Sadak
Yojana (PMGSY) to connect far flung habitats, which, along
with the spending by the State
Governments, may result in a total capital expenditure of INR 270000.000
Million.
COMPANY
OVERVIEW
The year has been a very good year for the
Company in terms of order inflow. The Company has won orders to the tune of
over INR 4580.000 Million, out of
which Roads and Highways amount to INR 32730.000 Million,
the highest ever order inflow in any year for the Company.
SUCCESSFUL PROJECT EXECUTION
In the year, the company has registered highest Revenue also. The Company has substantially completed its Chennai Outer Ring Road project and its Mudhol Nipani Project and COD at the SPV level is awaited. The Company achieved COD for its BOT Road project at Sambalpur. The Company also achieved a landmark in its electrification project of Munger district in Bihar where the project was completed well in advance and was entitled to earn bonus on the same. The Company has also commenced execution in road projects like JNPT, Eastern Peripheral Expressway and Kharar Ludhiana in the year.
KEY EVENTS DURING THE YEAR
The Company won its first
Hybrid Annuity Model (HAM) Projects viz. Kharar Ludhiana and Ranastalam
Anandapuram in its
BOT arm viz. Ashoka Concessions Limited. Due to the Demonetisation event in the month of
November, 2016,
there was a setback for a few days in execution of EPC works. Also toll revenue got impacted for 23 days as
under government
instructions, BOT projects were not allowed to charge toll. The compensation in full is yet awaited
from the government.
The Company ventured into City Gas Distribution segment with its first project at Ratnagiri District with a total project outlay of approx. INR 1500.000 Million in the next five years. The Company created a Guinness World Record in January 2017 for the “Largest Road Safety Lesson” a Safety awareness initiative.
FUTURE OUTLOOK
They, at Ashoka Buildcon Limited, believe
that in view of the great thrust the government has on infrastructure, we are
optimistic that we will ramp up our order book in the road sector and power
distribution sector and continue giving good returns to the investors. The
Company will continue to look for opportunities in other infra spaces like
Railways and Gas Distribution infrastructure development.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2017
(INR IN MILLION)
|
Particulars
|
Quarter ended |
Nine ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Revenue from operations |
6589.174 |
3786.985 |
17624.144 |
|
Other income |
165.756 |
107.769 |
365.686 |
|
Total
Income |
6754.930 |
3894.754 |
17989.830 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of Material consumed |
2162.952 |
1158.783 |
5896.140 |
|
Construction expenses |
3155.027 |
1704.652 |
8062.121 |
|
Excise duty on sale |
-- |
-- |
19.814 |
|
Employee benefit expenses |
272.767 |
246.903 |
788.214 |
|
Finance Costs |
127.714 |
115.553 |
372.730 |
|
Depreciation and amortization expense |
144.193 |
130.263 |
387.755 |
|
Other expenses |
202.819 |
170.603 |
581.201 |
|
|
|
|
|
|
Total expenses |
6065.472 |
3526.757 |
16107.975 |
|
|
|
|
|
|
Profit/
(Loss) before tax |
689.458 |
367.997 |
1881.855 |
|
|
|
|
|
|
Tax expenses |
|
|
|
|
Current tax |
187.741 |
101.969 |
490.083 |
|
Deferred tax |
(18.165) |
(60.690) |
(74.212) |
|
Profit after tax |
519.882 |
326.718 |
1465.984 |
|
|
|
|
|
|
Other
Comprehensive Income |
|
|
|
|
A) i. Items that will not be reclassified to Profit or Loss |
(1.564) |
(2.065) |
(5.442) |
|
ii.
Income tax relating to Items that will not be reclassified to Profit or loss |
0.541 |
0.714 |
1.882 |
|
B) i. Items that will be reclassified to Profit or Loss |
|
|
|
|
ii.
Income tax relating to Items that will be reclassified to Profit or loss |
|
|
|
|
Total Comprehensive Income for the Period |
518.859 |
325.367 |
1462.424 |
|
Paid up equity share capital (Equity share
of face value of INR 5/- each) |
935.744 |
935.744 |
935.744 |
|
Earnings Per Equity Share (for discontinued and continuing operation) |
|
|
|
|
Basic |
2.78 |
1.76 |
7.83 |
|
Diluted |
2.78 |
1.76 |
7.83 |
NOTES:
1. The above Unaudited standalone financial results are in compliance with Indian Accounting Standards (IND AS) specified under section 133 of The Companies Act, 2013, read with SEBI circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 and have been subjected to limited review by the Statutory Auditors.
2. The Company has recorded investment in Compulsorily Convertible Debentures (CCD) issued by Ashoka Concessions Limited (ACL), a subsidiary company, at cost amounting to INR 8781.500 million. As per the terms and conditions of the CCD, the Company would be entitled to receive variable number of equity shares and hence to be measured at fair value through profit and loss in accordance with IND AS 109 - Financial Instruments. The Company is in the process of evaluating the same and determining the fair valuation of these CCDs. Accordingly, the financial results for the quarter and nine months ended December 31, 2017 and each comparative period presented do not include the impact of fair valuation of CCD.
3. The Unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on January 30, 2018.
4. Corresponding figures of previous period have been regrouped / rearranged wherever necessary.1. The above Unaudited standalone financial results are in compliance with Indian Accounting Standards (IND AS) specified under section 133 of The Companies Act, 2013, read with SEBI circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 and have been subjected to limited review by the Statutory Auditors.
2. The Company has recorded investment in Compulsorily Convertible Debentures (CCD) issued by Ashoka Concessions Limited (ACL), a subsidiary company, at cost amounting to INR. 8781.500 Million. As per the terms and conditions of the CCD, the Company would be entitled to receive variable number of equity shares and hence to be measured at fair value through profit and loss in accordance with IND AS 109 - Financial Instruments. The Company is in the process of evaluating the same and determining the fair valuation of these CCDs. Accordingly, the financial results for the quarter and nine months ended December 31, 2017 and each comparative period presented do not include the impact of fair valuation of CCD.
3. The Unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on January 30, 2018.
4. Corresponding figures of previous period have been regrouped / rearranged wherever necessary.
.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars
|
Quarter ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
A.
Segment Revenue |
|
|
|
|
Construction & Contract |
6147.511 |
3382.192 |
1634.182 |
|
BOT |
87.391 |
76.737 |
242.579 |
|
Sale of Goods |
354.272 |
328.055 |
1036.383 |
|
Total |
6589.174 |
3786.985 |
17624.144 |
|
|
|
|
|
|
B Segment Results |
|
|
|
|
Construction & Contract |
710.776 |
449.059 |
2011.583 |
|
BOT |
77.952 |
65.008 |
208.159 |
|
Sale of Goods |
93.321 |
80.564 |
250.503 |
|
Total |
882.049 |
594.631 |
2470.245 |
|
|
|
|
|
|
Add/(Less): |
|
|
|
|
Interest |
(127.714) |
115.554) |
(372.730) |
|
Unallocable Expenses |
(230.633) |
(218.849) |
(581.346) |
|
Unallocable Income |
165.756 |
107.769 |
365.686 |
|
Total |
(192.591) |
(226.634) |
(588.390) |
|
|
|
|
|
|
NET
PROFIT BEFORE TAX |
689.458 |
367.997 |
181.855 |
|
|
|
|
|
|
Segment
Assets |
|
|
|
|
Construction & Contract |
19894.229 |
16439.969 |
19894.229 |
|
BOT |
126.976 |
115.839 |
126.976 |
|
Sale of Goods |
367.388 |
496.185 |
367.388 |
|
Unallocated |
18601.362 |
19294.663 |
18801.362 |
|
Total
(B) |
38989.956 |
36346.656 |
38989.955 |
|
|
|
|
|
|
Segment
Liabilities |
|
|
|
|
Construction & Contract |
14013.56 |
12251.260 |
14013.056 |
|
BOT |
7.171 |
19.060 |
7.171 |
|
Sale of Goods |
174.616 |
266.406 |
174.616 |
|
Unallocated |
4870.576 |
4404.253 |
4870.576 |
|
Total
(A) |
19065.419 |
16940.978 |
19065.419 |
|
|
|
|
|
|
TOTAL
(A-B) |
19924.536 |
19405.678 |
19924.536 |
NOTES:
1.
The company has reported segment information as per
Indian Accounting standard 108 Operating Segments” (IND AS 108). The
identification of operating segments is consistent with performance assessment and
resource allocation by the management.
2.
Construction and contact segment comprises
engineering and construction of building, transpiration infrastructure, heavy
civil infrastructure and power transmission and distribution projects.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bank Guarantees Issued: |
|
|
|
i) on behalf of Group entities |
6696.973 |
5383.395 |
|
ii) to third party |
11253.053 |
8658.741 |
|
Corporate Guarantee issued by
the Company in favour of Banks/ Financial Institutions for finance raised by
Companies under the same management and against mobilisation advance. |
14526.872 |
13195.372 |
|
Claims against the Company not acknowledged as debts |
413.293 |
35.065 |
|
Liability of Duty against Export Obligations |
3.918 |
3.918 |
|
Disputed Duties: |
|
|
|
i) Income Tax |
303.004 |
303.004 |
|
ii) Sales Tax |
544.628 |
356.106 |
|
iii) Customs |
9.334 |
9.334 |
|
iv) Service Tax |
7.106 |
7.106 |
|
v) Others |
108.861 |
108.141 |
|
Resurfacing obligation as per concession agreement |
5.438 |
9.334 |
|
|
|
|
|
Total |
33872.480 |
28069.516 |
FIXED ASSETS:
Tangible Assets
· Leasehold
· Freehold
· Buildings
· Plant & Machineries
· Data Processing Equipment’s
· Office Equipment’s
· Furniture & Fixtures
· Vehicles
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 records 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 records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
UK Pound |
1 |
INR 90.56 |
|
Euro |
1 |
INR 79.78 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SHK |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.