- ARSS Infrastructure Projects Ltd. (ARSS) was originally incorporated as ARSS Stones Private Ltd. in 2000. However, the company got converted into public limited company and the name changed to present in 2005.
- ARSS Infrastructure is one of the largest infrastructure companies in the eastern zone and is engaged in the business of construction of railway lines, highways, irrigation and building projects. ARSS has crusher plants at six locations in various districts of Orissa and necessary equipment required for quarrying and crushing granite stone to produce required sizes of rock products for railway track ballast or highway work or any other civil construction work.
- As on January 10, 2010, ARSS had an Order Book of Rs. 2,87,753.11 lacs which is 4.60 times of the FY09 sales. As on January 12, 2010 the composition of Order Book is as follows:
Amount (Rs. lacs)
- Clients of ARSS include Ministry of Railways, State Government of Orissa; Rail Vikas Nigam Ltd., RITES Ltd. Vendata, Nalco, Jindal Steel & Power, IRCON International Ltd., National Thermal Power Corporation, Hindustan Steel Corporation Ltd., PWD – Orissa, IOCL and the National Highway Authority of India.
- Some of the standalone and joint venture projects currently being executed include the Rs 208 crore Cuttak-Paradeep Road construction and widening project, Rs 261-crore rail infrastructure work for Jindal Steel & Power's Angul project, and construction of roadbed including minor & major bridges, facilities and general electrification works on the Haridaspur-Paradeep new broad-gauge (BG) line.
- Post issue promoter and promoter group’s shareholding will reduce to 54.43-55.24% from the current ownership of 65.32%.
Fund Requirement (Rs. lacs)
Investment in joint ventures.
Funding long term working capital requirements
- Project management expertise and track record The company has successfully executed over 86 projects involving construction of approximately 300 km of roads and highways, 200 km of rail tracks, 10 minor and major bridges and other general civil engineering works over the span of 9 years.
- Long-term relationship with reputed clients Majority of the contracts are received from Government, Public Sector Undertakings and other Government agencies, which reduces the risk of default and delayed payment. As on January 10, 2010 the percentage of work order from Government and Government entities was 87.50%. The client-oriented approach enables the company to receive repeat orders from them. As of January 10, 2010, 73% of Order Book comprised of repeat order. Clients from whom ARSS has received repeat orders include State Government of Orissa, Railways Department, Rail Vikas Nigam Ltd. and RITES.
- ARSS had negative cash flows in recent fiscals
9 months period ending on December 2009
Net cash from Operating Activities
Net cash from Investing Activities
- Limited geographical diversification More than 54.28% of the Order Book as on January 10, 2010 and more than 44.26% of the revenues for FY09 are attributable to projects located in the State of Orissa. In the event that demand for infrastructure activities in general and roads / highways / bridges construction in particular, reduces or stops by any reason including political strife or instability or change in policies of State / Central Government, then the financial condition and results of operations will be materially and adversely affected.
- Pending litigations against the company and/or the promoters There are a number of pending litigations against the company and/or the promoters and group companies, including a criminal case.
- Some of the group companies have incurred a loss
ARSS Engineering Ltd.
ARSS Biofuel Private Ltd.
|(Rs. In lacs)|
Total contract income
Operating Profit Per Share (Rs.)
Book Value Per Share (Rs.)
Operating Margin (%)
Net Profit Margin (%)
Return On Net Worth (%)
Long Term Debt / Equity
Fixed Assets Turnover Ratio
Inventory Turnover Ratio
Financial Charges Coverage Ratio
C C C Ltd
Sales (Rs Lacs)
PAT (Rs Lacs)
TTM PE (Times)
+Post issue *Based on post issue annualized EPS of 9 months period December 2009