CE6030

CONSTRUCTION ECONOMICS & FINANCE

Report on
Financial Analysis of National Buildings Construction
Corporation Ltd. (NBCC).

SUBMITTED BY:

GROUP - 17

ARNAB KUMAR GOGOI-CE15M008

HERRY THOMAS CE15M018

SOUMEN SEN CE15M114

 Page
S.No. Description No.
1 BRIEF OVERVIEW OF THE COMPANY 3
2 SECTOR WISE REVENUE FROM OPERATIONS 2015 4
3 SHARE-HOLDING PATTERN 2015 4
4 BALANCE SHEET & PROFIT AND LOSS STATEMENT 5
5 DEPRECIATION & AMORTISATION 7
6 TAXATION 9
7 FINANCIAL RATIOS 10
8 SHARE-PRICE FLUCTUATIONS FOR LAST 5-YEARS 15
TOTAL REVENUE FORECAST FOR THE NEXT 5 YEARS
9 15

10 PEER COMPARISON 16
11 SWOT ANALYSIS 16
12 CONCLUSION 18
13 REFERENCES 18
1. COMPANY PROFILE OVERVIEW

National Buildings Construction Corporation Ltd. (NBCC) is a blue-chip Government

of India Navratna Enterprise under the Ministry of Urban Development, with consolidated
revenue of INR 5000 Crore. Certified with ISO 9001:2008 from the Bureau of Indian
Standards in respect of Project Management & Consultancy, the Companys present areas of
operations are categorized into three main segments, i.e. (i) Project Management Consultancy
(PMC), (ii) Real Estate Development & (iii) EPC Contracting.

NBCC has been executing many Landmark Projects as a PMC which contributes to
about 85% of its annual revenue. The segment being the Companys core strength, the areas
covered under its umbrella include Roads, Hospitals & Medical Colleges, Institutions,
Offices, Airports, Bridges, Industrial and Environmental Structures etc.

OBJECTIVES:

The strategic objectives in brief of NBCC are listed as follows:

To be the first ranked construction Business Company in India.

To adopt best practices and state-of-the art technology in construction business to
achieve a premier position and gain sustainable competitive advantage.

INTERNATIONAL PARTNERSHIPS

Al Naba Services LLC

Construction Industry Development Board Holdings SdnBhd (CIDBH) Malaysia
Scomi Engineering Bhd, Malaysia
BinaPuri Holdings Bhd, Malaysia
Form YapiMalzemeleriInsaatSanayiveTicaret Ltd, TURKEY

DOMESTIC PARTNERSHIPS

MECON LIMITED
Telecommunications Consultants India Ltd (TCIL)
Air India Limited
National Waqf Development Corporation (NAWADCO)
Delhi Development Authority (DDA)
Housing and Urban Development Corporation Limited (HUDCO)

MAJOR CLIENTS

PMC for civil construction project

Ministry of Urban Development

Ministry of Home Affairs
Ministry of Defence
Ministry of External Affairs
Ministry of Commerce and Industry
 Ministry of Corporate Affairs
Ministry of Finance
Ministry of New & Renewable Energy
ESIC
Haryana Urban Infrastructure Development Board
IIT Roorkee, IIT Kharagpur, IIT Patna

EPC contract

NTPC Limited
BHEL
Ministry of Defence
Ministry of External Affairs
Ministry of Commerce and Industry
Ministry of Corporate Affairs
Ministry of Finance
Ministry of New & Renewable Energy
ESIC
Haryana Urban Infrastructure Development Board
IIT Roorkee, IIT Kharagpur, IIT Patna

AREAS OF OPERATIONS:

NBCC's core competency lies in engineering ventures- Power Sector, Real Estate,
Environment, PMC, EPC, Post Completion Maintenance works, Roads, Bridges, Hospitals,
Mass Housing, Institutions & Office Buildings etc.

Project Management & Consultancy business segment includes providing management and
consultancy services for a range of civil construction projects including residential and
commercial complexes, redevelopment of buildings and colonies, hospitals, educational
institutions; infrastructure works for security personnel, border fencing as well as
infrastructure projects such as roads, water supply systems, storm water systems and water
storage solutions. The companys work in power sector segment includes engineering,
designing and construction services for civil and structural works for power projects, oooling
towers, and c7himneys.

NBCC's real estate development segment focuses principally on two types of projects, (i)
residential projects, such as apartments and townships and (ii) commercial projects, such as
corporate office buildings and shopping malls.

National
NBCC Green View, Sector 37-D, Gurgaon
235 mts high TV tower in India (New Delhi)
SCOPE Office complex at New Delhi- houses 25 PSU offices and two central government
banks.
30 km long 270 Cusec raw water pipeline project from Muradnagar (U.P.) to Sonia Vihar
(Delhi)
VIBGYOR Towers, Kolkata- Residential Real Estate project
NBCC Tower, BikajiCama Place, New Delhi- Commercial Real Estate project
NBCC Plaza, Saket, New Delhi- Commercial Real Estate project
NBCC Place, PragatiVihar, New Delhi- Commercial Real Estate project
Bhubaneshwar& Mysore Airport
Bridge over the river Yamuna in New Delhi
Indo Bangladesh/Indo-Pak border fencing works
Government Pool Residential Accommodation at New MotiBagh, New Delhi
1200 bedded hospital and medical college at Guwahati, Assam
Vibgyor Towers- An 876 flats/8 towers residential complex at Kolkata
Solid Waste Management projects in 8 Airfields towns in India
LEED certified Green Building project named Indian Institute of Corporate Affairs (IICA) of
the Ministry of Corporate Affairs at Manesar, Haryana
Hospitals for ESIC all across the country
Overseas
Hotel NinevahOberoi at Mousul Baghdad
Baghdad University
Water Treatment Plant at Kirkuk
Runway and Terminal building at Ghat and Brak Airport, Libya
1000 Houses at Beniwalid and 432 houses at Ghat, Libya
Bir Hospital (Nepal)
48 km KohalpurMahakali Highway Project, Nepal
Construction of 774 housing units of Dawran, Dhamar, Yemen Arab Republic
Museum and Library Building, Hetauda, Nepal
Construction, furnishing and equipping 200 bedded Indira Gandhi Memorial Medical
Hospital at Male, Maldives
Project Management Consultancy for 3600 housing units at Meer Project in Turkey
Major projects under execution
NBCC is executing various development projects in NER for Ministry of Urban
Development & Ministry of Housing & Urban Poverty Alleviation.
Indo-Bangladesh Border fencing (IBB) & Indo Pak Border fencing (IPB).
Roads under Pradhan Mantri Gram SadakYojana/ Bharat Nirman (PMGSY/Bharat Nirman)
which is a national level initiative to build and strengthen the countrys rural road net work in
the state of Bihar, Jharkhand & Tripura.
The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has been established to
build world class infrastructure in urban conglomeration. NBCC has been appointed as
executing agency by the State Governments of Haryana, Jharkhand & Tripura
2. SECTOR WISE REVENUE FROM OPERATIONS 2015

3. SHARE-HOLDING PATTERN 2015

Distribution of Shareholders
Promoters, Directors &
Relatives

Mutual fund/UTI/FIs/Banks/
Central Govt,./ State
Govt./Insurance Companies
Bodies Corporate

NRI/ Trust

Individuals
 % of No. of
Category
Shareholding Shares
Promoters, Directors &
90 108000000
Relatives
Mutual fund/UTI/FIs/Banks/
Central Govt,./ State 5 6001153
Govt./Insurance Companies
Bodies Corporate 1.5 1803286
NRI/ Trust 0.15 179308
Individuals 3.35 4016253
TOTAL 100 120000000

4. BALANCE SHEET & PROFIT AND LOSS STATEMENT

Balance Sheet of National Buildings

Construction Corporation in Rs. Cr.
Mar-15 Mar-14 Mar-13 Mar-12 Mar-11

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 120 120 120 120 90
Total Share Capital 120 120 120 120 90
Reserves and Surplus 1,204.13 1,007.29 830.69 675.49 564.14
Total Reserves and Surplus 1,204.13 1,007.29 830.69 675.49 564.14
Total Shareholders Funds 1,324.13 1,127.29 950.69 795.49 654.14
NON-CURRENT LIABILITIES
Other Long Term Liabilities 0 152.32 210.08 204.75 227.18
Long Term Provisions 44.95 53.21 56.55 0.57 0.57
Total Non-Current Liabilities 44.95 205.53 266.63 205.32 227.75
CURRENT LIABILITIES
Trade Payables 1,513.99 919.23 820.52 1,177.34 967.03
Other Current Liabilities 1,765.15 1,848.02 1,603.07 1,319.09 1,336.42
Short Term Provisions 96.24 90.76 88.11 139.98 86.87
Total Current Liabilities 3,375.37 2,858.01 2,511.70 2,636.41 2,390.32
Total Capital And Liabilities 4,744.46 4,190.83 3,729.03 3,637.23 3,272.22
ASSETS
NON-CURRENT ASSETS
Tangible Assets 26.22 22.54 24.33 23.32 23.56
Fixed Assets 26.22 22.54 24.33 23.32 23.56
Non-Current Investments 26.15 57.32 57.32 57.32 64.14
Deferred Tax Assets [Net] 19.51 23.35 9.46 8.41 5.22
Long Term Loans And Advances 40.61 135.22 166.34 139.05 139.49
Other Non-Current Assets 0 70.75 81.41 171.94 301.41
Total Non-Current Assets 112.5 309.19 338.86 400.04 533.82
CURRENT ASSETS
Current Investments 134.87 89.35 104.77 166.27 108.45
Inventories 1,145.67 967.02 632.44 450.06 409.48
Trade Receivables 1,704.12 1,245.67 830.3 852.24 567.53
Cash And Cash Equivalents 1,059.46 1,195.90 1,537.76 1,325.20 1,169.80
Short Term Loans And Advances 571.67 373.54 255.94 415.35 459.83
OtherCurrentAssets 16.17 10.16 28.96 28.06 23.31
Total Current Assets 4,631.96 3,881.64 3,390.17 3,237.19 2,738.39
Total Assets 4,744.46 4,190.83 3,729.03 3,637.23 3,272.22
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 774.73 737.37 600.71 1,431.12 780.36
CIF VALUE OF IMPORTS
EXPENDITURE IN FOREIGN
EXCHANGE
Expenditure In Foreign Currency 0.36 0.12 0.01 0 0
REMITTANCES IN FOREIGN
CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign Currency - - - - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - - - - -
Other Earnings - - - - -
BONUS DETAILS
Bonus Equity Share Capital 30 30 30 30 -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted Market
Value - - - - -
Non-Current Investments Unquoted Book
Value 26.15 57.36 57.32 57.32 64.14
CURRENT INVESTMENTS
Current Investments Quoted Market Value - - - - -
Current Investments Unquoted Book Value 134.87 89.35 104.77 166.27 108.45

Profit & Loss account of National Buildings

Construction Corporation in Rs. Cr.
15-Mar 14-Mar 13-Mar 12-Mar 11-Mar
12 mths 12 mths 12 mths 12 mths 12 mths
INCOME
Revenue From Operations [Gross] 4,621.00 4,008.77 3,186.82 3,429.32 3,126.77
Revenue From Operations [Net] 4,621.00 4,008.77 3,186.82 3,429.32 3,126.77
Other Operating Revenues 41.14 58.2 11.66 18.37 19.28
Total Operating Revenues 4,662.14 4,066.96 3,198.48 3,447.69 3,146.05
Other Income 146.58 106.04 148.97 134.62 85.41
Total Revenue 4,808.72 4,173.00 3,347.45 3,582.30 3,231.46
EXPENSES
Operating And Direct Expenses 4,014.47 3,490.94 2,701.76 3,051.24 2,840.15
Changes In Inventories Of FG,WIP And
Stock-In Trade 109.26 88.05 118.81 47.19 0
Employee Benefit Expenses 195.14 182.1 170.76 157.21 128.97
Finance Costs 40.25 0 0 0 0
Provsions and Contingencies 4.32 7.51 5.02 2.88 11.18
Depreciation And Amortisation Expenses 2.34 1.35 1.35 1.96 3.21
Other Expenses 51.94 47.12 42.79 41.25 34.21
Total Expenses 4,417.72 3,817.06 3,040.49 3,301.73 3,017.72
15-Mar 14-Mar 13-Mar 12-Mar 11-Mar
12 mths 12 mths 12 mths 12 mths 12 mths
Profit/Loss Before Exceptional,
ExtraOrdinary Items And Tax 391.01 355.94 306.96 280.57 213.74
Exceptional Items 0 -22.38 -5.32 -7.39 -4.32
Profit/Loss Before Tax 391.01 333.56 301.64 273.18 209.42
Tax Expenses-Continued Operations
Current Tax 109.87 100.27 94.65 102.85 69.15
Deferred Tax 3.83 -13.89 -1.05 -3.19 0.14
Total Tax Expenses 113.7 86.38 93.6 99.66 69.29
Profit/Loss After Tax And Before
ExtraOrdinary Items 277.3 247.18 208.04 173.52 140.13
Prior Period Items 0 -0.04 -0.54 3.13 0.21
Extraordinary Items 0 0 0 13.52 0
Profit/Loss From Continuing Operations 277.3 247.14 207.5 190.17 140.34
Profit/Loss For The Period 277.3 247.14 207.5 190.17 140.34
15-Mar 14-Mar 13-Mar 12-Mar 11-Mar
12 mths 12 mths 12 mths 12 mths 12 mths
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 23 21 17 16 16
Diluted EPS (Rs.) 23 21 17 16 16
VALUE OF IMPORTED AND
INDIGENIOUS RAW MATERIALS
Indigenous Raw Materials 45.07 26.55 46.91 50.15 18.07
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND
PERCENTAGE
Equity Share Dividend 66 60 45 42 28.07
Tax On Dividend 13.44 10.54 7.3 6.81 4.66
Equity Dividend Rate (%) 55 50 38 35 31
5. DEPRECIATION & AMORTIZATION

a) Depreciation on fixed assets is calculated on Straight Line Method in accordance with the
provisions of schedule-XIV tothe Companies Act, 1956.

b) Fixed Assets costing up to ` 10000/- each are depreciated fully in the year of its
acquisition.

c) Temporary hutments and installation are depreciated fully in the year of its creation.

d) Hostel / Staff Camps equipments are considered as Current Assets and the depreciation
thereon is ascertained bydeducting the realizable value as estimated by the Management from
the book value.

e) Amortization amounts in respect of Centering, Shuttering and Scaffolding, Loose Tools,

Laboratory Equipment, emptycontainers & others is ascertained by deducting the realizable
value, as estimated by the Management from the bookvalue.

The Depreciation and amortisation expenses of the company for the years 2005 to 2015 is as
shown below:
 Depreciation & Amortisation Expenses

Particulars Depreciation (in lacs)

2005-2006 450
2006-2007 294
2007-2008 309
2008-2009 307
2009-2010 312
2010-2011 321
2011-2012 196
2012-2013 135
2013-2014 134
2014-15 234

6. TAXATION

The yearly tax paid from 2005 to 2015 is as shown below:

Income tax paid
Particulars Income Tax (in lacs)
2005-2006 1,037
2006-2007 4,316
2007-2008 13,287
2008-2009 8,219
2009-2010 5,844
2010-2011 6,915
2011-2012 10,285
2012-2013 9,519
2013-2014 10,027
2014-15 10,987
Deferred Tax

Deferred Tax(Assets) /
Particulars
Liabilities
2005-2006 106
2006-2007 9
2007-2008 185
2008-2009 192
2009-2010 35
2010-2011 14
2011-2012 319
2012-2013 105
2013-2014 1,389
2014-15 383

7. FINANCIAL RATIOS

PROFITABILITY RATIOS

Gross Profit Margin

Gross profit margin is simply gross income (revenue less cost of goods sold) divided by net
revenue. The ratio reflects pricing decisions and product costs.

Gross Profit Margin = Gross Profit/Net Sales

If a company has a higher gross profit margin than is typical of its industry, it likely holds a
competitive advantage in quality, perception or branding, enabling the firm to charge more
for its products.

Net profit margin

Net profit margin compares a companys net income to its net revenue. This ratio is
calculated by dividing net income, or a companys bottom line, by net revenue.
 Net profit margin = Net Income/Sales

It measures a firms ability to translate sales into earnings for shareholders. Investors should
look for companies with strong and consistent net profit margins.

Return on capital employed or ROCE

Measures how efficiently a company can generate profits from its capital employed by
comparing net operating profit to capital employed.

ROCE = Earnings Before Interest and Tax (EBIT) / Capital Employed

A higher ROCE indicates more efficient use of capital. ROCE should be higher than the
companys capital cost; otherwise it indicates that the company is not employing its capital
effectively and is not generating shareholder value.

LIQUIDITY & SOLVENCY RATIOS

Current Ratio:

The current ratio is a popular financial ratio used to test a company's liquidity (also referred
to as its current or working capital position) by deriving the proportion of current assets
available to cover current liabilities.

The concept behind this ratio is to ascertain whether a company's short-term assets (cash,
cash equivalents, marketable securities, receivables and inventory) are readily available to
pay off its short-term liabilities (notes payable, current portion of term debt, payables,
accrued expenses and taxes). In theory, the higher the current ratio, the better.

Quick Ratio:

The quick ratio - aka the quick assets ratio or the acid-test ratio - is a liquidity indicator that
further refines the current ratio by measuring the amount of the most liquid current assets
there are to cover current liabilities.

The quick ratio is more conservative than the current ratio because it excludes inventory and
other current assets, which are more difficult to turn into cash. Therefore, a higher ratio
means a more liquid current position.
Debt Equity Ratio

Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated
by dividing a companys total liabilities by its stockholders' equity.

Debt - Equity Ratio = Total Liabilities / Shareholders' Equity

The D/E ratio indicates how much debt a company is using to finance its assets relative to the
amount of value represented in shareholders equity. Given that the debt/equity ratio
measures a companys debt relative to the total value of its stock, it is most often used to
gauge the extent to which a company is taking on debts as a means of leveraging (attempting
to increase its value by using borrowed money to fund various projects). A high debt/equity
ratio generally means that a company has been aggressive in financing its growth with debt.
Aggressive leveraging practices are often associated with high levels of risk. This may result
in volatile earnings as a result of the additional interest expense.

MANAGEMENT EFFICIENCY RATIOS

Inventory Turnover Ratio

Inventory turnover is a ratio showing how many times a company's inventory is sold and
replaced over a period. The days in the period can then be divided by the inventory turnover
formula to calculate the days it takes to sell the inventory on hand or "inventory turnover
days."
Inventory Turnover Ratio = Sales/Inventory

This ratio should be compared against industry averages. A low turnover implies poor sales
and, therefore, excess inventory. A high ratio implies either strong sales or ineffective
buying.

Investment Turnover Ratio

The investment turnover ratio compares the revenues produced by a business to its debt and
equity.

Investments Turnover Ratio = Net sales / Total net worth

The ratio is used to evaluate the ability of a management team to generate revenue with a
specific amount of funding. The "turnover" part of the term indicates the number of multiples
of revenue that can be generated with the current funding level.

Fixed Asset Turnover Ratio

The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets. The fixed-asset
turnover ratio measures a company's ability to generate net sales from fixed-asset investments
- specifically property, plant and equipment (PP&E) - net of depreciation.
 Fixed Assets Turnover Ratio = Net Sales / Net Fixed Assets

A higher fixed-asset turnover ratio shows that the company has been more effective in using
the investment in fixed assets to generate revenues.

Assets Turnover Ratio

Asset turnover ratio is the ratio of the value of a companys sales or revenues generated
relative to the value of its assets.

Total Assets Turnover Ratio = Net Sales / Total Assets

The Asset Turnover ratio can often be used as an indicator of the efficiency with which a
company is deploying its assets in generating revenue. The higher the asset turnover ratio, the
better the company is performing, since higher ratios imply that the company is generating
more revenue per dollar of assets. Yet, this ratio can vary widely from one industry to the
next.

Ratios Formula Mar '15 Mar Mar Mar Mar

'14 '13 '12 '11
Profitability Ratios
Gross Profit 6.14
Gross Profit/Net Sales 6.10 5.09 4.23 4.07
Margin (%)
Net Profit Net Income/Sales 5.94 6.07 6.48 5.51 4.46
Margin (%)
Reported return Earnings Before Interest and 21.92
on net worth (%) Tax ( EBIT) / Capital 20.94 21.82 23.90 21.45
Employed
Liquidity Ratio s
Current Assets / Current
Current Ratio 1.33 1.31 1.28 1.19 1.17
Liabilities
Current Assets Inventory / 0.99
Quick Ratio Current 0.99 1.04 1.03 1.02
Liabilities
Management Efficiency Ratio s
Inventory 4.21
Sales/Inventory 4.07 5.06 7.66 7.68
Turnover Ratio
Debtors Turnover 3.92
Net sales / Total net worth 3.16 3.80 4.86 4.34
Ratio
Fixed Assets 3.91
Net Sales / Net Fixed Assets 3.80 3.66 4.76 5.23
Turnover Ratio
Long term assets / Long term assets / total 0.04
0.03 0.04 0.06 0.05
total Assets Assets
8. SHARE-PRICE FLUCTUATIONS FOR LAST 5-YEARS

9. TOTAL REVENUE FORECAST FOR THE NEXT 5 YEARS

Total Revenue Forecast

7,000.00
R = 0.963
6,000.00

5,000.00
Total Revenue

4,000.00

3,000.00

2,000.00

1,000.00

0.00
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Year

10. PEER COMPARISON

NBCC Larsen Adani Siemens BHEL

Ports
Sales 4662.14 57558.07 3909.36 10848.6 31103.4
Turnover
Net Profit 277.3 5056.18 2183.14 1183.3 1419.29
Total Assets 1324.13 49384.26 21007.15 5126.6 34145.6
11. SWOT ANALYSIS

STRENGTHS

NBCC being a notified public works organization coveredunder revised rule of 126(2) of
GFR as un upper hand to getwork from Govt. Department / autonomous bodies / PSUson
nomination basis.NBCCs performance in diverse areas viz. PMC in power,water supply,
health, sewage, environment, real estate andinfrastructure reflects the potential and
capabilities ofNBCC.Its PAN India presence and experience of working abroad incountries
like Middle East, Turkey, Nepal, Maldives,Mauritius etc. strengthen its diverse order book
and is advantageous over the competitors.

WEAKNESS:
As you can see in the asset turnover ratio is very low which indicates NBCC has abundant
assets in its basket which it is not able to convert into revenue. Increase in competition and
low profit margin has led to accumulation of debt. This has reduced the opportunities of
NBCC getting any long term loans and it has capitalise the existing liquidity available with
the company.

OPPORTUNITIES

Present Governments priority on housing for all by 2022,creation of 100 smart cities and
development ofinfrastructure projects will certainly boost the Indianeconomy and this will
offer further prospects of increase inthe Companys order book and incremental opportunity
toNBCC. NBCC has entered into global arena like GCCcountries with overseas partners /
agencies and has greatexpectation of business opportunity in those countries.The Company,
based on Governments infrastructureemphasis, and housing for all, is striving to enlarge
itsoperation in real estate development and attracting largevalue projects. It is hoped that
there is also a scope fordevelopment of affordable housing and commercial in thevery near
future.

THREAT:

Emerging of new infrastructure companies has increased competition which decreases the
probability of getting new projects by NBCC. Continuous increase in new technologies also
leads to more investment on research and development. Lower profitability margin led to
continuous loss as seen in the profit and loss statement. Delays in implementation of
regulatory framework in Indian aviation sector delays the profitability of NBCC .

12. CONCLUSION

Companys major share (90%) is held by the promoters and promoters group which
may affect its financial health during economic downturn
The company has to work on reducing overheads and operating expenses to make
profit
Strong brand value and experience in the market shall help its survival in the
competitive industry.

13. REFERENCES

http://www.investopedia.com/
http://www.moneycontrol.com/
Engineering cost analysis by Courtland A.Collier,William B.Led Better
http://www.nbccindia.com/nbccindia/index.jsp
http://money.rediff.com/companies/National-Buildings-Construction-Corporation-
Ltd/11600065