MIRA
INFORM REPORT
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Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
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Name : |
J. KUMAR INFRAPROJECTS LIMITED |
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Registered
Office : |
16-A, Andheri Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.12.1999 |
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Com. Reg. No.: |
122886 |
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Capital
Investment / Paid-up Capital : |
Rs.278.012
Millions |
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CIN No.: [Company Identification
No.] |
L74210MH1999PLC122886 |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Subject is engaged in construction activity. |
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No. of Employees
: |
700 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 12000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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.
INFORMATION PARTED BY
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Name : |
Ms. Poornima |
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Designation : |
Company Secretary |
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Contact No.: |
91-22-26730291 |
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Date: |
02.06.2011 |
LOCATIONS
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Registered Office : |
16-A, Andheri Industrial Estate, |
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Tel. No.: |
91-22-26730291/0848/67743555 |
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Fax No.: |
91-22-26730814 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Jagdishkumar M Gupta |
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Designation : |
Chairman cum Managing Directors |
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Name : |
Mr. Kamal J Gupta |
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Designation : |
Director |
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Name : |
Mr. Nalin J Gupta |
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Designation : |
Director |
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Name : |
Mr. Padmanabh P Vora |
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Designation : |
Director |
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Name : |
Mr. Roshankhan H Tadvi |
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Designation : |
Director |
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Name : |
Dr. R Srinivasan |
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Designation : |
Director |
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Name : |
Mr. Ashwani Kumar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Jagdishkumar M. Gupta |
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Designation : |
Members |
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Name : |
Dr. R. Srinivasan |
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Designation : |
Members |
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Name : |
Mr. Kamal J. Gupta |
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Designation : |
Members |
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Name : |
Mr. Nalin J. Gupta |
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Designation : |
Members |
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Name : |
Dr. R. Srinivasan |
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Designation : |
Remuneration Committee |
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Name : |
Mr. Padmanabh P. Vora |
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Designation : |
Remuneration Committee |
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Name : |
Ms. Poornima Reddy |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Ms. Poornima |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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11,355,910 |
40.85 |
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3,800,000 |
13.67 |
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10 |
- |
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10 |
- |
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15,155,920 |
54.52 |
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Total shareholding of Promoter and Promoter Group (A) |
15,155,920 |
54.52 |
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(B) Public Shareholding |
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1,375,662 |
4.95 |
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132,163 |
0.48 |
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14,962 |
0.05 |
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1,132,729 |
4.07 |
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2,655,516 |
9.55 |
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5,082,075 |
18.28 |
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1,777,706 |
6.39 |
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2,513,835 |
9.04 |
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616,153 |
2.22 |
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211,623 |
0.76 |
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264,897 |
0.95 |
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139,633 |
0.50 |
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9,989,769 |
35.93 |
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Total Public shareholding (B) |
12,645,285 |
45.48 |
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Total (A)+(B) |
27,801,205 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Promoter GroupBUSINESS DETAILS
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Line of Business : |
Subject is engaged in construction activity. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
700 Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Saharia and Company Chartered Accountant |
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Address : |
4, |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27801205 |
Equity Shares |
Rs.10/- each |
Rs.278.012
Millions |
Note:
Out of 27801205 equity shares of Rs.10/- each
- 4000000 convertible warrants were issued on preferential basis to individual
and corporate belonging to the promoters and promoters group and others.
The said warrant has been converted into equity shares on August 19, 2009.
- 3076785 equity shares were issued to QIBs by way of qualified
institutional placement on December 15, 2009.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
278.012 |
207.244 |
207.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2837.828 |
1300.530 |
1019.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3115.840 |
1507.774 |
1226.900 |
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LOAN FUNDS |
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1] Secured Loans |
546.253 |
485.078 |
382.600 |
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2] Unsecured Loans |
18.912 |
0.000 |
0.000 |
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TOTAL BORROWING |
565.165 |
485.078 |
382.600 |
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DEFERRED TAX LIABILITIES |
31.856 |
24.999 |
11.400 |
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TOTAL |
3712.861 |
2017.851 |
1620.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1029.318 |
1010.753 |
577.800 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.496 |
9.525 |
184.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1132.500
|
362.322 |
61.600 |
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Sundry Debtors |
672.824
|
373.018 |
149.700 |
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Cash & Bank Balances |
786.314
|
242.494 |
442.500 |
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Other Current Assets |
147.832
|
100.350 |
0.000 |
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Loans & Advances |
1945.360
|
724.918 |
496.100 |
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Total
Current Assets |
4684.830
|
1803.102 |
1149.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
661.053
|
345.050 |
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Other Current Liabilities |
531.790
|
176.491 |
174.500 |
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Provisions |
865.536
|
330.870 |
172.700 |
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Total
Current Liabilities |
2058.379
|
852.411 |
347.200 |
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Net Current Assets |
2626.451
|
950.691 |
802.700 |
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MISCELLANEOUS EXPENSES |
47.596 |
46.882 |
56.300 |
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TOTAL |
3712.861 |
2017.851 |
1620.900 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
7642.397 |
4064.606 |
2142.430 |
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Other Income |
58.743 |
71.533 |
27.810 |
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TOTAL (A) |
7701.140 |
4136.139 |
2170.240 |
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Less |
EXPENSES |
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Construction Expenses |
5892.412 |
3117.706 |
1593.130 |
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Employees Remuneration and Benefits |
156.879 |
87.967 |
39.530 |
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Administration, Selling and Other Expenses |
308.134 |
254.996 |
120.830 |
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TOTAL (B) |
6357.425 |
3460.669 |
1753.490 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1343.715 |
675.470 |
416.750 |
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Less |
FINANCIAL
EXPENSES (D) |
148.075 |
79.823 |
59.970 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1195.640 |
595.647 |
356.780 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.687 |
106.711 |
60.920 |
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PROFIT BEFORE
TAX (E-F) (G) |
1050.953 |
488.936 |
295.860 |
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Less |
TAX (H) |
351.275 |
159.660 |
100.890 |
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PROFIT AFTER TAX
(G-H) (I) |
699.678 |
329.276 |
194.970 |
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Less |
APPROPRIATIONS |
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Proposed dividend on equity shares |
70.553 |
41.449 |
31.090 |
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Corporate tax on proposed dividend on
equity shares |
11.749 |
7.046 |
5.280 |
|
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BALANCE CARRIED
TO THE B/S |
617.376 |
280.781 |
158.600 |
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Earnings Per Share
(Rs.) |
29.04 |
15.89 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2003.410 |
1698.670 |
2500.960 |
3256.930 |
|
Total Expenditure |
1695.320 |
1429.020 |
2144.570 |
2778.970 |
|
PBIDT (Excl OI) |
308.090 |
269.650 |
356.390 |
477.960 |
|
Other Income |
12.370 |
18.100 |
18.150 |
22.240 |
|
Operating Profit |
320.460 |
287.750 |
374.530 |
500.200 |
|
Interest |
55.530 |
59.280 |
64.880 |
98.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
264.930 |
228.470 |
309.660 |
401.800 |
|
Depreciation |
37.440 |
37.740 |
39.860 |
43.470 |
|
Profit Before Tax |
227.490 |
190.730 |
269.790 |
358.330 |
|
Tax |
69.000 |
58.720 |
90.000 |
111.260 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
158.490 |
132.010 |
179.790 |
247.070 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.09
|
7.96 |
8.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.75
|
12.03 |
13.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.39
|
17.38 |
17.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.32 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
0.89 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.12 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
661.053
|
345.050 |
NA |
History:
Subject promoted by Jagdishkumar M Gupta and his family.
Initially, Jagdishkumar M Gupta setup his proprietorship concern under the name
and style of J Kumar and Company in 1980. Under his able stewardship the
proprietary concern made a modest beginning by maintenance of PWD buildings and
scaled up to get registered with Public Works Department, Government of
Maharashtra as a Class I-A Civil Contractor. With this registration he started
executing civil contracts for Government, Semi government and other various
private organizations relating to infrastructure and Civil Engineering
Construction contracts, comprising mainly of roads, flyovers, bridges,
irrigation projects, commercial buildings, railway buildings, sports complexes
and airport contracts. Mr. Jagdishkumar M Gupta has extensive experience in
this field. From 1980 till 2004 he carried out the business in his proprietary
concern J. Kumar and Co. With a vision
to expand the business, become a professionally driven company and reap the
benefits of a corporate entity, Jagdishkumar M Gupta has incorporated a Company
on December 2, 1999, by the name of "J. Kumar and Company (
Business Review:
During the year under review, the Company has posted a turnover of Rs.
7701.140 Millions, an increase of about 86% as compared to Rs.4136.140 Millions
in the previous Financial Year. The Company recorded a net profit of Rs.699.678
Millions as against Rs.329.277 Millions in the corresponding previous financial
year depicting a rise of 112.49 %. The Company could achieve a rise in overall
profitability through a judicious mix of strategies and cost control measures.
|
Name of Work |
Nature of Work |
Contract
Value (Rs. in Millions) |
|
Construction of Eastern Freeway Section from Panjarpole |
Flyover |
1680.300 |
|
Construction of Flyover at Kapurbwadi Junction on |
Flyover |
1313.700 |
|
Construction of Road BRTS from Nashik Phata Flyover Approch to Kaspate Vasti |
Road |
571.100 |
|
Construction of Flyover at Amar Mahal Junction connecting SCLR with Eastern Express Highway |
Flyover |
489.400 |
|
Construction of Barrage @ Pulgaon on Mechanical Gate Connection |
Barrage |
925.800 |
|
|
|
|
|
Total |
|
4980.300 |
The total balance value of works in hand as on March 31, 2010 is Rs.
14649.900 Millions including the Company's share along with joint venture
projects. Decisions are awaited from various clients for tenders submitted by
the Company (Individually or in JV) for 3 Projects amounting to about Rs.
4065.800 Millions . Company has submitted RFQ for 10 Projects amounting to
about Rs. 31400.000 Millions, and Tenders for various packages for 9 projects
worth about Rs. 20000.000 Millions have been submitted. The Company has also
submitted prequalification bids for 7 Projects worth over Rs. 1876.600
Millions, which are currently under evaluation. The Company is confident of securing
a sizeable share of these new projects.
CONVERVERSION OF
PREFERENTIAL WARRANTS TO EQUITY SHARE CAPITAL:
During the year under review, the
Company had converted preferential warrants to 40,00,000 Equity Shares
of Rs 10/- each on August 19, 2009 (these were issued and allotted to the
Individuals and/or corporates belonging and /or not belonging to the Promoter/
Promoter Group of the Company at a price of Rs 60/- per Equity Share (including
premium of Rs 507- per Equity Share) on preferential basis on May 20, 2009)
subsequently the Paid up Share Capital has been increased from Rs. 207,244,200
to Rs. 247,244,200, the main purpose of conversion to Equity shares was to
increase the net worth of the Company for bidding of the high value projects.
MANAGEMENT
DISCUSSION and ANALYSIS
The Backdrop of budget
At the current development stage, infrastructure investments can be
expected to be the backbone of the country's growth for many more years to
come.
This philosophy was also echoed recently in FY11 budget too. Out of a
total allocation of Rs 1,735 bn for infrastructure development for the year
FY11, there has been an increase in allocation for urban development by more
than 75%. About Rs. 610 bn was allocated for rural infrastructure development.
The allocation for road development was hiked by 13% YoY to Rs. 198 bn, with an
aim to boost the construction of 20 km of highways every day. Further, a
deduction of an additional amount of Rs. 20,000 will be allowed, over and above
the existing limit of Rs. 1,00,000 for individuals, on tax savings for
investment in long-term infrastructure bonds as notified by the Central
Government. This will ensure that a lot more savings will flow into the
infrastructure space, and in turn benefit companies like that of ours whose
core business lies in the infrastructure space.
Fixed Assets:
- Land and Building
- Computers
- Furniture and Fixtures
- Plant and Machinery
- 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
58 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.