MIRA INFORM REPORT

 

 

Report Date :

06.06.2011

 

IDENTIFICATION DETAILS

 

Name :

JMC PROJECTS (INDIA) LIMITED

 

 

Registered Office :

A-104, Shapath-4, Opposite Karnavati Club, S G Road, Ahmedabad-380051, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

05.06.1986

 

 

Com. Reg. No.:

04-08717

 

 

Capital Investment / Paid-up Capital :

Rs.261.183 Millions

 

 

CIN No.:

[Company Identification No.]

L45200GJ1986PLC008717

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMJ00518A

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Construction Activities

 

 

No. of Employees:

250 (Contract Basis Worker)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 10029872

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed 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 correct and as per commitments.

 

The company can be considered good for business dealings under 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

 

Name :

Mr. Amrit Jain

Designation :

AGM Finance

Date :

02.06.2011

 

 

LOCATIONS

 

Registered Office :

A-104, Shapath-4, Opposite Karnavati Club, S G Road, Ahmedabad-380051, Gujarat, India

Tel. No.:

91-79-30011500

Fax No.:

91-79-30011600/30011700

E-Mail :

secr@jmcprojects.com

Website :

www.jmcprojects.com

 

 

Branches :

Bangalore Office ( Building and Factory )
Gold Tower, # 50, 2nd Floor, Residency Road, Near Konark Hotel, Bangalore - 560 025
Phone: 91-80–30771500
Fax: 91-80-3077 1600/3077 1700
Email: blore@jmcprojects.com

 

Mumbai Office ( Building and Factory )
Mysore Chemical Compound, Road No.2, Scheme No.6, Nr Ghasitaram Halwai Shop, Nr Cine Planet Cinema (Roopam), Sion (E), Mumbai – 400022
Phone: 91-22-32541625
Fax: 91-22-24014030
Email: mumbai@jmcprojects.com

 

Delhi Office ( Power Division, Building and Factory )
Plot No.B-21, Sector-58 Noida - 201 301 Uttar Pradesh
Phone: 91-120 - 4018300
Fax: 91-120--4018310
Email: delhi@jmcprojects.com

 

Hyderabad Office ( Building and Factory )
4th Floor, Celina Plaza, Plot No.140, Prendergast Road, Secunderabad – 500 003.
Phone: 91-40-32955269
Fax: 91-40-39187118
Email: hyd@jmcprojects.com

 

Kolkata Office ( Building and Factory )
Suite No.A-10, 5th Floor,  Chatterjee International Centre 33-A J.L.Nehru Road,
Kolkata - 700071
Phone: 91-33-32465707 / 32550652
Fax: 91-33-40062752
Email: kolkata@jmcprojects.com

 

 

DIRECTORS

 

AS ON 29.07.2010

 

Name :

Mr. Hemant Modi

Designation :

Chairman and Managing Director

Address:

363/A, Lane 18, Satyagrah Chhavni Soc. Satelite Road, Ahmedabad -380015, Gujarat

Date of Birth/Age :

23.06.1955

Qualification :

Civil Engineering

Date of Appointment :

05.06.1986

 

 

Name :

Mr. Suhas Vasantrao Joshi

Designation :

Director

Address

14, Vrindavan Bunglows – II, Thaltej Shilaj Road, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

12.03.1955

Qualification :

Civil Engineering

Date of Appointment :

05.06.1986

 

 

Name :

Mr. Kamal Kishore Jain

Designation :

Director

Address:

Ninad C-24, GIDC, Opp Videocon Factory K Road, Sector 26, Gandhinagar – 382044, Gujarat

Date of Birth/Age :

05.06.1957

Qualification :

Chartered Accountant

Date of Appointment :

05.02.2005

 

 

Name :

Mr. Mahendra G Punatar

Designation :

Director

Address:

1302, 13th Floor, Raheja Majestic Nr. Star City Cinema Matunga Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

23.10.1935

Qualification :

Structural Engineer

Date of Appointment :

30.01.2006

 

 

Name :

Mr. Devendra Raj Mehta

Designation :

Director

Address:

B-5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302015, Rajasthan

Date of Birth/Age :

25.06.19.37

Qualification :

B. A., L. L. B., Management Graduate

Date of Appointment:

11.12.2008

 

 

Name :

Mr. Ramesh Maganlal Sheth

Designation :

Director

Address:

Kanak Vihar, 511, Adenwala Road, Mumbai – 400023, Maharashtra, India

Date of Birth/Age :

15.05.1933

Qualification :

Civil Engineering

Date of Appointment:

01.10.2007

 

 

Name :

Mr. Manish Dashrathmal Mohnot

Designation :

Director

Address:

C/4/11, Sunder Nagar, S V Road, Malad West, Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

15.05.1972

Date of Appointment:

29.05.2009

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashish Shah

Designation :

Secretary

Address:

Snehashish Plot No.283/2, Sector 3B, Gandhinagar – 382003, Gujarat, India 

Date of Birth/Age :

10.09.1979

Date of Appointment:

01.01.2009

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of promoter and Promoter Group

 

 

1) Indian

 

 

a) Individuals / Hindu Undivided Family

571663

2.19

b) Bodies corporate

17548908

67.19

 

 

 

2) Foreign

 

 

 

 

 

(B) Public Shareholdings

 

 

1) Institutions

 

 

a) Mutual Funds

1362051

5.21

b) Financial Institutions/Banks

1665

0.01

c) Foreign Institutional Investors

1593478

6.10

 

 

 

2) Non – Institution

 

 

a) Bodies corporate

511716

1.96

 

 

 

b) Individuals

 

 

i. Individual Shareholders holding nominal share capital upto Rs.0.100 Million

856993

3.28

ii. Individual Shareholders holding nominal share capital in excess Rs.0.100 Million

3001918

11.49

 

 

 

c) Any other

 

 

i) NRI

552350

2.11

ii) Trust

82500

0.32

iii) Clearing Member

35106

0.13

 

 

 

Total

26118348

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Construction Activities

 

 

Terms :

 

Selling :

Depends

 

 

Purchasing :

Depends

 

 

GENERAL INFORMATION

 

Customers:

Multi National Company

 

 

No. of Employees:

250 (Contract Basis Workers)

 

 

Bankers :

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015,

Gujarat, India

 

 

Facilities :

 

Secured loan

31.03.2010

Rs. In millions

31.03.2009

Rs. In millions

A Term Loans:

From Banks:*

Loan against Vehicles / Equipments @

 

670.298

16.305

 

673.154

19.680

B Working Capital Loans:

From Banks: #

 

852.838

 

1055.507

Total

1539.441

1748.341

Notes:

* Term Loan from Banks are secured by fi rst charge on specifi c Plant and Machinery fi nanced by them.

@ Loan against Vehicles / Equipments are secured by way of charge on specific vehicles and equipments.

# Working Capital facilities are secured in favour of consortium bankers, by way of first charge against hypothecation of stocks, stock in process, store and spares, bills receivables, book debts and other movables except 2nd charge on current assets and receivables in favour of a bank for Bank Guarantee of Rs. 4,90.100 Millions provided on behalf of Joint Venture in which the Company is one of the member and except first charge over machineries and equipments financed by others for term loans and further secured by second pari-passu charge on machineries and equipments financed by others for term loans and first charge on the office premises of the Company.

Unsecured loan

31.03.2010

Rs. In millions

31.03.2009

Rs. In millions

Short Term:

Commercial Paper

Fixed Deposits

(Due within one year Rs. 50.261 Millions (Rs. 7.257 Millions))

 

0.000

159.652

 

673.154

16.041

Total

159.652

216.041

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Sudhir N Doshi and Company

Chartered Accountant

Address:

22, Empire Tower, Near Associated Petrol Pump, Off. C. G. Road, Ahmedabad – 380006, Gujarat, India

 

 

Name :

Kishan M Mehta and Company

Chartered Accountant

Address:

6th Floor, Premchand House Annexe, Ashram Road, Ahmedabad – 380006, Gujarat, India

 

 

Subsidiary of Holding Company:

JMC Mining and Quarries Limited

CIN No.: U45201GJ1996PLC028732

 

•          Energylink (India) Limited

•          Shree Shubham Logistics Limited

•          Amber Real Estate Limited

•          Adeshwar Infrabuild Limited

•          Kalpataru Power Transmission Nigeria Limited

•          Kalpataru Power Transmission (Mauritius) Limited

•          Kalpataru SA (Proprietary) Limited

•          Kalpataru Power Transmission – USA, INC.

 

 

Holding Company:

Kalpataru Power Transmission Limited

 

 

Joint Venture

•          JMC - Associated JV

•          Aggrawal - JMC JV

•          JMC - Sadbhav JV

•          JMC - Taher Ali JV

•          JMC - PPPL JV

•          JMC - Tantia JV

•          JMC - MSKE JV

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

24750000

Equity Shares

Rs. 10 /- each

Rs.247.500 millions

1250000

Preference Shares

Rs. 202/-each

Rs.252.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

21768348

Equity Shares

Rs. 10 /- each

Rs.217.683 millions

 

 

 

 

 

Of the above Equity Shares:

 

a)       1,15,40,247 (96,17,965) Equity Shares fully paid up are held by the Holding Company, Kalpataru Power Transmission Limited.

b)       25,19,950 Equity Shares fully paid up were issued as Bonus Shares by capitalization of General Reserve and Securities Premium Account in earlier years.

c)       The Company has issued 36,28,058 Equity Shares by way of Rights to equity shareholders in the ratio of 1:5, which have been allotted on 3rd October, 2009.

d)       The Company has reserved issuance of 10,00,000 (10,00,000) Equity Shares of Rs. 10/- each for offring to the eligible employees of the Company under Employee Stock Option Plan (ESOP). During the inancial Year 2007-08, the Company granted 6,00,000 Options to the eligible employees at a price of Rs. 217/- each. The Options would vest over the period of 4 years from the date of grant based on specified criteria.

 

# The Company has redeemed 12,50,000, 6% Non-Cumulative Redeemable Preference Shares of Rs. 202/- each, on 3rd October, 2009 out of the proceeds of fresh issue of Equity Shares on Right basis as referred in (c) above

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

13700.000

 

The above information has been parted by Mr. Amrit Jain (AGM Finance)

 

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

217.683

433.903

433.903

2] Share Application Money

0.000

0.00

0.000

3] Reserves & Surplus

2289.785

1601.561

1298.951

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2507.468

2035.464

1732.854

LOAN FUNDS

 

 

 

1] Secured Loans

1539.441

1748.341

1109.644

2] Unsecured Loans

159.652

216.041

18.316

TOTAL BORROWING

1699.093

1964.382

1127.960

DEFERRED TAX LIABILITIES

71.017

77.011

113.957

 

 

 

 

TOTAL

4277.578

4076.847

2974.771

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2096.614

2202.167

1879.592

Capital work-in-progress

77.833

20.307

14.887

 

 

 

 

INVESTMENT

68.633

34.218

5.115

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
668.725

808.472

1030.492

 

Sundry Debtors
4933.780

4319.477

2698.431

 

Cash & Bank Balances
155.194

117.459

161.597

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
835.171

658.817

597.175

Total Current Assets
6592.870

5904.225

4487.695

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
2119.165

1905.106

1281.871

 

Other Current Liabilities
2086.643

1899.102

1952.898

 

Provisions
360.684

295.803

205.249

Total Current Liabilities
4566.492

4100.011

3440.018

Net Current Assets
2026.378

1804.214

1047.677

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

27.500

 

 

 

 

TOTAL

4277.578

4076.847

2974.771

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Contract Receipt

13014.972

13059.930

9149.817

 

 

Sale of Material

76.913

29.923

0.000

 

 

Other Income

118.073

104.585

56.416

 

 

TOTAL                                     (A)

13209.958

13194.438

9206.233

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials

4827.086

5581.201

4419.188

 

 

Construction Expenses

5402.963

4671.142

3169.895

 

 

Payments to Employers

971.204

886.824

606.929

 

 

Other Expenses

782.753

705.253

481.837

 

 

Increased / (Decreased) In Stock

60.591

207.598

(239.649)

 

 

TOTAL                                     (B)

12044.597

12052.018

8438.200

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1165.361

1142.420

768.033

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

285.014

324.596

125.595

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

880.347

817.824

642.438

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

348.246

298.336

165.499

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

532.101

519.488

476.939

 

 

 

 

 

Less

TAX                                                                  (I)

135.084

151.876

169.780

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

397.017

367.612

307.159

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

538.055

262.219

35.221

 

 

 

 

 

 

PRIOR PERIOD ADJUSTMENT

 

 

 

 

Prior Period Adjustment

(3.348)

(0.627)

(0.7349)

 

Prior Period Income Tax

8.997

5.990

0.756

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend On Preference Shares

7.658

7.575

4.649

 

 

Corporate Tax On Interim Dividend On Preference Shares

1.301

1.287

0.790

 

 

Proposed Dividend On Equity Shares

43.537

36.281

36.280

 

 

Corporate Tax On Proposed Dividend On Equity Shares

7.231

6.166

6.166

 

 

Proposed Dividend On Preference Shares

0.000

7.575

7.575

 

 

Corporate Tax On Proposed Dividend On Preference Shares

0.000

1.287

1.287

 

 

Transfer To General Reserve

40.000

26.242

23.006

 

BALANCE CARRIED TO THE B/S

829.696

538.055

79.754

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

104.598

201.706

151.980

 

 

Capital Goods

0.000

93.086

77.100

 

TOTAL IMPORTS

104.598

294.792

229.080

 

 

 

 

 

 

Earnings Per Share (Rs.)

3880.58

3498.87

--

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

3rd Quarter

 Sales Turnover

2620.700

2676.400

3644.100

4885.800

 Total Expenditure

2400.300

2447.500

3333.700

4498.700

 PBIDT (Excl OI)

220.400

228.900

310.400

387.100

 Other Income

2.600

1.000

6.000

30.700

 Operating Profit

223.000

229.900

316.400

417.800

 Interest

51.600

59.200

72.200

88.600

 Exceptional Items

0.000

0.000

0.000

0.000

 PBDT

171.400

170.700

244.200

329.200

 Depreciation

91.700

96.600

101.500

105.300

 Profit Before Tax

79.700

74.100

142.700

223.900

 Tax

25.600

20.300

43.300

13.300

 Reported PAT

54.100

53.800

99.400

210.600

Extraordinary Items       

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

54.100

53.800

99.400

210.600

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
15.83

18.08

17.72

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.09

3.98

5.18

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.12

6.41

7.49

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21

0.25

0.27

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.49

2.98

2.64

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.44

1.44

1.30

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars

 

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors
2119.165

1905.106

1281.871

 

RESULTS OF OPERATION

 

During the year ended March 31, 2010, the Company has achieved turnover (i.e. Contract receipts plus Sale of materials) of Rs. 13091.900 Millions as against Rs.13089.900 Millions for the year ended March 31, 2009. The Company has achieved Profit before tax of Rs. 532.100 Millions for the current year as against Rs. 519.500 Millions for the previous year. Abandonment of the major NHAI road project by the client and delay in commencement of work in few power projects due to reasons beyond their control resulted into major bottleneck in achieving desired growth during the year. However, in the last quarter of the year, the Company has secured few major orders which have strengthened order book position at the year end. This will enable the Company to achieve growth in the coming year.

 

NEW CONTRACTS

 

During the year, the Company has received new contracts of approx. Rs. 2,17,06.500 Millions.

 

INDUSTRIAL AND BUILDING PROJECTS

 

•          Construction of Township and other site development work for Aluminium Smelter project at Jharsuguda, Orrissa for Vedanta Aluminium Limited

•          Civil Works for 2 blocks at Cessna Business Park, Bangalore.

•          Civil and Architectural works for Multi tenanted building at Ascendas ITPB SEZ for International Tech Park, Bangalore.

•          Construction of 3 Residential towers and 1 Commercial tower for Mantri Celestia at Hyderabad.

•          Construction of Residential multistoried buildings and infrastructure - “Provident Welworth City” for Provident Housing Limited at Bangalore.

•          Civil, Fire Fighting, Electrical and HVAC works for New Laboratory Complex for National Centre for Biological Science (Tata Group) at Bangalore.

•          Construction of Novotel Hotel Project of SPPL Hotels Private Limited at Kolkatta

•          Civil, Piling and Excavation and Superstructure works for Hyatt Regency Hotel for Juniper Hotels Private Limited at Ahmedabad.

•          Civil and Structural works for Qualcomm India Private Limited at Bangalore.

•          Civil works for 1 x 600 MW Mettur Thermal Power Plant at Mettur, Tamilnadu for BGR Energy Systems Private Limited

•          Civil Construction work for cell cultural manufacturing plant and effl uent treatment tank for Waste Water Recycling facilities for Dr. Reddy’s Laboratories Limited at Hyderabad.

•          Construction of Township for Coastal Gujarat Power Limited (Tata Group) at Mundra, Gujarat.

•          Construction of SPT-II building, energy lab building, cafeteria building and ancillary works for Pandit Deendayal Petroleum University at Gandhinagar.

•          Construction of Retaining wall for Sabarmati Riverfront Development CorporationLimited At Ahmedabad.

•          Fabrication and Erection of structural steel works for Utility Energytech and Engineers Private Limited At Shahajhanpur, Uttar Pradesh.

•          Construction of buildings affiliated to Motor Race Track at Sports SDZ, Yamuna Expressway, Noida for JPSK Sports Private Limited

•          Construction of office premises complex for Engineers India Limited at Gurgaon.

 

INFRASTRUCTURE PROJECTS

 

Construction of Flyover / Elevated Road on Mumbai – Pune National Highway.

Four Laning of National Highway - Rohtak to Bawal of NH-71 on DBFOT basis in Joint Venture with SREI Infrastructure Finance Limited for NHAI.

 

POWER PROJECTS

 

•          Civil work for 2 x 600 MW, Kalisindh Thermal Power Project, Jhalawar, Rajasthan for BGR Energy Systems Limited

•          Design and Construction of Civil works for Coal Handling Plant package for 2 x 500 MW Mauda Super Thermal Power Plant of NTPC at Nagpur.

•          Civil, Structural and Architectural works for Main Power block with auxiliaries and Balance of plant for 4 x 600 O P Jindal Super Thermal Power Plant near Raigarh, Chattisgarh for Jidal Power Limited

•          General Civil Works for 6 x 660 MW Ultra Mega Power Plant Project at, Sasan, Madhya Pradesh for Reliance Infrastructure Limited

•          Civil works for 1 x 300 MW Coal Based Power Project at Butibori, Nagpur for Reliance Infrastructure Limited

•          As on March 31, 2010, the aggregate value of orders on hand stands at Rs. 26705.400 Millions including

•          unexecuted portion of orders in Joint Venture of Rs.33,08.200 Millions. New Orders received after March 31, 2010:

•          Construction of Via duct and 3 Station Buildings of Bangalore Metro Rail Corporation Limited in Joint Venture with Arvind Techno Engg. Private Limited

•          Civil work for Raheja Viveria for Chalet Hotels Limited

•          Construction of offi ce building for Coal India at Kolkata for National Buildings Construction Corporation Limited (NBCC).

•          Residential project for Lodha Dwellers Private Limited at Mumbai.

•          Residential project at Bhadrachalam and Warehousing project at Haridwar for ITC Limited

 

FUTURE PROSPECTS

 

The Company has expertise in designing, civil construction, structural work, EPC etc. of various types of industrial, commercial, residential and infrastructure projects. A reasonably good order book position, repeat orders from reputed clients, breakthrough in BOT projects are the key factors that will boost the prospects of the Company.

 

The Company has been pre-qualified for large infrastructure and building projects on standalone basis as well as through joint ventures which will help in securing major contracts. Major thrust on infrastructure development supported by regulatory reforms by the Government will also provide considerable opportunities to the Company for achieving business growth in coming years.

 

FORM 8:

 

Corporate identity number of the company

L45200GJ1986PLC008717

Name of the company

JMC PROJECTS (INDIA) LIMITED

Address of the registered office or of the principal place of  business in India of the company

A-104, Shapath-4, Oppl Karnavati Club,

S.G. Road, Ahmedabad – 380051, Gujarat, India

 

This form is for

Creation of charge

Type of charge

Movable Property

Particular of charge holder

ICICI BANK LIMITED

Nature of instrument creating charge

Agreement for Autoloan No. 18926056 dated 20/04/2011 for purchase of 1 no. VOLKS WAGEN VENTO 1.6 DIESEL car a Hire Purchase basis from ICICI Bank Limited

Date of instrument Creating the charge

20/04/2011

Amount secured by the charge

Rs.0.835 Million

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

10.65%

 

Terms of Repayment

60 monthly installment of Rs.0.017 Millions each and one installment in advance.

 

Margin

Rs. 0.218 Millions

 

Extent and Operation of the charge

from 15/05/2011 to 15/03/2016

Short particulars of the property charged

Exclusive first charge on 1 No. VOLKS WAGEN VENTO 1.6 DIESEL car in favour of ICICI Bank Ltd., as per Agreement No. 18926056 attached herewith.

 

Fixed Assets

  • Land
  • Office Premises
  • Store Building
  • Furniture
  • Plant and Machinery
  • Vehicles
  • Electrical installation
  • Computer and Officer Equipments

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

62

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.