MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
JMC PROJECTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
A-104, Shapath-4, Opposite Karnavati Club, |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
Date of
Incorporation : |
05.06.1986 |
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|
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|
Com. Reg. No.: |
04-008717 |
|
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Capital
Investment / Paid-up Capital : |
Rs. 261.183 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L45200GJ1986PLC008717 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMJ00518A |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Construction Activities |
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|
No. of Employees
: |
Information declined by the management |
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 17000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and reputed company having fine track
record. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities (AA - ) |
|
Rating Explanation |
High degree of safety. It carry very low credit risk. |
|
Date |
24 December 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities (A1+) |
|
Rating Explanation |
Highest degree of safety. It carry very lowest credit risk. |
|
Date |
24 December 2012 |
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
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative (91-79-30011500)
LOCATIONS
|
Registered Office : |
A-104, Shapath-4, Opposite Karnavati Club, |
|
Tel. No.: |
91-79-30011500 |
|
Fax No.: |
91-79-30011600/30011700 |
|
E-Mail : |
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|
Website : |
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|
Branches : |
Bangalore
Office ( Building
and Factory ) Mumbai
Office ( Building
and Factory )
Kolkata
Office ( Building
and Factory ) |
DIRECTORS
As on 03.08.2012
|
Name : |
Mr. D. R. Mehta |
|
Designation : |
Chairman |
|
|
|
|
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 : |
Managing Director (upto 31st March 2012) Whole Time Director (w.e.f. 1st April 2012) |
|
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. Shailendra Kumar Tripathi |
|
Designation : |
Executive Director (w.e.f. 22nd October 2011) Dy. Managing Director (w.e.f. 18th May 2012) |
|
|
|
|
Name : |
Mr. Manoj Kumar Singh |
|
Designation : |
Executive Director (w.e.f. 18th May 2012) |
|
|
|
|
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. 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 |
|
|
|
|
Name : |
Mr. Shailendra Raj Mehta |
|
Designation : |
Director (w.e.f. 8th February 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Amit Raval |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Rahul Shah |
|
Designation : |
CFO |
|
|
|
|
Remuneration committee: |
Mr. D. R. Mehta Chairman Mr. Kamal Jain Member Mr. Mahendra G Punatar Membe |
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|
|
|
Shareholders’ grievance committee: |
Mr. Kamal Jain Chairman Mr. Suhas Joshi Member Mr. Hemant Modi Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
360049 |
1.38 |
|
|
17548908 |
67.19 |
|
|
17908957 |
68.57 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17908957 |
68.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
338147 |
1.29 |
|
|
1319873 |
5.05 |
|
|
1658020 |
6.35 |
|
|
|
|
|
|
864471 |
3.31 |
|
|
|
|
|
|
3770248 |
14.44 |
|
|
1082479 |
4.14 |
|
|
834173 |
3.19 |
|
|
695246 |
2.66 |
|
|
82500 |
0.32 |
|
|
56427 |
0.22 |
|
|
6551371 |
25.08 |
|
Total Public shareholding (B) |
8209391 |
31.43 |
|
Total (A)+(B) |
26118348 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
26118348 |
0.00 |
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%20LIMITED%20-%20220645%2009-May-2013_files/image012.gif){kind=small}
%20LIMITED%20-%20220645%2009-May-2013_files/image013.gif){kind=small}
Shareholding belonging
to the category "Promoter and Promoter Group"
|
No. |
Name of the Shareholder |
Details of
Shares held |
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Kalpataru Power Transmission Limited |
1,75,48,908 |
67.19 |
|
2 |
Hemant I Modi |
1,89,187 |
0.72 |
|
3 |
Suhas Joshi |
1,00,473 |
0.38 |
|
4 |
Sonal Hemant Modi |
47,696 |
0.18 |
|
5 |
Ami Hemant Modi |
11,088 |
0.04 |
|
6 |
Rasila Vinodchandra Modi |
6,749 |
0.03 |
|
7 |
Varsha Hiren Gandhi |
4,856 |
0.02 |
|
|
Total |
1,79,08,957 |
68.57 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
|
1 |
Acacia Partners LP |
513628 |
1.97 |
|
|
2 |
Dr Sanjeev Arora |
371515 |
1.42 |
|
|
3 |
SBIMF - Magnum Midcap Fund |
337547 |
1.29 |
|
|
4 |
Acacia Institutional Partners, LP |
315601 |
1.21 |
|
|
|
Total |
1538291 |
5.89 |
|
Details
of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
1 |
Kalpataru Power Transmission Limited |
43,50,000 |
16.65 |
|
|
Total |
43,50,000 |
16.65 |
BUSINESS DETAILS
|
Line of Business : |
Construction Activities |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kishan M Mehta and Company Chartered Accountant |
|
Address: |
6th Floor, Premchand House Annexe, Ashram Road, Ahmedabad – 380006, Gujarat, India |
|
|
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Holding Company: |
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Subsidiary Company: |
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Subsidiary of Holding Company: |
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Joint Venture: |
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Enterprises over which significant influence exercised (EKMP): |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
1500000 |
Preference Shares |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26118348 |
Equity Shares |
Rs.10/- each |
Rs. 261.183 Millions |
NOTE:
a. Reconciliation of the Shares outstanding at the beginning and at the
end of the year
|
Equity Shares |
31.03.2012 |
|
|
|
Nos. |
(Rs. In
Millions) |
|
At the beginning of the year |
26118348 |
261.183 |
b. Terms / Rights attached to Equity Shares
The Company has only one class of Equity
Shares having par value of Rs. 10/- per share. Each holder of Equity Shares is
entitled to one vote per share. The dividend is declared and paid on being proposed
by the Board of Directors after the approval of the Shareholders in the ensuing
Annual General Meeting.
In the event of liquidation of the Company,
the holders of Equity Shares will be entitled to receive remaining assets of
the Company, after distribution of all liabilities. The distribution will be in
proportion to the number of Equity Shares held by the shareholders.
c. Shares held by Holding Company and its Subsidiaries / Associates.
Out of Equity Shares issued by the Company,
the Shares held by Holding and its Subsidiaries / Associates are as below:
(Rs. In Millions)
|
PARTICULERS |
31.03.2012 |
|
Kalpataru Power Transmission Limited |
175.489 |
17,548,908 (17,548,908) Equity Shares of
Rs.10/- each fully paid
* In previous year, on November 20, 2010, the
Company had allotted 4,350,000 (Forty Three Lacs Fifty Thousand Only) Equity
Shares of Rs.10/- each on preferential basis to Kalpataru Power Transmission
Limited. (KPTL), the Holding Company as per the approval u/s. 81 of the
Companies Act, 1956 by the Shareholders at their Extra Ordinary General Meeting
held on November 6, 2010 at a price of Rs.207/- per share. For preferential
allotment of Equity Shares to KPTL, to comply SEBI (Substantial Acquisition of
Shares and Takeover) Regulations, 1997, KPTL made an open offer to the
shareholders of the Company for acquisition, to the extent of 20% of increased
paid up equity share capital, at a price of Rs. 207/- per share, calculated as
per said regulations and consequently KPTL acquired 1,658,661 Equity Shares of
Rs.10/- each from the Shareholders of the Company.
d. Details of shareholders holding more than 5% shares in the Company
Rs. In Millions)
|
|
31.03.2012 |
|
|
|
Nos. |
% Holding |
|
Equity Shares of
Rs. 10/- each fully paid Kalpataru Power
Transmission Limited., the Holding Company |
17548908 |
67.19% |
e. Shares reserved for issue under options
The Company has reserved issuance of 1,000,000
(1,000,000) Equity Shares of Rs.10/- each for offering to the eligible
employees of the Company under Employee Stock Option Plan (ESOP). On 21st July
2007, the Company granted 600,000 Options to the eligible employees at a price
of Rs. 217/- each, and these Options would vest over the period of 4 years from
the date of grant based on specified criteria. (Refer Note No.42)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
261.183 |
261.183 |
217.683 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3963.495 |
3505.246 |
2289.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4224.678 |
3766.429 |
2507.468 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2478.085 |
1405.512 |
1539.441 |
|
|
2] Unsecured Loans |
42.470 |
119.844 |
159.652 |
|
|
TOTAL BORROWING |
2520.555 |
1525.356 |
1699.093 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
37.573 |
71.017 |
|
|
|
|
|
|
|
|
TOTAL |
6745.233 |
5329.358 |
4277.578 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2720.426 |
2260.424 |
2096.614 |
|
|
Capital work-in-progress |
22.070 |
51.167 |
77.833 |
|
|
|
|
|
|
|
|
INVESTMENT |
1178.121 |
869.014 |
68.633 |
|
|
DEFERRED TAX ASSETS |
77.807 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2119.934
|
1301.012 |
668.725
|
|
|
Sundry Debtors |
4192.254
|
5092.523 |
4933.780
|
|
|
Cash & Bank Balances |
186.412
|
271.736 |
155.194
|
|
|
Other Current Assets |
2583.256
|
1785.128 |
0.000
|
|
|
Loans & Advances |
2134.360
|
1000.214 |
835.171
|
|
Total
Current Assets |
11216.216
|
9450.613 |
6592.870 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4013.250
|
3220.891 |
2119.165
|
|
|
Other Current Liabilities |
4053.741
|
3674.129 |
2086.643
|
|
|
Provisions |
402.416
|
406.840 |
360.684
|
|
Total
Current Liabilities |
8469.407
|
7301.860 |
4566.492 |
|
|
Net Current Assets |
2746.809
|
2148.753 |
2026.378 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6745.233 |
5329.358 |
4277.578 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20763.776 |
13800.867 |
13091.885 |
|
|
|
Other Income |
111.527 |
43.792 |
118.073 |
|
|
|
TOTAL
(A) |
20875.303 |
13844.659 |
13209.958 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Materials Consumed |
8131.355 |
4340.338 |
|
|
|
|
(Increase) / Decrease in Inventories of Work-in-Progress |
(372.537) |
(71.263) |
|
|
|
|
Employee Benefit Expense |
1420.748 |
1232.737 |
|
|
|
|
Other Expenses |
10042.067 |
7088.578 |
|
|
|
|
TOTAL (B) |
19221.633 |
12590.390 |
12044.597 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1653.670 |
1254.269 |
1165.361 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
539.401 |
338.162 |
285.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1114.269 |
916.107 |
880.347 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
470.608 |
395.016 |
348.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
643.661 |
521.091 |
532.101 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.299 |
120.743 |
135.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
519.362 |
400.348 |
397.017 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1099.960 |
829.700 |
538.055 |
|
|
|
|
|
|
|
|
|
|
PRIOR
PERIOD ADJUSTMENT |
|
|
|
|
|
|
Prior Period Adjustment |
0.000 |
0.000 |
(3.348) |
|
|
|
Prior Period Income Tax |
0.000 |
0.000 |
8.997 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend
On Preference Shares |
0.000 |
0.000 |
7.658 |
|
|
|
Corporate Tax On
Interim Dividend On Preference Shares |
0.000 |
0.000 |
1.301 |
|
|
|
Proposed
Dividend On Equity Shares |
52.240 |
52.240 |
43.537 |
|
|
|
Corporate Tax On
Proposed Dividend On Equity Shares |
0.000 |
0.000 |
7.231 |
|
|
|
Proposed
Dividend On Preference Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Corporate Tax On
Proposed Dividend On Preference Shares |
0.000 |
0.000 |
0.000 |
|
|
|
Transfer To General
Reserve |
52.500 |
45.000 |
40.000 |
|
|
|
Corporate
Dividend Tax Equity Dividend |
8.470 |
8.470 |
0.000 |
|
|
|
Transfer to
debenture redemption reserves |
32.500 |
24.380 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1473.610 |
1099.960 |
829.696 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.578 |
53.000 |
104.598 |
|
|
|
Capital Goods |
31.497 |
84.113 |
0.000 |
|
|
TOTAL IMPORTS |
67.075 |
137.113 |
104.598 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.88 |
17.16 |
19.27 |
|
%20LIMITED%20-%20220645%2009-May-2013_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5702.400 |
6065.900 |
6112.900 |
|
Total Expenditure |
5415.500 |
5795.400 |
5825.400 |
|
PBIDT (Excl OI) |
285.900 |
270.500 |
287.500 |
|
Other Income |
28.000 |
20.500 |
12.200 |
|
Operating Profit |
314.900 |
291.000 |
299.700 |
|
Interest |
149.700 |
133.300 |
147.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
165.200 |
157.700 |
152.100 |
|
Depreciation |
133.900 |
137.700 |
140.600 |
|
Profit Before Tax |
31.300 |
20.000 |
11.500 |
|
Tax |
(8.600) |
(5.000) |
-21.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
39.900 |
25.000 |
33.300 |
|
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 |
39.900 |
25.000 |
33.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.49
|
2.89 |
3.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
3.78 |
4.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.74
|
5.51 |
8.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60
|
0.40 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.29 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
4013.250
|
3220.891 |
2119.165
|
|
Total |
4013.250
|
3220.891 |
2119.165
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
PARTICULERS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
B Fixed Deposits from Public |
28.963 |
96.903 |
|
Fixed Deposits from Public |
13.507 |
22.941 |
|
Total |
42.470 |
119.844 |
|
B. Unsecured
Loans - Fixed Deposits : Fixed Deposits from public NCDs are repayable in trenches at the end of 3rd, 4th and 5th year
Rs.150.000 Millions, Rs.200.000 Millions and Rs.150.000 Millions,
respectively, from date of allotment i.e. July 15, 2010. Term Loan from Oriental Bank of Commerce is repayable in 16 quarterly
installments of Rs. 16.875 Millions each from March, 2010 with varying rate
of interest linked to base rate of Bank from time to time. Term Loan from Karur Vysya Bank Limited. is repayable in 16 quarterly
installments of Rs. 4.717 Millions each from February, 2011 with varying
interest rate linked to base rate of Bank from time to time. Term Loan from Indian Bank is repayable in 16 quarterly installments
of Rs. 3.750 Millions each from March, 2010 with varying interest rate linked
to base rate of Bank from time to time. Term Loan from HDFC Bank Limited. is repayable in 12 quarterly
installments of Rs. 41.667 Millions each from October, 2011 and carry interest
@ 11% p.a. on Rs. 300.000 Millions and @ 11.35% p.a. on Rs. 200.000 Millions 13 quarterly installments of US$ 769,230.77 each from 25th October,
2013 and carry interest @ 6 months LIBOR plus spread. 60 monthly installments beginning from the month subsequent to
disbursement, along with interest ranging from 8.20% to 12.50% p.a. for different loans. Fixed deposits maturing at 12, 24 and 36 months from the date of
deposit carry interest @ 9.50%, 10% and 10.50% p.a. respectively. Deposits by
senior citizen carry additional interest @ 0.50% p.a. |
||
|
HIGH COURT OF GUJARAT |
|
TAX APPEAL No. 561 of
2011 |
|
|
|
|
|
Status : PENDING |
( Converted from
: ST/1039/2011 ) |
CCIN No :
001092201100561 |
|
|
|
|||||
|
|
|||||
|
|
|||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF INCOME TAX-II |
MRS MAUNA M BHATT for: Appellant(s) |
%20LIMITED%20-%20220645%2009-May-2013_files/image014.gif){kind=small}
|
S.NO. |
Name of the Respondent |
Advocate On Record |
|
1 |
JMC PROJECTS (INDIA)LTD |
MR RK PATEL for :Opponent(s) |
|
|
|||
|
Presented On |
: 08/03/2011 |
Registered On |
: 08/03/2011 |
|
Bench Category |
: DIVISION BENCH |
District |
: RAJKOT |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 1 times |
|
Stage Name |
: FOR REGULAR ADMISSION |
||
|
Classification |
|
|
Act |
|
|
Lower Court Details |
|
S.No. |
Lower Court Case Detail |
Lower Court Name |
Judge Name |
Judgmentdate |
|
1 |
INCOME TAX APPELLATE TRIBUNAL/0/0 |
FAMILY COURT, JUNAGADH |
- |
- |
|
Office Details |
||||
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document
Details |
|
1 |
08/03/2011 |
CERTIFIED COPY |
MRS MAUNA M BHATT ADVOCATE |
6 |
MRS MAUNA M
BHATT:1 |
|
2 |
08/03/2011 |
MEMO OF APPEAL/PETITION/SUIT |
MRS MAUNA M BHATT ADVOCATE |
20 |
MRS MAUNA M
BHATT:1 |
|
3 |
15/08/2011 |
VAKALATNAMA |
MR RK PATEL ADVOCATE |
- |
MR RK PATEL:1 |
|
4 |
15/08/2011 |
VAKALATNAMA |
MRS MAUNA M BHATT ADVOCATE |
- |
MRS MAUNA M
BHATT:1 |
|
5 |
03/08/2012 |
VAKALATNAMA |
MR RK PATEL ADVOCATE |
5 |
MR RK PATEL:1 |
|
Court Proceedings |
|||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
23/03/2011 |
3 |
- |
OFFICE OBJECTION (FILING STAGE) |
NEXT DATE |
·
REGISTRAR ( JUDICIAL) |
|
2 |
27/06/2012 |
3 |
- |
FOR REGULAR ADMISSION |
NEXT DATE |
·
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
View |
Download |
|
1 |
TAX APPEAL/561/2011 |
·
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
27/06/2012 |
N |
N |
View |
Download |
|
Certified Copy |
|||||||
|
S. No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
Nature Of
Document |
|
1 |
MRS MAUNA M BHATT |
ORDINARY |
28/06/2012 |
O/19524/2012 |
27/06/2012 |
29/06/2012 |
02/07/2012 |
Delivered |
- |
STATEMENT OF STANDAONE
UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECMBER 2012
(Rs. In Millions)
|
Sr No |
Particulars |
Quarter ended on |
Nine months ended |
|
|
|
|
31-12-2012 |
30-09-2012 |
31-12-2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
PART - I |
|
|
|
|
|
1 |
Income
From operations |
|
|
|
|
|
(a) Net
sales/income from operations (Net of excise duty) |
6084.900 |
6031.600 |
17735.800 |
|
|
(b) Other
operating income |
28.000 |
34.300 |
145.300 |
|
|
Total
Income from operations (Net) |
6112.900 |
6065.900 |
17881.100 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost
of materials consumed |
1852.400 |
2031.900 |
6360.400 |
|
|
(b)
Purchases of stock-in trade |
- |
- |
- |
|
|
(c)
Changes in inventories of finished goods, |
|
|
|
|
|
work-in-progress
and stock-in-trade |
109.100 |
4.200 |
(23.700) |
|
|
(d)
Employee benefits expense |
366.400 |
391.800 |
1118.000 |
|
|
(e)
Construction expense |
3188.000 |
3053.400 |
8637.800 |
|
|
(f)
Depreciation and amortization expense |
140.600 |
137.700 |
412.200 |
|
|
(g) Other
expenses |
309.500 |
314.200 |
960.100 |
|
|
Total
expenses |
5966.000 |
5933.200 |
17464.800 |
|
3 |
Profit /
(Loss) from operations before other income, |
|
|
|
|
|
finance
costs and exceptional items (1-2) |
146.900 |
132.700 |
416.300 |
|
4 |
Other
Income |
12.200 |
20.500 |
60.800 |
|
5 |
Profit /
(Loss) from ordinary activities before |
|
|
|
|
|
finance
costs and exceptional items (3 + 4) |
159.100 |
153.200 |
477.100 |
|
6 |
Finance
costs |
147.600 |
133.300 |
414.300 |
|
7 |
Profit /
(Loss) from ordinary activities after |
|
|
|
|
|
finance
costs but before exceptional items (5 - 6) |
11.500 |
19.900 |
62.800 |
|
8 |
Exceptional
Items |
- |
- |
- |
|
9 |
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
11.500 |
19.900 |
62.800 |
|
10 |
Tax
Expense |
(21.800) |
( 5.100) |
(35.400) |
|
11 |
Net Profit
/ (Loss) from ordinary activities after tax (9 - 10) |
33.300 |
25.000 |
98.200 |
|
12 |
Extraordinary
Items (net off tax expenses) |
- |
- |
- |
|
13 |
Net Profit
/ (Loss) for the period (11-12) |
33.300 |
25.000 |
98.200 |
|
14 |
Paid-up
Equity Share Capital (Face Value 7 10/-) |
261.200 |
261.200 |
261.200 |
|
15 |
Reserve
excluding Revaluation Reserves as per |
|
|
|
|
|
balance
sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Debenture
Redemption Reserve |
8.100 |
8.100 |
24.400 |
|
17 |
Earnings
Per Share (EPS) (a) Basic
EPS before and after Extraordinary items for the period |
|
|
|
|
|
(not
annualized) in 7 |
1.27 |
0.95 |
3.76 |
|
|
(b)
Diluted EPS before and after Extraordinary items for the period |
|
|
|
|
|
(not
annualized) in 7 |
1.27 |
0.95 |
3.76 |
|
PART -
II Information for the
Quarter and 9 Months Ended 31st December 2012 |
||||
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
Number of
shares |
82 09 391 |
79 97 777 |
82 09 391 |
|
|
Percentage
of shareholding |
31.43% |
30.62% |
31.43% |
|
2 |
Promoters
and Promoter Group Shareholding a Pledged / Encumbered |
|
|
|
|
|
- Number
of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of shares (as a % of the total shareholding of |
|
|
|
|
|
Promoter
and Promoter group) |
N.A. |
N.A. |
N.A. |
|
|
-
Percentage of shares (as a % of the total share capital of |
|
|
|
|
|
the
Company) |
N.A. |
N.A. |
N.A. |
|
|
b Non-
Encumbered |
|
|
|
|
|
- Number
of Shares |
1 79 08 957 |
1 81 20 571 |
1 79 08 957 |
|
|
-
Percentage of shares (as a % of the total shareholding of |
|
|
|
|
|
Promoter
and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
-
Percentage of shares (as a % of the total share capital of |
|
|
|
|
|
the
Company) |
68.57% |
69.38% |
68.57% |
|
B. |
INVESTORS
COMPLAINTS |
Quarter ended 31st December, 2012 |
||
|
|
Pending at
the beginning of the quarter |
Nil |
||
|
|
Received
during the quarter |
Nil |
||
|
|
Disposed
of during the quarter |
Nil |
||
|
|
Remaining
unresolved at the end of the quarter |
Nil |
||
|
Notes: |
|
|||
|
|
|
|||
RESULTS OF
OPERATION
During the year ended March 31, 2012, the Company has achieved Total
Revenue (i.e. Revenue from Operation and Other income) of Rs.20875.300 millions
as against Rs.13844.700 millions for the previous year ended March 31, 2011.
The Company has achieved Profit before tax of Rs.643.700 millions for the
current year as against Rs.521.100 millions for the previous year.
NEW CONTRACTS
During the year, the Company has received new contracts of approx.
Rs.35750.000 millions. The details of some of the major contracts received
during the year:
Industrial and
Building Projects
- Civil Work of Raheja Reflection
Phase-II for Raheja Universal at Mumbai
- Residential Towers for Emmar MGF
Business Park at Gurgaon
- Office cum factory building for Jaquar
and Co. near Gurgaon
- Residential Towers “Kasa Isles” for
Jaiprakash Associates at Noida
- High rise Residential Towers “CYPRESS
Court” for Jaypee Green at Noida
- Construction of Campus (IT Block and
Multi Level Car Parking) for Huawei Technologies India Private Limited,
Bangalore
- Residential project “Mantri Alpyne” for
Mantri Developers at Bangalore
- Construction of RMZ
Latitude-Residential and Office Development for Millennia Realtors at
Banglore
- Office Complex for RGA-Prtiech Park
Building for RGA Software at Banglore
- Luxury Mall and Residential-Phase-3 for
Clasic Mall Devlopment at Chennai
- Construction of Corporate Tower for
Jindal Steel and Power at Raigarh
Infrastructure
Projects
- BOT Road project from Nagpur to
Wainganga on Toll basis in Maharashtra for NHAI through SPV
- BOT Road project - 4 Laning of Rewa
(MP) - UP Border on NH7 Road in Madhya Pradesh for NHAI through SPV
- Design and construction of 2 Lane
flyover At Vanjarpatti on Bhiwandi Wada Road SH-45 for MMRDC
- Water pipe line project for Nadiad
Mahanagar Palika at Nadiad, Gujarat Power Projects
- Construction of 2x525 MW Power Plant
for Monnet Power Company at Angul, Orissa
- Civil, Structural and Architectural
works including pilling and ground Improvement etc. for 1 x 250 MW and 2 x
250 MW units for BHEL at Baruni, Bihar
Railway Projects
- Construction of Roadbed, Supply of
ballast, major and minor bridges, residential and services building and
general electric work for Keoti - Rowghat Section in Connection with a new
Rail Link between Dallirajhara and Rowghat in Raipur Division of south
east Central Railway in state of Chhattisgarh
- Construction of Roadbed, 4 major
bridges Track Linking (excluding supply of rails, thick web switches and
PSC line
- sleepers) and general electrical works
in connection with doubling between Jaroli and Jakhapura
- Construction of Roadbed, major and
minor bridges, track linking (excluding supply of rails and Line PSC
sleepers) and general electrical work in connection with doubling between
Tamluk – Basulya As on March 31, 2012 the aggregate value of orders on
hand stands at Rs.56750.000 millions.
New Orders
Received After March 31, 2012
- Design and Construction of elevated
viaduct and 6 elevated stations, including architectural and finishing
work at Mukundpur - Yamuna Vihar Corridor Phase- II for Delhi Metro Rail
Corporation in JV with China Harbour Engineering Co.
- Hinduja Software Technology Park at
Bangalore
FUTURE PROSPECTS
The Company has improved order book position in the current financial year
and it is expected to improve further in the coming years in view of the
enormous business opportunities expected in the road, power, railways, urban
infrastructure etc. The Company has sufficient order book position to fuel the
growth in the coming years. The Company also plans to foray into international
business and is carrying out feasibility study of infrastructure and building
construction business in Middle east and SAARC countries. Looking at the
current scenario of global economy, it is perceived that the margins may remain
under pressure to some extent. The liquidity situation in India is getting
difficult for funding DBFOT projects which may pose challenge for the Company.
FINANCE
During the year, the Company has invested Rs.609.100 millions as Equity
in Special Purpose Vehicles (SPVs) incorporated for its Road Projects which was
funded to the extent of Rs.300.000 millions from proceeds of the preferential
issue and balance of Rs.309.100 millions from its internal accruals.
Total addition in the fixed assets was Rs.949.600 millions during the
year which was funded through 10 million US$ External Commercial Borrowing,
Rupee Term Loans and internal accruals. The Company has sufficient fund based
and non-fund based limits to cater its existing fund requirement.
SUBSIDIARIES
JMC Mining and
Quarries Limited. (JMQL)
JMQL has achieved Total Revenue of Rs.11.200 millions for the current
year as against Rs.33.700 millions for the previous year. During the year the
Company has incurred loss of Rs.1.1 million as against profit before tax of
Rs.0.5 million in previous year. The performance of the Company was impacted
due to discontinuation of crushing process resulting into lower Turnover and
consequently unabsorbed fixed costs.
Brij Bhoomi
Expressway Private Limited. (BBEPL)
BBEPL is Special Purpose Vehicle (SPV) incorporated as a wholly owned
Subsidiary of the Company for execution of a road project between Agra –
Aligarh in the State of U.P. on DBFOT basis awarded by NHAI. As the
construction activity is still going on, there was no Revenue from operations
during the year. The Company has invested Rs.112.600 millions in Brij Bhoomi
Expressway Private Limited. by way of equity share capital during the year.
Wainganga
Expressway Private Limited. (WEPL)
National Highways Authority of India (NHAI) has awarded a road project
from Nagpur to Wainganga on Design, Build, Finance, Operate and Transfer
(DBFOT) basis to the Company. In terms of requirement of NHAI, the Company has
incorporated a wholly owned Subsidiary Company namely Wainganga Expressway
Private Limited. on June 2, 2011. During the year, the Company has invested
Rs.300.000 millions in Wainganga Expressway Private Limited. by way of equity
share capital and also provided loan of Rs.205.700 millions. As the
construction work is still going on, there was no Revenue from operations
during the year.
Vindhyachal
Expressway Private Limited. (VEPL)
National Highways Authority of India (NHAI) has awarded a road project
from Rewa, Madhyapradesh to Uttar Pradesh Border on BOT basis to the Company.
In terms of requirement of NHAI, the Company has incorporated a wholly owned
Subsidiary Company namely Vindhyachal Expressway Private Limited. on January
16, 2012.
The statement pursuant to Section 212 of the Companies Act, 1956
containing details of subsidiaries of the Company forms part of this Annual
Report.
In terms of the General Circular No. 2/2011 dated February 8, 2011 read
together with General Circular No. 3/2011 dated February 21, 2011, issued by the
Government of India - Ministry of Corporate Affairs under Section 212(8) of the
Companies Act, 1956, granting general exemption to companies from attaching
financial statements of subsidiaries, copies of the Balance Sheet, Profit and
Loss Account, Report of the Board of Directors and Auditors Report of the
subsidiary companies for the year ended March 31, 2012 are not attached to the
Balance Sheet of the Company. The annual accounts of the subsidiary companies
will also be kept open for inspection at the Registered Office of the Company
and that of the respective subsidiary companies.
MANAGEMENT
DISCUSSION AND ANALYSIS
The Company presents its performance for the financial year 2011-12 and
the outlook for the future based on current business environment which may vary
due to future economic, political and other developments in India as well as
overseas.
ECONOMIC SCENARIO
After having grown at 8.4% in preceding two years, the Indian economy
witnessed slowing down of growth in Gross Domestic Product (GDP) for 2011-12 to
6.9%, lower than the original estimate of 8% due to weak domestic and global
economic scenario. The Euro zone crisis, the turmoil in the Middle East
resulting in rising crude oil prices and the overall negative sentiments were
major external factors that adversely impacted growth. The monetary and fiscal
policies were tightened to contain inflationary pressure to a great extent
which impacted investment and consumption growth. In spite of disappointing
performance in current year, India still remains among the front runners in
economic growth.
INDUSTRY SCENARIO
After suffering a major setback last year due to policy delays, the
infrastructure industry is expecting a marginal improvement in the situation
this year. The slow growth in the infrastructure sector was primarily driven by
a range of sector-specific issues, such as land acquisition, environmental
clearances, high interest rate regime and macro-economic factors,. The power
sector continues to hit the most due to several factors, including
environmental clearances, issues on coal linkages, high international fuel cost
and uncertainty in government’s policy about transfer of high tariff cost.
The governments all over the world are infusing capital into physical
infrastructure to generate demands for goods and services thus creating more
jobs. Although Indian government has taken few steps to revive the sector but
they were not commensurate with the current situation. Among the key measures
was allowing Indian Infrastructure Finance Company Limited (IIFCL) to raise Rs.
100 billion through issue of tax free bonds.
In order to finance projects worth Rs.750 billion over the next 18
months, IIFCL has been given permission to raise additional funds worth Rs.300
billion. Other measures are liberalization of the External Commercial Borrowing
(ECBs) policy, Increase in Foreign Institutional Investors limit in Corporate
Bonds, Exemption of Countervailing Duty on Cement, TMT bars and Structural
steel.
Setting up an of public-private partnership (PPP) model by the
Government to expand the road network led to rapid growth in the past few
years. National Highways Development Programme NHDP) has created the biggest
construction opportunity in the road and highways sectors. The programme aims
at developing 50,000 km of national highways in seven phases by 2015.
The Golden Quadrilateral, providing four-lane connectivity to four
metros, is nearing completion and the North-South and East West corridors are
half completed. To boost urban infrastructure across the country and to lift
the infrastructure and construction sectors from slowdown, Government of India
has allocated Rs.118,420 million under the Jawaharlal Nehru National Urban
Renewal Mission (JNNURM)
Bharat Nirman initiative is a time bound plan for the development of
housing, rural roads, power, irrigation, telecom and drinking water supply.
This would in turn boost business opportunities to small and large players
alike in the construction and infrastructure sector.
In Railways sector, large opportunities are coming up in the form of
dedicated freight corridor (DFC) and the Delhi-Mumbai Industrial Corridor and
planned expansion/ upgrade of Indian Rail Network.
The Dedicated Freight Corridor (DFC) is said to be the biggest venture
of Indian Railways to date, envisaging construction of dedicated freight lines
on the eastern and western sides of the country, covering 2,729 km through
seven states. The two corridors will be interlinked at Khurja. DFC Corporation
of India Limited (DFCIL) was set up in 2006 to implement the project with a
paid up capital of Rs.500 million.
The Construction Industry has an immense potential to generate huge
employment opportunities. The industry offers employment to around 7% of the
total employed work force.
OUTLOOK
Large scale Infrastructure development activities are being witnessed as
India plans to double its investments in
infrastructure sector during 12th Five year plan to USD 1
trillion which is approximately the size of current GDP. Housing sector demand
is also set to grow as there is huge unmet demand on account of population
growth. Similarly demand for the industrial civil construction is also expected
to increase in the years to come. Thus from a long term standpoint, the outlook
of construction industry looks positive.
RESULTS OF
OPERATION
Operational
Highlights / Achievements
The value of the order booked during the F.Y 2011-12 was over Rs. 35,750
millions and value of orders on hand as on March 31, 2012 stood at around Rs.
56,750 million. During the year the Company has been awarded certain
prestigious orders, some of which are highlighted as under:
Infrastructure
- Madhya Pradesh Road Development
corporation Limited. (MPRDC) has awarded development of Road project for
Rewa – Hanumana upto MP/UP Boarder. The project shall be executed by
Vidhyachal Expressway Private Limited. (VEPL) a 100% subsidiary of the
Company. The project is a part of NH7, which is the longest highway of
India, running over 2,369 km from Varanasi to Kanyakumari.
- National Highway Authority of India
(NHAI) has awarded Road Project for four laning of Nagpur - Wainganga
Bridge upto Bhandara city. The project shall be executed by Wainganga
Expressway Private Limited. (WEPL) a 100 % subsidiary of the Company. The
project is part of NH-6 joining Kolkata on Eastern end and Hajira, Gujarat
on Western end.
- Nadiad Water supply project at Nadiad;
laying of water supply pipeline for Nadiad Municipal Corporation.
Factories and
Buildings
- Construction of Campus (IT Block and
Multi Level Car Parking) for Huawei Technologies India Private Limited,
Bangalore.
- Construction of Admin Office and
Factory Building at Manesar for M/s Jaquar and Co. Private Limited.,
Haryana.
- Construction of Residential Tower for
Jayprakash Associates Limited. at Noida.
- Construction of 3 and 4 BHK Residential
tower at Palm Hills for Emmar MGF at Gurgaon.
- Construction of proposed building in
Raheja Reflection –II at Mumbai.
- Construction RML Latitude, Residential
and Office Development at Bangalore
Power
- Construction work including piling and
ground improvement for 1 x 250 MW and 2 x 250 MW units for BHEL at
Barauni, Bihar.
- Construction of 2 x 525 MW power plant
of Monnet Power Co. Limited at Angul, Orissa.
Railways
- Construction of Roadbed, supply of Ballast,
Major and Minor bridges, Residential and service buildings and General
Electrical work etc for Keoti-Rowghat Section (53 Km) in connection with a
new Rail link between Dallirajhara and Rowghat in Raipur Division of South
East Central Railway in the State of Chhattisgarh. Construction of
Roadbed, Major and Minor bridges,
Track Linking (excluding supply of Rails, thick web switches and Line PSC
Sleepers), SandT and OHE and General Electrical work in connection with
Doubling between Jaroli (Incl) and Jakhapura (incl) (170.903 KM) on Khurda
Road Division of East coast Railway in the state of Orissa in Joint
Venture with Vijaywarghi and Bright Power.
- Construction of Roadbed, Major and
Minor bridges, Track Linking (excluding supply of Rails and Line PSC
Sleepers), S and T and OHE General
Electrical work in connection with Doubling between Tamluk (Junction
Cabin) - Basulya Sutahata (24.4 Km) in Kharagpur Division of South Eastern
Railway in the state of West Bengal in Joint Venture with GPT-Vijaywargi-Bright
Power.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Bank Guarantees |
9.879 |
|
Guarantee given to a bank in respect of
financial assistance in favour of Subsidiary Company. |
4.000 |
|
Guarantees given in respect of performance
of contracts of Joint Venture Entities and Associates in which Company is one of the
member/holder of substantial equity |
2010.730 |
|
Claims against the Company not acknowledged
as debts. |
104.797 |
|
Show Cause Notice Issued by Service Tax /
Excise Dept. |
280.519 |
|
Disputed Royalty Demand under Tamilnadu
Minor Mineral Concession Rules in appeal before High Court |
42.690 |
|
Disputed Income Tax Demand in appeal before Appellate
Authorities (Excludes Amount considered in [I] hereinafter). |
58.051 |
|
Disputed VAT Demand in appeal before
Appellate Authorities |
143.879 |
|
Income Tax (Net of Deferred Tax) on the
claim made of the deductions u/s. 80-IA (4) of the Income Tax Act, 1961. |
206.864 |
FIXED ASSETS
- Freehold Land
- Office
Premises
- Furniture and
Fixtures
- Plant and
Machinery
- Vehicles
- Electrical
installation
- Office
Equipments
WEBSITE DETAILS
NEWS
JMC Projects to consider dividend
May 06, 2013
JMC Projects (India) Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 16, 2013, inter alia, to consider the following:1. Approval of Audited Financial Accounts on Standalone basis for the year ended March 31, 2013.2. Approval of Audited Consolidated Financial Accounts for the year ended March 31, 2013.3. Recommendation of Dividend on Equity Shares of the Company, if any.Source : BSE
Hold JMC Projects (India); target of Rs 120: Nirmal Bang
Jan 31, 2013
Nirmal Bang has recommended hold rating on JMC Projects (India) with a target of Rs 120, in its January 31, 2013 research report.
“JMC Projects reported a muted performance in terms of topline growth, owing to
slower execution of its order book. On the operating front, EBITDA margins
disappointed owing to higher construction expenses. With 9mFY13 EBITDA margins
at 4.8%, we expect JMC to end FY13 with EBITDA margin of 5% with marginal
improvement expected in margins in Q4FY13. The company is favorably placed in
3-4 orders which should come in the coming year. Revenues increased by
6.6% on a yoy basis to Rs. 6110.000 Millions for Q3FY13. Revenue was flattish
on a qoq basis. This was due to slower execution of the order book.”
“EBITDA for the quarter was Rs. 288.000 Millions, down by 25% on a yoy basis,
but improving from Q2FY13. EBITDA margin at 4.7% saw a further dip of 203 bps
yoy owing to 24.6% rise in construction expenses and the company’s inability to
pass the entire cost increase in its projects. Margins improved 24 bps
sequentially. PAT for the quarter was Rs. 33.000 Millions, down 72% yoy.
PAT margin for the quarter was 0.5% as compared to 2.1% in Q3FY12 and 0.4% in
Q2FY13. Increase in interest and depreciation costs, both on a yoy and qoq
basis, combined with low EBITDA impacted the bottomline as well as the
margin. Order book at the end of Q3FY13 has been maintained at Rs
52000.000 Millions. Order inflow for the quarter was Rs. 6600.000 Millions,
down 37.5% yoy and up 164% qoq. JMC’s order book has remained flattish in the
last 3-4 quarters. Its order inflow also witnessed a significant drop yoy, but
improved sequentially. Orderbook at FY13 end is seen close to Rs
5,500-60000.000 Millions. Management has guided for 5% EBITDA margins in FY13
and marginally higher margin in FY14.
“JMC’s current order book provides revenue visibility for 2 years, however due
to increasing construction expenses, the margins continue to remain under
pressure with no significant improvement seen in the next 2-3 quarters. With
the company changing its orderbook composition towards variable priced orders
where cost escalation can be passed onto developers, and internal cost control
measures, we expect to see some improvement in margins over the next 2-3 quarters.
Any improvement in economic scenario and revival in capex will change the
scenario for the company. At CMP the stock trades at TTM PE of 8.4x and
10.6x its FY13E EPS. We maintain our HOLD rating on the stock with our earlier
target price of Rs. 120,” says Nirmal Bang research report.
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 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 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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.