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J Kumar Infraprojects Ltd.

BSE: 532940 | NSE: JKIL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE576I01022 | SECTOR: Construction & Contracting - Civil

BSE Live

Sep 17, 16:00
194.50 -2.50 (-1.27%)
Volume
AVERAGE VOLUME
5-Day
16,558
10-Day
14,719
30-Day
27,940
22,219
  • Prev. Close

    197.00

  • Open Price

    197.50

  • Bid Price (Qty.)

    192.25 (500)

  • Offer Price (Qty.)

    195.60 (199)

NSE Live

Sep 17, 15:59
194.20 -2.85 (-1.45%)
Volume
AVERAGE VOLUME
5-Day
234,783
10-Day
194,326
30-Day
326,246
387,842
  • Prev. Close

    197.05

  • Open Price

    197.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    194.20 (64)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying financial statements of J. Kumar Infraprojects Limited. (the Company), which comprise the Balance Sheet as at March 31st,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the Accounting Statements notified under the Companies Act, 1956 (the Act). Read with the General Circular 15/2013 dated 13th September, 2013 and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standard on Auditing generally accepted in India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; b) In the case of the statement of Profit and Loss, of the profit for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements. 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A)of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by section 227(3) of the Act, we report that: We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpo audit; In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account; In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified under the Act read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. On the basis of written representations received from the directors as at March 31, 2014, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. ANNEXURE TO INDEPENDENT AUDITORS'' REPORT The Annexure referred to in paragraph 1 under the heading Report on Other Legal and Regulatory Requirements of Our Report of even date On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: 1. FIXED ASSETS (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets on the basis of available information. (b) As explained to us, fixed assets have been physically verified by the management at reasonable Intervals; which in our opinion is reasonable, having regard to size of the company and nature of its assets, no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, no substantial part of its fixed asset has been disposed off during the year and therefore does not affect the going concern assumption. 2. INVENTORIES (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. The frequency of the verification is reasonable. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. (c) In our opinion and on the basis of our examination of the records, the Company has maintained proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. 3. LOANS AND ADVANCES (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses (iii) (b), (iii) (c) and (iii) (d) of paragraph 4 of the order are not applicable to the Company. (b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (iii) (f) & (iii) (g) of paragraph 4 are not applicable to the company. 4. INTERNAL CONTROL In our opinion and according to the information and explanations given to us, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed. 5. TRANSACTION WITH PARTIES UNDER SECTION 301 OF THE COMPANIES ACT,1956 (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Sec. 301 of the Companies Act,1956 have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. DEPOSITS The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956. 7. INTERNAL AUDIT As per information and explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business. 8. COST RECORDS We have reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209 (1) (d) of the Companies Act, 1956, and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however not made a detailed examination of the records with a view to determine whether they are accurate or complete. However, cost audit has been prescribed for RMC division of the company and cost audit has been conducted by the cost auditor. 9. STATUTORY DUES According to the records, information and explanation provided to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Employee Provident Fund, Employee State Insurance Scheme, Income tax, sales-tax, Service Tax, Excise duty, Custom duty, Cess and other statutory dues applicable to it and no undisputed amounts payable are outstanding as at March 31, 2014 for a period of more than six months from the date when they became payable. As informed to us the company is having disputed Statutory liabilities as below: Nature of Dues Assessment Year Amount (in lacs) Forum where disputes is pending Income Tax 2004-05 to 2010-11 569.18 Income Tax Appellate Tribunal (Mumbai) 10. NETWORTH/CASH LOSS The Company does not have any accumulated losses and has not incurred cash losses during the financial year covered by the audit and in the immediately preceding financial year. 11. REPAYMENT OF DUES Based on our audit procedures and on the information and explanations given to us, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. 12. ADVANCE AGAINST SHARES According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13. CHIT FUND/NIDHI FUND In our opinion and according to the information and explanations given to us, the Company is not a chit fund/nidhi/mutual benefit fund/ society. 14. TRADING IN SHARES, SECURITIES, DEBENTURES AND OTHER INVESTMENTS According to the information and explanation given to us, the Company is not dealing or trading shares, securities, debentures and other investments. 15. GUARANTEES According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from banks or financial institution. 16. TERM LOANS According to the information and explanations given to us the Company has applied the term loans applied for the purpose for which the same was obtained. 17. SOURCE AND APPLICATION OF FUNDS Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company. 18. PREFERENTIAL ALLOTMENT OF SHARES TO PARTIES COVERED IN THE REGISTER MAINTAINED UNDER SECTION 301 OF THE COMPANIES ACT, 1956 AND RAISING OF FUNDS THROUGH QUALIFIED INSTIUTIONAL PLACEMENT Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year. 19. MISCELLANEOUS a) The Company has no outstanding debentures during the period under audit. b) The Company has not raised any money by public issue during the year. c) Based on the audit procedures performed and the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year. The company has only one class of shares referred to as Equity Shares having a face value of Rs. 10/- each. Each Equity share is entitled to one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuring Annual General Meeting. The company has not issued any bonus shares during the last five years immediately preceeding the balance sheet date. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after disribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. ECB Loan of USD 10 Million from Standered Chartered Bank carries interest rate from 8.48% to 11.95% p.a. on fully hedged. The loans are repayable in 4 years in quarterely instalments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and backed by personal guarantee of Mr. Jagdishkumar M. Gupta and Mr. Nalin J. Gupta. ECB Loan of USD 7.90 Million from Standered Chartered Bank carries interest rate from 12.60% to 12.70% p.a. on fully hedged. The loans are repayable in 5 years in quarterely instalments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and backed by personal guarantee of Mr. Jagdishkumar M.Gupta and Mr. Nalin J. Gupta. Buyers Credit of USD 23.92 Million from Union Bank of India, Vijaya Bank, Standared Chartered Bank, Bank of Maharashtra and Dena Bank carries interest rate from 2.50% p.a. to 3.35% p.a. unhedged . The loans are repayable in 3 Years in Quarterly instalment from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and backed by personal guarantee of Mr. Jagdishkumar M. Gupta and Mr. Nalin J. Gupta. Term Loan from HDFC Bank carries interest rate 10 % to 11% p.a. The loans are repayable in 36 months in monthly instalments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery backed by personal guarantee of Mr. Jagdishkumar M. Gupta. Term Loan from ICICI Bank carries interest rate from 8.45% to 10.59% p.a. The loans are repayable in 29 months to 48 months in monthly instalments from the respective dates of disbursement of loans. The above loans are secured by hypothecation of Plant & Machinery and vehicles . Working Capital Loan (Cash credit ) from banks under consortium limit is secured against hypothecation of stock and book debts and are backed by personal guarantee of promoters and details of security and limits (Refer Note 29 and 30).The interest rate from 12% to 13.50 % p.a. The loans are repayable on demand. Overdraft from banks is secured against Fixed Deposit receipts and are backed by personal guarantee of promoters. The interest rate from 8% to 10.25% p.a. Others : Buyers Credit of Euro 1,30,886 carries interest rate of 4.30% p.a. unhedged. The loans has been repaid during the year. The above loans are backed by personal guarantee of promoters. For Gupta Saharia and Co. Chartered Accountants Firm Reg. No. 103446W Pawan Gupta Partner Membership No. : 071471 Place: Mumbai Date: 20th May, 2014