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Notes to Accounts of J Kumar Infraprojects Ltd.

Mar 31, 2015

1 SHARE CAPITAL

a) 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.

b) The company has not issued any bonus shares during the last five years immediately preceeding the balance sheet date.

c) 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

d) During the year, the Company has issued and allotted 44,25,000 (Previous Year - Nil) Equity Shares having a face value of Rs. 10/- each at a premium of Rs. 299.98 per share to the Qualified Institutional Investors rank Pari Passu with existing Equity Shares including rights in respect of dividend.

2 During the year, the Company has issued and allotted 44,25,000 (Previous Year - Nil) Equity Shares having a face value of Rs. 10/- each at premium of Rs. 299.98 per share to the Qualified Institutional Investors rank Pari Passu with existing Equity Shares including rights in respect of dividend.

3 During the year the Company has paid dividend @ Rs 3.75 per equity share on additional 44,25,000 equity shares issued on 23rd July, 2014 and allotted after balance sheet date but before book closure date i.e. 6th September 2014.

4 The Directors recommended payment of final dividend of Rs. 4/- per equity share of Rs. 10/- on each of the number of shares outstanding as on the record date.

ECB Loan of USD 10 Million from Standard Chartered Bank bearing interest rate ranging from 8.48% p.a. to 11.95% p.a. on fully hedged. The loans are repayable in 4 years in quarterly installments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and personal guarantee of Mr. Jagdishkumar M. Gupta and Mr. Nalin J. Gupta.

ECB Loan of USD 7.90 Million from Standered Chartered Bank bearing interest rate ranging from 12.60% p.a. to 12.70% p.a. on fully hedged. The loans are repayable in 5 years in quarterly installments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and personal guarantee of Mr. Jagdishkumar M.Gupta and Mr. Nalin J. Gupta.

Buyers Credit of USD 26.13 Million from Union Bank of India, Vijaya Bank, Standared Chartered Bank, Bank of Maharashtra and Dena Bank bearing interest rate ranging from 2.00% p.a. to 3.35% p.a. unhedged . The loans are repayable in 3 Years in quarterly installments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and personal guarantee of Mr. Jagdishkumar M.Gupta and Mr. Nalin J. Gupta.

Other term Loans includes loan from HDFC Bank bearing interest rate ranging from 10% p.a. to 11% p.a. The loans are repayable in 36 months to 48 months in equal monthly installments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by hypothecation of Plant & Machinery and personal guarantee of Mr. Jagdishkumar M.Gupta.

Other term Loans includes loan from ICICI Bank bearing interest rate ranging from 8.45% p.a. to 10.59% p.a. The loans are repayable in 29 months to 48 months in equal monthly installments from the respective dates of disbursement of loans. The above loans are secured by hypothecation of Plant & Machinery .

5 Working Capital Loan (Cash credit ) from banks under consortium limit is secured against hypothecation of stock and book debts, details of security and limits (Refer Note 31 and 32).The interest rate ranging from 10.90% p.a. to 13.50 % p.a.

6 Overdraft facility from banks secured against Fixed Deposit receipts and are personal guarantee of promoter Directors. The interest rate ranging from 8% p.a. to 10.05% p.a.

7 Overdraft facility against Earnest Money Deposit (EMD) within Guarantee limit and details of security (Refer Note 31).The interest rate is 12.20% p.a. and repayable within 6 months from the date of disbursement.

8 Disclosure required pursuant to Accounting Standards - 28 "Impairment of Assets" prescribed by Companies (Indian Accounting Standards) Rules, 2015 is as follows:-

The Company has carried out impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

9 In the opinion of the Management, the balance shown under Trade Receivables and Loans & Advances have approximately the same realizable value as shown in accounts.

10 During the year 2014 - 15, the company has transferred Rs. 943.86 Lacs @ 10% of the profit (P.Y. Rs. 840.50 Lacs) from Statement of Profit and Loss to General Reserve.

11 Micro & Small Enterprises:

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

12 Disclosure required pursuant to Accounting Standards - 19 "Accounting for Leases" prescribed by Companies (Indian Accounting Standards) Rules, 2015 is as follows:-

The Company has taken various residential premises under cancellable operating leases.

(a) Operating Lease Payment:

Lease rental expense in respect of operating leases: Rs. 452.45 Lacs (P.Y. Rs. 368.20 Lacs)

(b) Operating Lease Receivables:

Lease rental income in respect of operating lease: Rs. 28.30 Lacs (P.Y. Rs. 109.68 Lacs)

13 The company''s operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard- 17 " Segment Reporting" during the year under report, the company has engaged in its business only within India and not in any other country. The condition prevailing in India being uniform, no separate geographical disclosures are considered necessary.

14 Expenditure related to Corporate Social Responsibility is in accordance with the provisions of section 135 of the Companies Act, 2013 read with Schedule VII, the Company has spent an amount of Rs. 100 Lakhs during the year as against Rs. 224.40 lacs.

15 Value ofImports calculated on CIF basis: Rs. 1,762.52 Lacs (P.Y. Rs. 13,949.35 lacs)

16 Forward Cover Contracts (Disclosure as required by AS - 11 The Effect of changes in Foreign Exchange Rates) :

The company has used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from exchange rates fluctuations, and is not used by the company for trading or speculation purposes.

17 Contingent Liabilities & Commitments (Rs. in lacs)

Particulars 2014-15 2013-14

A. Contingent Liabilities

Guarantees 83,440.12 82,121.34

Letter of Credit 3,894.14 2,469.35

Income tax* 1,833.00 569.18

B. Commitments contracts remaining to be 2,673.70 2,673.70 executed on capital account

Total 91,840.96 87,833.57

*The order under section 143 (3) read with section 147 of Income Tax Act, 1961 has been received for total demand of Rs. 1833.00 Lacs raised by the Assessing Officer for the Assessment Year 2007 - 08 to 2012 - 13 and against which the company has filed an appeal with Commissioner of Income Tax (Appeal). In view of earlier favourable judgements by the Authorities on similar grounds, the Management is expecting to receive a favourable order in this matter.

18 During the financial year, the Company has revised the Depreciation rate on fixed assets as per the useful life specified in Schedule II of the Companies Act, 2013 or re-assessed by the Company. Based on current estimates, depreciation of Rs 44.87 Lacs on account of assets whoes useful life was over as on 01.04.2014 and deferred tax Rs 15.25 Lacs thereon have been adjusted against General Reserves.


Mar 31, 2014

1 Accounting for interests in Joint Ventures :

Interests in joint ventures are accounted as follows:

Type of joint venture Type of joint venture

Jointly controlled entities (a) Unincorporated joint ventures:

(i) Company''s share in profits or losses of unincorporated joint ventures is accounted on determination of the profits or losses by the joint ventures.

In respect of contracts executed in integrated joint venture under profit sharing arrangements, net investment in the joint venture is reflected as Current Assets.

2 Cash and cash equivalents :

Cash and cash equivalents for purpose of the cash flow statements comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

3 Forward Exchange Contract

The company has used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign rates fluctuations, and is not used by the company for trading or speculation purposes.

Buyers'' Credit is not hedged by the Company as its exposure to the movements in foreign currency exchange rates is adjusted against inflows.

4 Cash Flow Statement :

"Cash Flow Statement is prepared segregating the cash flows from operating, investing and financing activities. Cash flow from operating activities is reported using indirect method. Under the indirect method, the net profit is adjusted for the effects of :"

i) Transactions of a non-cash nature

ii) Any deferrals or accruals of past or future operating cash receipts or payments and

iii) Items of income or expense associated with investing or financing cash flows

Cash and cash equivalents (including bank balances) are reflected as such in the Cash Flow Statement. Those cash and cash equivalents which are not available for general use as on the date of Balance Sheet are also included under this category with a specific disclosure.

5 Disclosure required pursuant to Accounting Standards – 28 "Impairment of Assets" prescribed by Companies (Accounting Standards) Rules, 2006 is as follows:-

The Company has carried out impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

6. Quantitative Details:

The Company is engaged in the business of Construction Contract. Such activity cannot be expressed in any generic unit. Hence , it is not possible to give the quantitative details of Sales and the information as required under revised schedule VI of the Companies Act, 1956.

7 In the opinion of the Management, the balance shown under Sundry Debtors and Loans & Advances have approximately the same realizable value as shown in accounts.

8 During the year 2013-14, the company has transferred Rs. 840.50 Lacs from Statement of Profit and Loss to General Reserve to comply with the provision under section 205(2) of the Companies Act 1956.

9 Micro & Small Enterprises:

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

10 Disclosure required pursuant to Accounting Standards – 19 "Accounting for Leases" prescribed by Companies (Accounting Standards) Rules, 2006 is as follows:- The Company has taken various residential premises under cancellable operating leases.

(a) Operating Lease Payment:

Lease rental expense in respect of operating leases: Rs. 368.20 Lacs (P.Y. Rs. 163.18 Lacs)

(b) Operating Lease Receivables:

Lease rental income in respect of operating lease: Rs. 109.68 Lacs (P.Y. Rs. 94.58 Lacs)

11 The company''s operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard- 17 " Segment Reporting" during the year under report, the company has engaged in its business only within India and not in any other country. The condition prevailing in India being uniform, no separate geographical disclosures are considered necessary.

12 Figures of previous year have been regrouped / rearranged wherever necessary. All figures have been given in Rupess in lakhs.

13 Value of Imports calculated on CIF basis: 13,949.35 Lacs (P.Y. 4,455.45 Lacs)

14 Forward Cover Contracts (Disclosure as required by AS - 11 The Effect of changes in Foreign Exchange Rates) :

The company has used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign rates fluctuations, and is not used by the company for trading or speculation purposes.

15 Contingent Liabilities

Guarantee: Rs in. Lacs

Particulars 2013.14 2012-13

Outstanding Bank Guarantee as on 31st March, 2014 is Rs. 82,121.34 Lacs.

Letter of Credit

Outstanding Letter of Credit (L.C.) is Rs. 2,469.35 Lacs as on 31st March, 2014

Income Tax Assessment:

The Block assessment order under section 153 A has been completed and assessment order has been received and the total liability raised by the CIT (A) for the Assessment Year 2004 - 05 to 2010 - 11 is Rs. 569.18 lacs and the same has been paid by the company against which the company has gone in to appeal with Income Tax Appelate Tribunal.


Mar 31, 2013

1 Disclosure required pursuant to Accounting Standards - 28 "Impairment of Assets" prescribed by Companies (Accounting Standards) Rules, 2006 is as follows:-

The Company has carried out impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2. Quantitative Details:

The Company is engaged in the business of Construction Contract. Such activity cannot be expressed in any generic unit. Hence , it is not possible to give the quantitative details of Sales and the information as required under revised schedule VI of the Companies Act, 1956.

3 In the opinion of the Management, the balance shown under Sundry Debtors and Loans & Advances have approximately the same realizable value as shown in accounts.

4 During the FY 2012-13, the company has transferred Rs. 757.43 lacs from Statement of Profit and Loss to General Reserve to comply with the provision under section 205(2) of the Companies Act 1956.

5 Micro & Small Enterprises:

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 Disclosure required pursuant to Accounting Standards - 19 "Accounting for Leases" prescribed by Companies (Accounting Standards) Rules, 2006 is as follows:-

The Company has taken various residential premises under cancellable operating leases.

Operating Lease Payment:

Lease rental expense in respect of operating leases: Rs. 163.18 Lacs (RY. Rs. 169.34 Lacs)

Operating Lease Receivables:

Lease rental income in respect of operating lease: Rs. 94.58 Lacs (P. Y. Rs. 69.14 Lacs)

7 The company''s operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard- 17 " Segment Reporting" during the year under report, the company has engaged in its business only within India and not in any other country. The condition prevailing in India being uniform, no separate geographical disclosures are considered necessary.

8 The Company is maintaning accounts in ERP (Farvision) system.

9 Figures of previous year have been regrouped / rearranged wherever necessary. All figures have been given in Rupess in lakhs.

10 Value of Imports calculated on CIF basis: 4,455.45 Lacs (P.Y. 224.25 Lacs)

11 Forward Cover Contracts (Disclosure as required by AS -11 The Effect of changes in Foreign Exchange Rates):

The company has used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign rates fluctuations, and is not used by the company for trading or speculation purposes.

Buyers'' Credit is fnot hedged by the Company as its exposure to the movements in foreign currency exchange rates is adjusted against inflows.


Mar 31, 2012

(A) ADDITIONAL NOTES TO ACCOUNTS

1 Disclosure required pursuant to Accounting Standards - 28 "Impairment of Assets" prescribed by Companies (Accounting Standards) Rules, 2006 is as follows:-

The Company has carried out impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Quantitative Details:

The Company is engaged in the business of Construction contract. Such activity cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under revised schedule VI of the Companies Act, 1956.

3 In the opinion of the Management, the balance shown under Sundry Debtors and Loans & Advances have approximately the same realizable value as shown in accounts.

4 During the year 2011-12, the company has transferred Rs. 680.66 Lacs from Profit and Loss account to General Reserve to comply with the provision under section 205(2) of the Companies Act 1956

5 Micro & Small Enterprises:

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding more than 45 days at the Balance Sheet date. The above information has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 Disclosure required pursuant to Accounting Standards - 19 "Accounting for Leases" prescribed by Companies (Accounting Standards) Rules, 2006isasfollows:-

a) The Company has taken various residential premises under cancellable operating leases.

Operating Lease Payment:

Lease rental expense in respect of operating leases: Rs. 169.34 Lacs (P.Y. Rs. 89.18 Lacs)

Operating Lease Receivables:

Lease rental income in respect of operating lease: Rs. 69.14 Lacs (P.Y. Rs. 140.25 Lacs)

7 The company's operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard- 17 " Segment Reporting" during the year under report, the company has engaged in its business only within India and not in any other country. The condition prevailing in India being uniform, no separate geographical disclosures are considered necessary.

8 The Company is maintaning accounts in ERP (Farvision) from 01.04.2011 earlier the company was using Tally 9 version.

9 Figures of previous year have been regrouped / rearranged wherever necessary. All figures have been given in Rupees in lacs.

10 Value of Imports calculated on CIF basis: 224.25 Lacs (P.Y. 790.16 Lacs)

11 Forward Cover Contracts (Disclosure as required by AS -11 The Effect of changes in Foreign Exchange Rates):

The company has used forward cover contracts to hedge its exposure to the movements in foreign currency exchange rates. Such forward covers are used to reduce the risk which may result from foreign rates fluctuations, and is not used by the company for trading or speculation purposes.

 
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