MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
JYOTI CNC AUTOMATION PRIVATE LIMITED |
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Formerly Known As : |
AMB ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
G-506, Lodhika, GIDC Estate, Kalawad State Highway, Village Metoda, Taluka-Lodhika, District: Rajkot - 360003, Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.01.1991 |
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Com. Reg. No.: |
04-14914 |
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CIN No.: [Company
Identification No.] |
U29221GJ1991PTC014914 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTJ00293G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing
of CNC Machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Star Trading House. Available information indicates high financial responsibilities of the company. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business
dealings. It can be regarded as a promising business partner in a medium to
long run. |
LOCATIONS
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Registered Office/ Factory : |
G-506, Lodhika, GIDC Estate, Kalawad State Highway, Village Metoda, Taluka-Lodhika, District: Rajkot - 360003, Gujarat, India |
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Tel. No.: |
91-2827-287081/287052/287212/287412/287812 |
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Fax No.: |
91-2827-287480 |
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E-Mail : |
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Website : |
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Area : |
5550 sq. mt |
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Location : |
Leased |
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Administrative Office : |
Dr. V. S. Road, Gondal Road, Rajkot- 360004, India |
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Tel. No.: |
91-281-2386331 / 2372039 |
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Fax No.: |
91-281-2367625 |
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E-Mail : |
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Website : |
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Area : |
70778 sq. mt. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Parakramsinh Ghanshyamsinh Jadeja |
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Designation : |
Chairman
and Managing Director |
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Address : |
OSHO’ 2,
Shivaji Park, Near Airport, Rajkot – 360005, India |
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Date of Birth/Age : |
21.10.1968 |
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Date of Appointment : |
26.03.2003 |
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Name : |
Mrs.
Ghanshyamsinh Nirubha Jadeja |
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Designation : |
Director |
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Address : |
OSHO’ 2, Shivaji Park, Near Airport, Rajkot– 360005, India |
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Date of Birth/Age : |
15.07.1942 |
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Date of Appointment : |
18.02.2008 |
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Name : |
Mr. Vikramsinh
Raghuvirsinh Rana |
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Designation : |
Director |
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Address : |
‘Shiv
Shakti’, 3, Naval Nagar, Near Swaminarayan Chowk, Rajkot – 360004, India |
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Date of Birth/Age : |
19.01.1970 |
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Date of Appointment : |
26.03.2003 |
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Name : |
Mr. Sahdevsinh
L. Jadeja |
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Designation : |
Director |
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Address : |
Ramnath
Krupa, Shivaji Park, Near Airport,
Rajkot- 360004 India |
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Date of Birth/Age : |
22.07.1965 |
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Date of Appointment : |
26.03.2003 |
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Name : |
Mrs.
Hansaben Jagdishbhai Chauhan |
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Designation : |
Director |
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Address : |
‘Shivanga’
Plot No. 9, Shivaji Park, Near Airport, Rajkot – 360005, India |
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Date of Birth/Age : |
11.01.1951 |
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Date of Appointment : |
02.12.2001 |
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Date of Ceasing : |
28.04.2005 |
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Name : |
Mr. Pankaj
Chamanlal Lodhiya |
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Designation : |
Director |
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Address : |
‘Parth’ 3rd
Floor, Diwanpura, Rajkot |
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Date of Appointment : |
12.12.2003 |
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Name : |
Mr.
Anilkumar Virani |
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Designation : |
Director |
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Address : |
Jal-Mayur
Co-op Housing 51 Laxmi Vilas, 87 Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
02.10.1958 |
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Date of Appointment : |
22.08.2006 |
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Name : |
Mr. Hiren
Jadeja |
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Designation : |
Executive
Director |
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Name : |
Mr. Mihir
Baxi |
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Designation : |
Marketing
Director |
KEY EXECUTIVES
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Name : |
Mr. Vijay
Shah |
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Designation : |
General
Manager |
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Name : |
Mr. Shyamal Ram |
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Designation : |
Executive Marketing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Anilbhai B. Virani |
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500000 |
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Kishore Virani |
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500000 |
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Bharat Jadeja |
|
98800 |
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Bhavesh L. Jadeja |
|
38750 |
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Daksha Rana |
|
86900 |
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Darshan J. Chauhan |
|
22500 |
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Dashrathbhai B. Jadeja |
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36900 |
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Ghanshyam Nirubha Jadeja |
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203900 |
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Hetaben J. Chauhan |
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27000 |
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Hansaben J. Chauhan |
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45500 |
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Jagubha Jadeja |
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50000 |
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Jyotiben S. Jadeja |
|
22490 |
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Kaushik D. Solanki |
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21620 |
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Kirtiba B. Jadeja |
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8900 |
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Lalubhai H. Jadeja |
|
71800 |
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Nehaben J. Chauhan |
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30000 |
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P. G. Jadeja |
|
468800 |
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Raghuvir Rana |
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41950 |
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Ramanikba G. Jadeja |
|
43250 |
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Rajeshriben P. Jadeja |
|
22490 |
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Shilubha V. Rana |
|
95950 |
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Shyamal Rana |
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140000 |
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S.L. Jadeja |
|
126450 |
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Ushaben G. Solanki |
|
76650 |
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Vijay P. Zala |
|
101950 |
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Vikramsinh R. Rana |
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115950 |
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Y. L. Jadeja |
|
1500 |
(As on 17.04.2008)
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Name of Allottes |
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No of Shares |
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Jyoti
International Private Limited |
|
478800 |
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Mr.
Ramesh Virani |
|
391700 |
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Total |
|
870500 |
(As on 31.03.2007)
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Category |
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Percentage |
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Director or relatives o
directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of CNC Machines. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
CNC Controllers |
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Countries : |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
249 |
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Bankers : |
Main
Branch, Nijanand, Dhaber Road, Rjakot – 360001, Gujarat, India Credit
Limit: Rs.114.100 millions (w.e.f.: 04.08.2004)
Venkatesh
Plaza, Dr. Radhakrishna Road, Opposite Kathiawar Gymkhana, Rajkot – 360001,
Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Brijen N. Sampat Chartered Accountant |
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Address : |
311 ORBIT Moti Tanki, Rajkot – 360001, India |
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Holding Company : |
Jyoti
International Private Limited |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
7368000 |
Equity Shares |
Rs.10/- each |
Rs.73.680
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
73.680 |
60.000 |
30.825 |
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2] Share Application Money |
0.301 |
82.726 |
27.256 |
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3] Reserves & Surplus |
225.091 |
53.696 |
34.101 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
299.072 |
196.422 |
92.182 |
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LOAN FUNDS |
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1] Secured Loans |
633.339 |
269.227 |
89.470 |
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2] Unsecured Loans |
1.773 |
2.173 |
4.902 |
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TOTAL BORROWING |
635.112 |
271.400 |
94.372 |
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DEFERRED TAX LIABILITIES |
47.940 |
17.322 |
7.924 |
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TOTAL |
982.124 |
485.144 |
194.478 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
617.572 |
225.719 |
160.428 |
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Capital work-in-progress |
372.999 |
68.573 |
3.635 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
402.413
|
235.132 |
105.025 |
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Sundry Debtors |
96.200
|
74.494 |
29.086 |
|
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Cash & Bank Balances |
62.066
|
31.786 |
18.715 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
82.593
|
53.445 |
7.903 |
|
Total
Current Assets |
643.272
|
394.857 |
160.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Current Liabilities |
636.644
|
196.402 |
127.160 |
|
|
Provisions |
20.102
|
7.724 |
3.336 |
|
Total
Current Liabilities |
656.746
|
204.126 |
130.496 |
|
|
Net Current Assets |
(13.474)
|
190.731 |
30.233 |
|
|
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MISCELLANEOUS EXPENSES |
0.444 |
0.121 |
0.182 |
|
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Others |
4.583 |
0.000 |
0.000 |
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|
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|
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TOTAL |
982.124 |
485.144 |
194.478 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
919.675 |
552.548 |
214.691 |
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Other Income |
21.818 |
14.828 |
10.641 |
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Total Income |
941.493 |
567.376 |
225.332 |
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Profit/(Loss) Before Tax |
80.875 |
32.289 |
17.814 |
|
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Provision for Taxation |
41.800 |
12.694 |
8.109 |
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Profit/(Loss) After Tax |
39.075 |
19.595 |
9.705 |
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Export Value |
62.073 |
10.316 |
NA |
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Import Value |
639.731 |
162.136 |
NA |
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Expenditures : |
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Financial Charges |
32.275 |
13.968 |
6.324 |
|
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Depreciation & Amortization |
27.225 |
12.971 |
7.637 |
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Other Expenditure |
801.118 |
508.148 |
193.557 |
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Total Expenditure |
860.618 |
535.087 |
207.518 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.15
|
3.45 |
4.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.79
|
5.84 |
8.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.41
|
5.20 |
5.55 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.16 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.32
|
2.42 |
2.44 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
1.93 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
History:
Subject was initiated by Mr. P.G. Jadeja and Mr. S.L. Jadeja
in 1989.
Driven by a vision to build the company into a temple of technology through team
work, the organization has grown manifold from manufacturing gear boxes for
machines to developing precision all-geared head lathe machines and later on
sophisticated CNC Machines. Continuous process improvement and fast adoption of
State-of-the-art technology has led Jyoti in becoming a leader in innovating
manufacturing techniques.
Company is respected as “A Temple of Technology” by the staff and its esteemed
clientele, who welcome and worship the new technology.
Further to transform the technology-savvy attitude into reality, Company
started designing and manufacturing the wonder babies like CNC Turn Mill
Centers, CNC Oval Turning Machines (the first in India), fastest Vertical
Machining Center of India, etc.
Company is proud of the fact that its transition through technology-orientation
was destined towards effectively revolutionizing the Indian Industry. This
aspect has always been reflected through the company motto.
Profile:
Company is the brainchild of legendary Mr. P.G. Jadeja and
Mr. S.L. Jadeja, established in 1989. Driven by a vision to build the company “A Temple of Technology” through teamwork,
the company has grown manifold from manufacturing gear boxes for machines to
developing precision all-geared head lathe machines. Later on company has
rightly identified Shift from conventional machines to highly sophisticated CNC
machines in the presence of manufacturers.
Company was the first company to manufacture CNC machines in Gujarat. It was
not an end, there are many firsts attached with Jyoti since then. Jyoti, driven
by technology and innovation keeps including new firepower in its arsenal by
introducing machines like CNC Turning Centers, Vertical
Machining Centers, Oval Turning Center i-SECT and first Indian
machines like VMC 40/70 Linear with innovative Linear technology.
After the opening up of the Indian Economy, there were great
challenges present for Indian companies but company converted all challenges
into great opportunities. Company has even decided to compete at the global level
and has taken concrete steps by exporting CNC machines. It has also established
distribution networks in various continents around the globe.
Company is passing through the trajectory of rapid growth by achieving over
100% growth rate since its inception. Export penetration and inclination has
helped company to establish goodwill among the foreign buyers and distributors.
The company is passionate about its business, but is also living the life of a
true corporate citizen taking care of each and every entity affiliated
directly/indirectly.
Company's expanding footprint ensures its global presence with export
operations in countries like Italy, Russia, Poland, Argentina, Brazil and rest
of South America, Tanzania and some African countries, Middle East and Other
Asian Countries like Malaysia.
Management:
The
management team of company is lead by visionary entrepreneur and technocrat Mr.
P.G.Jadeja.
Ethics, Professionalism, Integrity, Trans-parency and Participation at all levels
are the basic ingredients of management that is driven by core values.
Role of
management revolves around the fulfillment of organizational goals through
proper allocation and optimum utilization of synergy of team members.
Maintaining the balance between nourishment of core value and managing an
exponential growth is the vital task for the management team.
The
management standards and practices are certified with an international
certification of ISO 9001: 2000.
Massage from CEO:
Being a part of Indian manufacturing fraternity they are
committed to extend the best of their efforts for the development of Nation
economically as well as technologically.
Machine tool industry as a backbone of most of the manufacturing industries
which contributes significantly to the GDP of the Nation. Hereby, the role of
any machine tool manufacturing company in the development of nation is vital.
As a conscious corporation entitled to prosper the life with
an ample usage of technology, Jyoti sincerely strives for persistent betterment
in products and services offered to customers.
They also commit their whole hearted efforts to create company a real customer-centric organization.
Furthermore, I bare a responsibility to uplift the society
by means of creating better employment and also a better workplace to nurture
raw youth talent of India to act as a catalyst for a bright future of India.
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 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.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|