MIRA INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI CNC AUTOMATION LIMITED (w.e.f. 30.11.2012) |
|
|
|
|
Formerly Known
As : |
JYOTI CNC AUTOMATION PRIVATE LIMITED (w.e.f. 28.04.2008) JYOTI CNC AUTOMATIONS PRIVATE LIMITED AMB ENGINEERING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
G-506, Lodhika, G.I.D.C. Estate, Village Metoda, Rajkot – 360 021, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.01.1991 |
|
|
|
|
Com. Reg. No.: |
04-014914 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 286.794
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29221GJ1991PLC014914 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTJ00293G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1947R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is principally engaged in the business of manufacturing of CNC
Machines. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company possesses an average financial profile marked by
acceptable networth base along with marginal gearing and highly working capital
intensive operations. The ratings also take into consideration the infusion of funds from
the promoters which further support the liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of robust market position and increase in product offerings
and high technical capabilities it has derived from the acquisition of huron,
the subject can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BB- |
|
Rating Explanation |
Moderate risk of default regarding timely servicing. |
|
Date |
22.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit. |
|
Date |
22.10.2013 |
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 – COOPERATIVE (91-2827-287081/287082)
LOCATIONS
|
Registered Office/ Factory 1 : |
G-506, Lodhika, G.I.D.C. Estate, Village Metoda, Rajkot – 360 021, Gujarat, India |
|
Tel. No.: |
91-2827-287081/
287082/ 287412/ 287052/ 287212/ 287812 |
|
Fax No.: |
91-2827-287480 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Factory 2 : |
2839, Lodhika, G.I.D.C., Metoda, Rajkot – 360 021, Gujarat, India |
|
|
|
|
Administrative Office : |
Dr. V.S. Road, Gondal Road, Rajkot – 360 004, Gujarat,
India |
|
Tel. No.: |
91-281-2386331/ 2372039 |
|
Fax No.: |
91-281-2367625 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
70778 sq. mt. |
|
Location : |
Leased |
|
|
|
|
Branch Office : |
M-62, 11th Cross, Brindhavan Nagar, TNHB, 7th
Phase, Hosur – 635 109, India |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Parakramsinh Ghanshyamsinh Jadeja |
|
Designation : |
Managing
Director |
|
Address : |
“Osho”,
2, Shivaji Park, Near Airport, Rajkot – 360 001, Gujarat, India |
|
Date of Birth/Age : |
21.10.1968 |
|
Date of Appointment : |
17.09.2012 |
|
DIN No.: |
00125050 |
|
PAN No.: |
ABHPJ8335P |
|
|
|
|
Name : |
Mr. Vikramsinh
Raghuvirsinh Rana |
|
Designation : |
Director |
|
Address : |
"Shiv Shakti", 3, Naval Nagar, Near Swaminarayan, Rajkot –
360 004, Gujarat, India |
|
Date of Birth/Age : |
19.01.1970 |
|
Date of Appointment : |
17.09.2012
|
|
DIN No.: |
00125079 |
|
PAN No.: |
AEJPR1093P |
|
|
|
|
Name : |
Mr.
Sahadevsing Lalubha Jadeja |
|
Designation : |
Whole Time
Director |
|
Address : |
Shreenil,
Plot No.70, Silver Stone Main Road, Near Oscar Tower, Rajkot – 360 004,
Gujarat, India |
|
Date of Birth/Age : |
22.07.1965 |
|
Date of Appointment : |
17.09.2012
|
|
DIN No.: |
00126392 |
|
PAN No.: |
ADBPJ5818P |
|
|
|
|
Name : |
Mr.
Mansingh Laxmidas Bhakta |
|
Designation : |
Non-Executive
Director |
|
Address : |
4, Sagar Villa,
38, B. Desai Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1931
|
|
Date of Appointment : |
17.09.2012 |
|
DIN No.: |
00001963 |
|
|
|
|
Name : |
Mr. Vijay
Vaman Pranjape |
|
Designation : |
Director |
|
Address : |
Mauli, 2nd
floor, Gawand Path, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1948 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
00370451 |
|
|
|
|
Name : |
Mr. Ketan
Harkrishan Marwadi |
|
Designation : |
Director |
|
Address : |
MArwadi
Villa, Ram Park Main Road, Near Central School, Kalwad Road, Rajkot – 360005,
Gujarat, India |
|
Date of Birth/Age : |
30.11.1966 |
|
Date of Appointment : |
21.09.2012 |
|
DIN No.: |
00088018 |
KEY EXECUTIVES
|
Name : |
Mr. Maulik Bharatkumar Gandhi |
|
Designation : |
Secretary |
|
Address : |
“Modheshwari Krupa”, Panchvaty Park – 174, Near Panchvaty Hall, Rajkot
– 360 001, Gujarat, India |
|
Date of Birth/Age : |
21.10.1984 |
|
Date of Appointment : |
17.09.2012 |
|
PAN No.: |
AJJPG9997J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Parakramsinh Ghanshyamsinh Jadeja |
|
7572980 |
|
Vikramsinh Raghuvirsinh Rana |
|
909500 |
|
Bhavesh Lalubha Jadeja |
|
197516 |
|
Kaushik Daulatbhai Solanki |
|
288940 |
|
Sahadevsinh Lalubha Jadeja |
|
1337080 |
|
Shyamalram Shekharan |
|
338800 |
|
Jagdishbhai Lalubha Jadeja |
|
127700 |
|
Kishor Bhikhabhai Virani |
|
4190120 |
|
Anil Bhikhabhai Virani |
|
3212630 |
|
Vijay Pravinsinh Zala |
|
43900 |
|
Smit Rameshbhai Virani, Hong Kong |
|
6008000 |
|
Jyoti International Private Limited, India |
|
4194200 |
|
Prahlad Jadeja |
|
100000 |
|
Hitesh Patel |
|
36000 |
|
IIA K Solanki |
|
50000 |
|
Kamlesh Solanki |
|
36000 |
|
Hiren Jadeja |
|
36000 |
|
Total |
|
28679366 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
20.95 |
|
Bodies corporate |
14.62 |
|
Directors or relatives of Directors |
35.53 |
|
Other top fifty shareholders |
28.90 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is principally engaged in the business of manufacturing of CNC
Machines. |
||||||||
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|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity (No.
of Machines) |
Actual
Production (No.
of Machines) |
|
CNC Machines |
1500 |
1566 |
|
Particulars |
Actual
Production (Nos.)
|
|
CNC Turning Centre |
941 |
|
SPM Machine |
200 |
|
HMC Machine |
10 |
|
VMC Machine |
415 |
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 : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalaria and Sampat Chartered Accountants |
|
Address : |
302, Star Avenue, Opposite Rajkumar College, Dr.
Radhakrishnan Road, Rajkot – 360 001, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFK2045F |
|
|
|
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Wholly Owned Subsidiary: |
|
|
|
|
|
Wholly Owned Subsidiary of Jyoti SAS: |
|
|
|
|
|
Wholly Owned Subsidiary of Huron Graffenstaden SAS, France: |
|
|
|
|
|
Enterprise influenced by Key Management Personnel: |
|
|
|
|
|
Enterprise influenced by Key Management Personnel: |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 470.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28679366 |
Equity Shares |
Rs.10/- each |
Rs. 286.794
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
286.794 |
137.546 |
111.468 |
|
(b) Reserves & Surplus |
1913.238 |
1503.171 |
921.895 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
128.300 |
|
Total
Shareholders’ Funds (1) + (2) |
2200.032 |
1640.717 |
1161.663 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
632.396 |
739.135 |
672.776 |
|
(b) Deferred tax liabilities
(Net) |
182.501 |
159.832 |
139.686 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.154 |
|
(d) long-term provisions |
13.467 |
4.974 |
0.000 |
|
Total
Non-current Liabilities (3) |
828.364 |
903.941 |
814.616 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2235.805 |
1433.869 |
1114.030 |
|
(b) Trade payables |
1533.886 |
1013.476 |
905.749 |
|
(c) Other current liabilities |
605.100 |
703.925 |
658.693 |
|
(d) Short-term provisions |
63.917 |
69.060 |
58.745 |
|
Total
Current Liabilities (4) |
4438.708 |
3220.330 |
2737.217 |
|
|
|
|
|
|
TOTAL |
7467.104 |
5764.988 |
4713.496 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2090.526 |
1734.674 |
1701.001 |
|
(ii) Intangible Assets |
14.085 |
9.929 |
5.200 |
|
(iii) Capital work-in-progress |
0.189 |
120.612 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
288.291 |
288.291 |
288.291 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
945.027 |
550.277 |
322.355 |
|
(e) Other Non-current assets |
13.200 |
18.320 |
14.320 |
|
Total
Non-Current Assets |
3351.318 |
2722.103 |
2331.167 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2246.000 |
1884.350 |
1743.317 |
|
(c) Trade receivables |
1621.536 |
887.452 |
500.615 |
|
(d) Cash and cash equivalents |
127.437 |
111.766 |
56.549 |
|
(e) Short-term loans and
advances |
66.729 |
129.163 |
78.334 |
|
(f) Other current assets |
54.084 |
30.154 |
3.514 |
|
Total
Current Assets |
4115.786 |
3042.885 |
2382.329 |
|
|
|
|
|
|
TOTAL |
7467.104 |
5764.988 |
4713.496 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
4315.571 |
4126.947 |
3021.680 |
|
|
Other Income |
42.902 |
32.197 |
12.368 |
|
|
TOTAL
(A) |
4358.473 |
4159.144 |
3034.048 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2599.714 |
2511.555 |
1965.305 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(282.856) |
(54.220) |
(266.425) |
|
|
Employees benefits expense |
266.658 |
215.587 |
174.328 |
|
|
Other expenses |
758.985 |
658.842 |
602.811 |
|
|
TOTAL
(B) |
3342.501 |
3331.764 |
2476.019 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1015.972 |
827.380 |
558.029 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
393.803 |
304.330 |
228.972 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
622.169 |
523.050 |
329.057 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
150.611 |
134.792 |
118.702 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
471.558 |
388.258 |
210.355 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
116.222 |
106.380 |
53.155 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
355.336 |
281.878 |
157.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
618.554 |
508.021 |
306.301 |
|
|
TOTAL
EARNINGS |
618.554 |
508.021 |
306.301 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1001.339 |
1021.129 |
|
|
|
Capital Goods |
33.961 |
53.232 |
|
|
|
TOTAL
IMPORTS |
1035.300 |
1074.361 |
799.981 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
12.73 |
11.23 |
14.10 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.15 |
6.78 |
5.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.93 |
9.41 |
6.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.57 |
7.25 |
4.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.24 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.30 |
1.32 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.94 |
0.87 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
111.468 |
137.546 |
286.794 |
|
Reserves & Surplus |
921.895 |
1503.171 |
1913.238 |
|
Net
worth |
1033.363 |
1640.717 |
2200.032 |
|
|
|
|
|
|
long-term borrowings |
672.776 |
739.135 |
632.396 |
|
Short term borrowings |
1114.030 |
1433.869 |
2235.805 |
|
Total
borrowings |
1786.806 |
2173.004 |
2868.201 |
|
Debt/Equity
ratio |
1.729 |
1.324 |
1.304 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3021.680 |
4126.947 |
4315.571 |
|
|
|
36.578 |
4.571 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3021.680 |
4126.947 |
4315.571 |
|
Profit |
157.200 |
281.878 |
355.336 |
|
|
5.20% |
6.83% |
8.23% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
325.485 |
377.209 |
334.436
|
|
|
|
|
|
|
Total |
325.485 |
377.209 |
334.436
|
|
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 |
-- |
|
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 |
OPERATIONS:
The Indian economy has been affected by global factors such as lower trade and capital flows as well as domestic challenges, both structural and cyclical. Clearly, their economy needs an impetus to drive growth. The slowdown in infrastructure as well as key user industries strained the industry players with slowdown in order inflow, delay in taking deliveries. /execution of projects and delayed bill payments.
It has thus been a challenging year for Indian machine tool industry. The economy, impacted by decelerating GDP growth, mounting fiscal deficit and high Current Account Deficit, has seen lacklustre investment momentum which has a direct impact on the growth in this sector.
Against the backdrop of this challenging environment, the Company has turned in a reasonable performance. Though revenue displayed a moderate growth of 5% to Rs. 4315.500 Millions, Net profit grew by 25% to Rs. 355.300 Millions as against Rs. 281.900 Millions in the previous year.
In times of challenge, a mix of long range strategy and agile tactical responses are critical to success. The Company has countered the slowdown in the domestic market by expanding its footprint and intensifying operations in geographies with promising business potential.
Even as the macro environment remains challenging, the Company is effectively targeting specific opportunities within India and internationally. Segments that hold promise in FY14 include Defence, Railways, Aeronautical and Aerospace as well as Automobiles.
Under the circumstances, they are doing their best to be competitive through cost reduction, design optimisation and smart sourcing. The Company has been focusing on innovation, customer satisfaction and streamlining operations.
They are confident that the government's commitment to economic progress will continue. Together with the growth strategies of private enterprises, it will help us to become one of the leading machine tool players in the country.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances |
106.094 |
111.058 |
|
Total |
106.094 |
111.058 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10482687 |
10/03/2014 |
30,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, IST FLOOR, BOB TOWER, OPP LAW GARDEN, ELLISBRIDGE,
AHMEDABAD, |
B98519259 |
|
2 |
10482861 |
06/03/2014 |
57,500,000.00 |
BANK OF INDIA |
RAJKOT MCB BRANCH, POPATBHAI SORTHIYA BUILDING, SKSE BUILDING, SADAR BAZAR, RAJKOT, GUJARAT - 360001, INDIA |
B98601974 |
|
3 |
10469918 |
20/11/2013 |
250,000,000.00 |
THE CO-OPERATIVE BANK OF RAJKOT LIMITED |
"SAHKAR SARITA", PANCHNATH MAIN ROAD, RAJKOT, GUJARAT - 360001, INDIA |
B93413136 |
|
4 |
10459383 |
31/10/2013 |
20,000,000.00 |
BANK OF INDIA |
RAJKOT MCB BRANCH, POPATBHAI SORTHIYA BUILDING, SKSE BUILDING, SADAR BAZAR, RAJKOT, GUJARAT - 360001, INDIA |
B89221402 |
|
5 |
10408546 |
07/03/2013 |
35,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, 1ST FLOOR, BANK OF BARODA TOWER, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B69794956 |
|
6 |
10261448 |
20/11/2013 * |
4,540,600,000.00 |
CORPORATION BANK |
MAIN BRANCH, NIJANAND, DHEBAR ROAD, RAJKOT, GUJARAT - 360001, INDIA |
B91604280 |
|
7 |
10125361 |
06/05/2009 * |
270,000,000.00 |
BANK OF INDIA |
PARA BAZAR, M G ROAD, RAJKOT, GUJARAT - 360001, INDIA |
A63086912 |
|
8 |
10046529 |
28/03/2007 |
1,034,208,000.00 |
CORPORATION BANK |
MAIN BRANCH, "NIJANAND", DHEBAR ROAD, RAJOT, GUJARAT - 360001, INDIA |
A13647284 |
|
9 |
10032587 |
07/09/2006 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A05603808 |
|
10 |
10004323 |
27/04/2006 |
1,020,000.00 |
CORPORATION BANK |
MAIN BRANCH, "NIJANAND" DHEBAR ROAD, RAJKOT, GUJARAT - 360001, INDIA |
A01230911 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Computer software
PRESS RELEASES
JYOTI CNC AUTOMATION IPO TO HIT THE MARKETS SOON
4/3/2013
Jyoti CNC Automation (JCA), an India-based engineering company is coming up with an initial public offering (IPO) to be listed on the BSE and NSE. The company is offering 13.400 Millions fresh equity shares at a face value of Rs 10 per share through this issue. The price band and minimum bid lot size has not been declared by company in the DRHP. The book running lead managers for this offering are Avendus Capital and SBI Capital Markets. Currently, the company has 28.700 Millions equity shares and this IPO will make it 42.100 Millions equity shares.
The engineering company JCA is a global player in the machine tools industry. It is engaged in the manufacturing and marketing of metal cutting CNC machines. The company provides one-stop shop for metal cutting operations, from the entry level to high end machines. They offer 24 products in 81 variants, which include CNC turning centres, CNC vertical machining centres, CNC horizontal machining centres, vertical line CNC machines and multitasking machines.
Moreover, the company operates in 37 countries apart from India, mostly from Asia, Europe, Middle East, North America, South America and Africa. At present, JCA has 5 manufacturing facilities, among which 3 are in India and 2 in France. The company's finished products are used in various industries including Agriculture, Aerospace, Bearings, Consumer Durables, Diamond Jewellery, Defence, General Engineering, Plastic Processing, Medical Equipment Railways etc. Along with this, it has a long customers’ list such as Volkswagen, Peugeot, Solomon, auto component manufacturer like Amtek Auto, Sona Steering, Delphi- TVS, Ordnance Factory etc.
JCA has a number of direct, indirect and associate group companies. Jyoti SAS (France) is the direct subsidiary of JCA, while its indirect subsidiary list includes Huron Graffenstaden SAS (France), Huron Franmascchinen (Germany) and Huron Canada Inc. (Canada). It also has an associate company, Rolo and Huron with a 47% holding in it at present.
On the financial front, JCA reported Rs 4167.400 Millions topline on a consolidated basis in 9MFY13 against Rs 6016.700 Millions in FY12. The company's bottomline reached Rs 209.600 Millions in 9MFY13 as compared to Rs 161.700 Millions in FY12. The net margin for the 9MFY13 period stood at 5%.
The funds raised through this issue will be utilised for the expansion of manufacturing capacity, extension of office building, R and D centre, prepayment of indebtedness, funding long-term working capital requirements and equity investment in its subsidiary, Jyoti SAS. The company intends to expand its plant in Rajkot and wants to increase its production capacity from the existing 2,500 machines per annum to 4,000 machines per annum. The amount required for the proposed expansion is approximately Rs 1267.700 Millions. Further, the extension of the office building and R and D centre will have proposed expenses of Rs 90.200 Millions. An amount of Rs 285.300 Millions will be utilised for prepayment of indebtedness, while Rs 400.000 Millions will be used for long-term working capital.
The export of CNC machines to over 37 countries is the main source of the company’s revenues. However, due to the slowdown in traditional markets like Europe and US, the global demands are likely to decline in the upcoming fiscal year. This probability will put pressure on the JCA's revenue and hence will influence its growth.
However, the price band and bid lot size for this public offering are not disclosed in the DRHP by the company. So, keep watching this space for more details related to this offering.
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 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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.