MIRA INFORM REPORT

Report No. :	492163
Report Date :	16.02.2018

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
Tel. No.:	91-2827-287081 / 306100
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	17.01.1991
Com. Reg. No.:	04-014914
Capital Investment / Paid-up Capital :	INR 286.794 Million
CIN No.: [Company Identification No.]	U29221GJ1991PLC014914
IEC No.:	2403001261
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	AABCJ1947R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture of CNC Machines (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Jyoti CNC Automation Limited was incorporated in the year 1991. It is a manufacturer of CNC Machines. Management has failed to file its financial with Registrar of Companies for the FY 2017. As per the available financial records of 2016, the revenue of the company has increased by 3.89% along with average profile margin of 4.80%. The healthy financial profile of the company is marked by strong networth bas along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. Business is active. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term (Suspended) = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	27.06.2016

Rating Agency Name	CRISIL
Rating	Short Term (Suspended) = BB-
Rating Explanation	Moderate risk of default.
Date	27.06.2016

Reason for Suspended = Absence of adequate information.

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 16.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-2827-287081 / 287082 / 287412

Tel. No.: 91-2827-306100 – Not Working

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 / 306100
Fax No.:	91-2827-287480
E-Mail :	info@joytient.com info@jyoti.co.in accounts@jyoti.co.in maulik.gandhi@jyoti.co.in
Website :	http://www.jyoti.co.in
Area :	5000 sq. ft.
Location :	Leased
Locality:	Industrial
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 :	info@jyotient.com
Website :	http://www.jyotient.com
Area :	70778 sq. mt.
Location :	Leased
Branch Office 1:	M-62, 11^th Cross, Brindhavan Nagar, TNHB, 7^th Phase, Hosur – 635 109, Tamilnadu, India
E-Mail :	hosue@jyoti.co.in
Branch Office 2:	412, Abhishree, Opposite Star India Bazaar, Satellite Road, Ahmedabad, Gujarat, India
Branch Office 3:	B 404, Shapath Hexa, S G Highway, Sola, Ahmedabad, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Vijay Vaman Pranjape

Designation :

Director

Address :

Mauli, 2^nd floor, Gawand Path, Naupada, Thane – 400602, Maharashtra, India

Date of Birth/Age :

25.07.1948

Date of Appointment :

30.09.2013

DIN No.:

00370451

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U29130WB1961PLC025323	FLENDER LTD	01/06/2007	-
U35201MH2008PTC184302	SIEMENS ROLLING STOCK PRIVATE LIMITED	06/03/2009	-
U31100MH2004PTC149284	DOL MOTORS PRIVATE LIMITED	11/11/2011	-

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 :

30.09.2013

DIN No.:

00088018

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U65910GJ1992PLC017544	MARWADI SHARES AND FINANCE LIMITED	01/05/1992	-
U74992GJ2001PTC040221	MARWADI COMMODITY BROKER PRIVATE LIMITED	17/10/2003	-
U67190GJ2007PLC050150	MARWADI STOCK BROKING LIMITED	05/03/2007	-
U80903GJ2011NPL065132	MARWADI EDUCATION FOUNDATION	25/04/2011	-
U85110GJ2011NPL066047	MARWADI CHARITABLE FOUNDATION	24/06/2011	-
U80903GJ2011PTC067441	MARWADI EDUCATION PRIVATE LIMITED	12/10/2011	-
U80903GJ2011PTC067418	MARWADI EDUCATION MANAGEMENT SERVICES PRIVATE LIMITED	11/10/2011	-
U80903GJ2011PTC068119	MARWADI UNIVERSAL EDUCATION PRIVATE LIMITED	07/12/2011	-
U45200GJ2011PTC068124	MARWADI EDUCATION INFRA PRIVATE LIMITED	07/12/2011	-
U72900GJ2016PTC094231	MARWADI TECHNOLOGIES PRIVATE LIMITED	28/10/2016	-
U65929GJ2017PLC095247	MARWADI INTERNATIONAL SECURITIES (IFSC) LIMITED	24/01/2017	-
U80901GJ2017NPL099953	MUJCAL ASSOCIATION FOR FOUNDRY TECHNOLOGY	29/11/2017	-

Name :

Mr. Yogesh Damodardas Kathrecha

Designation :

Director

Address :

901, Krishna Palace, Panchwti Main Road, Opposite Jain Temble, Rajkot – 3600001, Gujarat, India

Date of Birth/Age :

08.09.1962

Date of Appointment :

27.09.2014

DIN No.:

02355968

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U93000GJ2008PTC055755	INTERTECH ENGINEERING CONSULTANCY PRIVATE LIMITED	24/12/2008	-
U74200GJ2009PTC056357	PEGASUS ENGINEERING AND SYSTEMS PRIVATE LIMITED	16/03/2009	-

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. Vikramsinh Raghuvirsinh Rana

Designation :

Whole-time director

Address :

"Shiv Shakti", 3, Naval Nagar, Near Swaminarayan, Rajkot – 360 004, Gujarat, India

Date of Birth/Age :

19.01.1970

Date of Appointment :

01.09.2012

PAN No.:

AEJPR1093P

DIN No.:

00125079

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U29269GJ2008PTC053489	JYOTI INTERNATIONAL PRIVATE LIMITED	03/04/2008	-

Name :

Mr. Rajshriba Parakramsinh Jadeja

Designation :

Director

Address :

Osho 2 Shivaji Park, Near Airport, Opposite Income Tax Society, Rajkot - 360007, Gujarat, India

Date of Appointment :

01.08.2015

DIN No.:

07228784

Name :

Mr. Parakramsingh Ganshymsinh Jadeja

Designation :

Managing Director

Address :

Osho, 2, Shivaji Park, Opposite Income Tax Society, Rajkot – 360001, Gujarat, India

Date of Appointment :

01.09.2012

DIN No.:

00125050

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	10/12/2015	-
U74999GJ2016NPL092363	NEORAJKOT FOUNDATION	07/06/2016	-

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
Name :	Mr. Kamlesh Sureshbhai Solanki
Designation :	Chief Finance Officer
Address :	Karan, A-10 - Haridvar Society, Gokuldham Main Road, Rajkot - 360004, Gujarat, India
Date of Appointment :	01.04.2015
PAN No.:	APPPS2830C
Name :	N S Dave and Associates
Designation :	Practicing Company Secretaries
Address:	421, Madhav Square, Limda Lane, Jamnagar – 361001, Gujarat, India
Mobile No.:	91-9825303126 / 7600943407
Email :	Nandish.dave1@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

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 Dilipsinh Jadeja	100000
Hitesh Patel	36000
IIA K Solanki	50000
Kamlesh Sureshbhai Solanki	36000
Hiren Mahipatsinh Jadeja	36000
Total	28679366

Equity Share Break up (Percentage of Total Equity)

As on 30.11.2016

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	61.34
Promoter – (Individual/ Hindu Undivided Family – Non-resident Indian (NRI)	20.95
Promoter - Bodies corporate	14.62
Public – (Individual/ Hindu Undivided Family – Indian)	3.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of CNC Machines (Registered activity)

Products :

Item Code No.	Product Description
84581100	CNC Turning Centers
84571010	Horizontal Machining Centers Machines
84571020	Vertical Machining Centers Machines

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of India
Branch	Bank of India Building, 1st Floor, M G Road, Para Bazar, Rajkot – 360001, Gujarat, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• Export-Import Bank of India, Centre One Building, Floor 21,World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• Oriental Bank of Commerce, Nirmala Convent School Road, Rajkot – 360001, Gujarat, India

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	157.500	264.527
(Term loans are secured by first charge on pari passu basis on the Company' s immovable and movable assets and second charge on inventory, receivables & other current assets, both present and future)
Long-term maturities of finance lease obligations	16.880	0.000
Loans taken for vehicles	11.438	8.359
(Vehicle loans are secured by way of hypothecation of vehicles)
Loans taken for other fixed assets	0.000	15.187
Total
Short-term borrowings
Loans repayable on demand from banks	3008.107	2563.627
(The above Loans are secured by first charge on pari passu bas is over Company's stock & book debts and second charge on pari passu basis over Company' s immovable and movable assets)
Total	3193.925	2851.700

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
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Huron Graffenstanden SAS, France Jyoti SAS Huron Canada Incorporated, Canada
Associates :	Jyoti International Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
47000000	Equity Shares	INR 10/- each	INR 470.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28679366	Equity Shares	INR 10/- each	INR 286.794 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	286.794	286.794	286.794
(b) Reserves & Surplus	2821.106	2429.093	2431.089
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3107.900	2715.887	2717.883
(3) Non-Current Liabilities
(a) long-term borrowings	1693.229	1639.315	1041.401
(b) Deferred tax liabilities (Net)	249.068	226.683	200.040
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	41.983	25.608	16.782
Total Non-current Liabilities (3)	1984.280	1891.606	1258.223
(4) Current Liabilities
(a) Short term borrowings	3008.107	2592.446	2661.689
(b) Trade payables	1527.676	1244.577	1864.451
(c) Other current liabilities	952.660	637.366	619.491
(d) Short-term provisions	10.354	6.811	14.599
Total Current Liabilities (4)	5498.797	4481.200	5160.230
TOTAL	10590.977	9088.693	9136.336
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2289.676	2162.007	2076.206
(ii) Intangible Assets	46.126	13.050	12.292
(iii) Capital work-in-progress	25.120	4.148	1.241
(iv) Intangible assets under development	0.000	14.978	10.133
(b) Non-current Investments	289.391	288.291	288.291
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1365.774	1149.690	1224.265
(e) Other Non-current assets	29.037	29.037	67.760
Total Non-Current Assets	4045.124	3661.201	3680.188
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4051.766	3514.465	2832.564
(c) Trade receivables	2007.099	1409.178	2249.120
(d) Cash and cash equivalents	169.981	270.292	156.282
(e) Short-term loans and advances	151.857	106.145	131.102
(f) Other current assets	165.150	127.412	87.080
Total Current Assets	6545.853	5427.492	5456.148
TOTAL	10590.977	9088.693	9136.336

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	4636.121	4462.428	4674.094
	Other Income	48.065	186.222	46.930
	TOTAL	4684.186	4648.650	4721.024
Less	EXPENSES
	Cost of Materials Consumed	2775.550	2671.903	2776.695
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(432.427)	(395.102)	(340.178)
	Employees benefits expense	442.488	425.353	315.996
	Other expenses	809.464	796.503	873.023
	TOTAL	3595.075	3498.657	3625.536
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1089.111	1149.993	1095.488
Less	FINANCIAL EXPENSES	610.808	564.293	429.174
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	478.303	585.700	666.314
Less/ Add	DEPRECIATION/ AMORTISATION	179.254	187.855	180.061
	PROFIT/ (LOSS) BEFORE TAX	299.049	397.845	486.253
Less	TAX	76.140	114.013	126.846
	PROFIT/ (LOSS) AFTER TAX	222.909	283.832	359.407
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1609.201	1329.156	969.749
	Adjust. Due to adoption of Schedule II to the Companies Act, 2013	0.000	3.787	0.000
	Balance Carried to the B/S	1832.110	1609.201	1329.156
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	635.479	516.540	761.787
	TOTAL EARNINGS	635.479	516.540	761.787
	IMPORTS
	Raw Materials	952.375	959.486	929.160
	Components and Stores parts	0.000	0.000	0.000
	Capital Goods	153.158	192.215	5.686
	TOTAL IMPORTS	1105.533	1151.701	934.846
	Earnings / (Loss) Per Share (INR)	7.99	10.17	12.53

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	395.415	246.994	359.422
Net cash flows from (used in) operations	185.548	753.341	104.307
Net cash flows from (used in) operating activities	119.943	655.133	(51.470)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	158.02	115.26	175.63
Account Receivables Turnover (Income / Sundry Debtors)	2.31	3.17	2.08
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	200.90	170.02	245.08
Inventory Turnover (Operating Income / Inventories)	0.27	0.33	0.39
Asset Turnover (Operating Income / Net Fixed Assets)	0.46	0.52	0.52

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.72	0.70	0.72
Debt Equity Ratio (Total Liability / Networth)	1.64	1.65	1.49
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.77	1.65	1.90
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.76	0.81	0.77
Interest Coverage Ratio (PBIT / Financial Charges)	1.78	2.04	2.55

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	4.81	6.36	7.69
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.10	3.12	3.93
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.17	10.45	13.22

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.19	1.21	1.06
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.45	0.43	0.51
G-Score Ratio Financial (Networth / Total Assets)	0.29	0.30	0.30
G-Score Ratio Debt (Debts / Equity Capital)	17.77	15.62	14.17
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.19	1.21	1.06

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	286.794	286.794	286.794
Reserves & Surplus	2431.089	2429.093	2821.106
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2717.883	2715.887	3107.900
Long Term borrowings	1041.401	1639.315	1693.229
Short Term borrowings	2661.689	2592.446	3008.107
Total borrowings	4062.512	4478.755	5096.751
Debt/Equity ratio	1.495	1.649	1.640

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	4674.094	4462.428	4636.121
		(4.528)	3.892

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	4674.094	4462.428	4636.121
Profit	359.407	283.832	222.909
	7.69%	6.36%	4.81%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	286.794	286.794
(b) Reserves & Surplus	1894.664	1480.351
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2181.458	1767.145
(3) Non-Current Liabilities
(a) long-term borrowings	2093.428	2028.225
(b) Deferred tax liabilities (Net)	249.068	226.683
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	142.525	110.012
Total Non-current Liabilities (3)	2485.021	2364.920
(4) Current Liabilities
(a) Short term borrowings	4326.459	3768.867
(b) Trade payables	1962.990	1437.165
(c) Other current liabilities	1436.607	1272.782
(d) Short-term provisions	10.353	6.710
Total Current Liabilities (4)	7736.409	6485.524
TOTAL	12402.888	10617.589
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3053.077	2847.225
(ii) Intangible Assets	234.454	162.897
(iii) Capital work-in-progress	25.120	4.148
(iv) Intangible assets under development	0.000	14.978
(b) Non-current Investments	1.100	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	159.334	129.624
(e) Other Non-current assets	29.037	29.037
Total Non-Current Assets	3502.122	3187.909
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5744.615	5113.930
(c) Trade receivables	2532.332	1782.383
(d) Cash and cash equivalents	284.402	284.171
(e) Short-term loans and advances	329.820	242.217
(f) Other current assets	9.597	6.979
Total Current Assets	8900.766	7429.680
TOTAL	12402.888	10617.589

PROFIT & LOSS ACCOUNT– (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	6661.366	6844.492
	Other Income	12.946	165.248
	TOTAL	6674.312	7009.740
Less	EXPENSES
	Cost of Materials Consumed	3403.132	3759.267
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(370.551)	(511.309)
	Employees benefits expense	1080.221	1160.756
	Other expenses	1296.919	1449.379
	TOTAL	5409.721	5858.093
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1264.591	1151.647
Less	FINANCIAL EXPENSES	710.250	688.749
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	554.341	462.898
Less/ Add	DEPRECIATION/ AMORTISATION	248.165	258.881
	PROFIT/ (LOSS) BEFORE TAX	306.176	204.017
Less	TAX	76.140	114.013
	PROFIT/ (LOSS) AFTER TAX	230.036	90.004
	Earnings / (Loss) Per Share (INR)	8.24	3.23

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a company limited by the shares incorporated under the Companies Act, 1956 domiciled in India. The Company's main objective is to manufacture CNC machines.

OPERATIONS :

The company has witnessed slight increase in its top line by 3 % during financial year 2015 - 16. The company could not achieve its top line goal due to various external factors like sluggish domestic market, lack of new investment in private sector, etc.

Lack of growth in fresh capital investment in private sector and more particularly in Dies and mould industries, keeps the growth of capital goods sector under pressure during the financial year. Against the same, the growth potential in government business of the company like in defense, railways, etc. remain positive and have the potential to continue to drive the business growth of the company for next one decade. However, the long working capital cycle involved in government business put a lot pressure on financial resources and also contributes to increase in financial cost of the company YOY. The company claims to have largest product basket in entire machine tool industry in India. Because of large product basket and their multiple variants as well as the long production cycle involved in high end machines, the inventory level of the company increases which blockade the working capital of the company. In coming years, the management will focus on to reduce the inventory level to a desired level along with increase in top line business of the company.

The company believes in Innovation and the same imbibe in its products also. Therefore, the company in line with its slogan "Propelling Technology and Prospering Life", aimed to drive its business growth though innovation of new, high end CNC machines, improvisation in technology of existing product portfolios as well as customer centric approach which will assist to meet the future business challenges as well as to emerge as one of top CNC machine tool manufacturer in Indian as well as global machine tool industry.

ECONOMIC OVERVIEW and INDUSTRY SCENARIO:

The economic factors like slowdown in Chinese economy, slower growth in developed economy, etc. which prevails during previous year remain in force and continue to impend the growth and recovery amongst developed and developing economies. The need for broad based structural and monetary policy reforms felt across developed and emerging economies. Till then, the existing factors continue to pose uncertainties and risk of weaker or slower growth scenario may remain exist.

The present Indian government is trying hard to revive the manufacturing industry through various measures and initiatives. The continuous lower inflation and controlled budget deficit raised the expectation for further reduction in Interest rate. Such positive economic factor along with right direction oriented policy reform measures will help to restart the private investment cycle and aid industrial growth in the coming year.

FINANCE:

During the year, the working capital conditions of the company were remained stretched. The company had, with assistance of its bankers and promoters bridged this gap in its working capital requirements. The aggregate of such borrowing of the company as on March 31, 2016 was standing at INR 3008.100 Million.

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	263.267	290.667
Rupee term loans from others	612.658	692.625
Loans and advances from related parties	45.546	367.950
Intercorporate deposits	585.940	0.000
Short-term borrowings
Loans repayable on demand from others	0.000	28.819
Total	1507.411	1380.061

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G44102861	100098230	Bank of India	08/05/2017	-	-	57500000.0	Bank Of India Building1st Floor, M G Road, Para BazarRajkotGJ360001IN
2	G74048976	100148008	Export-Import Bank of India	28/03/2017	-	-	800000000.0	Centre One Building, Floor 21,World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN
3	G02297513	100023185	Oriental Bank of Commerce	26/04/2016	-	-	150000000.0	Nirmala Convent School RoadRajkotGJ360001IN
4	C46669065	10555509	ORIENTAL BANK OF COMMERCE	19/02/2015	-	-	1540000.0	"AUM Planet", Ground Floor,Opp. Nirmala Convent School, Nirmala RoadRAJKOTGJ360007IN
5	C33007162	10530303	Corporation Bank	16/10/2014	-	-	60000000.0	Rajkot Main BranchNijanand, Dhebar Road,RajkotGJ360001IN
6	C26728352	10524332	Bank of Baroda	30/09/2014	-	-	40000000.0	Corporate Financial Service Branch1st Floor, BOB Tower, Law Garden, EllisbridgeAhmedabadGJ380006IN
7	C51444388	10500547	DENA BANK	15/03/2014	19/03/2015	-	316700000.0	Opp. Imperial PalaceDr. Yagnik Road,RajkotGJ360002IN
8	B98519259	10482687	Bank of Baroda	10/03/2014	-	-	30000000.0	Corporate Financial Services BranchIst Floor, BOB Tower, Opp Law Garden, Ellisbridge,AhmedabadGJ380006IN
9	B69794956	10408546	Bank of Baroda	07/03/2013	-	-	35000000.0	Corporate Financial Service Branch, 1st Floor,Bank of Baroda Tower, Ellisbridge,AhmedabadGJ380006IN
10	G59686048	10261448	Corporation Bank	13/12/2010	10/10/2017	-	4569600000.0	Main Branch, NijanandDhebar RoadRajkotGJ360001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2016	31.03.2015
Claims against company not acknowledged as debt	0.000	0.000
Guarantees	15.000	15.000
Other money for which company is contingently liable	540.471	542.056

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

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 records 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	INR
US Dollar	1	INR 64.12
UK Pound	1	INR 89.17
Euro	1	INR 79.38

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	VRS
Report Prepared by :	SUJ

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.