MIRA INFORM REPORT

Report No. :	486431
Report Date :	17.01.2018

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) :	31.03.2015
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
PAN No.: [Permanent Account No.]	AABCJ1947R
GSTIN/UIN :	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is principally engaged in the business of manufacturing 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 :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 1991. It is engaged in manufacturing of CNC machines. Management has failed to file its financials with Registrar of Companies after for FY 2015. As per the financial of 2015, the company has reported decline in its revenue as compared to previous year but has managed to maintain fair profit margin of 6.36%. Rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with comfortable debt protection metrics. However, rating is constrained on account of absence of latest financials. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company 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.

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 Suspension : Non Co-Operation

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 17.01.2018

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 BY

Name :	Mr. Kamlesh Sureshbhai Solanki
Designation :	Chief Finance Officer
Contact No.:	91-2827-287082
Date :	15.01.2018

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 31.12.2015

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 31.12.2015

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	61.34
Promoters (Individual/Hindu Undivided Family-Non-resident Indian (NRI))	20.95
Promoters (Body corporate)	14.62
Public/Other than promoters (Individual/Hindu Undivided Family- Indian)	3.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is principally engaged in the business of manufacturing 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 Available

Agencies Held :

Not Available

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 :

End Users

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)	--

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

Facilities :

Secured Loan	31.03.2015 (INR in Million)	31.03.2014 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	264.527	457.055
Rupee term loans from Others	692.625	0.000
Other loans and advances, others	23.545	6.767
Other loans and advances	0.000	6.383
Short-term borrowings
Loans repayable on demand from banks	2563.627	2635.502
Total	3544.324	3105.707

Auditors :
Name :	Kalaria and Sampat Chartered Accountants
Address :	302, Star Avenue, Opposite Rajkumar College, Dr. Radhakrishnan Road, Rajkot – 360 001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFK2045F
Memberships :	Not Available
Collaborators :	Not Available
Wholly Owned :	Jyoti SAS, France
Wholly Owned Subsidiary of Jyoti SAS : (As on 31.03.2015)	Huron Canada Inc., Canada
Wholly Owned Subsidiary of Huron Graffenstaden SAS, France : (As on 31.03.2015)	Huron Frasmaschinen GMBH, Germany
Enterprise influenced by Key Management Personnel : (As on 31.03.2015)	Jyoti International Private Limited Jyoti Enterprise

CAPITAL STRUCTURE

As on 31.12.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	INR 10/- each	INR 450.000 Million
2000000	Preference Shares	INR 10/- each	INR 20.000 Million
	Total		INR 470.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28679366	Equity Shares	INR10/- each	INR 286.794 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET - STANDALONE

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	286.794	286.794	286.794
(b) Reserves & Surplus	2429.093	2431.089	1913.238
(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)	2715.887	2717.883	2200.032
(3) Non-Current Liabilities
(a) long-term borrowings	1639.315	1061.401	632.396
(b) Deferred tax liabilities (Net)	226.683	200.040	182.501
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.608	16.782	13.467
Total Non-current Liabilities (3)	1891.606	1278.223	828.364
(4) Current Liabilities
(a) Short term borrowings	2592.446	2661.689	2235.805
(b) Trade payables	1244.577	1864.451	1533.886
(c) Other current liabilities	637.366	599.491	605.100
(d) Short-term provisions	6.811	14.599	63.917
Total Current Liabilities (4)	4481.200	5140.230	4438.708
TOTAL	9088.693	9136.336	7467.104
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2162.007	2076.205	2090.526
(ii) Intangible Assets	13.050	12.292	14.085
(iii) Capital work-in-progress	4.148	1.241	0.189
(iv) Intangible assets under development	14.978	10.133	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	1149.690	1224.265	945.027
(e) Other Non-current assets	29.037	67.760	13.200
Total Non-Current Assets	3661.201	3680.187	3351.318
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3514.465	2832.564	2246.000
(c) Trade receivables	1409.178	2249.120	1621.536
(d) Cash and cash equivalents	270.292	156.282	127.437
(e) Short-term loans and advances	106.145	131.103	66.729
(f) Other current assets	127.412	87.080	54.084
Total Current Assets	5427.492	5456.149	4115.786
TOTAL	9088.693	9136.336	7467.104

PROFIT & LOSS ACCOUNT - STANDALONE

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4462.429	4674.094	4315.571
	Other Income	186.222	46.930	42.902
	TOTAL	4648.651	4721.024	4358.473
Less	EXPENSES
	Cost of Materials Consumed	2671.903	2776.695	2599.714
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(395.102)	(340.178)	(282.856)
	Employees benefits expense	402.014	315.996	266.658
	Other expenses	819.843	873.023	758.985
	TOTAL	3498.658	3625.536	3342.501
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1149.993	1095.488	1015.972
Less	FINANCIAL EXPENSES	564.293	429.174	393.803
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	585.700	666.314	622.169
Less/ Add	DEPRECIATION/ AMORTISATION	187.855	180.061	150.611
	PROFIT/ (LOSS) BEFORE TAX	397.845	486.253	471.558
Less	TAX	114.013	126.846	116.222
	PROFIT/ (LOSS) AFTER TAX	283.832	359.407	355.336
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	516.540	761.787	618.554
	TOTAL EARNINGS	516.540	761.787	618.554
	IMPORTS
	Raw Materials	959.486	929.160	1001.339
	Capital Goods	192.215	5.686	33.961
	TOTAL IMPORTS	1151.701	934.846	1035.300
	Earnings / (Loss) Per Share (INR)	10.17	12.53	12.73

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	246.994	359.422	325.485
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	753.341	104.307	438.388
Net cash flow from operating activity	655.133	(51.470)	340.223

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Average Collection Days (Sundry Debtors / Income * 365 Days)	115.26	175.63	137.15
Account Receivables Turnover ( Income / Sundry Debtors)	3.17	2.08	2.66
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	170.02	245.08	215.36
Inventory Turnover (Operating Income / Inventories)	0.33	0.39	0.45
Asset Turnover (Operating Income / Net Fixed Assets)	0.52	0.52	0.48

LEVERAGE RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.70	0.72	0.72
Debt Equity Ratio (Total Liability / Networth)	1.65	1.50	1.45
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.65	1.89	2.02
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.81	0.77	0.96
Interest Coverage Ratio (PBIT / Financial Charges)	2.04	2.55	2.58

PROFITABILITY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin [(PAT / Sales) * 100]	%	6.36	7.69	8.23
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.12	3.93	4.76
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.45	13.22	16.15

SOLVENCY RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Ratio (Current Assets / Current Liabilities)	1.21	1.06	0.93
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.43	0.51	0.42
G-Score Ratio Financial (Networth / Total Assets)	0.30	0.30	0.29
G-Score Ratio Debt (Debts / Equity Capital)	15.62	14.23	11.14
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.21	1.06	0.93

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	286.794	286.794	286.794
Reserves & Surplus	1913.238	2431.089	2429.093
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2200.032	2717.883	2715.887
long-term borrowings	632.396	1061.401	1639.315
Short term borrowings	2235.805	2661.689	2592.446
Current Maturities of Long-Term Debts	325.485	359.422	246.994
Total borrowings	3193.686	4082.512	4478.755
Debt/Equity ratio	1.452	1.502	1.649

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	4315.571	4674.094	4462.429
		8.308	(4.528)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	4315.571	4674.094	4462.429
Profit	355.336	359.407	283.832
	8.23%	7.69%	6.36%

ABRIDGED BALANCE SHEET - CONSOLIDATED

SOURCES OF FUNDS	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	286.794	286.794
(b) Reserves & Surplus	1408.755	1464.720
(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)	1695.549	1751.514
(3) Non-Current Liabilities
(a) long-term borrowings	2028.225	1546.974
(b) Deferred tax liabilities (Net)	226.683	200.040
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	110.011	102.984
Total Non-current Liabilities (3)	2364.919	1849.998
(4) Current Liabilities
(a) Short term borrowings	3797.685	4229.120
(b) Trade payables	1506.993	1753.960
(c) Other current liabilities	1243.862	1473.699
(d) Short-term provisions	6.812	14.599
Total Current Liabilities (4)	6555.352	7471.378
TOTAL	10615.820	11072.890
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2847.224	2939.543
(ii) Intangible Assets	162.897	170.882
(iii) Capital work-in-progress	4.148	1.241
(iv) Intangible assets under development	14.978	10.133
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	129.624	125.881
(e) Other Non-current assets	29.037	67.760
Total Non-Current Assets	3187.908	3315.440
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5113.930	4690.209
(c) Trade receivables	1780.615	2286.695
(d) Cash and cash equivalents	284.171	397.991
(e) Short-term loans and advances	242.217	375.461
(f) Other current assets	6.979	7.094
Total Current Assets	7427.912	7757.450
TOTAL	10615.820	11072.890

PROFIT & LOSS ACCOUNT - CONSOLIDATED

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	6844.492	6705.912
	Other Income	165.248	13.647
	TOTAL	7009.740	6719.559
Less	EXPENSES
	Cost of Materials Consumed	3759.267	3603.788
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(511.309)	(503.127)
	Employees benefits expense	1160.756	1071.397
	Other expenses	1449.379	1527.909
	TOTAL	5858.093	5699.967
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1151.647	1019.592
Less	FINANCIAL EXPENSES	688.749	598.560
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	462.898	421.032
Less/ Add	DEPRECIATION/ AMORTISATION	258.881	322.633
	PROFIT/ (LOSS) BEFORE TAX	204.017	98.399
Less	TAX	114.013	129.428
	PROFIT/ (LOSS) AFTER TAX	90.004	(31.029)
	Earnings / (Loss) Per Share (INR)	3.23	(1.11)

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	Yes
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

OPERATIONS : (As on 31.03.2015)

The Company reported total revenue of INR 4462.400 Million, a decrease of 4.53% compared to FY 2014. This was mainly on account of sluggish domestic as well as overseas market and lack of new investment in both, private and public sector. The company however reported a marginal higher EBIDTA at INR 1150.000 Million as against INR 1095.500 Million in the previous year. Increased working capital cycle led to increase in bank limits leading to higher finance cost of INR 564.300 Million, which was higher by INR 135.100 Million over the previous year. This led to lower net profit for the year which stood at INR 283.800 Million as against INR 359.400 Million during the preceding financial year.

ECONOMIC OVERVIEW AND INDUSTRY SCENARIO: (As on 31.03.2015)

Amidst the slow growth and uncertainties prevailing in developed and emerging economies, India's economy remained stable and showed positive growth potential in financial year 2014-15. The macroeconomic parameters like inflation, current account deficit were improved. The new government at centre has initiated various measures like Make In India, etc which will stimulate manufacturing growth as well as revive investment cycle. At present, India is in midst of structural changes and is expected to embark on sustained economic growth cycle. It is expected to achieve growth rate of 7.5% in F.Y. 2015 16 and India will outperform all emerging economies including china, in economic growth in succeeding years.

India is amongst the top ten economies in consumption of machine tools. The total consumption of metal cutting machine in India is around INR 65000.000 Million of this, more than 50% machines are imported which reflects huge potential for domestic manufacturer. Also, the potential for high end technology is high since there are very few domestic players who possess such technical knowhow. It is expected that machine tool demands in India will surely reflects in improving manufacturing growth and raising of demands from core sectors like defense, railway, auto industry. Any upward trend in consumption in such sectors will suely stimulates the machine tools consumption in India. Also, due to low cost production, India is having huge potential to export its products in International Market.

UNSECURED LOAN

PARTICULARS	31.03.2015 (INR in Million)	31.03.2014 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	290.668	165.928
Loans and advances from related parties	367.950	312.230
Long-term maturities of finance lease obligations	0.000	93.038
Short-term borrowings
Other loans and advances, others	28.819	26.187
Total	687.437	597.383

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G44102861	100098230	Bank of India	08/05/2017	-	57500000.0	Bank of India Building1st Floor, M G Road, Para Bazar Rajkot GUJARAT 360001 INDIA
2	G02297513	100023185	Oriental Bank of Commerce	26/04/2016	-	150000000.0	Nirmala Convent School Road Rajkot GUJARAT 360001 INDIA
3	C46669065	10555509	ORIENTAL BANK OF COMMERCE	19/02/2015	-	1540000.0	"AUM Planet", Ground Floor, Opposite Nirmala Convent School, Nirmala Road RAJKOT GUJARAT 360007 INDIA
4	C33007162	10530303	Corporation Bank	16/10/2014	-	60000000.0	Rajkot Main Branch Nijanand, Dhebar Road, Rajkot GUJARAT 360001 INDIA
5	C26728352	10524332	Bank of Baroda	30/09/2014	-	40000000.0	Corporate Financial Service Branch1st Floor, BOB Tower, Law Garden, Ellisbridge Ahmedabad GUJARAT 380006 INDIA
6	C51444388	10500547	DENA BANK	15/03/2014	19/03/2015	316700000.0	Opp. Imperial PalaceDr. Yagnik Road, Rajkot GUJARAT 360002 INDIA
7	B98519259	10482687	Bank of Baroda	10/03/2014	-	30000000.0	Corporate Financial Services Branch Ist Floor, BOB Tower, Opp Law Garden, Ellisbridge, Ahmedabad GUJARAT 380006 INDIA
8	B69794956	10408546	Bank of Baroda	07/03/2013	-	35000000.0	Corporate Financial Service Branch, 1st Floor,Bank of Baroda Tower, Ellisbridge, Ahmedabad GUJARAT 380006 INDIA
9	G59686048	10261448	Corporation Bank	13/12/2010	10/10/2017	4569600000.0	Main Branch, Nijanand Dhebar Road Rajkot GUJARAT 360001 INDIA
10	A63086912	10125361	BANK OF INDIA	08/09/2008	06/05/2009	270000000.0	PARA BAZARM G ROAD RAJKOT GUJARAT 360001 INDIA

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible assets

• Computer software

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 63.76
UK Pound	1	INR 87.91
Euro	1	INR 78.20

INFORMATION DETAILS

Information Gathered by :	SWE
Analysis Done by :	VAR
Report Prepared by :	SUD

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.