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MIRA INFORM REPORT
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Report No. : |
516376 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI CNC AUTOMATION LIMITED (w.e.f. 30.11.2012) |
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Formerly Known
As : |
JYOTI CNC AUTOMATION PRIVATE LIMITED (w.e.f. 28.04.2008) JYOTI CNC AUTOMATIONS PRIVATE LIMITED AMB ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
G-506, Lodhika, G.I.D.C. Estate, Village Metoda,
Rajkot-360021, Gujarat |
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Tel. No.: |
91-2827-287081 / 306100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
17.01.1991 |
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CIN No.: [Company Identification
No.] |
U29221GJ1991PLC014914 |
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Capital Investment
/ Paid-up Capital : |
INR 286.794 Million |
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IEC No.: [Import-Export Code No.] |
2403001261 |
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PAN No.: [Permanent Account No.] |
AABCJ1947R |
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GSTN : [Goods & Service Tax
Registration No.] |
24AABCJ1947R1Z5 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
· Manufacturer of CNC Machines. (Registered Activity) · Manufacturer, Exporter and Supplier of Simple Turning Machines, Turn Mill Centers Inverted Turning Line machines, vertical Turning Lather, L Frame Machines, etc. (Confirmed by Management) |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Jyoti CNC Automation Limited was incorporated in the year 1991. It is a Manufacturer and Exporter of Simple Turning Machines, Turn Mill Centers, Inverted Turing Line Machines and Vertical Turning Lather, CNC Machines, etc. The subject's customer includes, GNA, Cello, Fag, Festo, Mahindra, Orbit, Piramal Glass, PCI Limited etc. 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 4.81%. The healthy financial profile of the company is marked by strong networth base 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. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables and absence of latest financials. Further, as per information gathered from other sources subject has achieved revenue of INR 5090.9 million for the FY 2017 and has reported net profit margin of 18.72%. Business is active. Payment 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 (31.12.2017) |
Current Rating (01.04.2018) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Fund Based = BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
31.07.2017 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Non Fund Based = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
31.07.2017 |
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
31-03-2018.
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 23.06.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Bharat |
|
Designation : |
Exim Incharge |
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Contact No.: |
91-2827-235110 |
|
Date : |
21.06.2018 |
LOCATIONS
|
Registered Office/ Factory 1 : |
G-506, Lodhika, G.I.D.C. Estate, Village Metoda, Rajkot-360021, Gujarat, India |
|
Tel. No.: |
91-2827-287081/
287082/ 287412/ 287052/ 287212/ 287812 / 306100/ 235110 |
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Fax No.: |
91-2827-287480 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Leased |
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Locality: |
Industrial |
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Factory 2 : |
2839, Lodhika, G.I.D.C., Metoda, Rajkot – 360 021, Gujarat, India |
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Factory 3/
Branch Office 1: |
1/A, Peenya Industrial Area, Phase-II, System Stop, Bangalore-560058,
Karnataka, India |
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Administrative Office : |
Dr. V.S. Road, Gondal Road, Rajkot – 360 004, Gujarat,
India |
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Tel. No.: |
91-281-2386331/ 2372039 |
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Fax No.: |
91-281-2367625 |
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E-Mail : |
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Area : |
70778 sq. mt. |
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Location : |
Leased |
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Branch Office 2
: |
M-62, 11th Cross, Brindhavan Nagar, TNHB, 7th
Phase, Hosur – 635 109, Tamilnadu, India |
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E-Mail : |
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Branch Office 3 : |
412, Abhishree, Opposite Star India Bazaar, Satellite Road, Ahmedabad,
Gujarat, India |
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Branch Office 4 : |
B 404, Shapath Hexa, S G Highway, Sola, Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Parakramsingh
Ganshymsinh Jadeja |
|
Designation : |
Managing
Director |
|
Address : |
Osho, 2,
Shivaji Park, Opposite Income Tax Society, Rajkot – 360001, Gujarat, India |
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Date of Birth/Age : |
21.10.1968 |
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Date of Appointment : |
01.09.2012 |
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PAN No.: |
ABHPJ8335P |
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DIN No.: |
00125050 |
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|
|
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Name : |
Mr.
Vikramsinh Raghuvirsinh Rana |
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Designation : |
Whole-time director |
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Address : |
601, Kishan Kanaiya-Ii University Road, Indira Chowk,
Rajkot – 360007, Gujarat, India |
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Date of Birth/Age : |
19.01.1970 |
|
Date of Appointment : |
01.09.2012
|
|
PAN No.: |
AEJPR1093P |
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DIN No.: |
00125079 |
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|
|
|
Name : |
Mr. Vijay
Vaman Pranjape |
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Designation : |
Director |
|
Address : |
Mauli, 2nd
Floor, Gawand Path, Naupada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1948 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
00370451 |
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|
|
|
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 |
|
|
|
|
Name : |
Mr.
Yogesh Damodardas Kathrecha |
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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 |
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|
|
|
Name : |
Mr.
Sahadevsing Lalubha Jadeja |
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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 |
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Date of Appointment : |
01.09.2012
|
|
PAN No.: |
ADBPJ5818P |
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DIN No.: |
00126392 |
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|
|
|
Name : |
Mr. Rajshriba
Parakramsinh Jadeja |
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Designation : |
Director |
|
Address : |
Osho 2 Shivaji Park, Near Airport, Opposite Income Tax
Society, Rajkot - 360007, Gujarat, India |
|
Date of Birth/Age : |
18.04.1973 |
|
Date of Appointment : |
01.08.2015 |
|
DIN No.: |
07228784 |
KEY EXECUTIVES
|
Name : |
Mr. Maulik Bharatkumar Gandhi |
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Designation : |
Secretary |
|
Address : |
Panchvaty Park – 174, Near Panchvaty Hall, Rajkot - 360001,
Gujarat, India |
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Date of Birth/Age : |
21.10.1984 |
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Date of Appointment : |
17.09.2012 |
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PAN No.: |
AJJPG9997J |
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|
|
|
Name : |
Mr. Kamlesh Sureshbhai Solanki |
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Designation : |
Chief Finance Officer |
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Address : |
Karan, A-10 - Haridvar Society, Gokuldham Main Road, Rajkot - 360004, Gujarat, India |
|
Date of Appointment : |
01.04.2015 |
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PAN No.: |
APPPS2830C |
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|
|
|
Name : |
Mr. Bharat |
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Designation : |
Exim Incharge |
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 |
AS ON: 30.11.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
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 : |
· Manufacturer of CNC Machines. (Registered Activity) · Manufacturer, exporter and Supplier of Simple Turning Machines, Turn Mill Centers Inverted Turning Line machines, vertical Turning Lather, L Frame Machines, etc. (Confirmed by Management) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
France |
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Imports : |
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Products : |
Not Available |
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Countries : |
Not Available |
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Terms : |
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Selling : |
Cash, Advance Payment, Cheque and Others [NEFT, RTGS] |
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Purchasing : |
Cash, Advance Payment, Cheque and Others [NEFT, RTGS] |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Manufacturers and End Users · Brakes India Limited · Ashok Leyland · Cenlub Industries Limited · Chandan Steel Limited · ITL Industries Limited |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
· 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 · Corporation Bank |
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Facilities : |
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Auditors : |
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|
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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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Subsidiary Company
: [As on 31.03.2016] |
· Huron Graffenstanden SAS · Jyoti SAS · Huron Canada Incorporated |
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|
|
|
Associate Company : [As on 31.03.2016] |
Jyoti International Private Limited |
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 |
|
|
|
|
|
|
|
|
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 |
|
PARTICULARS |
|
|
31.03.2017 [Provisional] |
|
Total Operating Income |
|
|
5090.900 |
|
|
|
|
|
|
PAT |
|
|
187.200 |
The above information has been taken from Indirect sources i.e.
“BRICKWORKS”
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 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
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 |
|
Current Maturities of Long
term debt |
359.422 |
246.994 |
395.415 |
|
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% |
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 |
Yes |
|
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 four 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 |
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 |
UNSECURED LOANS
|
PARTICULARS |
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 |
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.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Claims against company
not acknowledged as debt |
|
|
|
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 67.77 |
|
UK Pound |
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
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 |
YES |
|
--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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.