MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
LANCER LASER TECH PRIVATE LIMITED |
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Registered Office : |
C/8, Milap Apartment, B/h |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.08.1999 |
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Com. Reg. No.: |
04-36446 |
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CIN No.: [Company
Identification No.] |
U28930GJ1999PTC036446 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHML00150D |
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PAN No.: [Permanent
Account No.] |
AAACL5061F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Metal Sheet Components and Engineering Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
C/8, Milap Apartment, B/h |
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Tel. No.: |
91-2764-281350 |
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Mobile No.: |
91-9825065253 |
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Fax No.: |
91-2764-281433 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Factory 1 : |
17-B, Kamaldeep Industrial Estate, Opp. Arvind Mills, Khatraj,
Ghandhinagar-382721, |
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Tel. No.: |
91-2764-281310 / 281350 / 281544 to 47 |
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Fax No.: |
91-2764-281433 |
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E-Mail : |
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Area : |
1446.45 sq. mtrs |
DIRECTORS
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Name : |
Mr. Nitin Mangalas Patel |
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Designation : |
Director |
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Address : |
C/8, Milap Apartment, Shahibaug, Ahmedabad-380004, |
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Date of Birth/Age : |
25.02.1973 |
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Date of Appointment : |
20.08.1999 |
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Name : |
Mrs. Subhadraben Dehyabhai Patel |
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Designation : |
Director |
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Address : |
66 Alok Bunglow, Drive in Road, Ahmedabad |
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Date of Birth/Age : |
01.06.1956 |
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Date of Appointment : |
20.08.1999 |
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Name : |
Mr. Arvindbhai L. Patel |
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Designation : |
Director |
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Address : |
6, Ankit Flats, |
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Date of Birth/Age : |
07.08.1953 |
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Date of Appointment : |
20.08.1999 |
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Name : |
Mr. Dhiraj N. Patel |
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Designation : |
Director |
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Address : |
38, Vithal Nagar Society, |
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Date of Birth/Age : |
08.12.1973 |
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Date of Appointment : |
20.08.1999 |
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Name : |
Mr. Harshad N. Patel |
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Designation : |
Director |
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Address : |
38, Vithal Nagar Society, |
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Date of Birth/Age : |
02.10.1972 |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mr. Pratik M. Patel |
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Designation : |
Director |
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Address : |
C/8, Milap Apartment, Shahibaug, Ahmedabad-380004, |
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Date of Birth/Age : |
16.12.1983 |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mrs. Rashmi D. Patel |
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Designation : |
Director |
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Address : |
66 Alok Bunglow, Drive in Road, Ahmedabad |
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Date of Birth/Age : |
13.09.1980 |
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Date of Appointment : |
01.10.2003 |
KEY EXECUTIVES
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Name : |
Keyur J. Shah |
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Designation : |
Company Secretary |
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Address : |
B-4, Rang Tarang Apartment, Near Shreyas
crossing, Ambawadi, Ahmedabad-380015, |
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Tel No. |
91-79-2600428 |
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Mobile No. |
91-9426418530 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Nitin Patel |
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133400 |
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Champaben Patel |
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10600 |
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Yashodaben Patel |
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24500 |
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Naresh Patel |
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10600 |
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Sumitraben Patel |
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12480 |
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Bishnubhai Patel |
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12000 |
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Chamanlal Patel |
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3620 |
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Bhavnaben Patel |
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15300 |
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Dhiraj Patel |
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150000 |
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Jagrutiben Patel |
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35750 |
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Narshibhai Patel |
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18500 |
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Kailashben Patel |
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17350 |
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Harshad Patel |
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2000 |
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Sarojben Patel |
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13900 |
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Becharbhai Patel |
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9500 |
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Dahyabhai Patel |
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52500 |
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Hitesh Patel |
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15000 |
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Rashmiben Patel |
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25500 |
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Kailashben Patel |
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2000 |
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Subhadraben Patel |
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133000 |
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Arvindbhai Patel |
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187500 |
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Dineshbhai Patel |
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50000 |
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Mittalben Patel |
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15000 |
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Total |
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950000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Metal Sheet Components and Engineering
Products. |
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Imports : |
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Products : |
Raw Materials, Stores and Spares |
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Countries : |
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Terms : |
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Purchasing : |
L/C terms |
GENERAL INFORMATION
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Suppliers : |
Ř
Gujarat Acetylene Private Limited Ř
Alchemie Gases and Chemicals Ř
A. R. Enterprises Ř
Shahjanand Laser Technology Ř
Durga Marketing Ř
Pravin Metals Ř
Saturn Mech Tech Private Limited |
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Customers : |
Ř
Alpha Ř
Business Equipment and Machinery Private Limited Ř
Pharmalab Engineering Private Limited Ř
Harsha Engineers Limited Ř
Laxmi Engineers Ř
J. K. Neumatics Ř
Ultrapure Techno and Appliances Industries
Limited Ř
KHS Machinery Limited Ř
Kusters Calico Machinery Limited Ř
L and T Cast Equipments Limited Ř
Morgen Impex Limited Ř
Volgo Airtechnics Limited Ř
Vinod High Tech Limited Ř
New India Assurance Company Limited |
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No. of Employees : |
35 |
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Bankers : |
Ř
Bank of Ř
Punjab National Bank, Ř
Corporation Bank, Navarangpura branch, Ahmedabad |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. J. Trivendi and Associates Chartered Accountants |
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Address : |
34, Rajratna Complex, |
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Tel. No.: |
91-79-26443125/26426317 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.500 |
9.500 |
9.500 |
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2] Share Application Money |
2.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.282 |
16.626 |
10.573 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.782 |
26.126 |
20.073 |
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LOAN FUNDS |
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1] Secured Loans |
20.043 |
12.056 |
6.947 |
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2] Unsecured Loans |
20.902 |
12.442 |
8.299 |
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TOTAL BORROWING |
40.945 |
24.498 |
15.246 |
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DEFERRED TAX LIABILITIES |
1.516 |
1.163 |
0.000 |
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TOTAL |
71.243 |
51.787 |
35.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.852 |
35.042 |
20.502 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.667
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16.212 |
7.750 |
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Sundry Debtors |
14.984
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13.172 |
10.720 |
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Cash & Bank Balances |
1.607
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3.022 |
1.910 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.069
|
3.467 |
3.436 |
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Total
Current Assets |
34.327
|
35.873 |
23.816 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.979
|
18.748 |
8.968 |
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Provisions |
0.000
|
0.443 |
0.114 |
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Total
Current Liabilities |
8.979
|
19.191 |
9.082 |
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Net Current Assets |
25.348
|
16.682 |
23.734 |
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MISCELLANEOUS EXPENSES |
0.040 |
0.060 |
0.080 |
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TOTAL |
71.243 |
51.787 |
35.319 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover including Other Income |
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43.979 |
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Total Income |
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43.979 |
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Profit/(Loss) Before Tax |
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|
9.347 |
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Provision for Taxation |
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|
0.980 |
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Profit/(Loss) After Tax |
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|
8.367 |
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Expenditures : |
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Raw Materials
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26.841 |
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Manufacturing, Administrative and Other Expenses
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5.753 |
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Interest and Financial Charges
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1.534 |
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Depreciation
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|
0.504 |
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Total Expenditure |
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34.632 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
19.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
21.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
21.09 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
1.67 |
1.21 |
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Current Ratio (Current Asset/Current Liability) |
|
3.82
|
1.87 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
LANCER LASER
TECH PRIVATE LIMITED |
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Presented By |
Mr. Nitin
Mangalas Patel, Director |
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1) Date and description of instrument creating the change |
07.10.2004 Memorandum of
entry to create equitable mortgage |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.870
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Immovable
property of factory land and factory building at plot no. 17/B, admeasuring
1730 sq. yards in Kamaldeep Industrial
Estate part of consolidated plot No – 65 situated in Village Khatraj
Taluka Kalol in district of Mehsana |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 12.75 %
p.a. COBOR + 2.25 % at present subject to annual renewal cash credit limit
11.800 millions with sub limit of inland L/C of Rs. 10.000 Millions for the
purpose of working capital finance on stock and book debts of the company
with a margin @ 30 % on stocks and @ 50 % on book debts. The limit is subject
to running account repayable on demand subject to annual renewal more
particularly descried in the sanction
letter no ZO/ADV/02/F 158/01/2004-05 dated 02.10.2004 |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Navarangpura Branch, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
AS PER WEBSITE
PROFILE
Subject is ISO 9001:2000 Certified
introduce themselves in the field of sheet metal fabrication works. They have
the distinction of being first in the state of Gujarat and very few in
Subject
made a humble beginning by installing the CNC Laser Cutting Machine in the late
90.But with the requirements of the customers and the vision of the company to
become the total fabrication solution provider, the company expanded its
facilities by installing the Turret Punch Press, Bending Machine and the
Welding Machine.
The COMPETENCY of the company lies in its innate knowledge of its efficient and
experienced team, the facilities, commitment, innovativeness and the CORE
COMPETENCE being the organization’s policy of “Moving ahead with Time”.
The
UNIQUE SELLING PROPOSITION (USP) of the company is its ability to provide the
Total Fabrication Solution under one roof.
Subject
is a Strategic Diversified Company Having an experienced and efficient team for
the precision sheet metal fabrication with modern job shop using high tech
precision fabrication technology like CNC Laser Cutting, NC Bending and
Technologically advance Welding Facility.
SERVICE
Powder Coating
Plating/Anodizing
Sand Blasting
Metal Finishing
QUALITY ASSURANCE
The Management and employees of subject is committed not
only to satisfy the customer but also to exceed and delight them with a focused
continuous improvement approach with proactive innovation ideology in the field
" Sheel metal jobs"
Subject is also committed to comply with requirement of ISO 9001:2000 and
continually improve the effectiveness of its Quality Management System.
The Top management shall ensure that the quality policy and objectives
are communicated and understood well within the organization. And it shall also
periodically review the quality objectives as well as the conlinuing
suitability of the quality policy and objectives of the organization
CUSTOMER BENEFITS
Processing of complex profiles
Quick responce & prompt delivery
Manufacturing according customer requirement
Constant relation with the customer for feedback
Elimination of the finishing operation
Greater material utilization
Creating Value for customer and customer satisfaction
Strategic alliance to build up core competency
Total fabrication solution under one roof
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.33 |
|
|
1 |
Rs.79.74 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|