MIRA INFORM REPORT

Report No. :	340082
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	LANCER LASER TECH LIMITED (w.e.f. 29.04.2008)
Formerly Known As :	LANCER LASER TECH PRIVATE LIMITED
Registered Office :	Survey No. 143/P/2, Chhatral – Mehsana Highway Opposite. Sandek Laminations, Village Rajpur, Taluka Kadi – 382740, Gujarat
Tel. No.:	91-2764-278801 / 278802
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.1999
Com. Reg. No.:	04-036446
Capital Investment / Paid-up Capital :	Rs. 49.900 Million
CIN No.: [Company Identification No.]	U28930GJ1999PLC036446
TAN No.: [Tax Deduction & Collection Account No.]	AHML00400B/ AHML00150D
PAN No.: [Permanent Account No.]	AAACL5061F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Machinery Parts and Sheet Metal Components.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company possesses above average operational performance it has achieved profit from its operations. Due to profit, company has wiped out some of its accumulated losses during year under a review. Rating remain constrained on account of company’s moderate financial risk profile marked by negative reserves and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B-
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk
Date	January 27, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4
Rating Explanation	Minimal Degree of Safety and Very High Credit Risk
Date	January 27, 2015

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 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO – OPRATIVE (Tel No.:91-2764-278801/ 2764-278802)

LOCATIONS

Registered Office/ Factory :	Survey No. 1434P/2, Chhatral-Mehsana, National Highway, Opposite Sandek Laminations, Village Rajpur, Taluka Kadi-382740, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9825065253 (Mr. Dhirajkumar Narshibhai Patel)
Fax No.:	Not Available
E-Mail :	info@lancerlaser.com bjt_asso@yahoo.co.in

DIRECTORS

As on 26.06.2014

Name :	Mr. Dhirajkumar Narshibhai Patel
Designation :	Director
Address :	20, Samruddhi 1 Bunglow, Opposite Saij Anand Bunglow, Shilaj Road, Thaltej, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	08.12.1973
Date of Appointment :	28.08.1999
DIN No.:	02136948
Name :	Mr. Dhyabhai Bechrdas Patel
Designation :	Director
Address :	66, Alok Bunglow, Drive in Road, Thaltej, Ahmedabad, Gujarat, India
Date of Birth/Age :	10.06.1952
Date of Appointment :	01.04.2009
DIN No.:	02558924
Name :	Mr. Harshadbhai Narsihbahi Patel
Designation :	Director
Address :	20, Samruddhi 1 Bunglow, Opposite Saij Anand Bunglow, Shilaj Road, Thaltej, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	02.10.1972
Date of Appointment :	03.02.2012
DIN No.:	02976597
Name :	Mr. Narshihbhai Bechardas Patel
Designation :	Director
Address :	20, Samruddhi 1 Bunglow, Opposite Saij Anand Bunglow, Shilaj Road, Thaltej, Ahmedabad-380054, Gujarat, India
Date of Birth/Age :	04.05.1948
Date of Appointment :	01.06.2012
DIN No.:	05291250

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.06.2014

Names of Shareholders	No. of Shares
Jashodaben N Patel	104000
Bhavanben N Patel	34544
Dhiraj N Patel	878056
Jagrutiben Patel	329743
Narshibhai B Patel	646796
Kailashben N Patel	98700
Sarojben D Patel	238303
Dahyabhai B Patel	335800
Hitesh D Patel	130000
Rashmiben D Patel	51000
Shubhadraben D Patel	456500
Mittal M Patel	30000
Dahyabhai B Patel HUF	475500
Dipesh D Patel	140000
Nitin M Patel HUF	49371
Dhiraj N Patel HUF	266820
Harshad N Patel	545867
Krishna H Patel	54500
Geometry Metal Tech Private Limited, India	60000
Narshibhai B Patel HUF	49000
Harshad N Patel HUF	15500
Total	4990000

Equity Share Break up (Percentage of Total Equity)

As on 26.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	01
Directors or relatives of Directors	99
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Machinery Parts and Sheet Metal Components.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Corporation Bank
Branch	Navrangpura Branch, Ahmedabad-380009, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Bank	55.524	67.239
Loans and Advances From Related Parties and Others	13.201	14.520
Short-term borrowings
Cash Credit
From Bank Secured By Hypothecation of Stock Book Debts etc.	43.092	45.532
Loans and Advances From Related Parties and Others	14.313	14.049
Total	126.130	141.340

Auditors :
Name :	Bharat J.Trivedi and Associates Chartered Accountants
Address :	34, Raj Ratna Complex, Opposite Municipal School, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26426317
Fax No.:	91-79-26445640
E-Mail :	bjt_asso@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAKPT5888P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Geometry Metal Tech Private Limited Umiya Agro Industries

CAPITAL STRUCTURE

As on 26.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4990000	Equity Shares	Rs.10/- each	Rs.49.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.900	49.900	49.900
(b) Reserves & Surplus	(0.481)	(5.456)	14.436
(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)	49.419	44.444	64.336
(3) Non-Current Liabilities
(a) long-term borrowings	103.257	108.271	101.761
(b) Deferred tax liabilities (Net)	21.709	20.259	12.381
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	124.966	128.530	114.142
(4) Current Liabilities
(a) Short term borrowings	57.404	59.594	44.092
(b) Trade payables	83.089	77.137	75.793
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	4.325	2.178	2.292
Total Current Liabilities (4)	144.818	138.909	122.177
TOTAL	319.203	311.883	300.655
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	181.255	203.928	201.414
(ii) Intangible Assets	3.419	4.174	3.955
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.839	1.677	0.000
(b) Non-current Investments	0.010	0.010	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	185.523	209.789	205.369
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.690	62.330	46.456
(c) Trade receivables	56.849	29.383	36.207
(d) Cash and cash equivalents	1.016	6.338	1.271
(e) Short-term loans and advances	2.614	3.508	8.918
(f) Other current assets	0.511	0.535	2.434
Total Current Assets	133.680	102.094	95.286
TOTAL	319.203	311.883	300.655

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operation	263.659	191.686	158.165
	Other Income	7.437	5.916	0.762
	TOTAL (A)	271.096	197.602	158.927
Less	EXPENSES
	Cost of Materials Consumed	186.889	140.585	105.236
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	8.960	(2.316)	(7.314)
	Employees benefits expense	13.976	13.969	18.876
	Other expenses	22.662	18.125	16.218
	Exceptional Items - Preliminary Expenses	0.000	0.074	0.048
	Exceptional Items	0.000	0.000	0.000
	Reverse Of Services Tax Credit Of P.Y	0.000	1.006	0.000
	Previous Year Adjustment	0.447	0.193	0.595
	Previous Year Loss On Sale Of assets	0.313	4.375	3.527
	TOTAL (B)	233.247	176.011	137.186
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	37.849	21.591	21.741
Less	FINANCIAL EXPENSES (D)	20.910	23.353	27.266
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	16.939	-1.762	-5.525
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.514	10.181	9.276
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6.425	(11.943)	(14.801)
Less	TAX (H)	1.449	7.949	(1.467)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	4.976	(19.892)	(13.334)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1.743	0.338	1.078
	TOTAL EARNINGS	1.743	0.338	1.078
	IMPORTS
	Raw Materials	3.241	19.965	4.775
	TOTAL IMPORTS	3.241	19.965	4.775
	Earnings / (Loss) Per Share (Rs.)	0.10	3.99	2.67

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.89	(10.38)	(8.43)
Operating Profit Margin (PBIDT/Sales)	(%)	14.36	11.26	13.75
Return on Total Assets (PBT/Total Assets}	(%)	2.02	(3.85)	(4.92)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.27)	(0.23)
Debt Equity Ratio (Total Debt /Networth)		3.25	3.78	2.27
Current Ratio (Current Asset/Current Liability)		0.92	0.73	0.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	49.900	49.900	49.900
Reserves & Surplus	14.436	(5.456)	(0.481)
Net worth	64.336	44.444	49.419
long-term borrowings	101.761	108.271	103.257
Short term borrowings	44.092	59.594	57.404
Total borrowings	145.853	167.865	160.661
Debt/Equity ratio	2.267	3.777	3.251

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	158.165	191.686	263.659
		21.194	37.547

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	158.165	191.686	263.659
Profit	(13.334)	(19.892)	4.976
	(8.43%)	(10.38%)	1.89%

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	No
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	No
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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 17/B, Kamaldeep Industrial Estate Opp. New Arvind Mills, Khatraj Kalol – 382721, Gujarat India to the present address w.e.f. 03.02.2012

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term Borrowing
Loans and Advances From Related Parties and Others	29.531	21.511
Deposits for business	5.000	5.000
Short term Borrowing
Loans and Advances From Related Parties and Others	-	0.012
Total	34.531	26.523

FUTURE OUTLOOK

The company expects very good business in future with establishment of our newly product i.e. Agricultural Implants which got very good response from the market and acceptability of our product by end users with quality and competency.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10339455	19/02/2015 *	212,300,000.00	DENA BANK	Highway Road Branch, Vijay Compound, Highway Road, Mahesana, Gujarat - 384002, INDIA	C46812681
2	10311975	29/09/2011	212,300,000.00	DENA BANK	Highway Road Branch, Nr. Rajkamal Petrol Pump, Highway, Mehsana, Mehsana, Gujarat - 384002, INDIA	B23210552

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• Electric Equipments
• Furniture and Fixture
• Computers
• Office Equipments
• Vehicles
• 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 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 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.66.60
UK Pound	1	Rs.102.30
Euro	1	Rs.74.60

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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.