MIRA
INFORM REPORT
|
Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
LAUREN INFORMATION TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
LAUREN SOFTWARE PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Jains Arcade, 14th Road, Khar Danda,
Khar [West], Mumbai 400052, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.12.1992 |
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Com. Reg. No.: |
11-69851 |
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CIN No.: [Company
Identification No.] |
U72200MH1992PTC069851 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04716F |
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PAN No.: [Permanent
Account No.] |
AAACL1424A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business or profession or vocation of sale, manufacture, dealership, repairs and service of computers, computer hardware, peripherals, computer software, computer media and computer consumables. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability is under severe pressure
having good amount of accumulated losses.
Payments are reported as slow and delayed at times. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Chetan |
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Designation : |
Accounts Manager |
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Date : |
27.06.2008 |
LOCATIONS
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Registered Office : |
3rd Floor, Jains Arcade, 14th Road, Khar Danda,
Khar [West], Mumbai 400052, Maharashtra, India |
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Tel. No.: |
91-22-26007701 / 26007703 |
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Fax No.: |
91-22-26007702 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Branches : |
Pune C-15, 1st Floor, Phase 2, Liberty Society, North Main Road,
Koregaon Park, Pune 411001, Maharashtra, India |
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Tel. No.: |
91-20-26058896 |
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Fax No.: |
91-20-26058897 |
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Nashik 3, Gaurav Pooja Apartments, Shanti Niketan Society, Pramod Nagar,
Gangapur Road, Nasik 422013, Maharashtra, India |
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Tele Fax No.: |
91-253-2576966 |
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Baroda A-5, Vrundavan Township, Opposite Nageshwar Temple, Near Sangam Char Rasta,
Kareli Baug, Baroda 390006, Maharashtra, India |
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Tel. No.: |
91-265-3298016 |
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Fax No.: |
91-265-2480045 |
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Hyderabad 202/B, Ashoka Plaza, Masab Tank, Hyderabad 500028 |
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Tel. No.: |
91-40-66139431 |
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Fax No.: |
91-40-23373701 |
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Bangalore IInd Floor, Shamrao Compound, 22/1, Mission Road, Bangalore 560027,
Karnataka, India |
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Tel. No.: |
91-80-65636440 / 42 |
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Fax No.: |
91-80-41247818 |
DIRECTORS
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Name : |
Mr. Rawlin Francis Pinto |
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Designation : |
Director |
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Address : |
701, Silver Park, Convent Avenue, Santacruz [West], Mumbai 400054,
Maharashtra, India |
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Date of Birth/Age : |
04.10.1959 |
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Date of Appointment : |
03.12.1992 |
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Name : |
Mr. Ratnakar Narayan Kanchan |
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Designation : |
Director |
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Address : |
16/B, Sagar Sanjog, 7th Floor, Versova Beach Road, Andheri
[West], Mumbai 400061, Maharashtra, India |
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Date of Birth/Age : |
21.02.1962 |
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Date of Appointment : |
03.12.1992 |
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Name : |
Mr. Sushant Panda |
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Designation : |
Director |
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Address : |
303/304, Sheffield Towers, 2nd Cross Lane, Lokhandwala
Complex, Andheri [West], Mumbai 400053, Maharashtra, India |
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Date of Birth/Age : |
15.01.1961 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Rajnikant Rao |
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Designation : |
Director |
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Address : |
Lok Bharathi, 7th Floor, Marol Maroshi Road, Andheri
[East], Mumbai 400059, Maharashtra, India |
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Date of Birth/Age : |
25.01.1960 |
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Date of Appointment : |
17.11.1992 |
KEY EXECUTIVES
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Name : |
Mr. Mushtaq Khot |
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Designation : |
Vice President Sales |
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Name : |
Mr. Lathesh Shetty |
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Designation : |
Vice President – Software Solutions Group |
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Name : |
Mr. Avinash Kodwaney |
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Designation : |
Assistant Vice President – Marketing |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
No. of Shares |
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Rawlin F. Pinto |
175000 |
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Ratnakar N. Kanchan |
162500 |
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Rajnikant M. Rao |
162500 |
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Avinash H. Kodwaney |
1500 |
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Lathesh J. Shetty |
2500 |
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Mushtaq A. Khot |
500 |
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Prashant R. Bhatkan |
500 |
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Shaleen S. Choudhry |
500 |
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Helen T. D’souza |
500 |
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Santosh G. Raorane |
500 |
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Name of
Allottees |
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No. of Shares |
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Rawlin Pinto |
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531825 |
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Ratnakar Kanchan |
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493839 |
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Rajnikant Rao |
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493836 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
To carry on the business or profession or vocation of sale, manufacture, dealership, repairs and service of computers, computer hardware, peripherals, computer software, computer media and computer consumables. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Banking | Insurance | Financial Services
Pharma |
FMCG | Manufacturing
Shipping | Logistics
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No. of Employees : |
375 [In Office 50 + In Branch 325] |
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Bankers : |
Citi Tower, Dr.
S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. D. Jokhakar and Company Chartered Accountants |
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Address : |
8, Ambalal Doshi Marg, Fort, Mumbai 400001, Maharashtra, India |
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Name : |
R. K. Khanna and Associates Chartered Accountants |
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Address: |
Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
610000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.100
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 |
6.100 |
6.100 |
5.065 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.344 |
3.344 |
17.805 |
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4] (Accumulated Losses) |
[5.925] |
[3.753] |
0.000 |
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NETWORTH |
3.519 |
5.691 |
22.870 |
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LOAN FUNDS |
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1] Secured Loans |
9.395 |
11.423 |
17.988 |
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2] Unsecured Loans |
0.000 |
0.850 |
3.400 |
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TOTAL BORROWING |
9.395 |
12.273 |
21.388 |
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DEFERRED TAX LIABILITIES |
3.960 |
3.701 |
1.017 |
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TOTAL |
16.874 |
21.665 |
45.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.786 |
29.873 |
23.557 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.012 |
0.012 |
1.600 |
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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 |
0.000
|
0.038 |
2.253
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Sundry Debtors |
4.026
|
9.146 |
32.704
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Cash & Bank Balances |
0.367
|
1.287 |
3.007
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
1.323
|
1.336 |
4.884
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Total
Current Assets |
5.716
|
11.807 |
42.848 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.417
|
19.968 |
22.730
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Provisions |
0.224
|
0.059 |
0.000 |
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Total
Current Liabilities |
17.641
|
20.027 |
22.730 |
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Net Current Assets |
[11.925]
|
[8.220] |
20.118 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.874 |
21.665 |
45.275 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other
income]
|
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|
183.934 |
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Profit/(Loss) Before Tax
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|
3.235 |
Provision for Taxation
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|
1.316 |
Profit/(Loss) After Tax
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|
1.919 |
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Total Expenditure
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180.699 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
|
NA |
1.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
1.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
4.87 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.68
|
5.68 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
|
0.32
|
0.59 |
1.88 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Building
- Computers
- Furniture and fixtures
- Refrigerators
- Motor car
- Fax machines
- Electrical installations
- Air conditioners
- EPABX systems
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U72200MH1992PTC069851 |
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Name of the
company |
LAUREN
INFORMATION TECHNOLOGIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
3rd Floor, Jains Arcade, 14th Road, Khar Danda,
Khar [West], Mumbai 400052, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Citi Bank NA Citi Tower, Dr.
S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
A] Loan Agreement
and B] Memorandum of
Entry Recording Past Transaction of Equitable mortgage by deposit of title
deeds. |
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Date of
instrument Creating the charge |
29.05.2007 |
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Amount secured by
the charge |
Rs. 53.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.75% over/less
than the applicable Citibank PLR which is currently 13.75% p.a. Terms of
Repayment Dropline
Overdraft facility of Rs. 23.000 Millions shall be repayable in 84 months. Overdraft
facility of Rs. 30.000 Millions to be renewabke annually. Margin As may be
stipulated by bank from time to time. Extent and
Operation of the charge The company
created an equitable mortgage by way of deposit of title deeds in respect of
its immovable properties as security for repayment of Rs. 53.000 Millions,
together with interest liquidated damages, costs, charges and expenses and
all other moneys due and payable by the said Borrowers to the Bank. |
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Short particulars
of the property charged |
Immovable property
situated at Units No. 1, 2, 3, 4, 5, 6 and 7, 3rd Floor, Jains
Arcade, 14th Road, Khar Danda, Khar [West], Mumbai 400054 |
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Name of the company |
LAUREN SOFTWARE
PRIVATE LIMITED |
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Presented By |
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1) Date and description of instrument creating the change |
Memorandum of
Entry recording equitable mortgage dated 06.06.2005 and Loan Agreement dated
06.06.2005. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Overdraft Facility
Rs. 10.000 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 |
Equitable
mortgage over commercial properties situated. at: Unit No.1, 2, 3
and 6, 3rd Floor, Jains Arcade, 14th Road, Khar Danda,
Khar [West], Mumbai 400052 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Facility :
Overdraft facility Rs. 10.000 Millions interest @ 10.00% interest payable
monthly |
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5) Name and Address and description of the person entitled to the
charge. |
Citibank N.A. Cititower, 61,
Dr. S. S. Rao Road, Parel, Mumbai 400012 |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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. |
NA |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.95 |
|
UK Pound |
1 |
Rs. 85.62 |
|
Euro |
1 |
Rs. 67.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|