MIRA INFORM REPORT

Report Date :

05.07.2008

IDENTIFICATION DETAILS

Name :	LAUREN INFORMATION TECHNOLOGIES PRIVATE LIMITED
Formerly Known As :	LAUREN SOFTWARE PRIVATE LIMITED
Registered Office :	3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar [West], Mumbai 400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	03.12.1992
Com. Reg. No.:	11-69851
CIN No.: [Company Identification No.]	U72200MH1992PTC069851
TAN No.: [Tax Deduction & Collection Account No.]	MUML04716F
PAN No.: [Permanent Account No.]	AAACL1424A
Legal Form :	Private Limited Liability Company
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

	MIRA’s Rating :			B
RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.		Small

Maximum Credit Limit :	USD 17000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track records. 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

Name :	Mr. Chetan
Designation :	Accounts Manager
Date :	27.06.2008

LOCATIONS

Registered Office :	3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar [West], Mumbai 400052, Maharashtra, India
Tel. No.:	91-22-26007701 / 26007703
Fax No.:	91-22-26007702
E-Mail :	rawlin@lauren.co.in Lauren@bom2.vsnl.net.in
Website :	http://www.lauren.co.in
Location:	Owned
Branches :	Pune C-15, 1^st Floor, Phase 2, Liberty Society, North Main Road, Koregaon Park, Pune 411001, Maharashtra, India
Tel. No.:	91-20-26058896
Fax No.:	91-20-26058897
	Nashik 3, Gaurav Pooja Apartments, Shanti Niketan Society, Pramod Nagar, Gangapur Road, Nasik 422013, Maharashtra, India
Tele Fax No.:	91-253-2576966
	Baroda A-5, Vrundavan Township, Opposite Nageshwar Temple, Near Sangam Char Rasta, Kareli Baug, Baroda 390006, Maharashtra, India
Tel. No.:	91-265-3298016
Fax No.:	91-265-2480045
	Hyderabad 202/B, Ashoka Plaza, Masab Tank, Hyderabad 500028
Tel. No.:	91-40-66139431
Fax No.:	91-40-23373701
	Bangalore IInd Floor, Shamrao Compound, 22/1, Mission Road, Bangalore 560027, Karnataka, India
Tel. No.:	91-80-65636440 / 42
Fax No.:	91-80-41247818

DIRECTORS

Name :	Mr. Rawlin Francis Pinto
Designation :	Director
Address :	701, Silver Park, Convent Avenue, Santacruz [West], Mumbai 400054, Maharashtra, India
Date of Birth/Age :	04.10.1959
Date of Appointment :	03.12.1992
Name :	Mr. Ratnakar Narayan Kanchan
Designation :	Director
Address :	16/B, Sagar Sanjog, 7^th Floor, Versova Beach Road, Andheri [West], Mumbai 400061, Maharashtra, India
Date of Birth/Age :	21.02.1962
Date of Appointment :	03.12.1992
Name :	Mr. Sushant Panda
Designation :	Director
Address :	303/304, Sheffield Towers, 2^nd Cross Lane, Lokhandwala Complex, Andheri [West], Mumbai 400053, Maharashtra, India
Date of Birth/Age :	15.01.1961
Date of Appointment :	01.04.2000
Name :	Mr. Rajnikant Rao
Designation :	Director
Address :	Lok Bharathi, 7^th Floor, Marol Maroshi Road, Andheri [East], Mumbai 400059, Maharashtra, India
Date of Birth/Age :	25.01.1960
Date of Appointment :	17.11.1992

KEY EXECUTIVES

Name :	Mr. Mushtaq Khot
Designation :	Vice President Sales
Name :	Mr. Lathesh Shetty
Designation :	Vice President – Software Solutions Group
Name :	Mr. Avinash Kodwaney
Designation :	Assistant Vice President – Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2004

Names of Shareholders	No. of Shares
Mr. Rawlin F. Pinto	175000
Mr. Ratnakar N. Kanchan	162500
Mr. Rajnikant M. Rao	162500
Mr. Avinash H. Kodwaney	1500
Mr. Lathesh J. Shetty	2500
Mr. Mushtaq A. Khot	500
Mr. Prashant R. Bhatkan	500
Mrs. Shaleen S. Choudhry	500
Mrs. Helen T. D’souza	500
Mr. Santosh G. Raorane	500
Name of Allottees	No. of Shares
Mr. Rawlin Pinto	531825
Mr. Ratnakar Kanchan	493839
Mr. Rajnikant Rao	493836

Equity Share Break-up [As on 31.03.2006]	Percentage of Holding
Directors or relatives of the Directors	100.00

BUSINESS DETAILS

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.
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :	Banking | Insurance | Financial Services Accenture Credit Lyonnais Deutsche Bank Development Bank of Singapore HDFC Chubb HDFC Standard Life JM Mutual Fund JP Morgan Chase Parag Parikh Financial Services Prebon Yamane Principal Mutual Fund Prime Securities SSKI Toronto Dominion Bank Pharma | FMCG | Manufacturing Aventis Pharma Castrol Colgate Palmolive Crompton Greaves KEC International Larsen & Toubro Pfizer Limited Supreme Petrochemcials Wockhardt Shipping | Logistics AFL DHL DHL Danzas Geologistics Great Eastern Shipping Company Lemuir Air Express Maersk Sealand Ocean Bulk Carries
No. of Employees :	375 [In Office 50 + In Branch 325]
Bankers :	Citizen Credit Co-operative Bank Limited Citi Bank NA, Citi Tower, Dr. S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India
Banking Relations :	Satisfactory
Auditors :
Name :	B. D. Jokhakar and Company Chartered Accountants
Address :	8, Ambalal Doshi Marg, Fort, Mumbai 400001, Maharashtra, India
Name :	R. K. Khanna and Associates Chartered Accountants
Address:	Mumbai, Maharashtra, India

CAPITAL STRUCTURE

(As on 31.03.2007):-

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
SHAREHOLDERS FUNDS
1] Share Capital		6.100	6.100	5.065
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3.344	3.344	17.805
4] (Accumulated Losses)		[5.925]	[3.753]	0.000
NETWORTH		3.519	5.691	22.870
LOAN FUNDS
1] Secured Loans		9.395	11.423	17.988
2] Unsecured Loans		0.000	0.850	3.400
TOTAL BORROWING		9.395	12.273	21.388
DEFERRED TAX LIABILITIES		3.960	3.701	1.017
TOTAL		16.874	21.665	45.275
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.786	29.873	23.557
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.012	0.012	1.600
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.038	2.253
	Sundry Debtors	4.026	9.146	32.704
	Cash & Bank Balances	0.367	1.287	3.007
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.323	1.336	4.884
Total Current Assets		5.716	11.807	42.848
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	17.417	19.968	22.730
	Provisions	0.224	0.059	0.000
Total Current Liabilities		17.641	20.027	22.730
Net Current Assets		[11.925]	[8.220]	20.118
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.874	21.665	45.275

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		8.985	63.553	183.934
Other Income		0.000	0.000	0.000
Total Income		8.985	63.553	183.934
Profit/(Loss) Before Tax		[1.812]	0.232	3.235
Provision for Taxation		0.000	0.000	1.316
Profit/(Loss) After Tax		[1.812]	0.232	1.919
Export Value		7.123	6.963	NA
Expenditures :
	Depreciation & Amortization	1.086	1.252
	Interest	1.160	1.491	180.699
	Other Expenditure	8.551	60.578
Total Expenditure		10.797	63.321	180.699

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	[20.17]	0.37	1.04
Net Profit Margin (PBT/Sales)	(%)	[20.17]	0.37	1.75
Return on Total Assets (PBT/Total Assets}	(%)	[5.25]	0.56	4.87
Return on Investment (ROI) (PBT/Networth)		[0.51]	0.04	0.14
Debt Equity Ratio (Total Liability/Networth)		7.68	5.68	1.92
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
Corporate identity number of the company	U72200MH1992PTC069851
Name of the company	LAUREN INFORMATION TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar [West], Mumbai 400052, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Citi Bank NA Citi Tower, Dr. S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India
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.
Date of instrument Creating the charge	29.05.2007
Amount secured by the charge	Rs. 53.000 Millions
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 renewable 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.
Short particulars of the property charged	Immovable property situated at Units No. 1, 2, 3, 4, 5, 6 and 7, 3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar [West], Mumbai 400054

Name of the company	LAUREN SOFTWARE PRIVATE LIMITED
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.
2) Amount secured by the charge/amount owing on the securities of charge	Overdraft Facility Rs. 10.000 Millions
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, 3^rd Floor, Jains Arcade, 14^th 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
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

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. 43.21
UK Pound	1	Rs. 85.72
Euro	1	Rs. 67.92

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

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