MIRA
INFORM REPORT
|
Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LASER SOFT INFOSYSTEMS PRIVATE LIMITED |
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Registered Office : |
No: 100-A, Radha Avenue, Sri
Lakshmi Nagar, Valasaravakkam, Chennai - 600 087, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.02.2000 |
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Com. Reg. No.: |
18-44182 |
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CIN No.: [Company
Identification No.] |
U72200TN2000PLC044182 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEL03436G |
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PAN No.: [Permanent
Account No.] |
AAACL5896N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of Banking and Financial Services |
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 640000 |
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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 records. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
No: 100-A, Radha Avenue, Sri
Lakshmi Nagar, Valasaravakkam, Chennai - 600 087, Tamilnadu, India |
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Tel. No.: |
91 -
44 - 24869213 / 9214 / 9217 / 24869030 |
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Fax No.: |
91 -
44 – 24869212 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Ms. B Geetha Kamath |
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Designation : |
Director |
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Address : |
1226/2 B Vittal Kripa, Krishnaraja Road, Krishnamurthy Puram,
Mysore - 570004, Karnataka, India |
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Date of Birth/Age : |
29.11.1936 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Ms. Gayathri S Kamath |
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Designation : |
Director |
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Address : |
A 3 Leelavathi Apartments, 5 Prakash Mudali STT Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
25.05.1961 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. B Suresh Kamath |
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Designation : |
Director |
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Address : |
A 3 Leelavathi Apartments, 5 Prakash Mudali STT Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
28.10.1957 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. B Krishna Kamath |
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Designation : |
Director |
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Address : |
1226/2 B Vittal Kripa, Krishnaraja Road, Krishnamurthy Puram,
Mysore - 570004, Karnataka, India |
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Date of Birth/Age : |
28.05.1930 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. George Sajeev Philiph |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 1, 474 Cross STVGN Nagar Phase I, Nolambur, Maduravoyal P.
O., Chennai – 600095, Tamilnadu, India
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Date of Birth/Age : |
19.09.1961 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. S Balasubramanian |
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Designation : |
Whole Time Director |
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Address : |
15, 4th Main Road, Ram Nagar, Chennai – 600061, Tamilndu,
India |
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Date of Birth/Age : |
01.07.1946 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. B Karunakara Rao |
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Designation : |
Whole Time Director |
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Address : |
684, 3rd Block, 14th Main Road, Rajaji Nagar,
Bangalore – 560010, Karnataka, India |
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Date of Birth/Age : |
03.03.1938 |
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Date of Appointment : |
16.02.2000 |
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Name : |
Mr. Guhan Subramaniam |
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Designation : |
Director |
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Address : |
Plat No. 301, Stag Arpitha Apartments, I Cross, I Block, I Main Road,
Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
08.05.1954 |
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Date of Appointment : |
29.03.2002 |
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Name : |
Ms. B Rekha Pai |
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Designation : |
Director |
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Address : |
C/O Canara Bank, Avathi Branch, Devanahall Taluk |
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Date of Birth/Age : |
09.04.1965 |
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Date of Appointment : |
15.04.2000 |
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Date of Ceasing : |
11.08.2004 |
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Name : |
Mr. J R Som Chaudhuri |
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Designation : |
Director |
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Address : |
52, 2nd Floor, Jain Crescent Parkaapts No. 12, Rathnammal
ST Kodambakkam, Chennai – 600024, Tamilnadu, India |
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Date of Birth/Age : |
01.10.1940 |
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Date of Appointment : |
11.08.2004 |
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Name : |
Ms. Nayana Vinod Kumar |
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Designation : |
Whole Time Director |
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Address : |
56 C Pocket B, SFS Flats, Kondli, New Delhi – 110096, India |
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Date of Birth/Age : |
29.09.1966 |
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Date of Appointment : |
11.08.2004 |
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Name : |
Mr. V P Kannan |
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Designation : |
Whole Time Director |
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Address : |
No 4, EVR Street, Kothari Nagar, Ramapuram, Chennai – 600089,
Tamilnadu, India |
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Date of Birth/Age : |
03.05.1968 |
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Date of Appointment : |
11.08.2004 |
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Name : |
Mr. B Shripathi Porus |
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Designation : |
Director |
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Address : |
No. 38, I Main Road, Andal Nagar, Adambakkam, Chennai – 600088,
Tamilnadu, India |
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Date of Birth/Age : |
14.08.1970 |
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Date of Appointment : |
11.08.2004 |
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Name : |
Mr. K Chandrasekaran |
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Designation : |
Director |
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Address : |
1 A West Wood, Wingate Garden, 2 School Road, Chennai – 600028,
Tamilnadu, India |
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Date of Birth/Age : |
01.02.1950 |
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Date of Appointment : |
12.06.2000 |
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Name : |
Mr. Umesh Nath Kapur |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. V. Prasanna |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Ms. B Geetha Kamath |
|
1980000 |
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Ms. Gayathri S Kamath |
|
1980000 |
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Mr. B Suresh Kamath |
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1740300 |
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Mr. B Krishna Kamath |
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135000 |
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Mr. George Sajeev Philiph |
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119000 |
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Mr. S Balasubramanian |
|
40000 |
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Mr. B Karunakara Rao |
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25000 |
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Ms. B Rekha Pai |
|
4000 |
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Mr. J R Som Chaudhuri |
|
6000 |
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Ms. Nayana Vinod Kumar |
|
11600 |
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Mr. V P Kannan |
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11450 |
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Mr. B Shripathi Porus |
|
11600 |
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Mr. K Chandrasekaran |
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18000 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Banking and Financial Services |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
II Floor, “Temple Tower”, 672, Annasalai, Nandanam, Chennai – 600035,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7831320 |
Equity Shares |
Rs. 10/- each |
Rs. 78.313
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
78.313 |
78.313 |
78.313 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
81.068 |
64.659 |
56.025 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
159.381 |
142.972 |
134.338 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
9.776 |
21.569 |
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2] Unsecured Loans |
0.000 |
14.768 |
1.126 |
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TOTAL BORROWING |
0.000 |
24.544 |
22.695 |
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DEFERRED TAX LIABILITIES |
18.280 |
0.000 |
0.000 |
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TOTAL |
177.661 |
167.516 |
157.033 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.375 |
59.320 |
27.318 |
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Capital work-in-progress |
8.836 |
8.836 |
0.000 |
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INVESTMENT |
0.201 |
0.201 |
0.000 |
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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
|
0.000 |
0.000 |
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Sundry Debtors |
38.646
|
59.761 |
71.257 |
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Cash & Bank Balances |
38.637
|
27.956 |
31.015 |
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Other Current Assets |
12.471
|
17.151 |
35.860 |
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Loans & Advances |
22.381
|
6.581 |
7.697 |
|
Total
Current Assets |
112.135
|
111.449 |
145.829 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.655
|
4.971 |
9.770 |
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Provisions |
19.231
|
7.319 |
6.344 |
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Total
Current Liabilities |
33.886
|
12.290 |
16.114 |
|
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Net Current Assets |
78.249
|
99.159 |
129.715 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
177.661 |
167.516 |
157.033 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
216.560 |
171.040 |
134.892 |
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Other Income |
10.419 |
3.227 |
2.207 |
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Total Income |
226.979 |
174.267 |
137.099 |
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Profit/(Loss) Before Tax |
40.914 |
29.395 |
[12.349] |
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Provision for Taxation |
15.454 |
16.296 |
[0.252] |
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|
Profit/(Loss) After Tax |
25.460 |
13.099 |
[12.097] |
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Expenditures : |
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Financial Charges |
0.466 |
1.295 |
1.715 |
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Depreciation |
21.163 |
5.259 |
5.827 |
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Other Expenditure |
164.436 |
138.318 |
141.906 |
|
Total Expenditure |
186.065 |
144.872 |
149.448 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.22
|
7.52 |
[8.82] |
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|
Net Profit Margin (PBT/Sales) |
(%) |
18.89
|
17.19 |
[9.15] |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.20
|
17.21 |
[7.13] |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.21 |
[0.09] |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.26 |
0.29 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.31
|
9.07 |
9.05 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
The Company
Subject is a software product company established in 1986 by Mr. Suresh B
Kamath, an M.Tech in Computer Science from IIT, Chennai, with a focus on
development of products for the Banking and Financial Service sector. The
product offerings cover the entire range of Banking Operations and include Core
Banking and quite a few specialized products like Treasury, Trade Finance, Cash
Management, Recon systems etc.,
Subject has a strong process orientation from its inception and constantly
strives to build quality into the products and services offered. The company
has received ISO 9001 : 2000 certification from BVQI. SEI-CMMI Level 4
certification is under way.
Subject has registered office in India at Chennai ( Madras ), a metro city in
India and has 500 personnel on its rolls. It has 4 development centers located
at Chennai, Bangalore , Hyderabad and Mangalore. The Research & Development
facility at Chennai is the focal point for developing and testing new products.
There is also a well-equipped training centre in Chennai ( Madras ), that
imparts technical training and soft skills to its employees and user-training
programs to its customers.
Today, after 20 years, subject has evolved to become an important player in the
Indian Banking Software Industry. With over 5000 installations in India and
Overseas, Laser Soft today is handling a couple of Core Banking Projects in
India and Overseas.
Quality Process
v
Quality activities well-defined – Strong process orientation
v
Quality Process covers
-
Requirement Engineering
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Software Development
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Code Review
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Documentation
-
Quality Control
-
Production Support
v
Products tested for functionality, performance, and user requirements in
a simulated environment.
v
ISO 9001 : 2000 certification from BVQI
v
SEI – CMMI level 4 certification under way.
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.40.29 |
|
UK Pound |
1 |
Rs.79.97 |
|
Euro |
1 |
Rs.61.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|