MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAUREN INFORMATION TECHNOLOGIES PRIVATE LIMITED (w.e.f.
24.10.2007) |
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Formerly Known As : |
LAUREN SOFTWARE PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Jains Arcade, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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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 : |
Trader of Computer Peripherals and Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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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 established company having moderate track. There appears
some looses incurred by the company in current year i.e. 2009-2010. However,
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rakesh Bhandari |
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Designation : |
Finance Manager |
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Contact No.: |
91-9967666618 |
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Date : |
15.02.2011 |
LOCATIONS
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Registered Office : |
3rd Floor, Jains Arcade, |
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Tel. No.: |
91-22-26007701 / 26007703/67357000 |
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Mobile No.: |
91-9967666618 (Mr. Rakesh Bhandari) |
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Tel. No.: |
91-22-26007702 |
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E-Mail : |
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Website : |
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Area : |
4585 sq mt. |
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Location: |
Owned |
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Warehouse : |
Located at: Navi Mumbai (Kamothi) |
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Corporate Office: |
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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Tel. No.: |
91-20-26058897 |
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Branches : |
Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rawlin Francis Pinto |
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Designation : |
Director |
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Address : |
701, |
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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, |
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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, |
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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. Claude Freddy |
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Designation : |
Director |
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Address : |
3406, |
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Date of Appointment : |
01.04.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Bhandari |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rawlin F. Pinto |
|
658669 |
|
Kanchan Ratnakar |
|
620579 |
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Rajnikant M. Rao |
|
380074 |
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Sushant Niranajan Panda |
|
226428 |
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Claude Freddy |
|
143500 |
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Lathesh J. Shetty |
|
12500 |
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Avinash H. Kodwaney |
|
4500 |
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Rajshri Santosh Shetye |
|
500 |
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Prashant Ramdas Bhatkal |
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1500 |
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Juie Dumming Bhatkal |
|
250 |
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Ravindra S. pandit |
|
250 |
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Suresh Bhimrao Kurade |
|
250 |
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Helen Rosario D’ Souza |
|
500 |
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Total |
|
2049500 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
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80.50 |
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Other
top fifty shareholders |
|
19.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Computer Peripherals and Accessories |
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Agencies Held : |
·
IBM ·
Lenova ·
HP ·
Microsoft |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
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Customers : |
End Users,
OEM’s Banking | Insurance | Financial Services ·
Accenture ·
Credit ·
Deutsche Bank ·
Development Bank of ·
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 and 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 |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
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Auditors : |
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Name : |
Bastawala and Associates Chartered Accountants |
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Address : |
5, Nandish Apartments, Santagruz Mansion-4, Mumbai-400 055, |
CAPITAL STRUCTURE
As on 30.09.2010
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 |
|
2049500 |
Equity Shares |
Rs.10/- each |
Rs.20.495
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
20.495 |
20.495 |
20.495 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.825 |
20.304 |
17.968 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.320 |
40.799 |
38.463 |
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LOAN FUNDS |
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1] Secured Loans |
70.341 |
76.082 |
1.633 |
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2] Unsecured Loans |
2.600 |
2.600 |
2.705 |
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TOTAL BORROWING |
72.941 |
78.682 |
4.338 |
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DEFERRED TAX LIABILITIES |
0.000 |
4.996 |
4.920 |
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TOTAL |
99.261 |
124.477 |
47.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.671 |
43.202 |
45.307 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.013 |
0.013 |
0.013 |
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DEFERREX TAX ASSETS |
0.209 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
4.411
|
7.697 |
10.654
|
|
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Sundry Debtors |
112.867
|
72.834 |
113.167
|
|
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Cash & Bank Balances |
3.184
|
3.750 |
7.111
|
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Other Current Assets |
0.000 |
0.000 |
7.964
|
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Loans & Advances |
46.502
|
37.331 |
25.539
|
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Total
Current Assets |
166.964
|
121.612 |
164.435 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
89.404
|
27.241 |
84.793 |
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Other Current Liabilities |
10.378
|
5.199 |
70.576
|
|
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Provisions |
7.814
|
7.910 |
6.816
|
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Total
Current Liabilities |
107.596
|
40.350 |
162.185
|
|
|
Net Current Assets |
59.368
|
81.262 |
2.250
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.151 |
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TOTAL |
99.261 |
124.477 |
47.721 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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Income |
430.381 |
408.896 |
407.558 |
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Other Income |
0.472 |
0.686 |
81.148 |
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TOTAL (A) |
430.853 |
409.582 |
488.706 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
|
|
377.352 |
|
|
|
Personnel Expenses |
|
|
71.325 |
|
|
|
Establishment Expenses |
|
|
4.612 |
|
|
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Administration Expenses |
|
|
9.128 |
|
|
|
Selling Expenses |
|
|
4.969 |
|
|
|
TOTAL (B) |
442.126 |
400.836 |
467.386 |
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Including
Financial Expenses |
Including
Financial Expenses |
21.320 |
|
|
|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
|
NA |
9.757 |
|
|
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(11.273) |
8.746 |
11.563 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.860 |
4.234 |
4.488 |
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PROFIT BEFORE
TAX (E-F) (G) |
(15.133) |
4.512 |
7.075 |
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Less |
TAX (H) |
(5.004) |
1.803 |
1.718 |
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PROFIT AFTER TAX
(G-H) (I) |
(10.129) |
2.709 |
5.357 |
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Less |
Prior Period
Adjustments |
4.349 |
0.374 |
0.000 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.573 |
14.418 |
5.357 |
|
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BALANCE CARRIED
TO THE B/S |
2.275 |
16.753 |
|
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|
Earnings Per
Share (Rs.) |
(4.94) |
- |
- |
|
Expected Sales (2010-2011) : Rs.500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.35)
|
0.55 |
1.10 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(3.52)
|
1.10 |
1.74 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.32)
|
2.74 |
3.37 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.57)
|
0.11 |
0.18 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.86
|
2.92 |
4.33 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
3.01 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
For Trade |
87.778 |
22.309 |
78.660 |
|
For Expenses |
1.626 |
4.932 |
6.133 |
Performance:
The sales during the year is Rs.430.381 millions as against Rs.408.896 millions
in the previous year. The company during the year has made loss of Rs.10.129
millions.
TRADE REFERENCES:
·
Great Offshore Limited
·
ACC Limited
·
Themis Laboratory private Limited
Bankers Charges
Report as per Registry
|
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, 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 |
|
5) Name and Address and description of the person entitled to the
charge. |
Citibank N.A. Cititower, 61, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
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 |
3rd Floor, Jains Arcade, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10094151 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank NA |
|
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 |
20.10.2009 |
|
Amount secured by
the charge |
Rs.90.250
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest AROD of Rs.33.000 Millions and DLOD of Rs.37.710
millions : Interest @ 13.50%, MITL of Rs.12.810 millions : Interest @ 14.25%
and Bank Guarantee of Rs.7.000 millions : As per Trade Norms Terms of
Repayment AROD of Rs.33.000
Millions and Bank Guarantee of Rs.7.000 millions shall be Annual Renewable,
DLOD of Rs.37.710 millions shall be repayable in 84 months and MITL of
Rs.12.810 millions shall be repayable in 36 Months. Margin As may be
stipulated by Bank from time to time. Extent and
Operation of the charge The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as mentioned under Item No.15 below, as security for repayment of
Rs.90.520 milllions by the Company, together with principal, interest,
liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged |
Units No. 1, 2,
3, 4, 5, 6 and 7, 3rd Floor, Jains Arcade, 14th Road,
Khar Danda, Khar [West], Mumbai 400054 |
|
Particulars of
the present modification |
The charge now
increased from Rs.77.000 millions to Rs.90.520 millions, in favour of the
Bank. |
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.