MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	LASER TELESYSTEMS PRIVATE LIMITED (w.e.f.11.07.2001)
Formerly Known As :	LASER SUPER TELESYSTEMS PRIVATE LIMITED
Registered Office :	Clinico Laboratories Bldgnear Old Bus Depot, Government Colony, Bandra (East), Mumbai-400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.04.1996
Com. Reg. No.:	11-098617
Capital Investment / Paid-up Capital :	Rs. 7.200 Millions
CIN No.: [Company Identification No.]	U32202MH1996PTC098617
TAN No.: [Tax Deduction & Collection Account No.]	MUML03559D
PAN No.: [Permanent Account No.]	AAACL3725E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Distributor of Office Automation Products such as fax, printers, EPAB, Machines, projectors, telephone instruments etc.
No. of Employees :	35 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 49000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. The Profit and Loss of the company is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY (GENERAL INFORMATION)

Name :	Ms. Shweta
Designation :	Accounts Executive
Date :	07.09.2011
Name :	Mr. Atul Atre
Designation :	Director
Mobile No.:	91-9820147850

LOCATIONS

Registered Office :	Clinico Laboratories Bldgnear Old Bus Depot, Government Colony, Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-26664440
Fax No.:	Not Available
E-Mail :	sanjayrisbud@yahoo.com accounts@laser.net.in atulatre@laser.net.in
Website :	www.laser.net.in
Corporate Office :	120, Creative Industrial Estate, Lane No 2, Kalina Sunder Nagar, Santacruz (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-66880707
Fax No.:	91-22-66880708
E-Mail :	info@laser.net.in
Area :	1500 sq.ft
Location :	Owned
Branch:	Located At: · Pune, Maharashtra, India · Goa
E-Mail :	Sales.pune@laser.net.in

DIRECTORS

AS ON 29.09.2010

Name :	Mr. Nilesh S Shah
Designation :	Managing Director
Address :	Rosewood Gandhi Nagar, Bandra (East), Mumbai-400051, Maharashtra, India
Date of Birth/Age :	21.12.1969
Date of Appointment :	03.04.1996
DIN No :	00459499
Name :	Mr. Atul M Atre
Designation :	Director
Address :	C-102, Prashal Cooperative Housing Society, Sant Janabai Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	21.07.1966
Date of Appointment :	03.04.1996
DIN No :	00459435
Name :	Mr. Bijal N Shah
Designation :	Director
Address :	Rosewood Gandhi Nagar, Bandra (East), Mumbai-400051, Maharashtra, India
Date of Birth/Age :	19.12.1972
Date of Appointment :	04.05.1999
DIN No :	00459534
Name :	Ms. Shilpa Atul Atre
Designation :	Director
Address :	C-102, Prashal Cooperative Housing Society, Sant Janabai Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Date of Birth/Age :	11.08.1968
Date of Appointment :	04.05.1999
DIN No :	00459464
Name :	Mr. Dhiren M Kamdar
Designation :	Director
Address :	15, Priti Apartment, Khandwala Lane, Daftari Road, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	07.02.1967
Date of Appointment :	09.09.2004
DIN No :	00459596
Name :	Mr. Ami D Kamdar
Designation :	Director
Address :	15, Priti Apartment, Khandwala Lane, Daftari Road, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	16.07.1971
Date of Appointment :	09.09.2004
DIN No :	00459624

KEY EXECUTIVES

Name :	Ms. Shweta
Designation :	Accounts Executive.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Nilesh S Shah	12000
Atul M Atre	12000
Bijal N Shah	12000
Shilpa Atul Atre	12000
Dhiren M Kamdar	12000
Ami D Kamdar	12000
Total	72000

AS ON 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Distributor of Office Automation Products such as fax, printers, EPAB, Machines, projectors, telephone instruments etc.
Agencies Held:	· Panasonic · Beetel · Syntel · Samsung
Imports :
Products :	Panasonic Office Automation Products
Countries :	Singapore
Terms :
Selling :	Credit (30 Days)
Purchasing :	Cash

GENERAL INFORMATION

Customers :

· Wholesaler

· Retailers

· End Users

· Zee TV

· Jet Airways

· Indian Airlines

· Ceat

· Raheja Group

· Tate Teleservices

· Bank of NovaScotia

· Bowling Company

· Ordinace Factory

· Heinz

· Citibank

· Larsen and Toubro

· P and O

· Eurasia

· Standard Chartered Bank

No. of Employees :

35 Approximately

Bankers :

· Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur-400071, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Janakalyan Sahakari Bank Limited
Overdraft	12.495	12.639
Term Loan	2.732	0.000
Janakalyan / Kotak Mahindra Bank (Car Loan)	0.742	1.103
Total	15.969	13.742
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors / Shareholders	1.000	2.965
Total	1.000	2.965

Banking Relations :	--
Auditors :
Name :	V. V. Bapat and Company Chartered Accountant
Address :	199, 4/B, Bhaktiyog Society, Vazira Naka, L. T. Road, Borivali (West), Mumbai-400091, Maharashtra, India
Tel. No.:	91-22-28336947

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72000	Equity Shares	Rs.100/- each	Rs. 7.200 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
1] Share Capital		7.200	7.200	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.198	3.046	3.011
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.398	10.246	7.811
LOAN FUNDS
1] Secured Loans		15.969	13.742	13.313
2] Unsecured Loans		1.000	2.965	2.952
TOTAL BORROWING		16.969	16.707	16.265
DEFERRED TAX LIABILITIES		1.125	1.021	0.859
TOTAL		30.492	27.974	24.935
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.247	10.737	11.508
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.573	2.531	0.269
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.570	11.801	7.496
	Sundry Debtors	21.338	27.686	17.007
	Cash & Bank Balances	0.807	0.925	0.371
	Other Current Assets	0.427	1.918	0.114
	Loans & Advances	1.348	1.850	0.018
Total Current Assets		41.490	44.180	25.006
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.734	15.801	9.603
	Other Current Liabilities	15.551	13.165	0.909
	Provisions	0.533	0.508	1.336
Total Current Liabilities		23.818	29.474	11.848
Net Current Assets		17.672	14.706	13.158
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.492	27.974	24.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	115.641	125.773
		Other Income	19.140	23.569
		TOTAL (A)	134.781	149.342
Less	EXPENSES
		Cost of Materials	108.387	119.736
		Directors Remuneration	3.500	3.250
		Administrative and Selling Expenses	5.282	4.636
		Other Expenses	12.979	16.868
		TOTAL (B)	130.148	144.490
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.633	4.852
Less	FINANCIAL EXPENSES (D)		1.742	1.532
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.891	3.320
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.740	0.885
	NET PROFIT FOR THE YEAR		2.151	2.435
	Earnings Per Share (Rs.)		--	--

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	3.38	4.61	3.71
Current Ratio (Current Asset/Current Liability)	1.74	1.50	2.11

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	7.734	15.801	9.603

FORM 8

Corporate identity number of the company	U32202MH1996PTC098617
Name of the company	LASER TELESYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Clinico Laboratories Bldgnear Old Bus Depot, Government Colony, Bandra (East), Mumbai-400051, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Janakalyan Sahakari Bank Limited, 140, Vivek Darshan, Sindhi Society, Opposite Bhakti Bhavan, Chembur-400071, Maharashtra, India
Nature of instrument creating charge	Agreement of Hypothecation of Stocks and Book-Debts
Date of instrument Creating the charge	28.08.2010
Amount secured by the charge	Rs. 17.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 13.25% per annum with monthly rests Terms of repayment On Demand Margin As per sanction terms Extent and operation of the charge To secure Revised Cash Credit (Hypothecation) facility to the extent of Rs.17.000 millions granted by the Bank to the Company (Rs.14.500 millions +Rs.2.500 millions)
Short particulars of the property charged (Including location of the property)	Hypothecation by way of First Charge in favour of the Bank: 1) Entire Stocks of Fax Machines, Projectors, EPBX and Other Electrical Items being and lying at the Borrower/s place of business at 120 and 202 Creative Industrial Premises, Sunder Nagar Road No.2 Kalina, Mumbai 400098 and Entire book-Debts arising out of sales of Company Products
Charge identification number of the charge to be modified	90147318
Date of instrument modifying the charge	02.09.2009
Particulars of the present modification	Vide this modification an additional sum of Rs.2.500 millions has been granted by the Bank thereby enhancing the Cash Credit (Hypothecation) facility from Rs.14.500 millions to Rs.17.000 millions and secured against Hypothecation by way of First Charge in favour of the Bank:1) Entire Stocks of Fax Machines, Projectors, EPBX and Other Electrical Items being and lying at the Borrower/s place of business at 120 and 202 Creative Industrial Premises, Sunder Nagar Road No.2 Kalina, Mumbai 98 and Entire Book-Debts

FIXED ASSETS

· Air Conditioner

· Computer and Acc

· Furniture and Fixtures

· Machinery / Equipments

· Office Premises

· Vehicles

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. 46.97
UK Pound	1	Rs. 74.22
Euro	1	Rs. 63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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

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

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

RATING EXPLANATIONS

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.