MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	LAUREN INFORMATION TECHNOLOGIES PRIVATE LIMITED (w.e.f. 24.10.2007)
Formerly Known As :	LAUREN SOFTWARE PRIVATE LIMITED
Registered Office :	3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar (West), Mumbai – 400 052, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.12.1992
Com. Reg. No.:	11-69851
Capital Investment / Paid-up Capital :	Rs.20.495 Millions
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 :	Service Provider of Technology Solution (Software Development)
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealings at usual trade terms and conditions.

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

Name :	Mr. Shailesh
Designation :	AVP Information Management
Contact No.:	91-22-67357000
Date :	19.01.2012

LOCATIONS

Registered Office/ Head Office :	3^rd Floor, Jains Arcade, 14^th Road, Khar Danda, Khar (West), Mumbai – 400 052, Maharashtra, India
Tel. No.:	91-22-26007701 / 26007703/67357000/ 67357000
Mobile No.:	91-9967666618 (Mr. Rakesh Bhandari)
Fax No.:	91-22-26007702/ 6007702
E-Mail :	rbhandari@lauren.co.in rawlin@lauren.co.in lauren@bom2.vsnl.net.in smallya@lauren.co.in 3 info@lauren.co.in
Website :	http://www.lauren.co.in
Area :	4585 sq mt.
Location :	Owned
Corporate Office :	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
Warehouse :	Located at: Navi Mumbai (Kamothi)
Branches :	Located At: New Delhi Vadodara Kolkata Bangalore

DIRECTORS

As on 30.09.2011

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

DIN No.:

00330579

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

DIN No.:

00330681

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

DIN No.:

00355135

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72200MH1992PTC069851	Lauren Information Technologies Private Limited	Director	01-04-00	01-04-00	-	Active	NO
2	U72200MH2011PTC218873	Syum Technology Private Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :

Mr. Claude Freddy Pereira

Designation :

Director

Address :

3406, Buena Vista Court, Oakvilee, Canada

Date of Appointment :

01.04.2000

DIN No.:

02564762

KEY EXECUTIVES

Name :	Mr. Shailesh
Designation :	AVP Information Management

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rawlin F. Pinto	695841
Kanchan Ratnakar	649449
Rajnikant M. Rao	286872
Sushant Niranajan Panda	237142
Claude Freddy Pereira	165946
Lathesh J. Shetty	12500
Rajshri Santosh Shetye	500
Fernandes Dumming Juie	250
Pandit Sonu Ravindra	250
Kurade Bhimrao Suresh	250
D’Souza Rosario Helen	500
TOTAL	2049500

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	80.50
Other top fifty shareholders	19.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Technology Solution (Software Development)
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Products :

End Users and OEM’s

• J P Margan

No. of Employees :

400 (Approximately)

Bankers :

• Citizen Credit Co-operative Bank Limited, Bandra Branch, Sunbeam Co-Op Housing Society, 64, Mt.Camel Road, Bandra (West), Mumbai – 400050, Maharashtra, India
• Citi Bank NA, Citi Tower, Dr. S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India
• HDFC Bank, Khar, Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Axis Bank Limited (Secured by way of hypothecation of Cars) Repayable with in one year Rs.0.206 millions previous year Rs.0.238 Millions	0.206	0.179
For Working Capital Requirements	0.000	0.000
Citizen Credit Co-Op Bank – Cash Credit/ Overdraft	38.987	0.000
Citizen Credit Co-Op Bank – Term Loan (Repayable with in year Rs.1.188 Millions)	11.404	0.000
Citi Bank N.A – Cash Credit/ Over Draft	0.000	59.000
Citi Bank N.A – Term Loan	0.000	10.927
ICICI Bank Limited (The above are secured by first charge on stock and book debts and second charge on office premises in addition to personal guarantee of directors)	0.000	0.235
Total	50.597	70.341
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from Relative Director	2.900	2.600
Total	2.900	2.600

Banking Relations :	--
Auditors :
Name :	Bastawala and Associates Chartered Accountants
Address :	5, Nandish Apartments, Santagruz Mansion-4, Mumbai-400 055, Maharashtra, India
PAN.:	AAEFB6420D

CAPITAL STRUCTURE

As on 31.03.2011

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 (Of these 240000 equity share issued as fully paid up bonus share)	Rs.10/- each	Rs.20.495 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.495	20.495	20.495
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.622	5.825	20.304
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.117	26.320	40.799
LOAN FUNDS
1] Secured Loans		50.597	70.341	76.082
2] Unsecured Loans		2.900	2.600	2.600
TOTAL BORROWING		53.497	72.941	78.682
DEFERRED TAX LIABILITIES		0.000	0.000	4.996
TOTAL		88.614	99.261	124.477
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.075	39.671	43.202
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.013	0.013
DEFERREX TAX ASSETS		2.791	0.209	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.076	4.411	7.697
	Sundry Debtors	181.723	112.867	72.834
	Cash & Bank Balances	7.190	3.184	3.750
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.925	46.502	37.331
Total Current Assets		253.914	166.964	121.612
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.419	89.404	27.241
	Other Current Liabilities	24.908	10.378	5.199
	Provisions	2.839	7.814	7.910
Total Current Liabilities		205.166	107.596	40.350
Net Current Assets		48.748	59.368	81.262
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		88.614	99.261	124.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	667.095	430.381	408.897
		Other Income	1.776	0.472	0.686
		TOTAL (A)	668.871	430.853	409.583
Less	EXPENSES
		Purchase	552.442	325.478	401.107
		Employee Remuneration and Benefits	83.517	84.198
		Administrative Expenses	5.474	5.869
		Selling and Marketing Expenses	1.890	1.101
		General Expenses	6.686	11.161
		Increase/ Decrease in Stock	(1.664)	3.285
		TOTAL (B)	648.345	431.092	401.107 (Including Financial Expenses)
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.526	(0.239)
Less	FINANCIAL EXPENSES (D)		12.633	11.234
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.893	(11.473)	8.746
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.429	3.860	4.234
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		4.464	(15.333)	4.512
Less	TAX (H)		(2.547)	5.205	1.803
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		7.011	(10.129)	2.709
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.275	16.753	14.418
Less	Prior Period Income/ Expenses		1.785	(4.349)	(0.374)
	BALANCE CARRIED TO THE B/S		11.071	2.275	16.753
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	3.976	3.263	6.792
	TOTAL EARNINGS		3.976	3.263	6.792
	Earnings/loss Per Share (Rs.)		3.42	(4.94)	1.32

Expected Sales (2011-2012): Rs.900.000 Millions

The above information has been parted by Mr. Shailesh – AVP Information Management

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.05	(2.35)	0.55
Net Profit Margin (PBT/Sales)	(%)	0.67	(3.52)	1.10
Return on Total Assets (PBT/Total Assets}	(%)	1.53	(7.32)	2.74
Return on Investment (ROI) (PBT/Networth)		0.12	(0.57)	0.11
Debt Equity Ratio (Total Liability/Networth)		7.37	6.86	2.92
Current Ratio (Current Asset/Current Liability)		1.23	1.55	3.01

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
For Trade	171.386	87.778	22.309
For Expenses	6.033	1.626	4.932

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

PERFORMANCE

The sales during the year are Rs.667.095 millions as against Rs.430.381 millions in the previous year. The company during the year has made Profit of Rs.7.012 Millions.

CONTINGENT LIABILITIES AND COMMITMENTS

Particulars	31.03.2011	31.03.2010
Income Tax Matters	4.499	4.499
Sales Tax Matter	0.834	0.957

TRADE REFERENCES

• J P Morgan

FIXED ASSETS

• Building
• Air Conditioner
• Electrical Installation
• Fax Machine
• EPABX
• Telephone
• Mobile Phones
• Water Filter
• Water Cooler
• Refrigerator
• Tea and Coffee Machine
• Television Set
• Music Systems
• Computers
• Software
• Vehicle
• Furniture and Fixture

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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		30

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.