The paper deals with the stochastic analysis of a two identical unit cold standby system model. As soon as a unit fails it is attended first by assistant repairman, who completes its repair to make it as good as new with fixed known probability p. Otherwise, with probability q( =1-p), the unit repaired by assistant repairman goes to expert repairman so as to make it as good as new. Both the repairmen are always available with the system and they work their jobs simultaneously. The failure time and repair time by assistant repairman are correlated random variables having their joint distribution as Bivariate exponential. Various measures of system effectiveness useful to system designers and operation managers are obtained by using regenerative point technique. The MTSF and steady state profit have also been studied through graphs in respect of parameter alpha for three different values of repair rate by expert repairman and two different values of correlation coefficient between failure and repair times and important conclusions are drawn.. KEYWORDS :Bivariate exponential distribution, Mean time to system failure (MTSF), Regenerative point, Laplace transform.