MIRA INFORM REPORT

Report Date :

12.11.2008

IDENTIFICATION DETAILS

Name :	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Registered Office :	Narhe Works, S. No.38/2, Village Narhe Off Pune, Sinhagad Road, Pune-411041, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	10.08.1990
Com. Reg. No.:	11-57687
CIN No.: [Company Identification No.]	U72200PN1990PLC057687
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00979G
PAN No.: [Permanent Account No.]	AABCP2572Q
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporters of Industrial Robotics and Automation Systems

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 1146000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION DECLINED BY

Name :	Mr. Bakre
Designation :	Accounts Department
Date :	11.11.2008

LOCATIONS

Registered Office :	Narhe Works, S. No.38/2, Village Narhe Off Pune, Sinhagad Road, Pune-411041, Maharashtra, India
Tel. No.:	91-20-24392080
Fax No.:	91-20-24392343
E-Mail :	paradise@pptplastic.com atuld@parirobotics.com
Website :	http://www.parirobotics.com
Head Office :	1203-A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-25063931
E-Mail :	paradise@pplplastics.com
Corporate Office :	701A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26365238
Fax No.:	91-22-26365238
Factory 1 :	S. No. 144, Behind SANSS High School, Dhayari, Pune – 411 041, Maharashtra, INDIA.
Tel. No.:	91-20-24392080/82/83/24390914/15
Fax No.:	91-20-24392843
E-Mail :	precision_automation@vsnl.com sales@parirobotics.com info@parirobotics.com
Branches :	Located at : v Maharashtra v USA v Delhi v Bangalore v Chennai v Jamshedpur v Nashik v Uttaranchal v Itasca

DIRECTORS

Name :	Mr. Arun Mahadev Date
Designation :	Director
Address :	13/ 4, Near Lokmanya Hospital, Off Karve Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	12.02.1939
Date of Appointment :	16.08.1990
Name :	Mr. Mangesh A. Kale
Designation :	Managing Director
Address :	C – 6, Suyog Nagar, Sr. No. 102-4, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	19.09.1965
Date of Appointment :	16.08.1990
Other Directorship :	Pari Automation Limited CIN No: U7220PN2003PLC17677
Name :	Mr. Ranjit A. Date
Designation :	Managing Director
Address :	13/ 4, Nalini-Mahadev, Near Lokmanya Hospital, Off Karve Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	07.08.1966
Date of Appointment :	04.01.1992
Other Directorship :	Pari Automation Limited CIN No: U7220PN2003PLC17677
Name :	Mr. Ashok B. Kale
Designation :	Director
Address :	865, Snehbandh Co-operative Housing Society, Shivaji Nagar, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	27.04.1936
Date of Appointment :	04.01.1992
Name :	Mr. Atul G. Dixit
Designation :	Whole Time Director
Address :	Flat No.21, Akash Darshan Society, Plot No.76, Ram Baug Colony, Paud Road, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	21.04.1968
Date of Appointment :	23.11.1999
Name :	Mr. Makarand S. Rajguru
Designation :	Whole Time Director
Address :	Building No.7, Flat No.304, Vedvihar, Chandni Chowk, Paud Road, Kothrud, Pune – 411 029, Maharashtra, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	23.11.1999
Name :	Mr. Mukund G. Kelkar
Designation :	Director
Address :	Flat No.4, Madhuban Apartment (B), Survey No.38/2, Ganesh Nagar, Samarth Path, Pune – 411 052, Maharashtra, India
Date of Birth/Age :	03.10.1956
Date of Appointment :	23.11.1999
Name :	Mr. Vedanthachari S. Rangan
Designation :	Nominee Director
Address :	BB – 220, Jankpuri, New Delhi – 110 058, India
Date of Birth/Age :	13.02.1960
Date of Appointment :	02.07.2004
Name of the company or institution whose nominee the appointee is :	Housing Development Finance Corporation Limited
Name :	Mr. Govind G. Oza
Designation :	Whole Time Director
Address :	506, Woodland Harmony, Gandhi Bhavan, Kothrud, Pune – 411 038, Maharashtra, India.
Date of Birth/Age :	01.04.1972
Date of Appointment :	27.12.2005
Name :	Mr. Kantilal M Gandhi
Designation :	Chairman cum Managing Director
Address :	701A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	22.10.1932
Date of Appointment :	28.08.1998
Name :	Mr. Yogesh Gandhi
Designation :	Managing Director
Address :	B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh
Date of Birth/Age :	12.12.1955
Date of Appointment :	22.05.1987
Name :	Mr. Harsh Gandhi
Designation :	Whole time Director
Address :	B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh
Date of Birth/Age :	05.06.1981
Date of Appointment :	22.08.2003
Name :	Mr. Parul Y Gandhi
Designation :	Whole time Director
Address :	B-62, Sector 14, Noida, Noida 201301, Uttar Pradesh
Date of Birth/Age :	29.10.1959
Date of Appointment :	01.10.2004
Name :	Mr. Jitendra H Shah
Designation :	Director
Address :	146/3, Nutan Villa, Garodia Nagar, Ghatkopar East, Mumbai-400077, Maharashtra
Date of Birth/Age :	07.01.1954
Date of Appointment :	01.04.2004
Name :	Mr. Shailesh J Jobalia
Designation :	Director
Address :	12, Mahesh Villa, V B Lane Extension, Ghatkopar East, Mumbai-400077, Maharashtra
Date of Birth/Age :	22.05.1957
Date of Appointment :	01.04.2004
Name :	Mr. Vithaldas H Shah
Designation :	Director
Address :	6, Renuka Tilak Road, Ghatkopar East, Mumbai-400077, Maharashtra
Date of Birth/Age :	09.10.1936
Date of Appointment :	01.04.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2007

Names of Shareholders	No. of Shares
Vasant Joshi	15000
Ranjit A. Date	2164216
Arun M. Date	209736
Sulabha V. Joshi	54000
Ashok B. Kale	73488
Mangesh A. Kale	2276856
Pradnya Palwankar	23328
Pushpa Kale	58656
Housing Development Finance Corporation Limited	502488
SICOM Trustee Company Private Limited A/c SICOM Venture Capital Fund	673224
Shivanand Shankar Mankekar jointly with Laxmi Mankekar	519030
Shivanand Shankar Mankekar jointly with Kedar Mankekar	20196
Laxmi Mankekar jointly with Shivanand Shankar Mankekar	63954
Arun M. Date Jointly with Ranjit A. Date	40320
Bharat Parajia	199260
Nilesh Shah jointly with Sangita Shah	9960
Rita R. Date	40000
Damodar R. Pandit	7000
Manjushree P. Manohar	23328
Total	6974040

As on 14.01.2006

Names of Allottees	No. of Shares
Vasant Joshi	12500
Ranjit A. Date	1842680
Arun M. Date	208380
Sulabha V. Joshi	45000
Ashok B. Kale	61240
Mangesh A. Kale	1897380
Pradnya Palwankar	38880
Pushpa Kale	48880
Housing Development Finance Corporation Limited	418740
SICOM Capital Management	561020
Shivanand Shankar Mankekar jointly with Laxmi Mankekar	432525
Shivanand Shankar Mankekar jointly with Kedar Mankekar	16830
Laxmi Mankekar jointly with Shivanand Shankar Mankekar	53295
Bharat Parajia	166050
Nilesh Shah	8300
Total	5811700

As on 28.09.2007

Equity Share Breakup	Percentage of Holding
Category
Public Financial Companies	7.00
Venture Capital	10.00
Directors or relatives of directors	71.00
Other top fifty shareholders	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Industrial Robotics and Automation Systems

Products :

ITC Code	Product Description
16 (VI) 3925	Plastic Moulded Industrial Components

Exports :

Countries :

USA

Terms :

Selling :

Credit of 45 days or L/C terms.

Purchasing :

L/C or credit upto 30 days terms

PRODUCTION STATUS As on 31.03.2006

Particulars	Unit	Actual Production
Plastic Components	Nos. in millions	5.127

GENERAL INFORMATION

Customers :	Manufacturers, government bodies and end users Toyota LG Escorts Hyundai Exide Ford Bajaj Ashok Layland Philips Suzuki John Deere Hero Honda BPL Godrej Tata
No. of Employees :	150
Bankers :	The United Western Bank Limited Deccan Gymkhana Branch, Apte Road, Pune – 411 004, Maharashtra HDFC Bank Limited Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D Nariman Point, Mumbai-400021, Maharashtra Kotak Mahindra Bank Limited, Delhi Bank of India, Pune Corporate Banking Branch, Shivaji Nagar, Pune – 411 005, Maharashtra, India

Banking Relations :	Satisfactory
Auditors :
Name :	B L Phatak and Company Chartered Accountants
Address :	1 Jay Apartments, Sunderrao Rege Marg, 64/3 Erandwane, 14^th Lane Prabhat Road, Pune – 411 004, Maharashtra, India
Associates/Subsidiaries :	Pari Automation Limited CIN No: U7220PN2003PLC17677 Pari Robotics Inc.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6974040	Equity Shares	Rs.10/- each	Rs.69.740 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		69.740	69.740	10.943
2] Share Application Money		0.000	0.000	0.031
3] Reserves & Surplus		159.515	94.845	88.297
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.255	164.585	99.271
LOAN FUNDS
1] Secured Loans		235.485	106.968	76.404
2] Unsecured Loans		34.120	42.870	33.842
TOTAL BORROWING		269.605	149.838	110.246
DEFERRED TAX LIABILITIES		13.551	9.366	7.928
TOTAL		512.411	323.789	217.445
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		193.182	105.758	85.366
Capital work-in-progress		0.477	1.656	3.456
INVESTMENT		13.345	12.875	2.262
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.670	101.173	64.920
	Sundry Debtors	359.649	215.918	132.409
	Cash & Bank Balances	54.992	62.110	29.897
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	84.649	54.133	23.625
Total Current Assets		700.960	433.334	250.851
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	323.357	193.316	115.536
	Provisions	73.932	39.197	12.913
Total Current Liabilities		397.289	232.513	128.449
Net Current Assets		303.671	200.821	122.402
MISCELLANEOUS EXPENSES		1.736	2.679	3.959
TOTAL		512.411	323.789	217.445

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1019.380	649.142	430.184
Other Income		8.430	3.093	1.485
Total Income		1027.810	652.235	431.669
Profit/(Loss) Before Tax		111.989	76.420	32.555
Provision for Taxation		37.955	23.567	10.584
Profit/(Loss) After Tax		74.034	52.853	21.971
Expenditures :
	Raw Material Consumed	585.275	342.428	233.984
	Consumption of stores and spares parts	0.000	0.000	4.443
	Increase/(Decrease) in Finished Goods	(50.762)	(13.244)	(2.433)
	Salaries, Wages, Bonus, etc.	97.018	61.589	34.741
	Managerial Remuneration	6.789	4.905	3.543
	Payment to Auditors	0.171	0.116	0.093
	Interest	15.992	12.093	7.683
	Insurance Expenses	1.265	0.890	0.355
	Power & Fuel	4.027	2.902	1.803
	Depreciation & Amortization	10.173	7.273	5.080
	Other Expenditure	245.873	156.863	109.822
Total Expenditure		915.821	575.815	399.114

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	7.20	8.10	5.09
Net Profit Margin (PBT/Sales)	(%)	10.99	11.77	7.57
Return on Total Assets (PBT/Total Assets}	(%)	12.33	13.80	9.52
Return on Investment (ROI) (PBT/Networth)		0.49	0.46	0.33
Debt Equity Ratio (Total Liability/Networth)		2.91	2.32	2.40
Current Ratio (Current Asset/Current Liability)		1.76	1.86	1.95

LOCAL AGENCY FURTHER INFORMATION

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U72200PN1990PLC057687
Name of the company	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Address	1203/A, Highland Park, Lokhandwala Complex, Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
This Form is for	Modification of charge
Type of Charges	Immovable property
Particular of the charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D Nariman Point, Mumbai-400021, Maharashtra
Nature or description of the instrument creating charge	Memorandum of deposit of title deed dated 06.02.2007
Date of the instrument creating charge	06.02.2007
Amount Secure by the charge	Rs.20.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest Short term loan of Rs.20.000 millions. Rate of interest @ 10.50% p.a. Panel interest @ 24% p.a. Compounding monthly Terms of repayment Repayment at the end of tenure Margin As per terms and conditions mentioned in the agreement and bank rule Extent and operation of the charge As first/ Exclusive charge byway of hypothecation of movable assets of borrower both present and future in favour of bank. Equitable mortgage in respect in immovable properties belonging to borrower situated at D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh
Modification charge Charge identification number of the charge to be modified	10014305
Particulars of the Property charged	D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh
Particulars of the present modification	Additional property situated at D-1 admeasuring 7190 Sq.mtrs. situated at Industrial Area Surajpur site V, Kasna, Greater Noida, Uttar Pradesh

This form is for	Creation of charge
Corporate identity number of the company	U72200PN1990PLC057687
Name of the company	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Narhe Works, S. No.38/2, Village Narhe Off Pune, Sinhagad Road, Pune-411041, Maharashtra, India
Type of charge	Movable Property
Particular of charge holder	Bank of India, Pune Corporate Banking Branch, Shivaji Nagar, Pune – 411 005, Maharashtra, India E-Mail: boipcbb@vsnl.net
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation for Consumer Loan in respect of Vehicles
Date of instrument Creating the charge	21.03.2007
Amount secured by the charge	Rs.0.750 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 1.5% below BPLR, Minimum 11% p.a. or such other rate notified by the bank from time to time. Terms of Repayment: Repayment on 48 equal monthly installments of Rs.0.019 million each. 1^st installment commencing from 30.04.2007, 2^nd installment on 30.05.2007 and so on until repayment of entire loan amount. Margin: As per Bank Norms Extent and Operation of the charge: First Charge
Short particulars of the property charged	Hypothecation by way of First Charge in favour of Bank Honda City Car, Model GXI including all Fittings, Tools, Spares, Accessories and Parts of the said Vehicle.

HISTORY:

Subject was incorporated on 10^th August, 1990 at Pune in Maharashtra having Company Registration Number 11-57687.

Subject was incorporated in 1990 by highly qualified technocrats with rich experience in the field of automation and robotics in USA. Its’ promoters are Dr. Ranjit Dave, Ph.D. and Mr. Mangesh Kale.

Review of Operations:

The directors are glad to inform that the company has made an all round progress during the Financial Year 2006-2007, achieving Net Sales Turnover crossing Rs.1000 millions mark for the first time. Net Sales at Rs.1027.800 millions, post 58% increase over the previous year, with a healthy increase in the Profits of the company.

Exports during the year were Rs.53.077 millions, as against Rs.95.478 millions during the previous year 2005-06.

The company successfully executed various orders of reputed corporate clients from all industrial segments throughout India during the year.

Outlook for the Current Year:

The Directors noted that the new Financial Year 2007-08 has began on a very healthy order book position, depicting signs of satisfactory progress in the economic and financial position of the company during the current year too. Due to continued efforts by the company in identifying new application areas and inventing appropriate applicable product therefore, the Company is confident of achieving better results in the year’s to come.

The Directors also hope that the changed industrial scenario and appreciation of the Company’s technology and products by various industrial segments as well as institutional and defense sector, would definitely lead to increase in the sales turnover of the company in future and as such barring unforeseen circumstances the Directors of the Company are confident of achieving healthy increase in the Sales as well as Profitability of the Company during the current Financial Year too.

Expansion:

The Company undertook second stage of expansion by sating up state of an art manufacturing facilities to cope up with the increased requirements of timely and quality deliveries to its customers. During the current year, company plans to undertake major expansion taking into consideration future requirements of next decade. During the year, the company has purchased 77 acres (including approach road) land at Dhanagarwadi, Near Shirval, District, Satara.

With a healthy growth in domestic sales and exports expected in coming years and also to further augment its resources and create additional facilities to meet product up gradation needs, company expects to invest adequately in Capital Expenditure in the current year. Such Capital Expenditure program will be completed within the period of next 12 to 18 months period.

Research and Development:

During the year the company has set up an Engineering and Research Center for dedicated efforts for improving existing product range as well as addition of the new ones with varied applications in the area of Robotics Engineering and Industrial Automation Systems.

BUSINESS

Subject acts as manufacturers and exporters of Industrial Robotics and Automation Systems having very wide applications, in various industries such as Automobiles, Tractors, White Goods, FMCG, Foundries, Defence, Railways, Sugar, Cement and Plastic industry, etc.

Subject also undertakes robotic system integration, using off the shelf robotic systems and processing tooling from established international brands, like Fanuc, Yaskawa (Motoman), ABB and supplementing them with custom designed systems built by the company to undertake a turn-key responsibility.

Subject is engaged in merchandise or raw materials are sourced within India and or imported from various countries.

Its business mission is to be a Global Leader in delivering cost-effective Automated Systems Solutions for enhancing the process capability, productivity and competitiveness of the customer.

The company’s Generic Names of Principal Products are: -

l Automation and Ergonomic System

l Robotic System

l Mechanical Assemblies

l Valves and Bearings

l Accessories

It had developed standard range of products, and systems, which can be identified by following the Standard Solutions.

In addition to these solutions completely built by PARI, it also undertakes Robotic System Integration, using off the shelf robotic systems built by PARI to undertake a turnkey responsibility.

Standard Solutions:

Ø Machine Handling Automation

Ø Press Handling Automation

Ø Dispensing Automation

Ø Pick and Place Automation

Ø Welding Automation

Ø Plastic Moulding Automation

Ø Ergonomic Systems

Ø Thermal Cutting Automation Systems

Robotic System Integration:

Ø Standard Robots

Ø End of Arm Tooling

Ø Jigs and Fixtures

Ø Part Positioners and Transporters

Ø Robot Slides and Shuttles

Custom Systems:

Ø Special Purpose Machines

Ø Custom Configuration Manipulators

Ø Extreme Duty System

Ø Custom Mobile Platforms and Vehicles

Ø Remote and Master-Slave Applications

Ø Custom Servo Control Systems

Ø Hydraulic and Pneumatic Controls

Robotic System Integration:

Ø Standard Robots

Ø End of Arm Tooling

Ø Jigs and Fixtures

Ø Part Positioners and Transporters

Ø Robot Slides and Shuttles

Subject is a Small Scale Industrial Unit.

The company is in trade terms with:

˜ B and R Industrial Automation Private Limited

˜ Sharayu Engineering

˜ Shobha Engineering

˜ Metal Arts

˜ Ace Multi Axes

˜ System Engineers

˜ Electromech Engineers

˜ Shubhangi Electricals

˜ Kalashree Engineering

FIXED ASSETS:

• Electrical installation
• Lease hold Land
• Furniture and Fixture
• Office Equipment
• Motor Vehicle
• Computer
• Building
• Plant and Machinery
• Mould and Material Handling Crates

Website Details :

Subject is amongst the largest global automation companies with over 500 employees and 8 facilities worldwide. The solid engineering strength enables Subject to be a complete “Solution Provider”, from conceptualizing, designing, manufacturing, implementing and supporting advanced factory automation systems. It provides its customers with the solutions they need to enhance productivity and achieve their manufacturing goals.

The company began operations in 1990, and has experienced business growth exceeding 50% year on year, though innovative solutions and focus on complete customer satisfaction. Subject has provided over 600 automated solutions world wide. Subject was founded by technocrats with the knowledge and experience to understand the needs of the manufacturing industry.

Striving for excellence in every step of the process from sales to commissioning has allowed subject to attain success. This excellence can be seen in their products, people and solutions.

Subject is a Global Automation Solution provider using world class Robotic products and technologies

Team

Subject has a unique distinction of one of the largest experienced Automation and Robotic engineering teams under one roof. Subject has over 2000 man-years of automation experience, giving it an unparalleled advantage of achieving complete success on the assignments taken.

Team Strength

Over 500 employees with a 30% growth annually

More than 350 qualified engineers with skills in machine design, controls, software, manufacturing, quality control, equipment manufacturing an project management

Training system of training and inducting 100 fresh graduates every year with new in house state of the art training facility

Products and Services

Subject has a unique blend of robotic system integration, product design and manufacturing and machine building abilities, enabling it to provide the customers a complete solution, which is the best fit for the requirement.

Standard Products

Subject integrates standard robots from most manufacturers, manufactures a standard range of gantry and portal robots, and designs and builds integration components like transporters, trunions, auxiliary axis, robotic enclosures and end-arm tooling. Subject manufactured standard products are available for third party system integrators and partners for use in systems being built or integrated by them.

Standard Articulated Robot

Gantry Robots

Portal Robots

Robot Transporters

Robotic Enclosures

Auxiliary Axis Modules (Linear and Rotary)

Customers

For Subject, Customer is the focal point. Taking care of Customer is their business. A PARI project is complete only when it starts working for the customer, and not customer working to get it working. It is this single minded business principle has achieved a repeat business rate of over 98% for customers who have deployed further automation.

Partnerships :

Partnerships are one of the core values at Subject. Subject believes that the synergies formed with the right company can achieve exceptional solutions.

A few partnerships formed are:

v PARI- MARPOSS – Gauging Applications

v PARI- CINETIC – Converyors and Vehicle Assembly

v PARI- DANAHER – Automated Guided Vehicles

v PARI- KNIGHT – Overhead Rails

v PARI- ATEQ – Leak Testing

v PARI- KMT – Waterjet Cutting

v PARI- REINHART – Engine Plug Fitting

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 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.47.59
UK Pound	1	Rs.74.55
Euro	1	Rs.60.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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/normal.	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

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