MIRA INFORM REPORT

Report Date :

06.05.2013

IDENTIFICATION DETAILS

Name :	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Registered Office :	Narhe Works, S. No 38/2, Village Narhe, Off Pune Sinhgad Road, Pune – 411 041, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.08.1990
Com. Reg. No.:	11-057687
Capital Investment / Paid-up Capital :	Rs. 82.816 Millions
CIN No.: [Company Identification No.]	U72200PN1990PLC057687
TAN No.: [Tax Deduction & Collection Account No.]	PNEP00979G
PAN No.: [Permanent Account No.]	AABCP2572Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporters of Industrial Robotics and Automation Systems.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. There appears slight dip in profitability and sales turnover during the current year. However, general financial position of the company appears to be strong. The promoters seem to be experience businessman. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES :

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A (Long Term Bank Facilities)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	April 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sanjay
Designation :	Account Head
Contact No.:	91-20-66462000
Date :	03.05.2013

LOCATIONS

Registered Office :	Narhe Works, S. No 38/2, Village Narhe, Off Pune Sinhgad Road, Pune – 411041, Maharashtra, India
Tel. No.:	91-20-66462000/ 300/ 012
Fax No.:	91-20-24392843
E-Mail :	sagarvb@parirobotics.com shrikrushnam@parirobotics.com sanjayp@parirobotics.com paradise@pptplastic.com aniruddha@parirobotics.com sales@psrirobotics.com nitinb@parirobotics.com atuld@parirobotics.com dhaneshr@parirobotics.com manjushag@parirobotics.com sales@parirobotics.com
Website :	www.parirobotics.com
Factory :	Village Dhangarwadi Shirwal, off Pune Satara Highway, Satara – 412801, Maharashtra, India
Branch Office:	Located At : Maharashtra Delhi Bangalore Chennai Jamshedpur Nashik Uttaranchal Itasca

DIRECTORS

As on 29.09.2012

Name :	Mr. Mangesh Ashok Kale
Designation :	Managing Director
Address :	C – 402, Rohan Tapovan, S. No. 98/2A/1A Shivajinaga, Pune – 411016, Maharashtra, India
Date of Birth/Age :	19.09.1965
Date of Appointment :	01.04.2012
PAN No.:	ABRPK8478J
DIN No.:	00425623
Name :	Mr. Ranjit Arun Date
Designation :	Managing Director
Address :	13/4, Nalini – Mahadev, Near Lokmanya Hospital, Off. Karve Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	07.08.1966
Date of Appointment :	01.04.2012
PAN No.:	ABWPD9694G
DIN No.:	00425691
Name :	Mr. Govind Ghanshyamdas Oza
Designation :	Whole-time Director
Address :	506, Woodland Harmony, Gandhibhavan, Kothrud, Pune – 411038, Maharashtra, India.
Date of Birth/Age :	01.04.1972
Date of Appointment :	27.12.2005
DIN No.:	00426002
Name :	Mr. Ashok Bhaskar Kale
Designation :	Director
Address :	865, Snehbandh Co-operative Housing Society, Shivajinagar, Pune – 411004, Maharashtra, India
Date of Birth/Age :	27.04.1936
Date of Appointment :	04.01.1992
DIN No.:	01383054
Name :	Mr. Arun Mahadeo Date
Designation :	Director
Address :	13/4, Near Lokmanya Hospital, Off. Karve Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	12.02.1939
Date of Appointment :	16.08.1990
DIN No.:	02376669
Name:	Mr. Makarand Shashikant Rajguru
Designation:	Whole-time Director
Address:	Building No. 7, Flat No. 304, Vedvihar, Chandni Chowk, Paud Road, Kothrud, Pune – 411029, Maharashtra, India
Date of Birth/Age:	01.06.1968
Date of Appointment:	23.11.1999
DIN No:	00425813

KEY EXECUTIVES

Name :	Manjusha Gupta
Designation :	Secretary
Address :	B Wing, Flat No. 304, Yash Platinum, Dhayari, Pune – 411041, Maharashtra, India
Date of Birth/Age :	12.09.1976
Date of Appointment :	10.12.2011
DIN No:	AIUPG2034N
Name :	Mr. Sanjay
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Venture capital	24.80
Bodies corporate	2.76
Directors or relatives of Directors	60.53
Other top fifty shareholders	11.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Industrial Robotics and Automation Systems.

Products :

ITC Code	Product Description
84313990	Parts of other lifting, handling and loading machinery of HDG

Exports :

Products :

· Industrial Robotics

· Automation Systems

Countries :

· US

· Europe

· South Africa

· UK

· Dubai

Imports :

Products :

Raw Materials

Countries :

· Japan

· US

· Korea

· Taiwan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

Automotive

Ø Bajaj Auto

Ø Ford

Ø General Motors

Ø Hero Honda

Ø Honda

Ø Hyundai

Ø Mahindra

Ø Renault

Ø Suzuki

Ø TVS

Ø Tata Motors

Ø Toyota

Ø Volvo

Ancilliaction

Ø American Ayle

Ø Bharat Forge

Ø Delphi

Ø GKN

Ø H V Axles

Ø IBM

Ø Lumax

Ø Mico / Bosch

Ø Omax Auto

Ø Rico Auto

Ø Tata Auto comp

Truck and Commercial Vehicles

Ø Eicher

Ø Layland

Ø Tata Motor

Engineering Goods

Ø Caterpillar

Ø Cummins

Ø Honeywell

Ø L and T

Ø OTIS

Ø Tranter

Farm Equipments

Ø Eicher

Ø Escorts

Ø John Deere

Ø Mahindra

Ø Swaraj

Home Application

Ø LG

Ø Godrej

Ø IFB

Ø GE

Ø Samsung

Ø Philips

No. of Employees :

900 (Approximately)

Bankers :

· Small Industrial Development Bank of India, ‘Jeevan Shree’ S. No. 1109, Plot No 488, Ganeshkhind Road, Shivajinagar, Pune – 411005, Maharashtra, India

· Bank of India, Pune MID Corporate Branch, 1162 / B, Shivajinagar, University Road, Pune – 411005, Maharashtra, India

· IDBI Bank Limited, Pune, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Loans From Banks	492.322	190.139
Long Term Loans From Others	254.400	0.000
Short Term Loans From Banks	164.047	108.538
Working Capital Loans From Banks	753.630	578.643
Total	1664.399	877.320

Banking Relations :	--
Auditors :
Name :	K. S. Aiyer and Company
Address :	F 7 Laxmi Mills, Shakti Mills Lane, Mahalaxmi, Mumbai - 400011, Maharashtra, India
PAN.:	AAAFK6843P
Subsidiaries :	· Pari Automation Limited, India CIN No: U7220PN2003PLC017677 · Pari Robotics Inc., United States
Others :	Pari Employees Welfare Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8281671	Equity Shares	Rs.10/- each	Rs. 82.816 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		82.816	82.816	82.816
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		924.575	839.890	697.248
4] (Accumulated Losses)		0.000	0.000	0.000
5] Money Received Against Share Warrants		0.002	0.002	0.000
NETWORTH		1007.394	922.708	780.064
LOAN FUNDS
1] Secured Loans		1664.399	877.320	892.763
2] Unsecured Loans		33.810	33.810	33.810
TOTAL BORROWING		1698.209	911.130	926.573
DEFERRED TAX LIABILITIES		80.647	47.298	41.807
Stock options outstanding		0.000	0.000	0.002
TOTAL		2786.250	1881.136	1748.446
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1261.999	538.416	538.345
Capital work-in-progress		1.040	35.968	19.948
INVESTMENT		13.345	13.345	13.345
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	698.772	711.590	659.667
	Sundry Debtors	1266.231	995.164	1148.859
	Cash & Bank Balances	44.205	46.571	179.507
	Other Current Assets	202.708	114.069	0.000
	Loans & Advances	231.175	148.565	134.497
Total Current Assets		2443.091	2015.959	2122.530
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	456.289	308.079	617.468
	Other Current Liabilities	388.618	372.315	326.783
	Provisions	88.318	42.158	14.210
Total Current Liabilities		933.225	722.552	958.461
Net Current Assets		1509.866	1293.407	1164.069
MISCELLANEOUS EXPENSES		0.000	0.000	12.739
TOTAL		2786.250	1881.136	1748.446

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2383.169	2499.750	2140.143
		Other Income	25.003	25.749	10.100
		TOTAL	2408.172	2525.499	2150.243
Less	EXPENSES
		Cost of Materials Consumed	1105.671	1302.321
		Changes In Inventories of finished Goods, Work-In-Progress and Stock In Trade	69.950	(41.238)	1864.128
		Employee Benefit Expenses	431.631	379.432
		Other Expenses	515.479	543.767
		TOTAL	2122.731	2184.282	1864.128
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		285.441	341.217	286.115
Less	FINANCIAL EXPENSES		120.918	103.533	143.893
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		164.523	237.684	142.222
Less/ Add	DEPRECIATION/ AMORTISATION		41.668	39.583	39.529
	PROFIT BEFORE TAX		122.855	198.101	102.693
Less	TAX		28.546	33.093	39.907
	PROFIT AFTER TAX		94.309	165.008	62.786
Less	APPROPRIATIONS
		Transfer to General Reserve	9.431	16.527	6.286
		Dividend on Equity Shares	8.282	8.282	6.004
		Income Tax on Dividend on Equity Shares	1.343	1.343	0.997
	Earnings Per Share (Basic)		11.39	19.92	N.A
	(Diluted)		11.08	19.39	N.A

Particulars	31.03.2013
Sales Turnover (Approximately)	2900.000

Expected Sales (2013-14) : (Depends upon market)

The above information has been parted by Mr. Sanjay

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.92	6.53	2.92
Net Profit Margin (PBT/Sales)	(%)	5.16	7.92	4.79
Return on Total Assets (PBT/Total Assets}	(%)	3.32	7.76	3.86
Return on Investment (ROI) (PBT/Networth)		0.12	0.21	0.13
Debt Equity Ratio (Total Debt/Networth)		1.68	0.98	1.18
Current Ratio (Current Asset/Current Liability)		2.62	2.79	2.21

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Particular	31.03.2012	31.03.2011	31.03.2010
Capital Purchase	456.289	308.079	5.850
Trade Creditors			611.618
Total	456.289	308.079	617.468

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS:

During the year the income of the Company has decreased from Rs. 2525.499 millions to Rs. 2408.172 millions. The profit before tax has come down from Rs. 198.101 millions to Rs. 122.855 millions in the same period.

FINANCIAL PERFORMANCE:

During the year the total revenue of the company reduced by 4.65 (percent) compared to the previous year. The financial year 2011 12 witnessed a period of sharp increase in the inflation in the economy and consequent series of actions taken by the Reserve Bank of India to contain the same. These actions were essentially in the form of steep rise in the interest rates applicable to various types of borrowing programs. Similarly, the situation in the capital market continued to be uncertain, thereby drastically reducing the opportunities for the corporates to access the capital market for their fund requirements.

The collective impact of these macro economic situations culminated into slowing down of the capital expenditure by the corporate sector. The company had started the year with a promising order backlog of Rs. 1350.000 millions as on 1st April, 2011. However, the scenario mentioned above led to a significant delay in the order inflow during the crucial period of July or August 2011 through December January 2012. This led to lower than expected orders available for execution, which in turn, led to reduced revenue than those of the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

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 Sinhgad Road, Pune – 411041, Maharashtra, India. manjushag@pariobotics.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10073026
Type of charge	Immovable Property
Particular of charge holder	Bank of India, Pune MID Corporate Branch, 1162/6, Shivaji Nagar, University Road, Pune – 411 005, Maharashtra, India. MCB.Pune@bankofindia.co.in
Nature of instrument creating charge	Memorandum of Entry – Constructive Delivery
Date of instrument Creating the charge	20.04.2012
Amount secured by the charge	Rs. 3028.197 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Prime Lending rate of SIDBI, Presently @ 12.75% p.a. and as amended by SIDBI from Time to Time. Terms of Repayment Refer Letter of Intent Dated 19^th March 2012 for the Terms of Repayment. Extent and Operation of the charge The Loan together with Interest, Costs, Expenses, Penal Interest and all Dues and Payable by the Borrower shall be Secured by : Primary Security : NIL Collateral Security: 1^st Pari Passu Charge on the Immovable Property.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable Property being the Land and Premises bearing Survey No. 38, Hissa No. 2/23 admeasuring O H 40 R along with Road admeasuring OH 08R 5P i.e. 20 Feet x 473 Feet Road Plot at Narhe Immovable Property being the Land and Premises bearing Survey No. 38, Hissa No. 2/23 admeasuring OH 20R at Village : Narhe, Taluka : Haveli, District : Pune Immovable Property being the Land and Premises bearing Survey No. 38, Hissa No. 2/17 admeasuring OH 35.50R at Village : Narhe, Taluka : Haveli, District : Pune Land and Premises admeasuring 20 R equal to 2000 sq. meters out of O H 83.5 R situated at Survey No. 38, Hissa No. 2/22 in Industrial Zone at Village : Narhe, Taluka : Havelli, District : Pune Immovable Property being the Land and Premises bearing Survey No. 38, Hissa No. 2/5 admeasuring OH 17.25R i.e. 1725 sq. meters at Village : Narhe Immovable Property being the Land and Premises bearing Survey No. 38, Hissa No. 2/6 admeasuring OH 17.25R i.e. 1725 sq. meters at Village : Narhe, Taluka : Havelli, District : Pune Land and Premises bearing Gat No. 463A (Part), 464(Part), 463B(Part) adm. abt 7H7R(out of Total Area of 12H49R), 9H 52.04 R(out of Total area of 11H 95R), 13H 04.604(out of Total area of 18H75R) at Dhangarwadi.
Date of instrument modifying the charge	03.03.2012
Particulars of the present modification	SIDBI has Increased the Loan facility from Rs. 127.500 millions to Rs. 277.500 millions with Sanction of Additional WCTL of Rs. 150.000 millions.

UNSECURED LOAN:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deferred Sales Tax Loan	33.810	33.810
Total	33.810	33.810

FIXED ASSETS

· Land

· Buildings

· Office Building

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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 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. 53.95
UK Pound	1	Rs. 83.81
Euro	1	Rs. 70.50

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.