MIRA INFORM REPORT

Report No. :	350882
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	ROBERT BOSCH ENGINEERING AND BUSINESS SOLUTIONS PRIVATE LIMITED
Formerly Known As :	ROBERT BOSCH INDIA LIMITED
Registered Office :	No.123, Industrial Layout, Hosur Road, Koramangala, Bangalore – 560095, Karnataka
Tel. No.:	91-80-66574703
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.12.1997
Com. Reg. No.:	08-023164
Capital Investment / Paid-up Capital :	Rs.42.000 Million
CIN No.: [Company Identification No.]	U72400KA1997PTC023164
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACR7108R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in supplier of technology and services, offering end-to-end Engineering, IT and Business Solutions. (Registered Activity)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aaa (90)

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

Maximum Credit Limit :	USD 41000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a global supplier of technology services and business solutions. It was incorporated in the year 1997. It operates as subsidiary of Robert Bosch GmbH, Germany. The company has set up six laboratories in Karnataka and Tamilnadu. Further, proceeding in development activities in engineering institutions, particularly automotive sector. It possesses healthy market position and extensive experience of its promoters in technological sector. Robert Bosch owns top position in its sector and operates through six companies in India. It provides strong technical and managerial support to the subject company. The company has extended its financial year 2014 to 15 months. For the financial year ended 2015, the company has healthy scale of operations marked by decent top line growth along with profitability margin of 13.2%. Rating derives strength from strong financial base, efficient networth position, comfortable liquidity profile along with zero debt balance sheet profile. Trade relations are trust worthy. Payments are regular and as per commitment. The company can be regarded as a promising business partner for any business dealings in a medium to long term.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

LOCATIONS

Registered Office Sales Office :	No.123, Industrial Layout, Hosur Road, Koramangala, Bangalore – 560095,, Karnataka, India
Tel. No.:	91-80-66574703
Fax No.:	91-80-66571013
E-Mail :	vikas.humpli@in.bosch.com arvind.r@in.bosch.com
Website :	http://www.boschindia.com
Regional Office :	Located At: Bangalore Coimbatore Hyderabad Vietnam
Overseas Sales Office :	Located At: India Japan

DIRECTORS

As on 30.06.2014

Name :

Mr. Vijay Ramchandra Ratnaparkhe

Designation :

Managing Director

Address :

273, Adarsh Palm Retreat, Marathahalli Ring Road, Bangalore - 560103, Karnataka, India

Date of Birth/Age :

22.02.1965

Date of Appointment :

12.04.2011

PAN No.:

AAQPR0065C

DIN No.:

03211521

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72400KA1997PTC023164	Robert Bosch Engineering and Business Solutions Private Limited	Managing director	12/04/2011	01/09/2010	-	Active	NO

Name :

Dr. Krishna Anantakrishnan

Designation :

Whole-Time Director

Address :

No -1/2, Cunnigham Crescent Road, Bangalore - 560052, Karnataka, India

Date of Appointment :

10.08.2015

DIN No.:

07003940

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U50200KA2007PTC041857	ETAS Automotive India Private Limited	Director	23/04/2015	05/11/2014	-	Active	NO
2	U72400KA1997PTC023164	Robert Bosch Engineering and Business Solutions Private Limited	Whole-time director	10/08/2015	25/11/2014	-	Active	NO

Name :

Mr. Steffen Berns

Designation :

Director

Address :

El Nivas, 380/390, 2nd Cross, 16th Main, 3rd Block, Koramangala, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

13.02.1963

Date of Appointment :

04.03.2013

PAN No.:

AHSPK0790J

DIN No.:

06449396

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110KA1951PLC000761	Bosch Limited	Managing director	05/06/2013	01/01/2013	-	Active	NO
2	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2013	01/01/2013	-	Active	NO
3	U72400KA1997PTC023164	Robert Bosch Engineering and Business Solutions Private Limited	Director	04/03/2013	01/01/2013	-	Active	NO
4	U29221KA2008PTC045987	Bosch Automotive Electronics India Private Limited	Director	17/06/2013	01/01/2013	24/03/2014	Active	NO

Name :

Mr. Philipp Klaus Werner

Designation :

Nominee Director

Address :

Olgastr 24, Stuttgart - 70182, Germany

Date of Appointment :

01.04.2015

DIN No.:

07123447

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares
Robert Bosch GmbH, Germany	4159774
Robert Bosch Car Multimedia GmbH, Germany	1
Robert Bosch Investment Nederland B.V., Netherland	1
UC Vermogensverwaltuung GmbH, Germany	1
Robert Bosch International Beteiligungen AG, Switzerland	1
Bosch Sensortech GmbH, Germany	1
Prufzentrum Boxberg GmbH, Germany	1
Total	4159780

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in supplier of technology and services, offering end-to-end Engineering, IT and Business Solutions. (Registered Activity)

Products/ Services :

Item Code No.	Product Description
99831111	Engineering process consultancy services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Price Waterhouse and Company Bangalore LLP Chartered Accountants
Address :	5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore - 560 008, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Memberships :	--
Collaborators :	--
Holding company:	Robert Bosch GmbH, Germany
Fellow Subsidiary Companies:	Bosch Automotive Products (Suzhou) Company Limited, China Bosch Corporation Japan, Japan Bosch Limited, India (L85110KA1951PLC000761) ETAS Automotive India Private Limited, India (U50200KA2007PTC041857 ETAS GmBH, Germany Robert Bosch Engineering and Business Solutions Vietnam Company Limited, Viet Nam Robert Bosch LLC, United States Bosch Automotive Electronics India Private Limited, India (U29221KA2008PTC045987) Bosch Automotive Diesel Systems Company Limited China, China SIA Abrasives Industries AG, Antigua and Barbuda

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4159780	Equity Shares	Rs.10/- each	Rs.41.598 Million

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4200000	Equity Shares	Rs.10/- each	Rs.42.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (15 Months)	31.12.2013 (12 Months)	31.12.2012 (12 Months)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	42.000	42.000	44.000
(b) Reserves & Surplus	14435.000	9124.000	6634.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14477.000	9166.000	6678.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	143.000	121.000	82.000
(d) long-term provisions	960.000	705.000	626.000
Total Non-current Liabilities (3)	1103.000	826.000	708.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1770.000	1755.000	1364.000
(c) Other current liabilities	1529.000	2257.000	2476.000
(d) Short-term provisions	1041.000	655.000	296.000
Total Current Liabilities (4)	4340.000	4667.000	4136.000
TOTAL	19920.000	14659.000	11522.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1695.000	1723.000	1979.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1444.000	462.000	185.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	973.000	589.000	547.000
(d) Long-term Loan and Advances	2585.000	1795.000	1393.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6697.000	4569.000	4104.000
(2) Current assets
(a) Current investments	1442.000	706.000	0.000
(b) Inventories	4.000	0.000	0.000
(c) Trade receivables	4105.000	3740.000	3878.000
(d) Cash and cash equivalents	3145.000	5192.000	3002.000
(e) Short-term loans and advances	3472.000	206.000	295.000
(f) Other current assets	1055.000	246.000	243.000
Total Current Assets	13223.000	10090.000	7418.000
TOTAL	19920.000	14659.000	11522.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015 (15 Months)	31.12.2013 (12 Months)	31.12.2012 (12 Months)
	SALES
	Income	40252.000	26735.000	21880.000
	Other Income	NA	NA	427.000
	TOTAL	NA	NA	22307.000
Less	EXPENSES
	Purchases of Stock-in-Trade			20.000
	Employees benefits expense			11973.000
	Other expenses			5483.000
	TOTAL	NA	NA	17476.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			4831.000
Less	FINANCIAL EXPENSES			43.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			4788.000
Less/ Add	DEPRECIATION/ AMORTISATION			1257.000
	PROFIT/ (LOSS) BEFORE TAX	7021.000	5110.000	3531.000
Less	TAX	1693.000	1504.000	338.000
	PROFIT/ (LOSS) AFTER TAX	5328.000	3606.000	3193.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	8272.000	6335.000	3142.000
Less	APPROPRIATIONS
	Dividend	0.000	2.000	0.000
	Transfer to Capital Redemption Reserve	0.000	1667.000	0.000
	Total	0.000	1669.000	0.000
	Balance Carried to the B/S (J+K+L-M)	13600.000	8272.000	6335.000
	Earnings / (Loss) Per Share (Rs.)	1268.57	858.57	728.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (15 Months)	31.12.2013 (12 Months)	31.12.2012 (12 Months)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	5759.000	6862.000	1096.000
Net cash flow from operating activity	3561.000	5694.000	2730.000

KEY RATIOS

PARTICULARS		31.03.2015 (15 Months)	31.12.2013 (12 Months)	31.12.2012 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	13.24	13.49	14.59
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	22.08
Return on Total Assets (PBT/Total Assets}	(%)	40.11	37.55	32.72
Return on Investment (ROI) (PBT/Networth)		0.48	0.56	0.53
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.05	2.16	1.79

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	44.000	42.000	42.000
Reserves & Surplus	6634.000	9124.000	14435.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6678.000	9166.000	14477.000
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21880.000	26735.000	40252.000
		22.189	50.559

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21880.000	26735.000	40252.000
Profit	3193.000	3606.000	5328.000
	14.59%	13.49%	13.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three financial years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three financial years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

Robert Bosch Engineering and Business Solutions Private Limited (RBEI) is a wholly owned subsidiary of Robert Bosch GmbH. The Company has started its operations in 1998 and it is one of the world's leading global supplier of technology and services, offering end-to-end Engineering, IT and Business Solutions. With over 10,000+ associates, RBEI is the largest software development center of Bosch, outside Germany. RBEI has facilities primarily spread across Bangalore and Coimbatore in India. RBEI also has branches outside of India. RBEI is ISO 9001:2008 certified (2009), ISO 27001 (2009) appraised at CMMI Level 5 as per ver 1.3 (2011). RBEI primarily provides Engineering, IT and ITES solutions. The focal areas of RBEI are Automotive industry, Industrial Technology, Consumer Goods and Building Technology.

FINANCIAL RESULTS:

The Company, Robert Bosch Engineering and Business Solutions Private Limited (RBEI), extended its financial year 2014 to 15 months. Accordingly, the information provided herein is for a period of 15 months (from 1^st January 2014 to 31st March 2015) and hence not directly comparable with the previous year.

Change in Financial Year:

The Company has adopted uniform financial year in accordance with the provisions of section 2(41) of the Companies Act, 2013 as per the resolution passed by the Board at its meeting held on 30th July 2014. Accordingly, the audited financial statements are made for the extended period of 15 months from 1st January 2014 to 31st March 2015. Henceforth, the Company’s financial year will be from April to March instead of

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

• Land
• Buildings
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other 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.66.51
UK Pound	1	Rs.100.43
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	10
OPERATING SCALE	1~10	10
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILITY	1~10	10
--LIQUIDITY	1~10	10
--LEVERAGE	1~10	10
--RESERVES	1~10	10
--CREDIT LINES	1~10	10
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		90

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.