MIRA INFORM REPORT

Report No. :	324814
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED
Registered Office :	Gat No.463A, 463B, 464, Taluka Khandala, Dhangarwadi – 412801, Maharashtra
Tel. No.:	91-2169-246700/300
Country :	India
Financials (as on) :	31.03.2014
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
IEC No.:	Not Available
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 :	Manufacturer, Exporter and Importer of Industrial Robotics and Automaton Systems.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject was incorporate in 1990. Subject is engaged in providing automated manufacturing solutions using robotics and automation technologies for manufacturing industries and special automation solutions to other non-manufacturing industries. General financials seems to be fair. Company has reported a total operating income of Rs. 2512.200 Million and PAT of Rs. 143.600 Million during FY 2014 as against a total operating income of Rs. 3056.200 Million and a net loss of Rs. 26.200 Million in FY 13. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In the view of promoters experience and expertise in providing industrial solutions, the subject can be consider for 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.

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	CARE
Rating	Long Term Facilities = CARE BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 14, 2015

Rating Agency Name	CARE
Rating	Short Term Facilities = CARE A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	May 14, 2015

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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. Mule
Designation :	Head Finance
Contact No.:	91-2163-246300
Date :	27.05.2015

LOCATIONS

Registered Office :	Gat No.463A, 463B, 464, Taluka Khandala, Dhangarwadi – 412801, Maharashtra, India
Tel. No.:	91-2169-246700/300
Mobile No.:	91-9822348763 (Mr. Mule)
Fax No.:	91-2169-246346
E-Mail :	manjojj@parirobotics.com
Website :	http://www.parirobotics.com
Factory :	Village Dhangarwadi Shirwal, Off Pune Satara Highwary, Satara – 412801, Maharashtra, India
Branches :	Located At : Maharashtra Delhi Bangalore Chennai Nashik Uttaranchal Itasca

DIRECTORS

AS ON 28.09.2013

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

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	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Managing director	01/04/2012	16/08/1990	-	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Director	10/02/2003	10/02/2003	-	Active	NO

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

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	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Managing director	01/04/2012	04/01/1992	-	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Director	10/02/2003	10/02/2003	-	Active	NO

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

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	U72200PN1990PLC057687	PRECISION AUTOMATION AND ROBOTICS INDIA LIMITED	Whole-time director	27/12/2005	27/12/2005	-	Active	NO
2	U72200PN2003PLC017677	PARI AUTOMATION LIMITED	Director	30/09/2011	01/02/2011	-	Active	NO

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 Mahadev 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

KEY EXECUTIVES

Name :	Ms. Kulkarni
Designation :	Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Venture Capital	24.80
Bodies corporate	2.79
Directors or relatives of Directors	60.54
Other top fifty shareholders	11.87
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Industrial Robotics and Automaton Systems.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	US Europe South Africa Dubai
Imports :
Products :	Raw Material
Countries :	Japan US Korea Taiwan
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Cemens Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users and Manufacturer

Reference :	Forged India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

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
• State Bank of India
• Bank of Baroda

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Bank	411.162	463.768
Term Loan from Others	268.142	264.713
Other loans and advances	0.967	0.000
SHORT TERM BORROWINGS
Term Loan from Bank	0.000	156.291
Working Capital loan from Bank	0.000	805.645
Loans repayable on demand	713.866	0.000
Other loans and advances	159.018	0.000
Total	1553.155	1690.417

Banking Relations :
Auditors :
Name :	K. S. Aiyer and Company Chartered Accountants
Address :	F 7 Laxmi Mills, Shakti Mills Lane, Mahalaxmi, Mumbai - 400011, Maharashtra, India
PAN No.:	AAAFK6843P
Memberships :	--
Collaborators :	--
Sister Concern :	Pari Automation Limited, India CIN No: U7220PN2003PLC017677

CAPITAL STRUCTURE

As On 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9,000,000	Equity Shares	Rs. 10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,281,671	Equity Shares	Rs. 10/- each	Rs. 82.816 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	82.816	82.816	82.816
(b) Reserves & Surplus	1015.835	883.876	924.575
(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)	1098.651	966.692	1007.391
(3) Non-Current Liabilities
(a) long-term borrowings	680.271	762.291	780.532
(b) Deferred tax liabilities (Net)	88.793	153.690	80.647
(c) Other long term liabilities	1.000	0.143	10.230
(d) long-term provisions	27.486	19.801	21.165
Total Non-current Liabilities (3)	797.550	935.925	892.574
(4) Current Liabilities
(a) Short term borrowings	872.884	961.936	917.678
(b) Trade payables	645.205	815.083	456.290
(c) Other current liabilities	379.975	278.606	378.388
(d) Short-term provisions	84.255	68.927	67.154
Total Current Liabilities (4)	1982.319	2124.552	1819.510
TOTAL	3878.520	4027.169	3719.475
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1111.921	1135.859	1195.816
(ii) Intangible Assets	49.608	55.661	66.183
(iii) Capital work-in-progress	3.929	0.715	0.282
(iv) Intangible assets under development	4.823	2.597	0.758
(b) Non-current Investments	13.345	13.345	13.345
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	115.529	123.224	123.122
(e) Other Non-current assets	1.500	11.641	22.302
Total Non-Current Assets	1300.655	1343.042	1421.808
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	576.751	659.255	698.772
(c) Trade receivables	1573.842	1615.173	1266.231
(d) Cash and cash equivalents	8.354	54.158	44.205
(e) Short-term loans and advances	190.244	158.236	108.053
(f) Other current assets	228.674	197.305	180.406
Total Current Assets	2577.865	2684.127	2297.667
TOTAL	3878.520	4027.169	3719.475

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2500.530	3041.552	2383.169
		Other Income	51.926	24.292	25.003
		TOTAL (A)	2552.456	3065.844	2408.172
Less	EXPENSES
		Cost of Material Consumed	1054.189	1654.734	1134.599
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	74.651	25.080	69.951
		Employees benefit expenses	493.424	475.612	431.631
		Other Expenses	572.896	495.756	486.552
		TOTAL (B)	2195.160	2642.182	2122.733
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		357.296	423.662	285.439
Less	FINANCIAL EXPENSES (D)		192.454	221.315	120.917
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		164.842	202.347	164.522
Less/ Add	DEPRECIATION/ AMORTISATION (F)		84.640	80.503	41.667
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		80.202	121.844	122.855
Less	TAX (H)		(63.383)	148.011	28.546
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		143.585	(26.167)	94.309
	Earnings / (Loss) Per Share (Basic)		17.34	(3.16)	11.39
	(Diluted)		17.34	(3.16)	11.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

Expected Sales (2014-15): Rs. 3200.000 Million

The above information has been parted by Mr. Mule (Head Finance)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.62	(0.86)	3.95
Operating Profit Margin (PBDIT/Sales)	(%)	14.28	13.92	11.97
Return on Total Assets (PBT/Total Assets}	(%)	2.08	3.04	3.32
Return on Investment (ROI) (PBT/Networth)		0.07	0.13	0.12
Debt Equity Ratio (Total Liability/Networth)		1.41	1.78	1.69
Current Ratio (Current Asset/Current Liability)		1.30	1.26	1.26

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	82.816	82.816	82.816
Reserves & Surplus	924.575	883.876	1015.835
Net worth	1007.391	966.692	1098.651
long-term borrowings	780.532	762.291	680.271
Short term borrowings	917.678	961.936	872.884
Total borrowings	1698.210	1724.227	1553.155
Debt/Equity ratio	1.686	1.784	1.414

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2383.169	3041.552	2500.530
		27.626	-17.788

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2383.169	3041.552	2500.530
Profit	94.309	(26.167)	143.585
	3.96%	(0.86%)	5.74%

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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
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 years	Yes
27	Reasons for variation <> 20%	------
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	------
33	Market information	------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10520259	21/08/2014	300,000,000.00	Bank of India	PUNE MID CORPORATE BRANCH,, 1162/B, SHIVAJINAGAR,  UNIVERSITY ROAD,, PUNE, Maharashtra - 411005, IND  IA	C20901393
2	10507039	27/05/2014	177,900,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	C09896127
3	10409588	15/05/2014 *	300,000,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, PUNE, M  aharashtra - 411003, INDIA	C05436043
4	10229019	01/06/2010	641,700.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH,, SHIVAJINAGAR,, PU  NE, Maharashtra - 411005, INDIA	A89573406
5	10213854	22/03/2010	735,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH,, SHIVAJINAGAR,, PU  NE, Maharashtra - 411005, INDIA	A83212696
6	10127054	06/10/2008	541,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRNCH, SHIVAJINAGAR, PUNE,  Maharashtra - 411005, INDIA	A49093529
7	10122143	26/08/2008	522,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG  AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE, Mahara  shtra - 411005, INDIA	A45166287
8	10117334	06/08/2008	514,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAG  AR, UNIVERSITY ROAD,NEAR OBSERVATORY, PUNE, Mahara  shtra - 411005, INDIA	A43218536
9	10079962	26/11/2007	383,000.00	BANK OF INDIA	PUNE CORPORATE BANKING BRANCH,, SHIVAJI NAGAR, PU  NE, Maharashtra - 411005, INDIA	A28907558
10	10073026	15/05/2014 *	2,594,900,000.00	Bank of India	PUNE MID CORPORATE BRANCH,, 1162/B, SHIVAJINAGAR,  UNIVERSITY ROAD,, PUNE, Maharashtra - 411005, IND  IA	C06033815

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	0.000	33.810
Total	0.000	33.810

FIXED ASSETS

• Land
• Buildings
• Office Buildings
• Factory Buildings
• Plant and Equipment
• Factory Equipment
• Furniture and Fixture
• Vehicles
• Computer Equipment

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. 63.90
UK Pound	1	Rs. 98.16
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	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		46

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.