MIRA INFORM REPORT

Report Date :

23.05.2011

IDENTIFICATION DETAILS

Name :	GALA BRUSH LIMITED
Registered Office :	Gala No. 1174, Ground Floor, Hindustan Kohinoor Industrial Complex, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.01.1995
Com. Reg. No.:	11-084469
Capital Investment / Paid-up Capital :	Rs.31.002 millions
CIN No.: [Company Identification No.]	U25200MH1995PLC084469
TAN No.: [Tax Deduction & Collection Account No.]	MUMG03984B
Legal Form :	A Closely held Public Limited Company
Line of Business :	Manufacturer and Exporters of Household Cleaning Aids, Brooms, Brushes and Cleaning Liquids.
No. of Employees :	50 (Approximatly)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 395000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and progressive company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Vijay Kori
Designation :	Export Manager
Contact:	91-9930129517
Date :	23.05.2011

LOCATIONS

Registered Office :	Gala No. 1174, Ground Floor, Hindustan Kohinoor Industrial Complex, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Tel. No.:	91-22-40696666
Mobile No.:	91-9930129517 (Mr. Vijay Kori)
Fax No.:	91-22-40696699
E-Mail :	exports@gala-brush.com sales@gala-brush.com navin_ca85@rediffmail.com
Website :	www.gala-brush.com
Area :	2500 sq.ft
Location :	Owned
Unit 1.:	National Highway No. 8/, Near Samarkha Chowkdi, Gamdi, Anand – 388001, Gujarat
Tel. No.:	91-2692 – 251433 / 254790
Fax No.:	91-2692 – 240433
E-Mail :	gpratik@earth.planet.net.in
Unit 2 :	Survey No. 46, Plot No. 2 and 3, Agra Road, Village Asangaon, Taluka Shahpur, District Thane – 421601, Maharashtra
Tel. No.:	91-2527-272760 / 272866
Fax No.:	91-2527-271496
E-Mail :	asn@gala-brush.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Chandrakant L. Gala
Designation :	Director
Address :	14 / 1, Agarwal Nagar, Dr. Ambedkar Road, Matunga (C.R.), Mumbai
Date of Birth/Age :	25.05.1957
Qualification:	Graduate
Date of Appointment :	08.08.1996
Date of Cessation:	30.07.2009
Name :	Mr. Jatin T. Gala
Designation :	Director
Address :	B - 21, Krishna Jyot, 105, Garodia Nagar, Ghatkoper (East), Mumbai – 400077
Date of Birth/Age :	11.09.1972
Date of Appointment :	01.06.1996
Name :	Ms. Chaitali C. Gala
Designation :	Director
Address :	4 / 1, Agarwal Nagar, Dr. Ambedkar Road, Matunga (C.R.), Mumbai
Date of Birth/Age :	09.02.1980
Qualification:	Graduate
Date of Appointment :	15.05.2004
Name :	Mr. Mayur L. Gala
Designation :	Director
Address :	Dhanlaxmi, Shriji Colony, Behind Mahavir Society, Anand, Gujarat
Date of Birth/Age :	28.09.1960
Qualification:	Graduate
Date of Appointment :	01.04.1997
Name :	Mr. Kirti Lakshmashi Gada
Designation :	Director
Address :	B – 9, Azad Nagar, R.A.K. Raod, Wadala (West), Mumbai – 400031
Date of Birth/Age :	23.05.1974
Date of Appointment :	02.10.1996

Name :	Mr. Tarachand Talakshi Gala
Designation :	Director
Address :	B - 21, Krishna Jyot, 105, Garodia Nagar, Ghatkoper (East), Mumbai – 400077
Date of Birth/Age :	08.10.1945
Date of Appointment :	31.12.2003

KEY EXECUTIVES

Name :	M/s Sunil Agarwal and Company
Designation :	Company Secretary
Address :	A-203, Kaavyaa, Bageshree Park, Shiv Sena Gali, Bhayander (West), Thane – 401 101, Maharashtra, India.
Tel. No.:	91-22-28145589
Mobile No.:	91-9821355692
E-Mail :	rachit12@hotmil.com
Name :	Mr. Chandrakant Gala
Designation :	Export and Administration
Name :	Mr. Mayur Gala
Designation :	Production and R & D
Name :	Mr. Jatin Gala
Designation :	Marketing and R & D
Name :	Mr. Krishna
Designation :	Accounts Executive
Name :	Mr. Vijay Kori
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Chandrakant L. Gala	511160
Chandrakant L. Gala HUF	33517
Chandan Chandrakant Gala	307355
Sanket Chandrakant Gala	308764
Chaitali Chandrakant Gala	24923
Mayur L. Gala	630183
Mayur L. Gala HUF	100000
Nisha Mayur Gala	134052
Pratik Mayur Gala	312484
Jatin T. Gala	284750
Jatin T. Gala HUF	100000
Varsha Jatin Gala 123	123740
Manjula T. Gala	84370
Ashok M. Shah	1250
Nirmlaben N. Mehta	5000
Narendra M. Shah	1250
Mahendra M. Shah	1250
Mohanlal D. Pasad	1250
Bhanumati J. Gogri 1	1250
Jigar C. Shah	1250
Vimla K. Lalan	1250
Kishor A. Doshi	1250
Sanjay M. Gosar	1250
Harakhchand P. Gala	750
Chandan P. Gada	500
Ramniklal R. Chheda	1250
Bharti J. Dedhia	750
Laxmichand R. Dedhia	1250
Vipul B. Savla	1250
Chandresh L. Dedhia	1250
Prasham Holding and Investment	6250
Bhupendra B. Gala	6250
Kishor Shah	2500
Umarshi P. Gosar	1250
Kishor A. Shah	1250
Pragna K. Shah	2500
Uday L. Shah	2500
Pravinchandra Rambhia	1250
Rashmi R. Vora	1250
Devendra Gada	1250
Hemlata Vora	1250
Jagruti Mehta	1250
Hemant Mehta	1250
Kantilal Vora	1250
Kirtika K. Karani	1250
Nanji L. Bheda	1250
Nirmala Bheda	1250
Rashma	1250
Rekha Savla	1250
Tarachand Vora	1250
Zaverben Vora	1250
Bharat Gosar	1250
Trupti Doshi	1250
Jai Doshi	1250
Harshad Doshi	1250
Priti Doshi	1250
Dilip Shah	1000
Ajay Shethia	1250
Kantilal Vora	1250
Nitin Shethia	1250
Pooja Shah	1250
Nayan Shah	2500
Laheri Shah	1250
Maheshwar	2500
Kritika Karani	2500
Bharat Gosar	2500
Jagruti	1500
Krutee Shah	1250
Ajay Thakker	1250
Hardik Shah	1250
Keyur Shah	1250
Shilpa Shah	1250
Humanshu Shah	1250
Akshay Jain	2500
Narendra Jain	2500
Tulika Jain	5000
Tushar Jain	1250
Minal Mehta	1250
Rasiklal Shah	1250
Uchhab Raj	1250
Jasraj Jain	400
Maheshwari Laxmi	1250
Bhawarlal Jain	1250
Kalyanji Ghelabhai	1250
Bajranglal Sharma	1875
Navin Sharma	1250
Horace Shayoo	2500
Anita Sharma	1250
Pramit Sheth	5000
Navinchandra Sheth	5000
Arunkumar Chhotalal	5000
Bhawarlal Jain	1250
Manoj Kothari	1250
Androo Naseer	1250
Maoj Jain	500
Anilkumar Jain	350
Bhavanji Karani	1049
Rekha S. Mehta	2500
Total	3100222

AS ON 30.09.2010

Equity share breakup (percentage of total equity)

Category	Percentage of Holding
Directors or relatives of directors	95.62
Others	4.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporters of Household Cleaning Aids, Brooms, Brushes and Cleaning Liquids.
Products :	© Car Brushes © Floor Mop Brushes © General Brushes © Floor Scrubbing © Floor Wiper © Kitchen Scrubber © Kitchen Sink © Kitchen Wipe © Kitchen General © Toilet Brushes © Floor Sweeping © Cloth Brushes © Body Brushes © Export Brushes
Exports :
Products:	Household Cleaning, Aids and Brushes, Bristles
Countries :	USA, UK, Middle East, Australia, Europe, South Africa
Imports :
Products:	Raw Material
Countries :	Italy China
Terms :
Selling :	L/C, Cash, Credit (30-60-90 Days)
Purchasing :	L/C, Cash, Credit (30-60-90 Days)

GENERAL INFORMATION

Customers:

Wholesaler, Retailers, End Users, OEM’s

No. of Employees :

50 (Approximately)

Bankers :

• Oriental Bank of Commerce

Prabhadevi Branch, 1^st Floor, Aman Chambers, Veer Sawarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India.

E-Mail: avmcompanysecretaries@gmail.com

• Bank of Bahrain and Kuwait B.S.C.

Jolly Maker Chambers II, Nariman Point, Mumbai – 400021, Maharashtra, India.

• Bank of India

Mandvi Branch, Kanoor House, 281/ 287, Narsi Natha Street, Mumbai – 400009, Maharashtra, India.

• ICICI Bank
• Citi Bank
• Kotak Mahindra Bank
• Standard Chartered Bank
• HDFC Bank
• Barclays Bank

Facilities:

Cash, Credit Rs. 5.000 millions (Oriental Bank of Commerce)

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
TERM LOAN FROM FINANCIAL INSTITUTION / BANKS
From Bank of Baharain and Kuwait	0.000	0.675
From Sundaram Finance Limited	0.000	1.719
From OBC Bank	0.000	3.586
From Sicom Limited	0.000	16.300
From GE Money Financial	0.000	0.718
From Kotak Mahindra Bank	0.000	1.583
From City Bank	0.000	0.191
From Barclays Bank	0.000	2.744
Form HDFC Bank	0.000	1.114
Form Standard Chartered Bank	0.000	2.166
Total	0.000	30.796
WORKING CAPITAL
Cash Credit - BBK	(0.005)	6.469
PCFC - BBK	0.000	27.336
City Bank N.A	0.000	8.513
Cash Credit - OBC	4.128	18.482
ICICI Bank	0.000	0.528
Total	4.123	61.328
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From others	10.000	1.015
Total	10.000	1.015
Note: Working capital loan from bank is secured against hypothecation and /or pledge of stocks and book debts and second charge on fixed assets of the company and personally guaranteed by directors and their family members, which is counter guaranteed by the company

Banking Relations :	--
Auditors :
Name :	Navin and Associates Chartered Accountants
Address :	13, Vasant Breezes Chambers, Opp. Maheshwari Udhyan, Matunga C.R., Mumbai – 400019, Maharashtra, India.
Name :	Mr. Rahul Nagda
Address :	371, 74, Old Hanuman Building, Chunam Lane, Lamington Road, Mumbai 400007, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3100222	Equity Shares	Rs.10/- each	Rs.31.002 millions

Note:

Includes 1647222 equity shares have been issued and allotted for consideration other than cash

Includes 700800 equity shares have been issued as bonus share by capitalization of reserves and surplus

Includes 349729 equity shares are issued to the partners of Aditi Enterprises on takeover of Business

Includes 228000 equity shares and 754493 equity shares are issued to the shareholder of Gel Consultants private Limited and Gala Plastic Industries Private Limited respectively on merger with the company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		31.002	34.502	21.180
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		67.826	67.508	46.265
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		98.828	102.010	67.445
LOAN FUNDS
1] Secured Loans		4.123	92.129	134.637
2] Unsecured Loans		10.000	1.015	6.447
TOTAL BORROWING		14.123	93.144	141.084
DEFERRED TAX LIABILITIES		0.000	0.000	1.655
TOTAL		112.951	195.154	210.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.490	89.581	68.936
Capital work-in-progress		0.000	1.088	0.000
INVESTMENT		4.043	4.766	10.575
DEFERREX TAX ASSETS		0.000	0.000	1.655
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.771	69.907	91.281
	Sundry Debtors	2.051	73.100	63.486
	Cash & Bank Balances	1.678	2.773	0.439
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	40.527	17.960	24.927
Total Current Assets		74.027	163.740	180.133
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.609	49.835	50.147
	Current Liabilities	0.000	0.000	0.000
	Provisions	10.000	14.215	1.000
Total Current Liabilities		44.609	64.050	51.147
Net Current Assets		29.418	99.690	128.986
MISCELLANEOUS EXPENSES		0.000	0.029	0.032
TOTAL		112.951	195.154	210.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	361.033	472.095	389.449
		Other Income	82.481	1.767	1.424
		TOTAL (A)	443.514	473.862	390.873
Less	EXPENSES
		Raw Material Consumed	281.608	317.362	290.974
		Manufacturing Expenses	0.000	11.747	9.059
		Selling and Distributor Expenses	0.000	39.883	35.576
		Administrative Expenses	0.000	8.825	6.121
		Payment to Auditors	0.020	0.020	0.040
		Stock Transfer From GEL	0.000	0.820	0.000
		Personnel Expenses	0.000	12.517	8.045
		Foreign Exchange Loss	0.000	2.007	1.982
		Salaries, Wages and Bonus	13.267	0.000	0.000
		Managerial Remuneration	0.470	0.000	0.000
		Insurance Expenses	0.955	0.000	0.000
		Power and Fuel	4.118	0.000	0.000
		Increase/(Decrease) in Finished Goods	45.200	(0.372)	(2.840)
		Other Expenditure	38.252	5.597	5.577
		TOTAL (B)	383.890	398.406	354.534
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.624	75.456	36.339
Less	FINANCIAL EXPENSES (D)		6.028	20.402	19.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.596	55.054	16.432
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.852	19.100	6.587
	PROFIT BEFORE TAX (E-F) (G)		41.744	35.954	9.845
Less	TAX (H)		NA	14.711	1.434
	PROFIT AFTER TAX (G-H) (I)		NA	21.243	8.411
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	44.465	36.053
	BALANCE CARRIED TO THE B/S		NA	65.708	44.465
	Earnings Per Share (Rs.)		--	10.42	2.85

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	4.48	2.15
Net Profit Margin (PBT/Sales)	(%)	11.56	7.61	2.46
Return on Total Assets (PBT/Total Assets}	(%)	27.19	14.19	3.95
Return on Investment (ROI) (PBT/Networth)		0.42	0.35	0.14
Debt Equity Ratio (Total Liability/Networth)		0.59	1.54	2.87
Current Ratio (Current Asset/Current Liability)		1.65	2.56	3.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Creditors	34.609	49.835	50.147

TRADE REFERENCE:

• Multimedia Informatics Private Limited
• Classic Business Corporation Private Limited
• JD International

FORM 8:

Corporate identity number of the company	U25200MH1995PLC084469
Name of the company	GALA BRUSH LIMITED
Address of the registered office or of the principal place of business in India of the company	Gala No. 1174, Ground Floor, Hindustan Kohinoor Industrial Complex, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce Prabhadevi Branch, 1^st Floor, Aman Chambers, Veer Sawarkar Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India. E-Mail: avmcompanysecretaries@gmail.com
Nature of instrument creating charge	Agreement of Term Loan
Date of instrument Creating the charge	17.10.2008
Amount secured by the charge	Rs. 5.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest rate of 2.00 % p.a. over PLR with a minimum of 15.00 % p.a. with MLY rest or such rate as agreed by the Borrower Company from time to time Penal interest of 2.00 % in addition to the agreed rate in case of default Terms of repayment Repayment of the Term Loan in 48 mly instalment of Rs. 0.104 millions + interest commencing from November 2008 Margin 49.58 % of Hypothecated Assets Extent and operation of the charge At the request of the Borrower Company the Bank has sanctioned Term Loan of Rs. 5.000 millions against the first charge and hypothecation of entire movable fixed assets both present and future situated at the factory and office premises except machinery financed by SICOM
Short particulars of the property charged (Including location of the property)	At the request of the Borrower Company the Bank has sanctioned Term Loan of Rs. 5.000 millions against the first charge and hypothecation of entire movable fixed assets both present and future situated at the factory and office premises except machinery financed by SICOM

FIXED ASSETS:

• Land
• Plant and Machinery
• Moulds
• Dies and Tools
• Air Conditioner
• Factory Building
• Vehicles
• Office Equipments
• Computer
• Fax Machine
• Type Writer
• Mobile Phone
• Fridge
• Music System
• Acqua Guard
• Furniture

As Per Web Details

Company Profile:

Subject cleaning equipments have been gifting a world of cleanliness with its high quality range of sleek, innovative and attractive cleaning equipments designed to care for every part of the home. Be it for sparkling kitchen, a tidy living room, a fragment bedroom or a spic and span toilet. Subject has a cleaning solution that is appropriate for each of the requirement. Helping you make cleanliness and healthy living a part of the daily life.

Subject is in the business of 'Cleaning' with more than 130 cleaning helps/aids for floor, toilets/commode, kitchen, sink, utensil, windows, bathrooms, furniture, carpets, bottles, car, body, ceilings, vegetables, etc.

Various kinds of brushes, brooms, wipers, squeegees, mops, wipes, scrubbers, etc. To satisfy the customers needs for 'Quality and Useful' cleaning solution at a reasonable price.

Awarded the 'Top Exporters Award' in the brush category by the "Plastic and Linoleum Export Promotion Council" from the years 1993-94... till date.

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.44.93
UK Pound	1	Rs.72.92
Euro	1	Rs.64.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.