MIRA INFORM REPORT

Report No. :	325946
Report Date :	05.06.2015

IDENTIFICATION DETAILS

Name :	FREUDENBERG GALA HOUSEHOLD PRODUCT PRIVATE LIMITED (W.E.F. 07.07.2010)
Formerly Known As :	GALA CLEANAIDS PRIVATE LIMITED
Registered Office :	B-902/903/904, O2 Galleria, No.23/24, Minerva Industrial Estate, Near Asha Nagar, Off LBS Marg, Mulund(West), Mumbai – 400080, Maharashtra
Tel. No.:	91-22-61716666
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.04.2009
Com. Reg. No.:	11-191854
Capital Investment / Paid-up Capital :	Rs.1.027 Million
CIN No.: [Company Identification No.]	U52390MH2009PTC191854
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturing and trading of all types of plastic goods including household cleaning, floor cleaning brushes and cleaning material, wipers, grass broom, plastic brooms, ropes, mops.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Freudenberg Home and Cleaning Solutions GMGH”. It is an established company incorporated during 2009 engaged in the business of manufacturer, exporter and suppliers of cleaning equipment’s having moderate track record. The rating is constrained on account of continuous losses incurred by the company from its operational activities. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vijay
Designation :	Export Department
Contact No.:	91-22-61716666
Date :	04.06.2015

LOCATIONS

Registered Office :	B-902/903/904, O2 Galleria, No.23/24, Minerva Industrial Estate, Near Asha Nagar, Off LBS Marg, Mulund(West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-61716666
Fax No.:	91-22-61716699
E-Mail :	jatin.gala@fhp-ww.com
Location :	Owned
Locality :	Commercial
Factory :	Survey No.952 / 2 - 5, 953 / 1 - 2, Dellapara Main Road, Anand – 388305, Gujarat, India

DIRECTORS

As on 28.11.2014

Name :

Mr. Chandrakant Lalji Gala

Designation :

Director

Address :

1/14, Agarwal Nagar, Dr. Ambedkar Road, Matunga C. R., Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

12.09.1957

Date of Appointment :

30.07.2009

DIN No.:

00652585

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	U25200MH1995PLC084469	GALA BRUSH LIMITED	Director	15/05/2004	15/05/2004	30/07/2009	Active	NO
2	U52390MH2009PTC191854	Freudenberg Gala Household Product Private Limited	Director	30/07/2009	30/07/2009	-	Active	NO
3	U45400MH2010PTC198325	CHANDRAPRABHU CONSTRUCTIONS PRIVATE LIMITED	Director	02/01/2010	02/01/2010	08/02/2010	Active	NO
4	U45203MH2011PTC220767	CJAM INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
5	U19119MH2013PTC242257	BRACE BELT PRIVATE LIMITED	Director	22/04/2013	22/04/2013	-	Active	NO
6	U45400MH2013PTC242540	NEST SUBURBAN DEVELOPERS PRIVATE LIMITED	Director	26/04/2013	26/04/2013	-	Active	NO

Name :

Mr. Jatin Tarachand Gala

Designation :

Director

Address :

101, Bhaveshwar Darshan, Anandji Lane, Opposite M. G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

11.09.1972

Date of Appointment :

28.07.2009

DIN No.:

00652617

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	U25200MH1995PLC084469	GALA BRUSH LIMITED	Director	01/06/1996	01/06/1996	28/07/2009	Active	NO
2	U52390MH2009PTC191854	Freudenberg Gala Household Product Private Limited	Director	28/07/2009	28/07/2009	-	Active	NO

Name :

Mr. Mayur Lalji Gala

Designation :

Director

Address :

Room No.8, Building No.1, Agrawal Nagar, Dr. Ambedkar Road, Matunga C. R., Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

28.04.1960

Date of Appointment :

02.11.2011

DIN No.:

01298252

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	U25209MH1991PTC063507	GALA PLASTIC INDUSTRIES PRIVATE LIMITED	Director	16/06/2004	16/06/2004	-	Amalgamated	NO
2	U52390MH2009PTC191854	Freudenberg Gala Household Product Private Limited	Director	02/11/2011	20/04/2009	-	Active	NO
3	U25200MH1995PLC084469	GALA BRUSH LIMITED	Director	29/07/2009	29/07/2009	01/10/2011	Active	NO
4	U25203MH2011PTC212394	ADITI BROOMS PRIVATE LIMITED	Director	17/01/2011	17/01/2011	30/08/2013	Active	NO

Name :

Alberto Mario Lombardo

Designation :

Nominee Director

Address :

Eichenweg 4, Morlenbach – 69509, Germany

Date of Birth/Age :

22.09.1949

Date of Appointment :

07.08.2009

DIN No.:

02752676

Name :

Alexander Johannes Moker

Designation :

Nominee Director

Address :

Dotzheimer Strasse 38, Witesbaden – 65185, Germany

Date of Birth/Age :

13.06.1947

Date of Appointment :

02.11.2011

DIN No.:

06507814

Name :

Klaus Peter Meier

Designation :

Nominee Director

Address :

Staufenstr. 20, Kelkheim – 65779, Germany

Date of Birth/Age :

08.08.1957

Date of Appointment :

08.11.2012

DIN No.:

06619891

Name :

Frank Reuther

Designation :

Additional Director

Address :

Rilkestr. 18, Rimbach – 64668, Germany

Date of Birth/Age :

20.10.1963

Date of Appointment :

28.11.2014

DIN No.:

06983371

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Export Department

MAJOR SHAREHOLDERS

As on 28.11.2014

Names of Shareholders	No. of Shares	%age holding
Freudenberg Home and Cleaning Solutions GMBH	61599	60.00
Gala Brush Limited	41064	40.00
Total	102663	100.00

As on 28.11.2014

Equity Share Break up (Percentage of Total Equity)

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	60.00
Bodies corporate	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of manufacturing and trading of all types of plastic goods including household cleaning, floor cleaning brushes and cleaning material, wipers, grass broom, plastic brooms, ropes, mops.
Products :	Floor Cleaning Brushes Cleaning Material Wipers Grass Broom Plastic Brooms Ropes Mops
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Divulged
Countries :	USA UK
Imports :
Products :	Not Divulged
Countries :	Sweden China
Terms :
Selling :	Cash, Cheque and Credit (60/90 Days)
Purchasing :	Cash, Cheque and Credit (60/90 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Wholesaler, Retailer and End Users

Reference :	Not Divulged
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 :

200 (Approximately)

Bankers :

Banker Name	Not Divulged
Branch Address	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 :	SRBC and Company LLP Chartered Accountants
Address :	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400057, Maharashtra, India
PAN No.:	ACHFS9117R
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2013) :	Freudenberg Haushaltsprodukte Verwaltungs GMBHH
Ultimate Holding Company (As on 31.03.2013) :	Freudenberg and Company Kommanditgesellschaft, Germany
Company having Significant influence (As on 31.03.2013) :	Gala Brush Limited FHP Di R. Freudenberg s.a.s Freudenberg Haushaltsprodukte Export GMBH FHP Holding GMBH Chem Trend Chemicals India Private Limited Freudenberg Household Products AB Freudenberg Household Products (Suzhou) Co. Limited Freudenberg Finance GMBH Freudenberg SE Freudenberg Haushaltsprodukte SE and Co. KG Freudenberg and Co. KG

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
120000	Equity Shares	Rs.10/- each	Rs.1.200 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
102663	Equity Shares	Rs.10/- each	Rs.1.027 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	1.027	1.027	1.027
(b) Reserves & Surplus	317.452	317.869	367.343
(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)	318.479	318.896	368.370
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	1.460
(c) Other long term liabilities	1.025	0.500	2.782
(d) long-term provisions	13.786	6.928	3.903
Total Non-current Liabilities (3)	14.811	7.428	8.145
(4) Current Liabilities
(a) Short term borrowings	108.193	76.204	69.131
(b) Trade payables	51.665	48.563	43.929
(c) Other current liabilities	63.828	61.765	67.383
(d) Short-term provisions	0.812	0.772	0.287
Total Current Liabilities (4)	224.498	187.304	180.730
TOTAL	557.788	513.628	557.245
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	268.567	251.927	263.944
(ii) Intangible Assets	79.542	97.781	116.020
(iii) Capital work-in-progress	1.625	0.043	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.292	13.191	12.412
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	366.026	362.942	392.376
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	57.633	62.040	60.251
(c) Trade receivables	93.545	66.821	69.847
(d) Cash and cash equivalents	13.671	5.385	7.547
(e) Short-term loans and advances	24.569	14.271	27.224
(f) Other current assets	2.344	2.169	0.000
Total Current Assets	191.762	150.686	164.869
TOTAL	557.788	513.628	557.245

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		751.085	595.536
	Other Income		3.618	0.413
	TOTAL	889.722	754.703	595.949
Less	EXPENSES
	Cost of Materials Consumed
	Purchases of Stock-in-Trade
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade
	Employees benefits expense
	Other expenses
	TOTAL	890.140	751.010	584.205
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(Including depreciation and Finance Expenses)	3.693	11.744
Less	FINANCIAL EXPENSES		8.662	2.674
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(4.969)	9.070
Less/ Add	DEPRECIATION/ AMORTISATION		45.547	33.924
	PROFIT/ (LOSS) BEFORE TAX	(0.418)	(50.516)	(24.854)
Less	TAX	0.000	(1.042)	(9.108)
	PROFIT/ (LOSS) AFTER TAX	(0.418)	(49.474)	(15.746)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	33.384	35.206
	TOTAL EARNINGS	NA	33.384	35.206
	IMPORTS
	Raw Materials	NA	38.012	13.767
	Components and Stores parts	NA	0.943	6.785
	Capital Goods	NA	0.156	0.109
	TOTAL IMPORTS	NA	39.111	20.661
	Earnings / (Loss) Per Share (Rs.)	(4.07)	(481.90)	(153.37)

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	16.928	2.086

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.05)	(6.59)	(2.64)
Return on Total Assets (PBT/Total Assets}	(%)	(0.08)	(9.84)	(4.46)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.16)	(0.07)
Debt Equity Ratio (Total Debt/Networth)		0.34	0.24	0.19
Current Ratio (Current Asset/Current Liability)		0.85	0.80	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.027	1.027	1.027
Reserves & Surplus	367.343	317.869	317.452
Net worth	368.370	318.896	318.479
long-term borrowings	0.000	0.000	0.000
Short term borrowings	69.131	76.204	108.193
Total borrowings	69.131	76.204	108.193
Debt/Equity ratio	0.188	0.239	0.340

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	595.536	751.085	889.722
		26.119	18.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	595.536	751.085	889.722
Profit	(15.746)	(49.474)	(0.418)
	(2.64%)	(6.59%)	(0.05%)

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	No
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	No
19	Major customers	No
20	Banking Details	Yes
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 years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note:

Registered address of the company has been shifted from the Gala No. 11A, Ground Floor, Hindustan Kohinoor Ind. Complex, Vikhroli (West), Mumbai – 400083, Maharashtra, India to the present address w.e.f. 01.12.2012.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand
From related party	50.000	0.000
Cash credit facility from bank	58.193	76.204
Total	108.193	76.204

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Building
• Leasehold Improvements
• Plant and Machinery
• Office Equipment
• Furniture and Fixture
• EDP Equipment
• Vehicles

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.64.17
UK Pound	1	Rs.98.30
Euro	1	Rs.72.25

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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		33

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.