MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	PRIMEVAL INDUSTRIALS PRIVATE LIMITED
Registered Office :	B-7, Vidya Apartments, 50 (67) Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.10.1980
Com. Reg. No.:	18-8476
Capital Investment / Paid-up Capital :	Rs.15.000 millions
CIN No.: [Company Identification No.]	U29113TN1980PTC008476
TAN No.: [Tax Deduction & Collection Account No.]	CHEP00729B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of LPG Cylinder Valves.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 31000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	B-7, Vidya Apartments, 50 (67) Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	primevalv@gmail.com
Factory :	Sr. No 135/3c, Ravathur Road, A.G. Pudur, Irugur Village, Palladam taluk, Coimbatore – 641 103, Tamilnadu, India
Branch Office :	C R 344, Avinashi Road, Peelamedu, Coimbatore – 641 004, Tamilnadu, India
Tel. No.:	91-422-2572398 / 4397395
Fax No.:	91-422-4398395

DIRECTORS

As on 30.09.2011

Name :

Mr. Somu Kulandaisamy

Designation :

Managing Director

Address :

B-7, Vidya Apartments, 50 (67) Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

28.02.1957

Date of Appointment :

01.08.2004

DIN No.:

01812185

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29253TN1982PTC009528	Lite Containers Private Limited	Managing director	19-12-02	19-12-02	-	Active	NO
2	U29113TN1980PTC008476	Primeval Industrials Private Limited	Managing director	01-08-04	01-08-04	-	Active	NO
3	U45203TN2006PLC058757	Saconara Infraastructures India Limited	Director	29-09-06	29-09-06	30-09-08	Active	NO
4	U74900TN2010PTC076833	J.A. Composites Private Limited	Director	07-04-11	07-04-11	-	Active	NO

Name :

Mrs. Kulandai Samy Mala

Designation :

Director

Address :

B-7, Vidya Apartments, 50 (67) Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

05.12.1967

Date of Appointment :

02.02.1998

DIN No.:

02533597

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29113TN1980PTC008476	Primeval Industrials Private Limited	Director	02-02-98	02-02-98	Active	NO
2	U29253TN1982PTC009528	Lite Containers Private Limited	Director	01-06-03	01-06-03	Active	NO
3	U74900TN2010PTC076833	J.A. Composites Private Limited	Director	07-04-11	07-04-11	Active	NO

Name :

Mr. Kulandai Samy Akshaya

Designation :

Director

Address :

No.B-7/67, Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

16.02.1990

Date of Appointment :

17.02.2010

DIN No.:

02932788

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
S. Kulandaisamy	35400
K Mala	25000
K Akshaya	30000
K Priyadharshini	25000
S Annadurai	10000
S Ramachandran	1850
S Thiruselvam	2500
S Kothalammal	10000
A Malarvizhi	250
C R Visswanathan	5100
V Indirani	3550
V Aparna	200
V Ananth	1150
Total	150000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of LPG Cylinder Valves.

PRODUCTION STATUS 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
LPG Value per annum	Nos.	NA	1500000	833507

GENERAL INFORMATION

Suppliers :

· Anjali Cargo Express

· Astron Engineers (India) Private Limited

· Adhi Vinayagar Spare House

· Balaji Packers

· Beekay Industries

· Best Packs

· Bhoruka Roadlines Limited

· G S Agancies

· Kumar Enterprises

· Pooja Graphics

· Popular Packaging

· RHJ Extrusions Private Limited

· Smaj Industries

· Sri Balambika Agency

· Sri Renuka Wood Packs

· Sri Yasoram Wood Works Private Limited

· Venus Civil Engineers

Customers :

· Global Gas Cylinders Limited

· IBP Company Limited

· Sahuwala Cylinders Private Limited

· Indian Oil Corporation Limited, Mumbai

· Bharat Petroleum Corporation Limited

· Elite Valves

· Hindustan Petroleum Corporation Limited

· Lite Containers Private Limited

No. of Employees :

Not Available

Bankers :

· Central Bank of India

48/49, Montieth Road, Egmore, Chennai – 600 008, Tamilnadu, India

· Kotak Mahindra Bank Limited

· ICICI Bank

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
From Central Bank of India IFB Madras on hypothecation of Raw Materials, Spares and Finished goods / Book Debts (including interest accrued and due)	22.518	9.790
On Supply Bills discounted	0.000	4.864
Term Loan	5.060	0.845
Vehicle Loan – Kotak Mahindra Bank Limited	0.000	0.187
Total	27.578	15.686

Banking Relations :	--
Auditors :
Name :	Yezdi and Company Chartered Accountants
Address :	Flat No. 1, Kaveri Apartments, Old No. 3, New No. 5, Bagavantham Gupta Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
Tel. No.:	91-44-24327399
PAN No.:	AADPS5075L

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	10.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.478	0.478	0.478
4] (Accumulated Losses)		(7.741)	(9.045)	(9.927)
NETWORTH		7.737	1.433	(6.449)
LOAN FUNDS
1] Secured Loans		27.578	15.686	13.114
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		27.578	15.686	13.114
DEFERRED TAX LIABILITIES		0.941	0.535	0.695
TOTAL		36.256	17.654	7.360
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.677	4.031	3.974
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.897	15.189	9.774
	Sundry Debtors	27.280	18.069	26.649
	Cash & Bank Balances	0.537	0.511	0.549
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.029	5.825	3.856
Total Current Assets		47.743	39.594	40.828
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.804	19.628	30.270
	Other Current Liabilities	8.360	6.343	7.172
	Provisions	0.000	0.000	0.000
Total Current Liabilities		21.164	25.971	37.442
Net Current Assets		26.579	13.623	3.386
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		36.256	17.654	7.360

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	68.886	59.112	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		2.073	1.372	NA
Less/ Add	DEPRECIATION/ AMORTISATION		0.770	0.490	NA
	NET PROFIT		1.303	0.882	0.597

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	6.30	29.07	(7.84)
Current Ratio (Current Asset/Current Liability)	2.26	1.52	1.09

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

The company has made a turnover of Rs.68.886 millions and earned net profit of Rs.1.303 millions after providing depreciation of Rs.0.770 million. In the ensuing years the Directors are optimistic of increasing business volume and making profit.

FORM 8

Corporate identity number of the company	U29113TN1980PTC008476
Name of the company	PRIMEVAL INDUSTRIALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-7, Vidya Apartments, 50 (67) Second Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, Tamilnadu, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90304606
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Central Bank of India 48/49, Montieth Road, Egmore, Chennai – 600 008, Tamilnadu, India
Nature of instrument creating charge	Letter of continuity dated 28-02-2011 Agreement of hypothecation to secure cash credit facility dated 28-02-2011 Letter of hypothecation (machinery) dated 28-02-2011
Date of instrument Creating the charge	28.02.2011
Amount secured by the charge	Rs.27.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC(H) :Base Rate+4.00%(9.50 + 4.00) TL :Base Rate +4.75% Terms of Repayment Repayable 24 Equal Quarterly installments of Rs.0.210 million each for TL Margin CC (H) :25 % on Inventory and domestic trade receivables with age upto 90 days TL: 26.75% Extent and Operation of the charge Primary Security: Hypothecation of Inventories and Domestic Trade Receivables, with age of such Receivables not exceeding 90 days Collateral Security: Existing Collaterals to continue, Viz Mortgage (by deposit of title deeds with Bank) of Company's Factory Land in S.No.472/1B,473/1 and 473/2A, measuring 1.01 acres situated at Vilankurichi village, Coimbatore North Taluk, Ganapathy SRD, Coimbatore RD, valued Rs.45.450 millions as on 05-06-2007, Hypothecation of the Company's existing P and M and MFAx
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Inventories and Domestic Trade Receivables with age of such receivables not exceeding 90 days. · Factory Land in S.No.472/1B, 473/1 and 473/2A, measuring 1.01 acres situated at Vilankurichi village, Coimbatore North Taluk, Ganapathy SRD, Coimbatore RD, valued Rs.45.450 millions as on 05-06-2007, All movable property of the company stored, installed or in use at factory premises at S.No.135/3C, Rvathur Road, AG Pudhur, Irugur Village, Palladam Taluk, Coimbatore 641 013
Particulars of the present modification	Total Limit sanction to the company stands enhanced form Rs.20.000 millions to Rs.27.500 millions, Viz., CC increased from Rs.10.000 millions to Rs.22.500 millions, TL remain the same Rs.5.000 millions, ODSB is NIL.

FIXED ASSETS

· Land

· Building

· Machinery

· Generator

· Furniture fittings and office equipments

· Gauges and Tools

· Computer

· Moped

· TATA Ace

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 records 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.50.56
UK Pound	1	Rs.80.30
Euro	1	Rs.68.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.