MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	PRECISION STORAGE VESSELS PRIVATE LIMITED
Registered Office :	13-47 A, Selva Mansion, Reethapuram Post, Colachel, Kanyakumari – 629159, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.01.2008
Com. Reg. No.:	18-065977
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U28120TN2008PTC065977
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, supplier and service provider of a wide range of Industrial storage tanks.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge accumulated losses recorded by the company. The liquidity position is weak. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and condition.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Raj Gopal
Designation :	Office Assistant
Contact No.:	91-4651-237730
Date :	11.07.2013

LOCATIONS

Registered Office :	13-47 A, Selva Mansion, Reethapuram Post, Colachel, Kanyakumari – 629159, Tamilnadu, India
Tel. No.:	91-4651-237730
Fax No.:	91-4651-238722 / 2582116
E-Mail :	smanuel@eim.ae vessels@bsnl.in smanuel@emirates.net.ae viswasraja@gmail.com
Website :	http://www.precisionstoragevessls.com
Factory :	Kalpadi (P.O) Via Vellichanthai, Near Vellimalai Kanyakumari District Kanyakumari – 120866, Tamilnadu, India

DIRECTORS

As on : 19.09.2012

Name :

Mr. Manuel Selva Ezhil Selvanayagam

Designation :

Managing Director

Address :

13-47A, Selva Mansion, Reethapuram P. O., Kanyakumari District, Tamilnadu, India

Date of Birth/Age :

08.01.2008

DIN No.:

01874290

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	U28120TN2008PTC065977	PRECISION STORAGE VESSELS PRIVATE LIMITED	Managing director	08-01-08	08-01-08	-	Active	NO
2	U40300TN2009PTC071296	ISAAC BOILERS PRIVATE LIMITED	Managing director	13-04-09	13-04-09	-	Active	NO

Name :

Mr. Selvanayagam Manvel Nadar

Designation :

Director

Address :

13-45B, Manuel Mansion, Reethapuram, P.O., Kanyakumari District, Tamilnadu, India

Date of Birth/Age :

08.01.2008

DIN No.:

01951524

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	U28120TN2008PTC065977	PRECISION STORAGE VESSELS PRIVATE LIMITED	Director	08-01-08	08-01-08	-	Active	NO
2	U40300TN2009PTC071296	ISAAC BOILERS PRIVATE LIMITED	Director	13-04-09	13-04-09	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 19.09.2012

Names of Shareholders	No. of Shares
Manuel Selva Ezhil Selvanayagam	500
Selvanayagam Manvel Nadar	500
Total	1000

Equity Share Break up (Percentage of Total Equity)

As on : 19.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, supplier and service provider of a wide range of Industrial storage tanks.
Products :	· High Capacity Electric Water Heaters · Compressed Air Tanks · Indirectly Heated Storage Tanks · Buffer Vessels (Storage Tanks) · Blowdown Vessels · Air Storage Tank · Industrial Storage Tank
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

20 (Approximately)

Bankers :

State Bank of Travancore, Colachel Branch, Kanyakumari

Indian Overseas Bank, Eraniel, Kanyakumari, District Tamilnadu - 629802, India

Facilities :

(Rs in Millions)

PARTICULARS	31.03.2012	31.03.2011
Long term Borrowings	3.253	0.000
Short Term Borrowings	0.951	0.323
Total	4.204	0.323

Auditors :
Name :	E Raja Jeya Sekar and Company Chartered Accountants
Address :	42-B, Upstairs, College Road, Nagercoil – 629001, Tamilnadu, India
Tel. No.:	91-4652-230149
Mobile No.:	91-9843330149
E-Mail :	viswasra.ja@gmail.com
PAN No.:	ABOPR8395N

CAPITAL STRUCTURE

As on : 19.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs. 500/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs. 500/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	(31.776)	(21.884)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(31.276)	(21.384)
(3) Non-Current Liabilities
(a) long-term borrowings	3.253	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3.253	0.000
(4) Current Liabilities
(a) Short term borrowings	0.951	0.323
(b) Trade payables	0.406	0.886
(c) Other current liabilities	94.131	81.855
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	95.488	83.064
TOTAL	67.465	61.680
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.072	51.214
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	51.072	51.214
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.981	4.725
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.147	0.172
(e) Short-term loans and advances	0.000	0.010
(f) Other current assets	7.265	5.559
Total Current Assets	16.393	10.466
TOTAL	67.465	61.680

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(10.128)
NETWORTH		(9.628)
LOAN FUNDS
1] Secured Loans		0.423
2] Unsecured Loans		59.391
TOTAL BORROWING		59.814
DEFERRED TAX LIABILITIES		0.000
TOTAL		50.186
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.120
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.068
	Sundry Debtors	0.000
	Cash & Bank Balances	0.168
	Other Current Assets	3.171
	Loans & Advances	0.000
Total Current Assets		4.407
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		1.365
Net Current Assets		3.042
MISCELLANEOUS EXPENSES		0.024
TOTAL		50.186

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
NET LOSS	(9.892)	(12.121)	(10.104)

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	(27.07)	(21.06)	(50.18)
Current Ratio (Current Asset/Current Liability)	0.17	0.13	3.23

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--------
26]	Buyer visit details	--------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U28120TN2008PTC065977
Name of the company	PRECISION STORAGE VESSELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	13-47 A, Selva Mansion, Reethapuram Post, Colachel, Kanyakumari – 629159, Tamilnadu, India Email : smanuel@eim.ae
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Indian Overseas Bank, Eraniel, Kanyakumari, District Tamilnadu - 629802, India Email : aranielbr@nagesco.iobnet.co.in
Nature of instrument creating charge	1. Deed Of Hypothecation Executed On 04-02-2012 For Cash Credit Loan Of Rs. 3.500 Millions Cheque Purchase Of Rs.0.500 Million Against Hypothecation Of Fully Paid Stocks Of Raw Materials, Work In Process And Finished Goods 2. Agreement Relating To Deposit Of Title Deeds In Favour Of The Indian Over Seas Bank Eraniel Branch, Kanyakumari District 629802, Tamilnadu, India
Date of instrument Creating the charge	04.02.2012
Amount secured by the charge	Rs. 4.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : 13% Terms of Repayment : Repayment On Demand Margin : Stock Margin 25% Extent and Operation of the charge : Cash Credit Of Rs.3.500 Millions and Cheque Purchase of Rs.0.500 Million For The Purpose Of Working Capital
Date of instrument creating the charge	04.02.2012
Description of the instruments creating the charge	Deed Of Hypothecation Executed On 04-02-2012 For Cash Credit Of Rs.3.500 Millions And Cheque Purchase Of Rs. 0.500 Million Against Hypothecation Of Fully Paid Stocks of Raw Materials, Work In Process And Finished Goods
Particulars of the property charged	406 Cents of land and factory building at rs.no.a1/4, Kalpady, Kanyakumari District owned by s. manuel selva ezhil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Stocks Of Raw Materials, Work In Process And Finisehd Goods 2. Colleral security in immovable property 406 cents of aland and factory building at rs.np. A1/4, Kalpady, Kanyakumari district owned by s manuel selva ezhil

FIXED ASSETS :

· Building

· Machinery

· Furniture

· Vehicle

· Computer

· Digital Copier Cum Printer

· Fax Machine

· Stabilizer

· Safety Items

· Ebpax Board with Accessories

· Tools

· Dish Stand

· Godown Steel Rack

· Air Conditioner

· Car set

· Mobile Phone

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. 59.90
UK Pound	1	Rs. 90.88
Euro	1	Rs. 78.32

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.