MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	GELSITIO-PRODUTOS ALIMENTARES CONGELADOS SA
Registered Office :	Lugar Do Canteirão, Valado Dos Frades, Nazare, 2450-310-Valado Dos Frades
Country :	Portugal
Financials (as on) :	31.12.2009
Date of Incorporation :	15.10.1992
Com. Reg. No.:	502868767
Legal Form :	Joint Stock Company
Line of Business :	Wholesale Fish and Seafood and Other Frozen Food Products.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	49.880,00 EUR
Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Portugal	A2	A2

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

Identification

Name	GELSITIO-PRODUTOS ALIMENTARES CONGELADOS SA
		V.A.T. Number / NIF	502868767
Address	Lugar do Canteirão
Locality	VALADO DOS FRADES	Postal Code	2450-310-VALADO DOS FRADES
Municipality	NAZARE	District	LEIRIA
Telephone	262570040, 262570042, 916126617
Fax	262570041
E-Mail	gelsitio@gelsitio.pt
Web Site	www.gelsitio.pt
C.A.E.(Rev 3)	46382- Wholesale of other food products n.d

The classification of economic activities used is CAE Revision 3, adopted on 14 November 2007, which came to replace CAE Revision 2.1

All the amounts are express in Euros, otherwise you will be advised

Summary

Legal Form	Joint Stock Company
Constitution	15-10-1992	V.A.T. Number / NIF	502868767
Employees	5	Capital	300.000,00
Sales in : 31-12-2009	6.946.140,00	Shareholders Funds in: 31-12-2009	1.291.354,00
Credit	Recommended	Credit Limit	49.880,00
Condition	Normal	Tendency	Stationary
Financing	Guaranteed	Payments	Good
Actual Condition	In activity

Governing Bodies

Board of Director's
ANA SOFIA SILVERIO DA SILVA	Board of Director's Vice-President
RICARDO JORGE SILVERIO DA SILVA	Administrator
JORGE FONSECA DA SILVA	Shareholder and Board of Director's Pres.

Banks and Financial Institutions

BANCO SANTANDER TOTTA SA	Centro de Empresas de Leiria
MILLENNIUM BCP	Nazaré

Historical

Start of activity in : 10-11-1992

Registed on the Register Record Office of Nazare with the Register Number 502868767 previous number 62 in 10-11-1992

Constitution celebrated in 15-10-1992 published on Diário da República number 88 of 15-04-1993

To oblige the company it is necessary 1 signatures

Changes to Society

In 30-06-2010 on Portal MJ of 21-03-2011 board of director's change

In 04-07-2008 on Portal MJ of 14-07-2008 change in to a joint stock company and change the name of Gel-Commerce Site Fish, Fresh and Frozen Seafood Ltd for Gelsitio - Frozen Food Products SA

In 12-02-2007 on Portal MJ of 13-02-2007 head office change

In 10-04-2001 on Diário da República number 143 of 22-06-2001 increase and redenomination of capital to 300.000 euros

In 25-02-1998 on Diário da República number 83 of 08-04-1998 stocks cession

Capital

The Capital is 300.000,00 , divided in 30000 shares , with a nominal value of 10,00

with the following shareholders

JORGE FONSECA DA SILVA

Vehicles

Trade Mark	Quantity	License Number
Mitsubishi	1	11-13-HP
Mitsubishi	1	66-65-NO
Opel	1

Insurance

Company

Axa Companhia de Seguros SA

Activities

Line of Business	Percentage
Wholesale fish and seafood and other frozen food products	100%

Type of Clients	Retailers/Wholesalers
Sales Conditions	Cash/credit
Sales Area
Country	100%
Imports	50%	from	ESPANHA,FRANÇA

Employees

Total

5

Head Office and Installations

Head office and installations Lugar do Canteirão, VALADO DOS FRADES, 2450-310, VALADO DOS FRADES, Tel:262570040, Fax:262570041

Incidents

Legal Actions
Date: 14-10-2005	Judicial District Figueira da Foz	1 Court
Amount: 14.440,65 Euro	Type: Executiva Comum
Author: Ferreira & Filhos - Reparações Auto, Lda.
Process: 2551/05.1TBFIG
Date: 13-06-2005	Judicial District Figueira da Foz	1 Court
	Type: Executiva Comum
Author: Pescados Rosa, Lda.
Process: 4889/05.9TBMTS

Business Concept

Consulted sources say that the subject has been respecting its payments and commercial commitments, so credit connections with this company are recommended.

Financial Elements

	31-12-2009
Tangible Assets	1.593.840,00
Investments	1.295,00
Stocks	815.982,00
Short Term Receivable	2.906.735,00
Banks and Cash	204.572,00
Accruals and Deferrals	821,00
Total Assets	5.523.245,00
Shareholder's Funds	1.291.354,00
Medium and Long Term Payable	2.020.839,00
Short Term Payable	2.174.512,00
Accruals and Deferrals	36.541,00
Total Liabilities and Shareholder's Funds	5.523.246,00
Cost of Goods and Consumable Materials	5.441.171,00
Outside Supplies and Services	371.687,00
Personnel Costs	310.630,00
Sales	6.946.140,00

Comparatives

	31-12-2007	31-12-2008	31-12-2009
Net Sales	7.779.679,00	7.099.918,00	6.946.140,00
Net Income For the Year	167.046,00	138.284,00	203.101,00
Current Assets	3.360.470,00	3.637.388,00	3.928.110,00
Short Term Payables	2.754.658,00	2.054.550,00	2.174.512,00
Cash Flow	605.812,00	1.582.838,00	1.753.598,00
Total Assets	5.194.873,00	5.186.680,00	5.523.245,00
Total Liabilities	4.244.904,00	4.098.427,00	4.231.892,00
Shareholders Funds	949.969,00	1.088.253,00	1.291.354,00
Personnel Costs	265.256,00	283.431,00	310.630,00

Ratios

	31-12-2007	31-12-2008	31-12-2009
FINANCIAL SITUATION
General Liquidity	1,22	1,77	1,81
Immediate Liquidity	0,94	1,33	1,43
Financial Autonomy	0,18	0,21	0,23
Solvency	0,22	0,27	0,31
RENTABILITY
Sales Rentability	2,15 %	1,95 %	2,92 %
Sales Rate Increase		(8,74) %	(2,17) %
EFFICIÊNCY
Assets Turnover	1,50	1,37	1,26

Balance Sheet and Income Statement
Balance Sheet
CoinEURO	Date31-12-2009

Gross Assets

Depreciations / Provisions

Net Assets

Intangible Assets

Subtotal

1.373,00

1.373,00

Tangible Assets

Subtotal

2.658.128,00

1.064.288,00

1.593.840,00

Financial Investments

Subtotal

1.295,00

1.295,00

Stocks

Subtotal

815.982,00

815.982,00

Short Term Receivable

Subtotal

3.240.570,00

333.835,00

2.906.735,00

Bank Deposits and Cash

Cash	2.404,00	2.404,00
Bank Deposites	202.168,00	202.168,00
Subtotal	204.572,00	204.572,00

Accruals and Deferrals

Deferred Cost	821,00	821,00
Subtotal	821,00	821,00

Total Assets

6.922.741,00

1.399.496,00

5.523.245,00

Shareholders Funds and Liabilities

Shareholders Funds

Capital	300.000,00
Treasury Stock:
Reserves :
Free	668.253,00
Net Retained	120.000,00
Net Income For the Year	203.101,00
Total	1.291.354,00

Short Term Payable

Bank Loans	1.150.000,00
State and Other Public Bodies	131.880,00
Trade Creditors	892.631,00
Subtotal	2.174.512,00

Medium and Long Term Payable

Bank Loans	1.254.331,00
Shareholders	766.508,00
Subtotal	2.020.839,00

Accruals and Deferrals

Accrued Charges	36.541,00
Subtotal	36.541,00

TOTAL LIABILITIES	4.231.892,00
TOTAL LIABILITIES AND SHAREHOLDERS FUNDS	5.523.246,00

Income Statement

Costs and Losses

Cost of Materials Consumed and Goods Sold:
Subtotal	5.441.171,00
Outside Supplies and Services	371.687,00
Personnel Costs
Subtotal	310.630,00
Depreciation	227.810,00
Provisions	153.591,00
Subtotal	381.401,00
Other Operating Costs	18.297,00
Int. and Similar Costs:
Subtotal	216.031,00
Ext. Costs and Losses	6.312,00
Taxation Over Income	75.383,00
Net Income For the Year	203.101,00

Income and Profits

Sales of :
Products	6.946.140,00
Subtotal	6.946.140,00
Trading Securities Income
Int. and Similar Costs
Other	55.387,00
Extra Income and Gains	22.486,00
Net Income For the Year	203.101,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.27
UK Pound	1	Rs.72.08
Euro	1	Rs.63.66

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	--

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%)

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.