MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	INDEPESCA OVERSEAS PRIVATE LIMITED
Formerly Known As:	SAGARVIHAR FISHERIES PRIVATE LIMITED
Registered Office :	M-03, MIDC, Taloja, District Raigad – 410208, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.03.2004
Com. Reg. No.:	11-144847
Capital Investment / Paid-up Capital :	Rs.170.000 Millions
CIN No.: [Company Identification No.]	U05005MH2004PTC144847
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42591D
PAN No.: [Permanent Account No.]	AAICS1304G
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Processor of Fish and Fish Products
No. of Employees :	300 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 686160
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. The company has been successful in wipping off the accumulated losses of the previous years. However, trade relations are reported as fair. Business is active. Payments 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.

INFORMATION PARTED BY

Name :	Mr. Sandeep
Designation :	Accounts Department
Contact No.:	91-22-67021222
Date :	28.12.2011

LOCATIONS

Registered Office/Factory :	M-03, MIDC, Taloja, District Raigad – 410208, Maharashtra, India
Tel. No.:	91-22-27410414/ 27402005/ 64552222
Fax No.:	91-22-27410984/ 27410984
E-Mail :	Kasturi.rangan@indepesca.com info@indepesca.com pavitra.mehta@tritongroup.biz
Website :	http://www.indepesca.com
Corporate Office :	9 Prashant, 5B, Nargis Dutt Road, Pali Hill, Bandra, Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-67021222/ 67021225
Fax No.:	91-22-67021226
Location:	Rented

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Raju Mohanlal Samtani
Designation :	Director
Address :	C-1, Emly Apartments, 15^th Road, Khar (West), Mumbai-400052, Maharashtra, India
Date of Birth/Age :	23.04.1959
Date of Appointment :	04.03.2004
DIN No.:	01951386

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	U05005MH2004PTC144847	Indepesca Overseas Private Limited	Director	04/03/2004	04/03/2004	10/10/2011	Active	NO
2	U72200MH2004PTC145988	Triton Management Services Private Limited	Director	03/05/2004	03/05/2004	21/01/2009	Active	NO
3	U72200MH2006PTC160665	Stp Global Solutions Private Limited	Director	23/03/2006	23/03/2006	-	Active	NO
4	U05000MH2009PTC189686	Indepesca Aquaculture Private Limited	Director	19/01/2009	19/01/2009	-	Active	NO
5	U15201MH2009PTC190221	Big Sam Snacks and Foods Private Limited	Director	10/02/2009	10/02/2009	12/08/2011	Active	NO

Name :	Mr. Ashvin Mohanlal Samtani
Designation :	Director
Address :	11-N, Shamshiba, Nargis Dutt Road, Pali Hill, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	23.05.1954
Date of Appointment :	01.06.2004
DIN No.:	00264281

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	U72200MH2004PTC145988	Triton Management Services Private Limited	Director	29/04/2004	29/04/2004	-	Active	NO
2	U05005MH2004PTC144847	Indepesca Overseas Private Limited	Director	01/06/2004	01/06/2004	-	Active	NO
3	U72200MH2006PTC160665	Stp Global Solutions Private Limited	Director	23/03/2006	23/03/2006	-	Active	NO
4	U05000MH2009PTC189686	Indepesca Aquaculture Private Limited	Director	19/01/2009	19/01/2009	-	Active	NO
5	U15201MH2009PTC190221	Big Sam Snacks and Foods Private Limited	Director	10/02/2009	10/02/2009	-	Active	NO
6	U63020MH2010PTC206681	Triton Cold Chain and Logistics Services Private Limited	Director	17/08/2010	17/08/2010	-	Active	NO

Name :	Mr. Praveen Kumar Balbheen Rao
Designation :	Director
Address :	Flat No. 703, Raheja Classique, Building No. 3, Link Road, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Birth/Age :	13.04.1955
Date of Appointment :	09.08.2005
DIN No.:	02076376

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	U05005MH2004PTC144847	Indepesca Overseas Private Limited	Director	09/08/2005	09/08/2005	-	Active	NO
2	U05000MH2009PTC189686	Indepesca Aquaculture Private Limited	Director	19/01/2009	19/01/2009	-	Active	NO
3	U72200MH2004PTC145988	Triton Management Services Private Limited	Director	21/01/2009	21/01/2009	-	Active	NO
4	U15201MH2009PTC190221	Big Sam Snacks and Foods Private Limited	Director	10/02/2009	10/02/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Pavitra Ajit Mehta
Designation :	Secretary
Date of Appointment :	29.03.2010
Name :	Mr. Sandeep
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ashvin Mohanlal Samtani	16608000
Gaurav Ashvin Samtani	196000
Lavin Ashvin Samtani	196000
Total	17000000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Exporter and Processor of Fish and Fish Products

Products :

· Fish

· Shrimps and Lobsters

· Squid and Cuttlefish

· Value added products

· Surimi

ITC Code	Product Description
0304	Fish fillets and other fish meat (whether or not minced), Fresh, chilled or frozen
0305	Fish, dried, salted or in brine, smoked fish, whether or not cooked before or during the smoking pro
0306	Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine crust
0307	Mollusks whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine: aguatic

Exports :

Products :

Fish and Fish Products

Countries :

North America, Africa, Middle East

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Actual Production
Processed Fish	Kgs.	5871107

GENERAL INFORMATION

Customers :

Wholesaler

No. of Employees :

300 Approximately

Bankers :

· Indian Bank, Vile Parle Branch, 325, Gitanjali Building, 1^st Floor, Nehru Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· ABN Amro Bank NV

· ICICI Bank Limited

· Bank of India

Facilities :

Rs. In Millions

SECURED LOANS	31.03.2010	31.03.2009
ABN PCFC	0.000	53.103
HDFC PCFC	162.432	41.881
HDFC EPC	0.000	73.059
Indian Bank EPC	141.093	85.559
Indian Bank TL	41.804	61.152
ICICI Car Loan	0.000	0.846
HDFC Car Loan	0.678	3.746
Cholamandalm DBS Finance Van Loan	0.000	0.244
Reliance Capital Car Loan	0.000	0.245
TOTAL	346.007	319.835
UNSECURED LOANS
Form Inter Corporate	0.000	0.000
From Directors, Members	74.360	134.256
TOTAL	74.360	134.256

Banking Relations :	----
Auditors :
Name :	K R Raheja and Company Chartered Accountant
Address :	Maya- Mahal, B-17, 17^th Road, Khar, Mumbai-400052, Maharashtra, India
Address :	103, Commerce House, Maruaai Mandir Road, Danpada, Khar (West), Mumbai-400052, Maharashtra, India
Tel. No.:	91-22-26001122/ 26001133/ 26496104
Fax No.:	91-22-26044425
E-Mail :	kamleshraheja@gmail.com kamleshraheja@hotmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs. 10/- each	Rs.170.000 Millions

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		170.000	20.000	5.000
2] Share Application Money		0.000	0.000	15.000
3] Reserves & Surplus		1.540	0.000	3.683
4] (Accumulated Losses)		0.000	(0.955)	[6.598]
NETWORTH		171.540	19.045	17.085
LOAN FUNDS
1] Secured Loans		346.007	319.835	446.763
2] Unsecured Loans		74.360	134.256	97.651
TOTAL BORROWING		420.367	454.091	544.414
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
FOREIGN CURRENCY TRANSLATION DIFFERENCE		1.027	0.000	0.000
TOTAL		592.934	473.136	561.499
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.462	162.770	163.166
Capital work-in-progress		7.459	0.000	0.039
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.494	3.753	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	277.582	156.138	271.589
	Sundry Debtors	63.834	44.763	141.751
	Cash & Bank Balances	2.289	7.154	4.323
	Other Current Assets	91.266	72.807	100.904
	Loans & Advances	115.564	70.391	36.421
	Total Current Assets	550.535	351.253	554.988
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.140	55.405	124.762
	Current Liabilities	2.075	5.379	27.016
	Provisions	0.000	4.426	4.916
	Total Current Liabilities	107.215	65.210	156.694
NET CURRENT ASSETS		443.320	286.043	398.294
MISCELLANEOUS EXPENSES		2.199	13.386	0.000
FOREIGN CURRENCY TRANSLATION DIFFERENCE		0.000	7.184	0.000
TOTAL		592.934	473.136	561.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	831.858	1163.316	1213.623
		Other Income	0.000	0.000	0.000
		TOTAL (A)	831.858	1163.316	1213.623
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	814.282	1147.839	1192.087
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	814.282	1147.839	1192.087
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.576	15.477	21.536
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.576	15.477	21.536
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.734	20.130	17.676
	PROFIT BEFORE TAX (E-F) (G)		1.842	(4.653)	3.860
Less	TAX (H)		(0.653)	(0.015)	1.048
	PROFIT AFTER TAX (G-H) (I)		2.495	(4.638)	2.812
	EARNINGS IN FOREIGN CURRENCY		692.684	986.377	1118.657
	IMPORTS		7.495	6.190	10.171
	Earnings Per Share (Rs.)		0.15	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.29	(0.39)	0.23
Net Profit Margin (PBT/Sales)	(%)	0.22	(0.39)	0.32
Return on Total Assets (PBT/Total Assets}	(%)	0.26	(0.90)	0.54
Return on Investment (ROI) (PBT/Networth)		0.01	(0.24)	0.23
Debt Equity Ratio (Total Liability/Networth)		3.08	27.26	41.04
Current Ratio (Current Asset/Current Liability)		5.13	5.38	3.54

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	105.140	55.405	124.762

OPERATIONS:

The company has achieved turnover of Rs. 831.800 Millions which is lower than previous year’s turnover by 28%, which is mainly due to the closure of operation in Gujarat. The company has achieved a Net Profit after Tax of RS. 2.495 millions as compared to a Net Loss after Tax of Rs. 4.638 millions in the previous year.

During the year under review, the Aqua and Retail divisions of the company have been hived – off to Special Purpose Vehicle (SPV) Companies formed for this purpose, based on business valuations carried out. This has resulted in a capital gain of Rs. 21.324 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U05005MH2004PTC144847
Name of the company	INDEPESCA OVERSEAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-03, MIDC, Taloja, District Raigad – 410208, Maharashtra
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Others
Particular of charge holder	Indian Bank, Vile Parle Branch, 325, Gitanjali Building, 1^st Floor, Nehru Road, Vile Parle (East), Mumbai-400057, Maharashtra, India Email: info@ca-adlalwani.com
Nature of instrument creating charge	1.No Instrument -HDFC Bank Letter Attached For Modifying Charge For Current Assets As Paripassu Charge
Date of instrument Creating the charge	20.09.2010
Amount secured by the charge	Rs. 255.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Stipualted By Bank From Time To Time Terms of repayment As Stipualted By Bank From Time To Time Margin As Stipualted By Bank From Time To Time Extent and operation of the charge First Charge (Present And Future) = Total Limit Of Rs.255.500 millions (MTL = Rs.95.500 millions, FBN/(DP/DA) = Rs.20.000 millions (Sub Limit (FBP-DP) = Rs.4.000 millions) PC = Rs.140.000 millions) Other As stiuplated by bank from time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged (Including location of the property)	First paripassu charge(present and future on securities mentiond in point no 1 and 2) (1)hypothecation of all type of stock/goods/products/inventories including brought under l.c. and p.c. kept at borrower premises orin transit or anywhere else (2) hypothecation of all book debts and receivables inc. Export documentary bills First charge(present and future on securities mentiond in point no 3 and 4) (3)hypothecation of all fixed .movable, current assets ,plant and machinery etc and all assets purchased out of bank finance. (4) emg of factory land and building at plot no.m-3,at taloja industrial area,village limits of pale-khurd and panvel(t.k.),raigad,dist. With constructed or to be constructed
Particulars of the present modification	By This Modification Limit Remain Same Rs.255.500 millions ,The Charge Has Been Modified As First Paripassu Charge On Current Assets With HDFC Bank And Exclusive First Charge On Fixed Assets And Mortgage Of Property For Indian Bank, Vile Parle Branch

Fixed Assets:

· A.C

· Bicycle

· Cold Room Renovation

· Computer and Accessories

· Crates and Tray etc.

· Electrical Refurbishing

· Electrical Fittings

· Factory Building Renovation

· Factory Building Taloja

· Generator Set

· Land Taloja

· Plant and Machinery Taloja

· Freezing Tray

· Furniture and Fixture

· Machinery and Equipments

· Machinery Refurbishing

· Motor Car

· New Condenser

· Office Equipments

· Plato Plast Machinery

· Office Equipments

· Telephone Equipments

· Weighing Scales

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
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	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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] 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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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

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.