MIRA INFORM REPORT

Report Date :

16.06.2011

IDENTIFICATION DETAILS

Correct Name :	MOUNT DORA FARMS INC.
Registered Office :	16398 Jacintoport Boulevard, Houston Tx 77015
Country :	United States
Financials (as on) :	31.12.2010
Date of Incorporation :	05.10.1987
Com. Reg. No.:	J95543
Legal Form :	Corporation for Profit
Line of Business :	Jalapeno pepper processing

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small company
Payment Behaviour :	Usually correct
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 – March 31^st, 2010

Country Name

Previous Rating (31.12.2010)

Current Rating (31.03.2011)

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation:Stable

IDENTIFICATION

Ordered as:	Searice Caribbean
Address in the order:	11410 S.W. 88th Street, Suite 204 Miami FL 33176
Comments on data supplied:	The correct name of the company is MOUNT DORA FARMS INC. The name provided in the order is the trade name. The address provided in the order is that of a branch. The headquarters of the company are in Texas.
Legal Name:	MOUNT DORA FARMS INC.
Trade Name:	SeaRice Caribbean
Legal Address	16398 JACINTOPORT BOULEVARD HOUSTON TX 77015
Operative Address	16398 JACINTOPORT BOULEVARD HOUSTON TX 77015
Telephone:	+1 (713) 821-7439	Registration Number :	J95543
Fax:	+1 (305) 863-4551	Legal Form:	Corporation for Profit
Email:	chris_corette@mountdorafarms.com	Registered in:	Florida
Website:	www.mountdorafarms.com	Date Created:	1986
Manager:	Edward A Gonzalez, President	Date Incorporated:	October 5,1987
Staff:	10 (approx)	Stock:	NA
		Value:	NA
Activity:	Jalapeno pepper processing

BANKS

Name of the Bank	BANK OF AMERICA
BUSINESS
HISTORY
	The company was created in 1986. It is a wholly-owned subsidiary of Seaboard Corporation. In 10/05/1987 the company was incorporated as CHESTNUT HILL SALES INC. In 06/21/1990 it changed its name to CHESTNUT HILL FARMS INC. Finally, in 12/07/2000 the company changed its name to MOUNT DORA FARMS INC.
PRINCIPAL ACTIVITY
	Mount Dora Farms specializes in the processing of jalapeno peppers. It provides peppers in halves, strips, slices, mash, puree and diced.
Products/Services description:
	The company offers green and red peppers provided in halves, strips, slices, mash, puree and diced.
Sales are:
	Wholesale
Operations area:
	National, International, Local
The company export to Europe
The subject employs approx 10 (US) employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered in 16398 Jacintoport Blv, Houston, TX 77015, USA.
Branches:
	11410 SW 88th St., Suite 204. Miami, FL 33176, USA. Honduras Plant and Office: 150 Metros Carretera Hacia Ajuterique, Comayagua, Honduras

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	Mount Dora Farms Inc operates as a subsidiary of Seabord Corporation. Seabord Corporation is a public company, traded in the AMEX under the symbol "SEB". Seaboard Corporation: Corporate Headquarters 9000 West 67th Street Merriam, Kansas 66202 Phone: 913-676-8800 Email: seaboard@seaboardcorp.com
Management:
	Edward A Gonzalez, President Arlene Hines, Administration Alejandro Garrido - Controller Chris Corette, Manager
Related Companies:
	The group has several subsidiaries worldwide, including: Mount Dora Farms de Honduras, S.R.L.

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

Please find enclosed the consolidated financial statements of the parent company.

We have contacted the company who refused to provide us any financial data on grounds of confidentiality.

Legal Fillings

There is 1 UCC files listed with the Secretary of State of Florida.

There are no legal filings listed with the District Court.

The last annual report was filed on 04/05/2011.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The subject has 25 years experience in the business. It is a small size company, part of a large international group. No adverse record has been found. A credit line may be considered.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Comments
	The operator informed us that per company policy they do not disclose any information.

ANNUAL INCOME STATEMENT

All numbers in thousands

Period Ending		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Total Revenue		4,385,702	3,601,308	4,267,804
Cost of Revenue		3,859,708	3,383,695	3,970,133
Gross Profit		525,994	217,613	297,671
	Operating Expenses
	Research Development	-	-	-
	Selling General and Administrative	204,928	193,890	175,862
	Non Recurring	-	-	-
	Others	-	-	-
	Total Operating Expenses	-	-	-
Operating Income or Loss		321,066	23,723	121,809
	Income from Continuing Operations
	Total Other Income/Expenses Net	48,611	78,676	18,371
	Earnings Before Interest And Taxes	369,677	102,399	139,584
	Interest Expense	5,632	13,158	15,354
	Income Before Tax	364,045	89,241	124,230
	Income Tax Expense	81,033	(2,276)	(22,689)
	Minority Interest	599	965	(596)
	Net Income From Continuing Ops	283,611	92,482	146,919
	Non-recurring Events
	Discontinued Operations	-	-	-
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		283,611	92,482	146,919
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		283,611	92,482	146,919

Currency in USD.

QUARTERLY INCOME STATEMENT

All numbers in thousands

Period Ending		Apr 2, 2011	Dec 31, 2010	Oct 2, 2010	Jul 3, 2010
Total Revenue		1,468,179	1,205,150	1,111,813	1,048,463
Cost of Revenue		1,283,073	1,036,211	1,017,839	901,398
Gross Profit		185,106	168,939	93,974	147,065
	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	54,830	58,228	52,332	45,818
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		130,276	110,711	41,642	101,247
	Income from Continuing Operations
	Total Other Income/Expenses Net	20,184	33,500	1,049	2,442
	Earnings Before Interest And Taxes	150,460	127,936	58,966	103,689
	Interest Expense	1,516	(15)	1,731	1,600
	Income Before Tax	148,944	127,951	57,235	102,089
	Income Tax Expense	32,251	24,442	17,752	24,732
	Minority Interest	171	(149)	386	247
	Net Income From Continuing Ops	116,864	87,085	56,144	77,604
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		116,864	103,360	39,869	77,604
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		116,864	103,360	39,869	77,604

Currency in USD.

BALANCE SHEET

All numbers in thousands

Period Ending		Apr 2, 2011	Dec 31, 2010	Oct 2, 2010	Jul 3, 2010
Assets
Current Assets
	Cash And Cash Equivalents	34,463	41,124	57,422	54,143
	Short Term Investments	300,210	332,205	536,137	546,134
	Net Receivables	474,549	378,337	345,439	311,762
	Inventory	547,420	533,761	468,248	464,648
	Other Current Assets	142,927	199,985	212,981	181,156
Total Current Assets		1,499,569	1,485,412	1,620,227	1,557,843
Long Term Investments		433,651	421,431	117,494	102,244
Property Plant and Equipment		718,546	701,131	701,900	680,112
Goodwill		40,628	40,628	40,628	40,628
Intangible Assets		19,684	19,746	19,927	19,871
Accumulated Amortization		-	-	-	-
Other Assets		67,701	65,738	59,676	63,892
Deferred Long Term Asset Charges		-	-	-	-
Total Assets		2,779,779	2,734,086	2,559,852	2,464,590
Liabilities
Current Liabilities
	Accounts Payable	120,332	396,706	118,301	100,063
	Short/Current Long Term Debt	122,672	80,426	81,091	66,040
	Other Current Liabilities	312,184	161,063	396,365	363,776
Total Current Liabilities		555,188	638,195	595,757	529,879
Long Term Debt		106,640	91,407	75,162	76,337
Other Liabilities		154,604	150,540	134,055	130,111
Deferred Long Term Liability Charges		68,605	75,695	65,911	63,908
Minority Interest		2,825	3,043	2,893	3,035
Negative Goodwill		-	-	-	-
Total Liabilities		885,037	955,837	870,885	800,235
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		1,216	1,216	1,216	1,225
Retained Earnings		2,014,761	1,897,897	1,802,746	1,777,139
Treasury Stock		-	-	-	-
Capital Surplus		-	-	-	-
Other Stockholder Equity		(124,060)	(123,907)	(117,888)	(117,044)
Total Stockholder Equity		1,891,917	1,775,206	1,686,074	1,661,320
Net Tangible Assets		1,831,605	1,714,832	1,625,519	1,600,821

Currency in USD.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.68
UK Pound	1	Rs.73.04
Euro	1	Rs.64.29

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.