MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	AMISON FISHERIES LIMITED
Registered Office :	At and Post Kalethar, Tarkarli Road, Taluka Malvan, Sindhudurg – 416606, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.12.1990
Com. Reg. No.:	09-139300
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U05005PN1990PLC139300
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter, Supplier and Trader of Sea Foods like Fish Shrimps, Lobsters etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 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 cautions.

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 :	At and Post Kalethar, Tarkarli Road, Taluka Malvan, Sindhudurg – 416606, Maharashtra, India
Tel. No.:	0091 2365 248777
Fax No.:	0091 2365 248542
E-Mail :	amisonfisheriesltd@sancharnet.in pgassociate@rediffmail.com amison@amison.in
Website :	http://www.amison.in

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Ravindra Padmakar Shrotriya

Designation :

Managing Director

Address :

Plot No.27, Janaki, Vidya Nagar, Pune – 411032, Maharashtra, India

Date of Birth/Age :

19.09.1962

Date of Appointment :

30.03.2006

DIN No.:

00396835

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	U05005PN1990PLC139300	AMISON FISHERIES LTD	Managing director	30/03/2006	30/03/2006	Active	NO
2	U15122PN2004PTC018737	SINDHUDURG FOOD PRODUCTS PRIVATE LIMITED	Managing director	20/09/2006	20/09/2006	Active	NO

Name :

Mr. Nitesh Narayan Rane

Designation :

Director

Address :

9/301, E Wing, Atur Park, 5^th Road, Ganga Estate, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

23.06.1982

Date of Appointment :

30.09.2009

DIN No.:

00285965

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	U55101MH1996PTC100605	NEELAM HOTELS PRIVATE LIMITED	Director	27/06/1996	27/06/1996	-	Active	NO
2	U70100MH1996PTC103099	NEELESH PROPERTIES PRIVATE LIMITED	Director	23/06/2000	23/06/2000	27/12/2008	Active	NO
3	U45200MH1995PTC092839	SKYWALK BUILDERS PRIVATE LIMITED	Director	12/6/2002	12/6/2002	-	Active	NO
4	U45102MH2000PTC130227	ASHWAMEGH PROPERTIES PRIVATE LIMITED	Director	5/8/2002	5/8/2002	27/12/2008	Active	NO
5	U70100MH1996PTC102663	ANEKA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
6	U70100MH1996PTC102648	PURU CONSTRUCTIONS PRIVATE LIMITED	Director	1/11/2002	1/11/2002	-	Active	NO
7	U70100MH1996PTC100568	NITESH REALTIES PRIVATE LIMITED	Director	20/02/2003	20/02/2003	-	Active	NO
8	U70100MH1996PTC101361	YATIN REAL ESTATES PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
9	U45200MH2004PTC145233	BESTLINE CONSTRUCTIONS PRIVATE LIMITED	Director	3/3/2005	3/3/2005	-	Active	NO
10	U45203MH1998PTC115373	BLUEPEARL PROPERTIES PRIVATE LIMITED	Director	18/04/2005	18/04/2005	-	Active	NO
11	U51909MH2005PTC152983	REALSTONE MULTITRADE PRIVATE LIMITED	Director	11/5/2005	11/5/2005	-	Active	NO
12	U27109MH2007PTC166739	NNR STEEL PRIVATE LIMITED	Director	4/1/2007	4/1/2007	-	Active	NO
13	U45201MH2007PTC166742	NNR BUILDERS PRIVATE LIMITED	Director	4/1/2007	4/1/2007	-	Active	NO
14	U70100MH2005PTC153184	SDB ESTATE PRIVATE LIMITED	Director	9/1/2007	9/1/2007	-	Active	NO
15	U70100MH2000PTC124806	SNS COMMERCIAL PREMISES PRIVATE LIMITED	Director	9/1/2007	9/1/2007	-	Dormant	NO
16	U22210MH2008PTC179443	RANE PRAKASHAN PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
17	U15400MH2008PTC188355	KONKAN FOOD PROCESSORS PRIVATE LIMITED	Director	20/11/2008	20/11/2008	-	Active	NO
18	U45200MH2007PTC166743	LIONS DEN CONSTRUCTIONS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
19	U40109MH2007PTC174075	LAKSH POWER PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
20	U70100MH2005PTC156752	LAKSH PROPERTIES PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
21	U45200MH2003PTC140098	NEXGEN DEVELOPERS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Dormant	NO
22	U05005PN1990PLC139300	AMISON FISHERIES LIMITED	Director	30/09/2009	20/03/2009	-	Active	NO
23	U15122PN2004PTC018737	SINDHUDURG FOOD PRODUCTS PRIVATE LIMITED	Director	30/09/2009	20/03/2009	-	Active	NO
24	U51410MH2003PTC142308	AANANT PETRO PUMPS PRIVATE LIMITED	Director	8/7/2010	8/7/2010	-	Active	NO
25	U50400MH2011PTC213126	NEELAM AUTOMOBILES PRIVATE LIMITED	Director	7/2/2011	7/2/2011	-	Active	NO

Name :

Mr. Ravindra Sadanand Phatak

Designation :

Director

Address :

21/22, A-B, Hiramoti Nagar, 2^nd Floor, Shivaji Nagar, Wagale Estate, Thane – 400604, Maharashtra, India

Date of Birth/Age :

15.08.1966

Date of Appointment :

12.12.1990

DIN No.:

00358697

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	U05005PN1990PLC139300	AMISON FISHERIES LIMITED	Director	12/12/1990	12/12/1990	Active	NO
2	U45200MH2003PTC141070	OYSTER BUILDERS PRIVATE LIMITED	Director	26/06/2003	26/06/2003	Dormant	NO
3	U15122PN2004PTC018737	SINDHUDURG FOOD PRODUCTS PRIVATE LIMITED	Director	5/1/2004	5/1/2004	Active	NO
4	U70100MH2005PTC156792	YOGI REALTY PRIVATE LIMITED	Director	11/3/2006	11/3/2006	Active	NO
5	U45201MH2006PTC163327	PRIDE INDUSTRIAL PARK PRIVATE LIMITED	Director	7/6/2009	7/6/2009	Active	NO
6	U34300MH2009PTC193495	SHREE SAI TWO WHEELERS PRIVATE LIMITED	Director	22/06/2009	22/06/2009	Active	NO
7	U45202MH2009PTC197367	DIVI REALTY PRIVATE LIMITED	Director	1/6/2010	1/6/2010	Active	NO
8	U45201MH2006PTC166061	ORCHID BUILTCON PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
9	U45400MH2011PTC213204	BLUESTAR INFRAHOUSING PRIVATE LIMITED	Director	9/2/2011	9/2/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sivadas Nair
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2009)

Names of Shareholders	No. of Shares
Nilesh N. Rane	47000
Ravindra P. Shrotriya	9300
Ravindra Sadanand Phatak	6200
K H Saleem	7500
T A Mohamed Habeebullah	7000
H S Nameer	5000
K S Anwar Sadath	6500
K S Abdul Rahiman	6500
H S Nissar	5000
Total	100000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter, Supplier and Trader of Sea Foods like Fish Shrimps, Lobsters etc.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Fish	Kg	35 tons per day	75 tons per day	2581015

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Saraswat Co-operative Bank Limited

Panjim Branch, Panjim – 403001, Goa, India

· The Saraswat Co-operative Bank Limited

Malvan Branch, Sindhudurg, Maharashtra, India

· Bank of India, Malvan

· Bank of India, Kankavli

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
SDCC Bank Malvan C/C	4.913	0.000
Total	4.913	0.000
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Kalash Text Trading Company Private Limited	6.500	6.500
Laksha Properties Private Limited	10.000	10.000
Zimith Properties Private Limited	11.792	11.792
Shagun Mercandise Private Limited	9.800	9.800
Superline Construction Private Limited	64.200	70.200
Total	102.292	108.292

Banking Relations :	--
Auditors :
Name :	Sudhir A. Khanolkar and Company Chartered Accountant
Address :	Plot No. P/9, MIDC, Kudal, Sindhudurg – 416550, Maharashtra, India
PAN No.:	AAQPK7497K

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Share	Rs.100/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.199	17.199	17.199
4] (Accumulated Losses)		(70.075)	(76.931)	(81.928)
NETWORTH		(42.876)	(49.732)	(54.729)
LOAN FUNDS
1] Secured Loans		4.913	0.000	88.115
2] Unsecured Loans		102.292	108.292	26.792
TOTAL BORROWING		107.205	108.292	114.907
DEFERRED TAX LIABILITIES		2.054	0.000	0.000
TOTAL		66.383	58.560	60.178
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		46.842	50.106	51.705
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.866	4.482	9.991
	Sundry Debtors	0.134	0.782	4.501
	Cash & Bank Balances	3.209	4.895	0.152
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	26.465	15.420	12.128
Total Current Assets		35.674	25.579	26.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	14.810	16.308	16.609
	Other Current Liabilities	0.381	0.102	0.845
	Provisions	0.967	0.740	0.870
Total Current Liabilities		16.158	17.150	18.324
Net Current Assets		19.516	8.429	8.448
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.383	58.560	60.178

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	187.317	104.569	29.258
		Other Income	22.291	35.688	2.579
		TOTAL (A)	209.608	140.257	31.837
Less	EXPENSES
		Cost of Manufacturing	161.701	94.316	26.888
		Staff costs	10.080	9.840	9.640
		Administrative and Other Expenses	2.766	6.714	1.540
		Sales Expenses	18.815	13.555	5.357
		Prior Period Expenses	0.019	0.121	0.230
		TOTAL (B)	193.381	124.546	43.655
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.227	15.711	(11.818)
Less	FINANCIAL EXPENSES (D)		2.786	6.302	12.694
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.441	9.409	(24.512)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.328	4.412	4.720
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		9.113	4.997	(29.232)
Less	TAX (H)		2.257	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.856	4.997	(29.232)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	169.874	94.774	25.844
	TOTAL EARNINGS		169.874	94.774	25.844
	Earnings Per Share (Rs.)		68.56	49.97	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.27	3.56	(91.82)
Net Profit Margin (PBT/Sales)	(%)	4.87	4.78	(99.91)
Return on Total Assets (PBT/Total Assets}	(%)	11.04	6.60	(37.25)
Return on Investment (ROI) (PBT/Networth)		(0.21)	(0.10)	0.53
Debt Equity Ratio (Total Liability/Networth)		(2.88)	(2.52)	(2.43)
Current Ratio (Current Asset/Current Liability)		2.21	1.49	1.46

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from Amisons House, Rameswaram Lane, Cochin, Ernakulam – 682005, Kerala, India, to the present address w.e.f. 04.02.2011.

PROSPECTS FOR THE CURRENT YEAR

The outlook for the current year is good. The directors have taken steps for improving the quality and decided to give emphasis on marketing and to strengthen the internal controls. In view of this, the directors are hopeful of achieving better results for the current year. The position of the orders booked is satisfactory and the company looks forward to the future with confidence.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10009699
Corporate identity number of the company	U05005PN1990PLC139300
Name of the company	AMISON FISHERIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Amisons House, Rameswaram Lane, Cochin, Ernakulam – 682005, Kerala, India
Type of charge	Immovable Property
Particular of charge holder	· The Saraswat Co-operative Bank Limited Malvan Branch, Sindhudurg, Maharashtra, India pgassociate@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Letter of confirmation
Date of instrument Creating the charge	06.08.2007
Amount secured by the charge	Rs.103.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Other Terms and Conditions as per agreement Terms of Repayment Within 36 Months Margin Other Terms and Conditions as per agreement Extent and Operation of the charge Other Terms and Conditions as per agreement Others Other Terms and Conditions as per agreement
Short particulars of the property charged	Mortgaged of Land and Building and other fixed assets situated at S. No.37, H. No. 1/A1/B, 1/A2/B and S. No.37 (279A1), H. No.1/1A1 and S. no.37 9278 A1), H. No.1/1A2, A/P. Devli, Kalethar – Tarkarli, Tal Malvan, District Sindhudurg, India
Particulars of the present modification	Present Credit limits has been increased from Rs.75.900 Millions to Rs.103.400 Millions (net Increase of Rs.27.500 Millions)

FIXED ASSETS:

· Land and Site Development

· Factory Building

· Furniture and Fixture

· Plant and Machinery

· Computer and software

· Vehicles

WEBSITE DETAILS:

Subject is the largest processing plant in Sindhudurg district of Konkan belt. Subejct is established in 1996 with vision of uplifting the scattered fishermen society and improving their life style besides exploring export market.

They have EU approved plant with sophisticated machineries which is owned and managed by highly qualified and professional teams.

LOCATION

They are very close to various fish landing centers and they are located at the center of south western coastal belt of India. By virtue of this strategic location, They are able to collect daily fishing raw materials. This area have various style of fishing i.e. trawling, gillnetting, parseen, hook and line, traditionally fishing is done near to location of factory.

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.26

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--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		17

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.