MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	CASTLE ROCK FISHERIES PRIVATE LIMITED
Registered Office :	203, Dalamal Chambers, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.06.1970
Com. Reg. No.:	11-014674
Capital Investment / Paid-up Capital :	Rs.7.325 Millions
CIN No.: [Company Identification No.]	U05000MH1970PTC014674
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10033C
PAN No.: [Permanent Account No.]	AAACC2871Q
Legal Form :	Private Limited Liability Company
Line of Business :	Exporters of Frozen Seafood Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses being incurred by the company in the current year i.e. 2009-10. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Management Non Co-operative.

LOCATIONS

Registered Office :	203, Dalamal Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22085661/ 22085662
Fax No.:	91-22-22088980/ 22084328
E-Mail :	vijaykumarmodi@gmail.com castlerock@vsnl.com sdvhm@yahoo.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Amit Kumar Khan

Designation :

Director

Address :

16/27, Vivek Apartments, Podar Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

02.11.1974

Date of Appointment :

29.09.2007

DIN No.:

00711800

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	U05000MH1970PTC014674	CASTLE ROCK FISHERIES PRIVATE LIMITED	Director	29-09-07	01-09-78	Active	NO
2	U05004MH1989PTC053021	MAHTANI CHITOSAN PRIVATE LIMITED	Additional director	01-10-10	01-10-10	Active	NO

Name :

Mr. Niranjan Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139 Backbay Reclaimation Foreshore Road, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

09.06.1960

Date of Appointment :

01.09.1978

DIN No.:

00716209

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	U63020MH1972PTC016120	CASTLEROCK COLD STORAGE PRIVATE LIMITED	Director	26-12-72	26-12-72	-	Active	NO
2	U05000MH1970PTC014674	CASTLE ROCK FISHERIES PRIVATE LIMITED	Director	01-09-78	01-09-78	-	Active	NO
3	U05004MH1989PTC053021	MAHTANI CHITOSAN PRIVATE LIMITED	Director	14-08-89	14-08-89	09-10-10	Active	NO
4	U51900MH1958PTC011180	BHOJRAJ HASSOMAL PRIVATE LIMITED	Director	17-07-99	17-07-99	-	Active	NO
5	U65990MH1993FTC074460	MORGAN STANLEY INVESTMENT MANAGEMENT PRIVATE LIMITED	Director	09-04-03	09-04-03	23-08-07	Active	NO

Name :

Mrs. Manu Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139 Backbay Reclaimation Foreshore Road, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

09.01.1948

Date of Appointment :

28.09.1995

DIN No.:

00716262

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	U63020MH1972PTC016120	CASTLEROCK COLD STORAGE PRIVATE LIMITED	Director	20-11-72	20-11-72	-	Active	NO
2	U05004MH1989PTC053021	MAHTANI CHITOSAN PRIVATE LIMITED	Director	14-08-89	14-08-89	09-10-10	Active	NO
3	U05000MH1970PTC014674	CASTLE ROCK FISHERIES PRIVATE LIMITED	Director	28-09-95	28-09-95	-	Active	NO
4	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	15-09-01	15-09-01	30-09-09	Active	NO
5	U51900MH1958PTC011180	BHOJRAJ HASSOMAL PRIVATE LIMITED	Director	22-05-08	22-05-08	-	Active	NO

Name :

Mr. Bharat Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139 Backbay Reclaimation Foreshore Road, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

23.03.1979

Date of Appointment :

18.12.2001

DIN No.:

00716345

Name :

Mrs. Nandita Mahtani

Designation :

Director

Address :

4, Sorrento Mount Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

08.01.1975

Date of Appointment :

01.07.2005

DIN No.:

00716410

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	U51311DL2002PTC116941	CIRCA ENTERPRISES PRIVATE LIMITED	Director	11-09-02	11-09-02	04-12-07	Under Process of Striking off	NO
2	U05000MH1970PTC014674	CASTLE ROCK FISHERIES PRIVATE LIMITED	Director	01-07-05	01-07-05	-	Active	NO

Name :

Mr. Bheemeshwar Reddy Patil

Designation :

Director

Address :

Flat No.802, Shabari Shikhar, 8th Floor, Plot No.434, R. C. Marrg, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

01.07.1969

Date of Appointment :

01.03.2010

DIN No.:

02978809

Name :

Mr. Mithi S Mahtani

Designation :

Director

Address :

Maharashtra, India

Date of Birth/Age :

16.09.1925

Date of Appointment :

29.09.1994

Name :

Mr. Aktar A Sait

Designation :

Director

Address :

202, Mahavir Towers, 2^nd Floor, LBS Marg, Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

24.05.1950

Date of Appointment :

08.05.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Mithi S Mahtani	26115
Manu Mahtani	2165
Niranjan Mahtani	7216
Bharat Mahtani	7215
Anusuya M. Mahtani	6632
Nandita Mahtani	6632
Aktar A Sait	3662
Nikhita N. Mahtani	4281
Natasha N. Mahtani	4281
Chandrika Mahtani	5050
Total	73249

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporters of Frozen Seafood Products.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Axis Bank New Marine Lines Branch; Court Chambers; 35, Sir V. Thackersey Marg; New Marine Lines, Mumbai - 400020, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	H. N. Mehta Associates Chartered Accountant
Address :	50-51, Fourth Floor, Alli Chambers Tamarind Lane, Flora Fountain, Mumbai – 400023, Maharashtra, India
Tel No.:	91-22-22652956/ 22653482/ 22656089
Fax No.:	91-22-22651708
Email :	hariyant@vsnl.com
PAN No.:	AAAFH6348C

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73249	Equity Share	Rs.100/- each	Rs.7.325 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		7.325	7.325	73.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		280.684	298.070	267.268
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		288.009	305.395	340.393
LOAN FUNDS
1] Secured Loans		242.141	182.726	308.319
2] Unsecured Loans		50.000	0.000	0.000
TOTAL BORROWING		292.141	182.726	308.319
DEFERRED TAX LIABILITIES		0.000	0.000	1.629
TOTAL		580.150	488.121	650.341
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.241	121.171	139.712
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.771	6.771	6.771
DEFERREX TAX ASSETS		17.596	3.568	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	180.727	133.980	272.570
	Sundry Debtors	278.414	182.514	232.362
	Cash & Bank Balances	8.939	16.740	8.502
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	207.164	92.610	184.374
Total Current Assets		675.244	425.844	697.808
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	170.390	16.386	143.105
	Other Current Liabilities			16.507
	Provisions	52.412	52.847	34.338
Total Current Liabilities		222.802	69.233	193.950
Net Current Assets		452.442	356.611	503.858
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Others		1.100	0.000	0.000
TOTAL		580.150	488.121	650.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	1785.063	2012.420
		Closing Stock of finished Goods	175.973	130.542
		Export Incentives	204.644	254.054
		Other Income	17.507	1.252
		TOTAL (A)	2183.187	2398.268
Less	EXPENSES
		Opening Stock of Finished Goods	130.542	266.536
		Raw Materials Consumed	1517.954	1465.839
		Salaries, Allowances, Bonus etc.	56.476	46.690
		Contribution to provided and other fund	3.438	3.490
		Staff Welfare	5.948	4.112
		Remuneration to Director	0.921	13.934
		Processing and Manufacturing Charges	89.187	87.393
		Stores and Spares Consumed	4.123	4.043
		Packing Materials Consumed	69.678	71.657
		Rent	1.548	1.564
		Power, Fuel and Water	89.877	85.448
		Rates and Taxes	1.271	2.860
		Repairs and Maintenance	0.000	0.000
		Building	3.519	4.646
		Plant and Mahcienry	14.207	11.330
		Others	10.124	10.058
		Insurance	0.952	3.185
		Transportation and Other Charges	5.043	6.483
		Freight and Forwarding	102.436	124.557
		Remuneration to Auditors	0.496	0.496
		Legal and Professional Charge	1.861	2.388
		Travelling and Conveyance	12.011	10.860
		Communication Expenses	2.830	3.051
		Donation	0.000	2.000
		Commission on Exports	17.722	24.181
		Export Promotion Expenses	7.448	6.228
		Export Claims	0.773	0.894
		Printing and Stationery	1.277	1.011
		Office Electricity Charge	0.889	1.030
		Bad Debts	0.380	1.241
		Loss Due to Non Acceptance	0.000	2.993
		Miscellaneous Expenses	12.502	10.967
		TOTAL (B)	2165.433	2281.165
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.754	117.103
Less	FINANCIAL EXPENSES (D)		22.727	37.183
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4.973)	79.920
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.220	25.847
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(26.193)	54.073
Less	TAX (H)		(13.931)	18.733
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(12.262)	35.340
Less/ Add	Short Provision for Tax of Earlier years		(5.123)	(4.540)
Less/ Add	Excess Provision for Tax of Earlier years		0.000	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		298.070	267.268
	BALANCE CARRIED TO THE B/S		280.685	298.070
	Earnings Per Share (Rs.)		--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(0.56)	1.47	NA
Net Profit Margin (PBT/Sales)	(%)	(1.47)	2.69	NA
Return on Total Assets (PBT/Total Assets}	(%)	(3.37)	9.89	NA
Return on Investment (ROI) (PBT/Networth)		(0.09)	0.18	NA
Debt Equity Ratio (Total Liability/Networth)		1.79	0.83	1.48
Current Ratio (Current Asset/Current Liability)		3.03	6.15	3.60

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- Others	NA	NA	143.105
Total	NA	NA	143.105

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.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.