MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	CHOICE TRADING CORPORATION PRIVATE LIMITED (w.e.f. 13.05.2004) CHOICE SHIPPING LINES (DIVISION OF CHOICE TRADING CORPORATION PRIVATE LIMITED)
Formerly Known As :	CHOICE TRADING CORPORATION LIMITED
Registered Office :	Choice House, P. V. Sreedharan Road, Kumbalam, Ernakulam-682506, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.06.1990
Com. Reg. No.:	09-005711
Capital Investment / Paid-up Capital :	Rs. 92.000 Millions
CIN No.: [Company Identification No.]	U70101KL1990PTC005711
PAN No.: [Permanent Account No.]	AABCC3150B
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is engaged in sea food exports, shipping, construction and manifold activities from its head quarters in Cochin, India
No. of Employees :	1000 People for the group and 80 people for the shipping division (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 530000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Abilash
Designation :	Manager- Shipping Division – Chennai
Contact No.:	91-44-26430516
Date :	22.08.2012

LOCATIONS

Registered Office :	Choice House, P. V. Sreedharan Road, Kumbalam, Ernakulam-682506, Kerala, India
Tel. No.:	91-484-3019700 / 3019713 / 3019714 / 32101102
Fax No.:	91-484-2703633
E-Mail :	admin@choicegroup.in benny62tvm@yahoo.co.in
Website :	www.choicegroup.in
Branch Office :	Choice Canning Inc 1090 King Georges Post Road, Suite 1108 Edision, New Jersy 08837 Tel : 1 732 661 6400 Fax : 1 732 661 3111 E-Mail : jrandazzo@choicegroup.in Choice Tastee India 21/1391-A , Thangal Nagar, Pashnithode, Palluruthy, Kochi – 682006, Kerala, India Tel : 91-484-2232494,3020336 Fax : 91-484-2235564 E-Mail : Laiju@choicegroup.in Choice Intermodal services Door No 24/1173, CTTU Building, Bristow Road, Willingdon Island, Cochin – 682003, Kerala, India Tel : 91-484-3019706,3019707,3019708,3019709,3019710,3019741 Fax : 91-484-2668327 E-Mail : pbala@choicegroup.in JT Pac Nadama East- The Choice School Campus, Tripunithura – 682301, India Tel : 91-484-2779057 / 2775692 Fax : 91-484-2781951 E-Mail :anurag@choicegroup.in Choice estates and constructions Limited Choice House Choice Lane, P.V Sreesharan Road, Kumbalam, Cochin-682506, Kerala, India Tel : 91-484-3019717,3019718 Fax : 91-484-2703633 E-Mail : tomjose@choicegroup.in Choice Shipping Lines 6^th floor, Alsa Towers, 279 and 281 Poonamalee High Road, Kilpauk, Chennai 600010, Tamilnadu, India Tel : 91-44-26430518 / 26430516 Fax: 91-44-26430516 E-Mail : adminmaa@choiceshippinglines.in

DIRECTORS

AS ON 27.09.2011

Name :	Mr. Jose Thomas
Designation :	Managing Director
Address :	8/2149, Mathara Road, Parvana Junction, Cochin, Ernakulam-682002, Kerala, India
Date of Birth/Age :	16.07.1953
Date of Appointment :	08.06.1990
DIN No.:	00520687

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63090KL1979PTC003032	INDO ISLAND SHIPPING PRIVATE LIMITED	Director	01/01/1979	01/01/1979	-	Active	NO
2	U70101KL1990PTC005711	CHOICE TRADING CORPORATION PRIVATE LIMITED	Managing director	08/06/1990	08/06/1990	-	Active	NO
3	U63040KL1978PTC002964	KINGS TRAVELWORLD (INDIA) PRIVATE LIMITED	Director	10/04/1992	10/04/1992	10/03/2009	Active	NO
4	U45201KL1993PLC007059	CHOICE ESTATES AND CONSTRUCTIONS LIMITED	Director	29/03/1993	29/03/1993	-	Active	NO
5	U62100KL1994PTC007755	CHOICE SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	04/03/1994	04/03/1994	-	Active	NO
6	U72200KL1995PTC009281	CHOICE INFOWAY PRIVATE LIMITED	Director	26/07/1995	26/07/1995	-	Active	NO

Name :	Mr. Elizabeth Jose
Designation :	Whole Time Director
Address :	8/1723, Manthara Road, Mattancherry PO, Ernakulam-682002, Kerala, India
Date of Birth/Age :	23.02.1961
Date of Appointment :	01.02.2009
DIN No.:	00523775

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63090KL1979PTC003032	INDO ISLAND SHIPPING PRIVATE LIMITED	Director	01/09/1999	01/09/1999	-	Active	NO
2	U72200KL1995PTC009281	CHOICE INFOWAY PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
3	U63040KL1978PTC002964	KINGS TRAVELWORLD (INDIA) PRIVATE LIMITED	Director	01/05/2007	01/05/2007	29/09/2007	Active	NO
4	U45201KL1993PLC007059	CHOICE ESTATES AND CONSTRUCTIONS LIMITED	Director	29/09/2007	01/05/2007	-	Active	NO
5	U62100KL1994PTC007755	CHOICE SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	29/09/2007	01/05/2007	-	Active	NO
6	U70101KL1990PTC005711	CHOICE TRADING CORPORATION PRIVATE LIMITED	Whole-time director	01/02/2009	01/02/2009	-	Active	NO

Name :	Mr. Parameswaran Balachandran
Designation :	Director
Address :	Krishna Samridhi Nagar, Edapally PO, Cohin, Ernakulam-682024, Kerala, India
Date of Birth/Age :	27.06.1990
Date of Appointment :	01.09.2005
DIN No.:	00601095

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101KL1990PTC005711	CHOICE TRADING CORPORATION PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
2	U72200KL1995PTC009281	CHOICE INFOWAY PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
3	U45201KL1993PLC007059	CHOICE ESTATES AND CONSTRUCTIONS LIMITED	Director	25/08/2006	25/08/2006	30/09/2008	Active	NO
4	U62100KL1994PTC007755	CHOICE SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	30/09/2008	Active	NO
5	U63040KL1978PTC002964	KINGS TRAVELWORLD (INDIA) PRIVATE LIMITED	Director	29/09/2007	01/05/2007	10/03/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Abilash
Designation :	Manager- Shipping Division – Chennai

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
M C Ray	4000
Vinod Kumar K P	1000
P C Antony	100
Pearl Prakash	1000
Raju R	200
Shamim Mohamed	200
Radhakrishnan	200
Urmila Ranjith	200
Ashalatha K V	200
Nalini Kaduva	200
Molly Cyril	200
Jose C Maliakal	10000
Mathew T C	200
O T Alexander	7500
Thresialma Alexander	7500
Biony M K	100
N R Sunil Kumar	200
Josephine D Silva	100
A R Nair	1000
P R Sivanangan	200
Rathish Kumar	200
KK Krishnankutty Nair	200
Josephina Gabriel	200
Rita Cristopher	200
Sheela Pappachan	200
Usha Cherian	200
M C Jose	2000
Maria Jose	400
Jacob Jose	300
Elizabeth Jobe	300
S A Murugesal	100
Ponsi James	200
Elizabeth Jose	40800
Thomas Jose	3700
Anna Jose	500
Jose Thomas and Elizabeth Jose	5115400
Jose Thomas	4000800
TOTAL	9200000

AS ON 27.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	99.70
Other top fifty shareholders	0.30
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in sea food exports, shipping, construction and manifold activities from its head quarters in Cochin, India

Products :

ITC CODE	PRODUCTS
03061300	Frozen Shrimps and Prawns
03042007	Cuttle Fish

Services :

Shipping Agency

Exports :

Products :

• Seafood

Terms :

Selling :

L/C, Credit (30 Days)

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	31.03.2011
Installed Capacity [As certified by the Managing Director and including the capacity of plants taken on lease.]	IN MT	10296

PRODUCTION

Due to the transition from SAP Software to Tally Accounting Software, the quantitative details of production for the year 2010-11 are not readily available.

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers
• End Users

No. of Employees :

1000 People for the group and 80 people for the shipping division (Approximately)

Bankers :

• State Bank of India, Overseas Branch, Willingdon Island, Cochin-682003, Kerala, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Federal Bank Limited, Ernakulam North Branch, Ernakulam-682018, Kerala, India
• Axis Bank
• ICICI Bank
• State Bank of Travancore
• Citibank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	56.068	80.767
Working capital loans secured
Working capital loans banks secured	0.000	4.767
Other debt secured	265.043	183.136
TOTAL	321.111	268.670
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working capital loans unsecured
Working capital loans others unsecured	2.878	2.345
Loans directors unsecured	31.187	25.952
TOTAL	34.065	28.297

Banking Relations :	--
Auditors :
Name :	Kuruvilla and Jose Chartered Accountant
Address :	41/695, Chitoor Road, Cochin-6825018, Kerala, India
PAN No.:	AADFK7018B
Subsidiaries :	Choice Canning Company Inc., U.S.A. Choice Construction Choice Shipping And Logistics Private Limited CIN No.: - U62100KL1994PTC007755

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9200000	Equity Shares	Rs.10/- each	Rs. 92.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 [12 Months]	31.03.2010 [18 Months]	30.09.2008 [12 Months]
SHAREHOLDERS FUNDS
1] Share Capital		92.000	92.000	92.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		42.895	25.985	77.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		134.895	117.985	169.148
LOAN FUNDS
1] Secured Loans		321.111	268.670	130.603
2] Unsecured Loans		34.065	28.297	10.670
TOTAL BORROWING		355.176	296.967	141.273
DEFERRED TAX LIABILITIES		18.974	17.118	17.627
TOTAL		509.045	432.070	328.048
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		225.917	226.784	184.013
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		41.708	20.424	0.988
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	137.858	124.201	168.377
	Sundry Debtors	243.349	152.979	48.179
	Cash & Bank Balances	26.607	16.037	27.909
	Other Current Assets	27.346	22.908	15.303
	Loans & Advances	32.011	34.684	10.184
Total Current Assets		467.171	350.809	269.952
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	176.538	159.594	106.544
	Other Current Liabilities	17.031	6.044	26.992
	Provisions	41.128	20.958	15.048
Total Current Liabilities		234.697	186.596	148.584
Net Current Assets		232.474	164.213	121.368
MISCELLANEOUS EXPENSES		8.946	20.649	21.679
TOTAL		509.045	432.070	328.048

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [12 Months]	31.03.2010 [18 Months]	30.09.2008 [12 Months]
	SALES
		Income	518.574	721.827	353.945
		Other Income
		TOTAL (A)	518.574	721.827	353.945
Less	EXPENSES
		Office Expenses	422.010	694.993	297.435
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	422.010	694.993	297.435
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		96.564	26.834	56.510
Less	FINANCIAL EXPENSES (D)		35.652	51.741	27.135
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		60.912	(24.907)	29.375
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.853	32.222	14.692
	PROFIT BEFORE TAX (E-F) (G)		34.059	(57.129)	14.683
Less	TAX (H)		16.649	4.388	11.186
	PROFIT AFTER TAX (G-H) (I)		17.410	(61.517)	3.497
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.352	68.869	65.372
	BALANCE CARRIED TO THE B/S		24.762	7.352	68.869
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	361.264	305.182	207.701
	TOTAL EARNINGS		361.264	305.182	207.701
	IMPORTS
		Packing Materials	3.453	1.137	1.166
		Capital Goods	1.238	13.659	6.102
		Raw Materials	42.539	32.158	70.301
		Spares and Consumables	0.000	0.000	1.295
	TOTAL IMPORTS		47.230	46.954	78.864
	Earnings Per Share (Rs.)		1.89	--	--

KEY RATIOS

PARTICULARS		31.03.2011 [12 Months]	31.03.2010 [18 Months]	30.09.2008 [12 Months]
PAT / Total Income	(%)	3.36	(8.52)	0.99
Return on Total Assets (PBT/Total Assets}	(%)	4.91	(9.90)	3.23
Return on Investment (ROI) (PBT/Networth)		0.25	(0.48)	0.09
Debt Equity Ratio (Total Liability/Networth)		4.51	4.24	1.82
Current Ratio (Current Asset/Current Liability)		1.99	1.88	1.82

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS

The company has earned a profit of Rs. 34.058 Millions before taxation during the current year of operation.

SEAFOOD DIVISION

The major products exported by Choice Canning Company during the year was raw, blanched, and cooked salad shrimps. During the year, the Company’s brand Tastee Choice was continued to be rated the No 1 brand in the S in the unbraided shrimp category

SHIPPING DIVISION

The income of Choice Intermodal Services (CIS), THE Shipping Division of the Company, was Rs 73.109 Millions (12 Months) as against the Rs.109.896 Millions (18 Months) for the previous financial year.

TASTEE CHOICE FOOD DIVISION

The Company took innovative steps to make ready to eat meals kits segment under the brand Tastee Choice and the strategy is now showing positive results. After establishing itself as one of the top selling brand in the US market. Meal Kits are now being exported to Poland, South Africa, Canada and Denmark as well. High quality standards and norms are followed by the company in processing of the meal kits. The company has so far introduced 6 different meal kits under the Asian Styles and Mediterranean Styles. An Indian item Porotta and shrimp curry is being launched. The domestic launch of the product is launched during the year 2009. The Directors feel that in view of the past potential for this product in the Indian market due to shifting Life cycles, Expansion of nucleus families and high disposable income .This products will be accepted by the Indian consumer as well.

OUTLOOK: CONCERN AND OPPURTUNITIES

The directors are confident that the sea food division as well as the Shipping Division will Continue to do well in the years to come. The innovative steps taken by the company in the last few years will start bearing fruits in the next few years, with good growth in export of value added products bringing in steady revenue to the company.

SUBSIDIARIES

Choice Shipping and logistic Limited, and Choice Canning Company Inc. USA are the subsidiaries of the Company

FORM 8

Corporate identity number of the company	U70101KL1990PTC005711
Name of the company	CHOICE TRADING CORPORATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Choice House, P. V. Sreedharan Road, Kumbalam, Ernakulam-682506, Kerala
This form is for	Modification of charge
Charge identification number of the charge to be modified	90016138
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, Overseas Branch, Willingdon Island, Cochin-682003, Kerala, India
Nature of instrument creating charge	1) Working Capital Consortium Agreement. 2) Joint Deed of Hypothecation. 3) Letters evidencing extension of equitable mortgage by deposit of title deeds 4) Omnibus Counter Guarantee. 5) Agreement cum Indemnity. 6) Letter of undertaking for creating a second charge on Fixed Assets 7) Loan Amount
Date of instrument Creating the charge	12.06.2012
Amount secured by the charge	Rs. 394.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As stipulated by the Bank from time to time Terms of repayment As stipulated by the Bank from time to time Margin As stipulated by the Bank from time to time Extent and operation of the charge This is a charge on specific immovable properties of the Company, and a first charge on all the current assets of the borrower, and all other movables to the extent of principal and interest outstanding at each point of time. Other Consortium members are State Bank of India and The Federal Bank Limited Total credit facilities from above banks are as follows: State Bank of India - 283.500 Millions The Federal Bank Limited - 110.500 Millions
Short particulars of the property charged (Including location of the property)	Pari-passu First Charge including Hypothecation of stocks of raw materials, stock in process, finished foods and other current assets, both present and future Goods covered by the bills. Extension of Pari-passu first charge over current assets. Merchandise covered by bills drawn under the LC. Extension of Pari-passu first charge over current assets. Counter guarantee of the company. Extension of Pari-passu first charge on the current assets of the company. First Charge on the fixed assets created out of Bank Finance. EM of one pent house No: 14A (area 2500 Sq. ft.) at Choice Towers, Manorama Junction, Ernakulam in the name of CTCPL. EM of land & 1405 Sq ft. of office space constructed thereon at Venu Regency Plaza, Waltaier Uplands Main Road, and Vizag in the name of CTCPL. EM over 1 acre of land with factory building in Sy No: 344/1 of Edakochi (IQF II Plant) in the name of CTCPL. Charge over Plant and Machinery (WDV Rs.86.400 Millions as per Audited B/S as on 31.03.2010. Pledge of 15,17,300 shares of CTCPL held by the Directors Shri Jose Thomas and Smt Elizabeth Jose. Face value of share is Rs 10/- each. EM over 345.63 cents of land/bldg in Sy No.285/1, 281/8, 281/7, 281/3, 281/5, 281/6,281/9 in Kumbalam village (Choice House).
Date of instrument modifying the charge	06.12.2010
Particulars of the present modification	Enhancement of the existing Consortium credit facilities of Rs: 350.300 Millions to Rs: 394.000 Millions

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Commercial Vehicle
• Computers
• Electrical Installation
• Boat

WEBSITE DETAILS

CHOICE SHIPPING LINES

This is the shipping Division of Choice Trading Corporation Private Limited, a Private Limited Company registered at the Registrar of Companies at Cochin. The company is part of a group of companies as follows and all of them together make the Choice group of Companies:

1. Choice Trading Corporation Private Limited
2. Choice Canning company Inc
3. Tastee Choice India
4. Choice Constructions
5. JT Pac

Now the Division Choice Shipping lines is a division of the Choice Trading Corporation Private Limited registered at Cochin on 8^th June 1990.

THE GROUP

The group is one of the largest and highly diversified business conglomerates headquartered in Cochin with branches in all the major trading centers in South India besides USA and Europe. The history of Choice group spans half a century of entrepreneurial excellence dating back from modest beginnings in the early fifties to its present day stature as a highly reputed business house in the South Indian State of Kerala. The multi-activity profile of the Group is serviced by over thousand employees deriving their strength from the vision and dynamic leadership of Mr. Jose Thomas under whom the corporate has recorded impressive growth in its flagship operations in Marine products Exports and Shipping and also registered expansion in areas as diverse as Travel and Tourism, Real Estate, Property Development and Education. Each business is managed independently by a young and dedicated team of professionals and the continuing success of the Group is attributable to its spirit of innovation and commitment to excellence. In each of its chosen fields of activity, the Group enjoys an enviable position; in many of them, it is the leader and innovator; in all of them, the same standards of professionalism and excellence prevail. The courage to dream has always been the mark of a leader but this coupled with inexhaustible energy, perseverance, daring and an ambitious vision has rendered Mr. Jose Thomas, the M.D of Choice Group truly outstanding - young in age, rich in experience and bursting with the desire to place the Choice Group on the global business map. Starting at the very young age of 17, this gutsy entrepreneur has engineered a remarkable growth graph starting with his small seafood company and subsequently expanding into diverse activities while consistently ensuring that each division left its mark of excellence in all its operations.

Today the group registers a turnover of 4500.000 Millions with seafood exports being the flagship business of the group, and shipping coming a close second to this.

THE DIVISION

As a part of the Choice Trading Corporation Private Limited, the shipping Division is headed by the Vice President Shipping Mr. P Balachandran. The shipping Division has two sub divisions

• Agency Division
• Shipping Division

The history of the shipping business starts from 1978 as Steamer agents for Maldives Shipping Company, the National shipping lines of Maldives. From 1982 to 1998 they were Steamer Agents for Ceylon Shipping Corporation - the National Shipping Line of Sri Lanka in the Ports of Cochin, Mangalore, Tuticorin and erstwhile Madras now Chennai. From 1985 to 1988 they were agenst for United States Lines Inc, USA in the ports of Cochin, Madras, Tuticorin and Mangalore. In 1989 they were agents for Thames Shipping Limited, London. From 1995 onwards they are steamer agents for Hyundai Merchant Marine, the shipping wing of the multinational industrial giant, Hyundai Corporation of South Korea in the ports of Cochin, Madras, Tuticorin, Vishakapatnam. Now the business from Hyundai grew so much that all other operations like:

1. Freight forwarding
2. Logistics
3. Freight brokering
4. Container booking, clearing and forwarding
5. Road transport of containers
6. All types of sea freight operations - were looked after by the shipping division, while a separate company called the Choice Intermodal services was formed and dedicated to the Hyundai Merchant Marine.

Choice Transport and Logistics CTL is the logistics arm attached to the shipping Division of the Group. Involved in surface transportation, this division provides speedy and safe door delivery of Cargo. CTL also extends its expert services to select customers. Efficiency in pick up, timely delivery and timely information at economic costing is what CTL offers its client. The shipping division has its strong presence in various cities like Bangalore, Hyderabad and Coimbatore. This division employs around 80 people spread over 7 offices all over South India. Anuual turnover of this division in terms of freight collection is approximately 500 million in Indian rupees or approx USD 12 million.

CHOICE INTERMODAL SERVICE

This is the agency arm of the Shipping Division and was formed in 1995 to exclusively represent Hyundai Merchant Marine Company Limited (HMM) of South Korea for their global container cargo service. This division as their agents, represents HMM in South India coving all ports and ICD’s South of Mumbai. The agency territory consists of Goa, Mangalore and Cocin on the West coast and Tuticorin, Vishakapatnam and Paradeep on the East Coast. Similarly all the ICD’s in the region respectively Coimbatore, Bangalore, Hyderabad, Tirupur, Madurai, Anarpathi, Chirala and Guntur also fall under the Shipping agency network. Evern since commencement of operations in 1996, Shipping has achieved steady growth in cargo volumes inspite of various commercial and operational limitations. As a result, HMM is now ranked in the second position in terms of its off take of reefer cargo and is among the top ten lines in terms of dry cargo lifting’s,

OTHER COMPANIES OF THE GROUP

1. CHOICE TRADING CORPORATION

Choice Trading Corporation has been delivering quality for more than 50 years. The company has a glorious history of keeping excellent standards and an authentic commitment to customer satisfaction in the various businesses it is involved in. A company with over 50 years of experience in food products, Choice Trading Corporation has been the pioneer in premium quality food Processing in India. Tastee Choice is a brand owned by the Choice corporation. Choice, Spearheaded by Mr Jose Thomas, from a humble begining with canned seafood products is a leading manufacturer and exporter of value added ready to eat products in the meal kit category which are marketed under its own brand Tastee Choice

2. CHOICE CANNING COMPANY

A pioneer in premium quality shrimp in India, their wholly owned subsidiary, Choice Canning Company Inc. holds a significant market share of the shrimp industry in the United States. Tastee Choice, the ready to eat wing of Choice Canning Company Inc., brings restaurant quality cuisine from across the world to the table. Sourcing the freshest ingredients from farms all over the globe to ensure that every product is of the finest taste, Tastee Choice has been keeping customers satisfied consistently. Their longstanding commitment to excellence has built a sound legacy of trust and customer satisfaction.

3. TASTEE CHOICE INDIA

Tastee Choice brings restaurant quality global cuisine to the homes with a range of ready to eat Skillet Meals that make cooking easy, fun and appetizing. All their products bear the unconditional quality assurance of Tastee Choice, ensuring the freshness, flavor, safety, and overall taste of their products, bringing consistency, satisfaction and delight to each of their customers.

With a commitment to quality and excellence, their products today find an enviable place in millions of homes across the world.

Tastee Choice’s extensive vision is completely directed towards a global outlook. In the year 2008 Tastee Choice was rated as the #1Brand in the U.S.A. (effective October 4th 2008) under the un-breaded Shrimp category by A.C. Nielsen. This is the first time in history that an Indian food processing Company’s Brand has been rated #1 In the U.S.A.

4. J T PAC

It is common knowledge that performing arts traditions have been highly revered in India for centuries. And indeed, with the prominence and patronage the arts received from royalty and common man alike, it is no wonder that art forms, be it music, dance, theatre or the folk arts, flourished over generations.

JT Pac is conceptualized as an ecosystem to preserve, sustain, propagate and nurture the performing arts traditions of India and the world. It is a habitat where art dwells in the soul of everyone associated with it. It is indeed an art ecosystem that has been carefully created to preserve, nurture and celebrate performing arts.

In today’s world where performing artistes find themselves stuck in a situation where they have to choose between sustenance and their passion to preserve the integrity of their art, JT Pac aims to provide an environment a sanctuary where art will thrive, and artistes will find a platform to develop and work towards setting new standards not only in the realm of performances, but in the very culture of art appreciation.

Envisioned by the most creative minds of the art world, JT Pac aims to bring the performing arts right where they belong to the centre stage of culture. With a subtle blend of the traditional and the transcultural, JT Pac ensures a lifetime of experiences with the sublime touch of Performing Arts. A major aspect of JT PAC's mission is to develop into a world-class cultural society, building a platform for the best of the country’s budding artists.

5. CHOICE CONSTRUCTIONS

They are engaged in the construction of flats in the cities of Cochin, Bangalore, Chennai and other major places. In fact in the city of Cochin they boast of the highest every building with 40 floors.

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. 55.38
UK Pound	1	Rs. 87.79
Euro	1	Rs. 69.47

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.