MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	CASTLE ROCK FISHERIES PRIVATE LIMITED
Registered Office :	203, Dalamal Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
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 :	Manufacturer and Exporter of Sea Food 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 1133000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. The profit margin of the company appears to be low during the current year. However, the networth is reported to be strong and sufficient. 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 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.

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 :	203, Dalamal Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22036541
Fax No.:	91-22-22088980
E-Mail :	vijaykumarmodi@gmail.com
Factory :	M-33/34, Taloja Industrial Area, Taluka Panvel, District Raigad, Navi Mumbai – 410 208, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Amit Kumar Khan

Designation :

Director

Address :

16/27, Vivek Apartments, Podar Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

02.11.1974

Date of Appointment :

29.09.2007

DIN No.:

00711800

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	Company/ LLP 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 Sukhram Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139, Backbay Reclamation, Foreshore Road, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

09.06.1960

Date of Appointment :

01.09.1978

DIN No.:

00716209

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	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 :

Mr. Manu Sukhram Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139, Backbay Reclamation, Foreshore Road, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

09.01.1948

Date of Appointment :

28.09.1995

DIN No.:

00716262

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	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 Manu Mahtani

Designation :

Director

Address :

Ivanhoe, 6^th Floor, 139, Backbay Reclamation, Foreshore Road, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

23.03.1979

Date of Appointment :

18.12.2001

DIN No.:

00716345

Name :

Ms. Nandita Manu Mahtani

Designation :

Director

Address :

4, Sorrento Mount, Pleasant Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

08.01.1975

Date of Appointment :

01.07.2005

DIN No.:

00716410

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	U51311DL2002PTC116941	Circa Enterprises Private Limited	Director	11-09-02	11-09-02	04-12-07	Strike 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, 8^th Floor, Plot No.434, R.C. Marg, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

01.07.1969

Date of Appointment :

01.03.2010

DIN No.:

02978809

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Manu Mahtani	28280	38.61
Niranjan Mahtani	7216	9.85
Bharat Mahtani	7215	9.85
Anusuya M. Mahatani	6632	9.05
Nandita M. Mahtani	6632	9.05
Nikhita Mahatanai	4281	5.84
Akhtar Sait	3662	5.00
Natasha N. Mahatanai	4281	5.84
Chandrika Mahatanai	5050	6.89
Total	73249	100.00

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Sea Food Products.
Exports :
Countries :	v Europe v South Africa v Middle East Countries v United State v Japan

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity (MT)	Actual Production (MT)
Frozen Sea foods	266.700 per day	14,271.678

Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Union Bank of India, Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

v HDFC Bank Limited

v Bank of India

v Vijaya Bank

v Axis Bank Limited, New Marine Lines Branch, Court Chambers, 35, Sir V. Thackersey Marg, New Marine Lines, Mumbai – 400 020, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks secured	392.273	240.657
Hire purchase installment payable secured	0.390	1.484
Total	392.663	242.141

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	0.000	50.000
Total	0.000	50.000

Banking Relations :	--
Auditors :
Name :	H.N. Mehta and Associates Chartered Accountants
Address :	50-51, 4^th Floor, Alli Chambers, Tamarind Lane, Hutatma Chowk (Flora Fountain), Mumbai – 400 023, Maharashtra, India
Tel. No.:	91-22-22652956/ 22653482/ 22656089
ANS/ Fax No.:	91-22-22651708
E-Mail :	hariyant@vsnl.com
Income-tax PAN of auditor or auditor's firm :	AAAFH6348C
Enterprise where key management personnel has significant control :	v Mahtani Chitosan Private Limited, India (CIN No.: U05004MH1989PTC053021) v Castlerock Cold Storages Private Limited, India (CIN No.: U63020MH1972PTC016120) v Crown Frozen Foods, India v Castlerock Fisheries, India
Associate (Partnership Firm) :	Pronto Foods (Partnership firm in which the Company is having 80% share)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73249	Equity Shares	Rs.100/- each	Rs.7.325 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7.325	7.325	7.325
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		275.919	280.684	298.070
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		283.244	288.009	305.395
LOAN FUNDS
1] Secured Loans		392.663	242.141	182.725
2] Unsecured Loans		0.000	50.000	0.000
TOTAL BORROWING		392.663	292.141	182.725
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		675.907	580.150	488.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.363	102.241	121.171
Capital work-in-progress		5.391	0.000	0.000
INVESTMENT		6.771	6.771	6.771
DEFERRED TAX ASSETS		10.596	17.596	3.568
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	271.075	180.727	133.979
	Sundry Debtors	323.516	278.414	182.514
	Cash & Bank Balances	3.769	8.939	16.740
	Other Current Assets	1.000	1.000	0.000
	Loans & Advances	226.151	207.164	92.610
Total Current Assets		825.511	676.244	425.843
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	246.039	163.784	16.386
	Other Current Liabilities	8.565	6.506
	Provisions	31.121	52.412	52.847
Total Current Liabilities		285.725	222.702	69.233
Net Current Assets		539.786	453.542	356.610
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		675.907	580.150	488.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	1785.063	2012.420
		Closing Stock of Finished goods	NA	175.973	130.542
		Export Incentives	NA	204.644	254.054
		Other Income	NA	17.507	1.252
		TOTAL (A)	NA	2183.187	2398.268
Less	EXPENSES
		Opening Stock of Finished Goods	NA	130.542	266.536
		Raw Material Consumed	NA	1517.954	1465.839
		Employees Cost	NA	66.784	68.226
		Processing and Other Expenses	NA	450.153	480.564
		TOTAL (B)	NA	2165.433	2281.165
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	17.754	117.103
Less	FINANCIAL COST (D)		NA	22.727	37.184
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(4.973)	79.919
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	21.220	25.846
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.812	(26.193)	54.073
Less	TAX (H)		1.893	(13.931)	18.733
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.919	(12.262)	35.340
	Excess / (Short) Provision for Earlier Year		0.334	(5.123)	(4.539)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		280.684	298.069	267.268
	BALANCE CARRIED TO THE B/S		281.937	280.684	298.069
	Earnings/ (Loss) Per Share (Rs.)		12.55	(167.40)	468.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(0.56)	1.47
Net Profit Margin (PBT/Sales)	(%)	NA	(1.47)	2.69
Return on Total Assets (PBT/Total Assets}	(%)	0.30	(3.36)	9.89
Return on Investment (ROI) (PBT/Networth)		0.01	(0.09)	0.18
Debt Equity Ratio (Total Liability/Networth)		2.40	1.79	0.83
Current Ratio (Current Asset/Current Liability)		2.89	3.04	6.15

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two 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	No
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

Contingent liabilities not provided for in respect of the following:

Particulars	31.03.2011 (Rs. in millions)
Mumbai Port Trust	18.482

Bankers Charges Report as per Registry

Corporate identity number of the company	U05000MH1970PTC014674
Name of the company	CASTLE ROCK FISHERIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	203, Dalamal Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India E-Mail: vijaykumarmodi@gmail.com
This form is for	Creation of charge
Type of charge	Others (Charge on Bills)
Particular of charge holder	Union Bank of India, Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: cbsoverseas@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	D.P. Note and Letter of Hypothecation of Bills
Date of instrument Creating the charge	28.11.2011
Amount secured by the charge	Rs.50.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 12.25% per annum with monthly rests Terms of Repayment: On Demand Margin: As per sanction terms Extent and Operation of the charge: To secure FDBP/FUDBP/AFDBC facility of Rs.50.000 millions granted by the Bank to the Company
Short particulars of the property charged	Purchase from or negotiate a Bill or Bills of Exchange drawn or accepted or endorsed against goods and/or merchandise or shipping or other documents and/or hold such or any other Bill or Bills of Exchange and/or documents for collection on the Borrower's account under lien to the Bank.

FIXED ASSETS:

v Freehold Land

v Leasehold Land

v Factory Building

v Plant and Machinery

v Computer Equipments

v Furniture and Fixtures

v Vehicles

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.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--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.