MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	INDIC SEA FOOD INTERNACIONAL SL
Registered Office :	Calle Miquel Marti I Pol, 1, 17244 Cassa De La Selva Gerona
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	28.10.2009
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of agricultural raw materials, drinks & tobacco
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

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

Company name

INDIC SEA FOOD INTERNACIONAL SL

CIF/NIF: B55054712

Company situation: Active

Answer to the data in your request

The data of your request have been confirmed and are correct.

Other Complementary Information

Concerning your request the name of the productos it sells: foods.

EXECUTIVE SUMMARY

Identification

Current Business Name: INDIC SEA FOOD INTERNACIONAL SL

Other names: NO

Current Address:  CALLE MIQUEL MARTI I POL, 1

17244 CASSA DE LA SELVA GERONA 

Telephone number: 972462761 

Trade Risk

Incidents:  NO

R.A.I.:  NO

Financial Information

Balance sheet latest sales (2010):  587.529,72 € (Mercantile Register)

Result: 7.315,31 €

Total Assets: 504.716,94 €

Share capital:  100.000,00 €

Employees : This information is not available

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  28/10/2009

Activity:  Wholesale of agricultural raw materials, drinks & tobacco

NACE 2009 CODE: 4621

International Operations: Imports and Exports

Corporate Structure

President: 

PASCUAL GIFRE, JORDI

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2010

Latest act published in BORME:  27/10/2011 Capital enlargement (IA)

Latest press article: No press articles registered for this company

Bank Entities: There are not

The date when this report was last updated is 22/06/2012.

The information contained in this report has been investigated and contrasted on 22/06/2012

Financial situation

Exercise:2010
Treasury	Average
Indebtedness	Important
Profitability	Average
Balance	Very good

Performance

Incidents	None or Negligible
Business Trajectory	Superior

Rating Explanation

Financial situation

• The company’s financial situation is normal.

Company Structure

• The company’s capitalization degree determines that its structure is weak.

• The company’s size is  very small depending on its sales volume.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected no recent legal actions or claims from the Administration against this company.

Accounts Filing

• The company files regularly its accounts.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
26/09/2011	Increase	13	• New financial statements have been uploaded.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

18/06/2012 11:06:31

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	31/12/2010 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	114.480,37	22,68
B) CURRENT ASSETS	390.236,57	77,32
LIABILITIES
A) NET WORTH	57.315,31	11,36
B) NON CURRENT LIABILITIES	89.719,50	17,78
C) CURRENT LIABILITIES	357.682,13	70,87

Profit and loss account analysis

Figures given in €

	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER
SALES	587.529,72
GROSS MARGIN	30.387,92	5,17
EBITDA	17.901,11	3,05
EBIT	12.978,96	2,21
NET RESULT	7.315,31	1,25
EFFECTIVE TAX RATE (%)	25,00	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	22,68	40,91	-18,23
A) CURRENT ASSETS	77,32	59,09	18,23
LIABILITIES
A) NET WORTH	11,36	39,63	-28,28
B) NON CURRENT LIABILITIES	17,78	18,23	-0,46
C) CURRENT LIABILITIES	70,87	42,13	28,73
	COMPANY (2010)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	100,00	98,25	1,75
GROSS MARGIN	5,17	29,36	-24,19
EBITDA	3,05	5,49	-2,45
EBIT	2,21	2,83	-0,62
NET RESULT	1,25	1,48	-0,24

Sector Composition

Compared sector (NACE 2009): 4621

Number of companies: 587

Size (sales figure): 0 - 2,800,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2010

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	7.315,31	Legal Reserve	731,53
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	6.583,78
Total of Amounts to be distributed	7.315,31	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	0,00
		Application total	7.315,31

company ADDRESSES

Business address

Current Legal Seat Address:

CALLE MIQUEL MARTI I POL, 1

17244 CASSA DE LA SELVA  GERONA

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 6 members (latest change: 18/05/2011) Non-current positions : 1 (latest change: 18/05/2011)		Men (33%)  Companies (67%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	PASCUAL GIFRE, JORDI	18/05/2011
MEMBER OF THE BOARD	TANEX MULTISERVEIS SL	18/05/2011
MEMBER OF THE BOARD	OTE-3 LA SELVA SL	18/05/2011
MEMBER OF THE BOARD	NETEGES INDUSTRIALS HURPI SL	18/05/2011

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
PASCUAL GIFRE JORDI		Indef.	OWN SOURCES	22/06/2012

POTENTIAL LINKS

Name Search in the Internet

Search Criterion: ”INDIC SEA FOOD INTERNACIONAL SL”

URL: www.boe.es

Actos de GIRONA del BORME núm. 205 de 2011  27 Oct 2011 ... 425961 - INDIC SEA FOOD INTERNACIONAL SL. Ampliación de capital. Capital: 50.000,00 Euros. Resultante Suscrito: 100.000,00 Euros.

URL: nutricion-alimentacion.paginas-amarillas.es

Congelados Girona Provincia - Nutrición y alimentación Girona ...  INDIC SEAFOOD INTERNACIONAL, S.L. Nutrición y alimentación. ALIMENTOS CONGELADOS: ESTABLECIMIENTOS. INDIC SEAFOOD INTERNACIONAL ...

BUSINESS INFORMATION

Constitution

Incorporation date: 28/10/2009

Activity

Activity: Wholesale of agricultural raw materials, drinks & tobacco

NACE 2009 CODE: 4621

NACE 2009 Activity: Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

Business: COMERCIO INTERNACIONAL DE PRODUCTOS ALIMENTARIOS.

Activity description: Venta al mayor de productos de alimentación

Employees

This information is not available

Banks

No bank branches registered

LEGAL STRUCTURE

Constitution Data

Register Date: 28/10/2009

Register town: Gerona

Announcement number: 528537

Register data: 

Volume 2756, Folio 114, Section 8, Sheet 49382,

Inscription I/A 1 (2009-12-10)

Share capital: 50.000 €

Current structure data

Legal form: Limited Liability Company

Share capital: 100.000,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E.

(OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

  Acts on activity: 0

  Acts on administrators: 3 (Last: 27/05/2011, first: 21/12/2009)

  Acts on capital: 1 (Last: 27/10/2011)

  Acts on creation: 1 (Last: 21/12/2009)

  Acts on filed accounts: 2 (Last: 01/09/2011, first: 08/09/2010)

  Acts on identification: 0

  Acts on Information: 1 (Last: 27/05/2011)

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

	ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Capital enlargement (IA)		27/10/2011	425961	Gerona
Annual Filed Accounts (2010)		01/09/2011	402280	Gerona
	Filed Accounts date: August from 2011 Exercise to which the accounts belong: 2010 Filed Accounts type: Individual Filed accounts available online: DOWNLOAD (+1.0 unit)  PDFThis product is out of the fee for OPEN contracts61320792010TIFFThis product is out of the fee for OPEN contracts61320792010 Publication Data:  Register Gerona, Gazette 167, Page  45943, Announcement 402280 (01/09/2011)

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Modification of the Articles of Association	27/05/2011	227603	Gerona
Appointments	27/05/2011	227603	Gerona
Resignations	27/05/2011	227603	Gerona
Annual Filed Accounts (2009)	08/09/2010	478267	Gerona
Appointments	21/12/2009	528537	Gerona
Constitution	21/12/2009	528537	Gerona

Press articles

No press articles registered for this company

Complementary Information

Financial Information

El balance cerrado a 31/12/2009 (Depósito 2009 y 2010) esta disponible en INFORMA, pero no ha sido cargado por tener una duración inferior a tres meses.

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 24/09/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2010 (12)	% ASSETS
A) NON CURRENT ASSETS	114.480,37	22,68
I. Intangible assets
II. Tangible fixed assets	114.480,37	22,68
III. Real-estate investments
IV. Long term investments in associated and affiliated companies
V. Long Term Financial Investments
VI. Assets by deferred taxes
VII. Non current commercial debts
B) CURRENT ASSETS	390.236,57	77,32
I. Stocks	13.288,00	2,63
II. Trade Debtors and other receivable accounts	315.925,97	62,59
1. Clients	294.474,46	58,34
b) Clients for sales and short term services rendering	294.474,46	58,34
3. Other debtors	21.451,51	4,25
III. Short term investments in associated and affiliated companies
IV. Short term financial investments	22.456,88	4,45
V. Short term periodifications
VI. Cash and equivalents	38.565,72	7,64
TOTAL ASSETS (A + B)	504.716,94	100,00

Net Worth and Liabilities

Figures given in €

	31/12/2010 (12)	% ASSETS
A) NET WORTH	57.315,31	11,36
A-1) Equity	57.315,31	11,36
I. Capital	50.000,00	9,91
1. Authorized capital	50.000,00	9,91
II. Issue premium
III. Reserves
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	7.315,31	1,45
VIII. (Interim dividend)
A-2) Value changes adjustments
A-3) Received legacies, grants and subventions
B) NON CURRENT LIABILITIES	89.719,50	17,78
I. Long term provisions
II. Long term debts	89.719,50	17,78
3. Other long term debts	89.719,50	17,78
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	357.682,13	70,87
I. Short term provisions
II. Short term debts
III. Short term debts with associated and affiliated companies
IV. Trade creditors and other payable accounts	357.682,13	70,87
1. Suppliers	353.916,35	70,12
b) Short term suppliers	353.916,35	70,12
2. Other creditors	3.765,78	0,75
V. Short term periodifications
VI. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	504.716,94	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2010 (12)	%OPERATING INCOME
1. Net Turnover	587.529,72	100,00
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-557.141,80	-94,83
5. Other operating income
6. Labour cost
7. Other operating costs	-12.486,81	-2,13
8. Amortization of fixed assets	-4.922,15	-0,84
9. Allocation of subventions on non financial investments and other
10. Provisions excess
11. Deterioration and result for fixed assets disposal
12. Other results
A) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12)	12.978,96	2,21
13. Financial income
14. Financial expenses	-3.225,21	-0,55
15. Reasonable value variation on financial instruments
16. Exchange differences
17. Deterioration and result for disposal of financial instruments
18. Other financial income and expenses
B) FINANCIAL RESULT (13 + 14 + 15 + 16 + 17 + 18)	-3.225,21	-0,55
C) RESULT BEFORE TAXES (A + B)	9.753,75	1,66
19. Taxes on profits	-2.438,44	-0,42
D) EXERCISE RESULT (C + 19)	7.315,31	1,25

NET WORTH CHANGES STATUS

Status of recognized income and expenses

For the financial statements presented under the SME’s model (PYMES), the ‘Net Worth Changes Status’ is formed by a single table. For the rest of the cases there would be shown the two tables corresponding to the mentioned status with the exception of the company not having operations reflected in the ‘Status of recognized income and expenses’ and that, for this reason, it has no data.

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 1 /1)	AUTHORIZED CAPITAL	EXERCISE RESULT	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	50.000,00		50.000,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	50.000,00		50.000,00
I. Profit and loss account result		7.315,31	7.315,31
II. Recognized income and expenses in net worth
III. Operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	50.000,00	7.315,31	57.315,31

RATIOS

	31/12/2010 (12)
BALANCE RATIOS
Working Capital (€)	32.554,44
Working capital ratio	0,06
Soundness Ratio	0,50
Average Collection Period (days)	194
Average Payment Period (days)	226
LIQUIDITY RATIOS
Current Ratio (%)	109,10
Quick Ratio (%)	17,06
DEBT RATIOS
Borrowing percentage (%)	17,78
External Financing Average Cost	0,04
Debt Service Coverage	7,33
Interest Coverage	4,02
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,08
Auto financing generated by Assets (%)	2,42
Breakdown Point	1,02
Assets Turnover	1,16
Inventory Turnover (days)	9
RESULTS RATIOS
Return on Assets (ROA) (%)	2,57
Operating Profitability (%)	3,55
Return on Equity (ROE) (%)	17,02

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2010)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	22,68	40,91	-18,23
A) CURRENT ASSETS	77,32	59,09	18,23
LIABILITIES
A) NET WORTH	11,36	39,63	-28,28
B) NON CURRENT LIABILITIES	17,78	18,23	-0,46
C) CURRENT LIABILITIES	70,87	42,13	28,73

Results Analytical Account

Figures given in  %

	COMPANY (2010)	SECTOR	DIFFERENCE
Net Turnover	100,00	98,25	1,75
Other operating income		1,75
OPERATING INCOME	100,00	100,00	0,00
Supplies	-94,83	-71,27	-23,56
Variation in stocks of finished goods and work in progress		0,63
GROSS MARGIN	5,17	29,36	-24,19
Other operating costs	-2,13	-12,40	10,26
Labour cost		-11,83
GROSS OPERATING RESULT	3,05	5,14	-2,09
Amortization of fixed assets	-0,84	-2,76	1,92
Deterioration and result for fixed assets disposal		0,08
Other expenses / income		0,36
NET OPERATING RESULT	2,21	2,83	-0,62
Financial result	-0,55	-0,94	0,39
RESULT BEFORE TAX	1,66	1,89	-0,23
Taxes on profits	-0,42	-0,41	-0,01
RESULT COMING FROM CONTINUED OPERATIONS	1,25	1,48	-0,24
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	1,25	1,48	-0,24
Amortization of fixed assets	-0,84	-2,76	1,92
Deterioration and provisions variation	-0,84	0,09	-0,93
	2,92	4,15	-1,23

Main Ratios

Figures given in €

	COMPANY (2010)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	32.554,44	3.123,24	54.207,66	172.345,13
Working capital ratio	0,06	0,02	0,18	0,38
Soundness Ratio	0,50	0,52	1,17	2,51
Average Collection Period (days)	194	27	55	102
Average Payment Period (days)	226	41	75	129
LIQUIDITY RATIOS
Current Ratio (%)	109,10	102,99	139,99	210,78
Quick Ratio (%)	17,06	4,40	18,67	57,23
DEBT RATIOS
Borrowing percentage (%)	17,78	10,72	29,82	50,47
External Financing Average Cost	0,04	0,02	0,05	0,08
Debt Service Coverage	7,33	0,69	4,16	11,76
Interest Coverage	4,02	1,20	2,22	6,31
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,08	1,57	3,01	6,16
Auto financing generated by Assets (%)	2,42	2,26	4,70	8,65
Breakdown Point	1,02	1,01	1,02	1,05
Average Sales Volume per Employee		110.874,76	175.587,29	256.496,15
Average Cost per Employee		14.469,02	19.493,22	25.892,02
Assets Turnover	1,16	0,86	1,48	2,34
Inventory Turnover (days)	9	22	67	149
RESULTS RATIOS
Return on Assets (ROA) (%)	2,57	1,34	3,59	6,22
Operating Profitability (%)	3,55	3,63	7,05	11,14
Return on Equity (ROE) (%)	17,02	1,84	6,33	14,26

ADDITIONAL INFORMATION

Consulted Sources

Central Mercantile Register

Tax Administration / VIES Consultation

Tax Administration / Consultation by NIF

INTERNET

Titular

This company has been consulted was last displayed on 10/03/2012, 0 times in the last quarter and 74 total times.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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