MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	BRASMAR III - COMéRCIO DE PRODUTOS ALIMENTARES, S.A.
Registered Office :	Avenida Ferreira De Castro, 73 Povoa Guidões, 4745-251
Country :	Portugal
Financials (as on) :	31.12.2010
Date of Incorporation :	01.01.1994
Com. Reg. No.:	503066397
Legal Form :	Public Subsidiary
Line of Business :	Processing and preserving of fish and fish products
No. of Employees :	61

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)
Portugal	A2	A2

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

Company name and address

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Bottom of Form

Brasmar Iii - Comércio De Produtos Alimentares, S.A.

Avenida Ferreira De Castro, 73
Povoa
Guidões, 4745-251
Portugal
Tel:	+351 252490070
Fax:	+351 252240909

Employees:	61
Company Type:	Public Subsidiary
Corporate Family:	7 Companies
Ultimate Parent:	Metalcon Investimentos, Sgps, S.A.
Incorporation Date:	01-Jan-1994

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	50.0
Total Assets:	39.3

Business Description

BRASMAR III - COMÉRCIO DE PRODUTOS ALIMENTARES, S.A. is primarily engaged in freezing of fish; and other fish processing and preserving.

Industry

Industry	Food Processing
ANZSIC 2006:	1120 - Seafood Processing
NACE 2002:	1520 - Processing and preserving of fish and fish products
NAICS 2002:	31171 - Seafood Product Preparation and Packaging
UK SIC 2003:	1520 - Processing and preserving of fish and fish products
US SIC 1987:	2092 - Prepared Fresh or Frozen Fish and Seafoods

Key Executives

Name	Title
Sérgio Silva	Managing director
Márcia Martins	Financial director
Hélder Gonçalves	Operations manager/director
José Costa	Accountant
Ângelo Couto	Executive

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Avenida Ferreira De Castro, 73
Povoa
Guidões, 4745-251
Portugal

Tel:	+351 252490070
Fax:	+351 252240909

Suggest Company URL

Sales EUR(mil):	37.8
Assets EUR(mil):	29.3
Employees:	61
Fiscal Year End:	31-Dec-2010

Industry:	Food Processing

Incorporation Date:	01-Jan-1994
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(PRT):	503066397

Managing director:	Sérgio Silva

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1120	-	Seafood Processing
4129	-	Other Specialised Food Retailing

NACE 2002 Codes:
1520	-	Processing and preserving of fish and fish products
5227	-	Other retail sale of food, beverages and tobacco in specialised stores

NAICS 2002 Codes:
31171	-	Seafood Product Preparation and Packaging
445299	-	All Other Specialty Food Stores

US SIC 1987:
2092	-	Prepared Fresh or Frozen Fish and Seafoods
5499	-	Miscellaneous Food Stores

UK SIC 2003:
5227	-	Other retail sale of food, beverages and tobacco in specialised stores
1520	-	Processing and preserving of fish and fish products

Business Description

BRASMAR III - COMÉRCIO DE PRODUTOS ALIMENTARES, S.A. is primarily engaged in freezing of fish; and other fish processing and preserving.

Financial Data

Financials in:	EUR(mil)
Revenue:	37.8
Assets:	29.3
Current Assets:	21.4
Total Liabilities:	29.3
Issued Capital:	2.0
Net Worth:	7.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

27.5%

NA

Key Corporate Relationships

Bank:	Fortis Bank - Sucursal Em Portugal, Banco Popular Portugal, Bpn - Banco Português De Negócios

Corporate Structure News

Brasmar Iii - Comércio De Produtos Alimentares, S.A.
Total Corporate Family Members: 7

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Metalcon Investimentos, Sgps, S.A.	Parent	Trofa, Trofa	Portugal	Commercial Banks	1.0	15
Irmãos Silvas, S.A.	Subsidiary	Trofa, Trofa	Portugal	Construction - Supplies and Fixtures	50.5	323
Brasmar Iii - Comércio De Produtos Alimentares, S.A.	Subsidiary	Guidões, Trofa	Portugal	Food Processing	50.0	61
Zinconorte - Metalomecânica E Galvanização, S.A.	Subsidiary	Macieira Da Maia, Vila Do Conde	Portugal	Construction - Supplies and Fixtures	2.5	42
Silvafer - Comércio E Transformação De Ferro, LDA	Subsidiary	Trofa, Trofa	Portugal	Oil and Gas Operations	33.8	15
Smar - Investimentos Sgps, S.A.	Subsidiary	Trofa, Trofa	Portugal	Commercial Banks	0.0	1
Lusomar Maricultura Ltda.	Subsidiary	Jandaira, Bahia	Brazil	Fish and Livestock	9.4

Executives Report

Board of Directors

Name	Title	Function
José Silva	Member of the board of directors	Director/Board Member

Executives

Name	Title	Function
Sérgio Silva	Managing director	Managing Director
Hélder Gonçalves	Operations manager/director	Operations Executive
Márcia Martins	Financial director	Finance Executive
José Costa	Accountant	Accounting Executive
Sérgio Reis	Commercial director, Purchasing manager	Commercial Executive
Ângelo Couto	Executive	Other
Marcelino Cunha	Executive	Other
António Reis	Executive	Other
Carlos Ribeiro	Executive	Other
Paula Silva	Executive	Other
Joaquim Silva	Executive	Other
Adelino Silva	Executive	Other

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	51.6	41.5	42.0
Net sales	50.0	41.2	41.2
Change in stock	0.5	0.0	0.6
Supplementary operating income	-	0.0	0.0
Other operating income	1.1	-	0.0
Cost of goods sold	41.6	34.3	35.8
Cost of sales	41.6	34.3	35.8
Service costs	2.6	2.2	1.9
Total payroll costs	2.0	1.8	1.5
Fixed asset depreciation and amortisation	1.0	1.1	1.0
Other operating costs	0.3	0.1	0.0
Total financial income	-	0.1	0.1
Total expenses	0.5	0.9	1.0
Profit before tax	3.6	1.0	0.6
Extraordinary income	-	0.1	0.1
Extraordinary expenses	-	0.1	0.1
Other taxes	-	0.0	0.1
Total taxation	0.4	0.3	0.2
Net profit	3.2	0.7	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	2.7	2.9	2.8
Available reserves	-	0.8	0.4
Total reserves	1.4	0.1	0.0
Profits for the year	3.3	0.7	0.4
Profit brought forward from previous year(s)	0.1	0.1	0.1
Capital subsidies and grants	2.0	2.2	2.1
Total stockholders equity	9.5	6.7	5.8
Other long-term liabilities	2.7	8.2	8.5
Trade creditors	7.9	6.4	4.3
Bank loans and overdrafts	16.0	10.8	9.2
Debts on fixed assets	-	0.2	0.3
Taxes	0.1	0.2	0.7
Other current liabilities	2.9	0.0	0.0
Total current liabilities	26.8	17.6	14.5
Total debts	29.8	26.2	23.2
Regularisation account	0.3	0.4	0.2
Total liabilities (including net worth)	39.3	32.9	29.0
Intangibles	0.0	0.2	0.2
Buildings	-	0.5	0.4
Machinery and tools	-	0.3	0.2
Fixtures and equipment	-	6.2	5.5
Furniture and vehicles	-	1.6	1.4
Other fixed assets	-	0.1	0.0
Total tangible fixed assets	4.2	8.6	7.7
Other financial assets	4.1	2.5	0.1
Shares held in associated companies	-	0.0	0.1
Receivables due after 1 year	1.7	0.0	0.0
Depreciation and amortisation	-	-4.0	-2.8
Raw materials	-	0.3	0.1
Finished goods	-	0.6	0.6
Merchandise	-	8.8	7.8
Prepayments	0.5	0.5	0.1
Net stocks and work in progress	11.1	9.7	8.5
Trade debtors	16.2	14.0	13.6
Other receivables	0.1	0.0	0.2
General accounts	0.0	0.4	0.4
Doubtful receivables	-	-0.1	0.0
Cash and liquid assets	-	0.0	0.0
Money on deposit at bank(s)	0.3	0.5	0.5
Recoverable taxation	0.5	-	0.0
Total current assets	28.7	25.1	23.4
Prepaid expenses and deferred costs	0.5	0.3	0.3
Total assets	39.3	32.9	29.0

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.10	1.40	1.60
Acid test ratio	0.70	0.90	1.00
Total liabilities to net worth	0.32%	0.26%	0.25%
Net worth to total assets	0.24%	0.20%	0.20%
Current liabilities to net worth	2.83%	2.63%	2.51%
Current liabilities to stock	2.42%	1.81%	1.70%
Fixed assets to net worth	1.06%	1.11%	0.92%
Collection period	116.80	120.00	126.80
Stock turnover rate	4.60	4.40	4.60
Asset utilisation	0.77%	0.77%	0.74%
Creditors to sales	58.70	61.60	59.30
Asset turnover	1.29%	1.29%	1.35%
Profit margin	0.07%	0.02%	0.01%
Return on assets	0.08%	0.02%	0.01%
Shareholders' return	0.35%	0.11%	0.07%
Sales per employee	619.51	604.84	828.29
Profit per employee	40.19	10.20	8.62
Return on capital	0.27%	0.05%	0.03%
Net worth	9.5	6.7	5.8
Number of employees	61	49	34

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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