MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	RVR MARINE PRODUCTS LIMITED
Registered Office :	D. No. 26-8-6, Balusumudi, West Godavari, Bhimavaram, 534201, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.02.2002
Com. Reg. No.:	038514
Capital Investment / Paid-up Capital :	Rs.100.000 millions
CIN No.: [Company Identification No.]	U05004AP2002PLC038514
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter of Prawns, Crabs, Sea Food, Fishes, Frozen Fishes.
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 768244
Status :	Satisfactory
Payment Behaviour :	Usually
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

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 :	D. No. 26-8-6, Balusumudi, West Godavari, Bhimavaram, 534201, Andhra Pradesh, India
Tel. No.:	91-8816-226023 / 226024 / 226023 / 223064 / 227961
Fax No.:	91-8816-228946
E-Mail :	rvrmarines@rediffmail.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kanna Murali
Designation :	Director
Date of Birth/Age :	30.03.1976
Date of Appointment :	15.02.2002
DIN No.:	01790886
Name :	Mr. Rebba Satyanarayana
Designation :	Director
Date of Birth/Age :	12.02.1959
Date of Appointment :	05.02.2004
DIN No.:	01896200

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	U05004AP2002PLC038514	Rvr Marine Products Limited	Whole-time director	05/02/2004	05/02/2004	-	Active	NO
2	U74900AP2008PTC061290	Rvr Shrimp Trading Private Limited	Director	06/10/2008	06/10/2008	-	Active	NO

Name :	Mrs. Rebba Dhana Lakshmi
Designation :	Director
Date of Birth/Age :	10.03.1964
Date of Appointment :	05.02.2004
DIN No.:	01896267

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	U05004AP2002PLC038514	Rvr Marine Products Limited	Director	05/02/2004	05/02/2004	-	Active	NO
2	U74900AP2008PTC061290	Rvr Shrimp Trading Private Limited	Director	06/10/2008	06/10/2008	-	Active	NO

Name :	Mr. Rebba Satish Kumar
Designation :	Director
Date of Birth/Age :	08.06.1984
Date of Appointment :	15.02.2002
DIN No.:	02493291

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Kanna Murali	133000
Rebba Satish Kumar	127000
Mandalapu Hanumantha Rao	43750
Narakulla Ajay Kumar	750
Gada Sridhar	2000
Gada Surya Prakasa Rao	4000
Alaati Papa Rao	1500
Pinnamanenei Suresh	500
Nekkanti Venu	500
Bollina Raja Rao	2000
Bollina V.V.Satyanarayana	2000
P.Venkata Rao	1000
R.Subba Rao	1000
Devarapalli AppaRao	2250
Devarapalli Lingayya	2500
Immani Vivekananda	1750
Immani. Dora Babu	2000
Sadhu Srinu	2250
Immani. Rambabu	2350
Gada Rajani	1850
Gada Bhanumati	2000
Alapati Anita	2050
Kodali Someswaa Rao	2250
Immani Srihari Rao	1750
Jayavarapu Visweswara Rao	2000
Moka Narayana	1250
Moka Nageswara Rao	1500
Lanke Gopala Rao	1250
R.Satyanarayana	20000
R.Dhanalakshmi	40000
Raju Exports, Bhimavaram, Andhra Pradesh	130000
B.Seshaiah	36000
D.Brahmanandam	35000
V.Srinivas	27000
D.Krishna Chaitanya	34000
P V Subba Rao	35000
B.Srinivasa Rao	68000
G.Yesu Dasu	45000
R.Subba Rao	25000
P Chandra Sekhar	57000
Rebba Swaroop	20000
Rebba Padma	20000
G Sudha	20000
I Kumari	20000
Kanna Baby Satyavani	20000
Total	1000000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		0.13
Directors or relatives of directors		68.00
Other top fifty shareholders		31.87
	Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter of Prawns, Crabs, Sea Food, Fishes, Frozen Fishes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Hotel Sarovar Complex, J P Road, Bhimavaram 534202, Andhra Pradesh, India

· HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Maharashtra, India

· IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai 400005, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Export Packing Credit	279.452	269.981
Term Loan	11.000	15.568
Vehicle Loans	0.287	0.844
Cash Credit	100.292	19.963
Total	391.031	306.356
UNSECURED LOAN
Other Term Loans	1.590	5.209
Total	1.590	5.209

Banking Relations :	--
Auditors :
Name :	Gopi and Company Chartered Accountant
Address :	Near Branch School, Narsapur 534275, Andhra Pradesh, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 100 each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100 each	Rs.100.000 millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100 each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 100 each	Rs.100.000 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		100.000	80.000	60.000
2] Share Application Money		63.799	16.799	0.000
3] Reserves & Surplus		28.262	40.278	13.854
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		192.061	137.077	73.854
LOAN FUNDS
1] Secured Loans		391.031	306.356	250.961
2] Unsecured Loans		1.590	5.209	13.968
TOTAL BORROWING		392.621	311.565	264.929
DEFERRED TAX LIABILITIES		3.200	3.200	3.200
TOTAL		587.882	451.842	341.983
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.495	65.979	70.240
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	412.829	333.540	262.393
	Sundry Debtors	78.714	17.501	15.239
	Cash & Bank Balances	41.451	0.583	2.912
	Other Current Assets	2.456	0.781	5.407
	Loans & Advances	14.624	46.214	0.166
Total Current Assets		550.074	398.619	286.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.463	5.626	12.575
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	2.482	7.254	1.864
Total Current Liabilities		22.945	12.880	14.439
Net Current Assets		527.129	385.739	271.678
MISCELLANEOUS EXPENSES		0.258	0.124	0.065
TOTAL		587.882	451.842	341.983

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	1171.365	825.619	729.118
		Other Income	9.223	3.154	2.563
		TOTAL (A)	1180.588	828.773	731.681
Less	EXPENSES
		Cost of Materials	1120.208	760.075	611.272
		Manufacturing Expenses	22.050	23.131	26.751
		Employees Remuneration	1.059	2.977	3.585
		Increase/(Decrease) in Finished Goods	(79.288)	(71.147)	(9.292)
		Income Tax	1.266	0.100	0.000
		Preliminary Expenses W/Off	0.124	0.072	0.046
		Administrative Expenses	38.944	16.434	34.697
		Additional Interest	4.100	0.000	0.000
		TOTAL (B)	1108.463	731.642	667.059
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.125	97.131	64.622
Less	FINANCIAL EXPENSES (D)		37.539	59.081	53.419
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.586	38.050	11.203
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.279	5.062	2.201
	PROFIT BEFORE TAX (E-F) (G)		29.307	32.988	9.002
Less	TAX (H)		1.700	6.565	2.827
	PROFIT AFTER TAX (G-H) (I)		27.607	26.423	6.175
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.277	13.854	7.679
	BALANCE CARRIED TO THE B/S		67.884	40.277	13.854
	Earnings Per Share (Rs.)		27.60	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.33	3.18	0.84
Net Profit Margin (PBT/Sales)	(%)	2.50	3.99	1.23
Return on Total Assets (PBT/Total Assets}	(%)	4.80	7.10	2.52
Return on Investment (ROI) (PBT/Networth)		0.15	0.24	0.12
Debt Equity Ratio (Total Liability/Networth)		2.18	2.39	3.82
Current Ratio (Current Asset/Current Liability)		23.97	30.94	19.81

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL REVIEW

The Company taking up exports to all countries like USA and European countries. During the year the revenue grew by 42.50% compared to previous year. Even though there is substantial reduction in international prices of shrimp and rupee became strong during this year. Having their own plant we are able to do this much turnover. During the year the company also made domestic turnover.

FIXED ASSETS:

· Land

· Factory Buildings

· Plant and Machinery

· Vehicles

· Furniture and Fittings

FORM 8

Corporate identity number of the company	U05004AP2002PLC038514
Name of the company	RVR MARINE PRODUCTS LIMITED
Address of the registered office or of the principal place of business in India of the company	D. No. 26-8-6, Balusumudi, West Godavari, Bhimavaram, 534201, Andhra Pradesh, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Maharashtra, India Email: Ranjith.Fernando@hdfcbank.com
Nature of instrument creating charge	Agreement Loan and Guarantee. Contracts No:3382547/52/58/61/66/71/72/80 = [(Rs.3.190 millions X 2Conts =Rs.6.380 millions) + (Rs.1.307 millions X 2Conts =Rs.2.614 millions) + (Rs.1.517 millions X 3Conts =Rs.4.551 millions) + Rs.0.280 million] = Rs.13.825 millions
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs. 13.825 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest @ 11.01% and 11.02% p.a. Terms of repayment The Loan is repayable in 47EMIs of Rs.0.359 million [(Rs.0.083 million X 2conts) + (Rs.0.034 millions X 2conts) + (Rs.0.039 millions X 3conts) + Rs.0.007 million]. Starting from 15th August, 2011 ending to 15th June, 2015. Margin As may stipulated by bank from time to time Extent and operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Other The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property charged (Including location of the property)	Hypothecation of 8 Nos of Vehicle Namely : 2 Nos of Al Ecomet 1212, 3 Nos of Eicher 20.16, 2 Nos of Ashok Leyland U 4923, 1 No of Tata Ace (Year of Manufacture - 2011)

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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

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	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	-

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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.