MIRA INFORM REPORT

Report Date :

10.11.2012

IDENTIFICATION DETAILS

Name :	NILA SEA FOODS PRIVATE LIMITED
Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.01.1992
Com. Reg. No.:	18-021950
Capital Investment / Paid-up Capital :	Rs. 13.600 Millions
CIN No.: [Company Identification No.]	U52599TN1992PTC021950
TAN No.: [Tax Deduction & Collection Account No.]	MRIN00176B
PAN No.: [Permanent Account No.]	AAACN6801P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marine Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office :	137, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu, India
Tel. No.:	91-461-2345707 / 2345538 / 2345806 / 2345387
Fax No.:	91-461-2345138 / 2347792
E-Mail :	ttn_nsf@sancharnet.in nsf939@gmail.com
Website :	www.nilaseafoods.com www.nilaseafoods.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Chandran D

Designation :

Managing director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu, India

Date of Birth/Age :

12.05.1952

Date of Appointment :

03.01.1992

Voter ID No.:

HJW1678077

DIN No.:

00276344

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Managing director	03/01/1992	03/01/1992	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Managing director	10/04/1997	10/04/1997	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Managing director	01/03/2001	01/03/2001	-	Active	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29/09/2003	29/09/2003	09/10/2007	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Managing director	14/06/2005	14/06/2005	-	Active	NO
6	U92130TN2008PTC066434	SATHIYAM MEDIA VISION PRIVATE LIMITED	Additional director	25/07/2012	06/01/2012	-	Active	NO

Name :

Mrs. Nilavathi C

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

03.01.1992

Voter ID No.:

HJW1678085

DIN No.:

00276466

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	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	03/01/1992	03/01/1992	-	Active	NO
2	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16/02/2001	16/02/2001	-	Active	NO
4	U40108TN2001PTC046525	AMULYAM ENERGY GENERATION PRIVATE LIMITED	Director	29/09/2003	29/09/2003	09/10/2007	Amalgamated	NO
5	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO

Name :

Mr. Selwin Prabhu C

Designation :

Director

Address :

137 A, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu, India

Date of Birth/Age :

18.08.1981

Date of Appointment :

01.02.2001

Voter ID No.:

HJW1677657

DIN No.:

00276636

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	U29191TN1997PTC037940	NILA COLD STORAGE PRIVATE LIMITED	Director	20/11/2000	20/11/2000	Active	NO
2	U52599TN1992PTC021950	NILA SEA FOODS PRIVATE LIMITED	Director	01/02/2001	01/02/2001	Active	NO
3	U05001TN1988PTC015484	AMULYA SEAFOODS PRIVATE LIMITED	Director	16/02/2001	16/02/2001	Active	NO
4	U13100TN2005PTC056608	NILA MINES PRIVATE LIMITED	Director	14/06/2005	14/06/2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
D. Chandran	63600
C. Nilavathi	62850
C. Selwin Prabhu	5050
C. Arun Prabhu	4500
Total	136000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marine Products.

Products :

ITC Code	Product Descriptions
30613.01	Frozen Marine Products (Shrimps)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The South Indian Bank Limited, Perrira Street, Tuticorin – 628001, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	423.098	269.049
Total	423.098	269.049

Banking Relations :	--
Auditors :
Name :	Arumugam M Chartered Accountant
Address :	Mangal Mall, Door No. 4B/A8, Opposite Rajaji Park Water Tank, Mani Nagar, Tuticorin – 628003, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AARPA3590L
Associates :	Ø Nila Sea Foods, Thoothukkudi Ø Amulya Sea Foods, Thoothukdi Ø Nila Cold Storage Private Limited, Thoothukkudi Ø Amulya Sea Foods Private Limited, Thoohtukkudi Ø Nila Mines Private Limited, Thoothukkudi

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
136,000	Equity Shares	Rs. 100/- each	Rs. 13.600 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		13.600	13.600	13.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		195.729	151.010	128.218
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		209.329	164.610	141.818
LOAN FUNDS
1] Secured Loans		423.098	269.049	281.741
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		423.098	269.049	281.741
DEFERRED TAX LIABILITIES		4.141	3.007	3.302
TOTAL		636.568	436.666	426.861
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		93.994	80.514	81.827
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		48.451	49.335	36.476
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.753	12.396	83.700
	Sundry Debtors	263.098	252.181	172.953
	Cash & Bank Balances	15.361	29.590	50.942
	Other Current Assets	25.560	38.808	0.000
	Loans & Advances	41.884	16.821	14.541
Total Current Assets		519.656	349.796	322.136
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.685	10.858	6.966
	Other Current Liabilities	7.879	21.952	1.012
	Provisions	8.969	10.169	5.600
Total Current Liabilities		25.533	42.979	13.578
Net Current Assets		494.123	306.817	308.558
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		636.568	436.666	426.861

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	1496.200	1138.037	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1408.103	1080.777	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.097	57.260	44.861
Less	FINANCIAL EXPENSES (D)		20.862	12.745	17.357
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		67.235	44.515	27.504
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.413	11.847	13.496
	PROFIT BEFORE TAX (E-F) (G)		54.822	32.668	14.008
Less	TAX (H)		10.104	9.875	4.833
	PROFIT AFTER TAX (G-H) (I)		44.718	22.793	9.175
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1364.900	1332.800	974.000
	Earnings Per Share (Rs.)		328.81	167.59	67.46

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.99	2.00	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	8.93	7.59	3.47
Return on Investment (ROI) (PBT/Networth)		0.26	0.20	0.10
Debt Equity Ratio (Total Liability/Networth)		2.14	1.90	2.08
Current Ratio (Current Asset/Current Liability)		20.35	8.14	23.72

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
20]	Export / Import details (if applicable)	No
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	Yes
34]	External Agency Rating, if available	No

PERFORMANCE:

The company has achieved a turnover of Rs.1496.200 Millions against the previous year turnover of Rs.1138.000 Millions despite persistent adverse market conditions and climatic conditions worldover. The company has earned a profit before tax of Rs.54.822 Millions against the previous year figure of Rs.32.667 Millions. The directors are hopeful of achieving better results in the coming years also.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52599TN1992PTC021950
Name of the company	NILA SEA FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	137, Pudur Pandiapuram, Tuticorin – 628002, Tamilnadu, India Email: nsf939@gmail.com
This form is for	Modification of charge
Charge identification number of the modified	90302769
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property
Particular of charge holder	The South Indian Bank Limited, Perrira Street, Tuticorin – 628001, Tamilnadu, India CIN No.: L65191KL1929PLC001017 Email: br0090@sib.co.in
Nature of description of the instrument creating or modifying the charge	1.Extension of Equitable Mortgage Dt 11.05.2012 2. Agreement of Hypothecation dt 11.05.2012
Date of instrument Creating the charge	11.05.2012
Amount secured by the charge	1054.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest PC upto 270 days base rate + 0.00 =10.50% beyond 270 days upto 360 days base rate + 4.50% =15.00% FBP-LC bills on demand and 180 days base rate+ 0.00 =10.50% beyond 180 days base rate +4.50%=15.00% Terms of Repayment on demand and the working capital limit should be renewed within 12 months for other as per existing terms and conditions. Margin 15% Extent and Operation of the charge The charge on the companies properties by way of equitable mortgage as mentioned in the letter confirming deposit of the title deeds attached will operate on the credit facilities of the company now enhanced amounting to Rs. 670.000 Millions and that enjoyed by its sister concern M/S Nila Sea Foods amounting to Rs. 384.000 Millions the charge on other fixed asssets and movable goods of the company by way of hypothecation will operate on the credit facilities enjoyed by the company.
Short particulars of the property charged	1.10 Acres of land Survey No.348/5 in Pudur Pandiapuram village Ottapidaram TK Tuticorin Dt together with all buildings existing and / or to be constructed in the name of company 1.218Acres of Land in Town Municipal18thWard town survey ward4 Block No. 20,21 Town SY No. 3366/1A1 3366/1A2, 3366/1B2, 3366/1D1, 3366/1J1 in Tuticorin together with buildings existing and to be constructed 0.90 acres of Land Survey NO. 348/6 in Pudur Pandiapuram village Ottapidaram TK Tuticorin Dt together with all buildings existing and / or to be constructed in the name of company 0.65 aces of Land Survey No. 348/5 in Pudur Pandiapuram village Ottapidaram TK Tuticorin Dt together with all buildings existing and / or to be constructed in the name of company Hypothecation of all present and future stock, book debts and other current assets and fixed assets of the company (other than vehicles charged to NBFC and EM of company property)
Date of latest modification prior to the present modification	09.03.2011
Particulars of the present modification	Particulars Existing Modified Nila Sea Foods Private Limited 480.000 Millions 670.000 Millions Nila Sea Foods Firm 384.000 Millions 384.000 Millions 864.000 Millions 1054.000 Millions

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Plant and Machinery

Ø Electrical Fittings

Ø Computers

Ø Furniture and Fittings

Ø Vehicles

Ø Transport 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] 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. 54.34
UK Pound	1	Rs. 86.97
Euro	1	Rs. 69.43

INFORMATION DETAILS

Report Prepared by :

BVA

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.