MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	SAVI JANA SEA FOODS PRIVATE LIMITED
Registered Office :	Plot No. 128, Srinagar Colony, Hyderabad-500073, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.08.1988
Com. Reg. No.:	01-082278
Capital Investment / Paid-up Capital :	Rs.2.010 millions
CIN No.: [Company Identification No.]	U24299AP1988PTC082278
Legal Form :	Private Limited Liability Company
Line of Business :	Fishing
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 321000
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 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 – 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/ Administrative Office:	Plot No. 128, Srinagar Colony, Hyderabad-500073, Andhra Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	oslcosec@oceansparkle.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Jairaj Kumar Penukonda

Fathers / Spouse Name:

Dr. P Seenaiah

Designation :

Director

Address :

MCH No. 82416S8, Stone Valley, A Block, Banjara Hills, Hyderabad-50034, Andhra Pradesh, India

Date of Birth/Age :

26.05.1959

Date of Appointment :

07.03.1991

DIN No.:

00013867

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	U24299AP1988PTC082278	SAVI JANA SEA FOODS PVT LTD	Director	07/03/1991	07/03/1991	-	Active	NO
2	U05005AP1995PLC021217	OCEAN SPARKLE LIMITED	Managing director	01/04/2012	26/07/1995	-	Active	NO
3	U74999AP2001PLC038164	SEA SPARKLE HARBOUR SERVICES LIMITED	Director	06/12/2001	06/12/2001	-	Active	NO
4	U63023AP2002PLC038824	SEALION SPARKLE MARITIME SERVICES LIMITED	Director	22/04/2002	22/04/2002	-	Active	NO
5	U63012AP2002PLC043422	SEALION SPARKLE PORT AND TERMINAL SERVICES (DAHEJ) LIMITED	Managing director	08/01/2009	08/11/2002	-	Active	NO
6	U45205AP2004PLC044306	SAI SPARKLE DREDGING AND INFRASTRUCTURE DEVELOPERS LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
7	U61100AP2005PTC048273	SEALION SPARKLE PORT AND TERMINAL SERVICES(PARADIP) PRIVATE LIMITED	Director	02/12/2005	02/12/2005	-	Under Process of Striking off	NO
8	U85110AP2006PTC051751	UNIMED HEALTH CARE PRIVATE LIMITED	Director	30/09/2008	13/08/2008	-	Active	NO
9	U61100AP2011PLC073174	SPARKLE PORT SERVICES LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO

Name :

Mr. Sanjeev Dhawan

Fathers / Spouse Name:

Capt. M. L. Dhawan

Designation :

Director

Address :

B 205 Sainikpuri, Secunderabad, Andra Pradesh, India

Date of Birth/Age :

21.12.1959

Date of Appointment :

07.03.1991

DIN No.:

00013761

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	U24299AP1988PTC082278	SAVI JANA SEA FOODS PVT LTD	Director	07/03/1991	07/03/1991	-	Active	NO
2	U05005AP1995PLC021217	OCEAN SPARKLE LIMITED	Whole-time director	01/04/2012	26/07/1995	-	Active	NO
3	U63023AP2002PLC038824	SEALION SPARKLE MARITIME SERVICES LIMITED	Managing director	08/01/2009	22/04/2002	-	Active	NO
4	U45205AP2004PLC044306	SAI SPARKLE DREDGING AND INFRASTRUCTURE DEVELOPERS LIMITED	Director	06/04/2005	06/04/2005	-	Active	NO
5	U61100AP2011PLC073174	SPARKLE PORT SERVICES LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO

Name :

Mr. Virender Prasad Raghukul

Fathers / Spouse Name:

Late Raghukul Pershad Dwaraka

Designation :

Director

Address :

181 Road, No. 1, Gunrock Enclave, Cantonment, Secunderabad-500009, Andhra Pradesh, India

Date of Birth/Age :

03.12.1953

Date of Appointment :

27.09.1993

DIN No.:

00013822

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	U24299AP1988PTC082278	SAVI JANA SEA FOODS PVT LTD	Director	27/09/1993	27/09/1993	-	Active	NO
2	U05005AP1995PLC021217	OCEAN SPARKLE LIMITED	Whole-time director	01/04/2012	27/10/2000	-	Active	NO
3	U63023AP2002PLC038824	SEALION SPARKLE MARITIME SERVICES LIMITED	Director	22/04/2002	22/04/2002	-	Active	NO
4	U61100AP2005PTC048273	SEALION SPARKLE PORT AND TERMINAL SERVICES(PARADIP) PRIVATE LIMITED	Director	02/12/2005	02/12/2005	-	Under Process of Striking off	NO
5	U74999AP2001PLC038164	SEA SPARKLE HARBOUR SERVICES LIMITED	Alternate director	26/07/2011	14/09/2007	-	Active	NO
6	U63012AP2002PLC043422	SEALION SPARKLE PORT AND TERMINAL SERVICES (DAHEJ) LIMITED	Alternate director	26/07/2011	14/09/2007	-	Active	NO
7	U61100AP2011PLC073174	SPARKLE PORT SERVICES LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO

Name :

Ms. Archna Sawhney

Fathers / Spouse Name:

Mr. N.K. Sawhney

Designation :

Director

Address :

Flat E-1, Hidden Treasure Apartments, Somajiguda, Hyderabad-500082, Andhra Pradesh, India

Date of Birth/Age :

08.02.1966

Date of Appointment :

11.12.1995

DIN No.:

00026500

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	U24299AP1988PTC082278	SAVI JANA SEA FOODS PVT LTD	Director	11/12/1995	11/12/1995	-	Active	NO
2	U74999AP1995PTC020336	NEW ORIENTAL TRAWLERS PRIVATE LIMITED	Director	15/11/2000	15/11/2000	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
P. Jairaj Kumar S-8, 2^nd Floor, Stone Valley, Road No.4, B. Hills, Hyderabad, Andhra Pradesh, India	53862	26.80
A.K.Sawhney E-1, Hidden Treasure Apartments, Somajiguda, Hyderabad, Andhra Pradesh, India	49484	24.62
Nita Prasad Plot 181, Road No. 11, Gunrock Enclave, Secunderabad, Andhra Pradesh, India	21206	10.55
Sanjeev Dhawan B-205, Sainik Puri, Secunderabad, Andhra Pradesh, India	51830	25.79
R. Virender Prasad Plot 181, Road No.11, Gunrock Enclave, Secunderabad, Andhara Pradesh, India	24618	12.25
Total	201000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Fishing

Products :

ITC CODE NO.	PRODUCT/ SERVICES DESCRIPTION
03-31-0000	Fishing

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of India, Yellareddyguda Branch, Hyderabad - 500 073, Andhra Pradesh, India

Banking Relations :	--
Auditors :
Name :	T S Ajai Chartered Accountants
Address :	office 304, Minar Apartments, Deccan Towers, Basheerbagh, Hyderabad- 500001, Andhra Pradesh, India
Tel. No.:	91-40-23212376/23231150
E-Mail :	tsajai@tsajai.com
PAN No.:	T S AJAI

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
201000	Equity Shares	Rs.10/- each	Rs.2.010 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		2.010	2.010	2.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		78.356	63.766	56.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		80.366	65.776	58.410
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		80.366	65.776	58.410
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.006	0.007	0.008
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		49.898	49.898	50.243
DEFERRED TAX ASSETS		0.001	0.001	0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	28.830	14.087	7.618
	Other Current Assets	3.333	0.407	0.285
	Loans & Advances	2.662	1.740	16.521
Total Current Assets		34.825	16.234	24.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.058	0.000
	Other Current Liabilities	1.120	0.037	0.064
	Provisions	3.244	0.269	16.202
Total Current Liabilities		4.364	0.364	16.266
Net Current Assets		30.461	15.870	8.158
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		80.366	65.776	58.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	18.599	7.687	5.149
		TOTAL (A)	18.599	7.687	5.149
Less	EXPENSES
		Administrative Expenses	1.033	0.095	0.243
		TOTAL (B)	1.033	0.095	0.243
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.566	7.592	4.906
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.566	7.592	4.906
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.001	0.001	0.001
	PROFIT BEFORE TAX (E-F) (G)		17.565	7.591	4.905
Less	TAX (H)		2.975	0.226	0.043
	PROFIT AFTER TAX (G-H) (I)		14.590	7.365	4.862
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		58.446	51.081	46.219
	BALANCE CARRIED TO THE B/S		73.036	58.446	51.081
	Earnings Per Share (Rs.)		72.59	36.64	24.19

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	78.45	95.81	94.43
Return on Total Assets (PBT/Total Assets}	(%)	50.43	46.74	20.08
Return on Investment (ROI) (PBT/Net worth)		0.22	0.12	0.08
Debt Equity Ratio (Total Liability/Net worth)		0.05	0.01	0.28
Current Ratio (Current Asset/Current Liability)		7.98	44.60	1.50

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	No
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	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from No. 108, 7th Cross Street, Aravind Nagar, Murugampakkam, Pondicherry-605004, India to the present address w.e.f. 26.06.2012

OPERATIONS

The income earned is dividend received from its investments, interest earned from the Bank Fixed Deposits and

Management Consultancy provided by the Company on dredging activity.

CONTINGENT LIABILITIES:

Guarantees outstanding against credit facilities provided by the financial Institutions extended to entities in which the company has interest - Rs.2771.200 Millions (March 31, 2010- Rs. 2771.200 Millions)

FIXED ASSETS:

· Furniture

· Office Equipment

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 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 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	5
--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	NO
--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

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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.