MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	EXPACK SEAFOOD, INC.
Registered Office :	One Woodbridge Center, Ste 915, Woodbridge, NJ 07095
Country :	United States
Date of Incorporation :	05.06.1987
Legal Form :	Corporation – Profit
Line of Business :	Importer and Distributor of Frozen Seafood
No. of Employees :	25

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 :	Slow but Correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
United States	A1	A1

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

United States - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

Company name

EXPACK SEAFOOD, INC.

Address: One Woodbridge Center, Ste 915, Woodbridge, NJ 07095 - USA

Telephone: +1 732-621-3030

Fax: +1 732-621-3051

Website: www.expack.com

Corporate ID#: 0100340080

State: New Jersey

Judicial form: Corporation – Profit

Date incorporated: June 5, 1987

Stock: 2,800 shares common

Value: No par value

Name of manager: Claude SCHOEFFER

ACTIVITIES & OPERATIONS

IST

Business:

Expack Seafood, Inc. operates as a frozen seafood importer in North America. The company offers various forms of shrimp products; retail packed lobster tails from South and Central America; Canadian snow crabs; pasteurized baby clams from Vietnam; pasteurized blue mussels from Newfoundland, Canada; squid in various forms from Vietnam, China, Thailand, and India; mahi mahi from South and Central America; swai and basa from Vietnam; cleaned frog legs from Taiwan and China; and retail packed fish fillets.

It distributes products to restaurant, supermarket, and food service groups in South and Central America, Europe, and the Middle East.

The company was founded in 1987 and is based in Woodbridge, New Jersey with offices in New Jersey, Illinois and Washington.

Expack Seafood, Inc. operates as a subsidiary of H & N Foods International, Inc.

Suppliers include:

KADER EXPORTS P LIMITED
16 Madame Cama Road, Colaba, Mumbai - 400 001, India.

EIN: 22-2828552

Staff: 25

Operations & branches

At the headquarters, we find the corporate office, on lease.

The Company maintains branches located:

2015 Spring Road, Oak Brook, IL 60523

Phone: (630) 571-4880

10532 Northeast 68th Street, Kirkland, WA 98033

Phone: (425) 889-5885

SHAREHOLDERS & MANAGERS

Shareholders:

H & N FOODS INTERNATIONAL, INC.

5580 S. Alamanda Street

Vernon, CA 90058

Founded in 1981, H&N Foods International is a wholesaler, distributor and processor that offers frozen and seafood dishes. It operates in Los Angeles, San Francisco and 24-hour operational centers. The company s brands include Blue River, Pacific Delight, Pacific Light and H&N Fish Company. H&N Foods International provides various seafood dishes, such as whole fish, fillets, crustaceans and cephalopods. It also offers processing and packing services.

The company provides distribution services in North America, Europe and Australia.

Management:

Claude Schoeffer serves as the Chairman, President and CEO.

Mr. Schoeffer worked for Bern Kozloff & Co from 1981 to 1987.

He served as a Sales Manager of Toyota from 1975 to 1981. From 1967 to 1975 he worked for Car Wholesalers.

Mark McCLOSKEY is Vice President.

As far as we know, they are not involved in other local corporations.

Subsidiaries

And partnership: None

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, a Secretary controlled the present report but deferred any financials.

We sent a fax but no answer received.

However, sales estimate for fiscal year ending June 2012 is in the range of USD 5,000,000=

The business is said to be profitable.

Banks: Wells Fargo Bank

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary (UCC):

File number: 23087200

Date filed: 07-13-2005

Secured Party: Wells Fargo Bank

1 Kaiser Plz, Oakland, CA 94612

File number: 25412819

Date filed: 10-28-2009

Secured Party: Pacific Asset Funding LLC

700 Newport Center Drive, Newport, CA 92660

File number: 25689853

Date filed: 07-02-2010

Secured Party: HR Industries Inc.

605 Broad Avenue, Ridgefield, NJ 07657

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COMPANY CREDIT HISTORY

Trade references:

Date reported: November 2012

High credit: USD 5,000

Now owing: 0

Past due: 0

Last purchase: October 2012

Line of business: Office supply

Paying status: On terms

Date reported: November 2012

High credit: USD 40,000+

Now owing: 0

Past due: 0

Last purchase: October 2012

Line of business: Payroll

Paying status: As agreed

Date reported: November 2012

High credit: USD 1,000

Now owing: 0

Past due: 0

Last purchase: October 2012

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
06/12	$8,200	26%	74%	0%	0%	0%
07/12	$7,200	30%	0%	70%	0%	0%
08/12	$2,400	100%	0%	0%	0%	0%
09/12	$4,600	100%	0%	0%	0%	0%
10/12	$7,200	74%	26%	0%	0%	0%
11/12	$7,800	76%	24%	0%	0%	0%

National Credit Bureaus gave a medium credit rating.

According to our credit analysts, during the last 6 months, payments are increasing late.

International credit history:

Payments of imports are currently made with an average of 5 days beyond terms.

The Company is improving its payments, but the cash is low, due to bad conditions of the market.

Other comments:

The Company maintains a regular business.

The bank confirmed late payments.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on 10-17-2012.

The risk is medium.

Our opinion:

We suggest you to be careful.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

SDA

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.