MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	C. P. AQUACULTURE (INDIA) PRIVATE LIMITED
Registered Office :	47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.11.1994
Com. Reg. No.:	18-029251
Capital Investment / Paid-up Capital :	Rs. 250.000 Millions
CIN No.: [Company Identification No.]	U05001TN1994PTC029251
TAN No.: [Tax Deduction & Collection Account No.]	CHEC01027F
PAN No.: [Permanent Account No.]	AAACC1316Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of prawn feed, processed shrimp and soyabean meal super grade.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track record. Financially company performance seems good. Fundamental are strong and healthy. However, trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealing 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 :	47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India
Tel. No.:	91-44-24475948 / 24472880 / 24475949
Fax No.:	91-44-24472880
E-Mail :	cpmds@vsnl.net cpaqua@vsnl.com srinivasan@mycpindia.com vitoon@mycpindia.com
Website :	http://www.mycpindia.com
Factory/ Head Office:	104, G N T Road, Nallur and Vijayanallur Village, Sholavaram Post, Red Hills, Chennai – 600067, Tamilnadu, India
Tel. No.:	91-44-26419467 / 68 / 69 / 26419545 / 46 / 47
Fax No.:	91-44-26419466 / 9544
E-Mail :	aqua_mkt@mycpindia.com cpaqua@vsnl.com cpimkt@vsnl.net info@mycpindia.com cpmds@vsnl.com
Website:	webmaster@mycpindia.com

DIRECTORS

AS ON 30.09.2011

Name :

Kwanchai Chaiprem

Designation :

Director

Address :

47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

15.03.1965

Date of Appointment :

23.02.2004

DIN No.:

00335543

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	U05001TN1994PTC029251	C.P.AQUACULTURE (INDIA) PRIVATE LIMITED	Director	23/02/2004	23/02/2004	Active	NO
2	U15500TN2012PTC085688	CHAROEN POKPHAND FOODS (INDIA) PRIVATE LIMITED	Director	01/05/2012	01/05/2012	Active	NO
3	U29253TN2012PTC085873	BANGKOK PRODUCE MERCHANDISING (INDIA) PRIVATE LIMITED	Director	14/05/2012	14/05/2012	Active	NO

Name :

Soontorn Tuntanatewin

Designation :

Director

Address :

47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

14.12.1963

Date of Appointment :

10.03.2005

DIN No.:

00347334

Name :

Chaiyaporn Montha

Designation :

Director

Address :

47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

20.02.1953

Date of Appointment :

10.03.2005

DIN No.:

02976129

Name :

Pong Visedpaitoon

Designation :

Director

Address :

47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

01.01.1945

Date of Appointment :

23.02.2004

DIN No.:

03015231

Name :

Chingchai Lohawatanakul

Designation :

Director

Address :

47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India

Date of Birth/Age :

29.01.1939

Date of Appointment :

26.02.1995

DIN No.:

03161839

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Charoen Pokphand Group Company Limited, Thailand	7700000
Charoen Pokphand Foods Public Company Limited, Thailand	7925000
CT Progressive Investment Private Limited, British Virgin Islands	3125000
P T. Central Proteinaprima, Indonesia	6250000
Total	25000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of prawn feed, processed shrimp and soyabean meal super grade.

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity
Prawn Feed	(MT)	75,000	75,000
Poultry Feed	(MT)	96,000	96,000

Particulars	Unit	Actual Production (Qty)
Prawn Feed	(MT)	64,644.65
Super PS - '000 Ltrs	(MT)	190.29
Poultry feed	(MT)	17,520.75

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	VDSR and Company Chartered Accountants
Address :	1C, Queens' court, 6/ 102,Montieth Road, Egmore, Chennai - 600008, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFK0778M
Associates :	Ø Charoen Pokphand Group Company Limited Ø Charoen Pokphand Foods Public Company Limited Ø Charoen Pokphand (India) Private Limited Ø P T Central Proteina Prima

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Share	Rs.10/- each	Rs. 250.000 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		250.000	250.000	250.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2184.620	1860.073	1761.802
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2434.620	2110.073	2011.802
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		33.779	38.422	32.702
TOTAL		2468.399	2148.495	2044.504
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		733.240	723.095	760.514
Capital work-in-progress		134.551	35.832	8.563
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	963.906	1232.713	530.586
	Sundry Debtors	98.108	106.606	105.917
	Cash & Bank Balances	816.875	307.784	707.368
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	130.206	195.121	220.687
Total Current Assets		2009.095	1842.224	1564.558
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	177.802	256.192	215.847
	Other Current Liabilities	169.810	161.401	53.581
	Provisions	60.875	35.060	19.703
Total Current Liabilities		408.487	452.653	289.131
Net Current Assets		1600.608	1389.568	1275.427
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2468.399	2148.495	2044.504

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		3778.765
		Other Income		N.A.
		TOTAL	N.A.	N.A.	2808.156
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	2790.590
	PROFIT BEFORE TAX		493.163	150.964	17.566
Less	TAX		168.615	52.694	(63.220)
	PROFIT AFTER TAX		324.548	98.270	80.786
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1860.061	1761.791	1681.005
	BALANCE CARRIED TO THE B/S		2184.609	1860.061	1761.791
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	222.368	263.831	318.806
	IMPORTS
		Raw Materials	252.868	556.387	117.151
		Aquatic Products	53.079	27.517	2.505
		Capital Goods/ Spare Parts	95.291	55.669	6.492
	TOTAL IMPORTS		401.238	639.573	126.148
	Earnings Per Share (Rs.)		12.98	3.93	3.24

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	N.A.	2.88
Net Profit Margin (PBT/Sales)	(%)	N.A.	4.00	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	17.98	5.88	0.76
Return on Investment (ROI) (PBT/Networth)		0.20	0.07	0.01
Debt Equity Ratio (Total Liability/Networth)		0.17	0.21	0.14
Current Ratio (Current Asset/Current Liability)		4.92	4.07	5.41

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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U05001TN1994PTC029251
Name of the company	C.P.AQUACULTURE (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	47/D4, Gandhi Mandapam Road, Kotturpuram, Chennai – 600085, Tamilnadu, India Email ID : vitoon@mycpindia.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India Email ID : satish.ramanathan@hdfcbank.com CIN No.: L65920MH1994PLC080618
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of Stocks and Book Debts dated 20th April, 2011.
Date of instrument Creating the charge	20.04.2011
Amount secured by the charge	Rs. 250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Any such rate as may be advised to the Company from time to time in respect of the credit facilities. Terms of Repayment CC/ WCDL/ LC/ BG of Rs. 250.000 Millions - Repayable on Demand. Margin As may be prescribed by the Bank from time to time for the credit facilities. Extent and Operation of the charge Hypothecation by way of Exclusive Charge in favour of HDFC Bank Limited, on all the Stock in trade and Book Debts of the Company both present and future.
Short particulars of the property charged	Hypothecation by way of Exclusive Charge in favour of HDFC Bank Limited, on all Stock in trade and Book Debts of the Company both present and future.

CONTINGENT LIABILITY NOT PROVIDED FOR:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Estimated amount of contracts remaining to be executed on capital account not provided for	0.108	6.300
Outstanding guarantees furnished by Bankers	6.133	6.133
In respect of duty liability	4.569	4.569
Workman Compensation paid	0.414	0.414

FIXED ASSETS:

Ø Land

Ø Factory Building

Ø Other Building

Ø Plant and Machinery

Ø Computer

Ø Furniture and Fittings

Ø Motor Car and Motor Cycle

Ø Truck and Fork Lifts

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. 53.53
UK Pound	1	Rs. 86.82
Euro	1	Rs. 69.03

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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

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.