MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	VERONICA MARINE EXPORTS PRIVATE LIMITED
Registered Office :	No. SP 1-156, Port Road, Sakthikulangara, Kollam-691581, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.12.2004
Com. Reg. No.:	09-017722
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U15127KL2004PTC017722
TAN No.: [Tax Deduction & Collection Account No.]	TVDV01239A
Legal Form :	Private Limited Liability Company
Line of Business :	Exporters of Sea Foods.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 185000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Capithan Exporting Company. It is an established company having moderate track record. The company has failed to file its financial with government department for the year 2012. The rating takes into consideration of the CEC Group’s below-average financial risk profile, marked by high gearing and weak debt protection metrics and its exposure to risks inherent in the sea food exports industry. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B – [Long Term]
Rating Explanation	Risk prone credit quality and high risk of default
Date	13.09.2013

Rating Agency Name	CRISIL
Rating	A4 [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.09.2013

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.

INFORMATION PARTED BY

Name :	Mr. Anish
Designation :	Marketing Department
Contact No.:	91-9746364755
Date :	31.10.2013

LOCATIONS

Registered Office :	No. SP 1-156, Port Road, Sakthikulangara, Kollam-691581, Kerala, India
Tel. No.:	Not Available
Mobile No.:	91-9746364755 [Mr. Anish]
Fax No.:	Not Available
E-Mail :	veronicamarineexports@gmail.com
Website :	http://www.capithansgroup.com
Corporate Office :	Building No. NGP III, 205, Puthenthura, P.O. Neendakara, Kollam-691588, Kerala, India

DIRECTORS

AS ON 20.09.2011

Name :

Alphonse Joseph

Designation :

Managing Director

Address :

No. SP/7/1036, Capithans Manor, Kavanad PO, Kollam-691003, Kerala, India

Date of Birth/Age :

24.05.1952

Date of Appointment :

24.12.2004

Din No.:

00061154

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	U15127KL2004PTC017722	VERONICA MARINE EXPORTS PRIVATE LIMITED	Managing director	24/12/2004	24/12/2004	Active	NO
2	U15100KL2010PTC026735	CAPITHAN MARINE EXPORTS (INDIA) PRIVATE LIMITED	Managing director	21/09/2010	21/09/2010	Active	NO

Name :

Alphonse Jennifer

Designation :

Director

Address :

No. SP/7/1036, Capithans Manor, Kavanad PO, Kollam-691003, Kerala, India

Date of Birth/Age :

20.03.1958

Date of Appointment :

24.12.2004

Din No.:

00061176

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	U15127KL2004PTC017722	VERONICA MARINE EXPORTS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	Active	NO
2	U15100KL2010PTC026735	CAPITHAN MARINE EXPORTS (INDIA) PRIVATE LIMITED	Director	21/09/2010	21/09/2010	Active	NO

Name :

Arun Alphonse Joseph

Designation :

Director

Address :

No. SP/7/1036, Capithans Manor, Kavanad PO, Kollam-691003, Kerala, India

Date of Birth/Age :

06.10.1979

Date of Appointment :

24.12.2004

Din No.:

00061104

Name :

Peter Austine

Designation :

Director

Address :

Lake View, Boatyart Road, Salthikulangara, Kollam-691581, Kerala, India

Date of Birth/Age :

30.06.1978

Date of Appointment :

20.01.2006

Din No.:

00061201

KEY EXECUTIVES

Name :	Mr. Anish
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2011

Names of Shareholders	No. of Shares
Alphonse Joseph	140000
Alphonse Jennifer	50000
Arun Alphonse Joseph	45000
Peter Austine	15000
TOTAL	250000

AS ON 20.09.2011

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

BUSINESS DETAILS

Line of Business :	Exporters of Sea Foods.
Exports :
Products :	Sea Foods
Countries :	· Europe · Middle East · Malaysia · China · UK
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity	52 Tons Per Day
Installed Capacity	52 Tons Per Day

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

300 [Approximately]

Bankers :

Bank of India, Usmaniya Shopping Complex, P B No. 513, KMC XVII/2884, Convent Road, Kollam-691001, Kerala, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank of India Packing Credit	79.938	50.043
Bank of India Bills	55.420	33.695
Bank of India Term Loans	27.494	38.782
TOTAL	162.852	122.520
Packing credit loan from bank availed are secured by hypothecation of stock and fixed assets of the company. Directors have given personal guarantee for the working capital facility availed by the bank

Banking Relations :	--
Auditors :
Name :	B. Sivadass and Company Chartered Accountants
Address :	Sivashailam 122, M.G. Nagar, Puliyathumukku, Kilikolloor P.O., Kollam-691004, Kerala, India
PAN No:	ABMPK6032B
Sister Concern :	Capithan Exporting Company

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 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		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21.490	13.755	6.534
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		46.490	38.755	31.534
LOAN FUNDS
1] Secured Loans		162.852	122.520	133.505
2] Unsecured Loans		4.432	3.500	3.861
TOTAL BORROWING		167.284	126.020	137.366
DEFERRED TAX LIABILITIES		1.334	1.115	0.428
TOTAL		215.108	165.890	169.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.731	55.606	52.573
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	114.240	78.169	67.279
	Sundry Debtors	14.547	16.410	53.873
	Cash & Bank Balances	3.207	1.265	3.880
	Other Current Assets	0.221	0.089	0.069
	Loans & Advances	63.969	33.694	11.075
Total Current Assets		196.184	129.627	136.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.050	16.498	17.125
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	8.757	3.514	3.634
Total Current Liabilities		32.807	20.012	20.759
Net Current Assets		163.377	109.615	115.417
MISCELLANEOUS EXPENSES		0.000	0.669	1.338
TOTAL		215.108	165.890	169.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	595.970	336.757	274.391
Less	EXPENSES
		TOTAL	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	32.319	27.831
	PROFIT / (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		8.047	13.756	6.534
	Earnings / (Loss) Per Share (Rs.)		32.19	55.02	26.14

Particulars	31.03.2013	31.03.2012
Sales Turnover [Approximately]	380.000	470.000
	Due to market down

Expected Sales (2013-14) : Rs.600.000 Millions.

The above information has been parted by Mr. Anish.

Particulars	31.03.2013	31.03.2012
Profit / (Loss) After Tax	13.200	27.400

NOTE: Latest financial taken from indirect source i.e. Crisil.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.35	4.08	2.38
Debt Equity Ratio (Total Debt/Networth)		3.60	3.25	4.35
Current Ratio (Current Asset/Current Liability)		5.97	6.47	6.55

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last five years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10447679	01/08/2013	4,395,000.00	BANK OF INDIA	USMANIYA SHOPPING COMPLEX, P B NO. 513, KMC XVII/ 2884, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	B84330109
2	10427953	30/03/2013	500,000.00	BANK OF INDIA	USMANIYA SHOPPING COMPLEX, P B NO. 513, KMC XVII/ 2884, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	B75857896
3	10209858	17/03/2010	7,500,000.00	BANK OF INDIA	USMANIYA SHOPPING COMPLEX, P B NO. 513, KMC XVII/ 2884, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	A82576133
4	10201429	07/01/2010	2,500,000.00	BANK OF INDIA	POST BOX NO. 513, USMANIA COMPLEX, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	A79149779
5	10178854	27/08/2009	2,037,000.00	BANK OF INDIA	POST BOX NO. 513, USMANIA COMPLEX, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	A70889274
6	10178848	27/08/2009	4,500,000.00	BANK OF INDIA	POST BOX NO. 513, USMANIA COMPLEX, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	A70890363
7	10107264	07/01/2010 *	50,000,000.00	BANK OF INDIA	POST BOX NO. 513, USMANIA COMPLEX, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	A79248589
8	90023230	17/10/2005	3,130,000.00	BANK OF INDIA	GUILON BRANCH, UMAINIA COMPLEX; CONVENT ROAD, QUILON - 691001, KERALA, INDIA	-
9	80013869	30/03/2013 *	250,000,000.00	BANK OF INDIA	USMANIYA SHOPPING COMPLEX, P B NO. 513, KMC XVII/ 2884, CONVENT ROAD, KOLLAM - 691001, KERALA, INDIA	B75850032
10	90020764	21/06/2005	5,500,000.00	BANK OF INDIA	GUILON BRANCH, UMAINIA COMPLEX; CONVENT ROAD, QUILON - 691001, KERALA, INDIA	-
* Date of charge modification

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Directors Loan A/C	1.370	1.370
Capithan Exporting Company	0.721	1.769
Capithan Fuels	1.871	0.047
Brony Fuels	0.156	0.000
Brony Sea Foods	0.314	0.314
TOTAL	4.432	3.500

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Computer

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 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.61.77
UK Pound	1	Rs.98.65
Euro	1	Rs.83.42

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.