MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	GADRE MARINE EXPORT PRIVATE LIMITED
Registered Office :	Plot No. FP-1, MIDC, Mirjole Block, Ratnagiri-415639, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.1994
Com. Reg. No.:	11-78366
Capital Investment / Paid-up Capital :	Rs.244.000 Millions
CIN No.: [Company Identification No.]	U51223PN1994PTC078366
TAN No.: [Tax Deduction & Collection Account No.]	KLPG00465D
PAN No.: [Permanent Account No.]	AABCG4138R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Marine Food.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial appears to be decent. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealing at usual trade terms and condition.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	21 November 2012

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 / Factory:	Plot No. FP-1, MIDC, Mirjole Block, Ratnagiri-415639, Maharashtra, India
Tel. No.:	91-2352-230967 / 230533 / 231002 / 231003
Fax No.:	91-2352-230968
E-Mail :	info@gadremarine.com anagha@gadremarine.com gadremarinepl@gadremarine.com
Website :	http://gadremarine.com/
Corporate Office :	3298 A, Mirkar Wada, Ratnagiri- 415 612, Maharashtra, India
Tel. No.:	91-2352-232570/ 232868/ 232882
Fax No.:	91-2352-232121
E-Mail :	gadremarineexport@usa.net

DIRECTORS

As on 29.09.2012

Name :

Mr. Arjun Deepak Gadre

Designation :

Managing Director

Address :

725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India

Date of Birth/Age :

22.12.1975

Date of Appointment :

01.04.2005

Din No.:

00767054

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	U60231PN1958PLC011055	GHATGE PATIL TRANSPORTS LIMITED	Director	24/03/2003	24/03/2003	-	Active	NO
2	U51223PN1994PTC078366	GADRE MARINE EXPORT PRIVATE LIMITED	Managing director	01/04/2010	01/04/2005	-	Active	NO
3	U72900PN2008PTC132263	GADRE INFOTECH PRIVATE LIMITED	Director	19/06/2008	19/06/2008	-	Active	NO

Name :

Mr. Deepak Pandurang Gadre

Designation :

Director

Address :

725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India

Date of Birth/Age :

17.10.1947

Date of Appointment :

12.05.1994

Din No.:

00767462

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	U51223PN1994PTC078366	GADRE MARINE EXPORT PRIVATE LIMITED	Director	12/05/1994	12/05/1994	-	Active	NO
2	U72900PN2008PTC132263	GADRE INFOTECH PRIVATE LIMITED	Director	19/06/2008	19/06/2008	-	Active	NO
3	U99999MH1943PTC004117	UNITED HOUSING PRIVATE LIMITED	Director	16/10/2011	16/10/2011	23/10/2012	Active	NO

Name :

Mrs. Meena Deepak Gadre

Designation :

Director

Address :

725 H, Opposite Power House, Nachane Road, Ratnagiri- 415 639, Maharashtra, India

Date of Birth/Age :

08.12.1951

Date of Appointment :

25.07.1999

Din No.:

00767392

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	U51223PN1994PTC078366	GADRE MARINE EXPORT PRIVATE LIMITED	Director	25/07/1999	25/07/1999	-	Active	NO
2	U72900PN2008PTC132263	GADRE INFOTECH PRIVATE LIMITED	Director	19/06/2008	19/06/2008	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anagha Ravindra Karambelkar
Designation :	Secretary
Address :	642-E, Nishigandh Abhyudaynagar, Nachane Road, Ratnagiri-415639, Maharashtra, India
Date of Birth/Age :	19.08.1985
Date of Appointment :	03.11.2008
Pan No.:	BFOPK1167C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Deepak Pandurang Gadre	100000	1246500
Meena Deepak Gadre	--	1500
Arjun Deepak Gadre	--	191000
Anjali Arjun Gadre	--	1000
Total	100000	1440000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Marine Food.

Products :

Product Description	Item Code
Value added Surimi Products	16042000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Surimi Analog Products	Tons	12960	--
Surimi Paste	Tons	58500	--
Crab Stick	Tons	--	1697.54
Crab Claw	Tons	--	1383.27
Crab Bite	Tons	--	73.26
Lobster	Tons	--	116.34
Chunk	Tons	--	1854.48
Shrimp	Tons	--	839.76
Solid Stick	Tons	--	610.44
Others	Tons	--	298.19

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, K.C. Jain Nagar, Paras Plaza, Near Maruti Mandir, Ratnagiri-415612, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans from banks (EM of Land and Building and Hypothecation Of all present and future fixed assets)	33.682	89.340
Short-term borrowings
Rupee term loans from banks	945.102	846.178
Foreign currency term loans from banks	0.000	33.984
Total	978.784	969.502

Banking Relations :
Auditors :
Name :	Kunte and Chaugule Chartered Accountants
Address :	Ayodhya Towers, Building No. 1, 2^nd Floor, 511-E-Ward, Station Road, Kolhapur- 416 001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AALPC7614F
Enterprises over which key management personnel and their relatives have significant influence:	· Damodar Shivram and Company · A. D. Gadre (Transport Contractor and Shrimp Farm) · Shamika Arjun Benefit Trust · Gadre Marine Export · Gadre Infotech Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.100/- each	Rs.150.000 Millions
100000	Preferences Shares	Rs.1000/- each	Rs.100.000 Millions
	Total		Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1440000	Equity Shares	Rs.100/- each	Rs.144.000 Millions
100000	Preferences Shares	Rs.1000/- each	Rs.100.000 Millions
	Total		Rs.244.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	244.000	244.000
(b) Reserves & Surplus	244.206	47.2700
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	488.206	291.270
(3) Non-Current Liabilities
(a) long-term borrowings	260.639	349.387
(b) Deferred tax liabilities (Net)	16.386	10.897
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.050	26.550
Total Non-current Liabilities (3)	280.075	386.834
(4) Current Liabilities
(a) Short term borrowings	976.102	880.162
(b) Trade payables	193.896	193.683
(c) Other current liabilities	100.012	118.459
(d) Short-term provisions	34.486	7.800
Total Current Liabilities (4)	1304.496	1200.104
TOTAL	2072.777	1878.208
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	559.157	572.182
(ii) Intangible Assets	0.413	0.617
(iii) Preproducting properties	21.858	5.072
(iv) Capital work-in-progress	19.405	13.115
(v) Intangible assets under development	13.158	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	32.871	31.953
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	646.862	622.939
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	293.714	176.662
(c) Trade receivables	555.414	425.994
(d) Cash and cash equivalents	379.234	353.922
(e) Short-term loans and advances	87.683	56.433
(f) Other current assets	109.870	242.258
Total Current Assets	1425.915	1255.269
TOTAL	2072.777	1878.208

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		244.000
2] Share Application Money		0.000
3] Reserves & Surplus		8.195
4] (Accumulated Losses)		0.000
NETWORTH		252.195
LOAN FUNDS
1] Secured Loans		923.865
2] Unsecured Loans		260.281
TOTAL BORROWING		1184.146
DEFERRED TAX LIABILITIES		0.000
TOTAL		1436.341
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		618.365
Capital work-in-progress		0.000
INVESTMENT		25.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.315
	Sundry Debtors	381.866
	Cash & Bank Balances	258.178
	Other Current Assets	0.000
	Loans & Advances	261.628
Total Current Assets		1072.987
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	284.157
	Other Current Liabilities	1.225
	Provisions	28.296
Total Current Liabilities		313.678
Net Current Assets		759.309
MISCELLANEOUS EXPENSES		33.667
TOTAL		1436.341

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3515.200	2615.200	1880.300
		Other Income	334.500	343.000	252.100
		TOTAL (A)	3849.700	2958.200	2132.400
Less	EXPENSES
		Manufacturing Expenses	2912.800	2333.500	1646.100
		Selling and Marketing Expenses	243.000	176.3000	159.800
		General and Administration Expenses	206.100	161.500	130.300
		Exchange Loss Amortized	0.000	18.300	18.300
		TOTAL (B)	3361.900	2689.600	1954.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		487.800	268.600	177.900
Less	FINANCIAL EXPENSES (D)		96.000	87.500	66.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		391.800	181.100	111.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		94.400	84.800	82.400
	PROFIT BEFORE TAX (E-F) (G)		297.400	96.300	28.700
Less	TAX (H)		100.500	36.100	5.000
	PROFIT AFTER TAX (G-H) (I)		196.900	60.200	23.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.300	(12.900)	(36.600)
	BALANCE CARRIED TO THE B/S		244.200	47.300	(12.900)
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB basis	3277.156	2469.595	1734.258
	IMPORTS
		Capital Goods	32.563	3.621	24.178
		Raw Material	139.688	77.261	64.203
		Spare Parts	12.611	5.843	8.855
		Consumable	2.103	3.044	0.429
	TOTAL IMPORTS		186.965	89.769	97.665
	Earnings Per Share (Rs.)		127.86	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.11	2.04	1.11
Net Profit Margin (PBT/Sales)	(%)	8.46	3.68	1.53
Return on Total Assets (PBT/Total Assets}	(%)	14.73	5.18	1.70
Return on Investment (ROI) (PBT/Networth)		0.61	0.33	0.11
Debt Equity Ratio (Total Debt /Networth)		2.53	4.22	4.70
Current Ratio (Current Asset/Current Liability)		1.09	1.05	3.42

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	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	226.957	260.047
Short-term Borrowings	31.000	0.000
Loans and advances from related parties
Total	257.957	260.047

OPERATING RESULTS AND PROFIT

On the global front, India’s export has registered an overall growth of 21% and total Indian marine sector has contributed 31.4% increase during fiscal year 2011-2012.This is second glorious year in the history of Marine product exports; the export earnings have crossed USD 3.5 billion.

During 2011-2012 export has crossed all previous in quantity, rupee value and USD terms. As per Marine Products Development Export Authority (MPEDA) reports, as compared to the previous year, seafood exports recorded growth of 6.02% in quantitative terms and in value terms by 28.65%.

As per MPEDAs record, the total aggregate quantity of export of marine products in the year 2011-12 was 862021 MT and the Company’s export quantity was 28115.01 MT during the same period, which amounts to 3.26%. The Company stood at 1st position in MPEDA ranking in 2010-2011 for overall export in quantitative terms. The Company was awarded Highest Value Added Marine Product Exporters award for the year 2010-11 by MPEDA.

The fiscal year 2011-12has been satisfying year for the business, The Company managed to grow and progress in competitive environment. The Company has achieved the profit of Rs.196.900 Millions through increased sales and control over operating costs and expenses. The Company’s turnover for the year increased by 34% amounting to 3515.200 Millions as compared to last fiscal year. The PBDIT is of 487.800 Millions. The Company has made the provision for tax of 9.50. The net profit is 196.900 Millions. There was overall increase in turnover is by 34.41% as compared with last year. The turnover of Surimi Value added products has increased by 12% and that of Surimi has been increased by 20% in quantitative terms as compared with last years. The earning per share is of 136.76 which is higher than the last year. The export earnings have increased not only because of increased quantity but also because of higher unit price realisation. The overall demand for sea food and sea food products remains unaffected by slowdown in the US economy. There has been good demand for seafood products from South East Asian countries besides, Japan and USA.

OPERATIONS:

The Surimi business was most promising. The Surimi processing plants at Ratnagiri and Veraval have shown considerable growth. The production of Surimi from Ratnagiri plant has increased by 22.77% as compared to last year. The overall export from Ratnagiri has increased by near about 20.22%. The performance of Veraval Plant throughout the year was good. The production during year was 8369.54 MT which is an increase by 15% as compared with last year. The quantity of exported goods is 8383.76 MT, which indicates that the entire production made during the year has been exported in this year.

The Company has recently developed a market in Singapore, and has increased export share to Malaysia, Singapore. The export sales team has identified the potentialin Korean market and has started making efforts to increase its presence in Korea. The Company has maintained and increased its market share in Japan, Malaysia, Taiwan, and China. The management is happy of inform you that with its expansion plans and increased production capacity, the company will definitely meet the increased demands of buyers in years to come. In order to improve its sales and marketing effort, the company has participated in Malaysian International Seafood show 2011, Indian International Seafood show, Chennai, 2012 and Thaifex Seafood exhibition 2012.

Surimi Value Added Products: Ratnagiri

The production of the Surimi Value Added Products has increased by 11.83% in quantitative terms. The value of export during the last year has increased by 16.85% i.e. increased from 683.200 Millions to 798.600 Millions. The Company has maintained all its customers and added new customers from USA, Belgium, Greece, France and Spain in its portfolio. The Company improved its promotional activities by participating in European Seafood Exposition, Brussels 2012, Boston Seafood Show 2012and Dubai Seafood Show. With best efforts by the management and its dedicated sales team of GMEPL, the new markets have been developed in Dubai, Indonesia, Vietnam.

Domestic Performance

Surimi Value Added Products:-

Few years back The Company has entered the Domestic market now the Company is trying to further penetrate the Indian market. The Company has successfully increased its domestic turnover by 48% in quantitative terms and also achieved more than double in value terms by overcoming the limitations of high promotional costs and competitive environment,

The Company undertook many promotional activities like free sampling at Mumbai, Bangalore and Delhi and In- Shop branding at Goa and Pune at Super Markets and Hyper Markets. The Company participated in Ahaar International Food Hospitality Fair 2012 in Delhi, Foodex 2012 and ICFOST (Food Expo of Indian Convention of Food Scientist andTechnologies. Thus a considerable thrust has been given to market research and promotional activities.

Now the Company has near about 20 different kinds of product in its portfolio. The Company has successfully added new products in the portfolio viz. Seer Fish Stake, Marinate Mackerel Masala Mackerel.

The management gives special attention to customer’s requirements and incorporates the same in the products. The Company has developed its own different recipes of ready to eat products through its product development efforts. The Company has now established its presence in Southeast and Western regions and in now is targeting the Northern parts of India. The Company has maintained ties with Retailers, Super Markets, and Cash and Carry Wholesalers.

Fish Meal

The management is happy to inform you that the Company has succeeded in commencing the production of fish protein concentrate powder i.e. fish meal, which is used in Cattle Feed, Chicken Feed and aquaculture feed. The fish meal is produced from the skin, bone and suspended fish meat particles from Surimi Processed Water. Earlier the same skin and bone was sold as Fish Waste. The total production of fish meal was 3918 MTS out of which 100 MT tonnes were exported and 3818 MT were sold in domestic market. The export turnover was of 3.500 Millions and domestic turnover was of 79.200 Millions. The composition of Fish Meal sale in total domestic turnover is 68.80% of the Company.

New business acquisition venture

The company has identified new business opportunity to augment its production capacity and facility. They are happy to inform you all that they have completed all the formalities to acquire the marine business of HUL (Hindustan Unilever Ltd.) With this acquisition, the production and turnover is expected to go up by 2000 MT during this fiscal year.

The acquisition is expected to be completed before the end of this financial year. The Company has entered into Business Purchase Agreement in August 2011. The transaction would be on slump sale basis, the Company is in the process of confirming compliance with all the terms and conditions of Business Purchase Agreement. The activities like various approvals from Government authorities, transfer of land in the name of the Company are in the process. The Company has kept near about 21.000 Millions in Escrow Account with Escrow agent as security for the acquisition process. The bankers of the Company have sanctioned the additional financial assistance for acquisition transaction. The management is anticipating that all the terms and conditions precedent and incidental to Business Purchase Agreement and other negotiations by both the parties will be finalised before the end of this financial year.

Capital and Finance

During the year, there was no change in the equity share capital of the Company. The management has approached the Bankers ( Bank of Baroda ) for a term loan to acquire the HUL marine business And accordingly the company has got sanctioned additional Term Loan of 180.000 Millions and also sought enhancement of working capital limits from 690.000 Millions to 890.000 Millions. The bankers have sanctioned all these financial arrangements. The sanctioned limit for acquisition of the business has not been yet disbursed as the acquisition process is not yet complete.

The Company is registered under Gold Card Scheme of Reserve Bank of India and as per the scheme the Company is eligible for financial assistance whenever necessary up to 20% of overall existing sanctioned limits and also entitled for interest rate benefits. This facility is beneficial to the Company, considering the peculiarity of peak season working capital requirements.

During the year the overall borrowings of the Company increased marginally by 64.900 Millions as compared to the last year. During this year the Company has repaid all its due installments of loans including Term Loans in the form of External Commercial Borrowings and FCNR B loans.

During the year the Company has made investment in Surimi Plant and Machinery at Ratnagiri and Veraval unit of 39.700 Millions for Power Generators, Ice Plant and in other processing equipments. Further investment in Plant and Machinery for Surimi Value added products is 32.200 Millions. The Company has invested in New Surimi Office of 1.700 Millions and 0.600 Millions in office equipments and computer hardware. The Company has spent 1.000 Millions in new improved lab equipments. The proposed capital investment is in land at Malpe and new office premises at Goa.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90082999	20/05/2013 *	1,445,500,000.00	BANK OF BARODA	K.C. JAIN NAGAR, PARAS PLAZA, NEAR MARUTI MANDIR, RATNAGIRI, MAHARASHTRA - 415639, INDIA	B77391183

Note: * Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

Intangible assets

· Computer software

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.