MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	YASHASWI FISH MEAL AND OIL COMPANY
Registered Office :	Pithrody Fishing Industrial Area, Udyavara – 574 118, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation/ Year of Establishment :	08.02.2007
Capital Investment / Paid-up Capital :	Rs.115.823 Millions
IEC No.:	--
TIN No.:	--
PAN No.: [Permanent Account No.]	AAAFY6841M
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Manufacturer, exporter and importer of fish products.
No. of Employees :	175 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 464000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having moderate track. The rating takes into consideration an acceptable financial risk profile, small scale albeit improvement in operations, exposure to risks related to volatility of raw material prices and intense competition in the industry. However, trade relations are fair. Business is active. Payment are reported to be slow but correct. The concern can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BB-
Rating Explanation	Have moderate risk of default.
Date	26.01.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating=A4+
Rating Explanation	Have Minimal degree of safety and carry very high credit risk.
Date	26.01.2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Prasad
Designation :	Partner
Contact No.:	91-9686695416
Date :	06.03.2014

LOCATIONS

Registered Office/ Factory :	Pithrody Fishing Industrial Area, Udyavara – 574 118, Karnataka, India
Tel. No.:	91-820-2533720
Mobile No.:	91-8971813586
Fax No.:	91-820-2009820
E-Mail :	yashfishmeal@yahoo.in
Website :	www.fishmealoil.com
Area :	5.25 Acer
Location :	Owned

PARTNERS

Name :	Mr. Sadhu Salian
Designation :	Partner
Name :	Mr. Ahmed Saheb
Designation :	Partner
Name :	Mr. Sadanand Salian
Designation :	Partner
Name :	Mr. Uday Kumar Salian
Designation :	Partner
Name :	Mr. Firoz Ahmed
Designation :	Partner
Name :	Mr. Muqthar Ahmed
Designation :	Partner
Name :	Mr. Mohammed Mujeeb Sikander Salian
Designation :	Partner
Name :	Mr. Yakub F. M.
Designation :	Partner
Name :	Mr. Nagaraja Suvarna
Designation :	Partner
Name :	Mrs. Ammavi Ameer
Designation :	Partner
Name :	Mr. Sudhakar Kundar
Designation :	Partner
Name :	Mrs. Nagamma Salian
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Sikander
Designation :	Partner

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and importer of fish products.
Exports :
Countries :	· Australia · Canada · South America · Turkey
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	CAD
Purchasing :	TT

GENERAL INFORMATION

Suppliers :

Yashswi Traders – Malpe Port

Customers :

End Users

CP Aqua Culture India Private Limited – Thailand

No. of Employees :

175 (Approximately)

Bankers :

· Syndicate Bank, Malpe Branch

· HDFC Bank Limited

Facilities :

Fund and Non Fund = Rs.200.000 Millions (From Syndicate Bank)

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Syndicate Bank – OD A/c	78.597	28.202
Syndicate Bank – OSL	3.934	4.035
Syndicate Bank – OSL New	24.010	0.000
Syndicate Bank – PCL 002 / 2013	2.645	0.000
Syndicate Bank – PCL 001 / 2013	7.303	0.000
Total	116.489	32.237

Banking Relations :	--
Auditors :
Name :	Jagdish and Associates

CAPITAL STRUCTURE

AS ON 31.03.2013

Partner’s Capital Account

Particulars	Rs. In Millions
Ahmed Saheb	9.493
F. M. Yakub	9.730
Mohammed M. Sikander	9.518
Mrs. Ammabi	9.348
Muktar Ahmed Isak	9.448
Nagaraja Suvarna	9.598
Sadananda Salian	9.373
Sadhu Salian	11.468
Sudhakar Kunder	9.348
Sunder G. Salian	9.298
T. S. Feroz Ahmed	9.898
Uday Kumar Salian	9.303
Total	115.823

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	1790.000

Expected Sales (2014-2015): Rs.2800.000 Millions

The above information has been parted by Mr. Prasad (Manager)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		115.823	51.062
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.250	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		116.073	51.062
LOAN FUNDS
1] Secured Loans		116.489	32.237
2] Unsecured Loans		0.000	3.900
TOTAL BORROWING		116.489	36.137
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		232.562	87.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		97.457	56.025
Capital work-in-progress		0.000	0.000
INVESTMENT		0.884	0.621
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.514	37.802
	Sundry Debtors	93.557	37.050
	Cash & Bank Balances	3.486	2.110
	Other Current Assets	14.783	6.155
	Loans & Advances	0.000	0.000
Total Current Assets		287.340	83.117
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	149.266	51.712
	Other Current Liabilities	0.000	0.023
	Provisions	3.853	0.829
Total Current Liabilities		153.119	52.564
Net Current Assets		134.221	30.553
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		232.562	87.199

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	837.515	447.780
		Other Income	0.327	0.198
		TOTAL	837.842	447.978
Less	EXPENSES
		Cost of Goods Sold	650.086	351.526
		Freight Inward	5.911	8.380
		Power and fuel	35.989	6.919
		Trading and Unloading Charges	2.929	0.000
		Consumables	3.199	0.753
		Generator Maintenance	2.739	2.678
		Factory Expenses	0.000	1.298
		Purchase Expenses	0.067	0.000
		Import Expenses	1.247	0.958
		Telephone Charges	0.246	0.175
		Business promotion expense	0.000	0.997
		Freight Charges	21.092	16.660
		Salary	13.215	10.729
		Staff Welfare	0.345	0.382
		Bonus	3.450	0.000
		E C G C Premium	0.036	0.000
		Mess – Canteen Expenses	2.763	0.000
		C. H. A. Charges	1.241	0.158
		Insurance Charges	0.981	0.271
		Laboratory Charges	1.024	0.311
		Marketing Expenses	1.918	0.000
		Office Maintenance	0.167	0.094
		Packing Expenses	6.451	5.680
		Pooja Expenses	0.163	0.075
		Export Expenses	0.031	0.000
		Demmurage Charges	0.047	0.000
		Discount Allowed	0.181	0.000
		Rebate on E,a8rt	0.053	0.000
		Membership Subscription	0.419	0.000
		Stores & Spare Purchases	9.779	13.351
		Bank Charges	1.747	0.371
		Bank Interest	8.219	5.113
		Printing & Stationery	0.293	0.197
		Professional Charges	0.864	0.571
		Rent, Rates & Taxes	0.574	0.406
		Provident Fund	0.141	0.154
		Uniform Expenses	0.152	0.000
		To Building Repairs & Maintenance	8.360	0.000
		To Repairs & Maintenance Expenses	1.010	0.049
		To Travelling	0.497	0.389
		To Conveyance	0.461	0.188
		Miscellaneous Expenses	0.015	1.972
		Vehicle Maintenance	0.439	0.347
		Partner's Remuneration	2.400	1.920
		Rent	0.000	0.040
		Advertising expenses	0.000	0.296
		Medical charges	0.000	0.055
		TOTAL	790.941	433.463
	PROFIT/(LOSS) BEFORE DEPRECIATION		46.901	14.515sss
Less	DEPRECIATION		14.540	8.330
	PROFIT/(LOSS) AFTER TAX		32.361	6.185

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	3.86	1.38
Net Profit Margin (PBT/Sales)	(%)	3.86	1.38
Return on Total Assets (PBT/Total Assets}	(%)	8.41	4.45
Return on Investment (ROI) (PBT/Networth)		0.28	0.12
Debt Equity Ratio (Total Debt /Networth)		1.00	0.71
Current Ratio (Current Asset/Current Liability)		1.88	1.58

The above information has been parted by

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	51.062	115.823
Reserves & Surplus	0.000	0.250
Net worth	51.062	116.073
long-term borrowings	32.237	116.489
Short term borrowings	3.900	0.000
Total borrowings	36.137	116.489
Debt/Equity ratio	0.708	1.004

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	447.78	837.515
		87.037

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Sales	447.78	837.515
Profit	6.185	32.361
	1.38%	3.86%

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	Yes
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 three years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

FIXED ASSETS:

· Land

· Building

· Fiber Tank

· Furniture

· Plant and Machinery

· Motor Vehicle

· ETP Plant

· Air Conditioner

· Generator

· Electrical Equipments

· Office Equipments

· Mobile Phones

· Sewing Machine

· Utensils

· Water Tank

· M S Tank

· Computer

· Printer

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 records 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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.