Russian Sea Company's red caviar awarded kosher certificate
The Kashrut department at the Main Rabbinate in Russia has granted the kosher certificate to 8 kinds of caviar, produced by Russian Sea Company, a leading processor with head office in Moscow. The following types of caviar are now considered to be kosher: salmon caviar under the labels "Red Ball", "Golden Line", "Caviar Barrel", "Russian Sea" (glass jar), "Chingai", "Russian Sea" (tin); and other fishes' roe - "Alaska Pollack roe" and "Cod roe".
Group
ZAO Russian Sea Company is the processing division of the Russian Sea Group, which is an undisputed leader on the Russian seafood market in terms of its coverage of various segments, production output, sales volumes and implemented technologies. The Russian Sea Group of Companies has made it a target to produce healthy seafood for the consumer to enjoy and it strives for winning and maintaining leading positions in every market niche where it is operating or which it is planning to enter.
In the beginning the Group majored mostly in importation of freshfrozen fish, while later serious diversification followed. At present the Group's activities are concentrated in three directions: wholesale trade in finfish and shellfish/mollusks, manufacture of seafood products for end consumers from purchased raw material and fish farming.
In 2006 the Group's turnover amounted to 350 million USD and its earnings before interest, depreciation and amortization (EBITDA) totaled 29 million USD. In the year 2007 the Group's turnover and EBITDA are forecasted to grow to 600-620 million USD and 60 million USD correspondingly. Much attention inside the Russian Sea Group is paid to construction of an efficient structure of business management. In the year 2007 the Group in cooperation with Deloitte is completing a joint project on the reengineering of the business processes. Within the framework of the project's implementation the Group has been changing its organizational and management structure. Simultaneously, the Group has been introducing the ERP-system Microsoft Dynamics AX aimed at supporting the new model of operating activity and obtaining the necessary information when making management decisions.
The Russian Sea Group of Companies has also been increasing the level of transparency and publicity of its activities. In June 2007 one of the Group's companies, JSC Russian Sea, placed its debut bonded debt of 2 billion RUR at MICEX stock exchange (Moscow Interbank Currency Exchange). In November 2007 the Russian Sea Group of Companies will for the first time produce consolidated accounts in compliance with the International Financial Reporting Standards (IFRS) and the business will be audited.