MIRA INFORM REPORT

Report Date :

04.11.2008

IDENTIFICATION DETAILS

Name :	COASTAL CAGES LTD T/A SWAN NET-GUNDRY LIMITED

Registered Office :	Kellys Quay, Killybegs, Co Donegal

Country :	Ireland

Financials (as on) :	31.12.2007

Date of Incorporation :	20.03.1992

Legal Form :	Private Limited With Share Capital

Line of Business :	Manufacture and Sale of Fishing Nets, Fish Cages and Sport Netting

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	[£]94,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Name of the company

SWAN NET-GUNDRY LIMITED

Number IE186079

company summary

		Type	Private limited with Share Capital
Address	KELLYS QUAY, KILLYBEGS, CO DONEGAL, CO. DONEGAL.	Company Status	Active - Accounts Filed
Town Code	48419	Incorporated Date	20/03/1992

Todays Limit [£]

94,000

	Active CCJ's	0
	Value of CCJ's [?]	€0

	Current Directors	6
	Total Directorships	30

* Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	-	-	-
Shareholder Funds	€4,512,271	€3,529,385	€3,885,000
Employees	54	49	19

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Previous Names Details

	Previous Name(s)
	Changed :	20/03/1992	Trawl Investments Limited

Secondary Industry Code Details

	SIC Code	Description
	17520	Manufacture Of Cordage, Rope, Twine & Netting

Mortgage Details

Mortgage Type:	A charge on uncalled share capital of the company. A charge on land, wherever situate, or any interest therein, but not including a charge for any rent or other periodical sum issuing out of land. A charge on book debts of the company.
Date Charge Created:	14/03/2002	Date Charge Registered:	03/04/2002
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:
Details:

Shareholders Details

	Name	Shares
	Hampidjan	361,767 Ordinary Eur 0.01
	Seamus Tully	72,211 Ordinary Eur 0.01
	Martin Howley	72,211 Ordinary Eur 0.01
	John Bach	72,211 Ordinary Eur 0.01
	Michael Gallagher	19,000 Ordinary Eur 0.01
	Jonathon Gallagher	10,000 Ordinary Eur 0.01
	Ms Eileen Oglesby	10,000 Ordinary Eur 0.01
	Teddy O'shea	10,000 Ordinary Eur 0.01
	Ms Evelyn Cassidy	6,000 Ordinary Eur 0.01
	Joey Murrin	4,880 Ordinary Eur 0.01
	Malachy Murrin	4,880 Ordinary Eur 0.01
	Denis Boyle	3,940 Ordinary Eur 0.01
	D O'donnell	3,940 Ordinary Eur 0.01
	Martin Oglesby	3,940 Ordinary Eur 0.01
	James W Macleod	3,344 Ordinary Eur 0.01
	Seamus Gillespie	2,570 Ordinary Eur 0.01
	Tony O'sullivan	2,570 Ordinary Eur 0.01
	Jimmy Cunningham	2,570 Ordinary Eur 0.01
	John Gallagher	2,394 Ordinary Eur 0.01
	Gerry O'neill	2,000 Ordinary Eur 0.01

Trading Address Details

	Address	Telephone Number	TCPS
	KELLYS QUAY KILLYBEGS CO DONEGAL CO DONEGAL 48419

accounts

PROFIT & LOSS

*	Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
	Months	12	-	12	-	12
	Currency	EUR	-	EUR	-	EUR
	Consolidated A/cs	N	-	N	-	N
	Turnover	-	-	-	-	-
	Export	-	-	-	-	-
	Cost of Sales	-	-	-	-	-
	Gross Profit	2,700,413	12.1 %	2,409,581	-	-
	Wages & Salaries	2,288,324	-3.0 %	2,358,778	-	-
	Directors Emoluments	154,063	-19.3 %	190,878	-	-
	Operating Profits	-	-	-	-	-
	Depreciation	146,610	15.7 %	126,758	-	-
	Audit Fees	24,000	-2.6 %	24,650	-	-
	Interest Payments	98,906	91.5 %	51,649	-	-
	Pre Tax Profit	414,698	276.3 %	-235,271	-122.1 %	1,065,000
	Taxation	-25,322	-1,784.8 %	1,503	100.8 %	-195,000
	Profit After Tax	389,376	266.6 %	-233,768	-126.9 %	870,000
	Dividends Payable	-	-	-	-	-
	Retained Profits	389,376	266.6 %	-233,768	-126.9 %	870,000

BALANCE SHEET

*	Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
	Tangible Assets	12,085,833	16.2 %	10,404,435	3.9 %	10,016,000
	Intangible Assets	1,375,021	-8.0 %	1,493,786	-7.4 %	1,613,000
	Total Fix Assets	13,460,854	13.1 %	11,898,221	2.3 %	11,628,000
	Total Current Assets	5,645,113	12.7 %	5,006,891	-23.8 %	6,575,000
	Trade Debtors	2,117,834	37.6 %	1,539,137	-56.3 %	3,524,000
	Stock	2,264,302	-3.1 %	2,337,208	-2.5 %	2,398,000
	Cash	110,749	-1.3 %	112,214	-80.1 %	564,000
	Other Current Assets	1,152,228	16.0 %	993,203	999.9%	89,000
	Increase In Cash	-1,465	99.7 %	-451,786	-15,159.5 %	3,000
	Miscellaneous Current Assets	-	-100.0 %	25,129	-	-
	Total Assets	19,105,967	13.0 %	16,905,112	-7.1 %	18,203,000
	Total Current Liabilities	4,683,673	37.0 %	3,417,855	5.5 %	3,240,000
	Trade Creditors	962,554	23.9 %	776,689	-31.9 %	1,140,000
	Bank Overdraft	2,038,292	64.6 %	1,238,176	999.9%	16,000
	Other Short Term Fin	1,325,744	10.8 %	1,196,360	48.2 %	807,000
	Miscellaneous Current Liabilities	357,083	72.8 %	206,630	-83.8 %	1,277,000
	Other Long Term Fin	9,852,349	0.6 %	9,789,440	-11.1 %	11,009,000
	Total Long Term Liabilities	9,910,023	-0.5 %	9,957,872	-10.1 %	11,078,000
	Bank Overdraft & LTL	11,948,315	6.7 %	11,196,048	0.9 %	11,094,000
	Total Liabilities	14,593,696	9.1 %	13,375,727	-6.6 %	14,318,000
	Net Assets	4,512,271	27.8 %	3,529,385	-9.2 %	3,885,000
	Working Capital	961,440	-39.5 %	1,589,036	-52.4 %	3,335,000

CAPITALS & RESERVES

*	Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
	Paid up equity	6,739	-0.5 %	6,776	-3.2 %	7,000
	P&L Account Reserve	3,106,434	14.3 %	2,717,095	-7.9 %	2,951,000
	Sundry Reserves	762,813	-5.3 %	805,514	-13.1 %	927,000
	Revaluation Reserve	636,285	-	-	-	-
	Shareholder Funds	4,512,271	27.8 %	3,529,385	-9.2 %	3,885,000
	Net Worth	3,137,250	54.1 %	2,035,599	-10.4 %	2,272,000

MISCELLANEOUS

*	Annual Accounts		01/07-12/07		Change (%)	01/06-12/06	Change (%)	01/05-12/05
	Net Cashflow from Operations		433,043		-59.6 %	1,071,892	-	-
	Net Cashflow before Financing		-748,621		-321.7 %	337,675	-	-
	Net Cashflow from Financing		404,278		126.3 %	-1,536,966	-	-
	Contingent Liability		NO		-	NO	-	-
	Capital Employed		14,422,294		6.9 %	13,487,257	247.3 %	3,884,000
	No of Employees		54		10.2 %	49	157.9 %	19
		Auditors		GILROY GANNON
		AuditQualification		No Adverse Comments
		Bankers		ULSTER BANK LTD
		BankBranchCode

RATIOS

*	Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
	Pre-tax profit margin %	-	-	-
	Current ratio	1.21	1.46	2.03
	Sales/Net Working Capital	-	-	0.00
	Gearing %	264.8 %	317.2 %	285.6 %
	Equity in %	25.4 %	22.9 %	23.4 %
	Creditor Days	-	-	-
	Debtor Days	-	-	-
	Liquidity/Acid Test	0.72	0.78	1.29
	Return On Capital Employed %	2.9 %	-1.7 %	27.4 %
	Return On Total Assets Employed %	2.2 %	-1.4 %	5.9 %
	Current Debt Ratio %	1.0 %	1.0 %	0.8 %
	Total Debt Ratio %	3.2 %	3.8 %	3.7 %
	Stock Turnover Ratio %	-	-	-
	Return on Net Assets Employed %	9.2 %	-6.7 %	27.4 %

group structure

	Ultimate Parent Company	HAMPIDJAN
	Companies in Group	3

Company Name	Registered Number	Latest Annual Accounts
HAMPIDJAN	ICELAND	N/A
SWAN NET-GUNDRY LIMITED<<<	IE186079	31/12/2007
SWAN NET GUNDRY (SCOTLAND) LTD.	SC171957	31/12/2006

Event History

Date	Description
26/10/2008	New Accounts Filed
17/10/2007	New Accounts Filed
17/10/2007	Annual Returns

directors

Name	MICHAEL GALLAGHER
Address	LARGY
	KILLYBEGS
	CO DONEGAL
Officers Title		Date Of Birth	22/01/1955
Honours		Present Appointments	4
Appointment Date	14/03/2002	Function	Director

Name	JON PETURSSON
Address	ALFAHEIDI 6
	200 KOPAVOGI
	ICELAND
Officers Title		Date Of Birth	31/12/1959
Honours		Present Appointments	4
Appointment Date	14/03/2002	Function	Director

Name	JOHN CHRISTIAN BACH
Address	FINTRA ROAD
	KILLYBEGS
	CO DONEGAL
Officers Title		Date Of Birth	10/04/1947
Honours		Present Appointments	5
Appointment Date	14/03/2002	Function	Director

Name	MARTIN HOWLEY
Address	BALLYNAGOWAN
	DUNKINEELY
	CO DONEGAL.
Officers Title		Date Of Birth	17/12/1952
Honours		Present Appointments	9
Appointment Date	23/03/1992	Function	Director

Name	SEAMUS TULLY
Address	BROOKHILL,
	KILLYBEGS,
	CO. DONEGAL.
Officers Title		Date Of Birth	28/10/1938
Honours		Present Appointments	8
Appointment Date	19/02/2003	Function	Company Secretary

Name	SEAMUS TULLY
Address	BROOKHILL,
	KILLYBEGS,
	CO. DONEGAL.
Officers Title		Date Of Birth	28/10/1938
Honours		Present Appointments	8
Appointment Date	14/03/2002	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.67
UK Pound	1	Rs.75.47
Euro	1	Rs.61.19

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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

	Registered Address

	NDD	N
	Address
	KELLYS QUAY KILLYBEGS CO DONEGAL CO. DONEGAL.

Web Address		Incorporation Date	20/03/1992
Type of Accounts	Medium Company	Filing Date of Accounts
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	30/09/2007
Previous Name(s)
Changed:	20/03/1992	Trawl Investments Limited

	Industry:
	The Manufacture And Sale Of Fishing Nets, Fish Cages And Sport Netting.

	Mortgage Charges
	Outstanding	1	Satisfied	0