MIRA INFORM REPORT

Report Date :

06.06.2011

IDENTIFICATION DETAILS

Name :	NEW ENGLAND SEAFOOD INTERNATIONAL LIMITED
Formerly Known As :	NEW ENGLAND LOBSTERS INTERNATIONAL LIMITED
Registered Office :	48 Cox Lane, Chessington, Surrey, Kt9 1tw
Country :	United Kingdom
Financials (as on) :	26.10.2009
Date of Incorporation :	06.12.1990
Com. Reg. No.:	02565953
Legal Form :	Private limited with Share Capital
Line of Business :	Fish processing freezing and preserving

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	£240,000
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United Kingdom	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company summary Bottom of Form

Top of Form

Company Name	NEW ENGLAND SEAFOOD INTERNATIONAL LIMITED	Company Number	02565953
Registered Address	48 COX LANE	Trading Address	Sovereign House 6 Windsor Court Clarence Drive Harrogate, North Yorkshire HG1 2PE
	CHESSINGTON
	SURREY
	KT9 1TW
Website Address	http://www.neseafood.com
Telephone Number	02083919777	Fax Number
TPS	No	FPS	No
Incorporation Date	06/12/1990	Company Status	Active - Accounts Filed
Previous Name	NEW ENGLAND LOBSTERS INTERNATIONAL LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	20/01/2010
Date of Change	16/12/1998	Share Capital	£50,000
Sic Code	1520	Currency	GBP
Sic Description	FISH PROCESSING FREEZING AND PRESERVING
Principal Activity	Import and process premium fish and shellfish from around the world, supplying retail, foodservice and wholesale throughout the UK.

Accounts Due Date

31/07/2011

Credit Limit

Limit	£240,000	Previous Limit	£250,000
Contract Limit	£12,550,000

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit limit.

The previous 11 month trading period saw a drop in Sales of 0.4%.

In the previous 11 month trading period Net Worth increased by 14.2%.

A 21.8% growth in Total Assets occurred in the previous 11 month trading period.

Pre-tax profits increased by 60.9% in the previous 11 month trading period.

The company saw an increase in their Cash Balance of 475.9% in the previous 11 month trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company has changed its registered address recently.

The company was established over 20 years ago.

Last 3 Years Credit Limit

Date	Limit
31/12/2010	£240,000
31/12/2009	£215,000
31/12/2008	£175,000

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
26/10/2009	£50,206,098	£1,133,544	£3,841,876	228
31/10/2008	£50,418,498	£704,415	£3,363,772	231
31/10/2007	£63,113,762	£723,351	£2,827,925	240

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	4

Total Current Directors	9
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	7

Current Directors

Name	Terence Henry Faulkner	Date of Birth	15/02/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	04/01/2011
Address	9 Elm Park Road,  ,  London,  SW3 6BP
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Philip Hilary Swatman	Date of Birth	01/12/1949
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	29/12/2009
Address	Cardinal House George Road,  ,  Kingston Upon Thames,  KT2 7NU
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Johanna Louise Ropner	Date of Birth	31/10/1963
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	06/12/1991
Address	Camphill,  Kirklington,  Bedale,  DL8 2LS
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew James Mckinlay Crawford	Date of Birth	08/09/1965
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	01/07/1992
Address	Buddington Hall,  Hollist Lane Ease Bourne,  Midhurst,  GU29 9RS
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	James Scott Lambert	Date of Birth	29/06/1958
Officers Title	Mr	Nationality	British
Present Appointments	16	Function	Director
Appointment Date	12/11/2003
Address	Tunstall Grange,  James Lane, Tunstall,  Richmond,  DL10 7RF
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael Richard Colin Stroyan	Date of Birth	11/03/1965
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	06/12/1991
Address	Kings House,  Powerstock,  Bridport,  DT6 3TG
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	James Robinson	Date of Birth	14/01/1971
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	31/07/2007
Address	17 Summer Gardens,  ,  East Molsey,  KT8 9LT
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Daniel Thomas Aherne	Date of Birth	20/08/1977
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	18/06/2004
Address	15 Durlston Road,  ,  Kingston Upon Thames,  KT2 5RR
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Charles Christopher Noble	Date of Birth	27/06/1977
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	26/11/2008
Address	Smithwood Barn Smithwood Common,  ,  Cranleigh,  GU6 8QY
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Charles Christopher Noble	Date of Birth	27/06/1977
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	26/11/2008
Address	Smithwood Barn Smithwood Common,  ,  Cranleigh,  GU6 8QY
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Individual Share Value
MICHAEL RICHARD COLIN STROYAN	270,000 ORDINARY GBP 0.10
MR JOHANNA LOUISE ROPNER	75,000 ORDINARY GBP 0.10
ANDREW JAMES MCKINLAY CRAWFORD	52,500 ORDINARY GBP 0.10
SOPHIE CRAWFORD	52,500 ORDINARY GBP 0.10
CATHERINE STROYAN	50,000 ORDINARY GBP 0.10

Profit & Loss

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Weeks	51	(%)	52	(%)	70	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£50,206,098	-0.4%	£50,418,498	-20.1%	£63,113,762	59.2%	£39,637,000	27.5%	£31,079,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£37,586,389	-0.3%	£37,695,323	-23.1%	£48,990,806	57.7%	£31,058,000	30.1%	£23,867,000
Gross Profit	£12,619,709	-0.8%	£12,723,175	-9.9%	£14,122,956	64.6%	£8,579,000	19%	£7,212,000
Wages & Salaries	£5,940,920	2.1%	£5,816,475	-24.5%	£7,703,517	99.7%	£3,857,000	21.2%	£3,183,000
Directors Emoluments	£1,024,099	51.3%	£677,012	-16.9%	£815,124	100.3%	£407,000	-12.5%	£465,000
Operating Profit	£1,332,198	37.2%	£970,835	-10.7%	£1,087,426	25%	£870,000	-52.2%	£1,821,000
Depreciation	£1,026,088	15.7%	£886,649	-15.6%	£1,051,135	83.1%	£574,000	215.4%	£182,000
Audit Fees	£18,750	33.9%	£14,000	-6.7%	£15,000	15.4%	£13,000	30%	£10,000
Interest Payments	£198,654	-25.4%	£266,420	0.6%	£264,866	364.7%	£57,000	-	-
Pre Tax Profit	£1,133,544	60.9%	£704,415	-2.6%	£723,351	-2.9%	£745,000	-51.8%	£1,547,000
Taxation	-£205,440	-21.9%	-£168,568	48.8%	-£329,417	-30.7%	-£252,000	45.9%	-£466,000
Profit After Tax	£928,104	73.2%	£535,847	36%	£393,934	-20.1%	£493,000	-54.4%	£1,081,000
Dividends Payable	£450,000	-	-	-100%	£200,000	-60%	£500,000	25%	£400,000
Retained Profit	£478,104	-10.8%	£535,847	176.3%	£193,934	999.9%	-£8,000	-101.2%	£680,000

Balance Sheet

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Tangible Assets	£1,727,568	-16.7%	£2,073,460	-15.7%	£2,460,983	-14.8%	£2,888,000	46.1%	£1,977,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£1,727,568	-16.7%	£2,073,460	-15.7%	£2,460,983	-14.8%	£2,888,000	46.1%	£1,977,000
Stock	£2,841,583	-23.9%	£3,732,071	-17.2%	£4,507,582	260%	£1,252,000	226%	£384,000
Trade Debtors	£4,498,418	12.9%	£3,983,654	-19.4%	£4,940,554	25.4%	£3,941,000	10.1%	£3,580,000
Cash	£2,400,959	475.9%	£416,871	27.6%	£326,755	999.9%	£7,000	-99.1%	£819,000
Other Debtors	£1,589,218	207.5%	£516,753	97.3%	£261,916	-17.6%	£318,000	-27.4%	£438,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£11,330,178	31%	£8,649,349	-13.8%	£10,036,807	81.9%	£5,518,000	5.7%	£5,220,000
Trade Creditors	£3,139,452	-2.2%	£3,209,155	-3.9%	£3,338,600	17.2%	£2,849,000	-8%	£3,097,000
Bank Loans & Overdrafts	0	-100%	£2,332,985	-41.2%	£3,966,846	801.6%	£440,000	-	0
Other Short Term Finance	£3,634,005	999.9%	£28,178	999.9%	£1,920	-92%	£24,000	-	£24,000
Miscellaneous Current Liabilities	£2,242,125	31.9%	£1,699,687	-23%	£2,208,624	26.1%	£1,752,000	28.8%	£1,360,000
Total Current Liabilities	£9,015,582	24%	£7,270,005	-23.6%	£9,515,990	87.9%	£5,065,000	13.1%	£4,480,000
Bank Loans & Overdrafts and LTL	£200,288	-91.7%	£2,422,017	-41.2%	£4,120,721	259.3%	£1,147,000	317.1%	£275,000
Other Long Term Finance	£200,288	199.9%	£66,776	381.3%	£13,875	-97.1%	£474,000	259.1%	£132,000
Total Long Term Liabilities	£200,288	125%	£89,032	-42.1%	£153,875	-78.2%	£707,000	157.1%	£275,000

Capital & Reserves

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Called Up Share Capital	£50,000	-	£50,000	-	£50,000	-	£50,000	-	£50,000
P & L Account Reserve	£3,791,876	14.4%	£3,313,772	19.3%	£2,777,925	7.5%	£2,584,000	8%	£2,392,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£3,841,876	14.2%	£3,363,772	18.9%	£2,827,925	7.4%	£2,634,000	7.9%	£2,442,000

Other Financial Items

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Net Worth	£3,841,876	14.2%	£3,363,772	18.9%	£2,827,925	7.4%	£2,634,000	7.9%	£2,442,000
Working Capital	£2,314,596	67.8%	£1,379,344	164.8%	£520,817	15%	£453,000	-38.8%	£740,000
Total Assets	£13,057,746	21.8%	£10,722,809	-14.2%	£12,497,790	48.7%	£8,406,000	16.8%	£7,197,000
Total Liabilities	£9,215,870	25.2%	£7,359,037	-23.9%	£9,669,865	67.5%	£5,772,000	21.4%	£4,755,000
Net Assets	£3,841,876	14.2%	£3,363,772	18.9%	£2,827,925	7.4%	£2,634,000	7.9%	£2,442,000

Cash Flow

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Net Cashflow from Operations	£1,567,404	-49.6%	£3,107,708	377.7%	-£1,119,074	-533.7%	£258,000	-80.5%	£1,322,000
Net Cashflow before Financing	£985,047	-49.7%	£1,958,491	169.4%	-£2,820,230	-247.7%	£1,909,000	70.6%	£1,119,000
Net Cashflow from Financing	£999,041	526%	-£234,514	39.4%	-£387,057	-158.9%	£657,000	537.9%	£103,000
Increase in Cash	£1,984,088	15.1%	£1,723,977	153.8%	-£3,207,287	-356.2%	£1,252,000	23.2%	£1,016,000

Miscellaneous

Date Of Accounts	26/10/09	(%)	31/10/08	(%)	31/10/07	(%)	30/06/06	(%)	30/06/05
Contingent Liability	NO	-	NO	-	NO	-	YES	-	YES
Capital Employed	£4,042,164	17.1%	£3,452,804	15.8%	£2,981,800	-10.8%	£3,341,000	23%	£2,717,000
Number of Employees	228	-1.3%	231	-3.8%	240	50%	160	56.9%	102
Auditors	BDO LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	LLOYDS TSB BANK PLC
Bank Branch Code	30-00-02

Ratios

Date Of Accounts	26/10/09	31/10/08	31/10/07	30/06/06	30/06/05
Pre-tax profit margin %	2.26	1.40	1.15	1.88	4.98
Current ratio	1.26	1.19	1.05	1.09	1.17
Sales/Net Working Capital	21.69	36.55	121.18	-	-
Gearing %	5.20	72	145.70	43.50	11.30
Equity in %	29.40	31.40	22.60	31.30	33.90
Creditor Days	22.32	23.16	25.92	26.24	36.37
Debtor Days	31.98	28.76	38.36	36.29	42.04
Liquidity/Acid Test	0.94	0.67	0.58	0.84	1.08
Return On Capital Employed %	28.04	20.40	24.26	22.30	56.94
Return On Total Assets Employed %	8.68	6.56	5.78	8.86	21.50
Current Debt Ratio	2.34	2.16	3.36	1.92	1.83
Total Debt Ratio	2.39	2.18	3.41	2.19	1.95
Stock Turnover Ratio %	5.65	7.40	7.14	3.16	1.24
Return on Net Assets Employed %	29.50	20.94	25.58	28.28	63.35

Status History

No Status History found

*Event History

Date	Description
25/05/2011	Mr S.M. Elkins has left the board
14/02/2011	New Board Member Mr T.H. Faulkner appointed
14/12/2010	Annual Returns
21/07/2010	New Board Member Mr P.H. Swatman appointed
09/02/2010	New Board Member Mr P. Swatman appointed
27/01/2010	New Accounts Filed
27/01/2010	New Accounts Filed
14/12/2009	Annual Returns
14/12/2009	Change in Reg.Office
04/08/2009	Change in Reg.Office
04/08/2009	Change of Company Postcode
26/05/2009	New Accounts Filed
04/03/2009	New Company Secretary Mr C.C. Noble appointed
14/12/2008	Annual Returns
12/12/2008	Mr A.J. Crawford has resigned as company secretary

Limit History

Date	Limit
13/12/2010	£240,000
27/01/2010	£250,000
14/12/2009	£215,000
18/11/2009	£210,000
04/08/2009	£205,000
20/05/2009	£205,000
06/03/2009	£305,000
02/09/2008	£175,000
01/08/2008	£0
20/04/2007	£175,000

Previous Company Names

Date	Previous Name	Companies House Documents
16/12/1998	NEW ENGLAND LOBSTERS INTERNATIONAL LIMITED
02/08/1991	HURRYLEAGUE LIMITED

Group Structure Summary

Company Name	NEW ENGLAND SEAFOOD INTERNATIONAL LIMITED	Company Number	02565953
Holding Company	NEW ENGLAND SEAFOOD INTERNATIONAL LIMITED	Ownership Status	Ultimately Owned
Ultimate Holding Company	NEW ENGLAND SEAFOOD INTERNATIONAL LIMITED	Companies in group	2

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
NEW ENGLAND SEAFOOD INTERNATIO...	UK02227474	02565953	26.10.2009	N	93	£240,000	£50,206,098
NEW ENGLAND LOBSTERS INTERNA...	UK03069178	03411439	31.10.2009	N	N/R	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.