MIRA INFORM REPORT

Report Date :

18.03.2011

IDENTIFICATION DETAILS

Name :	SEAMARK PLC
Registered Office :	Hulme Hall Lane, Lord North Street, Manchester, Lancashire, M40 8AD.
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	22.01.1991
Com. Reg. No.:	02575875
Legal Form :	Public Limited Company
Line of Business :	The storage, processing and wholesale of frozen seafoods and poultry

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 :	GBP 461,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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 Identification Details

Subject Reported on	SEAMARK PLC
Registration Number	02575875
VAT Number	GB606300291
Address	HULME HALL LANE, LORD NORTH STREET, MANCHESTER, LANCASHIRE, M40 8AD.
Telephone	0161 202 5000
Facsimile	0161 202 5001
Email	sales@seamark.co.uk
Web Address	www.seamark.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 461,000

Official Company Data

Legal Form	Public Limited Company
Registration Number	02575875
VAT Number	GB606300291
Subject Status	Trading
Date of Incorporation	22/01/1991
Registered Office	HULME HALL LANE, LORD NORTH STREET, MANCHESTER, M40 8AD.
History	12/12/2008 : The Registered Office address changed from SEAMARK HOUSE, EDGE LANE, DROYLSDEN, MANCHEST.
	Previously located at SEAMARK HOUSE, EDGE LANE, MANCHESTER, M43 6BB.
	27/11/2002 : Change of name from SEAFOOD MARKETING INTERNATIONAL PLC.
	26/09/1997 : The Registered Office address changed from 1 WHITWORTH STREET, OPENSHAW, MANCHESTER, M11.
	9/06/1997 : Change of name from SEAFOOD MARKETING INTERNATIONAL LIMITED.
	26/01/1993 : The Registered Office address changed from 648, ASHTON OLD ROAD,, MANCHESTER., M11 2WD.
Date of Last Annual Return to Registry	22/01/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	The storage, processing and wholesale of frozen seafoods and poultry.
Nace Code	1520
Premises	Offices,Warehouse
Staff Employed	166
Trade Names	SEAMARK
Bankers	HSBC BANK PLC
Address	MANCHESTER KING STREET.
Sort Code	403124
Auditors	Royce Peeling Green Ltd
Subsidiaries	SEAFOOD MARKETING (BANGLADESH) LIMITED

Historical Rating

Date	Monthly Credit Guide
17/03/2011	461,000
17/12/2010	304,000
17/09/2010	472,000
17/06/2010	241,000
17/03/2010	134,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	1	3

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
15/11/2010	Miscellaneous
13/08/2010	Manufacture of builders' ware of plastic
19/03/2010	Wholesale of meat and meat products
26/02/2010	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	6
Number Outstanding	5
Number Partially Satisfied	0
Number Satisfied	1
Date of Latest Mortgage Created	28/05/2008
Date of Latest Satisfaction	08/01/2005

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	03/06/2008	28/05/2008	Debenture	395	Hsbc Bank Plc
	09/11/2006	08/11/2006	Legal Charge	395	Hsbc Asset Finance (Uk) Limited & Hsbc Equipment Finance (Uk
	07/07/2005	06/07/2005	Legal Mortgage	395	Hsbc Bank Plc
08/01/2005	25/05/2004	18/05/2004	Debenture	395	Hsbc Bank Plc
	14/10/1997	08/10/1997	Legal Charge	395	Barclays Bank Plc
	08/06/1992	28/05/1992	Debenture	395	Barclays Bank Plc

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

09/06/1997	Companies House Gazette	Return of allotments of a public limited company
09/06/1997	Companies House Gazette	Alteration in memorandum or articles of association
09/06/1997	Companies House Gazette	Special resolutions passed under section 95 disapplication of pre-emption rights
09/06/1997	Companies House Gazette	"Resolutions which give vary
05/02/1991	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	BILAL AHMED
Service Address	10 SHERBROOK RISE, WILMSLOW, CHESHIRE, SK9 2AX.
Country of Origin	UNITED KINGDOM
Date of Birth	09/01/1964
Appointment Date	22/01/1991
Other Directorships	IBCO LIMITED

Directors

Director	BILAL AHMED
Service Address	10 SHERBROOK RISE, WILMSLOW, CHESHIRE, SK9 2AX.
Country of Origin	UNITED KINGDOM
Date of Birth	09/01/1964
Appointment Date	22/01/1991
Other Directorships	IBCO LIMITED
Deputy Managing Dir.	KAMAL AHMED
Service Address	20 HOUGH LANE, WILMSLOW, CHESHIRE, SK9 2LQ.
Country of Origin	UNITED KINGDOM
Date of Birth	06/04/1960
Appointment Date	22/01/1991
Other Directorships	IBCO LIMITED, FLYING UNICORN LIMITED
Managing Director	IQBAL AHMED
Service Address	MERITHORN 43 HOUGH LANE, WILMSLOW, CHESHIRE, SK9 2LH.
Country of Origin	UNITED KINGDOM
Date of Birth	04/08/1956
Appointment Date	22/01/1991
Other Directorships	BRITISH-BANGLADESH CHAMBER OF COMMERCE, NEW EAST MANCHESTER LIMITED, IBCO LIMITED, FLYING UNICORN LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	60,000
Principal Shareholder	16,000 Iqbal Ahmed
	16,000 Kamal Ahmed
	16,000 Bilal Ahmed
	4,000 Salma Akther Iqbal
	4,000 Saira Afroz Komol
	4,000 Nasrim Sultana

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

For annual accounts images, view the

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	52304	45700	50611	52093
UK sales	9668	14519	15467	14935
Export	42636	31181	35144	37158
Cost of goods sold	46439	40983	45413	47002
GROSS PROFIT	5865	4717	5198	5091
Wages and Salaries	2427	2445	2004	2044
Directors Emoluments	270	255	256	279
Auditors Fees	27	17	21	25
Non-Audit Fees	15	27	12	9
Trading Profit	2848	1711	2406	2677
Depreciation	659	670	766	766
OPERATING PROFIT	2189	1041	1640	1911
Non Trading Income	5	35	54	1360
Interest Payable	596	926	1035	980
PRE TAX PROFIT	1598	150	659	2291
Taxation	540	103	309	486
PROFIT AFTER TAX	1058	47	350	1805
RETAINED PROFITS	1058	47	350	1805

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	11975	12596	11953	8762
Tangible Assets	11975	12596	11953	8762
Fixed Assets	11166	11499	11953	8762
Intermediate assets	809	1097
TOTAL CURRENT ASSETS	18435	20250	25199	26209
Trade debtors	4719	5771	5679	5633
Stocks	12153	12934	12895	13896
Other Current Assets	1563	1545	6625	6680
Misc Current Assets	1562	1519	6615	6431
Cash	1	26	10	249
TOTAL ASSETS	30410	32846	37152	34971
TOTAL CURRENT LIABILITIES	11137	13429	16725	15906
Trade creditors	4316	9178	6789	6240
Short Term Loans	5745	3855	8231	8602
Bank Overdraft	5379	3497	7811	7170
Bank Loans				893
Other Finance	366	358	418	539
Due To Directors			2
Other Liabilities	1076	396	1705	1064
WORKING CAPITAL	7298	6821	8474	10303
TOTAL LONG TERM LIABS	5179	7279	8335	6127
Long Term Loans	4303	5687	6805	5928
Bank Loans	4260	5303	6059	4766
Other Finance	43	384	746	1162
Other Liabilities	876	1592	1530	199
NET ASSETS/(LIABILITIES)	14094	12138	12092	12938
SHARE CAPITAL + RESERVES	14094	12138	12092	12938
Share Cap + Sundry Res	958	60	60	1256
Issued Share Capital	60	60	60	60
Sundry Reserves	898			1196
Profit and Loss account	13136	12078	12032	11682
SHAREHOLDERS FUNDS	14094	12138	12092	12938
CAPITAL EMPLOYED	19273	19417	20427	19065

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	489	6614	4341	2005
Increase in Cash	(1908)	5374	311	1859
Directors Remuneration	270	255	256	279
Auditors Remuneration	27	17	21	25
Liquid Assets	4720	5797	5689	5882
Net Working Capital	7298	6821	8474	10303
Long Term Debt(>12 Months)	4303	5687	6805	5928
Other Deferred Liabs	876	1592	1530	199
Tangible Net Worth(T.N.W)	14094	12138	12092	12938
Equity	14094	12138	12092	12938
Number of Years Trading	18	17	16	15
Number of Employees	166	162	117	129
Profit per Employee	9626.5	925.9	5632.5	17759.7
Sales per Employee	315084.3	282098.8	432572.6	403821.7

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	1.7	1.5	1.5	1.6
Long Term Debt/T.N.W	0.3	0.5	0.6	0.5
Pre Tax Profit Margin%	3.1	0.3	1.3	4.4
Gross Profit%	11.2	10.3	10.3	9.8
Debtors Days (D.S.O)	33	46	41	39
Creditors Days (D.P.O)	30	73	49	44
Quick Ratio	0.6	0.5	0.7	0.8
W.I.P/Inventory Days	95.5	115.2	103.6	107.9
Return on Investment%	8.8	4.6	5.9	11.8
Return on Assets%	5.3	0.5	1.8	6.6
T.N.W/Total Assets%	46.3	37	32.5	37
Return on Capital%	8.3	0.8	3.2	12
Rtn on Shareholders Funds%	11.3	1.2	5.4	17.7
Working Capital/Sales%	14	14.9	16.7	19.8
Borrowing Ratio%	71.3	78.6	124.3	112.3
Equity Gearing%	86.4	58.6	48.3	58.7
Stock Turnover	4.3	3.5	3.9	3.7
Days Purchases Outstanding	33.9	81.7	54.6	48.5
Sales/Fixed Assets	4.7	4	4.2	5.9
Debt Gearing	30.5	46.9	56.3	45.8

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	97	214	212	215
Pre-Tax Profit Margin	0.3	1.4	0.6	(0.2)
Current Ratio	1.6	1.4	1.5	1.4
Borrowing Ratio	53	99.1	65.6	61.8
Return on Capital	14.9	1.3	5.8	5.1
Creditors Days	26	29	30	37

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Processing and preserving of fish and fish products

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover has increased by 14 %, a growth of GBP 6,604,000 in the period.

Operating Profit

Totalled GBP 2,189,000. In the year prior a Profit of GBP 1,041,000 was achieved.

Pre Tax Profit

The subject's profit increased by 965 % in the year.

Working Capital

The subject's working capital has improved by 477,000 in the period.

Net Worth

Net worth has increased by 16 % and now stands at GBP 14,094,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 621,000 to GBP 11,975,000 and are now 39 % of total assets compared with 38 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 28 % and are now 37 % of net worth compared with 60 % in the previous period.

Long Term Liabilities

Long term liabilities are now 17 % of total liabilities compared with 22 % in the previous period.

Long Term Liabilities

Long term liabilities are 27 % of capital employed, a decrease of 10 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.24
UK Pound	1	Rs.72.57
Euro	1	Rs.63.00

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.