MIRA INFORM REPORT

Report Date :

07.05.2012

IDENTIFICATION DETAILS

Correct Name :	SENECRUS
Registered Office :	1 Rue Des Claires, Rungis, 94150
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	15.07.1981
Com. Reg. No.:	322204827
Legal Form :	Private Independent Company
Line of Business :	Subject is engaged in freezing of fish; and other fish processing and preserving.
No. of Employees :	32

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
France	A2	A2

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

Company name & address

Senecrus

1 Rue Des Claires

Rungis, 94150

France

Tel: +33 01 46 87 23 11

Fax: +33 01 46 87 03 44

Synthesis

Employees: 32

Company Type: Private Independent

Incorporation Date: 15-Jul-1981

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 24.6

Total Assets: 7.5

Business Description

Senecrus is primarily engaged in freezing of fish; and other fish processing and preserving.

Industry

Industry Food Processing

ANZSIC 2006: 1120 - Seafood Processing

NACE 2002: 1520 - Processing and preserving of fish and fish products

NAICS 2002: 31171 - Seafood Product Preparation and Packaging

UK SIC 2003: 1520 - Processing and preserving of fish and fish products

US SIC 1987: 2091 - Canned and Cured Fish and Seafoods

Key Executives

Name Title

Aldo Fratellia Partner

Jean-Luc Delsol Commercial director, Director

Registered No.(FRA): 322204827

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

1 Rue Des Claires

Rungis, 94150

France

Tel: +33 01 46 87 23 11

Fax: +33 01 46 87 03 44

Sales EUR(mil): 18.5

Assets EUR(mil): 5.6

Employees: 32

Fiscal Year End: 31-Dec-2010

Industry: Food Processing

Incorporation Date: 15-Jul-1981

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(FRA): 322204827

Commercial director, Director: Jean-Luc Delsol

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1120 - Seafood Processing

NACE 2002 Codes:

1520 - Processing and preserving of fish and fish products

NAICS 2002 Codes:

31171 - Seafood Product Preparation and Packaging

US SIC 1987:

2091 - Canned and Cured Fish and Seafoods

UK SIC 2003:

1520 - Processing and preserving of fish and fish products

Business Description

Senecrus is primarily engaged in freezing of fish; and other fish processing and preserving.

Financial Data

Financials in:	EUR(mil)
Revenue:	18.5
Assets:	5.6
Current Assets:	5.3
Total Liabilities:	5.6
Issued Capital:	0.1
Net Worth:	1.4
Date of Financial Data:	31-Dec-2010

1 Year Growth

11.6%

NA

Key Corporate Relationships

Bank:	Credit Commercial De France

Executive report

Executives

Name	Title	Function
Jean-Luc Delsol	Commercial director, Director	Administration Executive
Aldo Fratellia	Partner	Partner

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	24.6	23.1	24.6
Net sales	24.6	23.1	24.6
Change in stock	0.1	-	0.1
Supplementary operating income	0.0	0.0	0.0
Other operating income	0.0	0.0	0.0
Other external charges	1.3	1.4	1.6
Cost of goods sold	20.2	19.5	19.8
Taxes and social security costs	0.2	0.2	0.2
Social charges	0.7	0.7	0.8
Total payroll costs	1.6	1.6	1.7
Cost of stock depreciation and amortisation	0.0	-	-
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.0	0.0	0.0
Total operating costs	24.1	22.5	24.3
Net operating income	0.5	0.7	0.3
Total financial income	0.0	0.0	0.0
Interest payable on loans	0.0	0.0	0.1
Other expenses	-	-	0.0
Total expenses	0.0	0.0	0.1
Profit before tax	0.4	0.6	0.2
Extraordinary income	0.0	0.0	0.0
Extraordinary expenses	0.0	0.0	0.0
Extraordinary result	0.0	-	0.0
Total taxation	0.2	0.2	0.1
Net profit	0.3	0.4	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	0.2	0.2	0.2
Total reserves	1.4	1.5	1.4
Profits for the year	0.3	0.4	0.1
Capital subsidies and grants	0.0	-	-
Total stockholders equity	1.9	2.2	1.7
Provisions and allowances	0.0	-	-
Trade creditors	2.9	2.4	1.8
Bank loans and overdrafts	1.5	2.2	1.4
Current bank debts	1.5	2.2	1.4
Other loans	-	0.1	-
Other liabilities	0.2	0.1	0.2
Taxation and social security	1.1	0.8	0.8
Total current liabilities	5.6	5.7	4.2
Total debts	5.6	5.7	4.2
Total liabilities (including net worth)	7.5	7.8	5.9
Patents	0.0	0.0	-
Other intangibles	0.0	0.0	0.0
Buildings	0.1	0.1	0.0
Other fixed assets	0.2	0.2	0.2
Other financial assets	0.0	0.0	0.0
Total non-current assets	0.4	0.3	0.3
Net stocks and work in progress	2.1	2.4	1.1
Trade debtors	4.6	4.5	4.3
Other receivables	0.0	0.6	0.1
Prepaid expenses	0.0	0.0	0.0
Cash and liquid assets	0.3	0.0	0.0
Total current assets	7.1	7.5	5.7
Total assets	7.5	7.8	5.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.30	1.30	1.30
Quick ratio	0.90	0.90	1.10
Total liabilities to net worth	2.94%	2.66%	2.45%
Net worth to total assets	0.25%	0.27%	0.29%
Collection period	56.70	57.80	56.20
Stock turnover rate	11.60	10.10	20.50
Asset turnover	3.33%	3.05%	3.94%
Profit margin	0.02%	0.03%	0.01%
Return on assets	0.06%	0.08%	0.03%
Shareholders' return	0.24%	0.31%	0.11%
Sales per employee	3,802.05	3,406.69	3,151.22
Profit per employee	69.42	93.55	25.43
Average wage per employee	241.74	239.41	219.86
Net worth	1.9	2.2	1.7
Number of employees	32	32	35

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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