MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	LEDUN PECHEURS DISLANDE
Registered Office :	Zi Babeuf St Leonard, 76400
Country :	France
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.1988
Com. Reg. No.:	347567513
Legal Form :	Private Subsidiary
Line of Business :	Engaged in freezing of fish; and other fish processing and preserving.
No. of Employees :	106

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 :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
France	A1	A1

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

FRANCE - ECONOMIC OVERVIEW

France was transitioning from an economy that has featured extensive government ownership and intervention to one that relies more on market mechanisms but is in the midst of a euro-zone crisis. The government has partially or fully privatized many large companies, banks, and insurers, and has ceded stakes in such leading firms as Air France, France Telecom, Renault, and Thales. It maintains a strong presence in some sectors, particularly power, public transport, and defense industries. With at least 75 million foreign tourists per year, France is the most visited country in the world and maintains the third largest income in the world from tourism. France's leaders remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. France's real GDP contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011. Lower-than-expected growth and increased unemployment have cut government revenues and increased borrowing costs, contributing to a deterioration of France's public finances. The government budget deficit rose sharply from 3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011, while France's public debt rose from 68% of GDP to 86% over the same period. Under President SARKOZY, Paris implemented austerity measures that eliminated tax credits and froze most government spending in an effort to bring the budget deficit under the 3% euro-zone ceiling by 2013 and to highlight France's commitment to fiscal discipline at a time of intense financial market scrutiny of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012 presidential election, after advocating pro-growth economic policies, as well as measures such as forcing banks to separate their traditional deposit taking and lending activities from more speculative businesses, increasing taxes on bank profits, introducing a new top bracket on income taxes for people earning over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil servants during his five-year term of office.

Source : CIA

Company name and address

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Ledun Pecheurs Dislande

Zi Babeuf
St Leonard, 76400
France
Tel:	+33 02 35 10 36 70
Fax:	+33 02 35 28 84 96

Employees:	106
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Shamrock
Incorporation Date:	15-Sep-1988

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2010
Reporting Currency:	Euro
Annual Sales:	80.5
Total Assets:	21.2

Business Description

Ledun Pecheurs Dislande 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
UK SIC 2007:	1020 - Processing and preserving of fish, crustaceans and molluscs
US SIC 1987:	2091 - Canned and Cured Fish and Seafoods

Key Executives

Name	Title
Alain Lepreux	Commercial director, Marketing director
Vincent Durozey	Director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7086099
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7390437

Corporate Overview

Location
Zi Babeuf
St Leonard, 76400
France

Tel:	+33 02 35 10 36 70
Fax:	+33 02 35 28 84 96

Suggest Company URL

Sales EUR(mil):	57.0
Assets EUR(mil):	15.7
Employees:	106
Fiscal Year End:	31-Mar-2010

Industry:	Food Processing

Incorporation Date:	15-Sep-1988
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(FRA):	347567513

Director:	Vincent Durozey

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

UK SIC 2007:
1020	-	Processing and preserving of fish, crustaceans and molluscs

Business Description

Ledun Pecheurs Dislande is primarily engaged in freezing of fish; and other fish processing and preserving.

Financial Data

Financials in:	EUR(mil)
Revenue:	57.0
Assets:	15.7
Current Assets:	12.6
Total Liabilities:	15.7
Issued Capital:	0.6
Net Worth:	2.5
Date of Financial Data:	31-Mar-2010

1 Year Growth

16.3%

NA

Key Corporate Relationships

Bank:	Credit Fecampois, Credit Agricole, Bnp Paribas

Corporate Structure News

Ledun Pecheurs Dislande
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Shamrock	Parent
Ledun Pecheurs Dislande	Subsidiary	St Leonard	France	Food Processing	80.5	106

Executives Report

Executives

Name	Title	Function
Vincent Durozey	Director	Administration Executive
Alain Lepreux	Commercial director, Marketing director	Marketing Executive

Annual Profit & Loss

	31-Mar-2010	31-Mar-2009	30-Apr-2008
Period Length	12 Months	11 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.70861	0.707647	0.698503
Consolidated	No	No	No
Total income	81.3	71.1	69.9
Net sales	80.5	69.3	67.0
Change in stock	0.3	-0.9	-1.6
Unfinished work in progress	-0.1	0.5	1.1
Subsidies for operating costs	0.5	0.0	1.0
Supplementary operating income	0.4	1.2	0.7
Other operating income	0.0	0.0	0.0
Other external charges	11.5	12.7	12.5
Cost of goods sold	52.8	43.9	43.1
Taxes and social security costs	0.9	0.9	0.8
Social charges	3.5	3.1	3.0
Total payroll costs	10.1	8.9	8.9
Cost of stock depreciation and amortisation	-	0.2	0.7
Fixed asset depreciation and amortisation	0.7	0.6	0.5
Other operating costs	0.3	0.1	0.1
Total operating costs	80.1	69.5	68.1
Net operating income	1.2	1.6	1.7
Total financial income	0.0	0.0	0.2
Interest payable on loans	0.3	0.5	0.4
Other expenses	0.0	0.0	-
Total expenses	0.3	0.5	0.4
Profit before tax	0.9	1.1	1.6
Extraordinary income	0.5	0.6	0.6
Extraordinary expenses	0.1	0.4	0.6
Extraordinary result	0.4	0.2	0.1
Total taxation	0.4	0.3	0.5
Profit distributed to employees	0.2	0.2	0.2
Net profit	0.7	0.7	1.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2010	31-Mar-2009	30-Apr-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.739044	0.753182	0.642302
Consolidated	No	No	No
Issued capital	0.8	0.8	1.0
Share premium account	0.0	0.0	0.0
Other reserves	0.2	0.2	0.2
Total reserves	1.4	1.1	0.9
Profits for the year	0.7	0.7	1.0
Capital subsidies and grants	0.2	0.3	0.2
Total stockholders equity	3.4	3.1	3.3
Provisions and allowances	-	-	0.3
Trade creditors	7.2	7.1	6.4
Bank loans and overdrafts	2.0	2.8	2.8
Current bank debts	0.1	0.7	0.1
Other loans	0.0	0.5	0.0
Other liabilities	5.8	5.9	7.9
Debts on fixed assets	0.1	0.0	0.1
Taxation and social security	2.6	2.5	3.0
Total current liabilities	16.7	17.5	18.2
Total debts	17.8	18.8	20.1
Total liabilities (including net worth)	21.2	21.9	23.8
Patents	0.0	-	-
Goodwill	0.1	0.1	0.1
Land	0.0	0.0	0.0
Buildings	0.6	0.1	0.2
Other fixed assets	2.5	2.8	3.4
Long-term investments	0.3	0.3	0.2
Other financial assets	0.7	0.7	0.8
Total non-current assets	4.1	4.0	4.6
Net stocks and work in progress	7.2	7.4	6.4
Trade debtors	8.4	7.2	7.4
Other receivables	1.2	2.5	4.0
Prepaid expenses	0.2	0.1	0.2
Cash and liquid assets	0.2	0.7	1.2
Total current assets	17.1	17.9	19.2
Prepaid expenses and deferred costs	0.0	0.0	0.0
Total assets	21.2	21.9	23.8

Annual Ratios

Financials in: USD (mil)

	31-Mar-2010	31-Mar-2009	30-Apr-2008
Period Length	12 Months	11 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.739044	0.753182	0.642302
Consolidated	No	No	No
Current ratio	1.00	1.00	1.10
Quick ratio	0.60	0.60	0.70
Total liabilities to net worth	5.33%	6.25%	6.22%
Net worth to total assets	0.16%	0.14%	0.14%
Collection period	32.80	33.40	30.80
Stock turnover rate	10.80	8.80	11.30
Asset turnover	3.64%	2.97%	3.06%
Profit margin	0.01%	0.02%	0.02%
Return on assets	0.04%	0.05%	0.07%
Shareholders' return	0.26%	0.34%	0.53%
Sales per employee	1,106.88	951.67	894.90
Profit per employee	12.59	14.81	21.04
Average wage per employee	138.27	122.77	119.47
Net worth	3.4	3.1	3.3
Number of employees	338	338	343

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.58
UK Pound	1	Rs.86.60
Euro	1	Rs.68.94

INFORMATION DETAILS

Report Prepared by :

PRL

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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