MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	ABBEYFIELD FOODS LIMITED
Formerly Known As :	RAPUNZEL LIMITED
Registered Office :	1 Priory Hall Stillorgan County Dublin 216410
Country :	Ireland
Financials (as on) :	31.10.2011
Date of Incorporation :	07.12.1994
Com. Reg. No.:	IE225850
Legal Form :	--
Line of Business :	Management Consultancy Activities Other Than Financial Management
No. of Employees :	8

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Ireland	A2	A2

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	ABBEYFIELD FOODS LIMITED	Company Number	IE225850
Registered Address	1 PRIORY HALL
	STILLORGAN
	COUNTY DUBLIN
	216410
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	07/12/1994	Company Status	Active - Accounts Filed
Previous Name	RAPUNZEL LIMITED	Type	Other
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€3
SIC03	74149	Currency	EUR
SIC03 Description	BUSINESS/MANAGEMENT CONSULTANCY ACTIVITIES(NOT ELSEW CLASSIFIED)
SIC07	70229
SIC07 Description	MANAGEMENT CONSULTANCY ACTIVITIES OTHER THAN FINANCIAL MANAGEMENT
Principal Activity	A global food sourcing company specialising in the sourcing and supply of quality food. Accounts data converted from US Dollar.

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	15

Current Directors

Name	PAUL MURPHY	Date of Birth	12/03/1963
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	29/06/2007
Address	ABBEYLANDS,  MARINO AVENUE WEST,  KILLINEY,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN DORIS	Date of Birth	28/02/1947
Officers Title		Nationality
Present Appointments	8	Function	Director
Appointment Date	07/12/2009
Address	58 CABINTEELY GREEN,  DUBLIN 18.,  ,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SINEAD LENNON	Date of Birth	06/05/1967
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	29/06/2007
Address	ABBEYLANDS,  MARINO AVENUE WEST,  KILLINEY,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	COLUM KEOGH	Date of Birth	27/05/1969
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	12/09/2007
Address	32 ROCKFIELD GREEN,  ROCKFIELD,  MAYNOOTH,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN NOLAN	Date of Birth	26/11/1963
Officers Title		Nationality
Present Appointments	9	Function	Director
Appointment Date	10/12/2010
Address	134 SANTRY CLOSE,  SANTRY,  DUBLIN 9,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	SINEAD LENNON	Date of Birth	06/05/1967
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	29/06/2007
Address	ABBEYLANDS,  MARINO AVENUE WEST,  KILLINEY,

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
LIAM MCGREAL	0	110
JOHN HORGAN	98	99
CON GILTINANE	0	96
JOHN HORGAN	98	99
JOHN RAYMOND EGAN	0	53
JOHN RAYMOND EGAN	0	53
FRIEDHELM DANZ	0	73
JOHN MCDONNELL	1	2
PAUL MURPHY	2	81
ROBERT GROGAN	95	21
KEVIN RUANE	72	8
PATRICIA MCDONNELL	1	2
PATRICIA MCDONNELL	1	2
FAOUZI BENARAB	1	2
MICHAEL MCPHILIPS	0	9

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Mortgage Summary

Outstanding	2
Satisfied	0

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

Mortgage Details

Mortgage Type:	A charge on book debts of the company. A floating charge on the undertakings or property of the comp
Date Charge Created:	28/10/11
Date Charge Registered:	08/11/11
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	BIBBY FINANCIAL SERVICES LIMITED
Amount Secured:
Details:

Mortgage Type:	A charge on uncalled share capital of the company. A charge created or evidenced by an instrument wh
Date Charge Created:	23/11/07
Date Charge Registered:	13/12/07
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:
Details:	The Secured Liabilities (as defined in the Annexure attached to Form C1)

SHARE & SHARE CAPITAL INFORMATION

Share Capital	€3
Currency	EUR

Top 20 Shareholders

Name	Individual Share Value
PAUL MURPHY	2 ORDINARY EUR 1.50

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	9
Company DBT	IE Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/10/2011	-	€157,390	€915,383	8
31/10/2010	€28,482,577	€436,188	€704,444	8
31/10/2009	€46,599,655	€429,946	€395,042	7

Profit & Loss

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Weeks	52	(%)	52	(%)	52	(%)	83	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	€28,482,577	-38.9%	€46,599,655	136%	€19,746,714	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-100%	€26,851,461	-40.3%	€44,944,114	138.6%	€18,836,402	-	-
Gross Profit	€1,151,081	-29.4%	€1,631,116	-1.5%	€1,655,541	81.9%	€910,312	-	-
Wages & Salaries	€449,793	-6.6%	€481,606	5.2%	€457,960	89.4%	€241,832	-	-
Directors Emoluments	€261,322	39.5%	€187,360	-48%	€360,334	69.7%	€212,387	-	-
Operating Profit	€177,033	-67.3%	€541,714	-0.2%	€542,900	186.5%	€189,523	-	-
Depreciation	€44,977	9.2%	€41,203	68.3%	€24,481	137%	€10,329	-	-
Audit Fees	€15,046	11.5%	€13,500	-	€13,500	-10%	€15,000	-	-
Interest Payments	€19,643	-81.4%	€105,526	-8.2%	€114,908	-30.7%	€165,911	-	-
Pre Tax Profit	€157,390	-63.9%	€436,188	1.5%	€429,946	999.9%	€24,195	-	-
Taxation	-€23,078	60.6%	-€58,546	5.5%	-€61,959	-999.9%	-€633	-	-
Profit After Tax	€134,312	-64.4%	€377,642	2.6%	€367,987	999.9%	€23,562	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	€134,312	-64.4%	€377,642	2.6%	€367,987	999.9%	€23,562	-	-

Balance Sheet

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Tangible Assets	€37,270	-45.2%	€68,031	5.8%	€64,328	60%	€40,199	-	0
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€37,270	-45.2%	€68,031	5.8%	€64,328	60%	€40,199	-	0
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	€2,413,142	-36.5%	€3,798,329	-59.6%	€9,396,967	2.2%	€9,195,186	-	0
Cash	€284,502	-65.1%	€815,629	999.9%	€12,597	-96.8%	€391,004	999.9%	€33
Other Debtors	€13,328	16.8%	€11,412	-87.1%	€88,442	194%	€30,079	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	€2,710,972	-41.4%	€4,625,370	-51.3%	€9,498,006	-1.2%	€9,616,269	999.9%	€33
Trade Creditors	€1,264,426	-52%	€2,633,514	-43.9%	€4,696,500	-16.3%	€5,611,516	999.9%	€588
Bank Loans & Overdrafts	0	-100%	€844,796	-78.3%	€3,888,404	12.6%	€3,454,461	-	0
Other Short Term Finance	0	-	0	-	0	-100%	€11,552	-	0
Miscellaneous Current Liabilities	€8,287	-22.2%	€10,647	-87.1%	€82,388	243.1%	€24,013	-	0
Total Current Liabilities	€1,272,713	-63.5%	€3,488,957	-59.7%	€8,667,292	-4.8%	€9,101,542	999.9%	€588
Bank Loans & Overdrafts and LTL	€560,146	-58.3%	€1,344,796	-69.4%	€4,388,404	11%	€3,954,461	-	0
Other Long Term Finance	€560,146	12%	€500,000	-	€500,000	-	€500,000	-	0
Total Long Term Liabilities	€560,146	12%	€500,000	-	€500,000	-	€500,000	-	0

Capital & Reserves

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Called Up Share Capital	€6	113.3%	€3	-	€3	-	€3	-	€3
P & L Account Reserve	€915,377	29.9%	€704,441	78.3%	€395,039	619.3%	€54,923	999.9%	-€558
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€915,383	29.9%	€704,444	78.3%	€395,042	619.2%	€54,926	999.9%	-€555

Other Financial Items

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Net Worth	€915,383	29.9%	€704,444	78.3%	€395,042	619.2%	€54,926	999.9%	-€555
Working Capital	€1,438,259	26.6%	€1,136,413	36.8%	€830,714	61.4%	€514,727	999.9%	-€555
Total Assets	€2,748,243	-41.4%	€4,693,401	-50.9%	€9,562,334	-1%	€9,656,468	999.9%	€33
Total Liabilities	€1,832,860	-54.1%	€3,988,957	-56.5%	€9,167,292	-4.5%	€9,601,542	999.9%	€588
Net Assets	€915,383	29.9%	€704,444	78.3%	€395,042	619.2%	€54,926	999.9%	-€555

Cash Flow

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Net Cashflow from Operations	€369,429	-91%	€4,119,192	733.6%	-€650,153	77.8%	-€2,925,623	-	-
Net Cashflow before Financing	€316,840	-91.8%	€3,845,741	573.4%	-€812,350	74.1%	-€3,136,528	-	-
Net Cashflow from Financing	-	-	-	-	-	-100%	€73,038	-	-
Increase in Cash	€316,841	-91.8%	€3,845,741	573.4%	-€812,350	73.5%	-€3,063,490	-	-

Miscellaneous

Date Of Accounts	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08	(%)	31/03/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€1,475,529	22.5%	€1,204,444	34.6%	€895,042	61.3%	€554,926	999.9%	-€555

Ratios

Date Of Accounts	31/10/11	31/10/10	31/10/09	31/10/08	31/03/07
Pre-tax profit margin %	-	1.53	0.92	0.12	-
Current ratio	2.13	1.33	1.10	1.06	0.06
Sales/Net Working Capital	-	25.06	56.10	38.36	-
Gearing %	61.20	190.90	1110.90	7199.60	0
Equity in %	33.30	15	4.10	0.60	-1681.80
Creditor Days	-	33.65	36.68	165.10	-
Debtor Days	-	48.54	73.40	270.54	-
Liquidity/Acid Test	2.13	1.32	1.09	1.05	0.06
Return On Capital Employed %	10.66	36.21	48.03	4.36	-
Return On Total Assets Employed %	5.72	9.29	4.49	0.25	-
Current Debt Ratio	1.39	4.95	21.94	165.70	-1.05
Total Debt Ratio	2	5.66	23.20	174.80	-1.05
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	17.19	61.91	108.83	44.05	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

SIC03		74149
SIC03 Description	BUSINESS/MANAGEMENT CONSULTANCY ACTIVITIES(NOT ELSEW CLASSIFIED)
SIC07	70229
SIC07 Description	MANAGEMENT CONSULTANCY ACTIVITIES OTHER THAN FINANCIAL MANAGEMENT
Principal Activity	A global food sourcing company specialising in the sourcing and supply of quality food. Accounts data converted from US Dollar.

Number of Employees	8	-	8	14.3%	7	40%	5	-	-
Auditors	RSM FARRELL GRANT SPARKS
Auditor Comments	The audit report contains no adverse comments
Bankers	ULSTER BANK
Bank Branch Code	98-59-50

Status History

No Status History found

Event History

Date	Description
19/09/2012	New Accounts Filed
18/09/2012	Annual Returns
06/07/2011	New Accounts Filed
06/07/2011	New Accounts Filed
29/06/2011	Annual Returns
10/12/2010	New Board Member (JOHN NOLAN) appointed
27/04/2010	Annual Returns
24/04/2010	New Accounts Filed
24/04/2010	New Accounts Filed
17/12/2009	Annual Returns
07/12/2009	New Board Member (JOHN DORIS) appointed
13/11/2009	FAOUZI BENARAB has left the board
02/03/2009	Annual Returns
02/03/2009	New Accounts Filed
22/09/2008	New Board Member (FAOUZI BENARAB) appointed

Previous Company Names

Date	Previous Name
N/A	RAPUNZEL LIMITED

Received Documents

DocumentDescription	Status	CRO Registered Date
B1c Annual Return - General	Received	30/08/2012
B1c Annual Return - General	Received	30/08/2012

The documents above have been received by CRO but are currently unavailable to view.

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.25
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

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