MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	SEAMARK PLC
Formerly Known As :	SEAFOOD MARKETING INTERNATIONAL PLC
Registered Office :	Hulme Hall Lane Lord North Street Manchester M40 8AD
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	22.01.1991
Com. Reg. No.:	02575875
Legal Form :	Public limited with share capital
Line of Business :	· Processing and preserving of poultry meat. · Storage, processing and wholesaling of frozen seafoods and poultry.
No. of Employees	174

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 but correct
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

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

UNITED KINGDOM ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company name and address

Company Name: SEAMARK PLC

Company No: 02575875

Company Status: Active - Accounts Filed

Registered Address: HULME HALL LANE LORD

NORTH STREET

MANCHESTER M40 8AD

DIRECTORS/MANAGEMENT

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	2

Current Directors

Name	Bilal Ahmed	Date of Birth	09/01/1964
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Director
Appointment Date	22/01/1991
Address	10 Sherbrook Rise, Wilmslow, Cheshire, SK9 2AX
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Kamal Ahmed	Date of Birth	06/04/1960
Officers Title		Nationality	British
Present Appointments	6	Function	Director
Appointment Date	22/01/1991
Address	20 Hough Lane, Wilmslow, Cheshire, SK9 2LQ
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Iqbal Ahmed	Date of Birth	04/08/1956
Officers Title		Nationality	British
Present Appointments	6	Function	Director
Appointment Date	22/01/1991
Address	Hulme Hall Lane Lord North Street, Miles Platting, Manchester, M40 8AD
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Bilal Ahmed	Date of Birth	09/01/1964
Officers Title	Mr	Nationality	British
Present Appointments	8	Function	Company Secretary
Appointment Date	22/01/1991
Address	10 Sherbrook Rise, Wilmslow, Cheshire, SK9 2AX
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 8

Outstanding 5

Satisfied 3

CCJ

Total Number of Exact CCJs -	1	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 -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
25/10/2013	NORTHAMPTON CCMCC	£1,169	Judgement	3YQ51945	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
25/10/2013	NORTHAMPTON CCMCC	£1,169	Judgement	3YQ51945	-

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:
Date Charge Created:	27/02/14
Date Charge Registered:	28/02/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	NONENOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:
Date Charge Created:	28/06/13
Date Charge Registered:	02/07/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC INVOICE FINANCE (UK) LTD;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	DEBENTURE
Date Charge Created:	28/05/08
Date Charge Registered:	03/06/08
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	08/11/06
Date Charge Registered:	09/11/06
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC ASSET FINANCE (UK) LIMITED & HSBC EQUIPMENT FINANCE (UK) LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	THE PROPERTY AT LAND ON THE NORTH EAST SIDE OF ALAN TURNING WAY MANCHESTER T/N GM974940 AND GM970097WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THEPROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALLOTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	06/07/05
Date Charge Registered:	07/07/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	L/H PROPERTY K/A ALAN TURING WAY MILES PLATTING MANCHESTER WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROMTIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OROTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THEPROPERTY

Mortgage Type:	DEBENTURE
Date Charge Created:	18/05/04
Date Charge Registered:	25/05/04
Date Charge Satisfied:	08/01/05
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	08/10/97
Date Charge Registered:	14/10/97
Date Charge Satisfied:	24/08/11
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	LAND AND BUILDINGS AT EDGE LANE DROYLSDEN MANCHESTER GREATER MANCHESTER T/N\S GM313803, GM167236, GM178988 AND LA270992

Mortgage Type:	DEBENTURE
Date Charge Created:	28/05/92
Date Charge Registered:	08/06/92
Date Charge Satisfied:	24/08/11
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:
Details:	(FOR FULL DETAILS REFER TO DOC M395)FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTYAND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXEDPLANT AND MACHINERY

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
IQBAL AHMED	GBP	16,000	ORDINARY	1	26.67
BILAL AHMED	GBP	16,000	ORDINARY	1	26.67
KAMAL AHMED	GBP	16,000	ORDINARY	1	26.67
NASRIM SULTANA	GBP	4,000	ORDINARY	1	6.67
SALMA AKTHER IQBAL	GBP	4,000	ORDINARY	1	6.67
SAIRA AFROZ KOMOL	GBP	4,000	ORDINARY	1	6.67

PAYMENT INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Trade Payment Information

Average Invoice Value	227
Invoices available	423
Paid	392
Outstanding	31

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Average Invoice Value	£227
Invoices available	423
Paid	392
Outstanding	31

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	69	162	140	20	1
Outstanding	0	0	13	12	6

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

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£59,845,598	-13.7%	£69,316,997	11.9%	£61,930,684	18.4%	£52,303,771	14.5%	£45,699,689
	Export	£41,690,855	-14.7%	£48,885,432	296.4%	£12,333,850	-62.2%	£32,636,229	4.7%	£31,181,125
	Cost of Sales	£57,132,688	-8.9%	£62,702,084	16.4%	£53,890,185	16%	£46,438,694	13.3%	£40,982,550
	Gross Profit	£2,712,910	-59%	£6,614,913	-17.7%	£8,040,499	37.1%	£5,865,077	24.3%	£4,717,139
	Wages & Salaries	£3,287,623	29.9%	£2,531,028	-33.4%	£3,803,162	42.2%	£2,674,390	-0.8%	£2,695,185
	Directors Emoluments	£373,000	-	£373,000	-59.2%	£913,539	238.9%	£269,595	5.7%	£255,095
	Operating Profit	-£129,173	-106.5%	£1,984,561	-22.6%	£2,564,474	17.1%	£2,189,451	110.6%	£1,039,684
	Depreciation	£565,121	0%	£565,211	-6.2%	£602,636	-8.5%	£658,812	-1.6%	£669,621
	Audit Fees	£11,700	-	£11,700	-55%	£26,000	-3.7%	£27,000	58.8%	£17,000
	Interest Payments	£533,865	5.5%	£506,123	-26.8%	£691,411	15.9%	£596,371	-35.6%	£925,626
	Pre Tax Profit	-£663,038	-144.8%	£1,478,438	-21.6%	£1,886,144	18%	£1,598,305	969%	£149,521
	Taxation	£133,933	132.7%	-£410,027	36.4%	-£644,481	-19.3%	-£540,334	-426%	-£102,717
	Profit After Tax	-£529,105	-149.5%	£1,068,411	-14%	£1,241,663	17.4%	£1,057,971	999.9%	£46,804
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-£529,105	-149.5%	£1,068,411	-14%	£1,241,663	17.4%	£1,057,971	999.9%	£46,804

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Tangible Assets	£10,053,083	-3.3%	£10,400,033	-3.8%	£10,808,299	-9.7%	£11,974,917	-4.9%	£12,595,650
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£10,053,083	-3.3%	£10,400,033	-3.8%	£10,808,299	-9.7%	£11,974,917	-4.9%	£12,595,650
	Stock	£11,405,621	-41.1%	£19,361,708	45%	£13,348,852	9.8%	£12,153,080	-6%	£12,933,773
	Trade Debtors	£5,659,588	-21.3%	£7,190,177	-0.5%	£7,228,704	53.2%	£4,719,047	-18.2%	£5,770,765
	Cash	£46,222	999.9%	£200	-99.3%	£28,835	999.9%	£467	-98.2%	£26,279
	Other Debtors	£5,715,749	0.6%	£5,684,132	30.6%	£4,352,184	178.6%	£1,562,163	2.8%	£1,519,105
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£22,827,180	-29.2%	£32,236,217	29.2%	£24,958,575	35.4%	£18,434,757	-9%	£20,249,922
	Trade Creditors	£1,681,153	-23.7%	£2,204,095	105.3%	£1,073,354	-75.1%	£4,316,179	-53%	£9,177,629
	Bank Loans & Overdrafts	£6,547,081	6%	£6,174,195	11.8%	£5,522,235	2.7%	£5,379,329	53.8%	£3,497,527
	Other Short Term Finance	£6,076,024	-37.5%	£9,725,293	351.8%	£2,152,453	488.3%	£365,874	2.3%	£357,679
	Miscellaneous Current Liabilities	£809,917	-84.4%	£5,189,698	-32%	£7,633,641	609.7%	£1,075,561	171.8%	£395,673
	Total Current Liabilities	£15,114,175	-35.1%	£23,293,281	42.2%	£16,381,683	47.1%	£11,136,943	-17.1%	£13,428,508
	Bank Loans & Overdrafts and LTL	£8,639,605	-6.7%	£9,261,695	-11.5%	£10,469,516	-8.6%	£11,455,813	6.3%	£10,776,315
	Other Long Term Finance	0	-	0	-100%	£2,958	-93.1%	£42,930	-88.8%	£383,794
	Total Long Term Liabilities	£2,092,524	-32.2%	£3,087,500	-37.6%	£4,947,281	-18.6%	£6,076,484	-16.5%	£7,278,788

.

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Called Up Share Capital	£60,000	-	£60,000	-	£60,000	-	£60,000	-	£60,000
	P & L Account Reserve	£14,917,216	-3.4%	£15,446,321	7.4%	£14,377,910	9.5%	£13,136,247	8.8%	£12,078,276
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£696,348	-7%	£749,148	-	-	-	-	-	-
	Shareholder Funds	£15,673,564	-3.6%	£16,255,469	12.6%	£14,437,910	9.4%	£13,196,247	8.7%	£12,138,276

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Worth	£15,673,564	-3.6%	£16,255,469	12.6%	£14,437,910	9.4%	£13,196,247	8.7%	£12,138,276
	Working Capital	£7,713,005	-13.8%	£8,942,936	4.3%	£8,576,892	17.5%	£7,297,814	7%	£6,821,414
	Total Assets	£32,880,263	-22.9%	£42,636,250	19.2%	£35,766,874	17.6%	£30,409,674	-7.4%	£32,845,572
	Total Liabilities	£17,206,699	-34.8%	£26,380,781	23.7%	£21,328,964	23.9%	£17,213,427	-16.9%	£20,707,296
	Net Assets	£15,673,564	-3.6%	£16,255,469	12.6%	£14,437,910	9.4%	£13,196,247	8.7%	£12,138,276

Cash Flow

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Cashflow from Operations	£1,851,967	68.1%	£1,101,530	-61.9%	£2,888,292	490.7%	£488,982	-92.6%	£6,613,917
	Net Cashflow before Financing	£631,327	56.7%	£402,847	-68.9%	£1,294,819	343.6%	-£531,473	-109.6%	£5,508,450
	Net Cashflow from Financing	-£1,046,431	3.4%	-£1,083,442	23.1%	-£1,409,356	-2.4%	-£1,376,141	-923%	-£134,526
	Increase in Cash	-£415,104	39%	-£680,595	-494.2%	-£114,537	94%	-£1,907,614	-135.5%	£5,373,924

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£17,766,088	-8.2%	£19,342,969	-0.2%	£19,385,191	0.6%	£19,272,731	-0.7%	£19,417,064
	Number of Employees	174	-7%	187	1.6%	184	10.8%	166	2.5%	162
	Auditors	BDO LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code	20-55-34

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
	Pre-tax profit margin %	-1.11	2.13	3.05	3.06	0.33
	Current ratio	1.51	1.38	1.52	1.66	1.51
	Sales/Net Working Capital	7.76	7.75	7.22	7.17	6.70
	Gearing %	55.10	57	72.50	86.80	88.80
	Equity in %	47.70	38.10	40.40	43.40	37
	Creditor Days	10.22	11.57	6.30	30.03	73.10
	Debtor Days	34.42	37.75	42.48	32.84	45.96
	Liquidity/Acid Test	0.75	0.55	0.70	0.56	0.54
	Return On Capital Employed %	-3.73	7.64	9.72	8.29	0.77
	Return On Total Assets Employed %	-2.01	3.46	5.27	5.25	0.45
	Current Debt Ratio	0.96	1.43	1.13	0.84	1.10
	Total Debt Ratio	1.09	1.62	1.47	1.30	1.70
	Stock Turnover Ratio %	19.05	27.93	21.55	23.23	28.30
	Return on Net Assets Employed %	-4.23	9.09	13.06	12.11	1.23

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

CCJ recorded against the company.

The company's credit rating has increased from not rated to 41 which indicates it is creditworthy.

Sales in the latest trading period decreased 13.7% on the previous trading period.

Net Worth decreased by 3.6% during the latest trading period.

A 22.9% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 144.8% compared to the previous trading period.

The company saw an increase in their Cash Balance of 999.9% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is not part of a group.

The company was established over 23 years ago.

Enquiries Trend

There have been 195 enquiries in the last 12 months.

There are an average of 16 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	33	80	140

Status History

No Status History found

Event History

Date	Description
01/04/2014	Annual Returns
09/12/2013	New Accounts Filed
09/12/2013	New Accounts Filed
19/02/2013	Annual Returns
10/07/2012	New Accounts Filed
10/07/2012	New Accounts Filed
30/01/2012	Annual Returns
25/07/2011	New Accounts Filed
25/07/2011	New Accounts Filed
23/02/2011	Annual Returns
23/08/2010	New Accounts Filed
19/02/2010	Annual Returns
27/11/2009	New Accounts Filed
27/11/2009	New Accounts Filed
02/03/2009	Annual Returns

Previous Company Names

Date	Previous Name
27/11/2002	SEAFOOD MARKETING INTERNATIONAL PLC

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
LONDON LAW SERVICES LIMITED	1697	53451
LONDON LAW SECRETARIAL LIMITED	1799	53393

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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.