MIRA INFORM REPORT

Report Date :

22.12.2008

IDENTIFICATION DETAILS

Name :	MW ENCAP LIMITED

Registered Office :	MW Creative, 1 Station Road, Foxton, Cambridgeshire, CB2 6SW

Country :	United Kingdom

Financials (as on) :	30.04.2007

Date of Incorporation :	06.01.1994

Legal Form :	Private Limited with Share Capital

Line of Business :	Encapsulation of Pharmaceutical and Health Supplements

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	[£] 75,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Name of the company

MW ENCAP LIMITED

Number 02886521

company summary

Phone		Type	Private limited with Share Capital
Address	MW CREATIVE, 1 STATION ROAD, FOXTON, CAMBRIDGESHIRE, CB2 6SW	Company Status	Active - Accounts Filed
Postcode	CB2 6SW	Incorporated Date	06/01/1994

Todays Limit [£] 75,000

	Active CCJ's	0
	Value of CCJ's [£]	£0
	Number Of Writs	0

	Current Directors	8
	Total Directorships	14

Trading to Date	30/04/07	30/04/06	30/04/05
Turnover	-	-	-
Shareholder Funds	£1,065,815	£559,672	£259,684
Employees	-	-	-

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Secondary Industry Code Details

	SIC Code	Description
	2441	Manufacture Of Basic Pharmaceutical Products

Mortgage Details

Mortgage Type:	mortgage debenture
Date Charge Created:	05/10/1994	Date Charge Registered:	14/10/1994
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	all monies due or to become due from the company to the chargee on any account whatsoever.
Details:	10 a specific equitable charge over all freehold and leasehold properties and/or the proceeds of sale thereof, fixed and floating charges over undertaking and allproperty and assets present and future including goodwill, bookdebts and the benefits of any licences.

Shareholders Details

Name	Shares
Mw Encap (holdings) Ltd	301,000 Ordinary Gbp 1.00

Trading Address Details

	Address	Telephone Number	TCPS
	Mw Creative, 1 Station Road Foxton CB2 6SW

accounts

PROFIT & LOSS

Annual Accounts	05/06-04/07	Change (%)	05/05-04/06	Change (%)	05/04-04/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	-	-	-	-	-
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	-	-	-	-	-
Wages & Salaries	-	-	-	-	-
Directors Emoluments	-	-	-	-	-
Operating Profits	-	-	-	-	-
Depreciation	236,898	13.2 %	209,348	42.8 %	146,645
Audit Fees	-	-	-	-	-
Interest Payments	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-
Taxation	-	-	-	-	-
Profit After Tax	-	-	-	-	-
Dividends Payable	-	-	-	-	-
Retained Profits	-	-	-	-	-

BALANCE SHEET

Annual Accounts	05/06-04/07	Change (%)	05/05-04/06	Change (%)	05/04-04/05
Tangible Assets	926,104	-14.0 %	1,076,298	8.7 %	990,434
Intangible Assets	-	-	-	-	-
Total Fix Assets	926,104	-14.0 %	1,076,298	8.7 %	990,434
Total Current Assets	1,434,989	82.2 %	787,383	34.5 %	585,409
Trade Debtors	611,177	-	-	-	-
Stock	102,049	-19.9 %	127,455	21.0 %	105,296
Cash	721,763	136.0 %	305,875	999.9%	8,728
Other Current Assets	-	-100.0 %	354,053	-24.9 %	471,385
Increase In Cash	415,888	40.0 %	297,147	232.0 %	-225,125
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	2,361,093	26.7 %	1,863,681	18.3 %	1,575,843
Total Current Liabilities	1,221,757	6.6 %	1,146,218	-3.1 %	1,182,480
Trade Creditors	1,221,757	-	-	-	-
Bank Overdraft	-	-	-	-	-
Other Short Term Fin	-	-	-	-	-
Miscellaneous Current Liabilities	-	-100.0 %	1,146,218	-3.1 %	1,182,480
Other Long Term Fin	-	-	-	-	-
Total Long Term Liabilities	73,521	-53.4 %	157,791	18.0 %	133,679
Bank Overdraft & LTL	73,521	-53.4 %	157,791	18.0 %	133,679
Total Liabilities	1,295,278	-0.7 %	1,304,009	-0.9 %	1,316,159
Net Assets	1,065,815	90.4 %	559,672	115.5 %	259,684
Working Capital	213,232	159.4 %	-358,835	39.9 %	-597,071

CAPITALS & RESERVES

Annual Accounts	05/06-04/07	Change (%)	05/05-04/06	Change (%)	05/04-04/05
Paid up equity	301,000	-	301,000	-	301,000
P&L Account Reserve	764,815	195.7 %	258,672	726.1 %	-41,316
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	1,065,815	90.4 %	559,672	115.5 %	259,684
Net Worth	1,065,815	90.4 %	559,672	115.5 %	259,684

MISCELLANEOUS

Annual Accounts	05/06-04/07	Change (%)	05/05-04/06	Change (%)	05/04-04/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	NO	-	NO	-	NO
Capital Employed	1,139,336	58.8 %	717,463	82.4 %	393,363
No of Employees	-	-	-	-	-

	Auditors	BARRIE SCOTT LTD
	AuditQualification	No Adverse Comments
	Bankers	NATIONWIDE BUILDING SOCIETY
	BankBranchCode

RATIOS

Annual Accounts	05/06-04/07	05/05-04/06	05/04-04/05
Pre-tax profit margin %	-	-	-
Current ratio	1.17	0.69	0.50
Sales/Net Working Capital	-	0.00	0.00
Gearing %	6.9 %	28.2 %	51.5 %
Equity in %	45.1 %	30.0 %	16.5 %
Creditor Days	-	-	-
Debtor Days	-	-	-
Liquidity/Acid Test	1.09	0.58	0.41
Return On Capital Employed %	-	0.0 %	0.0 %
Return On Total Assets Employed %	-	0.0 %	0.0 %
Current Debt Ratio %	1.1 %	2.1 %	4.6 %
Total Debt Ratio %	1.2 %	2.3 %	5.1 %
Stock Turnover Ratio %	-	-	-
Return on Net Assets Employed %	-	0.0 %	0.0 %

group structure

	Ultimate Parent Company	MW ENCAP (HOLDINGS) LIMITED
	Companies in Group	2

Company Name	Registered Number	Latest Annual Accounts
MW ENCAP (HOLDINGS) LIMITED	03166262	30/04/2007
MW ENCAP LIMITED<<<	02886521	30/04/2007

Status History

Date	Description
No Status History

Event History

Date	Description
11/03/2008	New Accounts Filed
05/02/2008	Annual Returns
09/03/2007	New Accounts Filed
18/09/2006	New Board Member (joseph Vincentcarey) Appointed
30/03/2006	New Accounts Filed
03/02/2006	Change In Reg.office
03/02/2006	Change Of Company Postcode
16/09/2005	Paul Charltontitley Has Left The Board
14/03/2005	Annual Returns
24/01/2005	New Accounts Filed
09/08/2004	Barrie Clarke Has Left The Board
09/08/2004	New Board Member (david Mcnab) Appointed
12/07/2004	New Board Member (james Savage) Appointed
06/07/2004	New Board Member (massoud Bakhshaee) Appointed
06/07/2004	New Board Member (barrie Clarke) Appointed

directors

Name	Stephen Brown
Address	32 Victoria Avenue
	Saffron Walden
	Essex
	CB11 3AE
Officers Title	Dr	Date Of Birth	07/02/1958
Honours		Present Appointments	1
Appointment Date	18/04/2007	Function	Director

Name	David McNab
Address	25 Calderview Avenue
	Coatbridge
	Lanarkshire
	ML5 4TQ
Officers Title	Mr	Date Of Birth	31/05/1960
Honours		Present Appointments	3
Appointment Date	01/08/2004	Function	Company Secretary

Name	David McNab
Address	25 Calderview Avenue
	Coatbridge
	Lanarkshire
	ML5 4TQ
Officers Title	Mr	Date Of Birth	31/05/1960
Honours		Present Appointments	3
Appointment Date	16/04/2008	Function	Director

Name	James Savage
Address	45 Orbiston Drive
	Bellshill
	North Lanarkshire
	ML4 2LT
Officers Title	Mr	Date Of Birth	05/05/1961
Honours		Present Appointments	1
Appointment Date	01/07/2004	Function	Director

Name	Massoud Bakhshaee
Address	Flat 1/1
	1102 Pollokshaws Road
	Glasgow
	Lanarkshire
	G41 3XA
Officers Title	Mr	Date Of Birth	18/06/1952
Honours		Present Appointments	1
Appointment Date	01/07/2004	Function	Director

Name	Anne Elizabeth Dowler
Address	Broadfield Hall Broadfield
	Buntingford
	Hertfordshire
	SG9 9RD
Officers Title	Ms	Date Of Birth	03/01/1943
Honours		Present Appointments	1
Appointment Date	21/05/2008	Function	Director

Name	Glyn William Dowler
Address	Broadfield Hall
	Broadfield
	Buntingford
	Hertfordshire
	SG9 9RD
Officers Title	Mr	Date Of Birth	05/03/1944
Honours		Present Appointments	6
Appointment Date	12/01/1994	Function	Director

Name	William John Bowtle
Address	2 Netherwood Park
	Deans
	Livingston
	West Lothian
	EH54 8RN
Officers Title	Mr	Date Of Birth	19/02/1947
Honours		Present Appointments	1
Appointment Date	12/01/1994	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.39
UK Pound	1	Rs.70.65
Euro	1	Rs.66.33

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

Web Address	mwencap.com	Incorporation Date	06/01/1994
Type of Accounts	Small Company	Filing Date of Accounts	29/02/2008
Company Type	Private Limited With Share Capital	Date of Latest Accounts	30/04/2007
Annual Return	06/01/2008

	Registered Address		Trading Address
	Telephone Number		Telephone Number
	TPS		TPS
	Address		Address
	MW CREATIVE, 1 STATION ROAD FOXTON CAMBRIDGESHIRE CB2 6SW		Mw Creative, 1 Station Road Foxton CB2 6SW

	Industry:
	Encapsulation Of Pharmaceutical And Health Supplements.

	Mortgage Charges
	Outstanding	1	Satisfied	0