MIRA INFORM REPORT

Report Date :

27.02.2008

IDENTIFICATION DETAILS

Name :	WEST PHARMACEUTICAL SERVICES
Registered Office :	101 Gordon Dr Exton, PA 19341-1320
Country :	United States
Financials (as on) :	2006
Date of Incorporation :	03.17.1986
Com. Reg. No.:	839338255
Legal Form :	Private Limited Company
Line of Business :	Drug Stores And Proprietary Stores

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow by 4 days
Litigation :	Clear

Company Information

WEST PHARMACEUTICAL SERVICES
101 GORDON DR
EXTON, PA 19341-1320
(610) 594-2900

Business Identification Number:

839338255

File Established:

PRIOR TO 01/1977

Date of Incorporation:

03/17/1986

SIC code:

DRUG STORES & PROPRIETARY STORES - 5912

Executive Summary

  Intelliscore for WEST PHARMACEUTICAL SERVICES

65.28

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

100

High risk

Low risk

MEDIUM RISK
52% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

	NUMBER OF ACTIVE ACCOUNTS
	NUMBER OF DEROGATORY PUBLIC RECORD ACCOUNTS
	NUMBER OF RECENT COLLECTION ACCOUNTS
	BALANCE ON DELINQUENT ACCOUNTS

  Current DBT range compared to all industries*

4 DBT
($34,500 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 8 DBT        Same industry: 9 DBT

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings:

0

Judgment filings:

0

Total collections: details (PLACED 12/07)

1

Sum of legal filings:

$0

UCC filings: details (FILED 06/03-06/07)

14

Cautionary UCC filings present?

Yes**

Trade Information

Monthly average DBT:

4

Highest DBT previous 6 months:

15

Highest DBT previous 5 quarters:

15

Total continuous trades:

20

Current continuous trade balance:

$34,500

Trade balance of all trades (44):

$174,400

Average balance previous 5 quarters:

$51,080

Highest credit amount extended: details

$25,200

6 month balance range:

$25,600 - $57,800

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

90+

60

30

1

1

3

6

15

0

4

0

Aug07

Sep07

Oct07

Nov07

Dec07

Jan08

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

0

0

0

1

4

0

4Q06

1Q07

2Q07

3Q07

4Q07

Performance Analysis

Predicted DBT for 04/23/2008: 4 DBT

Payment Trend Indication:
Show No Identifiable Trend

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CONTRCT, and CREDIT

Legal Filings and Collections

Collections
Date Placed	Status	Original Balance	Outstanding Balance	Date Closed	Agency	Agency Phone
12/2007	Paid in Full	$11,078	$0	01/2008	A.G. ADJUSTMENTS LTD	(516) 752-3000

Trade Payment Information

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
ADVERTISNG	02/2008		NET 30		$0						CUST 5 YR
+AIR TRANS	10/2007	10/2007		$2,900	$200	100%					CUST 25 YR
AIR TRANS	01/2008		NET 30	$400	$0						CUST 14 YR
BLDG MATRL	01/2008	12/2007	CREDIT	$900	$0
-CHEMICALS	10/2007	09/2007	NET 30	$8,800	$8,800	41%	37%	22%
COMPUTERS	02/2008	04/2002	CREDIT		$0
FACTOR	02/2008	03/2007	NET 30	$3,100	$0						CUST 3 YR
=FINCL SVCS	02/2008	01/2008	VARIED	$25,200	$25,200	100%					SATSFTRY
FINCL SVCS	02/2008	01/2008	NET 30	$3,600	$0
FINCL SVCS	02/2008	07/2007	VARIED	<$100	$0
FINCL SVCS	12/2007	01/2007	CONTRCT	$1,400	$0						CUST 8 YR
FREIGHT	02/2008	10/2007	VARIED	$800	$0
OFFC SUPPL	02/2008	08/2001	CREDIT		$0						ACCTCLOSED
PACKAGING	01/2008	12/2007	NET 30	$300	$0						CUST 10 YR
PERSNLSVCS	02/2008	10/2007	ROI	$15,700	$0
SAFTY PROD	12/2007		NET 30		$0
+TELECOM	01/2008		NET 30	$300	<$100	100%
+TELECOM	02/2008	12/2007	NET EOM	$100	<$100	100%					CUST 1 YR
=TELECOM	02/2008		NET 30	<$100	<$100		100%				DISPUTE
TRUCK DLR	02/2008		CONTRCT	$1,200	$0

Trade Payment Totals

Trade Payment Experiences				Account Status Days Beyond Terms
Type	Lines Reported	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
Continuously Reported	20	$64,900	$34,500	85%	9%	6%			DBT: 4
Newly Reported	0								DBT:
Trade Lines Totals	20	$64,900	$34,500	85%	9%	6%			DBT: 4

Additional Payment Experiences

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
=AUTO LEASE	01/2008	01/2008	VARIED	$31,200	$6,900	100%					SATSFTRY
BUS SERVCS	06/2005	06/2005	NET 30		$0
BUS SERVCS	10/2006		NET 7	$2,300	$0
COMMUN SVC	06/2005	06/2005	NET 30	<$100	$0
COMPUTERS	05/2005		CREDIT		$0						CUST 37 YR
=COMPUTERS	07/2005		NET 30	$31,700	$2,300		79%	21%
COMPUTERS	07/2005	05/2005			$0
+CRED CARD	06/2007	05/2007	REVOLVE	$1,600	$1,100	100%					CUST 15 YR
ELEC SUPLR	04/2005		VARIED		$0
FACTOR	10/2005	09/2000	NET 30		$0
-FRGHT FWRD	06/2005		NET 30	$1,300	<$100					100%
+FUEL DISTR	02/2006	02/2006	NET 25	$400	$400	100%					CUST 4 YR
GENERAL	02/2005	07/2004	NET 30		$0						CUST 4 YR
=MANUFCTRNG	09/2006	08/2006	VARIED	$41,900	$39,200	55%	45%
-MISC MANUF	11/2006	09/2006	NET 30	$100	$100			100%
+MISC MANUF	02/2007		VARIED	$1,200	$1,200	100%
+MOTR TRANS	12/2005	12/2005	VARIED	$5,200	$2,700	100%
+OFFC SUPPL	06/2007	06/2007	DISC	$74,400	$53,200	90%	9%	1%			CUST 8 YR
OFFC SUPPL	11/2005	06/2005	CREDIT	$200	$0						CUST 6 YR
=PETROLEUM	03/2007	03/2007	VARIED	$1,500	$400	100%					CUST 15 YR
+PRNTG&PUBL	12/2005	12/2005	CONTRCT	$8,300	$8,300	100%					CUST 24 YR
TELECOM	04/2007	04/2007	NET 30	$200	$0						EXLENT ACC
+TELECOM	10/2006		ROI	$1,000	$400	100%					CUST 3 YR
+TEMP HELP	01/2007		NET 10	$47,200	$23,600	59%	31%	4%	6%		CUST 6 YR

Monthly Payment Trends

Payment Trends Analysis
DRUG STORES & PROPRIETARY STORES INDUSTRY SIC: 5912

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

4

$34,500

85%

9%

6%

JAN08

74%

9

0

$27,900

100%

DEC07

77%

6

15

$55,500

61%

7%

32%

NOV07

78%

6

6

$57,800

63%

34%

3%

OCT07

69%

13

3

$44,800

89%

7%

4%

SEP07

69%

14

1

$40,000

95%

4%

1%

AUG07

75%

13

1

$44,000

97%

1%

1%

1%

Quarterly Payment Trends

Payment History - Quarterly Averages				Account Status Days Beyond Terms
Quarter	Months	DBT	Balance	Cur	1-30	31-60	61-90	91+
Q4 - 07	OCT-DEC	4	$42,200	86%	9%	5%
Q3 - 07	JUL-SEP	1	$42,500	97%	2%	1%
Q2 - 07	APR-JUN	0	$50,700	99%	1%
Q1 - 07	JAN-MAR	0	$54,800	100%
Q4 - 06	OCT-DEC	0	$65,200	98%	2%

Inquiries

Summary of Inquiries
Business Category	FEB08	JAN08	DEC07	NOV07	OCT07	SEP07	AUG07	JUL07	JUN07
GENERAL									1
Totals									1

UCC Profile

The number of UCC Filings is summarized with the 10 most recent listed below.

A full UCC detail report is available the same business day by entering UCC-839338255-C032794852
into the Business ID Number field on the BizApps order page.

UCC Summary		Filings
Date Range	Year	Cautionary UCCs^**	Total Filed	Released/ Term'd	Cont	Amended/ Assigned
JAN - PRESENT	2008
JUL - DEC	2007					2
JAN - JUN	2007	1	1			1
JUL - DEC	2006	2	2
JAN - JUN	2006
PRIOR TO JAN	2006	6	11
Total		9	14			3

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

  UCC Filings

UCC FILED Date: 06/13/2007

Filing Number: 2007061307756

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: ENGEL CANADA INC. ON GUELPH, ONTARIO N1K1C 545 ELMIRA RD

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 12/27/2006

Filing Number: 2006122706502

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: GENERAL ELECTRIC CAPITAL CORPORATION PA FORT WASHINGTON 1903

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 12/07/2006

Filing Number: 2006120708681

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 12/29/2005

Filing Number: 2006010502961

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: GENERAL ELECTRIC CAPITAL CORPORATION PA FORT WASHINGTON 1903

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 12/20/2005

Filing Number: 2005122001342

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 07/05/2005

Filing Number: 2005070700593

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: MAKINO INC. OH MASON 45040 7680 INNOVATION WAY

Collateral: EQUIP, HEREAFTER AQUIRED PROP

UCC FILED Date: 03/29/2005

Filing Number: 2005033101815

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: GENERAL ELECTRIC CAPITAL CORPORATION PA FORT WASHINGTON 1903

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 02/17/2005

Filing Number: 2005021701697

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: CITICORP LEASING, INC. NY HARRISON 10528 450 MAMARONECK AVE.

Collateral: EQUIP, UNDEFINED

UCC FILED Date: 02/08/2005

Filing Number: 2005021400459

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: MAKINO INC. OH MASON 45040 7680 INNOVATION WAY

Collateral: EQUIP

UCC FILED Date: 11/29/2004

Filing Number: 2004121412174

Jurisdiction: SEC OF STATE PENNSYL

Secured Party: GENERAL ELECTRIC CAPTIAL CORPORATION PA FORT WASHINGTON 1903

Collateral: EQUIP, FURN & FIX, HEREAFTER AQUIRED PROP, UNDEFINED

Commercial Finance Relationships

  Leasing Relationships

Leasing Company: NON-DISCLOSED

Origination Date: 10/2007

Original Lease Amount: $1,620

Lease Product Type: EQUIPMENT

Lease Close Date: 10/2008

Lease Term: 13 Months

Current Scheduled Amount Due: $124

Amount of Overdue Payments: $0

Remaining Balance: $1,080

Late Payments: 0

Leasing Company: NON-DISCLOSED

Origination Date: 08/2007

Original Lease Amount: $12,915

Lease Product Type: EQUIPMENT

Lease Close Date: 02/2011

Lease Term: 43 Months

Current Scheduled Amount Due: $300

Amount of Overdue Payments: $0

Remaining Balance: $11,590

Late Payments: 0

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF OHIO

State of Origin: OH

Date of Incorporation: 03/17/1986

Current Status: Active

Business Type: Institutions - Unknown

Charter Number: 674351

  Additional Company Background Information

Key Personnel

Principal(s):	GREG TIMKO, OPERATIONS
	DONALD E. MOREL, CHAIRMAN O
	CHRISTI BRADLEY, GENERAL MA

Operating Information

Business Type: Institutions

Primary SIC Code: DRUG STORES & PROPRIETARY STORES - 5912

Secondary SIC Code: FABRICATED RUBBER PRODUCTS, NEC - 3069

Additional SIC Code: 8900 - 6719

Number of Employees: 2

Sales: $300,000

Standard and Poor's Information

Balance sheet for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Cash and equivalent	0	48,800	68,800
	Receivables - net	0	107,400	72,900
	Inventory	0	61,200	56,700
	Other current assets	0	19,800	28,100
	Total current assets	0	237,200	226,500
	Fixed assets - net	0	328,000	283,800
	Investments	0	27,700	26,600
	Other assets	0	230,700	121,800
	Total assets	0	823,600	658,700
	Debt due in 1 year	0	300	0
	Notes payable	0	0	10,000
	Accounts payable	0	46,300	29,300
	Taxes payable	0	15,900	16,900
	Other current liabilities	0	62,300	60,300
	Total current liabilities	0	124,800	116,500
	Long term debt	0	280,700	150,800
	Other liabilities	0	84,600	90,300
	Net worth	0	333,500	301,100
	Total liab. and net worth	0	823,600	658,700

Operating statement for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Net sales	0	699,700	541,600
	Cost of goods sold	0	464,500	341,000
	Gross income on sales	0	235,200	200,600
	Expenses	0	172,500	156,000
	Pre-tax income	0	62,500	44,600
	Taxes	0	17,300	11,100
	After tax income	0	45,200	33,500
	Extraord. inc. & discont'd ops	0	400	-14,100
	Net income	0	45,600	19,400

Critical data and ratios for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Tangible net worth	0	172,700	257,400
	Net working capital	0	112,400	110,000
	Current ratio (times)	1.9	1.9	0.0
	% Total debt to tang. n.w.	283.7	138.9	0.0
	% Current debt to tang. n.w.	72.2	45.2	0.0
	% After tax inc. to tang. n.w.	26.1	13.0	0.0
	% After tax inc. to net sales	6.4	6.1	0.0
	Net sales to inventory (times)	11.4	9.5	0.0
	CGS to inventory (times)	48.0	60.6	0.0
	Avg. days sales outstanding (days)	0.0	0.0	0.0

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