MIRA INFORM REPORT

Report Date :

23.02.2011

IDENTIFICATION DETAILS

Name :	SYNTHETIC PACKAGING LIMITED

Registered Office :	Claraco Offalyco Offaly 163220

Country :	Ireland

Financials (as on) :	31.12.2009

Date of Incorporation :	18.07.1984

Com. Reg. No.:	IE102221

Legal Form :	Single Member Private Company Limited By Shares

Line of Business :	distribution of polypropylene products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 100,000
Status :	Good
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, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Ireland

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

Company Summary

Company Summary
Company Name	SYNTHETIC PACKAGING LIMITED
Company Number	IE102221
Telephone Number
Address	CLARA, CO OFFALY, , CO OFFALY
Town Code	163220
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Incorporation Date	18/07/1984

Company Status Summary
Company Status	Active - Accounts Filed
Limit (€)	100,000
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	5
Total Directorships	11

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	8,161,806	-18.2%	9,978,970	-7.7%	10,809,425
Shareholder Equity	8,509,304	5.6%	8,061,241	2.5%	7,863,859
Number of employees	18	-	17	-	20

Accounts & Ratios

Period
Date From	01/01/2009	%	02/01/2008	%	01/01/2007
Date To	31/12/2009	-	31/12/2008	-	31/12/2007
Period of Month	12	-	12	-	12
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Consolidated Accounts	N	-	N	-	N
Turnover	8,161,806	-18.2%	9,978,970	-7.7%	10,809,425
Export	1,481,437	-4.2%	1,545,723	-	-
Cost of Sales	6,506,408	-22.0%	8,336,661	-7.2%	8,988,163
Gross Profit	1,655,398	0.8%	1,642,309	-9.8%	1,821,262
Operating Profit	566,361	5.8%	535,336	-18.0%	652,649
Pre-Tax Profit	555,364	4.6%	530,819	-86.1%	3,815,619
Tax	-85,426	2.8%	-87,917	87.2%	-689,203
Post-Tax Profit	469,938	6.1%	442,902	-85.8%	3,126,416
Dividends	0	-	0	-	0
Retained Profit	469,938	6.1%	442,902	-85.8%	3,126,416
Interest Payable	37,000	-33.6%	55,690	10.8%	50,276
Directors Remuneration	236,131	-8.1%	257,079	29.2%	198,916
Wages & Salaries	763,324	-7.7%	827,157	5.0%	788,087
Depreciation of Tangibles	20,299	-8.5%	22,179	-41.7%	38,025
Auditor Fees	28,720	0.0%	28,720	22.2%	23,500

Capitals & Reserves
Called up Share Capital	4,609,291	-1.6%	4,682,074	0.0%	4,682,074
P&L Account Reserve	3,788,318	13.4%	3,340,255	6.3%	3,142,873
Sundry Reserves	72,783	-	0	-	0
Revaluation Reserve	38,912	0.0%	38,912	0.0%	38,912
Shareholder Funds	8,509,304	5.6%	8,061,241	2.5%	7,863,859
Net Worth	8,509,304	5.6%	8,061,241	2.5%	7,863,859

Miscellaneous
Net Cashflow from Operations	204,869	120.4%	92,949	-	0
Net Cashflow before Financing	0	-	0	-	0
Net Cashflow from Financing	0	-	0	-	0
Capital Employed	8,778,304	5.6%	8,311,241	5.7%	7,863,859
No of Employees	18	5.9%	17	-15.0%	20

Balance Sheet
Tangible Assets	248,790	6.0%	234,625	11.4%	210,632
Intangible Assets	0	-	0	-	0
Total Fixed Assets	248,790	6.0%	234,625	11.4%	210,632
Stocks & Work-in-Progress	1,355,523	-37.3%	2,162,789	1.4%	2,132,143
Debtors
- Trade Debtors	1,738,334	-15.5%	2,057,424	-11.1%	2,314,834
Cash	415,495	61.0%	258,083	56.3%	165,134
Misc. Current Assets	996	-93.9%	16,238	-78.7%	76,163
Total Current Assets
Creditors
- Trade Creditors	43,221	-45.9%	79,869	-	0
- Bank Overdraft	0	-	0	-	0
Increase in Cash	157,412	69.4%	92,949	-	0
Total Current Liabilities	880,893	-48.8%	1,722,165	-5.5%	1,823,156
Other Short Term Loans	504,912	-62.4%	1,344,018	-11.0%	1,510,477
Miscellaneous Current Liabilities	332,760	11.6%	298,278	-4.6%	312,679
Other Long Term Finance	0	-	0	-	0
Total Long Term Liabilities	269,000	7.6%	250,000	-	0
Overdraft Long Term Liabilites	269,000	7.6%	250,000	-	0
Liabilities	1,149,893	-41.7%	1,972,165	8.2%	1,823,156
Net Assets	8,509,304	5.6%	8,061,241	2.5%	7,863,859
Working Captial	8,529,514	5.6%	8,076,616	5.5%	7,653,227
Current Assets	9,410,407	-4.0%	9,798,781	3.4%	9,476,383
Other Current Assets	5,900,059	11.2%	5,304,247	10.8%	4,788,109

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	6.8 %	-	5.3 %	-	35.3 %
Return on Capital Employed	6.3 %	-	6.4 %	-	48.5 %
Return on Total Assets Employed	5.7 %	-	5.3 %	-	39.4 %
Return on Net Assets Employed	6.5 %	-	6.6 %	-	48.5 %
Sales/Net Working Capital	0.96	-	1.24	-	1.41
Operating Efficiency
Stock Turnover Ratio	16.6 %	-	21.7 %	-	19.7 %
Debtor Days	77.74	-	75.25	-	78.16
Creditor Days	1.93	-	2.92	-	0.00
Short Term Stability
Current Ratio	10.68	-	5.69	-	5.20
Liquidity Ratio/Acid Ratio	9.14	-	4.43	-	4.02
Current Debt Ratio	0.1 %	-	0.2 %	-	0.2 %
Long Term Stability
Gearing	3.2 %	-	3.1 %	-	0.0 %
Equity in Percentage	88.1 %	-	80.3 %	-	81.2 %
Total Debt Ratio	0.1 %	-	0.2 %	-	0.2 %

CCJ Summary

CCJ Summary
CCJ's Amount	0
CCJ's Value (€)	0
Writs	0

Record of Payments

No record of payments for company.

Group Structure

Ultimate Parent Company Name
Parent Company Name	THRACE PLASTICS COMPANY S A
Number of company in Group	5
Company Name	Company Number	Accounts Date
THRACE PLASTICS COMPANY S A	GREECE
-SYNTHETIC (HOLDINGS) LIMITED	NI026913	31/12/2009
-SYNTHETIC PACKAGING LIMITED	IE102221	31/12/2009
ARNO LIMITED	IE238183	31/12/2009
SYNTHETIC TEXTILES LIMITED	NI011181	31/12/2009

Company History

Event History
Date	Description
28/07/2010	Annual Returns
28/07/2010	New Accounts Filed
28/07/2010	New Accounts Filed
23/06/2009	New Accounts Filed
23/06/2009	New Accounts Filed
22/06/2009	Annual Returns
01/07/2008	JAMES WALSH has left the board
31/05/2008	Annual Returns
28/04/2008	New Accounts Filed
01/04/2008	New Board Member (KEVIN CROTHERS) appointed
31/12/2007	ROBERT DUNN has left the board
16/10/2007	Annual Returns

Status History
No status history for this company.

Directors

Director
Directors Title
Name of Director	STEPHEN DUFFY
Address of Director
Postcode of Director
Date of Birth	05/10/1946
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	7/4/2000 12:00:00 AM

Director
Directors Title
Name of Director	KONSTANTINIS CHALIORIS
Address of Director
Postcode of Director
Date of Birth	02/09/1962
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	7/4/2000 12:00:00 AM

Director
Directors Title
Name of Director	AIDAN DEVERY
Address of Director
Postcode of Director
Date of Birth	13/09/1960
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	2/28/2001 12:00:00 AM

Director
Directors Title
Name of Director	KEVIN CROTHERS
Address of Director
Postcode of Director
Date of Birth	16/04/1970
Nationality of Director
Director Honours
Present Appointments	1
Function	Director
Appointment Date	4/1/2008 12:00:00 AM

Director
Directors Title
Name of Director	GEORGIAN CORPORATE LIMITED
Address of Director
Postcode of Director
Date of Birth	01/10/1999
Nationality of Director
Director Honours
Present Appointments	4
Function	Company Secretary
Appointment Date	11/28/2000 12:00:00 AM

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.07
Euro	1	Rs.61.41

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

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.

Address Information
Company Name	SYNTHETIC PACKAGING LIMITED
Company Number	IE102221
Registered Office Address	CLARACO OFFALYCO OFFALY
Registered Office Post Code	163220
Registered Telephone No.
TPS Registered	N
Trading Address
Trading Postal Code	163220
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	KPMG
Auditor Qualification	No Adverse Comments
Banker Name	BANK OF IRELAND
Banker Sort Code

Other Information
Website Address
Incorporation Date	18/07/1984
Company Type	SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES
Type of Accounts	Full Accounts
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	31/05/2010

Mortgage Information
Mortgages(s) Outstanding	0
Mortgages(s) Satisfied	0

Mortgage Type
Date Charge Created
Date Charge Registered
Date Charge Satisfied
Status
Person(s) Entitled
Amount Secured
Details

Shareholders information
Shares Held	4,609,291
Currency of Share	EUR

Name of Shareholder	SYNTHETIC HOLDINGS LIMITED
Nominal Value of each Share
Currency of Share	EUR

Industry Information
Industry Description	The distribution of polypropylene products.