MIRA INFORM REPORT

Report Date :

02.07.2011

IDENTIFICATION DETAILS

Name :	MACFARLANE GROUP PLC

Formerly Known As :	MACFARLANE GROUP (CLANSMAN) P.L.C.

Registered Office :	21 Newton Place Glasgow G3 7PY

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	15.04.1899

Legal Form :	Public Limited With Share Capital

Line of Business :	A group engaged in the distribution of packaging materials and supply of storage and warehousing services in the UK and the manufacture and supply of self-adhesive and resealable labels to a variety of FMCG customers in the UK

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 :	£1,100,000
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United Kingdom

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

REGISTERED NAME & COMPANY SUMMARY

Company Name	MACFARLANE GROUP PLC	Company Number	SC004221
Registered Address	21 NEWTON PLACE	Trading Address	Alma Park Road Grantham Lincolnshire NG31 9SE
	GLASGOW

	G3 7PY

Website Address	http://www.macfarlanegroup.net
Telephone Number	01413339666	Fax Number
TPS	No	FPS	No
Incorporation Date	15/04/1899	Company Status	Active - Accounts Filed
Previous Name	MACFARLANE GROUP (CLANSMAN) P.L.C.	Type	Public limited with Share Capital
		Filing Date of Accounts	01/04/2011
Date of Change	18/05/1999	Share Capital	£28,754,750
Sic Code	7415	Currency	GBP
Sic Description	HOLDING COMPANIES
Principal Activity	A group engaged in the distribution of packaging materials and supply of storage and warehousing services in the UK and the manufacture and supply of self-adhesive and resealable labels to a variety of FMCG customers in the UK and Europe and the design, manufacture and assembly of timber, corrugated and foam-based packaging materials in the UK.

CREDIT RECOMENDATION

Current Credit Limit: £1,100,000

DIRECTORS/MANAGEMENT

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	22

Current Directors

Name	Archibald Sinclair Hunter		Date of Birth		20/08/1943
Officers Title	Mr		Nationality		British
Present Appointments	8		Function		Director
Appointment Date	01/10/1998
Address	21 Newton Place, Glasgow, , G3 7PY
Name		Kevin Donald Mellor		Date of Birth		11/08/1946
Officers Title		Mr		Nationality		British
Present Appointments		1		Function		Director
Appointment Date		11/05/2004
Address		21 Newton Place, Glasgow, , G3 7PY
Other Actions		View Director Report		View Consumer Report		View Trace Report

Disqualified				Disqualified End Date
Disqualification Exception		No

Name	Peter Duncan Atkinson		Date of Birth		30/10/1956
Officers Title	Mr		Nationality		British
Present Appointments	8		Function		Director
Appointment Date	06/10/2003
Address	21 Newton Place, Glasgow, , G3 7PY
Name		John Love		Date of Birth		20/10/1960
Officers Title		Mr		Nationality		British
Present Appointments		37		Function		Director
Appointment Date		12/07/1999
Address		21 Newton Place, Glasgow, , G3 7PY
Other Actions		View Director Report		View Consumer Report		View Trace Report

Disqualified				Disqualified End Date
Disqualification Exception		No

Name	Graeme Bissett	Date of Birth	11/02/1958
Officers Title	Mr	Nationality	British
Present Appointments	11	Function	Director
Appointment Date	11/05/2004
Address	21 Newton Place, Glasgow, , G3 7PY

Current Company Secretary

Name	Andrew Cotton	Date of Birth	10/05/1965
Officers Title	Mr	Nationality	British
Present Appointments	54	Function	Company Secretary
Appointment Date	02/08/2001
Address	21 Newton Place, Glasgow, , G3 7PY

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£1,553
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
FOREST NOMINEES LIMITED	9,532,849 ORDINARY GBP 0.25

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure Summary

Company Name	MACFARLANE GROUP PLC	Company Number	SC004221
Holding Company	MACFARLANE GROUP PLC	Ownership Status	Ultimately Owned
Ultimate Holding Company	MACFARLANE GROUP PLC	Companies in group	20

Group structure

Company Name	Safe Number	Registered Number	Latest Key Financials	Consol. Accounts	Rating	Limit	Turnover
MACFARLANE GROUP PLC	UK07126723	SC004221	31.12.2010	Y	95	£1,100,000	£135,450,000
ONLINE PACKAGING LIMITED	UK02563852	02903657	31.12.2010	N	N/R	-
ABBOTT'S PACKAGING LIMITED	UK01054952	01385800	31.12.2010	N	N/R	-
ADHESIVE LABELS LIMITED	UK00398449	00723320	31.12.2010	N	N/R	-
ALLPOINT PACKAGING (GROUP) L...	UK04299599	04652415	31.12.2010	N	92	£1,000	£1,000,000
ALLPOINT PACKAGING (HOLDIN...	UK02693891	03034387	31.12.2010	N	94	£5,000
ALLPOINT PACKAGING LIMITED	UK03583811	03930806	31.12.2010	N	N/R	-
REMOVAL BOXES UK LIMITED	UK04411721	04764926	31.03.2010	N	88	£2,000
BLOOMFIELD SUPPLIES LIMITED	UK01917530	02253938	31.12.2010	N	N/R	-
CENTURION PACKAGING (HOLDING...	UK02018437	02355761	31.12.2010	N	N/R	-
MACFARLANE PLASTICS LTD	UK01023991	01354755	31.12.2010	N	N/R	-
MACFARLANE GROUP UK LIMITED	UK01298039	01630389	31.12.2010	N	92	£420,000	£116,674,000
MACFARLANE GROUP (CLANSMAN)...	UK07143007	SC035059	31.12.2010	N	N/R	-
MACFARLANE LABELS LIMITED	UK07135753	SC027016	31.12.2010	N	94	£110,000	£14,211,000
MACFARLANE LABELS (IRELAND...	IE00105956	IE111824	31.12.2009	N	94	€100,000	€2,928,110
MACFARLANE MERCHANTING LIMITED	UK00102274	00372831	31.12.2010	N	N/R	-
N.S. MACFARLANE & CO. LIMITED	UK07128721	SC012922	31.12.2010	N	N/R	-
MACFARLANE PACKAGING LIMITED	UK07149498	SC041678	31.12.2010	N	N/R	-
MITCHELL PACKAGING LIMITED	UK00217679	00535311	31.12.2010	N	N/R	-
NATIONAL PACKAGING GROUP LIM...	UK01025102	01355867	31.12.2010	N	N/R	-

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	£135,450,000	£4,197,000	£27,235,000	704
31/12/2009	£123,596,000	£2,484,000	£24,961,000	709
31/12/2008	£131,410,000	£3,702,000	£27,398,000	752

Profit & Loss

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)
Weeks	52	(%)	52	(%)	52	(%)
Currency	GBP	(%)	GBP	(%)	GBP	(%)
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)
Turnover	£135,450,000	9.6%	£123,596,000	-5.9%	£131,410,000	9.7%
Export	-	-	-	-	-	-
Cost of Sales	£93,510,000	-	£83,473,000	-	£89,272,000	9.6%
Gross Profit	£41,940,000	4.5%	£40,123,000	-4.8%	£42,138,000	10%
Wages & Salaries	£21,681,000	5.9%	£20,474,000	-6.8%	£21,961,000	-12.5%
Directors Emoluments	£695,000	-23.9%	£913,000	5.7%	£864,000	2.2%
Operating Profit	£5,364,000	44.7%	£3,707,000	-21.3%	£4,708,000	53.6%
Depreciation	£1,004,000	-13.1%	£1,155,000	-26.7%	£1,575,000	-24.8%
Audit Fees	£50,000	-	£50,000	-64.8%	£142,000	-4.7%
Interest Payments	£3,908,000	10%	£3,554,000	-13.9%	£4,130,000	16.5%
Pre Tax Profit	£4,197,000	69%	£2,484,000	-32.9%	£3,702,000	50.1%
Taxation	-£1,211,000	-135.6%	-£514,000	37.6%	-£824,000	-184.2%
Profit After Tax	£2,986,000	51.6%	£1,970,000	-31.5%	£2,878,000	-16.5%
Dividends Payable	£1,700,000	0.7%	£1,688,000	-25%	£2,252,000	-
Retained Profit	£1,286,000	103.2%	£633,000	238.5%	-£457,000	-8.3%

Date Of Accounts	31/12/07	(%)	31/12/06
Weeks	52	(%)	52
Currency	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y
Turnover	£119,737,000	-7.9%	£130,067,000
Export	£4,203,000	-85.1%	£28,260,000
Cost of Sales	£81,442,000	-8%	£88,500,000
Gross Profit	£38,295,000	-7.9%	£41,567,000
Wages & Salaries	£25,087,000	3.3%	£24,282,000
Directors Emoluments	£845,000	5.1%	£804,000
Operating Profit	£3,065,000	36.5%	£2,246,000
Depreciation	£2,094,000	-2%	£2,136,000
Audit Fees	£149,000	-5.7%	£158,000
Interest Payments	£3,545,000	1.5%	£3,493,000
Pre Tax Profit	£2,467,000	62.8%	£1,515,000
Taxation	£979,000	412.8%	-£313,000
Profit After Tax	£3,446,000	186.7%	£1,202,000
Dividends Payable	£2,252,000	100.2%	£1,125,000
Retained Profit	-£422,000	-145.6%	£926,000

Balance Sheet

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)
Tangible Assets	£13,808,000	-10.4%	£15,415,000	-0.2%	£15,450,000	7.1%
Intangible Assets	£26,406,000	-1.3%	£26,760,000	-1.9%	£27,270,000	46.3%
Total Fixed Assets	£40,214,000	-4.6%	£42,175,000	-1.3%	£42,720,000	29.2%
Stock	£9,080,000	2.2%	£8,882,000	4.9%	£8,464,000	4.6%
Trade Debtors	£30,046,000	18.8%	£25,289,000	1.4%	£24,938,000	5%
Cash	£138,000	-74.3%	£536,000	-31%	£777,000	123.3%
Other Debtors	£4,468,000	-7.3%	£4,818,000	-22.8%	£6,240,000	-30.8%
Miscellaneous Current Assets	0	-100%	£900,000	-26.5%	£1,225,000	-71.1%
Total Current Assets	£43,732,000	8.2%	£40,425,000	-2.9%	£41,644,000	-8.4%
Trade Creditors	£26,296,000	13.6%	£23,139,000	4.1%	£22,233,000	4.9%
Bank Loans & Overdrafts	£6,408,000	-7.2%	£6,908,000	-4.8%	£7,254,000	123.1%
Other Short Term Finance	£296,000	8.8%	£272,000	30.8%	£208,000	14.3%
Miscellaneous Current Liabilities	£6,563,000	21.1%	£5,420,000	-34.6%	£8,287,000	-4.8%
Total Current Liabilities	£39,563,000	10.7%	£35,739,000	-5.9%	£37,982,000	13.9%
Bank Loans & Overdrafts and LTL	£23,556,000	-18.2%	£28,808,000	9.8%	£26,238,000	44.2%
Other Long Term Finance	£384,000	-44%	£686,000	31.4%	£522,000	3.8%
Total Long Term Liabilities	£17,148,000	-21.7%	£21,900,000	15.4%	£18,984,000	27%

Date Of Accounts	31/12/07	(%)	31/12/06
Tangible Assets	£14,426,000	-29.4%	£20,430,000
Intangible Assets	£18,646,000	-1.7%	£18,973,000
Total Fixed Assets	£33,072,000	-16.1%	£39,403,000
Stock	£8,095,000	-17.5%	£9,811,000
Trade Debtors	£23,751,000	-1.3%	£24,072,000
Cash	£348,000	-84.1%	£2,195,000
Other Debtors	£9,022,000	66%	£5,436,000
Miscellaneous Current Assets	£4,238,000	-	0
Total Current Assets	£45,454,000	9.5%	£41,514,000
Trade Creditors	£21,202,000	4.6%	£20,265,000
Bank Loans & Overdrafts	£3,252,000	-58%	£7,747,000
Other Short Term Finance	£182,000	313.6%	£44,000
Miscellaneous Current Liabilities	£8,701,000	22.4%	£7,108,000
Total Current Liabilities	£33,337,000	-5.2%	£35,164,000
Bank Loans & Overdrafts and LTL	£18,196,000	-23.1%	£23,675,000
Other Long Term Finance	£503,000	814.5%	£55,000
Total Long Term Liabilities	£14,944,000	-6.2%	£15,928,000

Capital & Reserves

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Called Up Share Capital	£28,755,000	-	£28,755,000	-	£28,755,000	-	£28,755,000	-	£28,755,000
P & L Account Reserve	-£1,051,000	67.7%	-£3,257,000	-518%	-£527,000	-118.3%	£2,878,000	-7.4%	£3,109,000
Revaluation Reserve	£70,000	-	£70,000	-	£70,000	-	£70,000	-58.1%	£167,000
Sundry Reserves	-£539,000	11.2%	-£607,000	32.6%	-£900,000	38.3%	-£1,458,000	33.9%	-£2,206,000
Shareholder Funds	£27,235,000	9.1%	£24,961,000	-8.9%	£27,398,000	-9.4%	£30,245,000	1.4%	£29,825,000

Other Financial Items

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)
Net Worth	£829,000	146.1%	-£1,799,000	-999.9%	£128,000	-98.9%
Working Capital	£4,169,000	-11%	£4,686,000	28%	£3,662,000	-69.8%
Total Assets	£83,946,000	1.6%	£82,600,000	-2.1%	£84,364,000	7.4%
Total Liabilities	£56,711,000	-1.6%	£57,639,000	1.2%	£56,966,000	18%
Net Assets	£27,235,000	9.1%	£24,961,000	-8.9%	£27,398,000	-9.4%

Date Of Accounts	31/12/07	(%)	31/12/06
Net Worth	£11,599,000	6.9%	£10,852,000
Working Capital	£12,117,000	90.8%	£6,350,000
Total Assets	£78,526,000	-3%	£80,917,000
Total Liabilities	£48,281,000	-5.5%	£51,092,000
Net Assets	£30,245,000	1.4%	£29,825,000

Cash Flow

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Net Cashflow from Operations	£2,407,000	38%	£1,744,000	-58.1%	£4,160,000	3.4%	£4,025,000	999.9%	£160,000
Net Cashflow before Financing	£2,080,000	-2.3%	£2,129,000	217.2%	-£1,816,000	66.5%	-£5,415,000	-403.7%	-£1,075,000
Net Cashflow from Financing	-£2,478,000	-4.6%	-£2,370,000	-234.4%	£1,764,000	126%	-£6,781,000	-359.4%	-£1,476,000
Increase in Cash	-£398,000	-65.1%	-£241,000	-363.5%	-£52,000	-103.8%	£1,366,000	240.6%	£401,000

Miscellaneous

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£44,383,000	-5.3%	£46,861,000	1%	£46,382,000	2.6%	£45,189,000	-1.2%	£45,753,000
Number of Employees	704	-0.7%	709	-5.7%	752	-24.7%	999	-1.4%	1013

Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF SCOTLAND
Bank Branch Code	80-54-01

Ratios

Date Of Accounts	31/12/10	31/12/09	31/12/08	31/12/07	31/12/06
Pre-tax profit margin %	3.10	2.01	2.82	2.06	1.16
Current ratio	1.11	1.13	1.10	1.36	1.18
Sales/Net Working Capital	32.49	26.38	35.88	12.89	-
Gearing %	86.50	115.40	95.80	60.20	79.40
Equity in %	47.30	44.70	48	50.50	48.10
Creditor Days	70.66	68.14	61.58	64.63	56.87
Debtor Days	80.74	74.47	69.07	72.40	67.55
Liquidity/Acid Test	0.87	0.88	0.87	1.12	0.90
Return On Capital Employed %	9.45	5.30	7.98	5.46	3.31
Return On Total Assets Employed %	4.99	3	4.38	3.14	1.87
Current Debt Ratio	1.45	1.43	1.38	1.10	1.18
Total Debt Ratio	2.08	2.30	2.07	1.60	1.71
Stock Turnover Ratio %	6.70	7.18	6.44	6.76	7.54
Return on Net Assets Employed %	15.41	9.95	13.51	8.16	5.08

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

CCJ recorded against the company.
There has been no significant change in the company's credit rating.
There has been no significant change in the company's credit limit.
The previous 12 month trading period saw a rise in Sales of 9.6%.
In the previous 12 month trading period Net Worth increased by 146.1%.
A 1.6% growth in Total Assets occurred in the previous 12 month trading period.
Pre-tax profits increased by 69% in the previous 12 month trading period.
The company saw an decrease in their Cash Balance of 74.3% in the previous 12 month trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company was established over 112 years ago.

Mortgage Summary

Outstanding	0
Satisfied	0

Status History

No Status History found

Event History

Date	Description
15/06/2011	Annual Returns	View Document
12/04/2011	New Accounts Filed	View Document
08/04/2011	New Accounts Filed	View Document
28/06/2010	Annual Returns	View Document
20/05/2010	New Accounts Filed	View Document
02/04/2010	New Accounts Filed	View Document
23/06/2009	Annual Returns	View Document
14/06/2009	New Accounts Filed	View Document
03/04/2009	New Accounts Filed	View Document
02/04/2009	Mr G.H. Casey has left the board	View Document
16/05/2008	New Accounts Filed	View Document
25/04/2008	New Accounts Filed	View Document
06/02/2008	Andrew Cotton Details have changed	View Document
24/04/2007	New Accounts Filed	View Document
25/04/2006	New Accounts Filed	View Document

Previous Company Names

Date	Previous Name	Companies House Documents
18/05/1999	MACFARLANE GROUP (CLANSMAN) P.L.C.	View Document

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.58
UK Pound	1	Rs.71.75
Euro	1	Rs.64.80

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.