MIRA INFORM REPORT

Report Date :

16.07.2011

IDENTIFICATION DETAILS

Name :	GENERAL VACUUM EQUIPMENT LIMITED
Formerly Known As :	TRYSAFE LIMITED.
Registered Office :	Pennine Business Park, Pilsworth Road, Heywood, Lancashire, Ol10 2tl.
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	15.09.1986
Com. Reg. No.:	02055148
Legal Form :	Private Limited Company
Line of Business :	Manufacturers of vacuum web coaters

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP 2,000
Status :	Poor
Payment Behaviour :	Unknown
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	a1	a1

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

Bottom of Form

Company Identification Details

Subject Reported on	GENERAL VACUUM EQUIPMENT LIMITED
Registration Number	02055148
VAT Number	GB440289653
Address	PENNINE BUSINESS PARK, PILSWORTH ROAD, HEYWOOD, LANCASHIRE, OL10 2TL.
Telephone	01706622442
Web Address	www.bobstgroup.com

Creditline Recommendations

Monthly Credit Guide

GBP 2,000

Official Company Data

Legal Form	Private Limited
Registration Number	02055148
VAT Number	GB440289653
Subject Status	Trading
Date of Incorporation	15/09/1986
Registered Office	PENNINE BUSINESS PARK, PILSWORTH ROAD, HEYWOOD, LANCASHIRE, OL10 2TL.
History	23/02/2004 : Change of name from VALMET GENERAL LIMITED.
	4/11/1999 : Change of name from GENERAL VACUUM EQUIPMENT LIMITED.
	30/10/1999 : The Registered Office address changed from 8 WOLSELEY ROAD, KEMPSON, BEDFORD, MK42 7XT.
	7/11/1986 : Change of name from TRYSAFE LIMITED.
Date of Last Annual Return to Registry	10/06/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	Manufacturers The manufacture of vacuum web coaters.
Nace Code	2956
Premises	Owned,Offices,Factory,Warehouse
Staff Employed	86
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	ROYAL BANK OF SCOT
Address	BIRMINGHAM NEW STREET.
Sort Code	161305
Auditors	Ernst & Young LLP

Historical Rating

Date	Monthly Credit Guide
16/07/2011	2,000
16/04/2011	2,000
16/01/2011	2,000
16/10/2010	5,000
16/07/2010	1,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
3	11	15

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
04/05/2011	Other computer related activities
03/05/2011	Other computer related activities
27/04/2011	Other computer related activities
14/04/2011	Other computer related activities
14/04/2011	Miscellaneous
12/04/2011	Other computer related activities
11/04/2011	Other computer related activities
05/04/2011	Other computer related activities
29/03/2011	Other computer related activities
22/03/2011	Other credit granting
14/03/2011	Other computer related activities
08/11/2010	Other credit granting
13/10/2010	Other credit granting
08/10/2010	Miscellaneous
19/07/2010	Other computer related activities
08/06/2010	Other computer related activities

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1
Number Outstanding	0
Number Partially Satisfied	0
Number Satisfied	1
Date of Latest Mortgage Created	11/01/1993
Date of Latest Satisfaction	03/03/2001

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
03/03/2001	15/01/1993	11/01/1993	Debenture	395	Barclays Bank Plc

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

08/06/2005	Companies House Gazette	Change among directors of a company
06/03/2004	Companies House Gazette	Change among directors of a company
03/03/2004	Companies House Gazette	Change among directors of a company
21/02/2004	Companies House Gazette	Change among directors of a company
03/10/2003	Companies House Gazette	Change among directors of a company
30/01/2002	Companies House Gazette	Alteration in memorandum or articles of association
30/01/2002	Companies House Gazette	"Resolutions which give vary
12/06/2001	Companies House Gazette	Change among directors of a company
08/06/2001	Companies House Gazette	Change among directors of a company
30/05/2001	Companies House Gazette	Change among directors of a company
18/04/2000	Companies House Gazette	Change among directors of a company
04/03/2000	Companies House Gazette	Change among directors of a company
22/02/2000	Companies House Gazette	Change among directors of a company
14/07/1999	Companies House Gazette	Change among directors of a company
15/07/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)
23/04/1988	Companies House Gazette	Change among directors of a company
28/08/1987	Companies House Gazette	Change among directors of a company
26/11/1986	Companies House Gazette	Alteration in memorandum or articles of association
26/11/1986	Companies House Gazette	Change in the situation of a company's registered office

Company Secretary

Secretary	MR THOMAS HENRY MCCOMB
Service Address	PENNINE BUSINESS PARK, PILSWORTH ROAD, HEYWOOD, LANCASHIRE, OL10 2TL.
Country of Origin	SWITZERLAND
Appointment Date	31/01/2011

Directors

Director	CLAUDE CURRAT
Service Address	VERS CHEZ LES LIARDS, LES CULLAYES, 1080.
Country of Origin	SWITZERLAND
Date of Birth	07/11/1951
Appointment Date	30/01/2004
Director	CHRISTIAN BUDRY
Service Address	LE DEZO, CHESALLES SUR ORON, VD, 1608.
Country of Origin	SWITZERLAND
Date of Birth	09/12/1957
Appointment Date	30/01/2004
Other Directorships	BOBST GROUP (UK HOLDINGS) LIMITED, BOBST GROUP IRELAND (SERVICE) LIMITED, BOBST GROUP (UK & IRELAND) LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	4,000,100
Principal Shareholder	4,000,100 Bobst Group (UK Holdings) Ltd

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	BOBST GROUP (UK HOLDINGS) LIMITED
Ultimate Parent	BOBST GROUP SA, a company incorporated in SWITZERLAND

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	17688	19029	12690	13668
UK sales	187	205	232	489
Export	17501	18824	12458	13179
Cost of goods sold	14054	15878	10516	12307
GROSS PROFIT	3634	3151	2174	1361
Wages and Salaries	2494	2537	2149	2110
Auditors Fees	20	20	21	24
Non-Audit Fees	5	5	5
Trading Profit	255	4086	(695)	(1430)
Depreciation	237	181	175	196
OPERATING PROFIT	18	3905	(870)	(1626)
Interest Payable	63	10	3	72
PRE TAX PROFIT	(45)	3895	(873)	(1698)
PROFIT AFTER TAX	(45)	3895	(873)	(1698)
RETAINED PROFITS	(45)	3895	(873)	(1698)

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	2462	2699	2703	2781
Tangible Assets	2462	2699	2703	2781
Fixed Assets	2462	2699	2703	2781
TOTAL CURRENT ASSETS	8384	9940	5515	7615
Trade debtors	2406	3942	2003	2447
Stocks	2347	4200	1737	3185
Other Current Assets	3631	1798	1775	1983
Misc Current Assets	485	1429	1172	1220
Due From Group	531	356	95	36
Cash	2615	13	508	727
TOTAL ASSETS	10846	12639	8218	10396
TOTAL CURRENT LIABILITIES	10870	12619	6831	8535
Trade creditors	1520	2956	2270	2381
Short Term Loans	8476	7264	3378	5169
Bank Overdraft	3041	6874	3100	4926
Other Finance		1	7	11
Due To Group	5435	389	271	232
Other Liabilities	874	2399	1183	985
WORKING CAPITAL	(2486)	(2679)	(1316)	(920)
TOTAL LONG TERM LIABS	2238	2237	7472	7296
Long Term Loans	2000	2000	7289	7296
Other Finance			1	8
Due To Group	2000	2000	7288	7288
Other Liabilities	238	237	183
NET ASSETS/(LIABILITIES)	(2262)	(2217)	(6085)	(5435)
SHARE CAPITAL + RESERVES	(2262)	(2217)	(6085)	(5435)
Share Cap + Sundry Res	4000	4000	4000	4000
Issued Share Capital	4000	4000	4000	4000
Profit and Loss account	(6262)	(6217)	(10085)	(9435)
SHAREHOLDERS FUNDS	(2262)	(2217)	(6085)	(5435)
CAPITAL EMPLOYED	(24)	20	1387	1861

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Directors Remuneration
Auditors Remuneration	20	20	21	24
Liquid Assets	5021	3955	2511	3174
Net Working Capital	(2486)	(2679)	(1316)	(920)
Long Term Debt(>12 Months)	2000	2000	7289	7296
Other Deferred Liabs	238	237	183
Tangible Net Worth(T.N.W)	(2262)	(2217)	(6085)	(5435)
Equity	(2262)	(2217)	(6085)	(5435)
Number of Years Trading	23	22	21	20
Number of Employees	86	79	78	75
Profit per Employee	(523.3)	49303.8	(11192.3)	(22640)
Sales per Employee	205674.4	240873.4	162692.3	182240

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	0.8	0.8	0.8	0.9
Long Term Debt/T.N.W	(0.9)	(0.9)	(1.2)	(1.3)
Pre Tax Profit Margin%	(0.3)	20.5	(6.9)	(12.4)
Gross Profit%	20.5	16.6	17.1	10
Debtors Days (D.S.O)	50	76	58	65
Creditors Days (D.P.O)	31	57	65	64
Quick Ratio	0.6	0.5	0.6	0.5
W.I.P/Inventory Days	61	96.5	60.3	94.5
Return on Investment%	0.2	53.6	(18.3)	(23.1)
Return on Assets%	(0.4)	30.8	(10.6)	(16.3)
T.N.W/Total Assets%	(20.9)	(17.5)	(74)	(52.3)
Return on Capital%	187.5	19475	(62.9)	(91.2)
Rtn on Shareholders Funds%		(175.7)
Working Capital/Sales%	(14.1)	(14.1)	(10.4)	(6.7)
Borrowing Ratio%	(463.1)	(417.9)	(175.3)	(229.3)
Equity Gearing%	(17.3)	(14.9)	(42.5)	(34.3)
Stock Turnover	7.5	4.5	7.3	4.3
Days Purchases Outstanding	39.5	68	78.8	70.6
Sales/Fixed Assets	7.2	7.1	4.7	4.9
Debt Gearing	(88.4)	(90.2)	(119.8)	(134.2)

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	82	1494	1855	1886
Pre-Tax Profit Margin	19.5	4	2.5	3.8
Current Ratio	1.6	1.6	1.6	1.5
Borrowing Ratio	76.6	14.1	22.9	21.8
Return on Capital	47.6	27.1	25.5	33.1
Creditors Days	40	115	64	70

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of other special purpose machinery

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover reduced from GBP 19,029,000 to GBP 17,688,000, a decrease of 7 % in the period.

Operating Profit

Totalled GBP 18,000. In the year prior a Profit of GBP 3,905,000 was achieved.

Pre Tax Profit

The subject made a loss of GBP 45,000 in the period compared with a profit of GBP 3,895,000 in the previous period.

Working Capital

The company's working capital deficiency reduced in the period and now stands at GBP 2,486,000.

Net Worth

The company's negative net worth increased during the year by GBP 45,000 and is now deficient by GBP 2,262,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 237,000 to GBP 2,462,000 and are now 22 % of total assets compared with 21 % in the previous year.

Long Term Liabilities

Long term liabilities are now 21 % of total liabilities compared with 18 % in the previous period.

Long Term Liabilities

Long term liabilities are 9,325 % of capital employed, a decrease of 20,510 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

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.