MIRA INFORM REPORT

Report Date :

07.03.2011

IDENTIFICATION DETAILS

Name :	NEOPOST INTERNATIONAL SUPPLY LIMITED

Formerly Known As :	NEOPOST INTERNATIONAL LIMITED

Registered Office :	Neopost House South Street, Romford, Essex, Rm1 2ar

Country :	United Kingdom

Financials (as on) :	31.01.2009

Date of Incorporation :	18.05.2003

Com. Reg. No.:	04768193

Legal Form :	Private Limited Company

Line of Business :	Suppliers of mailroom equipment

RATING & COMMENTS

MIRA’s Rating :

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

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United Kingdom

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

Company Identification Details

Subject Reported on	NEOPOST INTERNATIONAL SUPPLY LIMITED
Registration Number	04768193
Address	NEOPOST HOUSE, SOUTH STREET, ROMFORD, ESSEX, RM1 2AR.
Telephone	01708 746000

Creditline Recommendations

Monthly Credit Guide

GBP 0

Official Company Data

Legal Form	Private Limited
Registration Number	04768193
Subject Status	Trading
Date of Incorporation	18/05/2003
Registered Office	NEOPOST HOUSE SOUTH STREET, ROMFORD, ESSEX, RM1 2AR.
History	16/06/2006 : The Registered Office address changed from NEOPOST LIMITED, SOUTH STREET, ROMFORD, ESSEX.
	3/10/2003 : The Registered Office address changed from 112 HILLS ROAD, CAMBRIDGE, CAMBRIDGESHIRE, CB.
	9/09/2003 : Change of name from NEOPOST INTERNATIONAL LIMITED.
	21/07/2003 : Change of name from M&R 910 LIMITED.
Date of Last Annual Return to Registry	18/05/2010
Accounts	The last filed accounts at Companies House are those to 31/01/2009
Accounting Reference Date	31/01

Operations

Activities	Suppliers of mailroom equipment.
Nace Code	6411
Premises	Leased,Offices
Staff Employed	300
Bankers	ROYAL BANK OF SCOT
Address	ROMFORD.
Sort Code	163010
Auditors	Ernst & Young LLP

Historical Rating

Date	Monthly Credit Guide
04/03/2011	0
04/12/2010	837,000
04/09/2010	837,000
04/06/2010	847,000
04/03/2010	827,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	0

Search History Details

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

Date	Description
20/07/2006	Other retail sale in specialised stores

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

10/10/2008	Companies House Gazette	Change among directors of a company
06/10/2008	Companies House Gazette	Change among directors of a company
01/06/2005	Companies House Gazette	Change among directors of a company
20/12/2003	Companies House Gazette	Change among directors of a company
03/10/2003	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR DANNY WESTLAKE
Service Address	66 HYLAND WAY, HORNCHURCH, ESSEX, RM11 1DY.
Country of Origin	UNITED KINGDOM
Date of Birth	08/06/1965
Appointment Date	09/11/2006
Other Directorships	NEOPOST TECHNOLOGIES LIMITED, NEOPOST TECHNOLOGY HOLDINGS LIMITED

Directors

Director	BERNARD DURET
Service Address	LA GAIGNARDIERE, SAINT SATURNIN/LOIRE, 49320.
Country of Origin	FRANCE
Date of Birth	18/01/1950
Appointment Date	09/09/2003
Director	JEAN FRANCOIS LABADIE
Service Address	4 PASSAGE DE LA MAIN D'OR, PARIS, 75011.
Country of Origin	FRANCE
Date of Birth	06/01/1967
Appointment Date	01/10/2004
Other Directorships	NEOPOST TECHNOLOGIES LIMITED, NEOPOST TECHNOLOGY HOLDINGS LIMITED
Chief Executive	FREDERIC NEUBURGER
Service Address	81 AVENUE FAIDHERBE, MONTREUIL, 93100.
Country of Origin	FRANCE
Date of Birth	16/01/1970
Appointment Date	24/09/2008

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	2
Principal Shareholder	2 Neopost Holdings Ltd

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

Holding Company	NEOPOST (HOLDINGS) LIMITED
Ultimate Parent	NEOPOST S.A., a company incorporated in FRANCE

General Information

23/02/2011

The firm is registered for VAT, however no number was available at the time of reporting.

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	31/01/2009	31/01/2008	31/01/2007	31/01/2006
Currency	GBP	GBP	GBP	GBP
SALES	224736	145589	188886	147935
UK sales	27291	18517	22983	17379
Export	197445	127072	165903	130556
Cost of goods sold	121127	69448	95367	78432
GROSS PROFIT	103609	76141	93519	69503
Auditors Fees	22	21	16	37
Non-Audit Fees	7	9	8
Trading Profit	49516	37035	55688	39706
Depreciation	763	293	345	357
OPERATING PROFIT	48753	36742	55343	39349
Non Trading Income	1055	3172	2753	1067
Interest Payable				4
PRE TAX PROFIT	49808	39914	58096	40412
Taxation	14406	11916	17370	11963
PROFIT AFTER TAX	35402	27998	40726	28449
Dividends Payable	58527	35812	40012
RETAINED PROFITS	(23125)	(7814)	714	28449

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/01/2009	31/01/2008	31/01/2007	31/01/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	5388	3318	951	610
Tangible Assets	5388	3318	951	610
Fixed Assets	5388	3318	951	610
TOTAL CURRENT ASSETS	84863	72755	85031	81294
Trade debtors	6285	2909	1457	2502
Stocks	21358	7276	6135	6417
Other Current Assets	57220	62570	77439	72375
Misc Current Assets	2884	3212	1460	3216
Due From Group	53559	59216	75831	69120
Cash	777	142	148	39
TOTAL ASSETS	90251	76073	85982	81904
TOTAL CURRENT LIABILITIES	62248	30831	38498	33834
Trade creditors	4331	4958	5370	6462
Short Term Loans	47883	14446	17370	15929
Due To Group	47883	14446	17370	15929
Other Liabilities	10034	11427	15758	11443
WORKING CAPITAL	22615	41924	46533	47460
TOTAL LONG TERM LIABS	246	72		105
Other Liabilities	246	72		105
NET ASSETS/(LIABILITIES)	27757	45170	47484	47965
SHARE CAPITAL + RESERVES	27757	45170	47484	47965
Share Cap + Sundry Res	9976	4264	(1236)	(41)
Sundry Reserves	9976	4264	(1236)	(41)
Profit and Loss account	17781	40906	48720	48006
SHAREHOLDERS FUNDS	27757	45170	47484	47965
CAPITAL EMPLOYED	28003	45242	47484	48070

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/01/2009	31/01/2008	31/01/2007	31/01/2006
Currency	GBP	GBP	GBP	GBP
Auditors Remuneration	22	21	16	37
Liquid Assets	7062	3051	1605	2541
Net Working Capital	22615	41924	46533	47460
Other Deferred Liabs	246	72		105
Tangible Net Worth(T.N.W)	27757	45170	47484	47965
Equity	27757	45170	47484	47965
Number of Years Trading	6	5	4	3

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/01/2009	31/01/2008	31/01/2007	31/01/2006
Current Ratio	1.4	2.4	2.2	2.4
Pre Tax Profit Margin%	22.2	27.4	30.8	27.3
Gross Profit%	46.1	52.3	49.5	47
Debtors Days (D.S.O)	10	7	3	6
Creditors Days (D.P.O)	7	12	10	16
Quick Ratio	1	2.1	2	2.2
W.I.P/Inventory Days	64.4	38.2	23.5	29.9
Return on Investment%	65.6	66.9	89.6	63.2
Return on Assets%	55.2	52.5	67.6	49.3
T.N.W/Total Assets%	30.8	59.4	55.2	58.6
Return on Capital%	177.9	88.2	122.3	84.1
Rtn on Shareholders Funds%	179.4	88.4	122.3	84.3
Working Capital/Sales%	10.1	28.8	24.6	32.1
Borrowing Ratio%	172.5	32	36.6	33.2
Equity Gearing%	44.4	146.2	123.3	141.3
Stock Turnover	10.5	20	30.8	23.1
Days Purchases Outstanding	13.1	26.1	20.6	30.1
Sales/Fixed Assets	41.7	43.9	198.6	242.5

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	838	1634	1673	1662
Pre-Tax Profit Margin	8.9	9.6	10.3	11.4
Current Ratio	1	1	1	1
Borrowing Ratio	45.9	94.6	38.1	28.2
Return on Capital	89.5	113.3	125.4	107.4
Creditors Days	37	33	36	35

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Post and courier activities

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/01/2009.

Turnover

Turnover increased by 54 % in the period and now totals GBP 224,736,000.

Operating Profit

Totalled GBP 48,753,000. In the year prior a Profit of GBP 36,742,000 was achieved.

Pre Tax Profit

The subject's profit increased by 24 % in the year.

Working Capital

The company's working capital, while remaining positive, decreased by 46 % in the period.

Net Worth

Net worth reduced by GBP 17,413,000 during the period and now stands at GBP 27,757,000.

Fixed Assets

The subject's fixed assets increased during the year by GBP 2,070,000 to GBP 5,388,000 and are now 5 % of total assets compared with 4 % in the previous year.

Long Term Liabilities

Long term liabilities are 1 % of capital employed, an increase of 1 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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

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.