MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	NATIONAL FLEXIBLE LIMITED

Formerly Known As :	TABLE MOUNTAIN MANAGEMENT LIMITED.

Registered Office :	2 Battlefield View, Birkenshaw, Bradford, Bd11 2pt

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	19.12.1997

Com. Reg. No.:	03486101

Legal Form :	Private Limited Company

Line of Business :	Distributor of polypropylene, laminates and special films.

No. of Employees :	36

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 81,500
Status :	Satisfactory

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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	NATIONAL FLEXIBLE LIMITED
Registration Number	03486101
VAT Number	GB852343631
Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, WEST YORKSHIRE, BD11 2PT.
Telephone	01274 685 566
Facsimile	01274 685 878
Email	sales@nationalflexible.co.uk
Web Address	www.nationalflexible.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 81,500

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	03486101
VAT Number	GB852343631
Subject Status	Trading
Date of Incorporation	19/12/1997
Registered Office	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
History	9/02/2006 : The Registered Office address changed from UNIT H3/4, GILDERSOME SPUR DISTRIBUTION, CENT.
	9/02/1998 : Change of name from TABLE MOUNTAIN MANAGEMENT LIMITED.
	20/12/1997 : The Registered Office address changed from RUTLAND HOUSE, 148 EDMUND STREET, BIRMINGHAM,.
Date of Last Annual Return to Registry	24/09/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	Distributor of polypropylene, laminates and special films.
Nace Code	2522
Premises	Leased,Factory,Warehouse
Staff Employed	36
Import Countries	ITALY, FRANCE
Export Countries	No Import Activity
Bankers	HANDELSBANKEN
Address	9 THOMAS MORE ST LONDON E1.
Sort Code	405162
Auditors	RSM Tenon Audit Ltd
Subsidiaries	TABLE MOUNTAIN MANAGEMENT LIMITED

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	1	4

Search History Details

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

Date	Description
13/12/2011	Miscellaneous
17/08/2011	Miscellaneous
14/06/2011	Miscellaneous
25/05/2011	Miscellaneous
23/02/2011	Miscellaneous

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	2
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	1

Date of Latest Mortgage Created	15/02/2005
Date of Latest Satisfaction	13/07/2011

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	16/02/2005	15/02/2005	Debenture	395	SvenskaHandelsbankenAb (Publ)
13/07/2011	06/02/1998	02/02/1998	Debenture	395	Midland 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

06/02/2008	Companies House Gazette	Change among directors of a company
28/10/2005	Companies House Gazette	Change among directors of a company
10/02/2005	Companies House Gazette	Alteration in memorandum or articles of association
29/04/2003	Companies House Gazette	Rights of shares
24/04/2003	Companies House Gazette	Resolutions or agreements to which section 380 applies (relating to shares rights or names)
24/04/2003	Companies House Gazette	Alteration in memorandum or articles of association
04/03/2003	Companies House Gazette	Change among directors of a company
09/02/2000	Companies House Gazette	Change among directors of a company
28/10/1999	Companies House Gazette	Alteration in memorandum or articles of association
20/08/1998	Companies House Gazette	Change among directors of a company
09/02/1998	Companies House Gazette	Resolutions or agreements to which section 380 applies (relating to shares rights or names)
09/02/1998	Companies House Gazette	Special resolutions passed under section 95 disapplication of pre-emption rights
09/02/1998	Companies House Gazette	Alteration in memorandum or articles of association
20/12/1997	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MRS JULIA FLETCHER
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	27/05/1966
Appointment Date	24/10/2005
Other Directorships	NATIONAL FLEXIBLE (HOLDINGS) LIMITED, NATURAL FLEXIBLE LIMITED

Directors

Director	MR WILLIAM BARRY TWIGG
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	18/10/1939
Appointment Date	19/12/1997
Other Directorships	TABLE MOUNTAIN MANAGEMENT LIMITED, FLEXIBLE SHAREPOOL LIMITED, ARROW CONVERTERS LIMITED, ARROW FILMS LIMITED, NATIONAL FLEXIBLE (HOLDINGS) LIMITED, NATURAL FLEXIBLE LIMITED, NAT FLEX GROUP LIMITED
Director	CAROL ABIGAIL BURDETT
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	08/01/1959
Appointment Date	01/08/1998
Other Directorships	NATIONAL FLEXIBLE (HOLDINGS) LIMITED, NATURAL FLEXIBLE LIMITED
Director	CHRISTOPHER MELODY
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	15/06/1971
Appointment Date	01/01/2000
Other Directorships	NATIONAL FLEXIBLE (HOLDINGS) LIMITED
Director	GEORGE SLACK
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	27/04/1973
Appointment Date	01/01/2003
Other Directorships	NATIONAL FLEXIBLE (HOLDINGS) LIMITED, NATURAL FLEXIBLE LIMITED, NAT FLEX GROUP LIMITED
Financial Director	MRS JULIA FLETCHER
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	27/05/1966
Appointment Date	01/02/2008
Other Directorships	NATIONAL FLEXIBLE (HOLDINGS) LIMITED, NATURAL FLEXIBLE LIMITED
Director	MARK ALAN THOMPSON
Service Address	2 BATTLEFIELD VIEW, BIRKENSHAW, BRADFORD, BD11 2PT.
Country of Origin	UNITED KINGDOM
Date of Birth	07/06/1973
Appointment Date	01/02/2008
Other Directorships	NATURAL FLEXIBLE LIMITED

Share Capital

Shares	Ordinary GBP 0.10
Issued Number	498,500
Shares	Deferred GBP 0.10
Issued Number	151,500
Shares	Ordinary A GBP 0.10
Issued Number	350,000
Principal Shareholder	498,500 National Flexible (Holdings) Ltd
	350,000 National Flexible (Holdings) Ltd
	151,500 National Flexible (Holdings) Ltd

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

Holding Company	NATIONAL FLEXIBLE (HOLDINGS) LIMITED
Ultimate Parent	ARROW FILMS LIMITED

General Information

17/01/2012

National Flexible was born out of the Charles Baynes Group and, along with National Packaging, formed a core part of Baynes PLC. In 1998 thepresent CEO, Barry Twigg, purchased the company from Charles Baynes and many staff invested in the business.

In 2005 the company expanded into new purpose built factory premises –ownership of which is being sold year by year to the staff pension fund. This unique arrangement means eventually the company will pay its rent to the staff.

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	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
SALES	7945	7228
Cost of goods sold	5857	5132
GROSS PROFIT	2088	2096	2038	2219
Wages and Salaries	899	956	1005	1020
Directors Emoluments	278	307	267	241
Auditors Fees	9	14	14	13
Non-Audit Fees	7
Trading Profit	26	417	333	368
Depreciation	110	109	102	103
OPERATING PROFIT	(84)	308	231	265
Non Trading Income			5	6
PRE TAX PROFIT	(84)	308	236	271
Taxation	126	99	53	89
PROFIT AFTER TAX	(210)	209	183	182
Dividends Payable			126
RETAINED PROFITS	(210)	209	57	182

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	368	435	482	521
Tangible Assets	202	245	268	284
Fixed Assets	202	245	268	284
Intangible Assets	166	190	214	237
TOTAL CURRENT ASSETS	4551	4140	3289	3979
Trade debtors	1400	1349	907	1393
Stocks	1389	897	1015	1230
Other Current Assets	1762	1894	1367	1356
Misc Current Assets	91	73	98	94
Due From Group	977	1159	987	959
Cash	694	662	282	303
TOTAL ASSETS	4919	4575	3771	4500
TOTAL CURRENT LIABILITIES	3496	2932	2347	3133
Trade creditors	2481	2218	1753	2387
Short Term Loans	362	20
Due To Group		20
Due To Directors	362
Other Liabilities	653	694	594	746
WORKING CAPITAL	1055	1208	942	846
TOTAL LONG TERM LIABS	15	25	15	15
Long Term Loans	15	15	15	15
Other Finance	15	15	15	15
Other Liabilities		10
NET ASSETS/(LIABILITIES)	1408	1618	1409	1352
SHARE CAPITAL + RESERVES	1408	1618	1409	1352
Share Cap + Sundry Res	460	460	460	460
Issued Share Capital	85	85	85	85
Sundry Reserves	375	375	375	375
Profit and Loss account	948	1158	949	892
SHAREHOLDERS FUNDS	1408	1618	1409	1352
CAPITAL EMPLOYED	1423	1643	1424	1367

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	174	520	261	(219)
Increase in Cash	32	379	(21)	(423)
Directors Remuneration	278	307	267	241
Auditors Remuneration	9	14	14	13
Liquid Assets	2094	2011	1189	1696
Net Working Capital	1055	1208	942	846
Long Term Debt(>12 Months)	15	15	15	15
Other Deferred Liabs		10
Tangible Net Worth(T.N.W)	1242	1428	1195	1115
Equity	1408	1618	1409	1352
Number of Years Trading	13	12	11	10
Number of Employees	36	36	39	39
Profit per Employee	(2333.3)	8555.6	6051.3	6948.7
Sales per Employee	220694.4	200777.8

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Current Ratio	1.3	1.4	1.4	1.3
Pre Tax Profit Margin%	(1.1)	4.3
Gross Profit%	26.3	29
Debtors Days (D.S.O)	64	68
Creditors Days (D.P.O)	114	112
Quick Ratio	0.9	1.1	1	0.9
W.I.P/Inventory Days	86.6	63.8
Return on Investment%	(4.7)	18.5	16.6	19.8
Return on Assets%	(1.7)	6.7	6.3	6
T.N.W/Total Assets%	25.2	31.2	31.7	24.8
Return on Capital%	(5.9)	18.7	16.6	19.8
Rtn on Shareholders Funds%	(6)	19	16.7	20
Working Capital/Sales%	13.3	16.7
Borrowing Ratio%	30.4	2.5	1.3	1.3
Equity Gearing%	40.1	54.7	59.7	42.9
Stock Turnover	5.7	8.1
Days Purchases Outstanding	154.6	157.7
Sales/Fixed Assets	39.3	29.5
Debt Gearing	1.2	1.1	1.3	1.3

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	2125	3508	3483	3517
Pre-Tax Profit Margin	3.9	3.4	2	2.6
Current Ratio	1.5	1.5	1.5	1.5
Borrowing Ratio	54	50.8	54.8	58
Return on Capital	18	16.5	12.8	17.5
Creditors Days	57	81	46	52

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of plastic products

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2010.

Turnover

Turnover has increased from GBP 7,228,000 to GBP 7,945,000, a growth of 10 % in the period.

Operating Loss

Totalled GBP 84,000. In the year prior a Profit of GBP 308,000 was achieved.

Pre Tax Profit

The subject made a loss of GBP 84,000 in the period compared with a profit of GBP 308,000 in the previous period.

Working Capital

The subject's working capital decreased by 13 % in the period but remains positive.

Net Worth

Net worth reduced by GBP 210,000 during the period and now stands at GBP 1,408,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 67,000 to GBP 368,000 and are now 7 % of total assets compared with 9 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 40 % and are now 1 % of net worth compared with 2 % in the previous period.

Long Term Liabilities

Long term liabilities are 1 % of capital employed, a decrease of 1 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

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%)

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.