MIRA INFORM REPORT

Report Date :

02.01.2012

IDENTIFICATION DETAILS

Name :	BERRY PLASTICS BVBA
Registered Office :	Nijverheidsstraat 10 Westerlo, Post Code 2260
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	03.02.2006
Com. Reg. No.:	879163161
Legal Form :	Private Limited Company
Line of Business :	Wholesale of chemical products for industrial use
No. of Employees :	41

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	620.000 (€)
Status :	Satisfactory
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	a1	a1

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

Company name & address

Business number	879163161	Company name	BERRY PLASTICS BVBA
Safe number	BE01221052	Telephone number	014722500
Address	NIJVERHEIDSSTRAAT 10 WESTERLO	Fax number	014722570
Post code	2260	Number of staff	41
Date of establishment	03/02/2006

Credit information

Company status	active
Credit Limit (€)	620.000
Purchase Limit	6.500.000

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/12/2010	49,380,469	1,435,547	3,345,883
31/12/2009	43,542,740	211,025	3,300,504
31/12/2008	57,650,265	1,898,449	3,213,891

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/12/2010	15,184,183	79,931	3,045,150	1,220,936	41
31/12/2009	12,995,117	95,077	3,045,150	1,314,903	41
31/12/2008	21,921,167	94,403	3,006,577	4,745,600	44

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	52.29
Industry average payment expectation days	57.80	Industry average day sales outstanding	93.68
Day sales outstanding	51.23

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	879163161	Company name	BERRY PLASTICS BVBA
Fax number	014722570	Date founded	03/02/2006
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46751	liable for VAT	yes
Activity description	Wholesale of chemical products for industrial use	VAT Number	BE.0879.163.161
Belgian Bullettin of Acts Publications

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

Joint Industrial Committee (JIC)

JIC Code	111
Description	JC for the metal, machinery and electrical construction
category

JIC Code	209
Description	Joint committee for the employees off the metal industry
category

Significant Events

Event Date	09/11/2009
Event Description	proposal of merger by absorption filed
Event Details	Commentaar 09-11-2009: Neerlegging fusievoorstel tot grensoverschrijdende fusie door overneming van Ociesse SRL (Italië) door Berry Plastics BVBA.

Event Date	31/05/2010
Event Description
Event Details	Aan de vennootschap naar het recht van de staat Indiana (Verenigde Staten van Amerika) 'Berry Plastics Corporation' worden 505 aandelen toegekend. Aan de vennootschap naar het recht van de staat Indiana (Verenigde Staten van Amerika) 'Berry

Event Date	31/05/2010
Event Description
Event Details	Plastics Acquisition Corporation II' worden 27 aandelen toegekend.

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	49,380,469	13.41	43,542,740	-24.47	57,650,265	56,566,435	-12.70
Total operating expenses	47,732,484	11.63	42,760,531	-23.36	55,792,581	53,319,710	-10.48
Operating result	1,647,985	110	782,209	-57.89	1,857,684	1,134,841	45.22
Total financial income	1,724,220	29.30	1,333,496	-37.40	2,130,072	515,614	234
Total financial expenses	1,936,658	1.68	1,904,680	-8.84	2,089,307	529,458	265
Results on ordinary operations before taxation	1,435,547	580	211,025	-88.88	1,898,449	1,100,172	30.48
Taxation	512,383	543	79,579	-88.44	688,255	274,003	87.00
Results on ordinary operations after taxation	923,164	602	131,446	-89.14	1,210,194	892,350	3.45
Extraordinary items	-8,344	-123	35,133	15078	-233	103,728	-108
Other appropriations	0	-	0	-	0	0	-
Net result	914,820	449	166,579	-86.23	1,209,961	995,228	-8.08
OTHER INFORMATION
Dividends	914,820	451	165,870	-96.38	4,584,266	3,062,123	-70.12
Director remuneration	-	-	-	-	-	254,005	-
Employee costs	4,617,249	13.00	4,086,124	-3.00	4,212,611	1,346,209	242
Wages and salary	3,400,472	16.55	2,917,648	-5.14	3,075,788	960,548	254
Employee pension costs	8,867	-	5,281	-	5,807	85,294	-89.60
Social security contributions	790,915	4.00	760,466	-1.05	768,522	294,867	168
Other employee costs	416,995	3.54	402,729	11.10	362,494	85,407	388
Amortization and depreciation	280,955	88.45	149,090	-18.83	183,674	323,965	-13.28

balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	3,782	-	49,161	-	94,541	197,068	-98.08
Tangible fixed assets	428,161	-21.03	542,184	1.98	531,674	1,405,986	-69.55
Land & building	-	-	-	-	-	760,883	-
Plant & machinery	373,738	-18.49	458,514	2.86	445,781	1,307,141	-71.41
Other tangible assets	54,423	-34.96	83,670	-2.59	85,893	126,672	-57.04
Financial fixed assets	79,931	-15.93	95,077	0.71	94,403	6,341,870	-98.74
Total fixed assets	511,874	-25.43	686,422	-4.75	720,618	5,813,982	-91.20
Inventories	6,003,621	38.51	4,334,524	-20.87	5,477,876	3,421,560	75.46
Raw materials & consumables	707,537	39.86	505,892	21.07	417,837	3,718,349	-80.97
Work in progress	223,572	-45.85	412,910	-42.08	712,865	78,099	186
Finished goods	5,072,512	48.50	3,415,722	-21.43	4,347,174	1,622,148	212
Other stocks	0	-	0	-	0	131,665	-100
Trade debtors	6,930,253	21.49	5,704,571	-47.12	10,788,247	3,100,187	123
Cash	1,220,936	-7.15	1,314,903	-72.29	4,745,600	667,442	82.93
other amounts receivable	453,402	-47.18	858,320	915	84,557	2,474,432	-81.68
Miscellaneous current assets	64,097	-33.49	96,377	-7.57	104,269	2,290,509	-97.20
Total current assets	14,672,309	19.20	12,308,695	-41.94	21,200,549	10,709,692	37.00
CURRENT LIABILITIES
Trade creditors	6,838,499	99	3,424,320	-54.78	7,572,387	2,871,497	138
Short term group loans	-	-	-	-	-	0	-
Other short term loans	2,250,000	-46.00	4,166,667	42.21	2,930,000	1,933,252	16.38
Miscellaneous current liabilities	2,731,353	52.53	1,790,648	-77.90	8,100,861	77.01	- -
Total current liabilities	11,819,852	25.99	9,381,635	-49.57	18,603,248	6,289,465	87.93
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	14,666	-94.44	263,817	2680	9,487	267,171	-94.51
Total long term debts	14,666	-94.44	263,817	2680	9,487	2,783,041	-99
SHAREHOLDERS EQUITY
Issued share capital	3,045,150	0	3,045,150	1.28	3,006,577	4,311,249	-29.37
Share premium account	-	-	-	-	-	6,376,953	-
Reserves	304,515	0	304,515	0.88	301,855	2,334,877	-86.96
Revaluation reserve	-	-	-	-	-	208,027	-
Total shareholders equity	3,349,665	0	3,349,665	1.25	3,308,432	6,926,204	-51.64
Working capital	2,852,457	-2.55	2,927,060	12.70	2,597,301	4,420,227	-35.47
Net worth	3,345,883	1.37	3,300,504	2.69	3,213,891	6,729,135	-50.28

ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
TRADING PERFORMANCE
Profit Before Tax	2.91	506	0.48	-85.41	3.29	115,00	-97.47
Return on capital employed	42.67	630	5.84	-89.79	57.22	-32,00	133
Return on total assets employed	9.45	483	1.62	-81.29	8.66	3,00	215
Return on net assets employed	42.86	580	6.30	-89.02	57.38	-196,00	21.87
Sales / net working capital	17.31	16.33	14.88	-32.97	22.20	13,00	-99
Stock turnover ratio	12.16	22.21	9.95	4.74	9.50	18,00	-32.44
Debtor days	51.23	7.13	47.82	-29.99	68.30	99,00	-48.25
Creditor days	52.29	78.89	29.23	-41.00	49.54	153,00	-65.82
SHORT TERM STABILITY
Current ratio	1.24	-5.34	1.31	14.91	1.14	16,00	-94.61
Liquidity ratio / acid ratio	0.73	-14.12	0.85	0	0.85	16,00	-95.44
Current debt ratio	3.53	26.07	2.80	-50.18	5.62	23,00	-84.65
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	67.17	-46.00	124.39	40.46	88.56	3.454,00	-98.06
Equity in percentage	22.07	-14.69	25.87	70.65	15.16	-15,00	147
Total debt ratio	3.53	22.57	2.88	-48.85	5.63	42,00	-91.60

Limit History

no limit history data found

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average credit limit	167313.70

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	52.29
Day sales outstanding	51.23

Industry comparison

Activity code	46751
Activity description	Wholesale of chemical products for industrial use
Industry average payment expectation days	57.80
Industry average day sales outstanding	93.68

Industry quartile analysis

Payment expectations
Company result	52.29
Lower	85.15
Median	60.73
Upper	46.08
Day sales outstanding
Company result	51.23
Lower	72.82
Median	41.34
Upper	25.47

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	Safe number	%	Limit	Date of accounts
-	BERRY PLASTICS ACQUISITION CORPORATION V	-	-	-	-
-	BERRY PLASTICS CORPORATION	-	-	-	-

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Limit	Date of accounts
413262956	NOVEON PERSONEELSVERENIGING VZW	3000	-
475715813	ORIENTAL RECYCLING NV	225000	31/12/2010
876539906	F&X CARPETS BELGIUM BVBA	0	31/12/2010

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	879163161
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	DIRK TOTTÉ
Position	Principal Manager
Street	14 TARWELAAN LIER
Post code	2500
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.27
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

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.