MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	GERBER JUICE CO. LTD.
Registered Office :	Mallard Court Express Park Bristol Road Bridgwater, TA6 4RN
Country :	United Kingdom
Financials (as on) :	25.12.2010
Date of Incorporation :	28.11.1919
Com. Reg. No.:	00161079
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of mineral waters and soft drinks
No. of Employees :	872

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
United Kingdom	A1	A1

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company name and address

Top of Form

Bottom of Form

Gerber Juice Co. Ltd.

Mallard Court Express Park
Bristol Road
Bridgwater, TA6 4RN
United Kingdom
Tel:	01278441600
Fax:	01278441777
www.gerberjuice.com

Employees:	872
Company Type:	Private Subsidiary
Corporate Family:	71 Companies
Ultimate Parent:	HANOVER ACCEPTANCES LTD
Quoted Status:	Non-quoted Company
Incorporation Date:	28-Nov-1919
Auditor:	Deloitte LLP

Financials in:	USD (mil)
Fiscal Year End:	25-Dec-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	408.4 ^1
Net Income:	3.9
Total Assets:	247.4

Business Description

Gerber Juice Company Ltd. is one of the leading manufacturers and suppliers of soft drinks and fruit juices in the United Kingdom. The company owns and operates a number of well-equipped production facilities that offer fruit juices in various flavours and sizes. It imports fruit purees, pulps and concentrates from several European countries. In addition, the company provides contract packaging services to several beverage manufacturing companies. It also produces and packs a variety of private label juice and soft drinks for several supermarket stores.

Industry

Industry	Beverages (Non-Alcoholic)
ANZSIC 2006:	1211 - Soft Drink, Cordial and Syrup Manufacturing
NACE 2002:	1598 - Manufacture of mineral waters and soft drinks
NAICS 2002:	31211 - Soft Drink and Ice Manufacturing
UK SIC 2003:	1598 - Manufacture of mineral waters and soft drinks
UK SIC 2007:	1107 - Manufacture of soft drinks; production of mineral waters and other bottled waters
US SIC 1987:	2086 - Bottled and Canned Soft Drinks and Carbonated Waters

Key Executives

Name	Title
Andrew Biles	Group Chief Executive Officer, Gerber Emig Group Ltd and Chairman, Gerber Juice Company Ltd
John Keith Brown	Finance Director
John Chater	Director, Sales (Multiple Grocery)
John Woods	Systems Development Manager
David Barber	Purchasing Manager, Gerber Foods Soft Drinks

Financial Summary

FYE: 25-Dec-2010

USD (mil)

Key Figures
Current Assets	145.04
Fixed Assets	102.32
Total Liabilities	125.24
Net Worth	63.44

Key Ratios
Current Ratio	1.16
Acid Test	0.92
Debt Gearing	85.35

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6472315
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.647333

Corporate Overview

Location
Mallard Court Express Park
Bristol Road
Bridgwater, TA6 4RN
Somerset County
United Kingdom

Tel:	01278441600
Fax:	01278441777

www.gerberjuice.com

Sales GBP(mil):	264.3
Assets GBP(mil):	160.1
Employees:	872
Fiscal Year End:	25-Dec-2010

Industry:	Beverages (Non-Alcoholic)

Registered Address:
16 Hans Road
London, SW3 1RT
United Kingdom

Incorporation Date:	28-Nov-1919
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00161079

Managing Director:	David John Saint

Contents Industry Codes Business Description Brand/Trade Names Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1211	-	Soft Drink, Cordial and Syrup Manufacturing

NACE 2002 Codes:
1598	-	Manufacture of mineral waters and soft drinks

NAICS 2002 Codes:
31211	-	Soft Drink and Ice Manufacturing

US SIC 1987:
2086	-	Bottled and Canned Soft Drinks and Carbonated Waters

UK SIC 2003:
1598	-	Manufacture of mineral waters and soft drinks

UK SIC 2007:
1107	-	Manufacture of soft drinks; production of mineral waters and other bottled waters

Business Description

Gerber Juice Company Ltd. is one of the leading manufacturers and suppliers of soft drinks and fruit juices in the United Kingdom. The company owns and operates a number of well-equipped production facilities that offer fruit juices in various flavours and sizes. It imports fruit purees, pulps and concentrates from several European countries. In addition, the company provides contract packaging services to several beverage manufacturing companies. It also produces and packs a variety of private label juice and soft drinks for several supermarket stores.

More Business Descriptions

Gerber Foods Soft Drinks Ltd. prides itself on being one of the United Kingdom's leading operators in the fruit juice market. On average, Gerber provides approximately 200 litres of soft drinks each year. The company owns one of the largest ambient and chilled juice filling plants in the country. For more than twenty years, Gerber has been buying fruit juice from throughout the world. By creating close partnerships with key suppliers, the company can ensure a constant flow of the highest quality raw ingredients. All United Kingdom production is sourced from plants in Bridgwater, Somerset, where food manufacture has taken place since 1896. Following the acquisition of EMIG in 2001, Gerber is now part of the biggest supplier of juices and juice drinks in Europe, supplying either Private Label, its own products or contract packing for other major products. Gerber maintains its head offices in Bridgwater, Somerset.

Manufacture and distribution of juice drinks

Fruit Juice (Producers and Merchants)

Brand/Trade Names
Sunpride Southern Delight	Southern Gold.

Financial Data

Financials in:	GBP(mil)
Revenue:	264.3
Net Income:	2.5
Assets:	160.1
Current Assets:	93.9
Fixed Assets:	66.2
Long Term Debt:	35.1
Total Liabilities:	116.1
Issued Capital:	0.4
Working Capital:	12.8
Net Worth:	41.1
Date of Financial Data:	25-Dec-2010

1 Year Growth

-11.9%

NA

NA

Key Corporate Relationships

Auditor:	Deloitte LLP
Bank:	Hsbc Bank PLC
Auditor:	Deloitte LLP, Deloitte LLP

	GBP(mil)
Audit Fees:	0.1
Non Audit Fees:	0.1
Audit Fiscal Year:	12-25-2010

Corporate Structure News

Gerber Juice Co. Ltd.
Total Corporate Family Members: 71

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
HANOVER ACCEPTANCES LTD	Parent	London	United Kingdom	Construction Services	952.6	1,848
Dorrington PLC	Subsidiary	London	United Kingdom	Construction Services	83.7	24
Dorrington Investment PLC	Subsidiary	London	United Kingdom	Construction Services	65.8	13
Dorrington Residential Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	30.6	7
25 Randolph Crescent Ltd.	Subsidiary	Hitchin	United Kingdom	Nonclassifiable Industries
Dorrington Housing Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	17.5	6
Dorrington London Flats Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	5.1
Dorrington Belgravia Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	3.3
Heath (Properties) Ltd.	Subsidiary	London	United Kingdom	Construction Services
Hampstead Property Ltd.	Subsidiary	London	United Kingdom	Construction Services
Hampstead Property (Residential) Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
F. & D. Knight Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Dorrington Queensway Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	2.9
Eaton Manor Hove Ltd.	Subsidiary	London	United Kingdom	Construction Services	2.7
Portman Estates Ltd.	Subsidiary	London	United Kingdom	Commercial Banks	0.0
Capital & District Properties Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Highcroft Estates Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Lintsbrook Developments Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Barcforest Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Woodean Managements Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Dorrington Investment Trust Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Dorrington Lyndale Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Lyndale Development Co.	Subsidiary	London	United Kingdom	Real Estate Operations	4.3
Dorrington Properties PLC	Subsidiary	London	United Kingdom	Construction Services		8
Throgmorton Securities Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	3.7
Spice Property Investments Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	2.2
Dorrington Southwark Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	1.4
London Consolidated Properties Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	1.4
Dorrington Fulwood Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	1.3
City, West End & Suburban Shop Property Co. Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	1.2
Dorrington Hatton Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.9
Dorrington Midtown Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.7
Dorrington City Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.7
Dorrington West Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.4
Oyo Properties Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.4
Dorrington Southside Ltd.	Subsidiary	London	United Kingdom	Construction Services	0.2
Dorrington Management Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.1
Sarsfield Properties Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.0
Dorrington Property Developments Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	0.0
London Consolidated Investments Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Follychase Ltd.	Subsidiary	London	United Kingdom	Construction Services
British Consolidated Investments Corporation Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Hanover Property Developments Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Hanover Management Services Ltd.	Subsidiary	London	United Kingdom	Investment Services		16
Fresh Capital Group Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Portstock Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Tamoa Ltd.	Subsidiary	London	United Kingdom	Business Services
Pride Foods Ltd.	Subsidiary	London	United Kingdom	Business Services	876.1	1,805
Gerber Emig Group Ltd.	Subsidiary	London	United Kingdom	Business Services	868.7	1,805
Gerber Juice Co. Ltd.	Subsidiary	Bridgwater	United Kingdom	Beverages (Non-Alcoholic)	408.4	872
Gerber Foods Soft Drinks Ltd.	Subsidiary	London	United Kingdom	Restaurants
EMIG GmbH & Co KG	Subsidiary	Rellingen, Schleswig-Holstein	Germany	Healthcare Facilities	367.2	650
Gerber-Goldschmidt Foods Ltd.	Subsidiary	London	United Kingdom	Food Processing
Sunpride Ltd.	Subsidiary	London	United Kingdom	Food Processing
Gerber Frozen Foods Ltd.	Subsidiary	London	United Kingdom	Food Processing
British Brands Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Gerber Foods International Ltd.	Subsidiary	London	United Kingdom	Food Processing
Quantock Properties Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	11.1
Portmans (Property Consultants) Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Sgms Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Dorrington Holdings PLC	Subsidiary	London	United Kingdom	Business Services
Larchwood Securities Ltd.	Subsidiary	London	United Kingdom	Insurance (Life)
River's Edge Estates Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
The Hanover Group Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Gerber Foods Holdings Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Lovat Pride (Mineral Water) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Hanover Acceptances Investments Ltd.	Subsidiary	N/K	United Kingdom	Real Estate Operations
Dorrington Hanover Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Hanover Acceptances Finance Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations
Dorrington Homes Ltd.	Subsidiary	London	United Kingdom	Investment Services
Dorrington Hove Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations

Executives Report

Board of Directors

Name	Title	Function
Andrew Biles	Group Chief Executive Officer, Gerber Emig Group Ltd and Chairman, Gerber Juice Company Ltd	Chairman
Age: 60
John Keith Brown	Finance Director	Director/Board Member
Tony Crichton	Director	Director/Board Member
Sean Gorvy	Director	Director/Board Member
Age: 49
Stephen William Orchard	Director	Director/Board Member
Age: 63
David John Saint	Managing Director	Director/Board Member
Age: 47

Executives

Name	Title	Function
Andrew Biles	Group Chief Executive Officer, Gerber Emig Group Ltd and Chairman, Gerber Juice Company Ltd	Division Head Executive
Age: 60
David John Saint	Managing Director	Managing Director
Age: 47
Emma Washer	Health and Safety Team Leader	Environment/Safety Executive
John Keith Brown	Finance Director	Finance Executive
John Keith Brown	Finance Director	Finance Executive
Age: 59
Mark Gravatt	Finance Director	Finance Executive
Tracey Harris	Training Co-ordinator	Human Resources Executive
Alan Parker	Personnel Director	Human Resources Executive
Jane Rawles	Personnel Officer	Human Resources Executive
Juliette Staunton	Personnel Manager	Human Resources Executive
John Chater	Director, Sales (Multiple Grocery)	Sales Executive
Graham Emery	Director, Sales	Sales Executive
James Logan	Director, Sales	Sales Executive
Martin Pedrick	Sales Director UK	Sales Executive
Michael Rennie	Marketing Director	Marketing Executive
Ian Stone	Marketing Manager	Marketing Executive
John Richards	Systems Support Manager	Information Executive
John Woods	Systems Development Manager	Information Executive
Linda Backwith	Category Manager	Product Management Executive
Alli Lucy	Commercial Manager - Del Monte	Commercial Executive
Marnie Millard	Commercial Director	Commercial Executive
David Barber	Purchasing Manager, Gerber Foods Soft Drinks	Purchasing Executive
Steve Wishart	Purchasing Manager	Purchasing Executive
Mike Lane	Head of Service Delivery	Other

Directors and Shareholders Report

Annual Return Date: 24 Oct 2011
Total Issued Capital (GBP 000): 429

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Sean Gorvy	Current	24 Jan 1963	14B Ladbroke Terrace, Notting Hill, London W11 3PG	28 Aug 1998	NA	Current:19 Previous:5 Disqualifications:0
John Keith Brown	Current	14 Mar 1953	Harvel Cottage 30 Hallatrow Road, Paulton, Bristol, Avon BS39 7LJ	21 Sep 1999	NA	Current:2 Previous:13 Disqualifications:0
Andrew John Biles	Current	23 Mar 1952	11 Avon Grove, Sneyd Park, Bristol, Avon BS9 1PJ	07 Sep 1998	NA	Current:5 Previous:10 Disqualifications:0
Stephen William Orchard	Current	26 Sep 1949	The Orchards, Meadow Lane Houghton, Huntingdon, Cambridgeshire PE17 2BP	29 Jan 2001	NA	Current:1 Previous:8 Disqualifications:0
David John Saint	Current	20 Nov 1964	14 Julian Road, Sneyd Park, Bristol, BS9 1LB	18 Sep 2002	NA	Current:2 Previous:0 Disqualifications:0
Yuval Yashiv	Previous	28 Mar 1964	Flat 6 68 Greencroft Gardens, London , London NW6 3JQ	01 Aug 1997	30 Jun 1999	Current:0 Previous:14 Disqualifications:0
Eileen Loxton	Previous	18 Feb 1950	14 Quayside, Bridgwater, Somerset TA6 3TA	01 Jun 1998	31 Jul 1999	Current:0 Previous:1 Disqualifications:0
Anthony Ian Crichton	Previous	19 Jun 1953	14-16 Hans Road, London , London SW3 1RT	06 Mar 1989	24 Dec 2011	Current:0 Previous:1 Disqualifications:0
Alan William Adler	Previous	14 May 1957	3 Westfield Lawn, Burnham-On-Sea, Somerset TA8 2DN	02 Nov 1999	22 Feb 2001	Current:2 Previous:3 Disqualifications:0
Robert Antony Spencer	Previous	27 Nov 1959	Tithe Barn, Hatchgate Close Cold Ash, Thatcham, Berkshire RG18 9NY	02 Nov 1999	28 Mar 2008	Current:0 Previous:1 Disqualifications:0
Zvi Haim Cohen	Previous	21 Aug 1938	14 Franklin Close, Whetstone, London N20 9QG	NA	21 Aug 1998	Current:0 Previous:15 Disqualifications:0
Sarah Carmel Mary Arrowsmith	Previous	23 Nov 1964	The Octagon 79 Mereworth Road, Maidstone, Kent ME18 5JQ	NA	31 Aug 1998	Current:6 Previous:3 Disqualifications:0
David Elias Fine	Previous	29 Jan 1952	519 North Gate Alconbury Airfield, Alconbury, Huntingdon, Cambridgeshire PE28 4WX	NA	02 Mar 1998	Current:6 Previous:6 Disqualifications:0
Ronald Leon Wunsh	Previous	21 Mar 1936	7 The Lincolns, Marsh Lane, Mill Hill, London NW7 4PD	31 Oct 1991	31 Jul 1997	Current:0 Previous:12 Disqualifications:0
Manfred Stanley Gorvy	Previous	04 May 1938	14 Hans Road, London , London SW3 1RT	31 Oct 1991	25 Apr 1995	Current:48 Previous:6 Disqualifications:0
Robert Marshall	Previous	25 Dec 1950	18 Rowanbank Gardens, Broughty Ferry, Dundee, Dundee City DD5 2JW	31 Oct 1991	11 Feb 1998	Current:0 Previous:1 Disqualifications:0
Angus Mcgregor Grant	Previous	24 Dec 1940	5 Bedwin Close, Portishead, Bristol, Avon BS20 8BY	31 Oct 1991	28 Oct 1994	Current:0 Previous:3 Disqualifications:0
Roderick Rufus	Previous	31 Dec 1940	Longbourn House, Halse, Taunton, Somerset TA4 3AF	31 Oct 1991	22 Dec 1997	Current:0 Previous:1 Disqualifications:0
Stephen Arthur Russell Saunders	Previous	19 Feb 1956	34 The Custom House, Redcliff Backs, Bristol, Avon BS1 6NE	18 Sep 2002	05 May 2004	Current:1 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

There are no individual secretaries for this company.

Corporate Secretaries
Company Name	Status	Registered Address	Appointment Date	Resignation Date
Hanover Management Services Limited	Current	16 Hans Road, London , London SW3 1RS	31 Oct 1991	NA

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Gerber Emig Group Ltd	01697989	428725 Ordinary GBP 1.00	Ordinary	428,725	1.00	428,725.00	100.00
Gerber Emig Group Ltd	0169799	2 Ordinary GBP 1.00	Ordinary	2	1.00	2.00	<0.01
Gerber Emig Group Ltd	01697989	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	<0.01

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	25-Dec-2010	25-Dec-2009	25-Dec-2008	25-Dec-2007	25-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647231	0.642603	0.542106	0.500024	0.544737
Consolidated	No	No	No	No	No
Turnover (UK)	391.5	448.0	501.3	509.0	467.3
Turnover (Exports)	16.8	18.9	15.8	14.6	22.7
Total Turnover	408.4	466.9	517.0	523.7	490.0
Cost of Sales	336.1	385.5	457.7	458.2	415.0
Gross Profit	72.3	81.4	59.3	65.5	74.9
Depreciation	14.3	14.0	13.1	1.1	9.1
Other Expenses	61.1	63.2	76.1	77.5	77.2
Operating Profit	-	-	-16.8	-12.0	-2.2
Other Income	1.2	0.5	1.7	4.4	4.3
Interest Paid	2.0	1.2	5.5	3.8	2.6
Exceptional Income	0.6	-0.3	0.0	0.0	0.0
Discontinued Operations	-	0.0	-	0.0	0.0
Profit Before Taxes	11.0	17.2	-20.5	-11.4	-0.5
Tax Payable / Credit	3.3	3.1	-2.5	3.6	8.7
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	3.9	7.0	0.0	0.0	0.0
Profit After Taxes	3.9	7.0	-18.0	-14.9	-9.2
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.1	0.1	0.2	0.1
Non Audit Fees	0.2	0.3	0.2	0.3	0.3
Number of Employees	872	882	913	928	993
Wages	40.7	39.2	46.1	44.9	42.1
Social Security Costs	3.8	3.7	4.2	4.1	3.8
Pensions	-	-	-	-	0.1
Other Pension Costs	1.1	1.1	1.2	1.3	1.2
Employees Remuneration	45.6	44.0	51.5	50.2	47.2
Directors Emoluments	-	-	-	-	1.5
Other Costs	-	-	-	-	0.0
Directors Remuneration	1.1	0.9	1.3	1.6	1.6
Highest Paid Director	0.5	0.4	0.6	0.6	0.7

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	25-Dec-2010	25-Dec-2009	25-Dec-2008	25-Dec-2007	25-Dec-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.647333	0.627766	0.679348	0.505919	0.510204
Consolidated	No	No	No	No	No
Land & Buildings	19.1	30.0	21.8	56.8	-
Fixtures & Fittings	0.0	0.0	0.0	0.0	-
Plant & Vehicles	83.2	68.1	62.4	44.8	-
Total Tangible Fixed Assets	102.3	98.2	84.2	101.6	62.2
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	102.3	98.2	84.2	101.6	62.2
Stocks	-	-	-	-	38.1
Work in Progress	-	-	-	-	0.0
Total Stocks Work In Progress	30.1	28.9	27.6	32.9	38.1
Trade Debtors	47.0	67.1	61.9	78.9	61.7
Inter-Company Debtors	7.8	3.6	16.9	21.3	0.1
Other Debtors	12.9	7.7	5.0	3.8	2.0
Total Debtors	67.7	78.4	83.8	104.1	63.9
Cash and Equivalents	47.2	53.8	34.1	57.3	62.6
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	145.0	161.2	145.5	194.3	164.6
Total Assets	247.4	259.3	229.7	295.9	226.9
Trade Creditors	83.6	86.3	73.5	117.2	66.3
Bank Overdraft	-	-	0.0	5.5	5.0
Inter-Company Creditors	0.1	0.4	0.3	59.1	21.4
Hire Purchase (Current Liability)	0.0	0.0	-	0.0	0.0
Finance Lease (Current Liability)	0.9	0.9	-	0.0	0.2
Total Finance Lease/Hire Purchase (Current Liability)	0.9	0.9	-	0.0	0.2
Accruals/Deferred Income (Current Liability)	14.7	15.4	23.3	24.3	27.8
Social Security/VAT	6.7	7.3	8.0	9.3	10.9
Corporation Tax	1.0	0.6	0.0	1.6	4.6
Other Current Liabilities	18.3	22.6	15.8	31.8	31.2
Total Current Liabilities	125.2	133.4	120.8	248.7	167.4
Group Loans (Long Term Liability)	8.4	24.4	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	4.2	5.2	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	4.2	5.2	0.0	0.0	0.0
Other Long Term Loans	41.6	33.2	58.8	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	54.2	62.9	58.8	0.0	0.0
Deferred Taxation	4.5	1.6	0.0	2.6	0.7
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	4.5	1.6	0.0	2.6	0.7
Issued Capital	0.7	0.7	0.7	0.8	0.8
Share Premium Accounts	32.9	33.9	31.3	0.1	0.1
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	29.6	26.5	17.8	43.3	57.6
Other Reserves	0.3	0.3	0.3	0.3	0.3
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	63.4	61.4	50.1	44.5	58.8
Net Worth	63.4	61.4	50.1	44.5	58.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	25-Dec-2010	25-Dec-2009	25-Dec-2008	25-Dec-2007	25-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647231	0.642603	0.542106	0.500024	0.544737
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	25-Dec-2010	25-Dec-2009	25-Dec-2008	25-Dec-2007	25-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.647333	0.627766	0.679348	0.505919	0.510204
Consolidated	No	No	No	No	No
Current Ratio	1.16	1.21	1.20	0.78	0.98
Liquidity Ratio	0.92	0.99	0.98	0.65	0.76
Stock Turnover	13.55	16.53	14.97	15.72	13.72
Credit Period (Days)	42.04	51.28	54.75	55.68	43.07
Working Capital by Sales	4.85%	5.82%	5.98%	-10.51%	-0.52%
Trade Credit by Debtors	1.78	1.28	1.19	1.48	1.07
Return on Capital	9.01%	13.95%	-15.02%	-23.88%	-0.88%
Return on Assets	4.45%	6.78%	-7.12%	-3.81%	-0.23%
Profit Margin	2.70%	3.68%	-3.96%	-2.18%	-0.10%
Return on Shareholders Funds	17.35%	28.61%	-32.65%	-25.29%	-0.89%
Borrowing Ratio	86.86%	104.42%	117.86%	144.85%	45.24%
Equity Gearing	25.65%	23.68%	21.81%	15.05%	25.92%
Debt Gearing	85.35%	102.40%	117.34%	-	0.02%
Interest Coverage	5.46	13.77	-3.74	-2.97	-0.19
Sales by Tangible Assets	3.99	4.87	4.90	5.10	8.41
Average Remuneration per Employee	0.1	0.1	0.0	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.5	0.5	0.5	0.6	0.5
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.1	0.1	0.1	0.1	0.1
Total Assets per Employee	0.3	0.3	0.3	0.3	0.2
Employee Remuneration by Sales	11.18%	9.42%	9.95%	9.59%	9.63%
Creditor Days (Cost of Sales Based)	90.77	79.79	73.45	94.44	54.59
Creditor Days (Sales Based)	74.70	65.88	65.03	82.63	46.24

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

PRL

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.