MIRA INFORM REPORT

Report Date :

28.12.2013

IDENTIFICATION DETAILS

Name :	G & S PACKAGING LIMITED
Registered Office :	11 Forest Drive, Woodford Green, Essex, IG8 9NG
Country :	United Kingdom
Financials (as on) :	31.10.2012
Date of Incorporation :	17.09.2004
Com. Reg. No.:	05234542
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacturer of disposable food packaging container
No. of Employees :	Not Available

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

Status :	Moderate
Payment Behaviour :	Slow
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	G & S PACKAGING LIMITED	Company Number	05234542
Registered Address	11 FOREST DRIVE WOODFORD GREEN ESSEX IG8 9NG	Trading Address	11 Forest Drive Woodford Green Essex IG8 9NG
Website Address	http://www.gnspackaging.co.uk
Telephone Number	-
TPS	-
Incorporation Date	17/09/2004	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	18/07/2013
		Share Capital	£100
SIC03	5190	Currency	GBP
SIC03 Description	Other wholesale
SIC07	46900
SIC07 Description	NON-SPECIALISED WHOLESALE TRADE

DIRECTORS/MANAGEMENT

Total Current Directors	1
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	2

Current Directors

Name	Nilesh Joshi	Date of Birth	20/02/1963
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	30/09/2004
Address	236 Hampton Road, Ilford, Essex, IG1 1PP

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£609
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	1
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
NILESH JOSHI	GBP	60	ORDINARY	1	60
KAMINI JOSHI	GBP	40	ORDINARY	1	40

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	14
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/10/2012	-	-	-£8,957	-
31/10/2011	-	-	£6,217	-
31/10/2010	-	-	£20,273	-

Profit & Loss

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£850	-22.4%	£1,095	-71.8%	£3,888	18.8%	£3,273	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Tangible Assets	£2,552	-22.2%	£3,280	-71.9%	£11,667	18.8%	£9,821	-	0
Intangible Assets	0	-	0	-	0	-	0	-100%	£13,094
Total Fixed Assets	£2,552	-22.2%	£3,280	-71.9%	£11,667	18.8%	£9,821	-25%	£13,094
Stock	£53,427	-4.7%	£56,077	-12.5%	£64,093	-25.3%	£85,816	21.6%	£70,547
Trade Debtors	0	-	0	-	0	-100%	£5,037	-1.9%	£5,137
Cash	£403	-31.2%	£586	79.8%	£326	27.3%	£256	-32.5%	£379
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£53,830	-5%	£56,663	-12%	£64,419	-29.3%	£91,109	19.8%	£76,063
Trade Creditors	£65,339	21.6%	£53,726	-3.7%	£55,813	-29.6%	£79,320	7.5%	£73,788
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£65,339	21.6%	£53,726	-3.7%	£55,813	-29.6%	£79,320	7.5%	£73,788
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Called Up Share Capital	£100	-	£100	-	£100	-	£100	-	£100
P & L Account Reserve	-£9,057	-248.1%	£6,117	-69.7%	£20,173	-6.2%	£21,510	40.9%	£15,269
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-£8,957	-244.1%	£6,217	-69.3%	£20,273	-6.2%	£21,610	40.6%	£15,369

Other Financial Items

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Net Worth	-£8,957	-244.1%	£6,217	-69.3%	£20,273	-6.2%	£21,610	849.9%	£2,275
Working Capital	-£11,509	-491.9%	£2,937	-65.9%	£8,606	-27%	£11,789	418.2%	£2,275
Total Assets	£56,382	-5.9%	£59,943	-21.2%	£76,086	-24.6%	£100,930	13.2%	£89,157
Total Liabilities	£65,339	21.6%	£53,726	-3.7%	£55,813	-29.6%	£79,320	7.5%	£73,788
Net Assets	-£8,957	-244.1%	£6,217	-69.3%	£20,273	-6.2%	£21,610	40.6%	£15,369

Miscellaneous

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	-£8,957	-244.1%	£6,217	-69.3%	£20,273	-6.2%	£21,610	40.6%	£15,369
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/10/12	31/10/11	31/10/10	31/10/09	31/10/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	0.82	1.05	1.15	1.15	1.03
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	0	0
Equity in %	-15.90	10.40	26.60	21.40	20.20
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	-	0.01	-	0.06	0.07
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	-7.29	8.64	2.75	3.67	4.80
Total Debt Ratio	-7.29	8.64	2.75	3.67	4.80
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	Kamini Joshi	Date of Birth	-
Officers Title		Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	30/09/2004
Address	236 Hampton Road, Ilford, Essex, IG1 1PP

Status History

No Status History found

Event History

Date	Description
08/11/2013	Annual Returns
23/07/2013	New Accounts Filed
23/07/2013	New Accounts Filed
19/11/2012	Annual Returns
21/07/2012	New Accounts Filed
01/11/2011	Annual Returns
28/07/2011	New Accounts Filed
07/12/2010	Annual Returns
26/07/2010	New Accounts Filed
02/12/2009	Annual Returns
25/08/2009	New Accounts Filed
25/08/2009	New Accounts Filed
09/12/2008	Annual Returns
29/08/2008	New Accounts Filed
14/01/2008	Annual Returns

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

CCJ recorded against the company.

There is insufficient data to indicate a change in this companies percentage of sales.

Net Worth decreased by 244.1% during the latest trading period.

A 5.9% decline in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this companies pre-tax profit.

The company saw a decrease in their Cash Balance of 31.2% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

The company was established over 9 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

NNA

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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