MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	QPAC PACKAGING LLP
Registered Office :	Marston House 5 Elmdon Lane Marston Green B37 7DL
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.2007
Com. Reg. No.:	OC330862
Legal Form :	--
Line of Business :	Supplier of Flexible Packaging Products.
No. of Employees :	8

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
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

Company Name	QPAC PACKAGING LLP	Company Number	OC330862
Registered Address	MARSTON HOUSE	Trading Address	14 Portland Street Leamington Spa Warwickshire CV32 5HE
	5 ELMDON LANE
	MARSTON GREEN
	B37 7DL
Website Address	http://www.qpac-packaging.co.uk
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	24/08/2007	Company Status	Active - Accounts Filed
Previous Name		Type	Other
Date of Change	-	Filing Date of Accounts	14/12/2012
		Share Capital	-
SIC03		Currency
SIC03 Description
SIC07
SIC07 Description
Principal Activity	Supplier of Flexible Packaging Products.

Accounts Due Date 31/12/2013

Commentary

No exact match CCJs are recorded against the company.
Sales in the latest trading period increased 8.9% on the previous trading period.
Net Worth increased by 19.3% during the latest trading period.
A 22.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 15.5% compared to the previous trading period.
The company saw an increase in their Cash Balance of 6.9% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is not part of a group.
The company was established over 5 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2012	£9,004,072	£1,648,080	£775,671	8
31/03/2011	£8,266,393	£1,426,502	£650,053	7
31/03/2010	-	-	£143,408	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	UK Average DBT

Steady

Improving Worsening

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 -	0	Total Value of Satisfied CCJs -
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	3
Satisfied	0

Total Current Directors	3
Total Current Secretaries	0
Total Previous Directors / Company Secretaries	3

Current Directors

Name	Trevor Brittain	Date of Birth	14/04/1980
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	LLP Designated Member
Appointment Date	22/10/2009
Address	Marston House, 5 Elmdon Lane, Marston Green, Solihull, B37 7DL
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jamie Balfe	Date of Birth	24/01/1973
Officers Title	Mr	Nationality
Present Appointments	1	Function	LLP Designated Member
Appointment Date	24/08/2007
Address	The White House, 45 Leam Terrace, Leamington Spa, CV31 1BQ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jaymie Daniel Balfe	Date of Birth	24/01/1973
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	LLP Designated Member
Appointment Date	24/08/2007
Address	The White House, 45 Leam Terrace, Leamington Spa, CV31 1BQ
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Profit & Loss

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	53
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£9,004,072	8.9%	£8,266,393	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	£291,834	4.3%	£279,931	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	£1,657,868	15.3%	£1,437,475	-	-	-	-	-	-
	Depreciation	£49,713	-26.5%	£67,632	-12.1%	£76,919	40.5%	£54,730	13.1%	£48,377
	Audit Fees	£4,500	12.5%	£4,000	-	-	-	-	-	-
	Interest Payments	£9,794	-10.7%	£10,973	-	-	-	-	-	-
	Pre Tax Profit	£1,648,080	15.5%	£1,426,502	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	£1,648,080	15.5%	£1,426,502	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	£1,648,080	15.5%	£1,426,502	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Tangible Assets	£327,104	22.6%	£266,723	13%	£236,003	39%	£169,830	12.1%	£151,486
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£327,104	22.6%	£266,723	13%	£236,003	39%	£169,830	12.1%	£151,486
	Stock	£989,341	30.7%	£757,038	18.3%	£640,094	20.7%	£530,206	3.5%	£512,381
	Trade Debtors	£2,454,335	22.5%	£2,003,061	19.1%	£1,681,286	33.6%	£1,258,571	11.1%	£1,133,097
	Cash	£293,163	6.9%	£274,173	55.1%	£176,806	127.4%	£77,742	315.5%	£18,712
	Other Debtors	£121,768	12.2%	£108,525	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£3,858,607	22.8%	£3,142,797	25.8%	£2,498,186	33.8%	£1,866,519	12.2%	£1,664,190
	Trade Creditors	£1,497,623	28.2%	£1,167,832	-53.9%	£2,534,863	48%	£1,712,294	3.1%	£1,660,216
	Bank Loans & Overdrafts	£1,443,549	16.5%	£1,238,792	-	0	-	0	-	0
	Other Short Term Finance	£37,875	-12%	£43,034	-	0	-	0	-	0
	Miscellaneous Current Liabilities	£329,983	23.7%	£266,711	-	0	-	0	-	0
	Total Current Liabilities	£3,309,030	21.8%	£2,716,369	7.2%	£2,534,863	48%	£1,712,294	3.1%	£1,660,216
	Bank Loans & Overdrafts and LTL	£1,544,559	20.5%	£1,281,890	999.9%	£55,918	178.4%	£20,083	-54.8%	£44,384
	Other Long Term Finance	£53,881	25%	£43,098	-	0	-	0	-	0
	Total Long Term Liabilities	£101,010	134.4%	£43,098	-22.9%	£55,918	178.4%	£20,083	-54.8%	£44,384

Capital & Reserves

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Called Up Share Capital	-	-	-	-	-	-	-	-	-
	P & L Account Reserve	-	-	-	-	-	-	-	-	-
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£775,671	19.3%	£650,053	353.3%	£143,408	-52.8%	£303,972	173.7%	£111,076
	Shareholder Funds	£775,671	19.3%	£650,053	353.3%	£143,408	-52.8%	£303,972	173.7%	£111,076

Other Financial Items

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Worth	£775,671	19.3%	£650,053	353.3%	£143,408	-52.8%	£303,972	173.7%	£111,076
	Working Capital	£549,577	28.9%	£426,428	999.9%	-£36,677	-123.8%	£154,225	999.9%	£3,974
	Total Assets	£4,185,711	22.8%	£3,409,520	24.7%	£2,734,189	34.3%	£2,036,349	12.2%	£1,815,676
	Total Liabilities	£3,410,040	23.6%	£2,759,467	6.5%	£2,590,781	49.6%	£1,732,377	1.6%	£1,704,600
	Net Assets	£775,671	19.3%	£650,053	353.3%	£143,408	-52.8%	£303,972	173.7%	£111,076

Cash Flow

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Cashflow from Operations	£1,366,593	17.5%	£1,163,494	-	-	-	-	-	-
	Net Cashflow before Financing	£1,347,933	27.6%	£1,056,579	-	-	-	-	-	-
	Net Cashflow from Financing	-£1,532,016	-61.2%	-£950,355	-	-	-	-	-	-
	Increase in Cash	-£184,083	-273.3%	£106,224	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£876,681	26.5%	£693,151	247.7%	£199,326	-38.5%	£324,055	108.4%	£155,460
	Number of Employees	8	14.3%	7	-	-	-	-	-	-
	Auditors	SEPHTON & CO LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers
	Bank Branch Code

Ratios

	Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
	Pre-tax profit margin %	18.30	17.26	-	-	-
	Current ratio	1.17	1.16	0.99	1.09	1
	Sales/Net Working Capital	16.38	19.39	-	-	-
	Gearing %	199.10	197.20	39	6.60	40
	Equity in %	18.50	19.10	5.20	14.90	6.10
	Creditor Days	60.54	51.42	-	-	-
	Debtor Days	99.21	88.20	-	-	-
	Liquidity/Acid Test	0.86	0.87	0.73	0.78	0.69
	Return On Capital Employed %	187.99	205.79	-	-	-
	Return On Total Assets Employed %	39.37	41.83	-	-	-
	Current Debt Ratio	4.26	4.17	17.67	5.63	14.94
	Total Debt Ratio	4.39	4.24	18.06	5.69	15.34
	Stock Turnover Ratio %	10.98	9.15	-	-	-
	Return on Net Assets Employed %	212.47	219.44	-	-	-

Status History

No Status History found

Event History

Date	Description
25/12/2012	New Accounts Filed
25/12/2012	New Accounts Filed
26/10/2012	Annual Returns
09/09/2011	Annual Returns
18/06/2011	New Accounts Filed
06/10/2010	Annual Returns
04/10/2010	New Board Member Mr J.D. Balfe appointed
02/06/2010	New Accounts Filed
25/03/2010	Ms L.J. Payne has left the board
25/01/2010	New Board Member Mr T. Brittain appointed
09/10/2009	New Board Member Mr J. Balfe appointed
09/10/2009	New Board Member Ms L.J. Payne appointed
15/09/2009	Annual Returns
31/05/2009	New Accounts Filed
10/02/2009	Annual Returns

Previous Company Names

No Previous Names found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	MORTGAGE
Date Charge Created:	06/04/11
Date Charge Registered:	08/04/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NORWICH & PETERBOROUGH BUILDING SOCIETY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNTWHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	F/H PROPERTY K/A AUGUSTA HOUSE 18 AUGUSTA PLACE LEAMINGTON SPA

Mortgage Type:	DEED OF ASSIGNMENT OF RENTAL INCOME
Date Charge Created:	06/04/11
Date Charge Registered:	08/04/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NORWICH & PETERBOROUGH BUILDING SOCIETY
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details:	RENTS RECEIVABLE UNDER THE LEASES OF THE WHOLE OR ANY PART OF THE PROPERTY K/A AUGUSTA HOUSE 18 AUGUSTA PLACE LEAMINGTON SPA

Mortgage Type:	DEBENTURE
Date Charge Created:	27/12/07
Date Charge Registered:	03/01/08
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
RWL REGISTRARS LIMITED	3	43
RWL DIRECTORS LIMITED	3	41
Leanne Jane Payne	0	1

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.68
UK Pound	1	Rs.84.84
Euro	1	Rs.71.87

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.