MIRA INFORM REPORT

Report Date :

28.01.2013

IDENTIFICATION DETAILS

Name :	MANULI PACKAGING (UK) LTD.
Formerly Known As :	MANULI-ISTACAST LIMITED
Registered Office :	Unit 6, Leafield Industrial Estate, Corsham, Wiltshire, SN13 9SW.
Country :	United Kingdom
Financials (as on) :	31.12.2011
Date of Incorporation :	02.09.1992
Com. Reg. No.:	02744359
Legal Form :	Private Limited
Line of Business :	Manufacture and sale of packaging, filmwrap and related machinery.
No. of Employees :	38

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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 Identification Details

Subject Reported on	MANULI PACKAGING (UK) LTD.
Registration Number	02744359
Address	UNIT 6, LEAFIELD INDUSTRIAL ESTATE, CORSHAM, WILTSHIRE, SN13 9SW.
Telephone	01225 812 200
Facsimile	01225 812 281
Email	sales@manuli.co.uk
Web Address	www.manuli.co.uk

Official Company Data

Legal Form	Private Limited
Registration Number	02744359
Subject Status	Trading
Date of Incorporation	02/09/1992
Registered Office	UNIT 6, LEAFIELD INDUSTRIAL ESTATE, CORSHAM, WILTSHIRE, SN13 9SW.
History	18/03/1998 : Change of name from MANULI-ISTACAST LIMITED.
	1/12/1995 : Change of name from ISTACAST LIMITED.
Date of Last Annual Return to Registry	02/09/2012
Accounts	The last filed accounts at Companies House are those to 31/12/2011
Accounting Reference Date	31/12

Operations

Activities	The manufacture and sale of packaging, filmwrap and related machinery.
Nace Code	2522
Premises	Leased,Offices,Warehouse
Staff Employed	38
Import Countries	No Import Activity
Export Countries	No Export Activity
Bankers	ROYAL BANK OF SCOT
Address	BATH.
Sort Code	161253
Auditors	Ernst & Young LLP

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	1	2

Search History Details

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

Date	Description
10/01/2013	Miscellaneous
04/04/2012	Miscellaneous
17/01/2012	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	2
Number Partially Satisfied	0
Number Satisfied	0
Date of Latest Mortgage Created	20/12/1996

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	08/01/1997	20/12/1996	Debenture	395	The Royal Bank Of Scotland Plc
	18/02/1994	14/02/1994	Rent Deposit Deed	395	Tompkins Barron Developments Limited

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

12/09/2012	Companies House Gazette	Notification of any change among the company's directors
24/03/2012	Companies House Gazette	All documents required to be delivered to the registrar under section 441 (annual accounts and reports)
15/04/2004	Companies House Gazette	Change among directors of a company
26/11/2003	Companies House Gazette	Change among directors of a company
18/11/2003	Companies House Gazette	Change among directors of a company
21/05/2002	Companies House Gazette	Change among directors of a company
17/10/2001	Companies House Gazette	Change among directors of a company
01/12/1999	Companies House Gazette	Change among directors of a company
07/06/1997	Companies House Gazette	Change among directors of a company
30/05/1997	Companies House Gazette	Change among directors of a company
09/10/1996	Companies House Gazette	Change among directors of a company
30/09/1995	Companies House Gazette	Change among directors of a company
24/08/1994	Companies House Gazette	Alteration in memorandum or articles of association
24/08/1994	Companies House Gazette	Resolutions which give vary
25/09/1993	Companies House Gazette	Change among directors of a company
26/09/1992	Companies House Gazette	Alteration in memorandum or articles of association

Company Secretary

Secretary	MR ANDREW SHORT
Service Address	1 HARTHAM LANE, BIDDESTONE, CHIPPENHAM, WILTSHIRE, SN14 7EA.
Country of Origin	UNITED KINGDOM
Date of Birth	04/09/1945
Appointment Date	02/09/1992
Other Directorships	ISTA (UK) LIMITED, ANDYWRAP EUROFILM LTD, ULTRAPOINT LIMITED, WHITE HORSE BIDDESTONE LIMITED

Directors

Accountant	PAUL GRIMES
Service Address	6 SAGE CLOSE, PORTISHEAD, BRISTOL, AVON, BS20 8ET.
Country of Origin	UNITED KINGDOM
Date of Birth	03/01/1949
Appointment Date	21/09/1992
Other Directorships	ISTA (UK) LIMITED
Director	MR ANDREW SHORT
Service Address	1 HARTHAM LANE, BIDDESTONE, CHIPPENHAM, WILTSHIRE, SN14 7EA.
Country of Origin	UNITED KINGDOM
Date of Birth	04/09/1945
Appointment Date	02/09/1992
Other Directorships	ISTA (UK) LIMITED, ANDYWRAP EUROFILM LTD, ULTRAPOINT LIMITED, WHITE HORSE BIDDESTONE LIMITED
Director	GERHARD STOTTMEISTER
Service Address	MAYBACHSTRASSE 9, POSTFACH 51, D-7151 AFFALTERBACH.
Country of Origin	GERMANY
Date of Birth	09/03/1946
Appointment Date	27/09/1992
Other Directorships	ISTA (UK) LIMITED
Director	MAURIZIO COSSALTER
Service Address	VIA OTTORIMO RESPIGHI, LATINA, LAZIO.
Country of Origin	ITALY
Date of Birth	15/06/1957
Appointment Date	01/11/1995
Director	MASSIMO MORONI
Service Address	LARGO EUROPA 16, DALMINE BERGAMO 240000, ITALY.
Country of Origin	ITALY
Date of Birth	26/06/1965
Appointment Date	01/06/1997
Director	SAVERIO LOMBARDINI
Service Address	VIA N. SAURO 61, GAETA (LATINA), LAZIO 04024.
Country of Origin	ITALY
Date of Birth	19/02/1967
Appointment Date	17/11/2003
Director	MARCO MANULI
Service Address	VIA S. VITTORE 11, MILANO, MILANO 20123.
Country of Origin	ITALY
Date of Birth	01/11/1978
Appointment Date	29/03/2004

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	370,000
Principal Shareholder	222,000 Manuli Stretch Distribution SRL
	148,000 Ista (UK) Ltd

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

Holding Company	Manuli Stretch Distribution SRL, a company incorporated in ITALY
Ultimate Parent	MANULI STRETCH SPA, a company incorporated in ITALY

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	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Currency	GBP	GBP	GBP	GBP
SALES	25701	22972	18462	22069
UK sales	25314	22702	18165	21727
Export	387	270	297	342
Cost of goods sold	23356	21104	16686	20321
GROSS PROFIT	2345	1868	1776	1748
Wages and Salaries	1035	944	1038	991
Directors Emoluments	160	129	135	118
Auditors Fees	13	12	12	12
Non-Audit Fees	5	4	4	6
Trading Profit	748	387	226	224
Depreciation	123	90	114	86
OPERATING PROFIT	625	297	112	138
Non Trading Income				1
Interest Payable	30	26	22	61
PRE TAX PROFIT	595	271	90	78
Taxation	159	77	29	27
PROFIT AFTER TAX	436	194	61	51
RETAINED PROFITS	436	194	61	51

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	385	397	476	283
Tangible Assets	385	397	476	283
Fixed Assets	385	397	476	283
TOTAL CURRENT ASSETS	7190	6854	5656	6272
Trade debtors	5488	5219	4130	4826
Stocks	1440	1362	1245	1102
Other Current Assets	262	273	281	344
Misc Current Assets	89	157	140	96
Due From Group	48			10
Cash	125	116	141	238
TOTAL ASSETS	7575	7251	6132	6555
TOTAL CURRENT LIABILITIES	5811	5904	4943	5548
Trade creditors	2317	2102	2016	1729
Short Term Loans	2752	2980	2473	3106
Bank Overdraft	700	700	700	700
Other Finance	35	35	35
Due To Group	2017	2245	1738	2406
Other Liabilities	742	822	454	713
WORKING CAPITAL	1379	950	713	724
TOTAL LONG TERM LIABS	72	91	127	6
Long Term Loans	46	81	116
Other Finance	46	81	116
Other Liabilities	26	10	11	6
NET ASSETS/(LIABILITIES)	1692	1256	1062	1001
SHARE CAPITAL + RESERVES	1692	1256	1062	1001
Share Cap + Sundry Res	370	370	370	370
Issued Share Capital	370	370	370	370
Profit and Loss account	1322	886	692	631
SHAREHOLDERS FUNDS	1692	1256	1062	1001
CAPITAL EMPLOYED	1764	1347	1189	1007

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	323	105	102	548
Increase in Cash	9	(25)	(97)	374
Directors Remuneration	160	129	135	118
Auditors Remuneration	13	12	12	12
Liquid Assets	5613	5335	4271	5064
Net Working Capital	1379	950	713	724
Long Term Debt(>12 Months)	46	81	116
Other Deferred Liabs	26	10	11	6
Tangible Net Worth(T.N.W)	1692	1256	1062	1001
Equity	1692	1256	1062	1001
Number of Years Trading	19	18	17	16
Number of Employees	38	38	41	40
Profit per Employee	15657.9	7131.6	2195.1	1950
Sales per Employee	676342.1	604526.3	450292.7	551725

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2011	31/12/2010	31/12/2009	31/12/2008
Current Ratio	1.2	1.2	1.1	1.1
Long Term Debt/T.N.W		0.1	0.1
Pre Tax Profit Margin%	2.3	1.2	0.5	0.4
Gross Profit%	9.1	8.1	9.6	7.9
Debtors Days (D.S.O)	78	83	82	80
Creditors Days (D.P.O)	33	33	40	29
Quick Ratio	1	0.9	0.9	0.9
W.I.P/Inventory Days	22.5	23.6	27.2	19.8
Return on Investment%	13.8	6.9	3.1	3.4
Return on Assets%	7.9	3.7	1.5	1.2
T.N.W/Total Assets%	22.3	17.3	17.3	15.3
Return on Capital%	33.7	20.1	7.6	7.7
Rtn on Shareholders Funds%	35.2	21.6	8.5	7.8
Working Capital/Sales%	5.4	4.1	3.9	3.3
Borrowing Ratio%	165.4	243.7	243.8	310.3
Equity Gearing%	28.8	21	20.9	18
Stock Turnover	17.8	16.9	14.8	20
Days Purchases Outstanding	36.2	36.4	44.1	31.1
Sales/Fixed Assets	66.8	57.9	38.8	78
Debt Gearing	2.7	6.4	10.9

Key Industry Sector Trends

Year	2012	2011	2010	2009
Sample Size	1380	3562	3588	3557
Pre-Tax Profit Margin	4.8	4.2	4	2.3
Current Ratio	1.6	1.5	1.5	1.5
Borrowing Ratio	61.6	59.9	53.9	58.9
Return on Capital	23	15.9	18.3	15.2
Creditors Days	46	56	71	47

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 31/12/2011.

Turnover

Turnover has increased by 12 %, a growth of GBP 2,729,000 in the period.

Operating Profit

Totalled GBP 625,000. In the year prior a Profit of GBP 297,000 was achieved.

Pre Tax Profit

The subject's profit increased by 119 % in the year.

Working Capital

The company's working capital has increased by 45 % in the period.

Net Worth

Net worth has increased by 35 % and now stands at GBP 1,692,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 12,000 to GBP 385,000 and are now 5 % of total assets compared with 5 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 20 % and are now 4 % of net worth compared with 7 % in the previous period.

Long Term Liabilities

Long term liabilities are now 1 % of total liabilities compared with 1 % in the previous period.

Long Term Liabilities

Long term liabilities are 4 % of capital employed, a decrease of 3 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

NLM

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.