MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	Inver House Distillers Ltd
Registered Office :	Moffat Distillery, Towers Road, Airdrie, ML6 8PL
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	12.03.1964
Legal Form :	Private Subsidiary
Line of Business :	· Warehousing of mature and maturing whiskies, blending and the sale of bulk whiskies and branded products · Distilling, rectifying and blending of spirits
No. of Employees :	184

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, 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

company name and address

INVER HOUSE DISTILLERS LTD.

Moffat Distillery
Towers Road
Airdrie, ML6 8PL
United Kingdom
(Trading Address) Registered Address
Tel:	01236769377
Fax:	01236769781
www.interbevgroup.com

Employees:	184
Company Type:	Private Subsidiary
Corporate Family:	57 Companies
Ultimate Parent:	Thai Beverage Public Company Limited
Quoted Status:	Non-quoted Company
Incorporation Date:	12-Mar-1964
Auditor:	KPMG LLP

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	144.4 ^1
Net Income:	6.6
Total Assets:	200.2

Business Description

Founded in 1964, Inver House Distillery is an independent company in Airdrie, Lanarkshire, with five distilleries in its portfolio. Balmenach was one of the first distilleries to be licensed after new legislation in 1822. Balblair is the second-oldest working distillery in the industry. Founded in 1894, Knockdhu is situated on the southern slopes of Knock Hill. Pulteney is the northernmost distillery on the Scottish mainland. Speyburn is said to be one of the most beautifully situated distilleries in Scotland. Highly active in distillation warehousing and blending, Inver House is one of the fastest-growing groups in the industry. It services the international marketplace with warehousing for 500,000 barrels of whisky, in addition to blending and laboratory facilities. The company not only produces whisky, but a range of gin and vodka, as well.

Industry

Industry	Beverage Manufacturing
ANZSIC 2006:	1213 - Spirit Manufacturing
ISIC Rev 4:	1101 - Distilling, rectifying and blending of spirits
NACE Rev 2:	1101 - Distilling, rectifying and blending of spirits
NAICS 2012:	312140 - Distilleries
UK SIC 2007:	1101 - Distilling, rectifying and blending of spirits
US SIC 1987:	2085 - Distilled and Blended Liquors

Key Executives

Name	Title
Graham Stevenson	Managing Director
Roger Hall	Financial Director
Malcolm Leask	Vice President Sales, UK and International, International Beverage Holdings Limited
Alistair James Graham Stevenson	Director, Secretary
John McKenna	I.S. Administrator

News

Title	Date
Warm Coatbridge welcome for yacht Airdrie and Coatbridge Advertiser (Lanarkshire, Scotland) (210 Words)	30-Oct-2013
Product Launch - UK: Inver House Distillers' Peter Arkle anCnoc Warehouses just-drinks.com (601 Words)	18-Oct-2013
Industry news round-up: October 7, 2013 Bar Magazine (1819 Words)	8-Oct-2013
New 40-year-old blend released for Hankey Bannister Bar Magazine (335 Words)	7-Oct-2013
Expanding Onyx opens fifth data hall in capital Scotland on Sunday (242 Words)	22-Sep-2013
Clipper yacht race launch for Old Pulteney Navigator The Spirits Business (302 Words)	10-Sep-2013

Financial Summary

FYE: 31-Dec-2012

USD (mil)

Key Figures
Current Assets	174.63
Fixed Assets	25.55
Total Liabilities	75.38
Net Worth	122.37

Key Ratios
Current Ratio	2.32
Acid Test	0.65

Registered No.(UK): SC040036

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

Corporate Overview

Location
Moffat Distillery
Towers Road
Airdrie, ML6 8PL
North Lanarkshire County
United Kingdom

Tel:	01236769377
Fax:	01236769781

www.interbevgroup.com

Sales GBP(mil):	91.1
Assets GBP(mil):	123.9
Employees:	184
Fiscal Year End:	31-Dec-2012

Industry:	Beverages (Alcoholic)

Registered Address:
Moffat Distillery
Airdrie, ML6 8PL
United Kingdom

Incorporation Date:	12-Mar-1964
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	SC040036

Managing Director:	Graham Stevenson

Industry Codes

ANZSIC 2006 Codes:
1213	-	Spirit Manufacturing

ISIC Rev 4 Codes:
1101	-	Distilling, rectifying and blending of spirits

NACE Rev 2 Codes:
1101	-	Distilling, rectifying and blending of spirits

NAICS 2012 Codes:
312140	-	Distilleries

US SIC 1987:
2085	-	Distilled and Blended Liquors

UK SIC 2007:
1101	-	Distilling, rectifying and blending of spirits

Business Description

Founded in 1964, Inver House Distillery is an independent company in Airdrie, Lanarkshire, with five distilleries in its portfolio. Balmenach was one of the first distilleries to be licensed after new legislation in 1822. Balblair is the second-oldest working distillery in the industry. Founded in 1894, Knockdhu is situated on the southern slopes of Knock Hill. Pulteney is the northernmost distillery on the Scottish mainland. Speyburn is said to be one of the most beautifully situated distilleries in Scotland. Highly active in distillation warehousing and blending, Inver House is one of the fastest-growing groups in the industry. It services the international marketplace with warehousing for 500,000 barrels of whisky, in addition to blending and laboratory facilities. The company not only produces whisky, but a range of gin and vodka, as well. (Updated by OneSource Information Services)

More Business Descriptions

Warehousing of mature and maturing whiskies, blending and the sale of bulk whiskies and branded products

Alcoholic Beverages Mfr

Warehousing of mature and maturing whiskies, blending and the sale of bulk whiskies and branded prod

Distilleries

International Beverage Holdings Limited is one of the industrys most dynamic global drinks businesses. Established in 2006 as the international arm of ThaiBev, we specialise in developing distinctive, premium local brands for global growth, with a portfolio that is led by a range of high quality Scotch whiskies and includes some of the fastest growing and most prestigious beers, spirits and whiskies on the market today. These high quality brands are enjoyed by consumers in over 85 global markets and include Chang Beer, Mekhong, Old Pulteney single malt Scotch whisky, Hankey Bannister blended whisky and Caorunn Gin. Outperforming the market In 2012 the International Beverage portfolio continues to outperform the market with outstanding sales across all categories. Focused on the delivery of winning investment, sales and marketing strategies, we are committed to producing brands of character. Those brands represent the care and craftsmanship of the people that make them, from the brewers of Chang Beer in Thailand, to the distillers of the fine single malt Scotch whisky Old Pulteney in Scotland, which has been voted World Whisky of the Year for 2012 in Jim Murrays Whisky Bible, one of the highest accolades in the industry. Crucially, the global development of every brand continues to be rooted in its home territory, supporting our mission to build authentic brands of outstanding character. Over 800 skilled people International Beverage is investing in ambitious growth across our global operation, employing nearly 800 highly skilled people in production, sales, marketing and finance, who combine to form an effective and expert international team. Our flourishing non-alcohol business is driven by the highly successful Oishi green tea brand which has a dominant market share in Thailand, plus a portfolio of other water and soft drinks brands.

Brand/Trade Names

Inver House Scotch

Pinwinnie Scotch

Mac Arthur Scotch

Hankey Bannister Scotch

Catto's Scotch

Coldstream Gin

Kulov Vodka

Heather Cream Liqueur

Financial Data

Financials in:	GBP(mil)
Revenue:	91.1
Net Income:	4.2
Assets:	123.9
Current Assets:	108.1
Fixed Assets:	15.8
Long Term Debt:	0.0
Total Liabilities:	46.7
Issued Capital:	10.0
Working Capital:	61.4
Net Worth:	75.8
Date of Financial Data:	31-Dec-2012

1 Year Growth

13.0%

NA

NA

Subsidiaries

Company	Percentage Owned	Country
J MacArthur Jr & Co Ltd	100%	UK
Mason & Summers Ltd	100%	UK
James Catto & Co Ltd	100%	UK
Glen Calder Blenders Ltd	100%	UK
Hankey Bannister & Co Ltd	100%	UK
R Carmichael & Sons Ltd	100%	UK

Key Corporate Relationships

Auditor:	KPMG LLP
Bank:	Bank Of America N.T. & S.A.
Auditor:	KPMG LLP
Auditor History
KPMG LLP	31-Dec-2012
KPMG LLP	31-Dec-2011
KPMG LLP	31-Dec-2010
KPMG LLP	31-Dec-2009
KPMG LLP	31-Dec-2008

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	12-31-2012

Corporate Family

Corporate Structure News

Total Corporate Family Members: 57

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Thai Beverage Public Company Limited	Parent	Bangkok	Thailand	Beverage Manufacturing	5,181.5	22,000
Serm Suk Public Company Limited	Subsidiary	Bangkok	Thailand	Beverage Manufacturing	734.2	8,181
Oishi Group PCL	Subsidiary	Bangkok	Thailand	Beverage Manufacturing	374.3	6,121
Pomthip Co Ltd	Subsidiary	Bangkok	Thailand	Alcoholic Beverage Wholesale	325.3	1,400
Oishi Group Public Company Limited	Subsidiary	Suanluang, Bangkok	Thailand	Restaurants and Bars		300
International Beverage Holdings (UK) Ltd.	Subsidiary	Airdrie	United Kingdom	Miscellaneous Professional Services	149.8	208
Blairmhor Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing
Moffat & Towers Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing		175
Blairmhor Distillers Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing		75
Speyburn-Glenlivet Distillery Co. Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing		25
The Pulteney Distillery Co. Ltd.	Subsidiary	Wick	United Kingdom	Beverage Manufacturing		25
The Knockdhu Distillery Co. Ltd.	Subsidiary	Airdrie	United Kingdom
The Balblair Distillery Co. Ltd.	Subsidiary	Tain	United Kingdom
Wee Beastie Ltd.	Subsidiary	Airdrie	United Kingdom
Inver House Distillers Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing	144.4	184
Hankey Bannister & Co. Ltd.	Subsidiary	Airdrie	United Kingdom	Beverage Manufacturing		175
James Catto & Co. Ltd.	Subsidiary	Airdrie	United Kingdom
R. Carmichael & Sons Ltd.	Subsidiary	Airdrie	United Kingdom
J. Macarthur Jr. & Co. Ltd.	Subsidiary	Airdrie	United Kingdom
Glen Calder Blenders Ltd.	Subsidiary		United Kingdom
Mason & Summers Ltd.	Subsidiary	London	United Kingdom	Beverage Manufacturing
Best Spirits Company Limited	Subsidiary	Tsim Tsa Tsui, Kowloon	Hong Kong	Alcoholic Beverage Wholesale		25
International Beverage Holdings (China) Limited	Subsidiary	Tsim Tsa Tsui, Kowloon	Hong Kong	Investment Services		11
InterBev Trading (China) Limited	Subsidiary	Yuxi, Yunnan	China	Basic Chemical Manufacturing
International Beverage Holdings Limited USA, Inc.	Subsidiary	New York, NY	United States	Alcoholic Beverage Wholesale	1.2	7
Thai Beverage Logistics Company Limited	Subsidiary	Chatuchak, Bangkok	Thailand	Road Transportation Services	0.0
Beer Thai (1991) PCL	Subsidiary	Bangkok	Thailand	Beverage Manufacturing
Beerthip Brewery (1991) Co Ltd	Subsidiary	Bangkok	Thailand	Beverage Manufacturing
SangSom Co Ltd	Subsidiary	Bangkok	Thailand	Beverage Manufacturing
Thanapakdi Co., Ltd.	Subsidiary	Chiang Mai	Thailand	Beverage Manufacturing
PomKlung Co., Ltd.	Subsidiary	Chiang Mai	Thailand	Beverage Manufacturing
Pomchok Co., Ltd.	Subsidiary	Ayutthaya	Thailand	Beverage Manufacturing
Pomburapa Co., Ltd.	Subsidiary	Chon Buri	Thailand	Beverage Manufacturing
Pomnakorn Co., Ltd.	Subsidiary	Ratchaburi	Thailand	Beverage Manufacturing
Pomcharoen Co., Ltd.	Subsidiary	Surat Thani	Thailand	Beverage Manufacturing
Nam Kijjakarn Co., Ltd.	Subsidiary	Nakhon Ratchasima	Thailand	Alcoholic Beverage Wholesale
Nam Palang Co., Ltd.	Subsidiary	Chiang Mai	Thailand	Alcoholic Beverage Wholesale
Num Nakorn Co., Ltd.	Subsidiary	Surat Thani	Thailand	Alcoholic Beverage Wholesale
Nam Thurakij Co., Ltd.	Subsidiary	Chon Buri	Thailand	Alcoholic Beverage Wholesale
Numthip Co., Ltd.	Subsidiary	Ratchaburi	Thailand	Alcoholic Beverage Wholesale
Numrungrod Co., Ltd.	Subsidiary	Khon Kaen	Thailand	Alcoholic Beverage Wholesale
Fuengfuanant Co., Ltd.	Subsidiary	Prachin Buri	Thailand	Beverage Manufacturing
Luckchai Liquor Trading Co., Ltd.	Subsidiary	Ratchaburi	Thailand	Alcoholic Beverage Wholesale
Mongkolsamai Co., Ltd.	Subsidiary	Bangkok	Thailand	Beverage Manufacturing
Pomkit Co., Ltd.	Subsidiary	Nakhon Ratchasima	Thailand	Beverage Manufacturing
Nam Muang Co., Ltd.	Subsidiary	Ayutthaya	Thailand	Alcoholic Beverage Wholesale
Nateechai Co., Ltd.	Subsidiary	Bangkok	Thailand	Beverage Manufacturing
United Products Co., Ltd.	Subsidiary	Nakhon Pathom	Thailand	Basic Chemical Manufacturing
SPM Foods and Beverages Co., Ltd.	Subsidiary	Nakhon Pathom	Thailand	Grocery Wholesale
Simathurakij Co., Ltd.	Subsidiary	Nakhon Sawan	Thailand	Basic Chemical Manufacturing
S.S. Karnsura Co., Ltd.	Subsidiary	Ubon Ratchathani	Thailand	Basic Chemical Manufacturing
InterBev (Cambodia) Co., Ltd	Subsidiary	Phnom Penh	Cambodia	Beverage Manufacturing
Thai Molasses Co., Ltd.	Subsidiary	Bangkok	Thailand	Grocery Wholesale
Thai Beverage Recycle Co., Ltd.	Subsidiary	Bangkok	Thailand	Machinery Wholesale
InterBev (Singapore) Limited	Subsidiary	Singapore	Singapore	Alcoholic Beverage Wholesale
Pan International (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Machinery Wholesale
International Beverage Holdings Limited	Subsidiary

EXECUTIVE REPORT

Board of Directors

Name	Title	Function
Jorgen Bornhoft	Director	Director/Board Member
Age: 71
Sithichai Chaikriangkrai	Director	Director/Board Member
Age: 59
Matthew Kichodhan	Director	Director/Board Member
Biography: Matthew was appointed as Senior Vice President in September 2009 and brings his extensive experience in Thai and international markets to the business, having previously worked at Gillette Asia Pacific Group, Lever Brothers (Thailand) and PepsiCo Inc where he was Brand Marketing Director, Asia Pacific. In September 2010, he was appointed as Director and President of the Oishi Group. Age: 47
Jean William Charles Lebreton	Director	Director/Board Member
Age: 50
Tee Seeumpornoj	Director	Director/Board Member
Age: 37
Thapana Sirivadhanabhakdi	Director	Director/Board Member
Age: 38
Graham Stevenson	Managing Director	Director/Board Member
Biography: Graham qualified as a Chartered Accountant with KPMG however has now worked in the Scotch whisky industry for over 20 years. He joined Inver House Distillers in 1994 and was appointed Financial Director in 1995 and Managing Director in 2000. Prior to this he spent seven years with the North British Distillery Company Limited, a large grain distillery in Edinburgh.
Alistair James Graham Stevenson	Director, Secretary	Director/Board Member
Age: 55
Prapakon Thongtheppairot	Director	Director/Board Member
Age: 42

Executives

Name	Title	Function
Patrick Graney	General Manager, International Beverage Holdings North America	Division Head Executive
Biography: Patrick has worked in the drinks industry for over 25 years, 16 years in the beer category and nine years in spirits and wines. He has held a number of senior management positions within the beer industry including Labatt USA and Becks North America. Prior to that Pat worked for Seagram's and Heublien, including VP of Sales for the Western US with Heublien.
Graham Stevenson	Managing Director	Managing Director
Biography: Graham qualified as a Chartered Accountant with KPMG however has now worked in the Scotch whisky industry for over 20 years. He joined Inver House Distillers in 1994 and was appointed Financial Director in 1995 and Managing Director in 2000. Prior to this he spent seven years with the North British Distillery Company Limited, a large grain distillery in Edinburgh.
Alistair James Graham Stevenson	Director, Secretary	Company Secretary
Age: 55
Roger Hall	Financial Director	Finance Executive
Sam Kirk	Personnel Manager	Human Resources Executive
Malcolm Leask	Vice President Sales, UK and International, International Beverage Holdings Limited	Sales Executive
Biography: Malcolm has many years of experience in the international drinks industry. Having originally joined the Group's Scotch whisky subsidiary, Inver House Distillers, as Export Sales Manager (1994) he was promoted to Regional Sales Director for Asia Pacific (1997) and Sales & Marketing Director in (2001). In 2008, Malcolm was promoted to the newly created role of Vice President Sales, UK & International within International Beverage Holdings. Malcolm holds an MBA from Strathclyde Graduate Business School and is a Fellow of the Chartered Institute of Marketing.
David Lind	Vice President Marketing, International Beverage	Marketing Executive
Biography: David has a wide range of marketing experience working across both the public and private sectors. Having worked for Glenmorangie and the WPP communication services group in Singapore, he joined International Beverage Holdings in January 2006 and was appointed Vice President of Marketing in July 2010.
Karen Walker	Marketing Manager	Marketing Executive
John McKenna	I.S. Administrator	Information Executive
Euan Campbell	IT Director	Engineering/Technical Executive
Andrew Kerr	Purchasing Manager	Purchasing Executive

Directors and Shareholders Report

Main Office Address: Moffat Distillery Towers Road Airdrie United Kingdom ML6 8PL

Tel: 01236769377 Fax: 01236769781 URL:http://www.interbevgroup.com

Annual Return Date: 06 Jul 2013 Total Issued Capital (GBP 000):10,000

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Alistair James Graham Stevenson	Current	18 Aug 1958	Moffat Distillery Towers Road, Airdrie, North Lanarkshire ML6 8PL	01 Jan 1995	NA	Current:30 Previous:2 Disqualifications:0
Prapakon Thongtheppairot	Current	18 Mar 1971	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	25 Apr 2013	NA	Current:14 Previous:0 Disqualifications:0
Sithichai Chaikriangkrai	Current	10 Jul 1954	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	29 Mar 2010	NA	Current:4 Previous:0 Disqualifications:0
Matthew Kichodhan	Current	03 Jul 1966	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	29 Mar 2010	NA	Current:4 Previous:0 Disqualifications:0
Jean William Charles Lebreton	Current	21 May 1963	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	29 Mar 2010	NA	Current:2 Previous:1 Disqualifications:0
Jorgen Bornhoft	Current	10 Mar 1942	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	29 Mar 2010	NA	Current:2 Previous:1 Disqualifications:0
Thapana Sirivadhanabhakdi	Current	20 Jan 1975	285 Surawongse Road, Bangrak, Bangkok 10500	30 Oct 2001	NA	Current:4 Previous:0 Disqualifications:0
Michael Chye	Previous	02 May 1959	32 Mount Sinai Avenue, Singapore	11 Nov 2003	31 Dec 2011	Current:0 Previous:16 Disqualifications:0
Patrick Ryssen	Previous	27 Jul 1953	Avenue Des Tilleuls, Pas De Calais, Marconne	NA	14 Dec 2000	Current:0 Previous:2 Disqualifications:0
Graeme Cathcart Thomson	Previous	15 Jan 1954	Drum Millig, 146 Sinclair Street, Helensburgh, Argyll & Bute G84 9AT	23 Jun 1989	31 Jan 2009	Current:1 Previous:11 Disqualifications:0
Angus John Malise Graham	Previous	09 Feb 1937	Ballewan, Blanefield, Glasgow, Stirling G63 9AJ	23 Jun 1989	30 Oct 2001	Current:0 Previous:28 Disqualifications:0
William Anderson Robison	Previous	07 Jan 1938	Dinwoodie House, Hollybush, Ayr, South Ayrshire KA6 6EY	23 Jun 1989	30 Oct 2001	Current:1 Previous:14 Disqualifications:0
Tee Seeumpornroj	Previous	04 Sep 1976	Moffat Distillery, Airdrie, Airdrie, North Lanarkshire ML6 8PL	31 Dec 2011	28 Feb 2013	Current:0 Previous:16 Disqualifications:0
Atinant Bijananda	Previous	06 Oct 1972	285 Surawongse Road, Bangrak, Bangrak 10500	30 Oct 2001	26 Mar 2010	Current:0 Previous:4 Disqualifications:0
Panote Sirivadhanabhakdi	Previous	31 Oct 1977	285 Surawongse Road, Bangrak, Bangkok 10500	30 Oct 2001	26 Mar 2010	Current:3 Previous:1 Disqualifications:0
Boon Aun Ooi	Previous	03 Mar 1958	Unit 42 19/F Block 1, 42A Stubbs Road, Villa Monte Rosa	30 Oct 2001	08 Jan 2003	Current:0 Previous:2 Disqualifications:0
Tak Meng Lee	Previous	07 Aug 1958	Block 1F Pine Grove, Singapore	30 Oct 2001	08 Jan 2003	Current:0 Previous:2 Disqualifications:0
Barrie Mason Jackson	Previous	29 May 1955	'capelaw', 486 Lanark Road West, Juniper Green, Edinburgh, City of EH14 7AN	28 Feb 2006	31 Oct 2009	Current:5 Previous:27 Disqualifications:0
Suvarn Valaisathien	Previous	03 Jul 1945	63 Soi Sukhumvit 8, Sukhumvit Road, Klongtoey Sub-District, Klongtoey District	08 Jan 2003	28 Feb 2006	Current:0 Previous:3 Disqualifications:0
Pipat Visuttiporn	Previous	20 Mar 1955	17A Rutland Street, Edinburgh, Edinburgh, City of EH1 2AE	08 Jan 2003	28 Feb 2006	Current:2 Previous:4 Disqualifications:0
Ueychai Tantha-Obhas	Previous	17 May 1949	1877 Ramkamhaeng Road, Sukhumvit 71, Hua Mark Bangapi, Bangkok	08 Jan 2003	26 Mar 2010	Current:2 Previous:2 Disqualifications:0
Robert Boyle	Previous	08 Aug 1944	4 Saint Andrews Avenue, Bothwell, Glasgow, North Lanarkshire G71 8DL	23 Jun 1989	31 Dec 2002	Current:0 Previous:13 Disqualifications:0
Jacqueline Marion Callan Stacey	Previous	25 Sep 1965	95 Ayr Road, Glasgow, East Renfrewshire G77 6QR	06 Dec 2000	10 Dec 2001	Current:0 Previous:1 Disqualifications:0
Simon John Malise Graham	Previous	16 Jan 1966	The Glebe House, Kippen, Stirling, Stirling FK8 3DY	06 Dec 2000	10 Dec 2001	Current:2 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Alistair James Graham Stevenson	Current	18 Aug 1958	Moffat Distillery Towers Road, Airdrie, North Lanarkshire ML6 8PL	30 Oct 2001	NA	Current:30 Previous:2 Disqualifications:0
Angus John Malise Graham	Previous	09 Feb 1937	Ballewan, Blanefield, Glasgow, Stirling G63 9AJ	23 Jun 1989	30 Oct 2001	Current:0 Previous:28 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

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
International Beverage Holdings (UK) Limited	SC222095	10000000 Ordinary GBP 1.00	Ordinary	10,000,000	1.00	10,000,000.00	100.00

News

Warm Coatbridge welcome for yacht Airdrie and Coatbridge Advertiser (Lanarkshire, Scotland) (210 Words)	30-Oct-2013
Product Launch - UK: Inver House Distillers' Peter Arkle anCnoc Warehouses just-drinks.com (601 Words)	18-Oct-2013
Industry news round-up: October 7, 2013 Bar Magazine (1819 Words)	08-Oct-2013
New 40-year-old blend released for Hankey Bannister Bar Magazine (335 Words)	07-Oct-2013
Expanding Onyx opens fifth data hall in capital Scotland on Sunday (242 Words)	22-Sep-2013
Clipper yacht race launch for Old Pulteney Navigator The Spirits Business (302 Words)	10-Sep-2013
Product Launch - GLOBAL: International Beverage Holdings' Old Pulteney Navigator just-drinks.com (179 Words)	28-Aug-2013
Industry news round-up: August 12, 2013 Bar Magazine (1736 Words)	12-Aug-2013
In the papers: 'Rock bottom interest rates are here to stay' Proactive Investors.co.uk (2535 Words)	08-Aug-2013
Profits rise again at Morrison Bowmore Herald, The (Scotland) (638 Words)	08-Aug-2013
Profits rise again at Morrison Bowmore Herald Scotland (656 Words)	07-Aug-2013

Annual profit & loss

Financials in: USD (mil)

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

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No
Total Turnover	144.4	129.2	97.1	82.6	94.4
Cost of Sales	104.7	82.9	60.5	49.0	59.9
Gross Profit	39.7	46.3	36.6	33.6	34.6
Depreciation	2.8	2.5	2.2	2.3	2.2
Other Expenses	19.8	23.8	21.4	18.3	19.9
Operating Profit	19.9	-	15.2	15.3	14.7
Other Income	0.0	2.5	0.0	0.0	0.0
Interest Paid	0.4	0.3	0.4	0.4	1.0
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	19.5	24.8	14.8	14.9	13.7
Tax Payable / Credit	4.9	6.2	4.3	3.9	4.1
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	7.9	15.2	0.0	5.5	6.8
Profit After Taxes	6.6	3.4	10.5	5.5	2.9
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.1	0.1	0.1	0.1
Non Audit Fees	0.0	0.0	0.0	0.1	0.1
Number of Employees	184	183	172	160	151
Wages	10.8	11.0	8.8	8.1	9.8
Social Security Costs	1.2	1.1	1.0	0.9	1.0
Pensions	-	0.1	0.1	0.2	0.4
Other Pension Costs	1.4	1.3	1.2	1.3	1.5
Employees Remuneration	13.3	13.4	11.0	10.2	12.3
Directors Emoluments	-	0.4	0.3	0.3	0.3
Other Costs	-	0.0	0.0	0.0	0.0
Directors Remuneration	0.5	0.5	0.5	0.5	0.7
Highest Paid Director	0.5	0.5	0.5	0.5	0.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No
Total Tangible Fixed Assets	25.2	23.4	22.0	22.3	17.9
Intangible Assets	0.4	0.5	0.6	0.7	0.8
Investments	0.0	0.3	0.3	0.3	0.3
Total Fixed Assets	25.5	24.2	22.9	23.4	18.9
Stocks	125.9	109.5	110.6	106.5	87.8
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	125.9	109.5	110.6	106.5	87.8
Trade Debtors	31.2	24.9	18.4	20.8	20.7
Inter-Company Debtors	14.9	3.9	4.6	3.4	1.9
Director Loans	-	0.0	0.0	0.0	0.0
Other Debtors	2.7	1.8	1.4	0.9	0.7
Total Debtors	48.8	30.7	24.5	25.1	23.4
Cash and Equivalents	0.0	0.0	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	174.6	140.2	135.0	131.6	111.2
Total Assets	200.2	164.4	158.0	155.0	130.2
Trade Creditors	12.1	12.8	4.8	1.4	6.9
Bank Overdraft	36.4	10.7	18.9	20.6	15.4
Inter-Company Creditors	15.0	14.2	8.8	15.3	9.0
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Short Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	8.2	9.3	11.1	10.6	8.3
Social Security/VAT	0.5	0.4	0.4	0.4	0.3
Corporation Tax	3.2	3.2	2.4	2.4	2.6
Dividends (Current Liability)	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Total Current Liabilities	75.4	50.6	46.4	50.7	42.5
Group Loans (Long Term Liability)	0.0	0.0	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)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	2.0	2.2	2.4	2.7	2.3
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	2.0	2.2	2.4	2.7	2.3
Issued Capital	16.2	15.5	15.7	16.1	14.4
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	89.6	79.8	77.1	68.5	55.9
Other Reserves	17.0	16.3	16.4	17.0	15.1
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	122.8	111.6	109.2	101.6	85.4
Net Worth	122.4	111.1	108.5	100.8	84.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No
Current Ratio	2.32	2.77	2.91	2.59	2.62
Liquidity Ratio	0.65	0.61	0.53	0.50	0.55
Stock Turnover	117.00	114.00	89.00	80.00	84.00
Credit Period (Days)	7,747.00	7,270.00	6,839.00	8,879.00	10,205.00
Working Capital by Sales	6,743.00%	7,158.00%	8,995.00%	9,447.00%	9,273.00%
Trade Credit by Debtors	39.00	51.00	26.00	7.00	33.00
Return on Capital	1,590.00%	2,111.00%	1,349.00%	1,482.00%	1,225.00%
Return on Assets	991.00%	1,462.00%	953.00%	997.00%	825.00%
Profit Margin	1,348.00%	1,918.00%	1,528.00%	1,804.00%	1,449.00%
Return on Shareholders Funds	1,616.00%	2,153.00%	1,379.00%	1,521.00%	1,257.00%
Borrowing Ratio	4,199.00%	2,236.00%	2,559.00%	3,567.00%	2,891.00%
Equity Gearing	6,132.00%	6,789.00%	6,911.00%	6,553.00%	6,558.00%
Interest Coverage	4,417.00	9,370.00	3,875.00	4,019.00	1,398.00
Sales by Tangible Assets	585.00	536.00	447.00	384.00	415.00
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.1	0.1	0.1	0.1	0.1
Sales per Employee	0.8	0.7	0.6	0.5	0.5
Capital Employed per Employee	0.7	0.6	0.6	0.7	0.6
Tangible Assets per Employee	0.1	0.1	0.1	0.1	0.1
Total Assets per Employee	1.1	0.9	0.9	1.0	0.9
Employee Remuneration by Sales	924.00%	1,040.00%	1,132.00%	1,234.00%	1,305.00%
Creditor Days (Cost of Sales Based)	4,128.00	5,817.00	2,873.00	998.00	5,372.00
Creditor Days (Sales Based)	2,993.00	3,730.00	1,791.00	592.00	3,406.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

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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