MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	BWI PLC

Formerly Known As :	BARRY-WEHMILLER LIMITED

Registered Office :	Wilson Henry Llp 145 Edge Lane Edge Hill Liverpool Merseyside L7 2P

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	25.01.1951

Com. Reg. No.:	00490893

Legal Form :	Public limited with Share Capital

Line of Business :	Holding Companies including Head Offices

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow but correct
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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Kingdom

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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

Company name and address

BWI PLC	Telephone	_-
WILSON HENRY LLP 145 EDGE LANE	Fax	-
EDGE HILL	Website	www.bosche-pa.com
LIVERPOOL		www.bosche-pa.com
MERSEYSIDE
L7 2PF
United Kingdom

Company Number:	00490893	Status:	Active - Accounts Filed
Foundation:	25/01/1951

Comments

No exact match CCJs are recorded against the company. Pre-tax profits increased by 128.8% compared to the previous trading period. The audit report contains no adverse comments.

The company's credit rating has dropped from 94 to 87 but the company still indicates very good creditworthiness. The credit limit on this company has fallen 47.3% in comparison to the previously suggested credit limit. Net Worth decreased by 4.7% during the latest trading period. A 56.6% decline in Total Assets occurred during the latest trading period. There is insufficient data to indicate a change in this company's percentage of sales. The company has undergone recent changes in its directorships. The company is part of a group. The company was established over 63 years ago.

Basic information

Legal form

Public limited with Share Capital

Foundation

25/01/1951

Company No.

00490893

Previous Names

Date of Change	Previous Name
01/01/1996	BARRY WEHMILLER INTERNATIONAL PLC
19/05/1987	BARRY-WEHMILLER LIMITED

Shareholders

Name	Currency	Number of shares	Share type	Nominal value
OYSTAR VERWALTUNGS GMBH	GBP	224,574,465	ORDINARY	0.05
Total Share Capital				GBP 11,228,723.25

Management

Directors
Name	Address:	Date of birth	Nationality	Appointment date
Mr Axel Griesbach	Wilson Henry Llp 145 Edge Lane, Edge Hill, Liverpool, Merseyside L7 2PF	05/12/1967	German	17/02/2014
Mr Joachim Metscher	Wilson Henry Llp 145 Edge Lane, Edge Hill, Liverpool, Merseyside L7 2PF	21/08/1963	German	24/05/2011

Company Secretary

Name	Address:	Appointment date
Mr Peter Arthur Alcock	Wilson Henry Llp 145 Edge Lane, Edge Hill, Liverpool, Merseyside L7 2PF	03/10/2011

Other Known Addresses

Holmfield Industrial Estate, Halifax, West Yorkshire HX2 9TP

Kitling Road, Knowsley, Prescot, Merseyside L34 9JS

Packaging House, Newmarket Road, Bury St Edmunds, Suffolk IP33 3SN

Ronald Close, Woburn Road Industrial Estate, Kempston, Bedford, Bedfordshire MK42 7SH

Wilson Henry Llp 145 Edge Lane, Edge Hill, Liverpool, Merseyside L7 2PF

Company relationships

Company No.	Name	Status	Country
Ultimate parent
-	LIN VERMOGENSVERWALTUNG GMBH	Other	Germany
Affiliated companies
917588738	IWK Verpackungstechnik GmbH	Active	Germany
Immediate parent
921828255	OYSTAR International GmbH	Pending	Germany

Business activities

Main activity
Principal Activity	A holding company.
SIC03	Holding Companies including Head Offices
SIC07	Activities of other holding companies n.e.c.

Economic data

Turnover and Employees

Date of Accounts	Turnover	Employees
31/12/2011	GBP 9,519,000	121
31/12/2012	Not Stated	Not Stated
31/12/2013	Not Stated	Not Stated

Banks

Bank Name	Bank Branch Sort Code
HSBC BANK PLC

Auditor

Auditor name

PRICEWATERHOUSECOOPERS LLP

Events

Company history
Date	Action
25/01/2010	Annual Returns
25/01/2010	Annual Returns
25/01/2010	Annual Returns
20/02/2010	New Accounts Filed
20/02/2010	New Accounts Filed
20/05/2010	New Accounts Filed
20/05/2010	New Accounts Filed
15/12/2010	Annual Returns
03/05/2011	New Accounts Filed
14/06/2011	Mr J. Torkel has left the board
14/06/2011	New Board Member Mr J. Metscher appointed
06/10/2011	Change in Reg.Office
06/10/2011	Change of Company Postcode
06/10/2011	Mr D. Griffiths has resigned as company secretary
06/10/2011	New Company Secretary Mr P.A. Alcock appointed
18/01/2012	Annual Returns
25/05/2012	Mr T. Graf has left the board
25/05/2012	New Board Member Dr J.K. Spieler appointed
06/07/2012	New Accounts Filed
06/07/2012	New Accounts Filed
16/01/2013	Annual Returns
08/07/2013	New Accounts Filed
11/01/2014	Annual Returns
12/03/2014	Dr J.K. Spieler has left the board
12/03/2014	New Board Member Mr A. Griesbach appointed
28/06/2014	New Accounts Filed

Mortgages
Charge created	02/11/1983
Charge registered	20/07/1990
Status	SATISFIED
Entitled person	INVESTORS IN INDUSTRY PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	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

Charge registered	20/07/1990
Status	SATISFIED
Entitled person	INVESTORS IN INDUSTRY PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	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

Secured amount

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail

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

Charge created	27/06/1984
Charge registered	06/07/1984
Status	SATISFIED
Entitled person	MANUFACTURERS HANOVER TRUST COMPANY
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	SPECIFIC AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Charge created	24/07/1984
Charge registered	13/08/1984
Status	SATISFIED
Entitled person	CITICORP INDUSTRIAL CREDIT INC.
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THECOMPANIES NAMED THEREIN UNDER THE TERMSOF THE FINANCING AGREEMENTS OF EVEN DATE TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER.
Mortgage detail	SECURITY INTEREST IN AND TO THE PROPERTY OF BARRY-WEHMILLER LIMITED AS LISTED ON DOC M 119.
Charge created	29/07/1985
Charge registered	07/08/1985
Status	SATISFIED
Entitled person	VICKERS PUBLIC LIMITED COMPANY.
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE NOT EXCEEDING GBP 400,000 UNDER THE TERMS OF A FACILITY LETTER DATED 29-7-85.

Mortgage detail	A FLOATING CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE (SEE DOC M121)
Charge created	20/11/1985
Charge registered	28/11/1985
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	F/H PROPERTY K/A LAND ON THE NORTH SIDE OF MORR LANE GOMERSAL WEST YORKSHIRE.
Charge created	20/11/1985
Charge registered	27/11/1985
Status	SATISFIED
Entitled person	MIDLAND BANK PLC
Secured amount	FOR SECURING ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEEON ANY ACCOUNT WHATSOEVER
Mortgage detail	A FIRST FIXED CHARGE ON THE BOOK DEBTS NOW AND FROM TIME TO TIME DUE OWING FLOATING CHARGE9(SEE DOC M123) UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING UNCALLED CAPITAL
Charge created	28/12/2001
Charge registered	28/12/2001
Status	SATISFIED
Entitled person	HSBC ASSET FINANCE (UK) LIMITED AND HSBC EQUIPMENT FINANCE (UK) LIMITED
Secured amount	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Mortgage detail	ALL AND SINGULAR THE CHATTELS PLANT MACHINERY AND THINGS BEING; DIXI 200 HORIZONTAL MACHINING CENTRE, S/NO. 34

Charge created	13/06/2007
Charge registered	01/06/2013
Status	SATISFIED
Entitled person	DRESDNER BANK AG, NIEDERLASSUNG LUXEMBOURG (THE SECURITY AGENT);
Mortgage detail	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Charge created	21/12/2009
Charge registered	01/06/2013
Status	SATISFIED
Entitled person	COMMERZBANK AKTIENGESELLSCHAFT, FILALE LUXEMBURG;

MORTGAGE DETAIL

FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT AND MACHINERY SEE IM-

AGEFOR FULL DETAILS

County Court Judgments (CCJs)

There are no County Court Judgments listed against this compan

Accounts

Profit & Loss

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Turnover	0	0	9,519,000	24,497,000
Export	0	0	8,548,000	20,020,000
Cost of Sales	0	0	8,670,000	21,818,000
Gross Profit	0	0	849,000	2,679,000
Wages And Salaries	0	0	2,384,000	5,627,000
Directors Emoluments	0	0	0	0
Operating Profit	250,000	-1,355,000	-2,347,000	-1,961,000
Depreciation	-	0	167,000	322,000
Audit Fees	8,000	8,000	18,000	42,000
Interests Payments	100,000	1,004,000	1,566,000	1,676,000
Pre Tax Profit	396,000	-1,374,000	1,055,000	-151,000
Taxation	-260,000	0	0	0
Profit After Tax	136,000	-1,374,000	1,055,000	-151,000
Dividends Payable	0	0	0	0
Retained Profit	136,000	-1,374,000	1,055,000	-151,000

Balance Sheet

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Intangible Assets	0	0	0	370,000
Total Fixed Assets	0	25,000	25,000	1,866,000
Stock	0	0	0	2,645,000
Trade Debtors	0	19,000	49,000	4,278,000
Cash	0	0	131,000	201,000
Other Debtors	28,525,000	65,728,000	51,719,000	53,453,000
Miscellaneous Current Assets	0	0	0	0
Total Current Assets	28,525,000	65,747,000	51,899,000	60,577,000
Trade Creditors	143,000	133,000	151,000	2,484,000
Bank Loans and Overdraft	0	0	0	0
Other Short Term Finance	0	36,556,000	19,643,000	26,204,000
Miscellaneous Current Liabilities	489,000	237,000	435,000	2,114,000
Total Current Liabilities	632,000	36,926,000	20,229,000	30,802,000
Bank Loans and Overdrafts LTL	11,208,000	11,334,000	7,700,000	7,388,000
Other Long Term Finance	0	0	0	0
Total Long Term Liabilities	11,208,000	11,334,000	7,700,000	7,388,000

Capital & Reserves

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Called Up Share Capital	11,228,000	11,228,000	11,228,000	11,228,000
P and L Account Reserve	-16,873,000	-16,046,000	-9,563,000	-9,305,000
Revaluation Reserve	0	0	0	0
Sundry Reserves	22,330,000	22,330,000	22,330,000	22,330,000
Shareholders Funds	16,685,000	17,512,000	23,995,000	24,253,000

Other Financial Items

	31/12/2013 52 GBP Group: No	31/12/2012 52 GBP Group: No	31/12/2011 52 GBP Group: No	31/12/2010 52 GBP Group: No
Net Worth	16,685,000	17,512,000	23,995,000	23,883,000
Working Capital	27,893,000	28,821,000	31,670,000	29,775,000
Total Assets	28,525,000	65,772,000	51,924,000	62,443,000
Total Liabilities	11,840,000	48,260,000	27,929,000	38,190,000

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Net Assets	16,685,000	17,512,000	23,995,000	24,253,000

Cash Flow

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Net Cash Flow from Operations	0	0	0	0
Net Cash Flow before Financing	0	0	0	0
Net Cash Flow from Financing	0	0	0	0
Increase in Cash	0	-131,000	-70,000	-63,000

Miscellaneous

	31/12/2013	31/12/2012	31/12/2011	31/12/2010
	52	52	52	52
	GBP	GBP	GBP	GBP
	Group: No	Group: No	Group: No	Group: No
Capital Employed	27,893,000	28,846,000	31,695,000	31,641,000

Financial Ratios

Name	31/12/2013	31/12/2012	31/12/2011	31/12/2010
Pre Tax Profit Margin	0.0%	0.0%	11.08 %	-0.62 %
Current Ration	45.13	1.78	2.57	1.97
Sales or Net Working Capital	0.00	0.00	0.30	0.82
Gearing	67.17%	64.72 %	32.09 %	30.46 %
Equity	58.49 %	26.63 %	46.21 %	39.07 %
Creditor Days	0.00	0.00	5.77	36.90
Debtor Days	0.00	0.00	1.87	63.56
Liquidity or Acid test	45.13	1.78	2.56	1.88
Return on Capital Employed	1.41 %	-4.76 %	3.32 %	-0.47 %
Return on Total Assets Employed	1.38 %	-2.08 %	2.03 %	-0.24 %
Current Debt Ratio	0.03 %	2.10%	0.84 %	1.27%
Total Debt Ratio	0.70 %	2.75 %	1.16%	1.57%
Stock Turnover Ratio	0.0%	0.0%	0.0%	10.79%
Return on Net Assets Employed	2.37 %	-7.84 %	4.39 %	-0.62 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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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