MIRA INFORM REPORT

Report No. :	316523
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	FIBERWEB HOLDINGS LIMITED

Formerly Known As :	TRUSHELFCO (NO.3197) LIMITED

Registered Office :	Intertrust (Uk) Limited 11 Old Jewry London EC2R 8DU

Country :	United Kingdom

Financials (as on) :	28.12.2013

Date of Incorporation :	22.02.2006

Com. Reg. No.:	05719031

Legal Form :	Private Limited with Share Capital

Line of Business :	Manufacture of Non-Wovens and Articles Made from Non-Wovens, Except Apparel.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Company Name: FIBERWEB HOLDINGS LIMITED

Company No: 05719031

Company Status: Active - Accounts Filed

Registered Address: INTERTRUST (UK) LIMITED 11 OLD JEWRY LONDON EC2R 8DU

Company Summary

Registered Address INTERTRUST (UK) LIMITED, 11 OLD JEWRY, LONDON EC2R 8DU

Trading Address 11 Old Jewry, London, EC2R 8DU

Website Address http://www.fiberweb.com

Telephone Number -

Fax Number -

TPS -

FPS No

Incorporation Date 22/02/2006

Previous Name TRUSHELFCO (NO.3197) LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 10/03/2006

Filing Date of Accounts 24/12/2014

Currency GBP

Share Capital £100

SIC07 13950

Charity Number -

SIC07 Description MANUFACTURE OF NON-WOVENS AND ARTICLES MADE FROM

NON-WOVENS, EXCEPT APPAREL

Principal Activity Investment holding and group financing company. T/O = Investment income.

Key Financials

Year to date	Turnover	Pre Tax Profit	Shareholder	Funds Employees

28/12/2013	-	-£28,168,000	-£82,157,000	-
31/12/2012	£28,750,000	£9,681,000	-£50,503,000	-
31/12/2011	-	£12,639,000	-£60,961,000	-

Mortgage Summary

Total Mortgage 1

Outstanding 1

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Small company in respect of the rating/limit generated.

The latest Balance Sheet indicates a negative net working capital position.

The latest cash balances are considered to be low in terms of the overall outstanding creditor obligations.

The negative debt/equity ratio indicates a Balance Sheet deficiency funded by creditors/debt.

There has been a reduction in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate level of corporate failures.

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 -	-

Payment Information

DBT	-	Payment Trend
Industry DBT	-	Within Terms
Number of Experiences	-

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	0	0	0	0	0
Outstanding	0	0	0	0	0

Current Directors

Name	Dennis Norman	Date of Birth	14/05/1974
Officers Title	Mr	Nationality	American
Present Appointments	12	Function	Director
Appointment Date	31/12/2013
Address	Intertrust (Uk) Limited 11 Old Jewry, 7th Floor, London, EC2R 8DU

Name	Jean-Marc Galvez	Date of Birth	08/11/1966
Officers Title	Mr	Nationality	French
Present Appointments	1	Function	Director
Appointment Date	25/02/2014
Address	11 Old Jewry 7th Floor, London, EC2R 8DU

Current Company Secretary

Name	INTERTRUST (UK) LIMITED	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	15/05/2014
Address	11 Old Jewry 7th Floor, London, EC2R 8DU

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
FIBERWEB LIMITED	GBP	100	ORDINARY	1	100

Profit and loss

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-100%	£28,750,000	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-£24,446,000	-263.9%	£14,918,000	851.4%	£1,568,000	263.8%	-£957,000	24.9%	-£1,275,000
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	£10,981,000	-17.4%	£13,295,000	-25.1%	£17,762,000	24.5%	£14,271,000	52.6%	£9,354,000
Pre Tax Profit	-£28,168,000	-391%	£9,681,000	-23.4%	£12,639,000	230.2%	-£9,711,000	-577.2%	£2,035,000
Taxation	-£3,486,000	-548.6%	£777,000	-71.3%	£2,709,000	-	-	-	-
Profit After Tax	-£31,654,000	-402.7%	£10,458,000	-31.9%	£15,348,000	258%	-£9,711,000	-577.2%	£2,035,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-£31,654,000	-402.7%	£10,458,000	-31.9%	£15,348,000	258%	-£9,711,000	-577.2%	£2,035,000

Balance Sheet

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£57,707,000	-20.8%	£72,845,000	-28%	£101,237,000	-50.6%	£205,069,000	4.9%	£195,427,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£57,707,000	-20.8%	£72,845,000	-28%	£101,237,000	-50.6%	£205,069,000	4.9%	£195,427,000
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	0	-	0	-	0	-	0	-	0
Cash	0	-100%	£1,000	-	0	-	0	-	0
Other Debtors	£133,020,000	10.7%	£120,201,000	8.5%	£110,803,000	999.9%	£9,886,000	-24.4%	£13,080,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£133,020,000	10.7%	£120,202,000	8.5%	£110,803,000	999.9%	£9,886,000	-24.4%	£13,080,000
Trade Creditors	0	-	0	-	0	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-100%	£447,000	37.1%	£326,000	-	0
Other Short Term Finance	£135,893,000	193.5%	£46,297,000	-30.2%	£66,356,000	-1.8%	£67,553,000	58.3%	£42,667,000
Miscellaneous Current Liabilities	£420,000	-	£420,000	-42.8%	£734,000	286.3%	£190,000	-61.4%	£492,000
Total Current Liabilities	£136,313,000	191.8%	£46,717,000	-30.8%	£67,537,000	-0.8%	£68,069,000	57.7%	£43,159,000
Bank Loans & Overdrafts and LTL	£136,571,000	-30.6%	£196,833,000	-4.4%	£205,911,000	-7.9%	£223,521,000	-3.6%	£231,946,000
Other Long Term Finance	£136,571,000	-30.6%	£196,833,000	-4.2%	£205,464,000	-7.7%	£222,702,000	-4%	£231,946,000
Total Long Term Liabilities	£136,571,000	-30.6%	£196,833,000	-4.2%	£205,464,000	-7.9%	£223,195,000	-3.8%	£231,946,000

Capital & Reserves

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	-£82,157,000	-62.7%	-£50,503,000	17.2%	-£60,961,000	20.1%	-£76,309,000	-14.6%	-£66,598,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-£82,157,000	-62.7%	-£50,503,000	17.2%	-£60,961,000	20.1%	-£76,309,000	-14.6%	-£66,598,000

Other Financial Items

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	-£82,157,000	-62.7%	-£50,503,000	17.2%	-£60,961,000	20.1%	-£76,309,000	-14.6%	-£66,598,000
Working Capital	-£3,293,000	-104.5%	£73,485,000	69.8%	£43,266,000	174.4%	-£58,183,000	-93.4%	-£30,079,000
Total Assets	£190,727,000	-1.2%	£193,047,000	-9%	£212,040,000	-1.4%	£214,955,000	3.1%	£208,507,000
Total Liabilities	£272,884,000	12%	£243,550,000	-10.8%	£273,001,000	-6.3%	£291,264,000	5.9%	£275,105,000
Net Assets	-£82,157,000	-62.7%	-£50,503,000	17.2%	-£60,961,000	20.1%	-£76,309,000	-14.6%	-£66,598,000

Cash Flow

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	28/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£54,414,000	-62.8%	£146,330,000	1.3%	£144,503,000	-1.6%	£146,886,000	-11.2%	£165,348,000
Number of Employees	-	-	-	-	-	-	-	-	-

Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments

Bankers	-
Bank Branch Code	-

Ratios

Date Of Accounts	28/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	-	33.67	-	-	-
Current ratio	0.98	2.57	1.64	0.15	0.30
Sales/Net Working Capital	-	0.39	-	-	-
Gearing %	-166.20	-389.70	-337.80	-292.90	-348.30
Equity in %	-43.10	-26.20	-28.70	-35.50	-31.90
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.97	2.57	1.64	0.14	0.30
Return On Capital Employed %	-51.76	6.61	8.74	-6.61	1.23
Return On Total Assets Employed %	-14.76	5.01	5.96	-4.51	0.97
Current Debt Ratio	-1.65	-0.92	-1.10	-0.89	-0.64
Total Debt Ratio	-3.32	-4.82	-4.47	-3.81	-4.13
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	34.28	-19.16	-20.73	12.72	-3.05

Report Notes

There are no notes to display.

Status History

Date	Description
16/01/2015	Compulsory strike off cancelled
08/01/2015	Dissolution (First Gazt)

Event History

Date	Description
15/01/2015	New Accounts Filed
05/10/2014	Annual Returns
10/07/2014	INTERTRUST HOLDINGS (UK) LIMITED has resigned as company secretary
10/07/2014	New Company Secretary INTERTRUST (UK) LIMITED appointed
19/05/2014	New Company Secretary INTERTRUST HOLDINGS (UK) LIMITED appointed
04/03/2014	New Board Member Mr J.M. Galvez appointed
24/02/2014	Change in Reg.Office
24/02/2014	Change of Company Postcode
24/02/2014	Mrs C.E. Sanders has resigned as company secretary
24/02/2014	New Company Secretary INTERTRUST (UK) LIMITED appointed
16/01/2014	New Board Member Mr D. Norman appointed
09/01/2014	New Board Member Mr D. Norman appointed
08/01/2014	Mrs K.L. Miles has left the board
04/12/2013	Mr D.A. Dayan has left the board
20/11/2013	Mr A.J. O'Carroll has resigned as company secretary

Previous Company Names

Date	Previous Name
10/03/2006	TRUSHELFCO (NO.3197) LIMITED

Writ Details

No writs found

Statistics

Group	12 companies
Linkages	442 companies
Countries	In 12 countries

Summary

Holding Company	FIBERWEB LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	PGI EUROPE INC

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
PGI EUROPE INC	N/A	-	-
PGI ACQUISITION LIMITED	08689871	-	N
EXPRESS LASERS LIMITED	05649040	31.03.2014	N
FIBERWEB LIMITED	05683352	28.12.2013	N	£258,504,000
FIBERWEB JOINT VEN...	06924734	28.12.2013	N
FIBERWEB UK LIMITED	08283604	28.12.2013	N
FIBERWEB HOLDINGS...	05719031	28.12.2013	N
BODDINGTONS INTER...	03941244	28.12.2013	N
FIBERWEB GEOSYN...	01589762	28.12.2013	N	£33,803,000
TUBEX LIMITED	04537236	28.12.2013	N
FIBERWEB US HOLDIN...	05852158	28.12.2013	N	£168,041
TERRAM LIMITED	02254236	28.12.2013	N

Mortgage details

Mortgage Type:
Date Charge Created:	31/07/13
Date Charge Registered:	01/08/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LLOYDS TSB BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Daniel Abrams	9	37
Charles David Randell	4	37
Anthony Edward Holland	3	66
Andrew Richard Wood	9	84
Robin Booth	5	61
Louise Jane Stoker	3	381
Nicole Frances Monir	7	293
Lucille Dolor	2	7
Andrew Gareth Lewis	0	5
Daniel Alexander Dayan	9	20
Simon Alan Bowles	0	25
INTERTRUST HOLDINGS (UK) LIMITED	26	145
Kate Louise Miles	4	14
TRUSEC LIMITED	300	1842
Anthony John Henry O'Carroll	0	1
Claire Elizabeth Sanders	0	1

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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.

Name	Number	Latest Key Financials	Turnover
FIBERWEB FRANCE	409866415	31.12.2013	€54,985,666
TICONA GMBH	HRB 83534	31.12.2013	€542,330,129
FITESA NONWOVENS SWEDEN AB	5562662055	31.12.2011	637,709 KSEK
FIBERWEB BERLIN GMBH	HRB 43997 B	31.12.2012	€33,572,662
MERLIN ENTERTAINMENTS GROUP LIMITED	05022287	28.12.2013	£10,150,000
FITESA GERMANY GMBH	HRB 100883	31.12.2013	€36,234,185
FIBERWEB ASCHERSLEBEN GMBH	HRB 108641	31.12.2013	€21,060,389
CORONOR COMPOSITES GMBH	HRB 101103	31.12.2008
FIBERWEB ITALIA S.R.L.	BG412364	31.12.2013	€13,233
FIBERWEB INDUSTRIAL HOLDINGS SWEDEN AB	5565256079	01.12.2007
RB FOLIEN GMBH	HRB 7059	31.12.2007
FIBERWEB HOLDINGS SWEDEN AB	5566471537	01.12.2007
KORMA S.P.A. IN LIQUIDAZIONE	MI1973757	31.12.2012	€12,715
FIBERWEB BLOWITEX GMBH	HRB 141191 B	31.12.2011	€11,601,057
FITESA CHINA HOLDINGS B.V.	14634263	31.12.2013
TERRAM-GEOTEXTILIEN GMBH	HRB 19246	31.12.2008
FIBERWEB JOINT VENTURE HOLDING GMBH	HRB 105673 B	31.12.2008
FIBERWEB HOLDING DEUTSCHLAND GMBH	HRB 103764 B	31.12.2012
FIBERWEB HOLDINGS NETHERLANDS B.V.	33293918	31.12.2007
FITESA SWEDEN AB	5568682594	31.12.2013	570,287 KSEK