MIRA INFORM REPORT

Report No. :	354495
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	THRACE SYNTHETIC PACKAGING LIMITED

Formerly Known As :	SYNTHETIC INDUSTRIES LIMITED

Registered Office :	Clara Co Offaly 999320

Country :	Ireland

Financials (as on) :	31.12.2014

Date of Incorporation :	18.07.1984

Com. Reg. No.:	IE102221

Legal Form :	Limited Company

Line of Business :	Manufacture of man-made fibres. The distribution of polypropylene products.

No. of Employee :	18

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

IRELAND ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 3.6%. The recovering economy assisted lowering the deficit to 4.2% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Ireland’s low corporation tax of 12.5% has been central to encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure the government announced it would phase in more stringent tax laws, effectively closing a loophole.

Source : CIA

Company Summary

Registered Address	CLARA CO OFFALY 999320	Trading Address	CLARA CO OFFALY CO OFFALY 163220
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	18/07/1984
Previous Name	SYNTHETIC INDUSTRIES	Type	Other
	LIMITED
FTSE Index	-	Date of Change	-
Filing Date of Accounts	-	Currency	EUR
Share Capital	€1,000,000	SIC07	20600
Charity Number	-	SIC07 Description	MANUFACTURE OF MAN-MADE FIBRES
Principal Activity	The distribution of polypropylene products.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	€9,134,978	€413,591	€3,073,539	18
31/12/2013	€9,254,680	€813,511	€2,718,589	23
31/12/2012	€8,654,204	€417,036	€2,350,078	17

Mortgage Summary

Total Mortgage 4

Outstanding 1

Satisfied 3

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade €0

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 13.1% during the latest trading period.

A 7.3% growth in Total Assets occurred during the latest trading period.

The company saw an increase in their Cash Balance of 35.3% during the latest trading period.

The audit report contains no adverse comments.

CJ

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	Total Value of Satisfied CJs -	€0

Total Current Directors	6
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	11

Current Directors

Name	KONSTANTINIS CHALIORIS	Date of Birth	02/09/1962
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	04/07/2000
Address	20 MARINOU ANTIPA STR, 17455 ATHENS, GREECE
Name	AIDAN DEVERY	Date of Birth	13/09/1960
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	28/02/2001
Address	LISSANISKY, CLARA, CO. OFFALY
Name	KEVIN CROTHERS	Date of Birth	16/04/1970
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	01/04/2008
Address	12 COLLEGE HILL, MULLINGAR, CO. WESTMEATH, IRELAND
Name	COLIN JOHNSON	Date of Birth	19/05/1969
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2011
Address	11 CHALLUM PLACE, BROUGHTY FERRY, DUNDEE DD5 3SZ, SCOTLAND
Name	DIMITRIS MALAMOS	Date of Birth	16/02/1976
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2011
Address	5 IKAROU STREET, 14564 KIFISSIA, ATHENS, GREECE
Name	GEORGIOS BRAIMIS	Date of Birth	18/12/1966
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	12/01/2012
Address	30 B KIFISSON STREET, ATHENS 14562, GREECE
Current Company Secretary
Name	KEVIN CROTHERS	Date of Birth	16/04/1970
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	29/09/2010
Address	12 COLLEGE HILL, MULLINGAR, CO. WESTMEATH, IRELAND

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SYNTHETIC HOLDINGS LTD	EUR	800,000	ORDINARY	1.25	100

Profit & Loss

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Weeks	52	(%)	53	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	€9,134,978	-1.3%	€9,254,680	6.9%	€8,654,204	0.9%	€8,580,846	5.6%	€8,128,797
Export	€1,654,888	7.1%	€1,545,880	-9.5%	€1,707,848	9.5%	€1,559,487	-0.4%	€1,564,997
Cost of Sales	€7,518,649	-1.4%	€7,623,568	9.6%	€6,955,332	-1.1%	€7,031,502	8.3%	€6,493,918
Gross Profit	€1,616,329	-0.9%	€1,631,112	-4%	€1,698,872	9.7%	€1,549,344	-5.2%	€1,634,879
Wages & Salaries	€793,163	102.8%	€391,038	-46.6%	€732,465	28%	€572,355	-28.2%	€796,916
Directors Emoluments	€210,396	-9.2%	€231,658	-0.7%	€233,407	-6.7%	€250,209	0.6%	€248,813
Operating Profit	€413,591	-49.3%	€815,511	90.5%	€428,036	-5.1%	€450,896	-1.3%	€456,774
Depreciation	€46,388	65.5%	€28,032	15%	€24,385	-5.6%	€25,824	7.5%	€24,020
Audit Fees	€11,700	-22.7%	€15,133	-18.2%	€18,500	-	€18,500	1.4%	€18,250
Interest Payments	-	-100%	€8,000	-75.8%	€33,000	-29.8%	€47,000	9.3%	€43,000
Pre Tax Profit	€413,591	-49.2%	€813,511	95.1%	€417,036	-3.4%	€431,896	-3.5%	€447,774
Taxation	-€58,641	47.7%	-€112,195	-75.6%	-€63,896	-9.9%	-€58,115	0.5%	-€58,380
Profit After Tax	€354,950	-49.4%	€701,316	98.6%	€353,140	-5.5%	€373,781	-4%	€389,394
Dividends Payable	-	-100%	€349,430	-	-	-100%	€3,500,000	-	-
Retained Profit	€354,950	0.9%	€351,886	-0.4%	€353,140	111.3%	-€3,126,219	-902.8%	€389,394

Balance Sheet

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Tangible Assets	€1,031,869	81.4%	€568,932	179.3%	€203,703	-3.4%	€210,830	-13%	€242,264
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€1,031,869	81.4%	€568,932	179.3%	€203,703	-3.4%	€210,830	-13%	€242,264
Stock	€1,540,836	-19%	€1,902,009	13.5%	€1,675,410	0.4%	€1,669,434	31.8%	€1,266,887
Trade Debtors	€1,729,795	8.6%	€1,592,582	-2.3%	€1,629,457	10.4%	€1,475,799	-22.6%	€1,907,749
Cash	€351,457	35.3%	€259,761	-38.7%	€423,557	-29.7%	€602,791	193.8%	€205,137
Other Debtors	€75,628	-11.8%	€85,773	-77.5%	€380,539	-88.8%	€3,403,904	-46.7%	€6,380,747
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	€3,697,716	-3.7%	€3,840,125	-6.5%	€4,108,963	-42.5%	€7,151,928	-26.7%	€9,760,520
Trade Creditors	€291,369	-29%	€410,290	115.8%	€190,103	38.3%	€137,499	127%	€60,581
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	€1,049,507	-0.7%	€1,057,012	-7.3%	€1,140,609	9.1%	€1,045,154	113.2%	€490,162
Miscellaneous Current Liabilities	€315,170	41.2%	€223,166	-11%	€250,876	18.3%	€212,126	-23.5%	€277,218
Total Current Liabilities	€1,656,046	-2%	€1,690,468	6.9%	€1,581,588	13.4%	€1,394,779	68.5%	€827,961
Bank Loans & Overdrafts and LTL	0	-	0	-100%	€381,000	91.5%	€199,000	-22.3%	€256,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-100%	€381,000	91.5%	€199,000	-22.3%	€256,000

Capital & Reserves

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Called Up Share Capital	€1,000,000	-	€1,000,000	-	€1,000,000	-78.3%	€4,609,291	-	€4,609,291
P & L Account Reserve	€1,961,844	22.1%	€1,606,894	29.8%	€1,238,383	18.2%	€1,047,993	-75%	€4,197,837
Revaluation Reserve	€38,912	-	€38,912	-	€38,912	-	€38,912	-	€38,912
Sundry Reserves	€72,783	-	€72,783	-	€72,783	-	€72,783	-	€72,783
Shareholder Funds	€3,073,539	13.1%	€2,718,589	15.7%	€2,350,078	-59.3%	€5,768,979	-35.3%	€8,918,823

Other Financial Items

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Net Worth	€3,073,539	13.1%	€2,718,589	15.7%	€2,350,078	-59.3%	€5,768,979	-35.3%	€8,918,823
Working Capital	€2,041,670	-5%	€2,149,657	-14.9%	€2,527,375	-56.1%	€5,757,149	-35.5%	€8,932,559
Total Assets	€4,729,585	7.3%	€4,409,057	2.2%	€4,312,666	-41.4%	€7,362,758	-26.4%	€10,002,784
Total Liabilities	€1,656,046	-2%	€1,690,468	-13.9%	€1,962,588	23.1%	€1,593,779	47%	€1,083,961
Net Assets	€3,073,539	13.1%	€2,718,589	15.7%	€2,350,078	-59.3%	€5,768,979	-35.3%	€8,918,823

Cash Flow

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Net Cashflow from Operations	€601,021	-3.8%	€624,623	-81.8%	€3,430,057	-12%	€3,897,654	999.9%	-€190,358
Net Cashflow before Financing	€91,696	-50.6%	€185,634	-94.6%	€3,430,057	-12%	€3,897,654	999.9%	-€210,358
Net Cashflow from Financing	-	100%	-€349,430	90.3%	-€3,609,291	-3.1%	-€3,500,000	-	-
Increase in Cash	€91,696	156%	-€163,796	8.6%	-€179,234	-145.1%	€397,654	289%	-€210,358

Miscellaneous

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€3,073,539	13.1%	€2,718,589	-0.5%	€2,731,078	-54.2%	€5,967,979	-35%	€9,174,823
Number of Employees	18	-21.7%	23	35.3%	17	-	17	13.3%	15

Auditors	RUSSELL BRENNAN KEANE BUSINESS ADVISERS
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF IRELAND
Bank Branch Code	90-16-93

Ratios

Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	31/12/10
Pre-tax profit margin %	4.53	8.79	4.82	5.03	5.51
Current ratio	2.23	2.27	2.60	5.13	11.79
Sales/Net Working Capital	4.47	4.31	3.42	1.49	0.91
Gearing %	0	0	16.20	3.40	2.90
Equity in %	65	61.70	54.50	78.40	89.20
Creditor Days	11.61	16.13	7.99	5.83	2.71
Debtor Days	68.92	62.63	68.53	62.60	85.42
Liquidity/Acid Test	1.30	1.14	1.53	3.93	10.25
Return On Capital Employed %	13.45	29.92	15.27	7.23	4.88
Return On Total Assets Employed %	8.74	18.45	9.67	5.86	4.47
Current Debt Ratio	0.53	0.62	0.67	0.24	0.09
Total Debt Ratio	0.53	0.62	0.83	0.27	0.12
Stock Turnover Ratio %	16.86	20.55	19.35	19.45	15.58
Return on Net Assets Employed %	13.45	29.92	17.74	7.48	5.02

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
22/06/2015	New Accounts Filed
22/06/2015	New Accounts Filed
20/06/2015	Annual Returns
30/06/2014	New Accounts Filed
30/06/2014	New Accounts Filed
27/06/2014	Annual Returns
03/03/2014	STEPHEN DUFFY has left the board
22/06/2013	New Accounts Filed
22/06/2013	New Accounts Filed
20/06/2013	Annual Returns
29/08/2012	New Accounts Filed
29/08/2012	New Accounts Filed
28/08/2012	Annual Returns
12/01/2012	New Board Member (GEORGIOS BRAIMIS) appointed
29/06/2011	Annual Returns

Previous Company Names

Date

Previous Name

N/A

SYNTHETIC INDUSTRIES LIMITED

Writ Details

No writs found

Statistics

Group	8 companies
Linkages	4 companies
Countries	In 2 countries

Summary

Holding Company	SYNTHETIC (HOLDINGS) LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	THRACE PLASTICS CO SA

Group Structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover

THRACE PLASTICS CO SA	N/A	-	-
DON & LOW LIMITED	SC005657	31.12.2014	Y	£62,428,000
DON & LOW (HOLDINGS)...	SC026425	31.12.2014	N
DON & LOW NONWOVENS...	SC014156	31.12.2014	N
SYNTHETIC (HOLDINGS) L...	NI026913	31.12.2014	N
THRACE SYNTHETIC PAC...	IE102221	31.12.2014	N	€9,134,978
ARNO LIMITED	IE238183	31.12.2014	N
SYNTHETIC TEXTILES L...	NI011181	31.12.2014	N

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10
EUR	1	Rs.73.81

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ANK

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.