MIRA INFORM REPORT

Report No. :	350745
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	BOBST MANCHESTER LTD

Formerly Known As :	GENERAL VACUUM EQUIPMENT LIMITED

Registered Office :	Pennine Business Park, Pilsworth Road, Heywood, Ol10 2tl

Country :	United Kingdom

Financials (as on) :	31.12.2014

Date of Incorporation :	15.09.1986

Com. Reg. No.:	02055148

Legal Form :	Private Limited With Share Capital

Line of Business :	· Manufacture of Other Special-Purpose Machinery · Manufacture of Vacuum Web Coaters.

No. of Employees :	106 [2014]

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 :	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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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 has been a net importer of energy since 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.

In 2008, 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. 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 summary

Registered Address

Pennine Business Park
Pilsworth Road
Heywood
Ol10 2tl

Trading Address

Unit 1
Pennine Business Park
Pilsworth Road
Heywood, Lancashire
OL10 2TL

Website Address

http://www.bobst.com

Telephone Number

01706622442

TPS

FPS

Incorporation Date

15/09/1986

Company Number

02055148

Previous Name

GENERAL VACUUM EQUIPMENT LIMITED

Type

Private limited with Share Capital

Date of Change

13/06/2012

Filing Date of Accounts

23/09/2015

Currency

GBP

Share Capital

£4,000,100

SIC07

28990

Charity Number

SIC07 Description

Manufacture of Other Special-Purpose Machinery N.E.C.

Principal Activity

The Manufacture of Vacuum Web Coaters.

Key financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2014	£27,583,000	£3,117,000	£7,471,000	106
31/12/2013	£27,940,000	£2,147,000	£6,878,000	98
31/12/2012	£27,104,000	£3,092,000	£7,313,000	100

Mortgage Summary

Total Mortgage 2

Outstanding 1

Satisfied 1

Trade debtors / bad debt summary

Total Number of Documented Trade 0

Total Value of Documented Trade £160

Commentary

This company has been treated as a Large company

This company's return on total assets employed ratio indicates a highly efficient use of assets.

This company has made late payments on a medium percentage of invoices.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

The company has more cash than short term bank borrowings.

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

Current Directors

Name	Attilo Tissi	Date of Birth	15/11/1968
Officers Title	Mr	Nationality	Swiss
Present Appointments	2	Function	Director
Appointment Date	01/09/2011
Address	C/o Bobst Group S.a. Route Des Flumeaux 50, Ch-1008 Prilly, CH-1 008

Name	Erik Henri Eugene Bothorel	Date of Birth	25/09/1962
Officers Title	Mr	Nationality	French
Present Appointments	1	Function	Director
Appointment Date	01/09/2011
Address	C/o Bobst Group S.a. Route Des Flumeaux 50, Ch-1008 Prilly, CH-1 008

Current Company Secretary

Name	Thomas Henry McComb	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	31/01/2011
Address	Pennine Business Park, Pilsworth Road, Heywood, Lancashire, OL10 2TL

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BOBST UK HOLDINGS LTD	GBP	4,000,100	ORDINARY	1	100

Profit & loss

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£27,583,000	-1.3%	£27,940,000	3.1%	£27,104,000	-12.5%	£30,969,000	51.4%	£20,454,000
Export	£26,484,000	1.7%	£26,033,000	-2.5%	£26,693,000	-12.2%	£30,393,000	51.1%	£20,119,000
Cost of Sales	£19,711,000	-4.5%	£20,637,000	1.6%	£20,306,000	-5%	£21,385,000	47.7%	£14,475,000
Gross Profit	£7,872,000	7.8%	£7,303,000	7.4%	£6,798,000	-29.1%	£9,584,000	60.3%	£5,979,000
Wages & Salaries	£4,073,000	4.6%	£3,894,000	2.7%	£3,792,000	9.4%	£3,466,000	15.5%	£3,000,000
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	£3,111,000	44.9%	£2,147,000	-30.6%	£3,092,000	-12.5%	£3,533,000	72%	£2,054,000
Depreciation	£201,000	-	£201,000	4.7%	£192,000	17.8%	£163,000	-3%	£168,000
Audit Fees	£25,000	-	£25,000	4.2%	£24,000	4.3%	£23,000	9.5%	£21,000
Interest Payments	-	-	-	-	-	-	-	-100%	£72,000
Pre Tax Profit	£3,117,000	45.2%	£2,147,000	-30.6%	£3,092,000	-12.5%	£3,533,000	78.3%	£1,982,000
Taxation	-£324,000	44.3%	-£582,000	-430.7%	£176,000	-	-	-100%	£792,000
Profit After Tax	£2,793,000	78.5%	£1,565,000	-52.1%	£3,268,000	-7.5%	£3,533,000	27.4%	£2,774,000
Dividends Payable	£2,200,000	10%	£2,000,000	-	-	-	-	-	-
Retained Profit	£593,000	236.3%	-£435,000	-113.3%	£3,268,000	-7.5%	£3,533,000	27.4%	£2,774,000

Balance sheet

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Tangible Assets	£2,481,000	-5.2%	£2,616,000	-5.3%	£2,761,000	15.9%	£2,382,000	1.8%	£2,341,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£2,481,000	-5.2%	£2,616,000	-5.3%	£2,761,000	15.9%	£2,382,000	1.8%	£2,341,000
Stock	£3,953,000	-8.2%	£4,305,000	27.8%	£3,369,000	-43.3%	£5,937,000	296.1%	£1,499,000
Trade Debtors	£2,600,000	-9.3%	£2,866,000	46%	£1,963,000	-42%	£3,386,000	64.6%	£2,057,000
Cash	£3,250,000	133.8%	£1,390,000	-79%	£6,614,000	51.4%	£4,370,000	-20.7%	£5,508,000
Other Debtors	£3,630,000	41.1%	£2,572,000	100.9%	£1,280,000	14.7%	£1,116,000	-34.1%	£1,693,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£13,433,000	20.7%	£11,133,000	-15.8%	£13,226,000	-10.7%	£14,809,000	37.7%	£10,757,000
Trade Creditors	£1,484,000	-6%	£1,579,000	-3.3%	£1,633,000	-10.1%	£1,817,000	-40.1%	£3,033,000
Bank Loans & Overdrafts	£186,000	-	0	-	0	-100%	£12,000	-87.2%	£94,000
Other Short Term Finance	£471,000	-22.7%	£609,000	10.3%	£552,000	-73.6%	£2,090,000	-40.2%	£3,496,000
Miscellaneous Current Liabilities	£5,816,000	41.6%	£4,108,000	6.3%	£3,866,000	-18.3%	£4,732,000	177%	£1,708,000
Total Current Liabilities	£7,957,000	26.4%	£6,296,000	4%	£6,051,000	-30.1%	£8,651,000	3.8%	£8,331,000
Bank Loans & Overdrafts and LTL	£672,000	16.9%	£575,000	-78.1%	£2,623,000	-41.8%	£4,507,000	3.6%	£4,349,000
Other Long Term Finance	0	-	0	-100%	£2,000,000	-50%	£4,000,000	-	£4,000,000
Total Long Term Liabilities	£486,000	-15.5%	£575,000	-78.1%	£2,623,000	-41.6%	£4,495,000	5.6%	£4,255,000

Capital & reserves

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Called Up Share Capital	£4,000,000	-	£4,000,000	-	£4,000,000	-	£4,000,000	-	£4,000,000
P & L Account Reserve	£3,471,000	20.6%	£2,878,000	-13.1%	£3,313,000	999.9%	£45,000	101.3%	-£3,488,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£7,471,000	8.6%	£6,878,000	-5.9%	£7,313,000	80.8%	£4,045,000	690%	£512,000

Other financial items

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Net Worth	£7,471,000	8.6%	£6,878,000	-5.9%	£7,313,000	80.8%	£4,045,000	690%	£512,000
Working Capital	£5,476,000	13.2%	£4,837,000	-32.6%	£7,175,000	16.5%	£6,158,000	153.8%	£2,426,000
Total Assets	£15,914,000	15.7%	£13,749,000	-14%	£15,987,000	-7%	£17,191,000	31.2%	£13,098,000
Total Liabilities	£8,443,000	22.9%	£6,871,000	-20.8%	£8,674,000	-34%	£13,146,000	4.4%	£12,586,000
Net Assets	£7,471,000	8.6%	£6,878,000	-5.9%	£7,313,000	80.8%	£4,045,000	690%	£512,000

Miscellaneous

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Contingent Liability	YES	-	NO	-	YES	-	YES	-	YES
Capital Employed	£7,957,000	6.8%	£7,453,000	-25%	£9,936,000	16.3%	£8,540,000	79.1%	£4,767,000
Number of Employees	106	8.2%	98	-2%	100	3.1%	97	11.5%	87
Accountants
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-72-67

Ratios

Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	31/12/10
Pre-tax profit margin %	11.30	7.68	11.41	11.41	9.69
Current ratio	1.69	1.77	2.19	1.71	1.29
Sales/Net Working Capital	5.04	5.78	3.78	5.03	8.43
Gearing %	9	8.40	35.90	111.40	849.40
Equity in %	46.90	50	45.70	23.50	3.90
Creditor Days	19.58	20.57	21.93	21.35	53.97
Debtor Days	34.31	37.33	26.36	39.79	36.60
Liquidity/Acid Test	1.19	1.08	1.62	1.02	1.11
Return On Capital Employed %	39.17	28.80	31.11	41.37	41.57
Return On Total Assets Employed %	19.58	15.61	19.34	20.55	15.13
Current Debt Ratio	1.06	0.91	0.82	2.13	16.27
Total Debt Ratio	1.13	0.99	1.18	3.24	24.58
Stock Turnover Ratio %	14.33	15.40	12.42	19.17	7.32
Return on Net Assets Employed %	41.72	31.21	42.28	87.34	387.10

Report notes

There are no notes to display.

Status history

No status history found

Event history

Date	Description
07/10/2015	New Accounts Filed
13/07/2015	Annual Returns
02/10/2014	New Accounts Filed
20/06/2014	Annual Returns
18/09/2013	New Accounts Filed
18/09/2013	New Accounts Filed
10/07/2013	Annual Returns
25/09/2012	New Accounts Filed
18/06/2012	Annual Returns
15/06/2012	Change of Name
22/12/2011	New Board Member Mr A. Tissi appointed
15/12/2011	Mr C. Budry has left the board
15/12/2011	Mr C. Currat has left the board
15/12/2011	New Board Member Mr E.H. Bothorel appointed
15/12/2011	New Board Member Mr A. Tissi appointed

Previous Company Names

Date	Previous Name
13/06/2012	GENERAL VACUUM EQUIPMENT LIMITED
23/02/2004	VALMET GENERAL LIMITED
04/11/1999	GENERAL VACUUM EQUIPMENT LIMITED
07/11/1986	TRYSAFE LIMITED

Writ details

No writs found

Statistics

Group	5 companies
Linkages	15 companies
Countries	In 7 countries

Summary

Holding Company	BOBST UK HOLDINGS LTD
Ownership Status	Wholly Owned
Ultimate Holding Company	BOBST GROUP SA

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
BOBST GROUP SA	CHE109107774	-	-
BOBST UK HOLDINGS LTD	00980761	31.12.2014	N
BOBST IRELAND (SERVI...	01331385	31.12.2014	N
BOBST MANCHESTER LTD	02055148	31.12.2014	N	£27,583,000
BOBST UK & IRELAND LTD	03721122	31.12.2014	N	£12,424,000

Mortgage Details

Mortgage Type:
Date Charge Created:	25/04/13
Date Charge Registered:	02/05/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.

Mortgage Type:	DEBENTURE
Date Charge Created:	11/01/93
Date Charge Registered:	15/01/93
Date Charge Satisfied:	03/03/01
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	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

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	1	£160
Company Name		Amount	Statement Date
Thermal Engineering Systems Ltd		£160	16/10/2012

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Frederick Anthony Moody	5	21
Frederick Anthony Moody	5	21
Michael John Gavin	1	6
Christopher Robin Rogers	3	9
Peter George Slater	1	5
John Lawrence Southall	3	5
Stephen Jeffrey Darlington	7	59
Mikko Helander	0	5
Sari Aitokallio	0	4
Alan Johnson	0	1
Claude Currat	0	5
Pasi Rytkonen	0	1
Stephen Carey	0	2
Adrian Pope	0	5
Christian Budry	3	5
Martti Karttunen	0	5
Thierry De Kalbermatten	0	1
Thomas Riddell Walker	10	10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	TPT

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.

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BOBST LYON	301165841	31.12.2014	€199,021,627
BOBST BETEILIGUNGSGESELLSCHAFT MBH	HRB 12891	31.12.2013	€135,072,585
BOBST STUTTGART GMBH	HRB 220521	31.12.2007	€7,520,526
BOBST MEERBUSCH GMBH	HRB 5993	31.12.2007	€73,980,354
BOBST BIELEFELD GMBH	HRB 7481	31.12.2007
PCM MASCHINENBAU GMBH	HRB 13311	31.12.2009
FAIRFIELD ENTERPRISES LIMITED	06231243	30.04.2013
MASCHINENBAU WILHELM KOCHSIEK GMBH	HRB 38265	-
BOBST GROUP NORTH AMERICA, INC		-	$108,000
AMERICAN BOBST HOLDINGS INC		-	$217,000
BOBST EQUIPMENT FINANCE CO, INC		-
BOBST GROUP USA INC		-	$37,403,000
BOBST SA		-
GORDON LTD		-
SHANGHAI ETERNAL MACHINERY CO. LTD		-