MIRA INFORM REPORT

Report No. :	338553
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	GREIF FLEXIBLES IRELAND LIMITED
Formerly Known As :	NOOR  IRELAND  LIMITED
Registered Office :	27 Cork  Road, Midleton, Co  Cork, 479214
Country :	Ireland
Financials (as on) :	31.10.2014
Date of Incorporation :	12.12.1979
Legal Form :	Not Available
Line of Business :	Not Available
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Ireland	A2	A2

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  Name

GREIF  FLEXIBLES  IRELAND  LIMITED

Registered  Address

27 CORK  ROAD, MIDLETON, CO  CORK, 479214

Company Summary

Registered  Address	27 CORK  ROAD	Trading  Address	94 SOUTH  MALL
	MIDLETON		CORK
	CO  CORK		CORK
	479214		180014
Website  Address	-
Telephone  Number		Fax  Number
TPS	No	FPS	No
Incorporation  Date	12/12/1979
Previous  Name	NOOR  IRELAND  LIMITED	Type	Other
		FTSE  Index	-
Date  of  Change	-	Filing  Date  of  Accounts	-
Currency	EUR	Share  Capital	€2,539
SIC07		Charity  Number	-
SIC07  Description Principal  Activity

Key  Financials

Year  to  Date	Turnover	Pre  Tax  Profit	Shareholder	Funds  Employees
31/10/2014	-	-	€650,760	-
31/10/2013	-	-	€734,570	-
31/10/2012	-	-	€770,366	-

Mortgage  Summary

Total  Mortgage	0
Outstanding	0
Satisfied	0

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. There  is  insufficient  data  to  indicate  a  change  in  this  company's  percentage  of  sales. A  10.8%  growth  in  Total  Assets  occurred  during  the  latest  trading  period. The  audit  report  contains  no  adverse  comments.

CJ

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

Total  Current  Directors	4
Total  Current  Secretaries	1
Total  Previous  Directors  /  Company
Secretaries	8

Current  Directors

Name	SIMON  WILDI	Date  of  Birth	23/05/1962
Officers  Title		Nationality
Present  Appointments	2	Function	Director
Appointment  Date	10/02/2010
Address		HUEGELSTRASSE  9,  D-69469,  WEINHEIM,  GERMANY
Name	NIGEL  BOOTH	Date  of  Birth	07/10/1961
Officers  Title		Nationality
Present  Appointments	1	Function	Director
Appointment  Date	21/11/2012
Address		38 CASTLE  STREET,  SPOFFORTH,  HARROGATE,  NORTH  YORKSHIRE  HG3  1AP
Name	CHRISTOPHER  POOLE	Date  of  Birth	11/01/1965
Officers  Title		Nationality
Present  Appointments	1	Function	Director
Appointment  Date	21/11/2012
Address		25 BLACKTHORN  CLOSE,  GEDLING,  NOTTINGHAM  NG4  4AU,  ENGLAND.
Name	JAMES  CUNNINGHAM  KING	Date  of  Birth	24/08/1968
Officers  Title		Nationality
Present  Appointments	1	Function	Director
Appointment  Date	30/09/2012
Address		VAN  HOGENDORPLAAN  1D,  HILVERSUM,  1215  EG,  THE  NETHERLANDS

Current  Company  Secretary

Name	SIMON  WILDI	Date  of  Birth	23/05/1962
Officers  Title		Nationality
Present  Appointments	2	Function	Company  Secretary
Appointment  Date	10/02/2010
Address		HUEGELSTRASSE  9,  D-69469,  WEINHEIM,  GERMANY

Top  20  Shareholders

Name	Currency	Share  Count	Share  Type	Nominal  Value
GREIF  FLEXIBLES  TRADING  HOLDING  BV	EUR	2,000	ORDINARY	1.27

Profit  &  Loss

Date Of	31/10/14(%)			31/10/13(%)		31/10/12(%)		31/10/11(%)		31-Oct
Accounts
Weeks		52 (%)		52 (%)		52 (%)		52 (%)		43
Currency		EUR (%)		EUR (%)		EUR (%)		EUR (%)		EUR
Consolidated		N	(%)	N	(%)	N	(%)	N	(%)	N
A/cs
Turnover		-	-	-	-	-	-	-	-	-
Export		-	-	-	-	-	-	-	-	-
Cost of Sales		-	-	-	-	-	-	-	-	-
Gross Profit		-	-	-	-	-	-	-	-	-
Wages &		-	-	-	-	-	-	-	-	-
Salaries
Directors		-	-	-	-	-	-	-	-	-
Emoluments
Operating Profit-			-	-	-	-	-	-	-	-
Depreciation		-	-	-	-	-	-	-	-	-
Audit Fees		-	-	-	-	-	-	-	-	-
Interest		-	-	-	-	-	-	-	-	-
Payments
Pre Tax Profit -			-	-	-	-	-	-	-	-
Taxation		-	-	-	-	-	-	-	-	-
Profit After Tax-			-	-	-	-	-	-	-	-
Dividends		-	-	-	-	-	-	-	-	-
Payable
Retained Profit -			-	-	-	-	-	-	-	-

Balance Sheet

Date Of	31/10/14(%)	31/10/13(%)	31/10/12(%)	31/10/11(%)	31/10
Accounts

Tangible Assets €50,570296.1% €12,768-47.5% €24,299-34% €36,80327.4% €28,8

Intangible		0	-	0	-	0	-	0	-	0
Assets
^Total Fixed€50,5702 96.1% €12,768 -47.5% €24,299 -34%								€36,803 27.4% €28,8
Assets
Stock	€617,241 82.5% €338,231 -14.7% €396,517 -13% €455,534. 1% €441,
Trade Debtors €731,831 -8.2% €797,346 55.8% €511,636 7.4% €476,515 -35.2% €735,
Cash	€24,794 -72.9% €91,432 25%					€73,124 48.2% €49,34 86.6%				€46,2
Other Debtors €21,025 -67.7% €65,047 -18.2% €79,493 -1.1% €80,402 -										0
Miscellaneous		0	-	0	-	0	-	0	-	0
Current Assets

Total Current
Assets	€1,394,89 18% €1,292,056 21.8% €1,060,770 -0.1% €1,061,799 -13.2% €1,223
Trade Creditors €778,427 57.3% €494,977 156.4% €193,070 31.1% €147,227 -64.6% €416,
Bank Loans &		0	-	0	-	0	-	0	-	0
Overdrafts
Other Short Term			-	0	- 100% €104,354 77.4% €58,839 14.5%					€51,3
Finance		0
Miscellaneous
Current	€16,274 -78.4% €75,277 335.7% €17,279 -75.4% €70,228 34%									€52,4

Liabilities

Total Current €794,701 39.4% €570,254 81.2% €314,703 13.9% €276,294 -46.9% €520

Liabilities

Bank Loans &
Overdrafts and0				-	0	-	0	-	0	-	0
LTL
Other Long Term				-	0	-	0	-	0	-	0
Finance		0
Total Long Term				-	0	-	0	-	0	-	0
Liabilities		0
.
Capital & Reserves
Date Of	31/10/14(%)				31/10/13(%)		31/10/12(%)		31/10/11(%)		31/10
Accounts
Called Up Share				-	€2,539 -		€2,539 -		€2,539 -		€2,5
Capital	€2,539
P & L Account
Reserve	€648,221 -11.4% €732,031 -4.7% €767,827 -6.3% €819,769 12.4% €729,
Revaluation		-		-	-	-	-	-	-	-	-
Reserve
Sundry		-		-	-	-	-	-	-	-	-
Reserves
Shareholder
Funds	€650,760 -11.4% €734,570 -4.6% €770,366 -6.3% €822,308 12.3% €732,
Other Financial Items
Date Of	31/10/14(%)				31/10/13(%)		31/10/12(%)		31/10/11(%)		31/10
Accounts
Net Worth €650,760 -11.4% €734,570 -4.6% €770,366 -6.3% €822,308 12.3% €732,
Working Capital €600,190 -16.8% €721,802 -3.3% €746,067 -5%									€785,505 11.7% €703,
Total Assets €1,445,461 10.8% €1,304,824 20.3% €1,085,069 -1.2% €1,098,602-12.3% €1,252
TotalLiabilities €794,701 39.4% €570,254 81.2% €314,703 13.9% €276,294 -46.9% €520,
Net Assets €650,760 -11.4% €734,570 -4.6% €770,366 -6.3% €822,308 12.3% €732
Cash Flow
Date Of	31/10/14(%)				31/10/13(%)		31/10/12(%)		31/10/11(%)		31/10
Accounts
Net Cashflow			-	-	-	-	-	-	-	-	-
from Operations
Net Cashflow			-	-	-	-	-	-	-	-	-
before Financing
Net Cashflow			-	-	-	-	-	-	-	-	-
from Financing
Increase in			-	-	-	-	-	-	-	-	-
Cash
Miscellaneous
Date Of	31/10/14(%)				31/10/13(%)		31/10/12(%)		31/10/11(%)		31/10
Accounts
Contingent		NO		-	NO	-	NO	-	NO	-	NO
Liability
Capital	€650,760 -11.4% €734,570 -4.6% €770,366 -6.3% €822,308 12.3% €732,
Employed
Number of		-		-	-	-	-	-	-	-	-
Employees

Accountants

AuditorsBDO

Auditor

The audit report contains no adverse comments

Comments

Bankers ALLIED IRISH BANK

Bank Branch

93-41-27

Code

Ratios

Date Of	31/10/14		31/10/13	31/10/12	31/10/11	31/10
Accounts
Pre-tax profit		-	-	-	-	-
margin %
Current ratio		1.76	2.27	3.37	3.84	2.3
Sales/Net		-	-	-	-	-
Working Capital
Gearing %		0	0	0	0	0
Equity in %		45	56.30	71	74.90	58.5
Creditor Days		-	-	-	-	-
Debtor Days		-	-	-	-	-
Liquidity/Acid		0.97	1.67	2.11	2.19	1.5
Test
Return On
Capital		-	-	-	-	-
Employed %
Return On Total
Assets		-	-	-	-	-
Employed %
Current Debt		1.22	0.77	0.40	0.33	0.7
Ratio
Total Debt Ratio 1.22			0.77	0.40	0.33	0.7
Stock Turnover		-	-	-	-	-
Ratio %
Return on Net
Assets		-	-	-	-	-
Employed %

Previous  Company  Names

Date	Previous  Name
N/A	NOOR  IRELAND  LIMITED

Statistics		Summary
Group	6 companies	Holding  Company	-
Linkages	207 companies	Ownership  Status	Wholly  Owned
Countries	In  57  countries	Ultimate  Holding  Company	GREIF  INC

Group  Structure

Company  Name	Registered	Latest  Key	Consol.	Turnover
	Number	Financials	Accounts
GREIF  INC		-	-	$4,239,100,000
STORSACK  HOLDING  GMBH	HRB  61214	31.12.2009
GREIF  FLEXIBLES  TRADIN...	34368297	31.10.2014	N
GREIF  FLEXIBLES  IREL...	IE072659	31.10.2014	N
GREIF  TRADING  HOLDING  BV	N/A	-	-
GREIF  FLEXIBLES  UK  L...	03862410	31.10.2014	N	£30,890,963

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASH

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.