MIRA INFORM REPORT

Report No. :	508754
Report Date :	12.05.2018

IDENTIFICATION DETAILS

Name :	GREIF FLEXIBLES UK LIMITED
Formerly Known As :	UNSA UK LIMITED
Registered Office :	Dalton Airfield, Dalton, Thirsk YO7 3HE
Country :	United Kingdom
Financials (as on) :	31.10.2016
Date of Incorporation :	20.10.1999
Com. Reg. No.:	03862410
Legal Form :	Private Limited with Share Capital
Line of Business :	· Other manufacturing n.e.c. · Manufacture, importing and trading of polypropylene bags.
No. of Employees :	91 [2016]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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; 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 the UK’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 then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

Source : CIA

Company Summary

Registered Address

Dalton Airfield
Dalton
Thirsk
YO7 3HE

Trading Address

Dalton Airfield
Dalton
Thirsk
North Yorkshire
YO7 3HE

Website Address http://www.greif-flexibles.com

Company Number 03862410

Telephone Number 01845577464

Fax Number -

TPS No

FPS Yes

Incorporation Date 20/10/1999

Previous Name UNSA UK LIMITED

Type Private Limited with Share Capital

FTSE Index -

Date of Change 12/08/2011

Filing Date of Accounts 31/03/2017

Currency GBP

Share Capital £200,000

SIC07 32990

Charity Number -

SIC07 Description Other manufacturing n.e.c.

Principal Activity Manufacture, importing and trading of polypropylene bags.

Additional Information

CCJ's

0 (£0)

No CCJ Information To Display

Ultimate Holding Company GREIF INC

Accountant -

Mortgages 3

Group 12 companies

Linkages 158 companies

Countries In 37 countries

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31.10.2016	£26,307,295	-£439,229	£4,067,503	91
31.10.2015	£27,345,441	£1,202,932	£4,433,851	97
31.10.2014	£30,890,963	£1,203,675	£3,495,122	97

Mortgage summary

Total Mortgage 3

Outstanding 1

Satisfied 2

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 Medium company.

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

This company's return on total assets employed ratio indicates a poor or negative return on assets.

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

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower 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 -	-

Total Current Directors	2	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	16	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	Simon Charles Wildi	Nationality	British
Date of Birth	05/1962	Present Appointments	1
Latest Address	4 Brattles Cottages, Fairmans Lane Brenchley, Tonbridge, Kent	Appointment Date	01/08/2011
Post Code	TN12 7AD
Title	Mr	Function	Director
Name	Christopher David Poole	Nationality	British
Date of Birth	01/1965	Present Appointments	1
Latest Address	25 Blackthorn Close, Gedling, Nottingham	Appointment Date	01/09/2004
Post Code	NG4 4AU

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Nigel Booth	Nationality	British
Date of Birth	-	Present Appointments	1
Latest Address	Dalton Airfield, Dalton, Thirsk, North Yorkshire	Appointment Date	01/08/2011
Post Code	YO7 3HE

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GREIF TRADING HOLDING B.V.	GBP	200,000	ORDINARY	1	100

Profit & Loss

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£26,307,295	-3.8%	£27,345,441	-11.5%	£30,890,963	1.5%	£30,439,125	11%	£27,427,543
	Export	£2,684,062	-31.3%	£3,908,773	194.2%	£1,328,542	-12%	£1,508,932	18.7%	£1,270,913
	Cost of Sales	£21,246,554	-2.6%	£21,821,762	-12.6%	£24,980,680	-0.2%	£25,029,494	12.4%	£22,265,142
	Gross Profit	£5,060,741	-8.4%	£5,523,679	-6.5%	£5,910,283	9.3%	£5,409,631	4.8%	£5,162,401
	Wages & Salaries	£3,230,175	-8.2%	£3,517,253	-14.3%	£4,105,037	9.7%	£3,742,527	0.3%	£3,732,144
	Directors Emoluments	£438,176	19.3%	£367,209	-16.2%	£438,439	-0.5%	£440,840	-19%	£544,405
	Operating Profit	-£452,811	-138.8%	£1,166,075	-4.2%	£1,217,583	-49.3%	£2,402,816	999.9%	-£229,675
	Depreciation	£42,723	-52.2%	£89,419	40.3%	£63,720	-9.8%	£70,662	27.3%	£55,493
	Audit Fees	£64,000	-20%	£80,000	-	£80,000	23.5%	£64,797	101.1%	£32,225
	Interest Payments	£4,732	-77.8%	£21,293	-54.1%	£46,423	-23.9%	£61,037	18.2%	£51,656
	Pre Tax Profit	-£439,229	-136.5%	£1,202,932	-0.1%	£1,203,675	-49.3%	£2,373,779	999.9%	-£254,243
	Taxation	£72,881	127.6%	-£264,203	-56.2%	-£169,095	-999.9%	£1,365	-91.3%	£15,750
	Profit After Tax	-£366,348	-139%	£938,729	-9.3%	£1,034,580	-56.4%	£2,375,144	999.9%	-£238,493
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-£366,348	-139%	£938,729	-9.3%	£1,034,580	-56.4%	£2,375,144	999.9%	-£238,493

Balance Sheet

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Tangible Assets	£499,539	8.7%	£459,766	-8.7%	£503,555	4.9%	£480,246	37.7%	£348,661
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£499,539	8.7%	£459,766	-8.7%	£503,555	4.9%	£480,246	37.7%	£348,661
	Stock	£2,861,579	23.5%	£2,316,667	-27.8%	£3,208,758	-1.5%	£3,257,621	32.3%	£2,461,713
	Trade Debtors	£4,229,847	-2.7%	£4,349,230	-14.3%	£5,077,610	4.3%	£4,868,806	-7.3%	£5,250,090
	Cash	£338	-88.4%	£2,906	999.9%	£1	-50%	£2	-100%	£60,001
	Other Debtors	£423,816	-71%	£1,460,500	36.6%	£1,068,869	35.1%	£791,207	-12.5%	£903,739
	Miscellaneous Current Assets	£46,023	-	0	-	0	-	0	-	0
	Total Current Assets	£7,561,603	-7%	£8,129,303	-13.1%	£9,355,238	4.9%	£8,917,636	2.8%	£8,675,543
	Trade Creditors	£2,032,973	7.2%	£1,897,112	-18.8%	£2,337,545	-8.8%	£2,563,091	-40.1%	£4,275,388
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£953,413	-3%	£982,825	-61.9%	£2,579,332	-15.5%	£3,052,442	-20.7%	£3,849,734
	Miscellaneous Current Liabilities	£1,007,253	-17.2%	£1,216,353	-12.7%	£1,393,833	5.5%	£1,321,357	63.6%	£807,834
	Total Current Liabilities	£3,993,639	-2.5%	£4,096,290	-35.1%	£6,310,710	-9%	£6,936,890	-22.3%	£8,932,956
	Bank Loans & Overdrafts and LTL	0	-100%	£58,928	11.3%	£52,961	999.9%	£450	-92.3%	£5,850
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	0	-100%	£58,928	11.3%	£52,961	999.9%	£450	-92.3%	£5,850

Capital & Reserves

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Called Up Share Capital	£200,000	-	£200,000	-	£200,000	-	£200,000	-	£200,000
	P & L Account Reserve	£3,867,503	-8.7%	£4,233,851	28.5%	£3,295,122	45.8%	£2,260,542	999.9%	-£114,602
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£4,067,503	-8.3%	£4,433,851	26.9%	£3,495,122	42%	£2,460,542	999.9%	£85,398

Other Financial Items

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Net Worth	£4,067,503	-8.3%	£4,433,851	26.9%	£3,495,122	42%	£2,460,542	999.9%	£85,398
	Working Capital	£3,567,964	-11.5%	£4,033,013	32.5%	£3,044,528	53.7%	£1,980,746	869.5%	-£257,413
	Total Assets	£8,061,142	-6.1%	£8,589,069	-12.9%	£9,858,793	4.9%	£9,397,882	4.1%	£9,024,204
	Total Liabilities	£3,993,639	-3.9%	£4,155,218	-34.7%	£6,363,671	-8.3%	£6,937,340	-22.4%	£8,938,806
	Net Assets	£4,067,503	-8.3%	£4,433,851	26.9%	£3,495,122	42%	£2,460,542	999.9%	£85,398

Cash Flow

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Net Cashflow from Operations	£55,489	-96.5%	£1,586,892	206.5%	£517,728	-50%	£1,036,314	-42.4%	£1,799,350
	Net Cashflow before Financing	-£2,568	-100.2%	£1,599,412	237.7%	£473,559	-36.2%	£742,693	-55.8%	£1,680,452
	Net Cashflow from Financing	-	100%	-£1,596,507	-237.1%	-£473,560	41%	-£802,692	69.2%	-£2,605,602
	Increase in Cash	-£2,568	-188.4%	£2,905	999.9%	-£1	100%	-£59,999	93.5%	-£925,150

Miscellaneous

	Date Of Accounts	31/10/16	(%)	31/10/15	(%)	31/10/14	(%)	31/10/13	(%)	31/10/12
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£4,067,503	-9.5%	£4,492,779	26.6%	£3,548,083	44.2%	£2,460,992	999.9%	£91,248
	Number of Employees	91	-6.2%	97	-	97	-	97	2.1%	95
	Accountants
	Auditors	DELOITTE LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	HSBC BANK PLC
	Bank Branch Code	40-02-44

Ratios

	Date Of Accounts	31/10/16	31/10/15	31/10/14	31/10/13	31/10/12
	Pre-tax profit margin %	-1.67	4.40	3.90	7.80	-0.93
	Current ratio	1.89	1.98	1.48	1.29	0.97
	Sales/Net Working Capital	7.37	6.78	10.15	15.37	-106.55
	Gearing %	0	1.30	1.50	0	6.90
	Equity in %	50.50	51.60	35.50	26.20	0.90
	Creditor Days	28.12	25.25	27.54	30.65	56.74
	Debtor Days	58.52	57.89	59.83	58.22	69.67
	Liquidity/Acid Test	1.17	1.41	0.97	0.81	0.69
	Return On Capital Employed %	-10.79	26.77	33.92	96.45	-278.62
	Return On Total Assets Employed %	-5.44	14	12.20	25.25	-2.81
	Current Debt Ratio	0.98	0.92	1.80	2.81	104.60
	Total Debt Ratio	0.98	0.93	1.82	2.81	104.67
	Stock Turnover Ratio %	10.87	8.47	10.38	10.70	8.97
	Return on Net Assets Employed %	-10.79	27.13	34.43	96.47	-297.71

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
01/11/2017	Confirmation Statement
12/04/2017	Payment Data Update Received
11/04/2017	New Accounts Filed
11/04/2017	New Accounts Filed
30/12/2016	Payment Data Update Received
05/11/2016	Annual Returns
21/09/2016	Payment Data Update Received
05/03/2016	New Accounts Filed
05/03/2016	New Accounts Filed
18/11/2015	Annual Returns
28/07/2015	Payment Data Update Received
07/07/2015	Payment Data Update Received
19/03/2015	New Accounts Filed
19/03/2015	New Accounts Filed
15/11/2014	Annual Returns

Previous Company Names

Date	Previous Name
12/08/2011	UNSA UK LIMITED
26/07/2004	USF PACKAGING LIMITED
10/03/2000	GAG112 LIMITED

Writ Details

No writs found

Statistics

Group	12 companies
Linkages	158 companies
Countries	In 37 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	GREIF INC

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
GREIF INC		-	-	$29,400,000
STORSACK HOLDING GMBH	HRB 61214	31.12.2009	N
GREIF FLEXIBLES TRADIN...	34368297	31.10.2016	N
GREIF FLEXIBLES IREL...	IE072659	31.10.2016	N
GREIF INTERNATIONAL HO...	N/A	-	-
GREIF INTERNATIONAL...	33065401	31.10.2015	N
METAL CONTAINERS LTD	00226871	31.10.2016	N
GREIF TRADING HOLDING BV	N/A	-	-
GREIF FLEXIBLES UK L...	03862410	31.10.2016	N	£26,307,295
GREIF UK INTERNATIONAL...	10747277	-	N
GREIF UK HOLDING LTD	06738357	31.10.2016	N
GREIF UK LTD	06633687	31.10.2016	N	£39,721,000

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
GREIF FRANCE HOLDINGS	434754149	31.10.2016
GREIF FRANCE	552147225	31.10.2016	€93,762,854
GREIF ITALIA S.P.A.	MI517170	31.10.2017	€50,973,526
EARTHMINDED FRANCE	308531359	31.10.2016	€7,904,499
GREIF FINANCE B.V.	33226159	31.10.2015
GREIF SWEDEN AKTIEBOLAG	5560151317	31.10.2017	515,088 KSEK
STORSACK INTERNATIONAL GMBH	HRB 86933	31.10.2010	€43,587,657
GREIF FLEXIBLES BENELUX B.V.	24107838	31.10.2016
PAAUW HOLDINGS B.V.	33146337	31.10.2015
GREIF BEHEER B.V.	30170356	31.10.2013
GREIF NEDERLAND B.V.	56043872	31.10.2015	€155,390,000
ACCON FLEXIBLES AB	5566531199	31.12.2016	23,688 KSEK
EARTHMINDED NETHERLANDS B.V.	05041119	31.10.2014
ACCON SUOMI OY	05035747	31.12.2016	€10,048,000
GREIF FLEXIBLES FRANCE	448681064	31.10.2016	€30,845,485
GRONYSTAAL B.V.	33146885	31.10.2015
EMBALLAGEFABRIEKEN VERMA B.V.	33147727	31.10.2015
ACCON AB	5565945838	31.12.2016	25,698 KSEK
TRI-SURE GERMANY GMBH	HRB 71518	31.10.2016
REBU B.V.	61776211	31.10.2017

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	22/01/09
Date Charge Registered:	31/01/09
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE 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 CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	19/08/04
Date Charge Registered:	21/08/04
Date Charge Satisfied:	15/07/10
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:
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

Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	23/03/01
Date Charge Registered:	31/03/01
Date Charge Satisfied:	15/07/10
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:
Details:	A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
Todd Benjamin Bendis	0			1	0
Harry William Hemens	2			5	16
Ian Stormont Doughty	9			6	7
Elizabeth Ann Bourke	0			4	0
Ismail Hakki Ekmen	0			1	0
Rob Godfroy	0			1	0
Neil Roderick Walmsley	5			197	225
Ercan Ersin	0			2	0
Ercan Ersin	0			2	0
David Karl Dawber	3			2	1
Selim Akdogan	0			1	0
Michael Atkinson	0			2	0
Michael Atkinson	0			2	0
Idil Bora	0			1	0
David John Metcalf	0			48	98
David John Metcalf	0			48	98
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	Greif Flexibles Trading Holding Bv	Kind	Corporate Entity With Significant Control
Address	101n Schipolweg 101n, 2316xc Leiden	Notified On	06/04/2016
Post Code	-	Legal Form	Private Limited Liability Company
Authority	The Netherlands	Place Registered	The Netherlands Chamber Of Commerce Commercial Register
Country Registered	The Netherlands	Registration Number	34368297
Nature Of Control	Ownership of shares - above 75%

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

Active Statements

No Active Statements To Display

Ceased Statements

No Ceased Statements To Display

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.22
UK Pound	1	INR 90.87
Euro	1	INR 80.09
GBP	1	INR 91.29

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.