MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	VOYAGE DECORATION LTD.

Registered Office :	39 Clydesmill Place Clydesmill Ind Est Glasgow, G32 8RF

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	14.11.1995

Com. Reg. No.:	SC161596

Legal Form :	Private Parent

Line of Business :	Wholesale of textiles

No. of Employees :	29

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

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

Company name and address

Top of Form

Bottom of Form

Voyage Decoration Ltd.

39 Clydesmill Place

Clydesmill Ind Est
Glasgow, G32 8RF
United Kingdom
Map

Tel:	0141 641 1700

www.voyagedecoration.com

Employees:	29
Company Type:	Private Parent

Quoted Status:	Non-quoted Company
Incorporation Date:	14-Nov-1995
Auditor:	Martin Aitken & Co

Financials in:	USD (mil)

Fiscal Year End:	31-Mar-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	12.1 ¹
Net Income:	0.2
Total Assets:	7.0

Business Description

Established in 1998, Voyage Decoration Ltd. specialises in offering printed and embroidered upholstery and curtain fabrics worldwide. It offers woven and printed textiles, embroidery and handwork fabrics and handmade childrenâ€™s garments. The company also offers a range of trade merchandise to assist with the display of pattern books and hangers. It has various collections of fabric, including Jamawar, Mysore, English Garden and Botanica. In addition, it offers handcrafted crewels, beaded fabrics and handwoven silk clothes.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	3711 - Textile Product Wholesaling
NACE 2002:	5141 - Wholesale of textiles
NAICS 2002:	424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers
UK SIC 2003:	5141 - Wholesale of textiles
US SIC 1987:	5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name	Title
Susan Belinda Dykes	Secretary
Ian Edward Dykes	Director

Financial Summary

FYE: 31-Mar-2011

USD (mil)

Key Figures
Current Assets	6.73
Fixed Assets	0.22
Total Liabilities	5.36
Net Worth	0.86

Key Ratios
Current Ratio	1.26
Acid Test	0.64
Debt Gearing	81.19

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

Corporate Overview

Location
39 Clydesmill Place
Clydesmill Ind Est
Glasgow, G32 8RF
Glasgow City County
United Kingdom

Tel:	0141 641 1700

www.voyagedecoration.com

Sales GBP(mil):	7.8
Assets GBP(mil):	4.3
Employees:	29
Fiscal Year End:	31-Mar-2011


Industry:	Apparel and Accessories

Registered Address:
Caledonia House
89 Seaward Street
Glasgow, G41 1HJ
United Kingdom

Incorporation Date:	14-Nov-1995
Company Type:	Private Parent
Quoted Status:	Not Quoted
Registered No.(UK):	SC161596


Secretary:	Susan Belinda Dykes

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3711	-	Textile Product Wholesaling

NACE 2002 Codes:
5141	-	Wholesale of textiles

NAICS 2002 Codes:
424310	-	Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

US SIC 1987:
5131	-	Piece Goods, Notions, and Other Dry Good

UK SIC 2003:
5141	-	Wholesale of textiles

Business Description

More Business Descriptions

Curtains Manufacture and Retail

Financial Data

Financials in:	GBP(mil)

Revenue:	7.8
Net Income:	0.1
Assets:	4.3
Current Assets:	4.2
Fixed Assets:	0.1
Long Term Debt:	0.4
Total Liabilities:	3.8
Issued Capital:	0.0
Working Capital:	0.9
Net Worth:	0.5

Date of Financial Data:	31-Mar-2011

1 Year Growth

16.1%

Key Corporate Relationships

Auditor:	Martin Aitken & Co
Bank:	Clydesdale Bank PLC

Auditor:	Martin Aitken & Co

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	03-31-2011

Executives Report

Board of Directors

Name

Title

Function

Ian Edward Dykes

Director

Director/Board Member

Age: 45

Executives

Name

Title

Function

Susan Belinda Dykes

Secretary

Company Secretary

Age: 53

Directors and Shareholders Report

Annual Return Date: 14 Nov 2011
Total Issued Capital (GBP 000): 1

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ian Edward Dykes	Current	19 May 1967	Westwood Lodge, 10 Carmunnock Road, Glasgow, East Renfrewshire G76 8SZ	14 Nov 1995	NA	Current:4 Previous:0 Disqualifications:0
Alastair Lawrence	Previous	13 Mar 1960	2 Longhill Gardens, Dalgety Bay, Inverkeithing, Fife KY11 9SG	14 Nov 1995	20 Jun 1997	Current:1 Previous:1 Disqualifications:0
Stephen Mabbott	Previous	17 Nov 1950	14 Mitchell Lane, Glasgow, Glasgow City G1 3NU	14 Nov 1995	14 Nov 1995	Current:0 Previous:456 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Susan Belinda Dykes	Current	18 Sep 1958	Merlin Cheapside Street, Eaglesham, Glasgow, East Renfrewshire G76 0JZ	14 Nov 1995	NA	Current:3 Previous:0 Disqualifications:0
Brian Reid	Previous	NA	5 Logie Mill, Beaverbank Office Park, Edinburgh, Edinburgh, City of EH7 4HH	14 Nov 1995	14 Nov 1995	Current:2 Previous:2350 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Ian Edward Dykes	1000 Ordinary GBP 1.00	Ordinary	1,000	1.00	1,000.00	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Turnover (UK)	9.9	8.5	-	-	-
Turnover (Exports)	2.2	2.2	-	-	-
Total Turnover	12.1	10.7	-	-	-
Cost of Sales	8.7	7.5	-	-	-
Gross Profit	3.4	3.2	3.2	5.1	4.3
Depreciation	0.1	0.1	0.1	0.0	0.1
Other Expenses	2.9	2.7	3.6	4.7	3.9
Operating Profit	-	0.5	-0.4	0.4	0.3
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.1	0.1	0.1	0.1	0.1
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	0.4	0.4	-0.5	0.3	0.3
Tax Payable / Credit	0.1	0.1	-0.1	0.1	0.1
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.1	0.1	0.1	0.1	0.1
Profit After Taxes	0.2	0.3	-0.5	0.1	0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	0.0	0.0	-	-
Number of Employees	29	24	36	37	37
Wages	1.3	1.4	1.8	2.1	1.8
Social Security Costs	0.2	0.2	0.2	0.2	0.2
Pensions	-	0.0	0.0	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	1.5	1.5	2.1	2.4	2.1
Directors Emoluments	-	-	0.3	0.3	0.3
Other Costs	-	0.3	0.0	0.0	0.0
Directors Remuneration	0.2	0.3	0.3	0.4	0.3
Highest Paid Director	0.2	0.3	0.3	-	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Land & Buildings	0.0	0.1	0.1	-	0.1
Fixtures & Fittings	0.1	0.1	0.1	-	0.3
Plant & Vehicles	0.1	0.0	0.0	-	0.1
Total Tangible Fixed Assets	0.2	0.2	0.2	0.4	0.5
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.2	0.2	0.2	0.4	0.5
Stocks	3.3	2.2	2.7	-	-
Work in Progress	0.0	0.0	0.0	-	-
Total Stocks Work In Progress	3.3	2.2	2.7	4.3	3.6
Trade Debtors	3.4	2.3	2.4	4.2	3.6
Inter-Company Debtors	0.0	0.0	0.0	-	-
Director Loans	0.0	0.0	0.0	0.1	0.1
Other Debtors	0.0	0.0	0.1	0.1	0.1
Total Debtors	3.4	2.3	2.5	4.4	3.8
Cash and Equivalents	0.0	0.0	0.1	0.1	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	6.7	4.5	5.3	8.8	7.4
Total Assets	7.0	4.7	5.6	9.3	7.9
Trade Creditors	1.8	0.9	1.4	2.8	2.7
Bank Overdraft	0.7	1.0	1.7	1.7	1.1
Director Loans (Current Liability)	0.0	0.0	-	-	-
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Short Term Loans	2.5	-	-	-	-
Accruals/Deferred Income (Current Liability)	0.1	0.1	0.0	0.0	0.1
Social Security/VAT	0.1	0.1	0.2	0.2	0.2
Corporation Tax	0.1	0.1	0.0	0.1	0.1
Other Current Liabilities	0.0	1.8	1.9	3.2	2.7
Total Current Liabilities	5.4	4.0	5.2	8.1	6.9
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.7	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.7	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	0.9	0.6	0.4	1.1	0.9
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	0.9	0.6	0.4	1.1	0.9
Net Worth	0.9	0.6	0.4	1.1	0.9

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	0.2	0.8	-0.2	-0.2	-0.2
Net Cash Flow from ROI and Servicing of Finance	-0.1	-0.1	-0.1	-0.1	-0.1
Taxation	-0.1	0.0	0.0	-0.1	0.0
Capital Expenditures	-0.1	0.0	0.0	-0.1	-0.2
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-0.1	-0.1	-0.1	-0.1	-0.1
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-0.1	0.0	0.4	0.0	0.3
Increase in Cash	-0.2	0.7	-0.1	-0.6	-0.3

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Current Ratio	1.26	1.12	1.03	1.08	1.08
Liquidity Ratio	0.64	0.58	0.51	0.55	0.55
Stock Turnover	3.81	4.71	-	-	-
Credit Period (Days)	97.90	82.43	-	-	-
Working Capital by Sales	10.99%	4.70%	-	-	-
Trade Credit by Debtors	0.54	0.40	0.56	0.67	0.75
Return on Capital	28.76%	65.31%	-99.39%	28.57%	25.69%
Return on Assets	6.59%	8.95%	-6.99%	3.49%	3.31%
Profit Margin	3.67%	4.11%	-	-	-
Return on Shareholders Funds	52.05%	65.66%	-103.33%	29.74%	27.66%
Borrowing Ratio	449.50%	171.05%	483.32%	165.59%	125.77%
Equity Gearing	12.66%	13.63%	6.77%	11.74%	11.98%
Debt Gearing	81.19%	-	2.29%	2.14%	5.04%
Interest Coverage	8.67	8.35	-4.60	3.44	3.87
Sales by Tangible Assets	62.62	67.60	-	-	-
Average Remuneration per Employee	0.1	0.1	0.0	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.4	0.4	-	-	-
Capital Employed per Employee	0.1	0.0	0.0	0.0	0.0
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.3	0.2
Employee Remuneration by Sales	12.61%	14.48%	-	-	-
Creditor Days (Cost of Sales Based)	72.59	46.74	-	-	-
Creditor Days (Sales Based)	52.38	32.92	-	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.65
UK Pound	1	Rs.85.89
Euro	1	Rs.67.88

INFORMATION DETAILS

Report Prepared by :

PRL

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.