MIRA INFORM REPORT

Report Date :

20.11.2014

IDENTIFICATION DETAILS

Name :	GRAEME ELLISDON LIMITED

Registered Office :	Riverside House 14 Prospect Place Welwyn Hertfordshire AL6 9EN

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	15.05.1995

Com. Reg. No.:	03056677

Legal Form :	Private Limited with Share Capital

Line of Business :	· Manufacture nonwovens and goods, not apparel and retail of footwear and leather goods · Manufacture of non-wovens and articles made from non-wovens, except apparel

No of Employees :	102

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. Over the past two decades, the government has greatly reduced public ownership. 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 became a net importer of energy in 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. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, 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; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company name and address

GRAEME ELLISDON LIMITED

RIVERSIDE HOUSE 14 PROSPECT PLACE

WELWYN HERTFORDSHIRE AL6 9ENUnited Kingdom

Telephone +44 015 8287 7205

Fax -

Website www.ospreylondon.com

Company Number: 03056677

Status: Active - Accounts Filed

Foundation: 15/05/1995

No exact match CCJs are recorded against the company. Sales in the latest trading period increased 15.3\\% on the previous trading period.Net Worth increased by 31.7\\% during the latest trading period.A 20.8\\% growth in Total Assets occurred during the latest trading period.Pre-tax profits increased by 184.8\\% compared to the previous trading period.The audit report contains no adverse comments.

The company saw a decrease in their Cash Balance of 54.4\\% during the latest trading period.

No recent changes in directorship are recorded. The company is not part of group. The company was established over 19 years ago.

Legal form

Private limited with Share Capital

Foundation

15/05/1995

Company No.

03056677

Shareholders

Name Currency Number of Share Share type Nominal value

ALEXANDRA R.T ELLISDON GBP 10,001 ORDINARY 1

GRAEME JAMES ELLISDON GBP 10,001 ORDINARY 1

Total capital GBP 20,002

Directors

Name Address: Date of Birth Nationality Appointment Date

Mr Graeme James The Barnhouse Three 07/07/1955 British 15/05/1995

Ellisdon Houses Lane, Codicote,

Hitchin, Hertfordshire

SG4 8TA

Ms Alexandra Rachel The Barn House, Three 08/02/1965 British 03/11/2007

Teresa Ellisdon Houses Lane, Codicote,

Hertfordshire SG4 8TA

Company Secretary

Name Address: Appointment Date

Mr Graeme James Ellisdon The Barnhouse Three 10/01/1998

Houses Lane, Codicote,

Hitchin, Hertfordshire

SG4 8TA

Other Known Addresses

7 High Street, Welwyn, Hertfordshire AL6 9EE

Riverside House, 14 Prospect Place, Welwyn, Hertfordshire AL6 9EN

Stewarton Road, Newton Mearns, Glasgow, Lanarkshire G77 6NP

The Hyde, Suttons Farm, Woodcock Hill, St. Albans, Hertfordshire AL4 9HJ

Business activities

Principal Activity Manufacture nonwovens and goods, not apparel and retail of footwear and

leather goods.

SIC03 Manufacture nonwovens & goods, not apparel

SIC07 Manufacture of non-wovens and articles made from non-wovens, except apparel

Turnover and Employees

Date of Accounts Turnover Turnover

30/06/2012 GBP 9,760,199 Not Stated

30/06/2013 GBP 11,254,826 102

Auditor

RS PARTNERSHIP LTD

Events

Company history

Date Action

29/12/2009 New Accounts Filed

29/05/2010 Annual Returns

13/01/2011 New Accounts Filed

23/07/2011 Annual Returns

10/04/2012 New Accounts Filed

02/06/2012 Annual Returns

03/04/2013 New Accounts Filed

08/06/2013 Annual Returns

26/03/2014 New Accounts Filed

03/06/2014 Annual Returns

09/10/2014 New Accounts Filed

Mortgages

Mortgage type DEBENTURE

Charge created 07/05/1996

Charge registered 10/05/1996

Status OUTSTANDING

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND

ALL PROPERY AND ASSETS PRESENT AND FUTURE INCLUDING

GOODWILL BOOKDEBTS UNCALLED CAPITAL FIXTURES AND

FITTINGS AND FIXED PLANT AND MACHINERY

Mortgage type LEGAL CHARGE

Charge created 07/03/1997

Charge registered 11/03/1997

Status OUTSTANDING

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail THE BARNS SUTTONS FARM COPPERS GREEN STALBANS

HERTFORDSHIRE T/N HD270436 AND THE PRESENT AND FUTURE

GOODWILL OF ANY BUSINESS BY WAY OF FIXED CHARGE THE

BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE

PROPERTY AND THE PLANT MACHINERY FIXTURES AND FITTINGS

FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS

Mortgage type LEGAL CHARGE

Charge created 09/06/1997

Charge registered 13/06/1997

Status OUTSTANDING

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail F/H PROPERTY K/A THE STUDIO, CUTTS LANE, KIMPTON NORTH

HERTFORDSHIRE HERTFORDSHIRE T/NO: HD337808 AND THE

GOODWILL OF ANY BUSINESS BY WAY OF FIXED CHARGE THE

BENEFIT OF ALL COVENANTS AND RIGHTS CONCERNING THE

PROPERTY AND THE PLANT MACHINERY FIXTURES AND FITTINGS

FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS

Mortgage type LEGAL CHARGE

Charge created 18/04/2001

Charge registered 24/04/2001

Status OUTSTANDING

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail PROPERTY K/A 5 DUDLEY STREET LUTON BY WAY OF FIXED

CHARGE THE BENEFIT OF ALL COVENANTS AND RIGHTS

CONCERNING THE PROPERTY AND PLANT MACHINERY FIXTURES

FITTINGS FURNITURE EQUIPMENT IMPLEMENTS AND UTENSILS

THE GOODWILL OF ANY BUSINESS CARRIED ON AT THE

PROPERTY AND THE PROCEEDS OF ANY INSURANCE AFFECTING

THE PROPERTY OR ASSETS

Mortgage type LEGAL CHARGE

Charge created 02/03/2011

Charge registered 09/03/2011

Status OUTSTANDING

Entitled person THE ROYAL BANK OF SCOTLAND PLC

Secured amount ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO

THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Mortgage detail 1 DUDLEY STREET LUTON T/NO. BD259753 AND ANY OTHER

INTERESTS IN THE PROPERTY ALL RENTS AND PROCEEDS OF

ANY INSURANCE

There are no County Court Judgments listed against this company

Profit \& Loss

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Turnover 8,026,073 11,254,826 9,760,199 8,709,512

Export 12,964 15,563 - -

Cost of Sales - - 5,188,000 4,380,560

Gross Profit - - 4,572,199 4,328,952

Wages And Salaries 809,711 2,139,494 0 0

Directors Emoluments 96,904 162,015 81,792 107,400

Operating Profit 1,453,244 769,806 293,072 287,071

Depreciation 78,088 129,268 129,500 101,879

Audit Fees 10,000 10,000 10,000 -

Interests Payments 6,364 5,946 25,022 32,012

Pre Tax Profit 1,448,257 765,954 268,924 255,443

Taxation -339,482 -195,373 -67,100 -36,694

Profit After Tax 1,108,775 570,581 201,824 218,749

Dividends Payable 36,000 72,000 72,000 0

Retained Profit 1,072,775 498,581 129,824 218,749

Balance Sheet

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Tangible Assets 2,965,279 2,598,824 2,573,250 2,618,446

Intangible Assets 18,778 19,623 21,311 23,000

Total Fixed Assets 2,984,057 2,618,447 2,594,561 2,641,446

Stock 1,031,760 1,481,219 1,149,402 957,986

Trade Debtors 716,102 518,774 154,200 382,786

Cash 2,478,908 492,607 1,079,546 377,132

Other Debtors 114,718 1,137,916 195,921 202,931

Miscellaneous Current Assets 0 0 0 0

Total Current Assets 4,341,488 3,630,516 2,579,069 1,920,835

Trade Creditors 1,293,624 1,243,409 1,345,288 690,409

Bank Loans and Overdraft 311,097 128,066 163,079 595,345

Other Short Term Finance 889,034 2,164,970 0 0

Miscellaneous Current 1,600,920 335,992 1,708,772 1,308,826

Liabilities

Total Current Liabilities 4,094,675 3,872,437 3,217,139 2,594,580

Bank Loans and Overdrafts LTL 372,945 408,345 521,904 1,095,204

Other Long Term Finance 9,895 0 0 0

Total Long Term Liabilities 61,848 280,279 358,825 499,859

Capital \& Reserves

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Called Up Share Capital 20,002 20,002 20,002 20,002

P and L Account Reserve 2,876,653 1,803,878 1,305,297 1,175,473

Revaluation Reserve 272,367 272,367 272,367 272,367

Sundry Reserves 0 0 0 0

Shareholders Funds 3,169,022 2,096,247 1,597,666 1,467,842

Other Financial Items

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Net Worth 3,150,244 2,076,624 1,576,355 1,444,842

Working Capital 246,813 -241,921 -638,070 -673,745

Total Assets 7,325,545 6,248,963 5,173,630 4,562,281

Total Liabilities 4,156,523 4,152,716 3,575,964 3,094,439

Net Assets 3,169,022 2,096,247 1,597,666 1,467,842

Cash Flow

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Net Cash Flow from Operations 3,801,828 -2,334,345 0 0

Net Cash Flow before Financing 3,316,299 -2,627,534 0 0

Net Cash Flow from Financing -1,329,998 2,040,595 0 0

Increase in Cash 1,986,301 -586,939 702,414 376,079

Miscellaneous

- 31/12/2013 30/06/2013 30/06/2012 30/06/2011

26 52 52 65

GBP GBP GBP GBP

Group: No Group: No Group: No Group: No

Capital Employed 3,230,870 2,376,526 1,956,491 1,967,701

Financial Ratios

Name 31/12/2013 30/06/2013 30/06/2012 30/06/2011

Pre Tax Profit Margin 18.04 % 6.81 % 2.76 % 2.93 %

Current Ration 1.06 0.94 0.80 0.74

Sales or Net Working Capital 32.52 -46.52 -15.30 -12.93

Gearing 11.77 % 19.48 % 32.67 % 74.61 %

Equity 43.37 % 33.65 % 31.01 % 32.34 %

Creditor Days 29.33 40.21 50.17 36.06

Debtor Days 16.23 16.77 5.75 19.99

Liquidity or Acid test 0.80 0.55 0.44 0.37

Return on Capital Employed 44.82 % 32.22 % 13.74 % 12.98 %

Return on Total Assets Employed 19.76 % 12.25 % 5.19 % 5.59 %

Current Debt Ratio 1.29 % 1.84 % 2.01 % 1.76 %

Total Debt Ratio 1.31 % 1.98 % 2.23 % 2.10 %

Stock Turnover Ratio 12.85 % 13.16 % 11.77 % 10.99 %

Return on Net Assets Employed 45.70 % 36.53 % 16.83 % 17.40 %

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SNT

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.