MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	THE PORTOFINO STUDIO COLLECTION LIMITED

Registered Office :	The George Business Centre Christchurch Road New Milton Hampshire BH25 6QJ

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	08.08.2003

Com. Reg. No.:	04861232

Legal Form :	Private limited with Share Capital

Line of Business :	· Manufacture made-up textiles, not apparel · Manufacture of household textiles

No. of Employees :	Not Available

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 :	Unknown
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

THE PORTOFINO STUDIO COLLECTION LIMITED

THE GEORGE BUSINESS CENTRE

CHRISTCHURCH ROAD

NEW MILTON

HAMPSHIRE

BH25 6QJUnited Kingdom

Telephone +44 014 2561 1722

Fax -

Website www.portofinostudiocollection.co.uk

Company Number: 04861232

Status: Active - Accounts Filed

Foundation: 08/08/2003

Company summary

The company saw an increase in their Cash Balance of 879.1\\% during the latest trading

period.

Net Worth decreased by 99.3\\% during the latest trading period.A 1\\% decline in

Total Assets occurred during the latest trading period.The movement in accumulated

earnings would indicate that the company incurred a loss after tax and other

appropriations, including dividends.

There is insufficient data to indicate a change in this company's percentage of sales.There

is insufficient data to indicate a change in this company's pre-tax profit.The

company is exempt from audit.No recent changes in directorship are recorded.The

company is part of a group.The company was established over 11 years ago.

Legal form Private limited with Share Capital

Foundation 08/08/2003

Company No. 04861232

Shareholders

Name Currency Number of Share type Nominal value

MR JAMES WALTER WANSTALL GBP 1 ORDINARY 1

MRS GLENYS MARY WANSTALL GBP 1 ORDINARY 1

Total capital GBP 2

Directors

Name Address: Date of Nationality Appointment

birth date

Mr James Walter 21 Leelands, Lymington, 27/02/1945 British 14/08/2003

Wanstall Hampshire SO41 8EY

Mrs Glenys Mary 21 Leelands, Lower 23/06/1951 British 14/08/2003

Wanstall Pennington Lane,

Lymington, Hampshire

SO41 8EY

Dharmavel F 1 Sri Krishna Apt, 15/05/1960 Indian 15/08/2007

Subramaniam 134/66 Pillaiyar Koilsi,

Jafferkhnanpet, Chennai

60083

Company Secretary

Name Address: Appointment date

Mrs Glenys Mary Wanstall 21 Leelands, Lower 14/08/2003

Pennington Lane,

Lymington, Hampshire

SO41 8EY

Other Known Addresses

The George Business Centre, Milton Green, Christchurch Road, New Milton, Hampshire

BH25 6QJ

Business activities

SIC03 Manufacture made-up textiles, not

apparel

SIC07 manufacture of household textiles

Turnover and Employees

Date of Accounts Turnover Turnover

31/12/2011 Not Stated Not Stated

31/12/2012 Not Stated Not Stated

31/12/2013 Not Stated Not Stated

Events

Company history

Date Action

24/09/2010 Annual Returns

04/10/2010 New Accounts Filed

13/08/2011 Annual Returns

10/10/2011 New Accounts Filed

13/08/2012 Annual Returns

04/10/2012 New Accounts Filed

23/08/2013 Annual Returns

11/11/2013 New Accounts Filed

12/09/2014 Annual Returns

05/10/2014 New Accounts Filed

Mortgages

Mortgage type FIXED AND FLOATING CHARGE

Charge created 25/03/2004

Charge registered 20/06/2013

Status SATISFIED

Entitled person THE ROYAL BANK OF SCOTLAND COMMERCIAL SERVICES

LIMITED;

Mortgage detail FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND

ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING

GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS

FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE

CHARGE DOCUMENT FOR FULL DETAILS

Mortgage type FLOATING CHARGE (ALL ASSETS)

Charge created 31/01/2012

Charge registered 02/02/2012

Status OUTSTANDING

Entitled person HSBC INVOICE FINANCE (UK) LTD ("THE SECURITY HOLDER")

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

THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS

OF THE AFOREMENTIONED INSTRUMENT CREATING OR

EVIDENCING THE CHARGE

Mortgage detail BY WAY OF FLOATING CHARGE ALL THE UNDERTAKING OF THE

COMPANY AND ALL ASSETS WHATSOEVER AND WHERESOEVER

INCLUDING STOCK IN TRADE AND UNCALLED CAPITAL BUT

EXCLUDING ANY DEBTS AND ASSOCIATED RIGHTS RELATING

THERETO

Mortgage type FIXED CHARGE ON PURCHASED DEBTS WHICH FAIL TO VEST

Charge created 31/01/2012

Charge registered 02/02/2012

Status OUTSTANDING

Entitled person HSBC INVOICE FINANCE (UK) LTD ("THE SECURITY HOLDER")

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

THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS

OF THE AFOREMENTIONED INSTRUMENT CREATING OR

EVIDENCING THE CHARGE

Mortgage detail BY WAY OF FIXED EQUITABLE CHARGE ALL DEBTS PURCHASED

OR PURPORTED TO BE PURCHASED BY THE SECURITY HOLDER

PURSUANT TO ANAGREEMENT FOR THE PURCHASE OF DEBTS

BETWEEN THE SECURITY HOLDER AND THE COMPANY(INCLUDING

ASSOCIATED RIGHTS RELATING THERETO) WHICH FAIL TO VEST

EFFECTIVELY OR ABSOLUTELY IN THE SECURITY HOLDER FOR

ANY REASON

Mortgage type DEBENTURE

Charge created 01/02/2012

Charge registered 03/02/2012

Status OUTSTANDING

Entitled person HSBC BANK 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 CHARGE OVER THE UNDERTAKING AND ALL

PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING

GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS,

FIXTURES, FIXED PLANT AND MACHINERY

Charge created 25/04/2014

Charge registered 29/04/2014

Status OUTSTANDING

Entitled person HSBC BANK PLC;

Mortgage detail NONECONTAINS NEGATIVE PLEDGE.

There are no County Court Judgments listed against this company

Profit \& Loss

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Turnover 0 0 0 0

Export - - - -

Cost of Sales - - - -

Gross Profit - - - -

Wages And Salaries 0 0 0 0

Directors Emoluments- - - -

Operating Profit - - - -

Depreciation 903 1,383 1,250 1,471

Audit Fees 0 0 0 0

Interests Payments - - - -

Pre Tax Profit 0 0 0 0

Taxation - - - -

Profit After Tax - - - -

Dividends Payable - - - -

Retained Profit - - - -

Balance Sheet

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Tangible Assets 6,772 6,662 7,085 8,335

Intangible Assets 0 0 0 0

Total Fixed Assets 6,772 6,662 7,085 8,335

Stock 153,320 134,042 85,812 77,115

Trade Debtors 271,577 103,280 156,501 99,041

Cash 4,738 3,192 326 235

Other Debtors 0 0 0 0

Miscellaneous

Current Assets 0 0 0 0

Total Current

Assets 429,635 240,514 242,639 176,391

Trade Creditors 397,476 193,385 171,912 136,803

Bank Loans

and Overdraft 0 0 0 0

Other Short

Term Finance 0 0 0 0

Miscellaneous

Current 0 0 0 0

Liabilities

Total Current

Liabilities 397,476 193,385 171,912 136,803

Bank Loans and

Overdrafts LTL 33,909 53,513 35,677 40,320

Other Long

Term Finance 0 0 15,347 20,547

Total Long Term

Liabilities 33,909 53,513 35,677 40,320

Capital & Reserves

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Called Up Share Capital 2 2 2 2

P and L Account Reserve 5,020 276 42,133 7,601

Revaluation Reserve 0 0 0 0

Sundry Reserves 0 0 0 0

Shareholders Funds 5,022 278 42,135 7,603

Other Financial Items

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Net Worth 5,022 278 42,135 7,603

Working Capital 32,159 47,129 70,727 39,588

Total Assets 436,407 247,176 249,724 184,726

Total Liabilities 431,385 246,898 207,589 177,123

Net Assets 5,022 278 42,135 7,603

Cash Flow

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Net Cash Flow from

Operations 0 0 0 0

Net Cash Flow before

Financing 0 0 0 0

Net Cash Flow from

Financing 0 0 0 0

Increase in Cash 1,546 2,866 91 1,130

Miscellaneous

- 31/12/2013 31/12/2012 31/12/2011 31/12/2010

52 52 52 52

GBP GBP GBP GBP

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

Capital Employed 38,931 53,791 77,812 47,923

Financial Ratios

Name 31/12/2013 31/12/2012 31/12/2011 31/12/2010

Pre Tax Profit Margin 0.0% 0.0% 0.0% 0.0%

Current Ration 1.08 1.24 1.41 1.29

Sales or Net

Working Capital 0.00 0.00 0.00 0.00

Gearing 675.21 % 19249.28 % 84.67 % 530.32 %

Equity 1.15 % 0.11 % 16.87 % 4.12 %

Creditor Days 0.00 0.00 0.00 0.00

Debtor Days 0.00 0.00 0.00 0.00

Liquidity or

Acid test 0.69 0.55 0.91 0.72

Return on Capital

Employed 0.0% 0.0% 0.0% 0.0%

Return on Total Assets

Employed 0.0% 0.0% 0.0% 0.0%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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%)

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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.