MIRA INFORM REPORT

Report No. :	355866
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	COX & KINGS TRAVEL LIMITED
Formerly Known As :	COX & KINGS LIMITED
Registered Office :	6th Floor 30 Millbank London SW1P 4EE
Country :	United Kingdom
Financials (as on) :	31.03.2014
Date of Incorporation :	23.05.1916
Com. Reg. No.:	00143904
Legal Form :	Private limited with Share Capital
Line of Business :	· Travel Agency Activities · Tour operators and travel organisers.
No. of Employee :	90 (2014)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
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)
United Kingdom	A1	A1

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. 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 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 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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).

Source : CIA

Company Name and Address

COX & KINGS TRAVEL LIMITED

6TH FLOOR 30 MILLBANKLONDONSW1P 4EE

Company No

00143904

Company Status

Active - Accounts Filed

Company Summary

Registered Address: 6TH FLOOR 30 MILLBANK
LONDON
SW1P 4EE

Trading Address Barnsley Park
Barnsley
Cirencester
Gloucestershire
GL7 5EG

Website Address

http://www.coxandkings.co.uk

Telephone Number 02078735000

Fax Number

TPS Yes

FPS Yes

Incorporation Date 23/05/1916

Previous Name COX & KINGS LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 31/12/1980

Filing Date of Accounts 05/12/2014

Currency GBP

Share Capital £639,000

SIC07 79110

Charity Number -

SIC07 Description TRAVEL AGENCY ACTIVITIES

Principal Activity Tour operators and travel organisers.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/03/2014 £31,369,699 £4,217,028 £24,668,413 90

31/03/2013 £30,731,550 £4,300,686 £21,882,545 96

31/03/2012 £30,149,052 £4,454,056 £16,803,692 106

Mortgage Summary

Total Mortgage 24

Outstanding 6

Satisfied 18

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 Large company in respect of the rating/limit generated.

This company's return on total assets employed ratio indicates a highly efficient use of assets.

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

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

This company's bank loans and overdrafts (less cash) account for a high percentage of short term liabilities.

This company trades in an industry with a moderate 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	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Title	Mr	Function	Director
Name	David John Quinn	Nationality	British
Date of Birth	06/1941	Present Appointments	27
Latest Address	Southcroft 6 Caledon Road, Beaconsfield, Buckinghamshire	Appointment Date	16/11/2010
Post Code	HP9 2BX
Title	Mr	Function	Director
Name	Peter Ajit Ajay Kerkar	Nationality	Indian
Date of Birth	06/1963	Present Appointments	25
Latest Address	5 Priory Road, London	Appointment Date	05/10/1994
Post Code	NW6 4NN

Title	Mr	Function	Director
Name	Anthony Bruton Meyrick Good	Nationality	British
Date of Birth	04/1933	Present Appointments	40
Latest Address	Clench House, Wootton Rivers, Marlborough, Wilts	Appointment Date	27/02/1991
Post Code	SN8 4NT
Title	Mr	Function	Director
Name	Pesi Savak Patel	Nationality	Indian
Date of Birth	03/1952	Present Appointments	6
Latest Address	6th Floor 30 Millbank, London	Appointment Date	07/12/2010
Post Code	SW1P 4EE

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Dominique Cullen	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	3rd Floor 30 Millbank, London	Appointment Date	30/04/2015
Post Code	SW1P 4DU

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
COX & KINGS (UK) LTD	GBP	639,000	ORDINARY	1	100

Profit & Loss

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£31,369,699	2.1%	£30,731,550	1.9%	£30,149,052	0.5%	£29,990,933	9.6%	£27,363,543
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£19,399,064	6.3%	£18,242,164	7.3%	£16,997,882	-2.9%	£17,512,656	7.5%	£16,297,215
	Gross Profit	£11,970,635	-4.2%	£12,489,386	-5%	£13,151,170	5.4%	£12,478,277	12.8%	£11,066,328
	Wages & Salaries	£3,149,426	-3.7%	£3,269,515	-5.5%	£3,460,778	12%	£3,090,543	17.7%	£2,625,904
	Directors Emoluments	£15,750	-	£15,750	-	£15,750	-	£15,750	5%	£15,000
	Operating Profit	£4,763,507	-4.5%	£4,986,410	-9.9%	£5,536,039	0.6%	£5,504,695	29.3%	£4,258,842
	Depreciation	£807,660	0.4%	£804,174	9.5%	£734,584	23.3%	£595,859	8.4%	£549,594
	Audit Fees	£30,300	12.8%	£26,867	-63.4%	£73,500	58.1%	£46,500	52.5%	£30,500
	Interest Payments	£546,524	-20.3%	£685,762	-36.8%	£1,085,103	10.8%	£978,911	14.4%	£855,770
	Pre Tax Profit	£4,217,028	-1.9%	£4,300,686	-3.4%	£4,454,056	-1.7%	£4,532,505	5.2%	£4,309,749
	Taxation	-£1,526,160	-296.1%	£778,167	161.1%	-£1,274,254	0.6%	-£1,281,459	-24.1%	-£1,032,191
	Profit After Tax	£2,690,868	-47%	£5,078,853	59.7%	£3,179,802	-2.2%	£3,251,046	-0.8%	£3,277,558
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	£2,690,868	-47%	£5,078,853	59.7%	£3,179,802	-2.2%	£3,251,046	-0.8%	£3,277,558

Balance Sheet

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Tangible Assets	£22,328,580	-1%	£22,554,172	-0.1%	£22,572,551	2.3%	£22,057,770	5.8%	£20,848,312
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£22,328,580	-1%	£22,554,172	-0.1%	£22,572,551	2.3%	£22,057,770	5.8%	£20,848,312
	Stock	0	-	0	-	0	-	0	-	0
	Trade Debtors	£9,149,205	-5.9%	£9,723,263	10.5%	£8,803,037	45.9%	£6,033,184	99.4%	£3,026,317
	Cash	£15,461	-22.6%	£19,984	-98.7%	£1,566,163	-45.8%	£2,890,898	55.2%	£1,862,868
	Other Debtors	£16,408,165	47.9%	£11,091,078	-13.7%	£12,845,057	121.7%	£5,793,195	-7.4%	£6,258,064
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£25,572,831	22.7%	£20,834,325	-10.3%	£23,214,257	57.7%	£14,717,277	32%	£11,147,249
	Trade Creditors	£1,393,384	4.4%	£1,334,612	23%	£1,085,060	-5.7%	£1,150,182	-14.5%	£1,344,495
	Bank Loans & Overdrafts	£7,055,752	2.9%	£6,859,719	-2.3%	£7,018,713	-	0	-100%	£911,818
	Other Short Term Finance	£12,090,243	36.3%	£8,868,936	-34.6%	£13,552,274	38.2%	£9,805,337	41.2%	£6,946,543
	Miscellaneous Current Liabilities	£1,499,515	83%	£819,377	-44%	£1,462,958	-21.1%	£1,855,041	0.4%	£1,848,248
	Total Current Liabilities	£22,038,894	23.2%	£17,882,644	-22.6%	£23,119,005	80.5%	£12,810,560	15.9%	£11,051,104
	Bank Loans & Overdrafts and LTL	£8,249,856	-21.3%	£10,483,027	-18.6%	£12,882,824	22.6%	£10,510,597	-11.2%	£11,831,200
	Other Long Term Finance	£758,200	10.6%	£685,395	-	£685,395	-	£685,395	-	£685,395
	Total Long Term Liabilities	£1,194,104	-67%	£3,623,308	-38.2%	£5,864,111	-44.2%	£10,510,597	-3.7%	£10,919,382

Capital & Reserves

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Called Up Share Capital	£639,000	-	£639,000	-	£639,000	-	£639,000	-	£639,000
	P & L Account Reserve	£22,665,803	13.5%	£19,974,935	34.1%	£14,896,082	27.1%	£11,716,280	38.4%	£8,465,234
	Revaluation Reserve	£1,363,610	7.5%	£1,268,610	-	£1,268,610	15.5%	£1,098,610	19.3%	£920,841
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£24,668,413	12.7%	£21,882,545	30.2%	£16,803,692	24.9%	£13,453,890	34.2%	£10,025,075

Other Financial Items

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Net Worth	£24,668,413	12.7%	£21,882,545	30.2%	£16,803,692	24.9%	£13,453,890	34.2%	£10,025,075
	Working Capital	£3,533,937	19.7%	£2,951,681	999.9%	£95,252	-95%	£1,906,717	999.9%	£96,145
	Total Assets	£47,901,411	10.4%	£43,388,497	-5.2%	£45,786,808	24.5%	£36,775,047	14.9%	£31,995,561
	Total Liabilities	£23,232,998	8%	£21,505,952	-25.8%	£28,983,116	24.3%	£23,321,157	6.1%	£21,970,486
	Net Assets	£24,668,413	12.7%	£21,882,545	30.2%	£16,803,692	24.9%	£13,453,890	34.2%	£10,025,075

Cash Flow

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£25,862,517	1.4%	£25,505,853	12.5%	£22,667,803	-5.4%	£23,964,487	14.4%	£20,944,457
	Number of Employees	90	-6.3%	96	-9.4%	106	7.1%	99	13.8%	87
	Accountants
	Auditors	RAFFINGERS STUART
	Auditor Comments	The audit report contains no adverse comments
	Bankers	STATE BANK OF INDIA
	Bank Branch Code	60-01-59

Ratios

	Date Of Accounts	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
	Pre-tax profit margin %	13.44	13.99	14.77	15.11	15.75
	Current ratio	1.16	1.17	1	1.15	1.01
	Sales/Net Working Capital	8.88	10.41	316.52	15.73	284.61
	Gearing %	33.40	47.90	76.70	78.10	118
	Equity in %	51.50	50.40	36.70	36.60	31.30
	Creditor Days	16.16	15.80	13.10	13.95	17.88
	Debtor Days	106.16	115.16	106.28	73.22	40.25
	Liquidity/Acid Test	1.16	1.16	1	1.14	1
	Return On Capital Employed %	16.30	16.86	19.64	18.91	20.57
	Return On Total Assets Employed %	8.80	9.91	9.72	12.32	13.46
	Current Debt Ratio	0.89	0.81	1.37	0.95	1.10
	Total Debt Ratio	0.94	0.98	1.72	1.73	2.19
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	17.09	19.65	26.50	33.68	42.98

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
05/06/2015	Mr D.J. Quinn has resigned as company secretary
05/06/2015	New Company Secretary Mr D. Cullen appointed
27/02/2015	Annual Returns
19/12/2014	New Accounts Filed
05/03/2014	Annual Returns
20/12/2013	New Accounts Filed
20/12/2013	New Accounts Filed
06/03/2013	Annual Returns
29/12/2012	New Accounts Filed
29/12/2012	New Accounts Filed
07/03/2012	Annual Returns
07/01/2012	New Accounts Filed
07/01/2012	New Accounts Filed
11/03/2011	Annual Returns
10/01/2011	New Board Member Mr P.S. Patel appointed

Previous Company Names

Date	Previous Name
31/12/1980	COX & KINGS LIMITED

Writ Details

No writs found

Statistics

Group	50 companies
Linkages	27 companies
Countries	In 6 countries

Summary

Holding Company	COX & KINGS (UK) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	COX & KINGS LTD

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
COX & KINGS LTD	N/A	-	-
CLEARMINE LIMITED	05118944	31.03.2014	Y	£5,020,351
COX & KINGS DESTINAT...	03402832	31.03.2014	N	£5,020,351
COX & KINGS (UK) LIMITED	00316651	31.03.2014	Y	£48,157,430
COX & KINGS INVESTME...	06004493	31.03.2014	N
COX & KINGS FINANCE...	06004503	31.03.2014	N
COX & KINGS (AGENTS)...	06004516	31.03.2014	N
PROMETHEON ENTERPRIS...	07858898	31.03.2014	Y	£400,000,000
PROMETHEON HOLDING...	07689108	31.03.2015	Y	£413,800,000
PROMETHEON LIMITED	07785552	31.03.2014	N
HOLIDAYBREAK LIMITED	02305562	31.03.2015	Y	£413,800,000
REGAL DIVING AN...	02211222	31.03.2015	N	£2,903,918
HOLIDAYBREAK TR...	03275631	31.03.2015	N
EDGE ADVENTURES...	03496821	31.03.2015	N
EXPLORE WORLDWI...	01577018	31.03.2015	Y	£41,877,000
EXPLORE AVIAT...	03142462	31.03.2015	N	£12,387,287
HOLIDAYBREAK QU...	04257695	31.03.2015	N
HOLIDAYBREAK ED...	06247659	31.03.2015	N
EUROPEAN STUD...	01839286	31.03.2015	N	£11,055,563
EST TRANSPORT...	03303030	31.03.2015	N	£6,001,173
NST HOLDINGS...	06322303	31.03.2015	N
NST LIMITED	IE240123	31.03.2014	N	€854,900
NST TRAVEL GR...	02665024	31.03.2015	N	£57,929,069
NST TRANSPO...	03130532	31.03.2015	N	£31,099,646
PGL AIR TRAVE...	02583431	31.03.2015	N	£1,225,000
PGL GROUP LIM...	05346933	31.03.2015	Y	£73,585,000
P.G.L.VOYAG...	00649051	31.03.2015	N
FREEDOM O...	02330395	31.03.2014	N
PGL TRAVE...	01191534	31.03.2015	N	£74,135,000
PGL ADV...	01420399	31.03.2015	N	£8,960,000
HOTELNET LIMITED	04118446	31.03.2015	N
MEININGER HOLDI...	HRB 130316 B	31.03.2014	N
MEININGER LIM...	05898245	31.03.2014	N	£1,884,191
MEININGER HOTEL...	08895474	31.03.2015	N
MEININGER HOT...	09594828	-	N
MEININGER HOT...	09578443	-	N
SUPERBREAK MINI...	02501443	31.03.2015	N
SUPERBREAK MI...	09415370	-	N
SUPERBREAK MI...	01674987	31.03.2015	N	£76,606,060
TRAVELWORKS UK...	03983146	31.03.2015	N
COX & KINGS ENTERPRI...	02704647	31.03.2014	N
COX & KINGS HOLDINGS...	02875874	31.03.2014	N
COX & KINGS TOURS...	02876183	31.03.2014	N
COX & KINGS (SHIPPIN...	00851566	31.03.2014	N
COX AND KINGS SPECIA...	01659021	31.03.2014	N
COX & KINGS TRAVEL L...	00143904	31.03.2014	N	£31,369,699
GRAND TOURS LIMITED	01228985	31.03.2014	N
THE BOLSHOI EXPRES...	02771570	31.03.2014	N
ETN SERVICES LIMITED	02954542	31.03.2014	N
QUOPRRO GLOBAL LIMITED	07004341	31.03.2014	Y	£371,002

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
COX & KINGS	01111352	31.03.2015	€394,852,484
P G L AVENTURES	313139701	31.03.2015	€2,222,960
SOC IMMOBILIERE PARTICIPATIONS FONCIER	642056790	31.03.2015	€3,409,642
DJOSER-DIVANTOURA BVBA	426512562	30.09.2014	€158,065
TRAVELPLUS GROUP GMBH	HRB 4596	31.03.2014
BUSINESS RESERVATIONS CENTRE HOLLAND HOLDING B.V.	32055814	31.03.2014
MEININGER WEST GMBH & CO. KG	HRA 44535 B	31.03.2014
MEININGER 10 HOSTEL UND REISEVERMITTLUNGS GMBH	HRB 90972 B	31.03.2014
MEININGER 10 CITY HOSTEL BERLIN-MITTE GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 103151 B	31.03.2014
MEININGER AIRPORT FRANKFURT GMBH	HRB 126309 B	31.03.2014
"""MEININGER 10"" HAMBURG GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG"	HRB 107137 B	31.03.2014
"""MEININGER"" AIRPORT HOTELS BBI GMBH"	HRB 118215 B	31.03.2014
"""MEININGER 10"" FRANKFURT GMBH"	HRB 113620 B	31.03.2014
MEININGER 10 CITY HOSTEL KÖLN GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 101970 B	31.03.2014
"""MEININGER"" ORANIENBURGER STRAßE GMBH"	HRB 119893 B	31.03.2014
"""MEININGER"" BERLIN HAUPTBAHNHOF GMBH"	HRB 114301 B	31.03.2014
MEININGER HOTEL BERLIN TIERGARTEN GMBH	HRB 124193 B	30.09.2012
"""MEININGER"" SHARED SERVICES GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG"	HRB 106229 B	31.03.2014
MEININGER BARCELONA GMBH	HRB 128379 B	30.09.2012
MEININGER HOTEL BERLIN EAST SIDE GALLERY GMBH	HRB 128403 B	30.09.2012

Mortgage Details

Mortgage Type:
Date Charge Created:	20/08/15
Date Charge Registered:	24/08/15
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	STATE BANK OF INDIA;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:	DEED OF VARIATION
Date Charge Created:	14/07/11
Date Charge Registered:	21/07/11
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	STATE BANK OF INDIA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED CHARGE ALL F/H AND L/H PROPERTY, STOCKS AND SECURITIES, BOOK DEBTS AND GOODWILL AND BY WAY OFFLOATING CHARGE ALLOTHER ASSETS SEE IMAGE FOR FULL DETAILS

Mortgage Type:	A STOCK PLEDGE AGREEMENT
Date Charge Created:	26/05/09
Date Charge Registered:	12/06/09
Date Charge Satisfied:	16/10/15
Status:	SATISFIED
Person(s) Entitled:	AXIS BANK LTD;
Amount Secured:
Details:	INTEREST IN THE PLEDGED COLLATERAL SEE IMAGE FOR FULL DETAILS
Mortgage Type:	A SUPPLEMENTAL ESCROW ACCOUNT CHARGE
Date Charge Created:	26/05/09
Date Charge Registered:	09/06/09
Date Charge Satisfied:	16/10/15
Status:	SATISFIED
Person(s) Entitled:	AXIS BANK LTD;
Amount Secured:
Details:	ALL RIGHTS IN REPECT OF ANY AMOUNT STANDING TO THE CREDIT OF ANY RESTRICTED ACCOUNT AND THE DEBT REPRESENTED BY IT SEE IMAGE FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL SECURITY AGREEMENT
Date Charge Created:	26/05/09
Date Charge Registered:	09/06/09
Date Charge Satisfied:	16/10/15
Status:	SATISFIED
Person(s) Entitled:	AXIS BANK LTD SINGAPORE BRANCH;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERYSEE IMAGE FOR FULL DETAILS
Mortgage Type:	A SECURITY AGREEMENT
Date Charge Created:	27/03/09
Date Charge Registered:	15/04/09
Date Charge Satisfied:	23/10/15
Status:	SATISFIED
Person(s) Entitled:	AXIS BANK LTD;
Amount Secured:
Details:	F/H PROPERTY K/A 5 PRIORY ROAD HAMPSTEAD T/NO NGL591993 FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTYAND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS,FIXTURES, FIXED PLANT & MACHINERY SEE IMAGE FOR FULL DETAILS

Mortgage Type:	AN ESCROW ACCOUNT CHARGE
Date Charge Created:	27/03/09
Date Charge Registered:	15/04/09
Date Charge Satisfied:	16/10/15
Status:	SATISFIED
Person(s) Entitled:	AXIS BANK LTD;
Amount Secured:
Details:	THE CHARGOR BY WAY OF A FIXED CHARGEALLOF ITS RIGHTS IN RESPECT OF ANY AMOUNT STANDING TO THE CREDIT OF ANY RESTRICTEDACCOUNT SEE IMAGE FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	29/01/04
Date Charge Registered:	12/02/04
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	STATE BANK OF INDIA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	29/01/04
Date Charge Registered:	12/02/04
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	STATE BANK OF INDIA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	F/H PROPERTY 5 PRIORY ROAD HAMPSTEAD T/N NGL591993 AND THE PROCEEDS OF SALE THEREOF
Mortgage Type:	DEBENTURE
Date Charge Created:	04/03/03
Date Charge Registered:	15/03/03
Date Charge Satisfied:	07/02/04
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
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:	LEGAL CHARGE
Date Charge Created:	04/03/03
Date Charge Registered:	15/03/03
Date Charge Satisfied:	07/02/04
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	F/H PROPERTY K/A 5 PRIORY ROAD LONDON T/N NGL591993 FIXED CHARGE ALL BUILDINGS AND OTHER STRUCTURESFIXED TO THE PROPERTY FIXED CHARGE ANY GOODWILL RELATING TO THE PROPERTY FIXED CHARGE ALL PLANT MACHINERY AND OTHER ITEMS AFFIXED TO THE PROPERTY ASSIGNMENT OF THE RENTAL SUMS TOGETHER WITH THE BENEFIT OF ALL RIGHTS AND REMEDIES FIXED CHARGE THE PROCEEDS OF ANY CLAIM MADE UNDER INSURANCE POLICY RELATING TO THE PROPERTY FLOATING CHARGE ALL UNATTACHED PLANT MACHINERY CHATTELS AND GOODS ON OR IN OR USED IN CONNECTION WITH THE PROPERTY OR THE BUSINESS OR UNDERTAKING AT THE PROPERTY
Mortgage Type:	DEBENTURE
Date Charge Created:	16/07/02
Date Charge Registered:	31/07/02
Date Charge Satisfied:	11/03/03
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER 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 CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	27/03/00
Date Charge Registered:	31/03/00
Date Charge Satisfied:	11/03/03
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	THE F/H PROPERTY K/A 5 PRIORY ROAD SOUTH HAMPSTEAD LONDON NW6.T/NO.NGL591993. AND THE PROCEEDS OF SALE THEREOF FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT AND AN ASSIGNMENT OF THE GOODWILL AND CONNECTION OF ANY BUSINESS TOGETHER WITH THE FULL BENEFITOF ALL LICENCES
Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	17/02/99
Date Charge Registered:	04/03/99
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THOMAS ALEXANDER GAVIN HENDERSON
Amount Secured:	£1,200 DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details:	TENANTS INTEREST IN AN INTERESTY EARNING DEPOSIT ACCOUNT IN WHICH THE SUM OF £1,200.00 IS HELD SEEFORM 395 FOR FULL DETAILS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	RENT DEPOSIT DEED
Date Charge Created:	05/11/97
Date Charge Registered:	19/11/97
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	THE HONOURABLE T.A.G.HENDERSON
Amount Secured:	£1,200 AND ALL OTHER MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE HARGEEUNDER THE TERMS OF THE LEASE OF EVEN DATE
Details:	ALL AMOUNTS FROM TIME TO TIME STANDING TO THE CREDIT OF AN INTEREST EARNING DEPOSIT ACCOUNT OPENED BY THE CHARGEE IN WHICH THE DEPOSIT OF £1,200 IS PLACED
Mortgage Type:	CHARGE OVER CREDIT BALANCES
Date Charge Created:	23/02/93
Date Charge Registered:	25/02/93
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER IN RELATION TO A DOCUMENTARY CREDIT DATED 09/12/92 IN FAVOUR OF DEPARTMENT OF INTERNATIONAL TOURISM AND TRANSPORT FOR £166,638.
Details:	THE SUM OF £166,638 TOG: WITH INTEREST ACCRUED NOW OR TO BE HELD BY THE BANK ONAN ACCOUNT NO:49984772 AND DESIGNATED BY REFERENCE TO THE COMPANY

Mortgage Type:	CHARGE OVER CREDIT BALANCES
Date Charge Created:	02/09/92
Date Charge Registered:	07/09/92
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER IN RELATION TO A BOND IN FAVOUR OF THE ASSOCIATION OF BRITISH TRAVEL AGENTS LIMITED DATED 22/06/90 FOR £15,000.
Details:	THE SUM OF £15000 , TOG: WITH INTEREST ACCRUED NOW OR TO BE HELD BY THE BANK ONACCOUNT NO: 49975889(SEE FORM 395)
Mortgage Type:	CHARGE OVER CREDIT BALANCES
Date Charge Created:	22/06/90
Date Charge Registered:	05/07/90
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER IN RELATION TO A BOND IN FAVOUR OF THE ASSOCIATION OF BRITISH TRAVEL AGENTS LTD DATED 22.6.90
Details:	£15,000 HELD BY THE BANK ON ACCOUNT NO 6469221 AND DESIGNATED BY REFERENCE TO THE COMPANY

Mortgage Type:	CHARGE OVER CREDIT BALANCES
Date Charge Created:	06/02/90
Date Charge Registered:	13/02/90
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER IN RELATION TO A BOND IN FAVOUR OF INTERNATIONAL AIR TRANSPORT ASSOCIATION DATED 6.2.90 IN RESPECT OF SALES AGENCY AGREEMENT FOR £50,000
Details:	£50,000 HELD BY THE BANK ON ACCOUNT NOS 6469221 DESIGNATED BY REFERENCE TO THE COMPANY
Mortgage Type:	CHARGE OVER CREDIT BALANCES.
Date Charge Created:	12/01/89
Date Charge Registered:	30/01/89
Date Charge Satisfied:	10/05/90
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER IN RELATION TO A BOND IN FAVOUR OF INTERNATIONAL AIR TRANSPORT ASSOCIATION DATED 30-12-88 IN RESPECT OF SALESAGENCY AGREEMENT FOR £20,000
Details:	THE SUM OF £20,000 TOGETHER WITH INTEREST, HELD BY THE BANK ON AN ACCO UNT NUMBERED 6469221

Mortgage Type:	MEM. OF DEPOSIT & CHARGE
Date Charge Created:	16/12/86
Date Charge Registered:	31/12/86
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	MIDDLE EAST BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF A FACILITY LETTER DATED 9-12-86.
Details:	£2 MILLION OF UNSECURED LOAN STOCK IN BLUESEA LIMITED & ALSO COMPRISING ANY SECURITIES, ALL RIGHTS, MONEY & PROPERTYWHATSOEVER, ANY OF THE SECURITIES. (SEEDOC FOR FURTHER DETAILS)
Mortgage Type:	SUBORDINATION AGREEMENT
Date Charge Created:	22/10/86
Date Charge Registered:	10/11/86
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	HILL SAMUEL & CO. LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM BLUESEA LIMITED TO THE CHARGEE UNDERTHE TERMS OF THE BRIDGING AGREEMENT (AS DEFINED) OF EVEN DATE AND FOR SECURING ALL MONEYS DUE OR TO BECOME DUE FROM THE COMPANY AND /OR BLUESEA LIMITED TO THE CHARGEE UNDER THE TERMS OF ANY SECURITY AS DEFINED IN THE AGREEMENT.
Details:	ANY OBLIGATION (WHETHER PRESENT OR FUTURE, ACTUAL OR CONTINGENT) OF THE BORROWER FOR THE PAYMENT ORREPAYMENT OF MONEY TO THE COMPANY (OTHER THAN AN OBLIGATIONFOR THE PAYMENT OF MONEY OWED TO THE COMPANY SOLELY BY VIRTUE OF ITS HOLDING SHARES IN THE CAPITAL OF THE BORROWER)(THESUBORDINATED INDEBTEDNESS) PLEASESEE DOC FOR FULLER DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	23/11/81
Date Charge Registered:	30/11/81
Date Charge Satisfied:	30/11/81
Status:	SATISFIED
Person(s) Entitled:	LLOYDS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE ON UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL & BOOKDEBTS UNCALLED CAPITAL. AND ALL FIXTURES (INCL TRADE FIXTURES) FIXED PLANT & MACHINERY &HERITABLE PROPERTY IN SCOTLAND (PLEASE SEE DOC M139)
Mortgage Type:	SUBORDINATION AGREEMENT
Date Charge Created:	13/11/86
Date Charge Registered:	18/11/86
Date Charge Satisfied:	03/10/96
Status:	SATISFIED
Person(s) Entitled:	HILL SAMUEL & CO. LIMITED
Amount Secured:	SECURING ALL MONEYS DUE OR TO BECOME DUE FROM BLUESEA LIMITED TO HILL SAMUEL & CO LIMITED AS AGENT FOR ITSELF AND THE BANKS UNDER THE TERMS OF THE LOAN AGREEMENT DATED 11.11.86 AND/OR SECURING ALL MONIES DUE OR TO BECOME DUE FROM THECOMPANY AND/OR ALL OR ANY OF THE OTHER COMPANIES NAMED THEREIN TO THE CHARGEE UNDER THE TERMS OF ANY SECURITY AS DEFINED THEREIN
Details:	ANY OBLIGATION (WHETHER PRESENT OR FUTURE, ACTUAL OR CONTINGENT) OF THE BORROWER FOR THE PAYMENT ORREPAYMENT OF MONEY TO THE COMPANY (OTHER THAN AN OBLIGATIONFOR THE PAYMENT OF MONEY OWED TO THE COMPANY SOLOLY BY VIRTUE OF ITS HOLDING SHARES IN THE CAPITAL OF THE BORROWER)(THE"SUBORDINATED IN DEBTEDNESS:") SEE DOC FOR FURTHER DETAILS

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Mehar Karan Singh	0	1
Eric Angus Llewellyn Sutherland	0	1
David John Quinn	27	53
Salvatore Martin Gatto	133	79
Khalid Mahmood Malik	2	13
Ajit Baburao Kerkar	1	11
Average Invoice Value		£7322.21
Invoices available		287
Paid		283
Outstanding		4

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	119	96	37	25	6
Outstanding	2	1	1	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
GBP	1	Rs.98.77

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

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TRU

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.