MIRA INFORM REPORT

Report No. :	355867
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	HOLIDAYBREAK LIMITED

Registered Office :	Hartford Manor, Greenbank Lane, Northwich, CW8 1HW

Country :	United Kingdom

Financials (as on) :	31.03.2015

Date of Incorporation :	14.10.1988

Com. Reg. No.:	02305562

Legal Form :	Private Limited with Share Capital

Line of Business :	Activities of Head Offices A group engaged in the worldwide educational and activity tips, hotels short-breaks in the UK and continental Europe, worldwide adventure and activity holidays and mobile-home and cam

No. of Employee :	3441

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 :	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

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

HOLIDAYBREAK LIMITED

Company No

02305562

Registered Address

HARTFORD MANOR, GREENBANK LANE, NORTHWICH, CW8 1HW

Company Summary

Registered Address

HARTFORD MANOR
GREENBANK LANE
NORTHWICH
CW8 1HW

Trading Address

Hartford Manor
Greenbank Lane
Northwich
Cheshire
CW8 1HW

Website Address http://www.holidaybreak.co.uk

Telephone Number 01606787000

Fax Number

TPS No

FPS Yes

Incorporation Date 14/10/1988

Previous Name EUROCAMP PLC

Type Private limited with Share Capital

FTSE Index -

Date of Change 11/03/1999

Filing Date of Accounts 08/09/2015

Currency GBP

Share Capital £3,605,321

SIC07 70100

Charity Number -

SIC07 Description ACTIVITIES OF HEAD OFFICES

Principal Activity A group engaged in the worldwide educational and activity tips, hotels short-breaks in the UK and continental Europe, worldwide adventure and activity holidays and mobile-home and cam

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/03/2015 £413,800,000 -£1,000,000 £128,500,000 3441

31/03/2014 £400,000,000 £16,200,000 £92,700,000 3682

31/03/2013 £385,300,000 £20,900,000 £94,500,000 3431

Mortgage Summary

Total Mortgage 21

Outstanding 3

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 poor or negative return on assets.

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

The company has more cash than short term bank borrowings.

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	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	37

Current Directors

Title	Mr	Function	Director
Name	Navneet Bali	Nationality	British
Date of Birth	01/1956	Present Appointments	26
Latest Address	Hartford Manor Greenbank Lane, Northwich, Cheshire	Appointment Date	17/05/2012
Post Code	CW8 1HW
Title	Mr	Function	Director
Name	Pesi Savak Patel	Nationality	Indian
Date of Birth	03/1952	Present Appointments	6
Latest Address	Hartford Manor, Greenbank Lane, Northwich, Cheshire	Appointment Date	14/11/2011
Post Code	CW8 1HW

Title	Mr	Function	Director
Name	Ajit Paramparambath Menon	Nationality	British
Date of Birth	03/1957	Present Appointments	1
Latest Address	Hartford Manor, Greenbank Lane, Northwich, Cheshire	Appointment Date	14/11/2011
Post Code	CW8 1HW
Title	Mr	Function	Director
Name	Ajay Ajit Peter Kerkar	Nationality	Indian
Date of Birth	06/1963	Present Appointments	1
Latest Address	Hartford Manor, Greenbank Lane, Northwich, Cheshire	Appointment Date	14/11/2011
Post Code	CW8 1HW

Title	Ms	Function	Director
Name	Urrshila Kerkar	Nationality	British
Date of Birth	05/1958	Present Appointments	1
Latest Address	Hartford Manor, Greenbank Lane, Northwich, Cheshire	Appointment Date	14/11/2011
Post Code	CW8 1HW

Current Company Secretary

Title	Ms	Function	Company Secretary
Name	Dominique Cullen	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	Hartford Manor, Greenbank Lane, Northwich, Cheshire	Appointment Date	20/03/2015
Post Code	CW8 1HW

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
PROMETHEON HOLDINGS (UK) LTD	GBP	72,106,429	ORDINARY	0.05	100

Financials

Profit & Loss

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Weeks	52	(%)	52	(%)	52	(%)	78	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£413,800,000	3.5%	£400,000,000	3.8%	£385,300,000	-31.5%	£562,500,000	22.1%	£460,800,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£299,300,000	7.3%	£279,000,000	-2.4%	£285,800,000	-33.2%	£428,100,000	24.1%	£344,900,000
Gross Profit	£114,500,000	-5.4%	£121,000,000	21.6%	£99,500,000	-26%	£134,400,000	16%	£115,900,000
Wages & Salaries	£63,700,000	-6%	£67,800,000	20.2%	£56,400,000	-34%	£85,400,000	40.2%	£60,900,000
Directors Emoluments	£1,500,000	50%	£1,000,000	-9.1%	£1,100,000	-76.1%	£4,600,000	155.6%	£1,800,000
Operating Profit	£32,800,000	39.6%	£23,500,000	-17.3%	£28,400,000	999.9%	£100,000	-99.7%	£33,600,000
Depreciation	£15,300,000	8.5%	£14,100,000	5.2%	£13,400,000	-23.9%	£17,600,000	9.3%	£16,100,000
Audit Fees	£400,000	-33.3%	£600,000	50%	£400,000	33.3%	£300,000	-25%	£400,000
Interest Payments	£10,700,000	8.1%	£9,900,000	-16.1%	£11,800,000	-43.3%	£20,800,000	55.2%	£13,400,000
Pre Tax Profit	-£1,000,000	-106.2%	£16,200,000	-22.5%	£20,900,000	244.1%	-£14,500,000	-164.7%	£22,400,000
Taxation	-£6,100,000	29.1%	-£8,600,000	-8.9%	-£7,900,000	-68.1%	-£4,700,000	37.3%	-£7,500,000
Profit After Tax	-£7,100,000	-193.4%	£7,600,000	-41.5%	£13,000,000	167.7%	-£19,200,000	-228.9%	£14,900,000
Dividends Payable	£15,000,000	50%	£10,000,000	100%	£5,000,000	-36.7%	£7,900,000	1.3%	£7,800,000
Retained Profit	-£22,100,000	-820.8%	-£2,400,000	-130%	£8,000,000	129.5%	-£27,100,000	-481.7%	£7,100,000

Balance Sheet

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Tangible Assets	£174,500,000	-22.9%	£226,300,000	-14.8%	£265,700,000	7.1%	£248,100,000	26.2%	£196,600,000
Intangible Assets	£108,300,000	-13.3%	£124,900,000	98.3%	£63,000,000	-19.6%	£78,400,000	-27.9%	£108,700,000
Total Fixed Assets	£282,800,000	-19.5%	£351,200,000	6.8%	£328,700,000	0.7%	£326,500,000	6.9%	£305,300,000
Stock	£1,600,000	14.3%	£1,400,000	16.7%	£1,200,000	-	£1,200,000	-52%	£2,500,000
Trade Debtors	£26,700,000	7.2%	£24,900,000	17.5%	£21,200,000	-0.9%	£21,400,000	32.9%	£16,100,000
Cash	£33,900,000	-25%	£45,200,000	-34.1%	£68,600,000	64.1%	£41,800,000	-25.9%	£56,400,000
Other Debtors	£133,500,000	200%	£44,500,000	34.4%	£33,100,000	5.1%	£31,500,000	83.1%	£17,200,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£195,700,000	68.7%	£116,000,000	-6.5%	£124,100,000	29.4%	£95,900,000	4%	£92,200,000
Trade Creditors	£33,000,000	-24.1%	£43,500,000	11%	£39,200,000	7.1%	£36,600,000	-25.9%	£49,400,000
Bank Loans & Overdrafts	£12,800,000	42.2%	£9,000,000	-1.1%	£9,100,000	-9%	£10,000,000	-	£10,000,000
Other Short Term Finance	£4,000,000	-47.4%	£7,600,000	-24.8%	£10,100,000	50.7%	£6,700,000	31.4%	£5,100,000
Miscellaneous Current Liabilities	£101,200,000	-23.9%	£133,000,000	24.1%	£107,200,000	-8.6%	£117,300,000	32.2%	£88,700,000
Total Current Liabilities	£151,000,000	-21.8%	£193,100,000	16.6%	£165,600,000	-2.9%	£170,600,000	11.4%	£153,200,000
Bank Loans & Overdrafts and LTL	£211,800,000	11.2%	£190,400,000	-5.6%	£201,800,000	14.9%	£175,600,000	10.9%	£158,400,000
Other Long Term Finance	£300,000	-82.4%	£1,700,000	-56.4%	£3,900,000	-57.1%	£9,100,000	-27.2%	£12,500,000
Total Long Term Liabilities	£199,000,000	9.7%	£181,400,000	-5.9%	£192,700,000	16.4%	£165,600,000	11.6%	£148,400,000

Capital & Reserves

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Called Up Share Capital	£3,600,000	-	£3,600,000	-	£3,600,000	-	£3,600,000	2.9%	£3,500,000
P & L Account Reserve	-£500,000	98.6%	-£36,500,000	-4.9%	-£34,800,000	19.4%	-£43,200,000	-189.9%	-£14,900,000
Revaluation Reserve	£54,900,000	-0.4%	£55,100,000	-0.2%	£55,200,000	-0.2%	£55,300,000	35.9%	£40,700,000
Sundry Reserves	£70,500,000	-	£70,500,000	-	£70,500,000	-	£70,500,000	5.9%	£66,600,000
Shareholder Funds	£128,500,000	38.6%	£92,700,000	-1.9%	£94,500,000	9.6%	£86,200,000	-10.1%	£95,900,000

Other Financial Items

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Net Worth	£20,200,000	162.7%	-£32,200,000	-202.2%	£31,500,000	303.8%	£7,800,000	160.9%	-£12,800,000
Working Capital	£44,700,000	158%	-£77,100,000	-85.8%	-£41,500,000	44.4%	-£74,700,000	-22.5%	-£61,000,000
Total Assets	£478,500,000	2.4%	£467,200,000	3.2%	£452,800,000	7.2%	£422,400,000	6.3%	£397,500,000
Total Liabilities	£350,000,000	-6.5%	£374,500,000	4.5%	£358,300,000	6.6%	£336,200,000	11.5%	£301,600,000
Net Assets	£128,500,000	38.6%	£92,700,000	-1.9%	£94,500,000	9.6%	£86,200,000	-10.1%	£95,900,000

Cash Flow

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Net Cashflow from Operations	-£60,300,000	-202%	£59,100,000	29.3%	£45,700,000	-4.4%	£47,800,000	-37.5%	£76,500,000
Net Cashflow before Financing	-£34,400,000	-221.5%	-£10,700,000	-528%	£2,500,000	107.8%	-£32,100,000	-181.3%	£39,500,000
Net Cashflow from Financing	£23,100,000	289.3%	-£12,200,000	-151%	£23,900,000	30.6%	£18,300,000	154.6%	-£33,500,000
Increase in Cash	-£11,300,000	50.7%	-£22,900,000	-186.7%	£26,400,000	291.3%	-£13,800,000	-330%	£6,000,000

Miscellaneous

Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	30/09/10
Contingent Liability	YES	-	YES	-	YES	-	NO	-	NO
Capital Employed	£327,500,000	19.5%	£274,100,000	-4.6%	£287,200,000	14.1%	£251,800,000	3.1%	£244,300,000
Number of Employees	3441	-6.5%	3682	7.3%	3431	17%	2933	-15.7%	3480
Accountants
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BARCLAYS BANK PLC
Bank Branch Code	20-55-34

Ratios

Date Of Accounts	31/03/15	31/03/14	31/03/13	31/03/12	30/09/10
Pre-tax profit margin %	-0.24	4.05	5.42	-2.58	4.86
Current ratio	1.30	0.60	0.75	0.56	0.60
Sales/Net Working Capital	9.26	-5.19	-9.28	-7.53	-7.55
Gearing %	164.80	205.40	213.50	203.70	165.20
Equity in %	34.70	27.10	24.20	25.10	33.20
Creditor Days	29.02	39.58	37.03	35.52	39.02
Debtor Days	23.48	22.65	20.02	20.77	12.71
Liquidity/Acid Test	1.28	0.59	0.74	0.55	0.58
Return On Capital Employed %	-0.30	5.91	7.27	-5.75	9.16
Return On Total Assets Employed %	-0.20	3.46	4.61	-3.43	5.63
Current Debt Ratio	1.17	2.08	1.75	1.97	1.59
Total Debt Ratio	2.72	4.03	3.79	3.90	3.14
Stock Turnover Ratio %	0.38	0.35	0.31	0.21	0.54
Return on Net Assets Employed %	-0.77	17.47	22.11	-16.82	23.35

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
22/09/2015	New Accounts Filed
22/09/2015	New Accounts Filed
06/05/2015	Mr A. Goenka has left the board
27/03/2015	Annual Returns
25/03/2015	Mr N. Bali has resigned as company secretary
25/03/2015	New Company Secretary Ms D. Cullen appointed
05/11/2014	Mrs A.D. Williamson has resigned as company secretary
05/11/2014	New Company Secretary Mr N. Bali appointed
05/11/2014	New Board Member Mr A. Goenka appointed
29/09/2014	Mr J. Coleman has left the board
09/08/2014	New Accounts Filed
09/08/2014	New Accounts Filed
29/03/2014	Annual Returns
20/08/2013	New Accounts Filed
20/08/2013	New Accounts Filed

Previous Company Names

Date	Previous Name
11/03/1999	EUROCAMP PLC
06/06/1991	THE EUROCAMP GROUP LIMITED
31/10/1989	EUROCAMP LIMITED
22/12/1988	RAREWORD LIMITED

Writ Details

No writs found

Statistics

Group	50 companies
Linkages	27 companies
Countries	In 6 countries

Summary

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

Group Structure

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

Mortgage Details

Mortgage Type:
Date Charge Created:	04/09/14
Date Charge Registered:	15/09/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	FREEHOLD PROPERTY KNOWN AS LAND AND BUILDINGS HARTFORD MANOR HARTFORD NORTHWICHTITLE NUMBER CH424893LEASEHOLD PROPERTYKNOWN AS EBORACUM WAY HEWORTH GREEN YORK TITLE NUMBER NYK352325 FOR MORE DETAILS PLEASE REFER TO THE INSTRUMENTCONTAINSFIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	04/09/14
Date Charge Registered:	15/09/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS NEGATIVEPLEDGE.

Mortgage Type:	ENGLISH LAW SECURITY AGREEMENT
Date Charge Created:	29/06/12
Date Charge Registered:	13/07/12
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY SEE IMAGE FOR FULL DETAILS
Mortgage Type:	SECURITY AGREEMENT
Date Charge Created:	09/05/08
Date Charge Registered:	16/05/08
Date Charge Satisfied:	03/07/12
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC AS AGENT AND TRUSTEE FOR THE FINANCE PARTIES
Amount Secured:
Details:	HARTFORD MANOR HARTFORD NORTHWICH T/NO CH424893 FIXED AND FLOATING CHARGES OVERTHE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL BUILDINGS FIXTURES PLANT AND MACHINERY SEE IMAGE FOR FULL DETAILS

Mortgage Type:	DEED OF PLEDGE OF SHARES
Date Charge Created:	23/02/05
Date Charge Registered:	10/03/05
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC (THE FACILITY AGENT)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND EACH OBLIGOR TO THE CHARGEE IN ITS CAPACITY ASA FINANCE PARTY ONANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATINGOR EVIDENCING THE CHARGE
Details:	THE SECURITY PROVIDER AGREES TO PLEDGE AND PLEDGES AS DISCLOSED RIGHT OF PLEDGETO THE FACILITY AGENTALL OF ITS SHARESAND SHARE RIGHTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEED OF PLEDGE OF SHARES
Date Charge Created:	23/02/05
Date Charge Registered:	10/03/05
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC (THE FACILITY AGENT)
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND EACH OBLIGOR TO THE CHARGEE IN ITS CAPACITY ASA FINANCE PARTY ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATINGOR EVIDENCING THE CHARGE
Details:	THE SECURITY PROVIDER AGREES TO PLEDGE AND PLEDGES AS DISCLOSED RIGHT OF PLEDGETO THE FACILITY AGENTALL OF ITS SHARESAND SHARE RIGHTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEED OF PLEDGE OF SHARES
Date Charge Created:	26/01/05
Date Charge Registered:	11/02/05
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND EACH OBLIGOR TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL OF ITS SHARES AND SHARE RIGHTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEED OF PLEDGE OF SHARES EXECUTED OUTSIDE THE UNITED KINGDOM OVER PROPERTY SITUATED THERE
Date Charge Created:	23/12/04
Date Charge Registered:	20/01/05
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND EACH OBLIGOR TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL OF ITS SHARES AND SHARE RIGHTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEPOSIT AGREEMENT AND CHARGE ON CASH DEPOSIT
Date Charge Created:	28/09/02
Date Charge Registered:	03/10/02
Date Charge Satisfied:	16/05/03
Status:	SATISFIED
Person(s) Entitled:	ABN AMRO BANK N.V., LONDON BRANCH
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVERUNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE SUM OF £1.00 DEPOSITED BY THE DEPOSITOR IN THE DEPOSITOR\S DEPOSIT ACCOUNT.ACCOUNT NUMBER 350 000.08.00.10.032 GBP(TOGETHER WITH ACCOUNT NUMBER 350 000.08.00.10.040 EUR) AND ALL OTHER SUMS FROMTIME TO TIME STANDING TO THE CREDIT OF THE DEPOSITOR ON ONE OR BOTH OF THE ACCOUNTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	01/08/00
Date Charge Registered:	16/08/00
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL OBLIGATIONS AND LIABILITIES OF EACHCHARGING COMPANY (AS DEFINED) TO THE CHARGEE AND THE SECURITYBENEFICIARIES (ORANY OF THEM) UNDER THE BANKING DOCUMENTS TO WHICH SUCH CHARGING COMPANY IS A PARTY
Details:	THE PROPERTY AT HARTFORD MANOR HARTFORDNORTHWICH - CH424893 FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITALBUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	01/08/00
Date Charge Registered:	16/08/00
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL OBLIGATIONS AND LIABILITIES OF EACHCHARGING COMPANY (AS DEFINED) TO THE CHARGEE AND THE SECURITYBENEFICIARIES (ORANY OF THEM) UNDER THE BANKING DOCUMENTS TO WHICH SUCH CHARGING COMPANY IS A PARTY
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:	01/08/00
Date Charge Registered:	09/08/00
Date Charge Satisfied:	26/06/08
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC IN ITS CAPACITY AS SECURITY TRUSTEE
Amount Secured:	ALL PRESENT AND FUTURE OBLIGATIONS AND LIABILITIES OF EACH CHARGING COMPANY TO THE SECURITY BENEFICIARIES (OR ANY OF THEM) UNDER THE BANKING DOCUMENTS TO WHICHSUCH CHARGING COMPANY IS A PARTY (ALL TERMS AS DEFINED) ALL REASONABLE COSTS CHARGES AND EXPENSES PROPERLY INCURRED BY THE SECURITY BENEFICIARIES (OR ANY OF THEM) IN CONNECTION WITH THE PREPARATION AND NEGOTIATION OF THE BANKING DOCUMENTS
Details:	FIXED CHARGE THE F/H PROPERTY K/A HARTFORD MANOR,HARTFORD,NORTHWICH.T/NO.CH424893

Mortgage Type:	SHARES MORTGAGE
Date Charge Created:	22/02/00
Date Charge Registered:	29/02/00
Date Charge Satisfied:	19/09/00
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER OR IN RESPECT OF THE BANKINGDOCUMENTS (AS DEFINED)
Details:	22,500 ORDINARY SHARES IN EXPLORE WORLDWIDE LIMITED & 5,500 ORDINARY SHARES IN GALAXY MARKETING & INVESTMENT CORPORATION LIMITED AND ALL DIVIDENDS AND OTHER MONIES PAID OR PAYABLE DURING THE SECURITYPERIOD SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	CHARGE OVER SHARES
Date Charge Created:	09/07/98
Date Charge Registered:	17/07/98
Date Charge Satisfied:	11/11/98
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER OR PURSUANT TO THE FACILITY AGREEMENTS, THE FACILITY DOCUMENTS OR OTHERWISE (ALL AS DEFINED IN THE CHARGE) OR IN ANY OTHER MANNERWHATSOEVER (THE "SECURED LIABILITIES")
Details:	FIRST FIXED CHARGE THE SHARES TOGETHER WITH ALL PRESENT AND FUTURE RIGHTS MONIES BENEFITS AND OTHERPROPERTY WHICH MAY AT ANY TIIME ACCRUE OR BE OFFERED OR ARISE BY WAY OF CONVERSION REDEMPTION BONUSPREFERENCE OPTION OR OTHERWISE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LEGAL CHARGE SUPPLEMENTAL TO THE PRINCIPAL DEED DATED 3RD FEBRUARY 1995
Date Charge Created:	10/03/98
Date Charge Registered:	23/03/98
Date Charge Satisfied:	19/09/00
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE PURSUANT TO THE PRINCIPAL DEED
Details:	HARTFORD MANOR NORTHWICH (F/H) TOGETHERWITH ALL BUILDINGS AND FIXTURES (INC. TRADE AND TENANTS FIXTURES) THEREON FIXEDCHARGE ALL PLANT MACHINERY AND OTHER CHATTELS FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT SEE THE MORTGAGE CHARGE DOCUMENT FOR FULLDETAILS
Mortgage Type:	COMPOSITE GUARANTEE AND DEBENTURE
Date Charge Created:	03/02/95
Date Charge Registered:	15/02/95
Date Charge Satisfied:	19/09/00
Status:	SATISFIED
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OTHER COMPANIES NAMED THEREIN TOTHE CHARGEE UNDER THE TERMS OF THE FACILITY AGREEMENTS, THEFACILITY DOCUMENTS OR OTHERWISE (AS DEFINED IN THE DEED)
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:	MORTGAGE DEBENTURE
Date Charge Created:	12/07/93
Date Charge Registered:	23/07/93
Date Charge Satisfied:	19/09/00
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:	BY WAY OF LEGAL MORTGAGE L/H PROPERTY K/A CANUTE COURT TOFT ROAD KNUTSFORD CHESHIRE AND L/H PROPERTYK/A UNIT 9 MIDDLEWICH BUSINESS & INDUSTRIAL PARK MIDDLEWICH AND THE PROCEEDS OF SALE THEREOF A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOFFIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALLPROPERTY AND ASSETS PRESENT AND FUTURE INCLUDINGGOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	16/09/92
Date Charge Registered:	25/09/92
Date Charge Satisfied:	25/07/95
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	CANUTE COURT, TOFT ROAD, KNUTSFORD, CHESHIRE T/NO. CH 291522

Mortgage Type:	GUARANTEE AND DEBENTURE
Date Charge Created:	02/08/91
Date Charge Registered:	22/08/91
Date Charge Satisfied:	25/07/95
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	(SEE FORM 395 REF M381C FOR FULL DETAILS) FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	02/08/91
Date Charge Registered:	06/08/91
Date Charge Satisfied:	25/11/93
Status:	SATISFIED
Person(s) Entitled:	NATWEST INVESTMENTS BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	BY WAY OF LEGAL MORTGAGE THE L/H PROPERTY K/A UNIT 9 MIDDLEWICH BUSINESS AND INDUSTRIAL PARK MIDDLEWICH, L/H PROPERTY K/A CANUTE COURT TOFT ROAD KNUTSFORD AND/OR THE PROCEEDS OF SALE THEREOF A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALLPROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS AND THE BENEFITS OF ANY LICENCES

Mortgage Type:	DEBENTURE
Date Charge Created:	29/11/88
Date Charge Registered:	09/12/88
Date Charge Satisfied:	26/11/91
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER ALL AS TRUSTEE ON BEHALF OF THE BENEFICIANLES ASDEFINED IN THE DEED ON ANY ACCOUNT WHATSOEVER UNDER THE FACILITY DOCUMENTS AND THE SENIOR FACILITIES AS DEFINED IN THE DEED.
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

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Leslie Stewart Allan	0	14
Christopher Berkeley Stephens	3	13
Travers Vincent Cox	5	7
Gilbert Williamson Thompson	5	15
James Brett Greenbury	9	22
James Robert Crew	0	14
Hugh Angus Crichton-Miller	4	41
Steven Whitfield	1	10
Matthew James Cheetham	20	20
Mark Christopher Wray	2	13
Timothy William May	37	26
Robert Gregory Baddeley	5	172
Robert Gregory Baddeley	5	172
Peter John Folkman	11	31
Thomas Neville	1	11
Martin Lowther Kinsey	4	5
Gordon Cosworth Haran	0	1
Robert John Ayling	2	29
John Coleman	1	39
Julian Stephen Rawel	2	11
Clive Holt McLintock	1	9
Simon John Tobin	1	8
Sally Joanne Martin	0	5
Julie Alison Vickers	0	24
Martin William Oliver Davies	3	31
Alexandra Dilys Williamson	18	38
Gordon Harman	1	28
Carl Heinrich Michel	5	42
Richard Westaway Atkinson	3	41
James Archibald Simpson Wallace	1	5
John Coleman	0	1
Heinrich Ludger Heuberg	0	1
Martin Neal Leppard	14	36
Nicholas Pury Cust	8	6
Neil Irvine Bright	20	126
Abhishek Goenka	0	1
Navneet Bali	0	1
Average Invoice Value		£50.44
Invoices available		1
Paid		1
Outstanding		0

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13
GBP	1	Rs. 98.68

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

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	ASH

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.

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