MIRA INFORM REPORT

Report No. :	323460
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	SEASALT LIMITED
Formerly Known As :	GENERAL CLOTHING STORES LIMITED
Registered Office :	Unit 8 Falmouth Business Park Bickland Water Road Falmouth TR11 4SZ
Country :	United Kingdom
Financials (as on) :	31.01.2014
Date of Incorporation :	18.05.1988
Com. Reg. No.:	02259954
Legal Form :	Private limited with Share Capital
Line of Business :	Design and production of clothing and the operation of retail, internet and wholesale sales channels
No. of Employees :	269 (31.01.2014)

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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. 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 5.8% in 2013. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company name

SEASALT LIMITED

Company No.

02259954

Company Status

Active

Address

UNIT 8 FALMOUTH BUSINESS PARK

BICKLAND WATER ROAD

FALMOUTH

TR11 4SZ

Company Summary

Registered Address UNIT 8 FALMOUTH BUSINESS Trading Address Unit 8A

PARK Falmouth Business Park

BICKLAND WATER ROAD Bickland Water Road

FALMOUTH Falmouth, Cornwall

TR11 4SZ TR11 4SZ

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

Telephone Number 001326640075 Fax Number

TPS No FPS No

Incorporation Date 18/05/1988

Previous Name GENERAL CLOTHING STORES LIMITED

Type Private limited with Share Capital

FTSE Index - Date of Change 15/08/2007

Filing Date of Accounts 03/09/2014 Currency GBP

Share Capital £929,700 SIC07 46420

Charity Number -

SIC07 Description WHOLESALE OF CLOTHING AND FOOTWEAR

Principal Activity Design an production of clothing and the operation of retail, internet and wholesale sales channels.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/01/2014	£21,333,533	£2,152,782	£5,240,103	269
31/01/2013	£15,939,956	£1,130,649	£3,758,099	214
31/01/2012	£11,341,361	£385,576	£2,850,539	185

Mortgage Summary

Total Mortgage 15

Outstanding 1

Satisfied 14

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 2

Total Value of Documented Trade £810

Commentary

This company has been treated as a Medium company in respect of the rating/limit generated.

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

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

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower 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 -	-

Current Directors

Name	Leigh George Chadwick	Date of Birth	16/06/1957
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Director
Appointment Date	31/07/2001
Address	Jasmine Cottage, 16 Nursery Lane, Four Oaks, Sutton Coldfield, West Midlands, B74 4TP

Name	Neil Michael Chadwick	Date of Birth	01/06/1966
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	31/07/2001
Address	White Wings, Harbour Terrace, Falmouth, Cornwall, TR11 2AW

Name	David Alfred Chadwick	Date of Birth	06/11/1958
Officers Title	Mr	Nationality	British
Present Appointments	4	Function	Director
Appointment Date	31/07/2001
Address	Boskelly, Trencrom Lane Carbis Bay, St Ives, Cornwall, TR26 2TD

Current Company Secretary

Name	Leigh George Chadwick	Date of Birth	16/06/1957
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Company Secretary
Appointment Date	30/11/1991
Address	Jasmine Cottage, 16 Nursery Lane, Four Oaks, Sutton Coldfield, West Midlands, B74 4TP

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CHADWICK BROTHERS LTD	GBP	929,700	ORDINARY A	1	100

Profit & Loss

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£21,333,533	33.8%	£15,939,956	40.5%	£11,341,361	22.2%	£9,281,459	20.9%	£7,677,342
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£10,300,472	23.8%	£8,318,184	35.3%	£6,147,640	31.3%	£4,680,890	16.5%	£4,019,067
	Gross Profit	£11,033,061	44.8%	£7,621,772	46.7%	£5,193,721	12.9%	£4,600,569	25.8%	£3,658,275
	Wages & Salaries	£4,534,950	28%	£3,543,184	27.8%	£2,773,438	16.2%	£2,387,071	33.1%	£1,793,146
	Directors Emoluments	£377,999	-8.6%	£413,683	39.4%	£296,817	-32.2%	£437,515	72.2%	£254,059
	Operating Profit	£2,198,781	89.7%	£1,159,372	192.4%	£396,478	-44.6%	£715,885	-24%	£941,956
	Depreciation	£411,978	31.7%	£312,860	32.8%	£235,674	5.3%	£223,807	-2.9%	£230,433
	Audit Fees	£10,000	14.9%	£8,700	4.8%	£8,300	2.5%	£8,100	68.8%	£4,800
	Interest Payments	£46,015	59.7%	£28,810	160.1%	£11,077	-67%	£33,529	-59.7%	£83,275
	Pre Tax Profit	£2,152,782	90.4%	£1,130,649	193.2%	£385,576	215.8%	-£333,045	-138.8%	£858,854
	Taxation	-£520,778	-133.4%	-£223,089	-124.8%	-£99,226	53.2%	-£211,944	9.8%	-£234,974
	Profit After Tax	£1,632,004	79.8%	£907,560	216.9%	£286,350	152.5%	-£544,989	-187.4%	£623,880
	Dividends Payable	£150,000	-	-	-	-	-	-	-	-
	Retained Profit	£1,482,004	63.3%	£907,560	216.9%	£286,350	152.5%	-£544,989	-187.4%	£623,880

Balance Sheet

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Tangible Assets	£2,021,731	19.9%	£1,686,339	33.1%	£1,266,612	22.6%	£1,032,889	-67.7%	£3,196,532
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£2,021,731	19.9%	£1,686,339	33.1%	£1,266,612	22.6%	£1,032,889	-67.7%	£3,196,532
	Stock	£5,493,940	25.8%	£4,366,341	22.9%	£3,553,743	29.3%	£2,747,514	36.5%	£2,012,638
	Trade Debtors	£950,158	30.7%	£726,832	135.9%	£308,123	91.5%	£160,915	-34%	£243,719
	Cash	£719,621	31%	£549,348	999.9%	£44,398	-93.8%	£718,236	399.2%	£143,884
	Other Debtors	£225,688	-7.9%	£244,998	-18.1%	£298,969	-1%	£302,014	52.4%	£198,217
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£7,389,407	25.5%	£5,887,519	40%	£4,205,233	7%	£3,928,679	51.2%	£2,598,458
	Trade Creditors	£1,865,783	31.1%	£1,422,886	7.7%	£1,321,382	40.4%	£941,431	38.4%	£680,348
	Bank Loans & Overdrafts	£713,760	999.9%	£63,658	-89.9%	£628,939	-7.1%	£676,956	705.4%	£84,055
	Other Short Term Finance	£163,630	86.8%	£87,581	999.9%	£3,940	-50.7%	£7,984	94.9%	£4,097
	Miscellaneous Current Liabilities	£950,517	26.4%	£752,235	75.1%	£429,577	-8.1%	£467,543	12%	£417,272
	Total Current Liabilities	£3,693,690	58.8%	£2,326,360	-2.4%	£2,383,838	13.8%	£2,093,914	76.6%	£1,185,772
	Bank Loans & Overdrafts and LTL	£1,191,105	-23.3%	£1,553,057	79.3%	£866,407	-11.6%	£980,421	-38.1%	£1,584,094
	Other Long Term Finance	£194,963	74.4%	£111,770	-35.3%	£172,770	-26.9%	£236,440	-4.1%	£246,471
	Total Long Term Liabilities	£477,345	-68%	£1,489,399	527.2%	£237,468	-21.7%	£303,465	-79.8%	£1,500,039

Capital & Reserves

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Called Up Share Capital	£929,700	-	£929,700	-	£929,700	-	£929,700	89.9%	£489,672
	P & L Account Reserve	£4,310,403	52.4%	£2,828,399	47.2%	£1,920,839	17.5%	£1,634,489	19.4%	£1,368,540
	Revaluation Reserve	-	-	-	-	-	-	-	-100%	£810,939
	Sundry Reserves	-	-	-	-	-	-	-	-100%	£440,028
	Shareholder Funds	£5,240,103	39.4%	£3,758,099	31.8%	£2,850,539	11.2%	£2,564,189	-17.5%	£3,109,179

Other Financial Items

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Net Worth	£5,240,103	39.4%	£3,758,099	31.8%	£2,850,539	11.2%	£2,564,189	-17.5%	£3,109,179
	Working Capital	£3,695,717	3.8%	£3,561,159	95.5%	£1,821,395	-0.7%	£1,834,765	29.9%	£1,412,686
	Total Assets	£9,411,138	24.3%	£7,573,858	38.4%	£5,471,845	10.3%	£4,961,568	-14.4%	£5,794,990
	Total Liabilities	£4,171,035	9.3%	£3,815,759	45.6%	£2,621,306	9.3%	£2,397,379	-10.7%	£2,685,811
	Net Assets	£5,240,103	39.4%	£3,758,099	31.8%	£2,850,539	11.2%	£2,564,189	-17.5%	£3,109,179

Cash Flow

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	£474,306
	Net Cashflow before Financing	-	-	-	-	-	-	-	-100%	£233,402
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-£59,750
	Increase in Cash	-	-	-	-	-	-	-	-	£173,652

Miscellaneous

	Date Of Accounts	31/01/14	(%)	31/01/13	(%)	31/01/12	(%)	31/01/11	(%)	31/01/10
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£5,717,448	9%	£5,247,498	69.9%	£3,088,007	7.7%	£2,867,654	-37.8%	£4,609,218
	Number of Employees	269	25.7%	214	15.7%	185	13.5%	163	38.1%	118
	Auditors	WALKER MOYLE
	Auditor Comments	The audit report contains no adverse comments
	Bankers
	Bank Branch Code

Ratios

	Date Of Accounts	31/01/14	31/01/13	31/01/12	31/01/11	31/01/10
	Pre-tax profit margin %	10.09	7.09	3.40	-3.59	11.19
	Current ratio	2	2.53	1.76	1.88	2.19
	Sales/Net Working Capital	5.77	4.48	6.23	5.06	5.43
	Gearing %	22.70	41.30	30.40	38.20	50.90
	Equity in %	55.70	49.60	52.10	51.70	53.70
	Creditor Days	31.83	32.49	42.40	36.92	32.25
	Debtor Days	16.21	16.59	9.88	6.31	11.55
	Liquidity/Acid Test	0.51	0.65	0.27	0.56	0.49
	Return On Capital Employed %	37.65	21.54	12.48	-11.61	18.63
	Return On Total Assets Employed %	22.87	14.92	7.04	-6.71	14.82
	Current Debt Ratio	0.70	0.61	0.83	0.81	0.38
	Total Debt Ratio	0.79	1.01	0.91	0.93	0.86
	Stock Turnover Ratio %	25.75	27.39	31.33	29.60	26.21
	Return on Net Assets Employed %	41.08	30.08	13.52	-12.98	27.62

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
17/12/2014	Annual Returns
11/09/2014	New Accounts Filed
11/09/2014	New Accounts Filed
04/07/2014	Mr M.J. Simpson has left the board
17/12/2013	Annual Returns
06/11/2013	New Accounts Filed
26/07/2013	Mrs F.J. Burgess has left the board
04/06/2013	Change in Reg.Office
04/06/2013	Change of Company Postcode
21/03/2013	New Board Member Mr M.J. Simpson appointed
14/03/2013	New Board Member Mr M. Simpson appointed
27/12/2012	Annual Returns
07/12/2012	Mr A.N. Green has left the board
21/07/2012	New Accounts Filed
21/07/2012	New Accounts Filed

Previous Company Names

Date	Previous Name
15/08/2007	GENERAL CLOTHING STORES LIMITED

Writ Details

No writs found

Statistics

Group	4 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	CHADWICK BROTHERS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	CHADWICK BROTHERS LIMITED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
CHADWICK BROTHERS LIMITED	04512575	31.01.2014	Y	£21,333,533
CHADWICK BROTHERS PROP...	03878947	31.01.2014	N
SEASALT LIMITED	02259954	31.01.2014	N	£21,333,533
GENERAL CLOTHING STO...	03936068	31.01.2014	N

Mortgage Details

Mortgage Type:
Date Charge Created:	29/09/14
Date Charge Registered:	01/10/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SANTANDER UK PLC;
Amount Secured:
Details:	AS CONTINUING SECURITY FOR THE PAYMENT OF ALL SECURED LIABILITIES, BY WAY OF FIXED CHARGE BY WAY OF LEGAL MORTGAGE, ALLRIGHT, TITLE, ESTATE AND OTHER INTERESTS OF THE COMPANY IN EACH CHARGED PROPERTY REFERRED TO IN THE SCHEDULE.BY WAY OF FIXED CHARGE ALL RIGHT, TITLE, ESTATE AND OTHER INTERESTS OF THE COMPANY IN EACHCHARGED PROPERTY NOT EFFECTIVELY MORTGAGED UNDER THE PREVIOUS PROVISION. PLEASE SEE CHARGE DOCUMENT FOR MORE DETAILS.CONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	12/01/11
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Amount Secured:
Details:	4 FORE STREET ST IVES T/NO CL155276 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES ORLICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	03/10/14
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY;
Amount Secured:
Details:	L/H PROPERTY K/A 75 FORE STREET SALCOMBE DEVON ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	12/01/11
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY
Amount Secured:
Details:	1 CHURCH STREET FALMOUTH T/NO CL114899 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIED ON AT THE PROPERTY, WITH THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATESOR LICENCES OF ANY KIND, ALSO BY WAY OFFIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	03/10/14
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PUBLIC LIMITED COMPANY;
Amount Secured:
Details:	L/H PROPERTY K/A GROUND FLOOR 15/16 FORE STREET, SALCOMBE, DEVON. AND ANY PROCEEDS OF SALE THEREOF
Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	12/01/11
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PLC
Amount Secured:
Details:	PROPERTY K/A 6 AND 7 DUKE STREET, TRURUT/NO CL117468 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIEDON AT THE PROPERTY, WITH THE BENEFIT OFALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND,ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALLOTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TOTIME ON THE PROPERTY

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	23/01/09
Date Charge Registered:	29/01/09
Date Charge Satisfied:	12/01/11
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PLC
Amount Secured:
Details:	11 FORE STREET FOWEY T/NO CL30619 ASSIGNS THE GOODWILL OF ALL BUSINESSES, FROM TIME TO TIME CARRIEDON AT THE PROPERTY,WITH THE BENEFIT OF ALL AUTHORISATIONS,PERMITS, REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND, ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT & GOODS (IF ANY) & ALL OTHER FIXTURES, FITTINGS, PLANT & MACHINERY & BY WAY OF FLOATING CHARGE ONOTHER MOVEABLE PLANT, MACHINERY, FURNITURE,EQUIPMENT, GOODS & OTHER EFFECTS WHICH ARE FROM TIME TO TIME ON THE PROPERTY
Mortgage Type:	DEBENTURE
Date Charge Created:	21/01/09
Date Charge Registered:	24/01/09
Date Charge Satisfied:	03/10/14
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

c	LEGAL MORTGAGE
Date Charge Created:	30/05/08
Date Charge Registered:	14/06/08
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	L/H PROPERTY K/A 75 FORE STREET SALCOMBE DEVON T/NO DN283804 WITH THE BENEFIT OF ALL RIGHTS, LICENCES, GUARANTEES, RENTDEPOSITS, CONTRACTS, DEEDS UNDERTAKINGS& WARRANTIES RELATING TO THE PROPERTY. ANYSHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY. ANY GOODWILL OF ANY BUSINESS FROM TIME TO TIME CARRIED ON AT THE PROPERTY. ANY RENTAL & OTHER MONEY PAYABLE AND ANY LEGAL LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY & ALL OTHER PAYMENTS WHATEVER IN RESPECT OFTHE PROPERTY
Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	17/01/03
Date Charge Registered:	28/01/03
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	HSBC 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 9-11 FORE STREET FOWEY WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENTDEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTERESTCREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	15/03/01
Date Charge Registered:	17/03/01
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	6 DUKE STREET TRURO CORNWALL T/NO: CL117468 WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENTDEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTERESTCREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY
Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	26/11/99
Date Charge Registered:	07/12/99
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	2 CHURCH STREET FALMOUTH CORNWALL WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	08/11/99
Date Charge Registered:	09/11/99
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	PROPERTY AT 4 FORE STREET CORNWALL (FREEHOLD) WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TO TIMECARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY
Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	14/09/99
Date Charge Registered:	16/09/99
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	MIDLAND BANK PLC
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 1 CHURCH STREET FALMOUTH CORNWALL WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANY BUSINESSFROM TIME TOTIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER IN RESPECTOF THE PROPERTY

Mortgage Type:	DEBENTURE
Date Charge Created:	03/09/99
Date Charge Registered:	17/09/99
Date Charge Satisfied:	19/02/09
Status:	SATISFIED
Person(s) Entitled:	MIDLAND 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 FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	2	£810

Company Name	Amount	Statement Date
Free Earth Limited	£656	22/12/2010
J W Brooke & Sons Limited	£154	13/03/2015

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
Donald George Chadwick		0	3
Mary Alice Brenda Chadwick		0	3
Frances Judith Louise Burgess		0	1
Adrian Neil Green		0	1
Michael John Simpson		3	2
Average Invoice Value	Ł872.29
Invoices available	319
Paid	319
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
Paid	85	140	83	5	6
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.83

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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.