Here's your finished file, along with some closeups for detail. The placement of the tartan along the outside is the perfect solution to presenting this colorful element while maintaining the clarity and freshness of the central design. The blue ring has a slightly rounded shading, and a modern texture. The thistle and banner have 3d effects applied, while the mountain scene has remained relatively two dimensional; the thistle casts a subtle shadow.
The previous mockup is posted at the bottom.