Opening NEF's In Photoshop Elicits "Embedded Profile Mismatch"

I am shooting raw with a Nikon D700. I have the Colour Space set to Adobe RGB. Yet when I open images in Photoshop CS5.1 (more specifically Camera RAW 6.3 within Photoshop CS5.1), it indicates a profile of sRGB and asks whether I would like to convert to Adobe RGB (1998). I use Photo Mechanic to manage my photographs and it indicates a profile of Adobe RGB (1998). Also Capture NX2 indicates the same profile. So why is Photoshop indicating the file to be sRGB when it is Adobe RGB? Photoshop also indicates that the NEF file is 8 bits when it is 14 bits. If anyone can help on this I would really appreciate it.

Regards,
John

Have you tried the official ACR website:-

http://forums.adobe.com/community/cameraraw

Photoshop doesn't care what you shot for color space in raw. You have to change your settings. In acr, the bottom middle, in blue, click on that and set it up how you want your photo to come out. Once you do that any raw image will use those settings.

RAW does not have a color profile, it's converted to a profile by the RAW converter. Only view NX and Capture NX can read camera settings of NEF and applies them by default.
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Kind regards
Kaj
http://www.pbase.com/kaj_e
WSSA member

It's about time we started to take photography seriously and treat it as a hobby.- Elliott Erwitt

Thanks to everyone who responded to my question and in particular to hjr13. I misinterpreted the blue indications at the bottom of the screen so you comments cleared up my confusion.
Regards,

Thanks

There's no colour space in raw, only in jpeg/tiff etc. Photoshop is simply defaulting to sRGB, not saying that's what your file is in.