MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	PIMCO EUROPE LTD
Formerly Known As :	PIMCO GLOBAL ADVISORS (EUROPE) LIMITED
Registered Office :	11 Baker Street London W1U 3AH
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	24.04.1991
Com. Reg. No.:	02604517
Legal Form :	Private limited with Share Capital
Line of Business :	Security broking & fund management Investment management company
No. of Employees :	285

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Over the past two decades, the government has greatly reduced public ownership. 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. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, 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; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. 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 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	PIMCO EUROPE LTD	Company Number	02604517
Registered Address	11 BAKER STREET LONDON W1U 3AH	Trading Address	11 Baker Street London W1U 3AH
Website Address	http://www.pimco.com
Telephone Number	02036401000
TPS	No
Incorporation Date	24/04/1991	Company Status	Active - Accounts Filed
Previous Name	PIMCO EUROPE LIMITED	Type	Private limited with Share Capital
Date of Change	21/01/2000	Filing Date of Accounts	20/08/2013
		Share Capital	£495,035
SIC03	6712	Currency	GBP
SIC03 Description	Security broking & fund management
SIC07	66300
SIC07 Description	FUND MANAGEMENT ACTIVITIES
Principal Activity	Investment management company.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	7
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	22

Current Directors

Name	Joseph Vincent McDevitt	Date of Birth	06/07/1953
Officers Title	Mr	Nationality
Present Appointments	1	Function	Director
Appointment Date	08/05/1998
Address	6 Parkside Avenue, Wimbledon, London, SW19 5ES
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Lew Wallace Jacobs	Date of Birth	12/09/1970
Officers Title	Mr	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	29/09/2005
Address	17 Poppy Hills Road, Laguna Niguel, California, 92677
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Douglas Michael Hodge	Date of Birth	23/10/1957
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	04/03/2010
Address	157 Emerald Bay, Laguna Beach, California, 92651
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William Benz	Date of Birth	20/02/1960
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	11/03/2010
Address	17b Eldon Road, London, W8 5PT
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Carl Flattum	Date of Birth	27/08/1964
Officers Title	Mr	Nationality	American
Present Appointments	2	Function	Director
Appointment Date	15/06/2012
Address	11 Baker Street, London, W1U 3AH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Emanuele Stefano Benedetto Ravano	Date of Birth	10/01/1964
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	29/08/2012
Address	11 Baker Street, London, W1U 3AH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Michael Cecil Alexander Amey	Date of Birth	20/04/1970
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	31/08/2012
Address	11 Baker Street, London, W1U 3AH
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Thomas Edmund Rice	Date of Birth	27/05/1967
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	26/06/2006
Address	4 Crescent Lane, Clapham, London, SW4 9PU

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0
Total Number of Possible CCJs -	0
Total Number of Satisfied CCJs -	0
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	1

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
PIMCO GLOBAL ADVISORS LLC	GBP	495,035	ORDINARY	1	100

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£346,993,000	£35,283,000	£105,712,000	285
31/12/2011	£278,319,000	£28,019,000	£82,779,000	231
31/12/2010	£208,973,000	£28,336,000	£82,856,000	168

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	15
Company DBT	UK Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	78 companies
Linkages	557 companies
Countries	In 61 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	ALLIANZ SE

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£346,993,000	24.7%	£278,319,000	33.2%	£208,973,000	44.3%	£144,824,000	41.6%	£102,267,000
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	£177,081,000	15.2%	£153,688,000	25.3%	£122,669,000	65.2%	£74,267,000	47.1%	£50,490,000
	Directors Emoluments	£50,239,000	-12.1%	£57,125,000	18.8%	£48,104,000	336.9%	£11,010,000	21.4%	£9,067,000
	Operating Profit	£35,178,000	26.3%	£27,849,000	-1.3%	£28,226,000	-0.8%	£28,451,000	53%	£18,601,000
	Depreciation	£1,648,000	78.2%	£925,000	90.7%	£485,000	-9.9%	£538,000	-7.9%	£584,000
	Audit Fees	£35,000	12.9%	£31,000	10.7%	£28,000	-3.4%	£29,000	-19.4%	£36,000
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	£35,283,000	25.9%	£28,019,000	-1.1%	£28,336,000	-0.9%	£28,598,000	49.7%	£19,105,000
	Taxation	-£12,350,000	5.7%	-£13,096,000	-76.4%	-£7,426,000	-11.6%	-£6,656,000	-463.6%	-£1,181,000
	Profit After Tax	£22,933,000	53.7%	£14,923,000	-28.6%	£20,910,000	-4.7%	£21,942,000	22.4%	£17,924,000
	Dividends Payable	-	-100%	£15,000,000	-	-	-	-	-	-
	Retained Profit	£22,933,000	999.9%	-£77,000	-100.4%	£20,910,000	-4.7%	£21,942,000	22.4%	£17,924,000

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Tangible Assets	£11,359,000	161.2%	£4,349,000	239.5%	£1,281,000	-40.5%	£2,154,000	13.1%	£1,904,000
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£11,359,000	161.2%	£4,349,000	239.5%	£1,281,000	-40.5%	£2,154,000	13.1%	£1,904,000
	Stock	0	-	0	-	0	-	0	-	0
	Trade Debtors	£9,466,000	77.9%	£5,320,000	-3.2%	£5,495,000	10.4%	£4,976,000	-52.1%	£10,394,000
	Cash	£82,734,000	21.2%	£68,278,000	12.6%	£60,627,000	73.7%	£34,897,000	10.9%	£31,458,000
	Other Debtors	£92,216,000	22.3%	£75,385,000	18.6%	£63,575,000	1.2%	£62,817,000	136.4%	£26,574,000
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£184,416,000	23.8%	£148,983,000	14.9%	£129,697,000	26.3%	£102,690,000	50.1%	£68,426,000
	Trade Creditors	£1,370,000	999.9%	£31,000	-92.7%	£422,000	217.3%	£133,000	-60.2%	£334,000
	Bank Loans & Overdrafts	0	-	0	-	0	-100%	£273,000	217.4%	£86,000
	Other Short Term Finance	£40,483,000	4.3%	£38,805,000	101.7%	£19,235,000	16.3%	£16,539,000	47.1%	£11,246,000
	Miscellaneous Current Liabilities	£48,210,000	52%	£31,717,000	22.9%	£25,798,000	-0.5%	£25,934,000	39.1%	£18,641,000
	Total Current Liabilities	£90,063,000	27.7%	£70,553,000	55.2%	£45,455,000	6%	£42,879,000	41.5%	£30,307,000
	Bank Loans & Overdrafts and LTL	0	-	0	-100%	£2,667,000	876.9%	£273,000	217.4%	£86,000
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	0	-	0	-100%	£2,667,000	-	0	-	0

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Called Up Share Capital	£495,000	-	£495,000	-	£495,000	-	£495,000	-	£495,000
	P & L Account Reserve	£62,196,000	58.4%	£39,263,000	-0.2%	£39,340,000	113.2%	£18,449,000	628.2%	-£3,493,000
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£43,021,000	-	£43,021,000	-	£43,021,000	-	£43,021,000	-	£43,021,000
	Shareholder Funds	£105,712,000	27.7%	£82,779,000	-0.1%	£82,856,000	33.7%	£61,965,000	54.8%	£40,023,000

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Worth	£105,712,000	27.7%	£82,779,000	-0.1%	£82,856,000	33.7%	£61,965,000	54.8%	£40,023,000
	Working Capital	£94,353,000	20.3%	£78,430,000	-6.9%	£84,242,000	40.8%	£59,811,000	56.9%	£38,119,000
	Total Assets	£195,775,000	27.7%	£153,332,000	17.1%	£130,978,000	24.9%	£104,844,000	49.1%	£70,330,000
	Total Liabilities	£90,063,000	27.7%	£70,553,000	46.6%	£48,122,000	12.2%	£42,879,000	41.5%	£30,307,000
	Net Assets	£105,712,000	27.7%	£82,779,000	-0.1%	£82,856,000	33.7%	£61,965,000	54.8%	£40,023,000

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£105,712,000	27.7%	£82,779,000	-3.2%	£85,523,000	38%	£61,965,000	54.8%	£40,023,000
	Number of Employees	285	23.4%	231	37.5%	168	16.7%	144	-4%	150
	Auditors	KPMG AUDIT PLC
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
	Pre-tax profit margin %	10.17	10.07	13.56	19.75	18.68
	Current ratio	2.05	2.11	2.85	2.39	2.26
	Sales/Net Working Capital	3.68	3.55	2.48	2.42	2.68
	Gearing %	0	0	3.20	0.40	0.20
	Equity in %	54	54	63.30	59.10	56.90
	Creditor Days	1.43	0.04	0.73	0.33	1.18
	Debtor Days	9.92	6.95	9.57	12.50	36.99
	Liquidity/Acid Test	2.04	2.11	2.85	2.39	2.25
	Return On Capital Employed %	33.37	33.84	33.13	46.15	47.73
	Return On Total Assets Employed %	18.02	18.27	21.63	27.27	27.16
	Current Debt Ratio	0.85	0.85	0.54	0.69	0.75
	Total Debt Ratio	0.85	0.85	0.58	0.69	0.75
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	33.37	33.84	34.19	46.15	47.73

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
Sales in the latest trading period increased 24.7% on the previous trading period.
Net Worth increased by 27.7% during the latest trading period.
A 27.7% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 25.9% compared to the previous trading period.
The company saw an increase in their Cash Balance of 21.2% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company has changed its registered address recently.
The company was established over 22 years ago.

Event History

Status History

No Status History found

Event History

Date	Description
03/09/2013	New Accounts Filed
03/09/2013	New Accounts Filed
08/05/2013	Annual Returns
04/09/2012	New Board Member Mr M.C. Amey appointed
03/09/2012	New Board Member Mr E.S. Ravano appointed
29/08/2012	Change in Reg.Office
29/08/2012	Change of Company Postcode
22/08/2012	Mr A.T. Balls has left the board
22/08/2012	Mr C.A. Dawson has left the board
04/07/2012	New Board Member Mr D.C. Flattum appointed
04/05/2012	New Accounts Filed
04/05/2012	New Accounts Filed
04/05/2012	Annual Returns
06/04/2012	Mr B.W. Paulson has left the board
10/09/2011	New Accounts Filed

Previous Company Names

Date	Previous Name
21/01/2000	PIMCO EUROPE LIMITED
02/12/1999	PIMCO GLOBAL ADVISORS (EUROPE) LIMITED
18/03/1998	OPPENHEIMER CAPITAL LIMITED
10/06/1991	HACKREMCO (NO.681) LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.