MIRA INFORM REPORT

Report Date :

14.02.2014

IDENTIFICATION DETAILS

Name :	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL
Formerly Known As :	HACKREMCO (NO.578) LIMITED
Registered Office :	Peterborough Court 133 Fleet Street London EC4A 2BB
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	27.02.1990
Legal Form :	Private unlimited with Share Capital
Line of Business :	Asset management company
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. 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, account by far for the largest proportion of GDP while industry continues to decline in importance. 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. Sharply declining 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 include 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 over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of 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 up to £375 billion (approximately $605 billion) as of December 2012. 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. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL	Company Number	02474901
Registered Address	PETERBOROUGH COURT 133 FLEET STREET LONDON EC4A 2BB	Trading Address	10 Newgate Street London EC1A 7HD
Website Address	http://www.gs.com
Telephone Number	02077741000
TPS	No
Incorporation Date	27/02/1990	Company Status	Active - Accounts Filed
Previous Name	HACKREMCO (NO.578) LIMITED	Type	Private unlimited with Share Capital
Date of Change	01/11/1990	Filing Date of Accounts	17/05/2013

DIRECTORS/MANAGEMENT

Total Current Directors	7
Total Current Secretaries	5
Total Previous Directors / Company Secretaries	36

Current Directors

Name	Theodore Thomas Sotir	Date of Birth	11/01/1958
Officers Title	Mr	Nationality	American
Present Appointments	7	Function	Director
Appointment Date	16/05/1996
Address	Peterborough Court, 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Denise Anne Wyllie	Date of Birth	08/12/1964
Officers Title	Ms	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	01/11/2012
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Francis Wilson	Date of Birth	24/01/1962
Officers Title	Mr	Nationality	New Zealander
Present Appointments	1	Function	Director
Appointment Date	24/11/2009
Address	Peterborough Court, 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Carinne Sophie Withey	Date of Birth	05/01/1972
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	28/11/2012
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Sheila Gleig	Date of Birth	07/11/1948
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/04/2013
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Glenn Raymond Thorpe	Date of Birth	17/08/1971
Officers Title	Mr	Nationality	Australian
Present Appointments	1	Function	Director
Appointment Date	11/10/2013
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Katherine Uniacke	Date of Birth	02/02/1961
Officers Title	Ms	Nationality	American
Present Appointments	1	Function	Director
Appointment Date	10/01/2014
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB

NEGATIVE INFORMATION

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 -	-

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	0

SHARE & SHARE CAPITAL INFORMATION

Share Capital

£1,755,714

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GOLDMAN SACHS HOLDINGS (UK)	USD	1,737,942	ORDINARY	1	98.99
GOLDMAN SACHS GROUP HOLDINGS (UK) LIMITED	USD	17,770	ORDINARY	1	1.01
GOLDMAN SACHS GROUP HOLDINGS (UK) LIMITED	GBP	2	ORDINARY B	1	0

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	15
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	109 companies
Linkages	22 companies
Countries	In 7 countries

Summary

Holding Company	GOLDMAN SACHS HOLDINGS (U.K.)
Ownership Status	Wholly Owned
Ultimate Holding Company	GOLDMAN SACHS GROUP INC

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£249,015,103	£2,925,003	£81,970,440	-
31/12/2011	£245,883,568	£101,018,459	£192,840,454	-
31/12/2010	£250,487,099	£72,805,591	£101,008,683	-

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Weeks	52	(%)	52	(%)	52	(%)	57	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	£249,015,103	1.3%	£245,883,568	-1.8%	£250,487,099	13.2%	£221,225,372	-28.8%	£310,587,812
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	£1,007,487	65.7%	£607,977	-49.1%	£1,194,039	60.4%	£744,234	16%	£641,487
	Operating Profit	£1,742,610	-98.3%	£99,688,912	39.4%	£71,533,961	12.7%	£63,452,066	-67.5%	£195,292,269
	Depreciation	-	-	-	-	-	-	-	-	-
	Audit Fees	£36,788	-1.7%	£37,434	32.1%	£28,327	27.5%	£22,225	-8.2%	£24,219
	Interest Payments	-	-	-	-	-	-	-	-100%	£924,920
	Pre Tax Profit	£2,925,003	-97.1%	£101,018,459	38.8%	£72,805,591	10.1%	£66,155,694	-66.8%	£199,299,601
	Taxation	-£848,070	91.8%	-£10,392,410	48%	-£19,973,521	-3.2%	-£19,347,069	64.5%	-£54,504,811
	Profit After Tax	£2,076,933	-97.7%	£90,626,049	71.5%	£52,832,071	12.9%	£46,808,626	-67.7%	£144,794,790
	Dividends Payable	£112,946,947	999.9%	£3,651,091	-97%	£123,160,293	31.7%	£93,498,919	999.9%	£3,702,952
	Retained Profit	-£110,870,014	-227.5%	£86,974,958	223.7%	-£70,328,222	-50.6%	-£46,690,293	-133.1%	£141,091,837

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Tangible Assets	£65,187	90.6%	£34,207	4.8%	£32,637	2.5%	£31,836	47.4%	£21,601
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£65,187	90.6%	£34,207	4.8%	£32,637	2.5%	£31,836	47.4%	£21,601
	Stock	0	-	0	-	0	-	0	-	0
	Trade Debtors	£7,982,445	-	0	-	0	-	0	-100%	£49,465,209
	Cash	£24,091,907	-43%	£42,246,676	125.2%	£18,757,928	-2%	£19,145,843	111.1%	£9,070,498
	Other Debtors	£88,718,214	-9.4%	£97,953,401	-7.5%	£105,899,994	1.4%	£104,409,539	128.9%	£45,609,086
	Miscellaneous Current Assets	£58,831,806	-69.7%	£194,217,116	18.6%	£163,693,577	-15.4%	£193,440,053	-17.7%	£235,046,802
	Total Current Assets	£179,624,371	-46.3%	£334,417,194	16%	£288,351,499	-9%	£316,995,435	-6.5%	£339,191,595
	Trade Creditors	0	-	0	-	0	-	0	-	0
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	£67,555,828	43.2%	£47,190,525	29.4%	£36,482,542	-6.2%	£38,905,574	2.5%	£37,963,605
	Miscellaneous Current Liabilities	£21,772,944	-76.9%	£94,420,421	-32.4%	£139,727,816	55.7%	£89,736,305	39.1%	£64,500,884
	Total Current Liabilities	£89,328,772	-36.9%	£141,610,946	-19.6%	£176,210,358	37%	£128,641,879	25.5%	£102,464,489
	Bank Loans & Overdrafts and LTL	£8,390,345	-	0	-100%	£11,165,096	-47.5%	£21,257,809	468.1%	£3,742,227
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£8,390,345	-	0	-100%	£11,165,096	-47.5%	£21,257,809	468.1%	£3,742,227

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Called Up Share Capital	£1,133,342	3.6%	£1,093,972	4.8%	£1,043,783	2.5%	£1,018,140	-8.2%	£1,109,511
	P & L Account Reserve	£36,153,995	-75.4%	£147,024,009	156.6%	£57,294,168	-54%	£124,487,025	-33.3%	£186,539,242
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£44,683,103	-0.1%	£44,722,473	4.8%	£42,670,731	2.5%	£41,622,417	-8.2%	£45,357,727
	Shareholder Funds	£81,970,440	-57.5%	£192,840,454	90.9%	£101,008,683	-39.6%	£167,127,583	-28.3%	£233,006,480

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Net Worth	£81,970,440	-57.5%	£192,840,454	90.9%	£101,008,683	-39.6%	£167,127,583	-28.3%	£233,006,480
	Working Capital	£90,295,598	-53.2%	£192,806,248	71.9%	£112,141,142	-40.5%	£188,353,556	-20.4%	£236,727,106
	Total Assets	£179,689,557	-46.3%	£334,451,401	16%	£288,384,137	-9%	£317,027,271	-6.5%	£339,213,196
	Total Liabilities	£97,719,117	-31%	£141,610,946	-24.4%	£187,375,454	25%	£149,899,688	41.1%	£106,206,716
	Net Assets	£81,970,440	-57.5%	£192,840,454	90.9%	£101,008,683	-39.6%	£167,127,583	-28.3%	£233,006,480

Cash Flow

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	28/11/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£90,360,785	-53.1%	£192,840,454	71.9%	£112,173,779	-40.5%	£188,385,392	-20.4%	£236,748,707

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	28/11/08
	Pre-tax profit margin %	1.17	41.08	29.07	29.90	64.17
	Current ratio	2.01	2.36	1.64	2.46	3.31
	Sales/Net Working Capital	2.76	1.28	2.23	1.17	1.31
	Gearing %	10.20	0	11.10	12.70	1.60
	Equity in %	45.60	57.70	35	52.70	68.70
	Creditor Days	-	-	-	-	-
	Debtor Days	11.66	-	-	-	57.97
	Liquidity/Acid Test	2.01	2.36	1.63	2.46	3.31
	Return On Capital Employed %	3.23	52.38	64.90	35.11	84.18
	Return On Total Assets Employed %	1.62	30.20	25.24	20.86	58.75
	Current Debt Ratio	1.08	0.73	1.74	0.76	0.43
	Total Debt Ratio	1.19	0.73	1.85	0.89	0.45
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	3.56	52.38	72.07	39.58

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

SIC03	6512
SIC03 Description	Other monetary intermediation
SIC07	64191
SIC07 Description	BANKS
Principal Activity	Asset management company. Accounts data converted from US Dollars.

Current Company Secretary

Name	Ellen Randy Porges	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	01/09/2000
Address	Peterborough Court, 133 Fleet Street, London, EC4A 2BB

Name	Jonathan Sheldon Thomas	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	22/08/2001
Address	Peterborough Court, 133 Fleet Street, London, EC4A 2BB
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Mark Pearce	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	16/06/2010
Address	Peterborough Court, 133 Fleet Street, London, EC4A 2BB
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Plutzer	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	20/08/2012
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Daniel Jackson	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	06/09/2012
Address	Peterborough Court 133 Fleet Street, London, EC4A 2BB

	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors	PRICEWATERHOUSECOOPERS LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers
	Bank Branch Code

Status History

No Status History found

Event History

Date	Description
29/01/2014	New Board Member Ms K. Uniacke appointed
18/10/2013	New Board Member Mr G.R. Thorpe appointed
07/09/2013	Annual Returns
05/07/2013	Mr M.A. Allen has left the board
31/05/2013	New Accounts Filed
31/05/2013	New Accounts Filed
08/04/2013	Annual Returns
04/04/2013	New Board Member Mrs S. Gleig appointed
24/01/2013	Ms S.H. Patel has left the board
11/12/2012	New Board Member Mrs C.S. Withey appointed
03/12/2012	Lord B. Griffiths has left the board
13/11/2012	New Board Member Ms D.A. Wyllie appointed
12/11/2012	Mr R.J. Gnodde has left the board
06/11/2012	New Board Member Ms D.A. Wyllie appointed
05/10/2012	Mr P.J. Ward has left the board

Previous Company Names

Date	Previous Name	Companies House Documents
01/11/1990	HACKREMCO (NO.578) LIMITED	View Document

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
Sales in the latest trading period increased 1.3% on the previous trading period.
Net Worth decreased by 57.5% during the latest trading period.
A 46.3% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 97.1% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 43% during the latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 23 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.27
UK Pound	1	Rs. 103.46
Euro	1	Rs. 84.87

INFORMATION DETAILS

Report Prepared by :

DPT

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.