MIRA INFORM REPORT

Report No. :	304814
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LIMITED
Formerly Known as :	BARINGS (IRELAND) LIMITED
Registered Office :	Georges Court, 54-62 Townsend Street, Dublin 2, 216410
Country :	Ireland
Financials (as on) :	31.12.2013
Date of Incorporation :	05.07.1990
Com. Reg. No.:	IE161386
Legal Form :	Private Company
Line of Business :	provision of a fully integrated custody service to collective investment schemes
No of Employees :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

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)
Ireland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Ireland ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name:	NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LIMITED
Company Number:	IE161386

Registered Address	Georges Court	Trading Address	Georges Court
	54-62 Townsend Street		54-62 Townsend Street
	Dublin 2		Dublin 2
	216410		Ireland
			216410
Website Address	----	Fax Number
Telephone Number	----	FPS	No
TPS	No	Type	Private Company
Incorporation Date	05/07/1990	Type
Previous Name	BARINGS (IRELAND) LIMITED	FTSE Index	-
		Filing Date of Accounts	-
Date of Change	----	Share Capital	€150,000
Currency	EUR	Charity Number	-
Principal Activity	The provision of a fully integrated custody service to collective investment schemes.

DIRECTORS/MANAGEMENT

Current Directors
Name	DAVID GUEST	Date of Birth	25/08/1962
Officers Title		Nationality
Present Appointments	50	Function	Director
Appointment Date	01/01/2015
Address	9 GILFORD AVENUE, SANDYMOUNT, DUBLIN 4.
Name	KENNETH LAMBE	Date of Birth	20/08/1971
Officers Title		Nationality
Present Appointments	7	Function	Director
Appointment Date	25/08/2005
Address	13 SIDMONTON GARDENS, SIDMONTON ROAD, BRAY, CO WICKLOW
Name	FIONA MOORE	Date of Birth	18/09/1970
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	15/10/2012
Address	111 FOXROCK PARK, FOXROCK, DUBLIN 18
Name	ANDREW OSBORNE	Date of Birth	30/01/1958
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	21/03/2013
Address	33 CAVERSHAM PARK AVENUE, RAYLEIGH SS6 9QA, UK
Name	CLIVE BELLOWS	Date of Birth	01/11/1963
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	18/06/2013
Address	1 THE NURSERIES, DELGANY, CO. WICKLOW
Name	DONALD JOHN CARGILL	Date of Birth	16/09/1966
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	24/07/2014
Address	24 BARNTON GARDENS, EDINBURGH, UNITED KINGDOM
Name	STEPHEN BAKER	Date of Birth	12/04/1962
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	30/09/2014
Address	38 AVONDALE LAWN, BLACKROCK, CO. DUBLIN
Name	STEVE (STÉPHANE) DAVID	Date of Birth	11/05/1971
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2015
Address	31 AN DE STRACHEN, L-5243 SANDWEILER, LUXEMBOURG

Previous Director/Company Secretaries
Name	Current Directorships	Previous Directorships
DUKE TRUST LIMITED	3	26
JAMES CAWLEY	10	18
ELEANOR FITZGERALD	0	1
DAVID SLOAD	0	4
DAVID SLOAD	0	4
DAVID MARLBOROUGH	0	1
PETER PAUL WALSH	0	5
PAULINE O'DONOVAN	36	125
ELIZABETH MCLOUGHLIN	2	1
MILES JAMES RIVETT-CARNAC	0	1
THOMAS KEVIN ENGLISH	0	2
ALLAN MICHAEL WILKINSON	0	1
DAVID BLAIR	1	49
KEVIN LEE	2	2
MARTIN COMISKEY	4	2
PETER NAGLE	2	4
PETER NABNEY	1	7
PAUL DONNELLY	3	10
STEPHEN RICHARD WATTS	2	2
PAUL DONNELLY	0	2
JEREMY SVEJDAR	1	5
JEREMY SVEJDAR	1	5
KEN LAMBE	0	3
PAUL DONNELLY	3	10
CRAIG JOSEPHSON	0	3
TERESA PARKER	0	4
SHERYL MUNIZ	0	2
FINBARR DOWNING	2	1
MARY STONE	7	2
PAUL DONNELLY	3	10
CIARAN O'HARE	3	1

NEGATIVE INFORMATION

CJ
Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders
Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
NORTHERN TRUST (IRELAND) LTD	EUR	150,000	ORDINARY	1	100

PAYMENT INFORMATION

Trade Payment Information
Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Mortgage Summary
Total Mortgage	247
Outstanding	243
Satisfied	4

Trade Debtors / Bad Debt Summary
Total Number of Documented Trade	0
Total Value of Documented Trade	€0

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics
Group	15 companies
Linkages	29 companies
Countries	In 5 countries

Summary
Holding Company	NORTHERN TRUST (IRELAND) LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	NORTHERN TRUST CORP

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Full Turnover
NORTHERN TRUST CORP		-	-
NORTHERN TRUST INTERN'...	N/A	-	-
NORTHERN TRUST FUND...	IE244513	31.12.2013	N	€3,035,367
NORTHERN TRUST MANAG...		31.12.2013	Y	£210,078,798
NORTHERN TRUST GLO...		31.12.2013	N	£23,380,550
NORTHERN TRUST GFS HOL...	N/A	-	-
NORTHERN TRUST EUROPEA...		31.12.2013	N	£1,786
NORTHERN TRUST COMPANY...	N/A	-	-
NORTHERN TRUST HOLDI...		31.12.2013	N	£1,397,341
NORTHERN TRUST GLO...		31.12.2013	N	£51,203,711
THE NORTHERN TRUST C...		31.12.2013	N
NORTRUST NOMINEES LI...		31.12.2013	N
THE NORTHERN TRUST SCO...		31.12.2005	N	£2,315,000
NORTHERN TRUST (IREL...	IE322077	31.12.2013	N	€2,902,696
NORTHERN TRUST INT...	IE160579	31.12.2013	N	€77,776,725

Business Owner Links
Business Name	Business No	Business Status.
NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LIMITED	IE161386
IDV GEORGIAN LIMITED PARTNERSHIP	522308	NORMAL
IDV MOLESWORTH LIMITED PARTNERSHIP	522307	NORMAL
THE IDV DEVELOPMENTS LIMITED PARTNERSHIP	503288	NORMAL

Other Linked companies

Name

THE NORTHERN TRUST CO

WATERLINE PARTNERS, LLC

NORTHERN TRUST SECURITIES INC

NORTHERN TRUST GLOBAL ADVISORS

NORTHERN TRUST BANK OF CALIFORNIA

NORLEASE INC

THE NORTHERN TRUST CO OF NEW YORK

NORTHERN TRUST GLOBAL INVESTMENTS

NORTHERN TRUST INTERNATIONAL BANKING CORP

EQUILEND HOLDINGS LLC

FIDUCIARY SERVICES INC

NORTHERN INVESTMENT

NORTHERN INVESTMENT MANAGEMENT

NORTHERN TRUST EUROPEAN

NORTHERN TRUST FUND

NORTHERN TRUST GLOBAL

NORTHERN TRUST HOLDINGS L.L.C.

NORTHERN TRUST OF FLORIDA CORP

NORTHERN TRUST SECURITIES, INC

NORTHERN TRUST SERVICES, INC.

FINANCIAL INFORMATION

Key Financials
Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2013	€55,339,370	€11,219,252	€73,046,585	-
31/12/2012	€49,420,261	€9,576,963	€63,619,768	-
31/12/2011	€47,374,074	€7,992,417	€55,629,067	-

Profit & Loss
Date Of	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Accounts
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	€55,339,370	12%	€49,420,261	4.3%	€47,374,074	29%	€36,724,458	26.5%	€29,023,565
Operating Profit	€11,204,091	17.2%	€9,561,789	21.5%	€7,868,658	-53.1%	€16,772,971	28.3%	€13,069,854
Pre Tax Profit	€11,219,252	17.1%	€9,576,963	19.8%	€7,992,417	-52.8%	€16,916,577	27.8%	€13,232,068
Taxation	-€1,792,435	-13%	-€1,586,262	-27.9%	-€1,240,691	41.8%	-€2,132,025	-27.4%	-€1,673,699
Profit After Tax	€9,426,817	18%	€7,990,701	18.4%	€6,751,726	-54.3%	€14,784,552	27.9%	€11,558,369
Dividends	-	-	-	-100%	€38,000,000	-	-	-	-
Payable
Retained Profit	€9,426,817	18%	€7,990,701	125.6%	-€31,248,274	-311.4%	€14,784,552	27.9%	€11,558,369

Balance Sheet
Date Of	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Accounts
Intangible	€23,065,823	-11.9%	€26,175,827	-10.6%	€29,285,831	-	0	-	0
Total Fixed Assets	€23,065,823	-11.9%	€26,175,827	-10.6%	€29,285,831	-	0	-	0
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	€12,907,800	23.3%	€10,470,180	-0.7%	€10,545,191	83.2%	€5,757,068	102.5%	€2,842,545
Cash	€41,115,969	25.9%	€32,653,822	72.1%	€18,969,752	-69.6%	€62,408,422	64.9%	€37,848,485
Other Debtors	€9,239,863	78.7%	€5,170,912	31.2%	€3,939,864	427.6%	€746,763	-92%	€9,349,520
Miscellaneous Current Assets	0	-	0	-100%	€13,783	273.9%	€3,686	-	0
Total Current Assets	€63,263,632	31%	€48,294,914	44.3%	€33,468,590	-51.4%	€68,915,939	37.7%	€50,040,550
Trade Creditors	0	-100%	€39,981	-	0	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	€13,282,870	22.9%	€10,810,992	55.2%	€6,964,896	5.9%	€6,576,425	416.5%	€1,273,350
Miscellaneous Current Liabilities	0	-	0	-100%	€160,458	-65.3%	€462,173	-72.4%	€1,674,411
Total Current Liabilities	€13,282,870	22.4%	€10,850,973	52.3%	€7,125,354	1.2%	€7,038,598	138.8%	€2,947,761
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves
Date Of Accounts		31/12/13		(%)		31/12/12		(%)		31/12/11		(%)		31/12/10		(%)	31/12/09
Called Up Share Capital		€150,000		-		€150,000		-		€150,000		-		€150,000		-	€150,000
P & L Account Reserve		€47,896,585		24.5%		€38,469,768		26.2%		€30,479,067		-50.6%		€61,727,341		31.5%	€46,942,789
Sundry Reserves		€25,000,000		-		€25,000,000		-		€25,000,000		-		-		-	-
Shareholder Funds		€73,046,585		14.8%		€63,619,768		14.4%		€55,629,067		-10.1%		€61,877,341		31.4%	€47,092,789
Other Financial Items
Date Of Accounts	31/12/13		(%)		31/12/12		(%)		31/12/11		(%)		31/12/10		(%)			31/12/09
Net Worth	€49,980,762		33.5%		€37,443,941		42.1%		€26,343,236		-57.4%		€61,877,341		31.4%			€47,092,789
Working Capital	€49,980,762		33.5%		€37,443,941		42.1%		€26,343,236		-57.4%		€61,877,341		31.4%			€47,092,789
Total Assets	€86,329,455		15.9%		€74,470,741		18.7%		€62,754,421		-89.0%		€68,915,939		37.7%			€50,040,550
Total Liabilities	€13,282,870		22.4%		€10,850,973		52.3%		€7,125,354		1.2%		€7,038,598		138.8%			€2,947,761
Net Assets	€73,046,585		14.8%		€63,619,768		14.4%		€55,629,067		-10.1%		€61,877,341		31.4%			€47,092,789

Miscellaneous
Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€73,046,585	14.8%	€63,619,768	14.4%	€55,629,067	-10.1%	€61,877,341	31.4%	€47,092,789

Ratios
Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	20.27	19.38	16.87	46.06	45.59
Current ratio	4.76	4.45	4.70	9.79	16.98
Sales/Net Working Capital	1.11	1.32	1.80	0.59	0.62
Gearing %	0	0	0	0	0
Equity in %	115.50	131.70	166.20	89.80	94.10
Creditor Days	-	0.29	-	-	-
Debtor Days	84.90	77.11	81.02	57.06	35.64
Liquidity/Acid Test	4.76	4.45	4.69	9.79	16.97
Return On Capital Employed %	15.35	15.05	14.36	27.33	28.09
Return On Total Assets Employed %	12.99	12.86	12.73	24.54	26.44
Current Debt Ratio	0.18	0.17	0.12	0.11	0.06
Total Debt Ratio	0.18	0.17	0.12	0.11	0.06
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	15.35	15.05	14.36	27.33	28.09

ADDITIONAL INFORMATION

Current Company Secretary
Name	NORTHERN TRUST MANAGEMENT SERVICES (IRELAND) LIMITED	Date of Birth	09/11/2006
Officers Title		Nationality
Present Appointments	4	Function	Company Secretary
Appointment Date Address	11/12/2008

Auditors	KPMG
Auditor Comments	The audit report contains no adverse comments
Bankers	THE ROYAL BANK OF SCOTLAND PLC
Bank Branch Code	15-10-00

Status History

No Status History found

Event History
Date	Description
01/01/2015	DAVID MARLBOROUGH has left the board
01/01/2015	New Board Member (STEVE (STÉPHANE) DAVID) appointed
01/01/2015	New Board Member (DAVID GUEST) appointed
09/12/2014	New Accounts Filed
11/11/2014	Annual Returns
30/09/2014	New Board Member (STEPHEN BAKER) appointed
28/08/2014	DAVID SLOAD has left the board
24/07/2014	New Board Member (DONALD JOHN CARGILL) appointed
27/06/2014	New Board Member (DAVID SLOAD) appointed
23/05/2014	DAVID SLOAD has left the board
28/01/2014	ELEANOR FITZGERALD has left the board
28/01/2014	CIARAN O'HARE has left the board
05/12/2013	New Board Member (DAVID SLOAD) appointed
06/11/2013	New Accounts Filed
06/11/2013	New Accounts Filed

Previous Company Names
Date	Previous Name
N/A	BARINGS (IRELAND) LIMITED
02/10/1995	BARING BROTHERS (IRELAND) LIMITED
Received Documents
Document Description		Status	CRO Registered Date
C1 Chg By A Co Inc. In The State		Received	30/01/2015

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 12% on the previous trading period.

Net Worth increased by 33.5% during the latest trading period.

A 15.9% growth in Total Assets occurred during the latest trading period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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.