MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Name :	CARL ZEISS NTS LIMITED
Formerly Known As :	TRUSHELFCO
Registered Office :	511 Coldhams Lane, Cambridge, Cambridgeshire, Cb1 3js
Country :	United Kingdom
Financials (as on) :	30.09.2009
Date of Incorporation :	05.05.1995
Com. Reg. No.:	03053545
Legal Form :	Private Limited Company
Line of Business :	Manufacture, Sale And Service of Electron Microscopes And Related Components And Assemblies.

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

Maximum Credit Limit :	GBP 67,500
Status :	Good
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
United Kingdom	A1	A1

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

Company Identification Details

Subject Reported on	CARL ZEISS NTS LIMITED
Registration Number	03053545
Address	CLIFTON RD, CAMBRIDGE, CAMBRIDGESHIRE, CB1 3QH.
Telephone	01223 414166

Creditline Recommendations

Monthly Credit Guide

GBP 67,500

Official Company Data

Legal Form	Private Limited
Registration Number	03053545
Subject Status	Trading
Date of Incorporation	05/05/1995
Registered Office	511 COLDHAMS LANE, CAMBRIDGE, CAMBRIDGESHIRE, CB1 3JS.
History	20/09/2010 : Change of name from CARL ZEISS SMT LIMITED.
	21/04/2004 : Change of name from LEO ELECTRON MICROSCOPY LIMITED.
	13/11/2002 : The Registered Office address changed from CLIFTON ROAD, CAMBRIDGE, CAMBRIDGESHIRE, CB1.
	2/10/1995 : Change of name from LEICA SEM LIMITED.
	12/09/1995 : The Registered Office address changed from 34 BASINGHALL STREET, LONDON, EC2V 5DB.
	6/09/1995 : Change of name from TRUSHELFCO (N0.2099) LIMITED.
Date of Last Annual Return to Registry	05/05/2010
Registered Objectives	TO CARRY ON BUSINESS AS GENERAL COMMERCIAL COMPANY
Accounts	The last filed accounts at Companies House are those to 30/09/2009
Accounting Reference Date	30/09

Operations

Activities	Manufacturers The manufacture, sale and service of electron microscopes and related components and assemblies.
Nace Code	3320
Premises	Offices,HEAD OFFICE
Staff Employed	82
Bankers	MIDLAND BANK PLC
Address	P.O. BOX 85, CITY OFFICE, CAMBRIDGE, CB2 3HZ.
Auditors	KPMG LLP

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

15/04/2010	Companies House Gazette	Notification of any change among the company's directors
17/03/2010	Companies House Gazette	Notification of any change among the company's directors
30/09/2009	Companies House Gazette	Notification of any change among the company's directors
02/07/2009	Companies House Gazette	Change among directors of a company
27/05/2009	Companies House Gazette	Change among directors of a company
07/05/2009	Companies House Gazette	Change among directors of a company
05/12/2007	Companies House Gazette	Change among directors of a company
08/06/2006	Companies House Gazette	Change among directors of a company
07/03/2006	Companies House Gazette	Change among directors of a company
06/09/2005	Companies House Gazette	Change among directors of a company
24/08/2005	Companies House Gazette	Change among directors of a company
17/03/2005	Companies House Gazette	Change among directors of a company
24/07/2003	Companies House Gazette	Change among directors of a company
02/05/2003	Companies House Gazette	Change among directors of a company
22/02/2003	Companies House Gazette	Change among directors of a company
26/02/2002	Companies House Gazette	Alteration in memorandum or articles of association
10/01/2002	Companies House Gazette	Change among directors of a company
14/06/2001	Companies House Gazette	Alteration in memorandum or articles of association
20/04/2001	Companies House Gazette	Change among directors of a company
27/02/2001	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR VINCENT PAUL LYNCH
Service Address	JANUS HOUSE EARNING STREET, GODMANCHESTER, CAMBRIDGESHIRE, PE29 2JD.
Country of Origin	UNITED KINGDOM
Date of Birth	30/03/1963
Appointment Date	02/07/2009

Directors

Operations Director	ROBERT TAYLOR
Service Address	50 MAYNARDS, WHITTLESFORD, CAMBRIDGE, CAMBRIDGESHIRE, CB22 4PN.
Country of Origin	UNITED KINGDOM
Date of Birth	27/05/1957
Appointment Date	12/11/2007
Director	ALLISTER MCBRIDE
Service Address	16 BEAUMONT VALE, HAVERHILL, SUFFOLK, CB9 8QG.
Country of Origin	UNITED KINGDOM
Date of Birth	03/03/1967
Appointment Date	12/11/2007
Director	MR OLAF DEMUTH
Service Address	ROTSOLDFELDSTRASSE 25 73434, AALEN.
Country of Origin	GERMANY
Date of Birth	15/07/1969
Appointment Date	07/11/2008
Director	DR HERMANN GERLINGER
Service Address	511 COLDHAMS LANE, CAMBRIDGE, CAMBRIDGESHIRE, CB1 3JS.
Country of Origin	GERMANY
Date of Birth	24/08/1953
Appointment Date	11/01/2010
Director	DR FRANK STIETZ
Service Address	511 COLDHAMS LANE, CAMBRIDGE, CAMBRIDGESHIRE, CB1 3JS.
Country of Origin	GERMANY
Date of Birth	20/05/1966
Appointment Date	31/03/2010

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	2,700,000
Principal Shareholder	2,700,000 Carl Zeiss NTS GMBH

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	Carl Zeiss NTS GMBH, a company incorporated in GERMANY
Ultimate Parent	CARL ZEISS AG, a company incorporated in GERMANY

Financial Data– Statutory Accounts

For annual accounts images, view the Document Image list

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Currency	GBP	GBP	GBP	GBP
SALES	22334	24509	19123	18647
Wages and Salaries	2667	2357	2246	2296
Directors Emoluments	192	183	130	135
Auditors Fees	35	41	33	36
Trading Profit	781	3399	4176	2400
Depreciation	68	86	89	102
OPERATING PROFIT	713	3313	4087	2298
Non Trading Income	1587	668	1143	732
Interest Payable	1038	142	723	794
PRE TAX PROFIT	1262	3839	4507	2236
Taxation	1	975	1312	644
PROFIT AFTER TAX	1261	2864	3195	1592
Dividends Payable	11000
RETAINED PROFITS	(9739)	2864	3195	1592

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	301	12155	12361	13360
Tangible Assets	301	12155	12361	13360
Fixed Assets	174	240	304	360
Intermediate assets	127	11915	12057	12497
Due From Group				503
TOTAL CURRENT ASSETS	13162	13512	11258	8867
Trade debtors	3902	4721	3699	3478
Stocks	2989	3240	2801	2354
Other Current Assets	6271	5551	4758	3035
Misc Current Assets	1682	1882	1385	929
Due From Group	4589	2208	1566
Cash		1461	1807	2106
TOTAL ASSETS	13463	25667	23619	22227
TOTAL CURRENT LIABILITIES	4620	7431	7911	8840
Trade creditors	1355	1870	1556	2332
Short Term Loans	1796	2260	3566	4122
Bank Overdraft	93
Due To Group	1703	2260	3566	4122
Other Liabilities	1469	3301	2789	2386
WORKING CAPITAL	8542	6081	3347	27
TOTAL LONG TERM LIABS	3653	2861	453	3273
Long Term Loans		63	187
Other Finance		63	187
Other Liabilities	3653	2798	266	3273
NET ASSETS/(LIABILITIES)	5190	15375	15255	10114
SHARE CAPITAL + RESERVES	5190	15375	15255	10114
Share Cap + Sundry Res	4370	4370	4370	4370
Issued Share Capital	2700	2700	2700	2700
Sundry Reserves	1670	1670	1670	1670
Profit and Loss account	820	11005	10885	5744
SHAREHOLDERS FUNDS	5190	15375	15255	10114
CAPITAL EMPLOYED	8843	18236	15708	13387

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Currency	GBP	GBP	GBP	GBP
Directors Remuneration	192	183	130	135
Auditors Remuneration	35	41	33	36
Liquid Assets	3902	6182	5506	5584
Net Working Capital	8542	6081	3347	27
Long Term Debt(>12 Months)		63	187
Other Deferred Liabs	3653	2798	266	3273
Tangible Net Worth(T.N.W)	5190	15375	15255	10114
Equity	5190	15375	15255	10114
Number of Years Trading	14	13	12	11
Number of Employees	82	79	78	79
Profit per Employee	15390.2	48594.9	57782.1	28303.8
Sales per Employee	272365.9	310240.5	245166.7	236038

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/09/2009	30/09/2008	30/09/2007	30/09/2006
Current Ratio	2.8	1.8	1.4	1
Pre Tax Profit Margin%	5.7	15.7	23.6	12
Debtors Days (D.S.O)	64	70	71	68
Creditors Days (D.P.O)	22	28	30	46
Quick Ratio	2.2	1.4	1.1	0.7
Return on Investment%	21.6	19.4	27.1	17.3
Return on Assets%	9.4	15	19.1	10.1
T.N.W/Total Assets%	38.6	59.9	64.6	45.5
Return on Capital%	14.3	21.1	28.7	16.7
Rtn on Shareholders Funds%	24.3	25	29.5	22.1
Working Capital/Sales%	38.2	24.8	17.5	0.1
Borrowing Ratio%	34.6	15.1	24.6	40.8
Equity Gearing%	62.7	149.4	182.4	83.5
Stock Turnover	7.5	7.6	6.8	7.9
Sales/Fixed Assets	128.4	102.1	62.9	51.8
Debt Gearing		0.4	1.2

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	395	1128	1196	1224
Pre-Tax Profit Margin	5.3	4.6	5.7	5.3
Current Ratio	2.3	2.2	2	2
Borrowing Ratio	24.2	24.4	45	40.7
Return on Capital	20.1	19.4	27	22.2
Creditors Days	33	42	49	60

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Manufacture of instruments and appliances for measuring, checking, testing, navigating

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 30/09/2009.

Turnover

Turnover reduced from GBP 24,509,000 to GBP 22,334,000, a decrease of 9 % in the period.

Operating Profit

Totalled GBP 713,000. In the year prior a Profit of GBP 3,313,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 67 % over the previous year.

Working Capital

The company's working capital has increased by 40 % in the period.

Net Worth

Net worth reduced by GBP 10,185,000 during the period and now stands at GBP 5,190,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 11,854,000 to GBP 301,000 and are now 2 % of total assets compared with 47 % in the previous year.

Long Term Liabilities

The company's long term liabilities increased during the period by 27% and are now 70 % of net worth compared with 19 % in the previous period.

Long Term Liabilities

Long term liabilities are now 27 % of total liabilities compared with 11 % in the previous period.

Long Term Liabilities

Long term liabilities are 41 % of capital employed, an increase of 25 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.45
UK Pound	1	Rs.72.90
Euro	1	Rs.61.43

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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