MIRA INFORM REPORT

Report Date :

06.09.2011

IDENTIFICATION DETAILS

Name :	BRUKER ELEMENTAL GMBH
Registered Office :	Kastellstrasse 31-35, Kalkar, 47546
Country :	Germany
Financials (as on) :	31.12.2009
Date of Incorporation :	21.06.2002
Com. Reg. No.:	2541
Legal Form :	Private Subsidiary Company
Line of Business :	Manufacture of spectacles and unmounted lenses Manufacture of optical precision instruments Manufacture of photographic and cinematographic equipment

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 :	Usually Correct
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Germany	a1	a1

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

Bottom of Form

Company name & address

Bruker Elemental GmbH

Kastellstrasse 31-35

Kalkar, 47546

Germany

Tel: +49 (0) 2824 976500

Fax: +49 (0) 2824 9765010

Synthesis

Employees: 80

Company Type: Private Subsidiary

Corporate Family: 92 Companies

Ultimate Parent: Bruker Corporation

Incorporation Date: 21-Jun-2002

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 16.7

Business Description

Bruker Elemental GmbH is primarily engaged in manufacture of spectacles and unmounted lenses; manufacture of optical precision instruments; manufacture of photographic and cinematographic equipment.

Industry

Industry Scientific and Technical Instruments

ANZSIC 2006: 2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002: 3340 - Manufacture of optical instruments and photographic equipment

NAICS 2002: 33331 - Commercial and Service Industry Machinery Manufacturing

UK SIC 2003: 3340 - Manufacture of optical instruments and photographic equipment

US SIC 1987: 3827 - Optical Instruments and Lenses

Key Executives

Name Title

Michael Mollers Managing Director

Registered No.(DEU): 2541

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Kastellstrasse 31-35

Kalkar, 47546

Germany

Tel: +49 (0) 2824 976500

Fax: +49 (0) 2824 9765010

Sales EUR(mil): NA

Assets EUR(mil): 11.6

Employees: 80

Fiscal Year End: 31-Dec-2009

Industry: Scientific and Technical Instruments

Incorporation Date: 21-Jun-2002

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 2541

Managing Director: Michael Mollers

Contents

· Industry Codes

· Business Description

· Financial Data

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3720 - Pharmaceutical and Toiletry Goods Wholesaling

2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:

3340 - Manufacture of optical instruments and photographic equipment

5146 - Wholesale of pharmaceutical goods

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:

334513 - Instrument's and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variable

33331 - Commercial and Service Industry Machinery Manufacturing

424210 - Drugs and Druggists' Sundries Merchant Wholesalers

US SIC 1987:

5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

3827 - Optical Instruments and Lenses

UK SIC 2003:

3340 - Manufacture of optical instruments and photographic equipment

5146 - Wholesale of pharmaceutical goods

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

Business Description

Bruker Elemental GmbH is primarily engaged in manufacture of spectacles and unmounted lenses; manufacture of optical precision instruments; manufacture of photographic and cinematographic equipment.

More Business Descriptions

Medical Equipment and Supplies Manufacturing

Financial Data

Financials in:	EUR(mil)
Assets:	11.6
Current Assets:	3.5
Total Liabilities:	11.6
Issued Capital:	0.7
Net Worth:	-1.0
Date of Financial Data:	31-Dec-2009

1 Year Growth

NA

Subsidiaries

Company	Percentage Owned	Country
Bruker Nano GmbH		Germany

Key Corporate Relationships

Bank:	Sparkasse Kleve

Corporate Family	Corporate Structure News:
	Bruker Corporation Bruker Elemental GmbH
Total Corporate Family Members: 92 Excluded Small Branches and/or Trading Addresses: 8 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Bruker Corporation	Parent	Billerica, MA	United States	Scientific and Technical Instruments	1,304.9	5,400

Acquisition of Michrom Bioresources Inc proposed/announced.See corporate structure news on Bruker Corporation for details

Bruker Daltonics Inc	Subsidiary	Billerica, MA	United States	Medical Equipment and Supplies	188.6	180
Bruker Daltonik GmbH	Subsidiary	Bremen, Bremen	Germany	Scientific and Technical Instruments	140.5	500
Bruker Daltonik GmbH	Branch	Leipzig	Germany	Medical Equipment and Supplies	1.0	200
Bruker Saxonia Mechanik GmbH	Subsidiary	Leipzig, Sachsen	Germany	Scientific and Technical Instruments		41
Bruker Daltonics Ltd.	Subsidiary	Coventry	United Kingdom	Scientific and Technical Instruments	12.1	26
Bruker Española Sa	Subsidiary	Rivas-Vaciamadrid, Madrid	Spain	Miscellaneous Capital Goods	5.3	11
Bruker Daltonics GmbH	Subsidiary	Fällanden	Switzerland	Medical Equipment and Supplies		500
Bruker Daltonics Inc.	Branch	Hsi Chih	Taiwan	Scientific and Technical Instruments	1.0	100
Bruker Daltonics K. K.	Subsidiary	Yokohama	Japan	Medical Equipment and Supplies	1.0	20
Bruker Biosciences Española Sa	Subsidiary	Rivas-Vaciamadrid, Madrid	Spain	Medical Equipment and Supplies	11.8	19
Bruker Daltonics B.V.	Subsidiary	Wormer	Netherlands	Medical Equipment and Supplies		12
Bruker Daltonique Sa	Subsidiary	Wissembourg	France	Scientific and Technical Instruments	11.7	11
Bruker Daltonics Pte. Limited	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	1.0	10
Bruker Daltonics SA (Pty) Limited	Branch	Johannesburg	South Africa	Medical Equipment and Supplies		10
Bruker Daltonics Scandinavia AB	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies	6.5	8
Bruker Daltonics SRL	Subsidiary	Macerata, Macerata	Italy	Miscellaneous Capital Goods	4.8	5
Bruker Daltonics	Subsidiary	Bruxelles	Belgium	Medical Equipment and Supplies	0.0	2
Bruker Daltonics s.r.o.	Subsidiary	Brno	Czech Republic	Medical Equipment and Supplies
Bruker Biosciences Korea Co, Ltd.	Subsidiary	Seoul	Korea, Republic of	Medical Equipment and Supplies
Bruker EAS GmbH	Subsidiary	Hanau, Hessen	Germany	Miscellaneous Fabricated Products	35.5	152
Bruker Optics Inc	Subsidiary	Billerica, MA	United States	Miscellaneous Capital Goods	122.5	100
Bruker Optik GmbH	Subsidiary	Ettlingen, Baden-Württemberg	Germany	Scientific and Technical Instruments	99.2	250
Bruker Optics Scandinavia AB	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies	2.6	4
Bruker Optics S.r.l.	Subsidiary	Milano	Italy	Medical Equipment and Supplies
Interspectrum OU	Subsidiary	Tartumaa	Estonia	Scientific and Technical Instruments
Bruker Optik Asia Pacific Ltd.	Subsidiary	Hong Kong	Hong Kong	Medical Equipment and Supplies
Bruker Optics Taiwan Limited	Subsidiary	San Chung	Taiwan	Medical Equipment and Supplies
Bruker Optik Southeast Asia Pte Ltd.	Subsidiary	Singapore	Singapore	Medical Equipment and Supplies
Bruker Optics Ukraine, Ltd.	Subsidiary	Kiev	Ukraine	Medical Equipment and Supplies
Bruker Optics B.V.	Subsidiary	Delft	Netherlands	Medical Equipment and Supplies
Bruker Optics Ltd.	Subsidiary	Coventry	United Kingdom	Scientific and Technical Instruments	5.3	16
Bruker Optics	Subsidiary	Champs Sur Marne	France	Scientific and Technical Instruments	7.3	14
Bruker Optics K.K.	Subsidiary	Tokyo	Japan	Medical Equipment and Supplies
Bruker Optics Korea Ltd.	Subsidiary	Seoul	Korea, Republic of	Medical Equipment and Supplies
Bruker Optics GmbH	Subsidiary	Fällanden	Switzerland	Medical Equipment and Supplies
Bruker BioSpin Corp	Subsidiary	Billerica, MA	United States	Medical Equipment and Supplies	3.9	100
Bruker BioSpin GmbH	Subsidiary	Rheinstetten, Baden-Württemberg	Germany	Scientific and Technical Instruments	145.7	360
Bruker BioSpin Pty. Ltd.	Subsidiary	Alexandria, NSW	Australia	Miscellaneous Capital Goods	1.0	5
Bruker BioSpin AG	Subsidiary	Fällanden	Switzerland	Medical Equipment and Supplies
Bruker BioSpin MRI, Inc./ Bruker Biospin Nmr Inc.	Subsidiary
Bruker BioSpin AG	Branch	Bangkok	Thailand	Scientific and Technical Instruments	1.0	8
Bruker Biospin	Subsidiary	Wissembourg	France	Scientific and Technical Instruments	113.3	374
Bruker BioSpin MRI GmbH	Subsidiary	Ettlingen, Baden-Württemberg	Germany	Scientific and Technical Instruments	60.4	100
European-Advanced Superconductors	Subsidiary	Hanau	Germany	Electronic Instruments and Controls	1.0
Bruker Biospin Mri Ltd.	Subsidiary	Coventry	United Kingdom	Scientific and Technical Instruments		100
Bruker Italia SRL	Subsidiary	Milano, Milano (Milan)	Italy	Miscellaneous Capital Goods	17.9	35
Bruker Belgium	Subsidiary	Bruxelles	Belgium	Medical Equipment and Supplies	0.0	13
Bruker BioSpin Scandinavia AB	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies	7.7	9
Bruker Nederland B.V.	Subsidiary	Wormer, Noord-Holland	Netherlands	Miscellaneous Capital Goods		7
Bruker Scientific Israel Ltd.	Subsidiary	Rehovot	Israel	Medical Equipment and Supplies
Bruker BioSpin K.K.	Subsidiary	Ibaraki	Japan	Medical Equipment and Supplies
Bruker AXS Inc	Subsidiary	Fitchburg, WI	United States	Miscellaneous Capital Goods	244.0	75
Bruker AXS GmbH	Subsidiary	Karlsruhe	Germany	Medical Equipment and Supplies	136.8	355
Bruker Elemental GmbH	Subsidiary	Kalkar, Nordrhein-Westfalen	Germany	Scientific and Technical Instruments		80
Bruker Nano GmbH	Subsidiary	Berlin, Berlin	Germany	Scientific and Technical Instruments	12.4	110
Bruker Baltic	Subsidiary	Riga	Latvia	Medical Equipment and Supplies		60
Bruker Axs	Subsidiary	Champs Sur Marne	France	Scientific and Technical Instruments	18.2	34
Bruker AXS Nordic AB	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies	4.5	12
Spectral Solutions AB	Subsidiary	Solna, Stockholm	Sweden	Medical Equipment and Supplies	3.3
Bruker Nano GmbH	Subsidiary	Herzogenrath	Germany	Medical Equipment and Supplies
Bruker AXS S.r.l.	Subsidiary	Milan	Italy	Medical Equipment and Supplies
Bruker Austria GmbH	Subsidiary	Wien	Austria	Medical Equipment and Supplies
Bruker do Brasil Ltda.	Subsidiary	São Paulo	Brazil	Medical Equipment and Supplies
InCoaTec GmbH	Subsidiary	Geesthacht	Germany	Chemical Manufacturing
Bruker Elemental GmbH	Subsidiary	Kalkar	Germany	Medical Equipment and Supplies
Bruker AXS Analytical Instruments	Subsidiary	New Delhi	India	Medical Equipment and Supplies
Bruker AXS Pte. Ltd.	Subsidiary	Singapore	Singapore	Medical Equipment and Supplies
Bruker South Africa (Pty) Ltd.	Subsidiary	Johannesburg	South Africa	Medical Equipment and Supplies
Bruker Mexicana, S.A. de C.V.	Subsidiary	México City	Mexico	Medical Equipment and Supplies
Bruker Polska Sp. z o.o.	Subsidiary	Poznan	Poland	Medical Equipment and Supplies
Bruker Nano Inc	Branch	Goleta, CA	United States	Scientific and Technical Instruments	53.4	200
Bruker Axs B.V.	Subsidiary	Delft, Zuid-Holland	Netherlands	Miscellaneous Capital Goods		37
Bruker AXS K.K.	Subsidiary	Kanagawa	Japan	Medical Equipment and Supplies
Hydrostatic Extrusions Ltd.	Subsidiary	Perth	United Kingdom	Miscellaneous Fabricated Products	2.1	18
Bruker-Michrom Inc	Subsidiary	Auburn, CA	United States	Scientific and Technical Instruments		15

Acquisition by Bruker Corporation proposed/announced.See corporate structure news on Bruker Corporation for details

Bruker BioSpin Pte Ltd	Subsidiary	Singapore	Singapore	Medical Equipment and Supplies	6
Bruker (Malaysia) Sdn. Bhd.	Subsidiary	Petaling Jaya	Malaysia	Medical Equipment and Supplies
Bruker India Scientific Pvt. Ltd.	Subsidiary	Bangalore	India	Medical Equipment and Supplies
Bruker HTS GmbH	Subsidiary	Hanau	Germany	Medical Equipment and Supplies
Bruker, LLC	Subsidiary	Moscow	Russian Federation	Medical Equipment and Supplies
Bruker Energy & Supercon Tech Inc	Subsidiary	Billerica, MA	United States	Electronic Instruments and Controls
AIXUV GmbH	Subsidiary	Aachen	Germany	Scientific and Technical Instruments
Bruker BioSciences Pty Ltd.	Subsidiary	Preston, VIC	Australia	Medical Equipment and Supplies

Executive report

Executives

Name	Title	Function
Michael Mollers	Managing Director	Chief Executive Officer
Bernard Kolodziej	Managing director	Managing Director
Andreas Kunz	Managing director	Managing Director
Karl-Josef Weifels	Managing director	Managing Director

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Provisions	0.7	0.9	0.3

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Issued capital	1.0	0.9	1.0
Capital reserves	10.0	7.8	-
Profits for the year	-12.5	-8.7	-4.7
Profit brought forward from previous year(s)	-9.0	-4.4	-3.6
Total stockholders equity	-1.4	0.0	-3.7
Provisions and allowances	0.7	0.9	0.4
Taxes and social security	-	-	0.3
Total long-term liabilities	-	-	0.3
Trade creditors	-	-	0.9
Advances received	-	-	0.1
Taxation and social security	-	-	5.9
Total current liabilities	17.5	14.3	6.9
Total liabilities (including net worth)	16.7	15.2	3.9
Intangibles	0.1	0.1	0.0
Total tangible fixed assets	1.5	1.5	1.3
Total financial assets	10.0	7.7	-
Total non-current assets	11.6	9.3	1.3
Net stocks and work in progress	2.6	2.7	1.3
Total receivables	2.5	3.1	1.3
Cash and liquid assets	0.0	0.0	0.0
Total current assets	5.1	5.9	2.6
Prepaid expenses and deferred costs	-	-	0.0
Total assets	16.7	15.2	3.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Current ratio	2.92	4.09	3.71
Acid test ratio	1.43	2.20	1.85
Total liabilities to net worth	-1.21%	-41.01%	-0.20%
Net worth to total assets	-0.01%	0.00%	-0.09%
Current liabilities to net worth	-1.21%	-41.01%	-0.19%
Current liabilities to stock	0.67%	0.53%	0.54%
Fixed assets to net worth	-0.80%	-26.69%	-0.04%
Net worth	-1.4	0.0	-3.7
Number of employees	-	-	42

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.94
UK Pound	1	Rs.74.28
Euro	1	Rs.64.97

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.