MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	DURST PHOTOTECHNIK SPA
Registered Office :	Via Vittorio Veneto 59 Bressanone, 39042
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	14.10.1980
Reg. No.:	00848170213
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of spectacles and unmounted lenses
No. of Employees :	199

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name and address

DURST PHOTOTECHNIK SPA

Via Vittorio Veneto 59

Bressanone, 39042

Italy

Tel: +39 0472 810111

Fax: +39 0472 830905

 Website: www.durst.it

Employees: 199

Company Type: Public Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: TECHNICON SPA

Incorporation Date: 14-Oct-1980

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 142.3

Total Assets: 108.4

Business Description

Durst Phototechnik SpA 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
UK SIC 2007:	2670 - Manufacture of optical instruments and photographic equipment
US SIC 1987:	3861 - Photographic Equipment and Supplies

Key Executive

Name	Title
Christof Oberrauch	President
Richard Piock Dr.	Managing director
Christian Gatterer	Head of accounting department
Norbert Von Aufschnaiter	Executive
Siegfried Weifner	Executive

Registered No.(ITA): 00848170213

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Via Vittorio Veneto 59
Bressanone, 39042
Italy

Tel: +39 0472 810111

Fax: +39 0472 830905

Website: www.durst.it

Sales EUR(mil): 102.3

Assets EUR(mil): 83.5

Employees: 199

Fiscal Year End: 31-Dec-2011

Industry: Scientific and Technical Instruments

Incorporation Date: 14-Oct-1980

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 00848170213

President: Christof Oberrauch

Industry Codes

ANZSIC 2006 Codes:
2419	-	Other Professional and Scientific Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
3340	-	Manufacture of optical instruments and photographic equipment
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
33331	-	Commercial and Service Industry Machinery Manufacturing
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3861	-	Photographic Equipment and Supplies
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2003:
3340	-	Manufacture of optical instruments and photographic equipment
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2670	-	Manufacture of optical instruments and photographic equipment
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Durst Phototechnik SpA is primarily engaged in manufacture of spectacles and unmounted lenses; manufacture of optical precision instruments; manufacture of photographic and cinematographic equipment.

Financial Data

Financials in:	EUR(mil)	1 Year Growth
Revenue:	102.3	51.3%
Assets:	83.5	NA
Current Assets:	64.0
Total Liabilities:	83.5
Net Worth:	53.2
Date of Financial Data:	31-Dec-2011

Key Corporate Relationships

Bank: Banca di Trento e Bolzano Ag, UniCredit Banca Ag, Banca Popolare dell'Alto Adige Ag

Corporate Structure News

Durst Phototechnik SpA
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
TECHNICON SPA	Parent
Durst Phototechnik SpA	Subsidiary	Bressanone, Bolzano	Italy	Scientific and Technical Instruments	142.3	199

Executives

Name	Title	Function
Christof Oberrauch	President	President
Christoph Gamper	Managing director	Managing Director
Harald Oberrauch	Managing director	Managing Director
Richard Piock Dr.	Managing director	Managing Director
Christian Gatterer	Head of accounting department	Accounting Executive
Norbert Von Aufschnaiter	Executive	Other
Siegfried Weifner	Executive	Other

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	152.1	97.1	64.1
Net sales	142.3	89.6	56.7
Other operating income	5.1	4.6	7.3
Raw materials and consumables employed	81.3	50.3	31.8
Other expenses	19.9	14.0	12.6
Total payroll costs	19.1	15.0	12.7
Fixed asset depreciation and amortisation	3.9	2.0	2.5
Other operating costs	0.4	0.5	0.6
Net operating income	27.4	15.2	3.9
Total financial income	1.0	0.7	0.5
Total expenses	1.3	0.0	0.2
Profit before tax	27.1	15.9	4.1
Extraordinary result	-0.7	-0.1	-0.4
Profit after extraordinary items and before tax	26.4	15.8	3.7
Total taxation	8.7	5.2	1.1
Net profit	17.7	10.6	2.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Total stockholders equity	69.1	54.7	47.0
Provision for risks	3.7	3.0	2.4
Provision for pensions	2.7	2.8	3.1
Mortgages and loans	2.5	3.1	2.5
Trade creditors	11.2	7.6	4.9
Bank loans and overdrafts	0.6	0.4	0.5
Other current liabilities	18.6	14.6	7.0
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	30.5	22.7	12.4
Total liabilities (including net worth)	108.4	86.3	67.4
Intangibles	0.1	0.0	0.1
Buildings	16.5	13.6	14.2
Total tangible fixed assets	20.0	16.8	17.1
Long-term investments	4.2	4.3	4.6
Total financial assets	5.2	5.6	5.9
Loans to associated companies	1.0	1.3	1.3
Total non-current assets	25.3	22.5	23.1
Finished goods	12.3	8.7	5.8
Net stocks and work in progress	16.8	12.2	8.7
Trade debtors	17.1	16.6	9.2
Other receivables	12.7	12.7	13.2
Cash and liquid assets	29.5	19.2	10.8
Marketable securities	6.7	2.8	2.0
Accruals	0.3	0.4	0.3
Total current assets	83.1	63.8	44.3
Total assets	108.4	86.3	67.4

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	2.70	2.80	3.60
Quick ratio	2.20	2.30	2.90
Current liabilities to net worth	0.00%	0.00%	0.00%
Sales per employee	-	0.40	0.25
Profit per employee	-	0.07	0.02
Average wage per employee	-	0.07	0.06
Net worth	69.1	54.7	47.0
Number of employees	-	168	162

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

SDA

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.