MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	OXFORD INSTRUMENTS ANALYTICAL GMBH
Registered Office :	Wellesweg 31 Uedem, 47589
Country :	Germany
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.2009
Com. Reg. No.:	9820
Legal Form :	Private Subsidiary
Line of Business :	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
No. of Employees :	68

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name and address

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Bottom of Form

Oxford Instruments Analytical GmbH

Wellesweg 31
Uedem, 47589
Germany
Tel:	(49) 2825 9383 0
Fax:	(49) 2825 9383 100
www.was-ag.de

Employees:	68
Company Type:	Private Subsidiary
Corporate Family:	45 Companies
Ultimate Parent:	Oxford Instruments plc
Incorporation Date:	21-Jul-2009

Financials in:	USD (mil)
Fiscal Year End:	31-Mar-2011
Reporting Currency:	Euro
Annual Sales:	NA
Total Assets:	12.0

Business Description

Oxford Instruments Analytical GmbH is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.

Industry

Industry	Scientific and Technical Instruments
ANZSIC 2006:	2419 - Other Professional and Scientific Equipment Manufacturing
NACE 2002:	3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
NAICS 2002:	334516 - Analytical Laboratory Instrument Manufacturing
UK SIC 2003:	3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
US SIC 1987:	3826 - Laboratory Analytical Instruments

Key Executives

Name	Title
Vito Angona	Managing director
Kevin Boyd	Managing director
Alessandro Wernli	Managing director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672

Corporate Overview

Location
Wellesweg 31
Uedem, 47589
Germany

Tel:	(49) 2825 9383 0
Fax:	(49) 2825 9383 100

www.was-ag.de

Sales EUR(mil):	NA
Assets EUR(mil):	8.5
Employees:	68
Fiscal Year End:	31-Mar-2011

Industry:	Scientific and Technical Instruments

Incorporation Date:	21-Jul-2009
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(DEU):	9820

Managing director:	Vito Angona

Contents Industry Codes Business Description Financial Data Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2419	-	Other Professional and Scientific Equipment Manufacturing
3491	-	Professional and Scientific Goods Wholesaling

NACE 2002 Codes:
5187	-	Wholesale of other machinery for use in industry, trade and navigation
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:
423490	-	Other Professional Equipment and Supplies Merchant Wholesalers
334516	-	Analytical Laboratory Instrument Manufacturing

US SIC 1987:
3826	-	Laboratory Analytical Instruments
5049	-	Professional Equipment and Supplies, Not Elsewhere Classified

UK SIC 2003:
3320	-	Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment
5187	-	Wholesale of other machinery for use in industry, trade and navigation

Business Description

Analytical Instrument Mfr & Distr

More Business Descriptions

Oxford Instruments Analytical GmbH is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.

Financial Data

Financials in:	EUR(mil)
Assets:	8.5
Current Assets:	6.5
Total Liabilities:	8.5
Issued Capital:	1.3
Net Worth:	2.9
Date of Financial Data:	31-Mar-2011

1 Year Growth

NA

Key Corporate Relationships

Bank:	Fortis Bank, Commerzbank

Corporate Structure News

Oxford Instruments Analytical GmbH
Total Corporate Family Members: 45

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Oxford Instruments plc	Parent	Abingdon	United Kingdom	Scientific and Technical Instruments	407.7	1,498
Siemens Magnet Technology Limited	Joint Venture	Witney	United Kingdom	Electronic Instruments and Controls		700
Oxford Instruments Superconductivity Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries		300
Oxford Magnet Technology Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Innovation Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Nanoscience Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Medical Ltd	UK Branch/Trading address	Woking	United Kingdom	Nonclassifiable Industries
Oxford Instruments Holdings Inc	Subsidiary	Carteret, NJ	United States	Scientific and Technical Instruments		200
Oxford Instruments-Superconducting Technology	Subsidiary	Carteret, NJ	United States	Miscellaneous Fabricated Products		195
Oxford Superconducting Technology LP	Subsidiary	Carteret, NJ	United States	Scientific and Technical Instruments	182.4	160
Oxford Instruments Beijing Office	Subsidiary	Dong Cheng District, Beijing	China	Miscellaneous Capital Goods		100
Oxford Instruments Analytical GmbH	Subsidiary	Uedem, Nordrhein-Westfalen	Germany	Scientific and Technical Instruments		68
Oxford Instruments America, Inc.	Subsidiary	Concord, MA	United States	Scientific and Technical Instruments	15.0	50
Oxford Instruments KK	Subsidiary	Tokyo	Japan	Semiconductors		50
Austin Scientific Company	Subsidiary	Austin, TX	United States	Miscellaneous Capital Goods	14.3	43
Oxford Instruments GmbH	Subsidiary	Wiesbaden, Hessen	Germany	Scientific and Technical Instruments	28.3	35
Oxford Instruments-X-Ray Technology Group	Subsidiary	Scotts Valley, CA	United States	Medical Equipment and Supplies		35
Omniprobe, Inc.	Subsidiary	Dallas, TX	United States	Scientific and Technical Instruments	4.9	25
Oxford Instruments Molecular Biotools Ltd.	Subsidiary	Abingdon	United Kingdom	Scientific and Technical Instruments	8.0	21
Oxford Instruments Overseas Marketing Ltd.	Subsidiary	Abingdon	United Kingdom	Business Services		20
Oxford Instruments Pte Ltd	Subsidiary	Singapore	Singapore	Scientific and Technical Instruments		15
Technologies & Devices International	Subsidiary	Silver Spring, MD	United States	Miscellaneous Fabricated Products	4.0	12
Oxford Instruments Pte Ltd	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	1.0	10
VeriCold Technologies GmbH	Subsidiary	Ismaning, Bayern	Germany	Medical Equipment and Supplies	1.7	6
Oxford Instruments Nanotechnology Tools Holdings Ltd.	Subsidiary	Abingdon	United Kingdom	Commercial Banks
Oxford Instruments Nanotechnology Tools Ltd.	Subsidiary	Abingdon	United Kingdom	Scientific and Technical Instruments	79.7	214
Oxford Instruments Holdings Europe Ltd.	Subsidiary	Abingdon	United Kingdom	Business Services
Resonance Instruments Ltd.	Subsidiary	Witney	United Kingdom	Nonclassifiable Industries
Oxford Instruments Synchrotron Research Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Analytical Ltd.	Subsidiary	Abingdon	United Kingdom	Commercial Banks
Oxford Instruments Industrial Products Holdings Ltd.	Subsidiary	Abingdon	United Kingdom	Commercial Banks
Oxford Instruments Plasma Technology Ltd.	Subsidiary	Bristol	United Kingdom	Scientific and Technical Instruments	49.8	115
Oxford Instruments Industrial Products Ltd.	Subsidiary	High Wycombe	United Kingdom	Scientific and Technical Instruments	52.7	35
Oxford Instruments Nanoanalysis Ltd.	Subsidiary	Witney	United Kingdom	Nonclassifiable Industries
Oxbridge Instruments Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Plasma Technology (Uk) Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Overseas Holdings Ltd.	Subsidiary	Abingdon	United Kingdom	Commercial Banks
Oxford Instruments Overseas Holdings 2008 Ltd.	Subsidiary	Abingdon	United Kingdom	Business Services		230
Oxford Electronic Instruments Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Link Analytical Ltd.	Subsidiary	Brentwood	United Kingdom	Nonclassifiable Industries
Oxford Instruments Industrial Analysis Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Semicon Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Nanotechnology Tools Ltd.	Subsidiary	Abingdon	United Kingdom	Nonclassifiable Industries
Oxford Instruments Shanghai Office	Subsidiary	Shanghai, Shanghai	China	Miscellaneous Capital Goods
Oxford Instruments (Shanghai) Company Ltd	Subsidiary	Shanghai	China	Scientific and Technical Instruments

Executives Report

Executives

Name	Title	Function
Vito Angona	Managing director	Managing Director
Kevin Boyd	Managing director	Managing Director
Alessandro Wernli	Managing director	Managing Director

Annual Profit & Loss

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.757168	0.70861	0.707647
Consolidated	No	No	No
Taxes and social security costs	0.8	0.8	0.2
Total payroll costs	5.2	4.7	1.3
Fixed asset depreciation and amortisation	0.2	0.2	0.0
Other operating costs	11.8	8.9	2.1
Net operating income	2.7	1.8	0.1
Other income	0.0	0.0	0.0
Interest payable on loans	0.2	0.2	0.0
Total expenses	0.2	0.2	0.0
Profit before tax	2.5	1.6	0.1
Provisions	2.0	1.4	1.0
Total taxation	0.5	0.5	-
Net profit	2.0	1.2	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.704672	0.739044	0.753182
Consolidated	No	No	No
Issued capital	1.8	1.7	1.7
Profits for the year	2.3	0.1	-1.0
Profit brought forward from previous year(s)	-	-1.0	-1.1
Total stockholders equity	4.1	1.9	0.7
Deferred taxation	1.0	0.5	0.0
Other provisions	1.1	0.9	0.9
Provisions and allowances	2.1	1.4	0.9
Convertible debentures	1.1	1.0	1.0
Other debentures	0.8	-	-
Total long-term liabilities	0.8	-	-
Trade creditors	1.6	1.5	1.1
Other loans	0.2	2.7	2.8
Taxation and social security	0.1	0.1	0.1
Due to group companies	2.0	3.8	2.3
Total current liabilities	3.9	8.0	6.2
Total liabilities (including net worth)	12.0	12.3	8.9
Patents	0.0	0.0	0.0
Intangibles	0.0	0.0	0.0
Land and buildings	2.2	2.2	2.2
Fixtures and equipment	2.2	2.2	2.2
Total tangible fixed assets	2.7	2.4	2.5
Total non-current assets	2.7	2.4	2.5
Raw materials	1.9	-	1.9
Work in progress	0.7	-	0.0
Finished goods	1.5	-	1.0
Net stocks and work in progress	2.4	2.9	2.9
Trade debtors	3.8	5.2	2.8
Other receivables	0.3	0.4	0.1
Total receivables	4.1	6.0	3.1
Owing from associated companies	0.0	0.4	0.1
Cash and liquid assets	2.7	0.8	0.3
Total current assets	9.2	9.8	6.3
Prepaid expenses and deferred costs	0.1	0.1	0.1
Total assets	12.0	12.3	8.9

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.704672	0.739044	0.753182
Consolidated	No	No	No
Current ratio	23.81	12.15	10.13
Acid test ratio	17.71	8.53	5.41
Total liabilities to net worth	0.11%	0.43%	0.89%
Net worth to total assets	0.03%	0.02%	0.01%
Current liabilities to net worth	0.09%	0.43%	0.89%
Current liabilities to stock	0.16%	0.28%	0.21%
Fixed assets to net worth	0.07%	0.13%	0.35%
Return on assets	0.02%	0.01%	0.00%
Shareholders' return	0.05%	0.06%	0.01%
Profit per employee	2.22	-	-
Average wage per employee	5.78	-	-
Net worth	4.1	1.9	0.7
Number of employees	68	-	-

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

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.