MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	PE FIBEROPTICS LTD.
Registered Office :	Ilex House, Mulberry Business Park, Fishpond, Wokingham, RG41 2GX
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	02.08.2005
Com. Reg. No.:	05524971
Legal Form :	Private Subsidiary
Line of Business :	Design, assembly and sale of instruments for the characterisation of opticalfibres.
No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but 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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Company Name and Address

Pe. Fiberoptics Ltd.

Ilex House
Mulberry Business Park
Fishpond
Wokingham, RG41 2GX
United Kingdom
(Trading Address) Registered Address
Tel:	44-1189773003
Fax:	44-1189773493
www.pefiberoptics.com

Employees:	25
Company Type:	Private Subsidiary
Corporate Family:	21 Companies
Ultimate Parent:	Judges Scientific PLC
Quoted Status:	Non-quoted Company
Incorporation Date:	02-Aug-2005
Auditor:	Grant Thornton UK LLP

Financials in:	USD (Mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	2.2 ^1
Net Income:	0.2
Total Assets:	2.6

Business Description

Company In 2005 the senior management team of the PerkinElmer Fiber Optics Group formed a new company, PE.fiberoptics Ltd, purchasing the fiber optics business from PerkinElmer. PE. fiberoptics has taken over responsibility for all aspects of customer support including warranty for those PerkinElmer products purchased by customers from the Wokingham site. PE.fiberoptics will continue to invest in new products to expand our product range and maintain our position as a world leader in fiber optic test equipment. We are very excited about continuing to work with our colleagues and customers and offering the highest standards of support in the future. Address and Registered Office: PE.fiberoptics Ltd Ilex House Mulberry Business Park Wokingham Berkshire United Kingdom RG41 2GX Company Number: 05524971

Industry

Industry	Electromedical and Control Instruments Manufacturing
ANZSIC 2006:	2419 - Other Professional and Scientific Equipment Manufacturing
ISIC Rev 4:	2651 - Manufacture of measuring, testing, navigating and control equipment
NACE Rev 2:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
NAICS 2012:	334513 - Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables
UK SIC 2007:	2651 - Manufacture of instruments and appliances for measuring, testing and navigation
US SIC 1987:	3823 - Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

Key Executives

Name	Title
David Elie Cicurel	Director
Ralph Leslie Cohen	Director
Andrew John Crook	Director
Adrian Evans	Director
Ian Mackenzie	Director

News

Title	Date
PE.fiberoptics unveils 500 series fiber-optic test equipment Lightwave (122 Words)	29-Jan-2013

Registered No.(UK): 05524971

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

Corporate Overview

Location
Ilex House
Mulberry Business Park
Fishpond
Wokingham, RG41 2GX
Berkshire County
United Kingdom

Tel:	44-1189773003
Fax:	44-1189773493

www.pefiberoptics.com

Sales GBP(mil):	1.4
Assets GBP(mil):	1.6
Employees:	25
Fiscal Year End:	31-Dec-2012

Industry:	Scientific and Technical Instruments

Registered Address:
Ilex House
Mulberry Business Park Fishpo
Wokingham, RG41 2GX
United Kingdom

Incorporation Date:	02-Aug-2005
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	05524971

Director:	David Charles Williams

Industry Codes

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

ISIC Rev 4 Codes:
2651	-	Manufacture of measuring, testing, navigating and control equipment

NACE Rev 2 Codes:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

NAICS 2012 Codes:
334513	-	Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables

US SIC 1987:
3823	-	Industrial Instruments for Measurement, Display, and Control of Process Variables; and Related Products

UK SIC 2007:
2651	-	Manufacture of instruments and appliances for measuring, testing and navigation

Business Description

Design, assembly and sale of instruments for the characterisation of opticalfibres.

More Business Descriptions

Fiber Optic Testing Equipment Mfr

Company In 2005 the senior management team of the PerkinElmer Fiber Optics Group formed a new company, PE.fiberoptics Ltd, purchasing the fiber optics business from PerkinElmer. PE.fiberoptics has taken over responsibility for all aspects of customer support including warranty for those PerkinElmer products purchased by customers from the Wokingham site. PE.fiberoptics will continue to invest in new products to expand our product range and maintain our position as a world leader in fiber optic test equipment. We are very excited about continuing to work with our colleagues and customers and offering the highest standards of support in the future. Address and Registered Office: PE.fiberoptics Ltd Ilex House Mulberry Business Park Wokingham Berkshire United Kingdom RG41 2GX Company Number: 05524971.

Financial Data

Financials in:	GBP(mil)
Revenue:	1.4
Net Income:	0.2
Assets:	1.6
Current Assets:	1.5
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	0.3
Issued Capital:	NaN
Working Capital:	1.2
Net Worth:	1.3
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:	Grant Thornton UK LLP
Auditor:	Grant Thornton UK LLP
Auditor History
Grant Thornton UK LLP	31-Dec-2012

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	12-31-2012

Corporate Structure News

Total Corporate Family Members: 21

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Judges Scientific PLC	Parent	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	44.4	176
Global Digital Systems Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	7.3	36
Gds Instruments Ltd.	Subsidiary	Hook	United Kingdom	Machinery and Equipment Manufacturing		23
Quorum Technologies Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	13.7	34
Quorum Technologies Ltd.	UK Branch/Trading address	Lewes	United Kingdom	Electromedical and Control Instruments Manufacturing	13.7	40
Em Technologies Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing
Uhv Design Ltd.	Subsidiary	Lewes	United Kingdom	Machinery and Equipment Manufacturing	5.3	33
Fire Testing Technology Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	8.6	31
Aitchee Engineering Ltd.	Subsidiary	East Grinstead	United Kingdom	Metal Products Manufacturing	1.0	13
Sircal Instruments (U.K.) Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	2.1	4
Stanton Redcroft Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing
Ftt Scientific Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing
Pe. Fiberoptics Ltd.	Subsidiary	Wokingham	United Kingdom	Electromedical and Control Instruments Manufacturing	2.2	25
Kode (Devon) Ltd	Subsidiary	Cambridge	United Kingdom	Electromedical and Control Instruments Manufacturing		25
Deben UK Ltd.	Subsidiary	Bury St Edmunds	United Kingdom	Machinery and Equipment Manufacturing	4.9	22
Scientifica Ltd.	Subsidiary	Maidenhead	United Kingdom	Electromedical and Control Instruments Manufacturing		7
Recently acquired (previously owned by Scientifica Ltd.).See corporate structure news on Judges Scientific PLC for details
Bordeaux Acquisition Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing	0.2
Scientifica Ltd	Subsidiary	East Grinstead	United Kingdom	Electromedical and Control Instruments Manufacturing
Scientifica Ltd.	UK Branch/Trading address	Uckfield	United Kingdom	Electromedical and Control Instruments Manufacturing		9
Polaron Instruments Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing
Judges Capital Ltd.	Subsidiary	East Grinstead	United Kingdom	Machinery and Equipment Manufacturing

EXECUTIVE REPORT

Board of Directors

Name	Title	Function
David Elie Cicurel	Director	Director/Board Member
Age: 64
Ralph Leslie Cohen	Director	Director/Board Member
Age: 65
Andrew John Crook	Director	Director/Board Member
Age: 54
Adrian Evans	Director	Director/Board Member
Age: 51
Ian Mackenzie	Director	Director/Board Member
Age: 64
Andrew John Nicholas	Director	Director/Board Member
Age: 55
David Charles Williams	Director	Director/Board Member
Age: 60

Directors and Shareholders Report

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ralph Leslie Cohen	Current	10 Apr 1948	Mulberry Cottage Oxted Place, Broadham Green, Oxted, Surrey RH8 9PF	08 Dec 2005	NA	Current:25 Previous:5 Disqualifications:0
David Elie Cicurel	Current	23 May 1949	71 Springfield Road, St John's Wood, London NW8 0QJ	02 Sep 2005	NA	Current:19 Previous:16 Disqualifications:0
Andrew John Crook	Current	10 Apr 1959	Perkinelmer Chalfont Road, Seer Green, Beaconsfield, Buckinghamshire HP9 2FX	02 Sep 2005	NA	Current:15 Previous:2 Disqualifications:0
Andrew John Nicholas	Current	08 Oct 1958	9 Beaufort Close, Lee-On-The-Solent, Hampshire PO13 8FN	24 Aug 2005	NA	Current:1 Previous:1 Disqualifications:0
David Charles Williams	Current	14 Feb 1953	Cleeve Cottage, Maderia Road, West Byfleet, Surrey KT14 6DC	02 Aug 2005	NA	Current:2 Previous:0 Disqualifications:0
Ian Mackenzie	Current	23 Jun 1949	113 Hocombe Road, Chandlers Ford, Eastleigh, Hampshire SO53 5QD	24 Aug 2005	NA	Current:1 Previous:1 Disqualifications:0
Adrian Evans	Current	07 Jul 1962	64 Wargrove Drive, College Town, Sandhurst, Berkshire GU47 0DU	09 Aug 2005	NA	Current:1 Previous:0 Disqualifications:0
David Barnbrook	Previous	29 Nov 1952	Unit 13-14 Mulberry Business Park, Wokingham, Berkshire RG41 2GY	02 Sep 2005	08 Dec 2005	Current:0 Previous:1 Disqualifications:0
Andrew John Nicholas	Previous	08 Oct 1958	9 Beaufort Close, Lee-On-The-Solent, Hampshire PO13 8FN	02 Aug 2005	09 Aug 2005	Current:1 Previous:1 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
David Charles Williams	Current	14 Feb 1953	Cleeve Cottage, Maderia Road, West Byfleet, Surrey KT14 6DC	02 Aug 2005	NA	Current:2 Previous:0 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders
Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Adrian Evans	12 C Ordinary GBP 0.50	C Ordinary	12	0.50	6.00	6.00
Andrew John Nicholas	12 C Ordinary GBP 0.50	C Ordinary	12	0.50	6.00	6.00
David Charles Williams	12 C Ordinary GBP 0.50	C Ordinary	12	0.50	6.00	6.00
Ian MacKenzie	32 C Ordinary GBP 0.50	C Ordinary	32	0.50	16.00	16.00
Michaela Montague	1 C Ordinary GBP 0.50	C Ordinary	1	0.50	0.50	0.50
Perkin Elmer UK Limited	28 B Ordinary GBP 0.50	B Ordinary	28	0.50	14.00	14.00
Simon Ferretti	1 C Ordinary GBP 0.50	C Ordinary	1	0.50	0.50	0.50

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Judges Scientific Plc	04597315	102 A Ordinary GBP 0.50	A Ordinary	102	0.50	51.00	51.00

Annual Profit and Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate (Period Average)	0.631174
Consolidated	No
Turnover (UK)	0.0
Turnover (Exports)	2.2
Total Turnover	2.2
Total Expenses	1.6
Depreciation	0.0
Operating Profit	0.7
Other Income	0.0
Interest Paid	0.0
Exceptional Income	0.0
Discontinued Operations	0.0
Profit Before Taxes	0.7
Tax Payable / Credit	0.1
Extraordinary Items/Debits	0.0
Dividends	0.3
Profit After Taxes	0.2
Minority Interests (Profit & Loss)	0.0
Audit Fees	0.0
Wages	1.1
Social Security Costs	0.1
Pensions	0.0
Other Pension Costs	0.0
Employees Remuneration	1.2
Directors Emoluments	0.5
Other Costs	0.0
Directors Remuneration	0.5
Highest Paid Director	0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012
Filed Currency	GBP
Exchange Rate	0.619061
Consolidated	No
Land & Buildings	0.0
Fixtures & Fittings	0.2
Plant & Vehicles	0.0
Total Tangible Fixed Assets	0.2
Intangible Assets	0.0
Investments	0.0
Total Fixed Assets	0.2
Stocks	0.3
Work in Progress	0.1
Total Stocks Work In Progress	0.5
Trade Debtors	0.5
Inter-Company Debtors	0.0
Other Debtors	0.0
Total Debtors	0.5
Cash and Equivalents	1.4
Other Current Assets	0.0
Total Current Assets	2.4
Total Assets	2.6
Trade Creditors	0.1
Bank Overdraft	0.0
Inter-Company Creditors	0.0
Director Loans (Current Liability)	0.0
Hire Purchase (Current Liability)	0.0
Finance Lease (Current Liability)	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0
Total Short Term Loans	0.0
Accruals/Deferred Income (Current Liability)	0.3
Social Security/VAT	0.0
Corporation Tax	0.1
Dividends (Current Liability)	0.0
Other Current Liabilities	0.0
Total Current Liabilities	0.5
Group Loans (Long Term Liability)	0.0
Director Loans (Long Term Liability)	0.0
Hire Purchase (Long Term Liability)	0.0
Leasing (Long Term Liability)	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0
Other Long Term Loans	0.0
Accruals/Deferred Income (Long Term Liability)	0.0
Other Long Term Liabilities	0.0
Total Long Term Liabilities	0.0
Deferred Taxation	0.0
Other Provisions	0.0
Total Provisions	0.0
Issued Capital	0.0
Share Premium Accounts	0.0
Revaluation Reserve	0.0
Retained Earnings	2.0
Other Reserves	0.0
Minority Interests (Balance Sheet)	0.0
Total Shareholders Funds	2.0
Net Worth	2.0

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate (Period Average)	0.631174
Consolidated	No
Net Cash Flow From Operating Activities	1.5
Net Cash Flow from ROI and Servicing of Finance	0.0
Taxation	-0.3
Capital Expenditures	-0.2
Acquisitions and Disposals	0.0
Paid Up Equity	-0.3
Management of Liquid Resources	0.0
Net Cash Flow From Financing	0.0
Increase in Cash	0.6

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012
Period Length	52 Weeks
Filed Currency	GBP
Exchange Rate	0.619061
Consolidated	No
Current Ratio	4.44
Liquidity Ratio	3.57
Stock Turnover	482.00
Credit Period (Days)	7,500.00
Working Capital by Sales	8,185.00%
Trade Credit by Debtors	23.00
Return on Capital	3,261.00%
Return on Assets	2,580.00%
Profit Margin	2,940.00%
Return on Shareholders Funds	3,280.00%
Equity Gearing	7,867.00%
Sales by Tangible Assets	1,206.00
Employee Remuneration by Sales	5,515.00%
Creditor Days (Cost of Sales Based)	1,709.00
Creditor Days (Sales Based)	1,709.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.84.14

INFORMATION DETAILS

Report Prepared by :

NIT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.