MIRA INFORM REPORT

Report No. :	322809
Report Date :	14.05.2015

IDENTIFICATION DETAILS

Name :	MALVERN INSTRUMENTS LIMITED

Formerly Known as :	CRAY INSTRUMENTS AND CONTROL LIMITED

Registered Office :	Malvern Instruments Ltdenigma Business Parkmalvernwr14 1xz

Country :	United Kingdom

Financials (as on) :	31.12.2013

Date of Incorporation :	11.08.1971

Com. Reg. No.:	01020602

Legal Form :	Private limited with Share Capital

Line of Business :	Sale of laboratory equipment for the measurement of particle characterisation to a wide variety of industries. Manufacture of other special-purpose machinery n.e.c.

No. of Employee :	306

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

T he UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling 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. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. 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 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. 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, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company Name and address

MALVERN INSTRUMENTS LIMITED

Company No:

01020602

Registered Address:

MALVERN INSTRUMENTS LTDENIGMA BUSINESS PARKMALVERNWR14 1XZ

Company Summary

Registered Address	MALVERN INSTRUMENTS LTD ENIGMA BUSINESS PARK MALVERN WR14 1XZ	Trading Address	Malvern Instruments Ltd Enigma Business Park Malvern Heref & Worcs WR14 1XZ
Website Address	http://www.malvern.com
Telephone Number	01684892456	Fax Number
TPS	No	FPS	No
Incorporation Date	11/08/1971
Previous Name	CRAY INSTRUMENTS AND CONTROL LIMITED	Type	Private limited with Share Capital
FTSE Index	--	Date of Change	09/05/1990
Filing Date of Accounts	18/07/2014	Currency	GBP
Share Capital	£272,290	SIC07	28990
Charity Number	--
SIC07 Description	MANUFACTURE OF OTHER SPECIAL-PURPOSE MACHINERY N.E.C.
Principal Activity	The sale of laboratory equipment for the measurement of particle characterisation to a wide variety of industries.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/12/2013	£83,720,000	£17,363,000	£70,886,000	306
31/12/2012	£82,855,000	£16,945,000	£56,751,000	276
31/12/2011	£80,937,000	£18,515,000	£43,373,000	247

Commentary

This company has been treated as a Large company in respect of the rating/limit generated.
This company's return on total assets employed ratio indicates a highly efficient use of assets.
This company has made late payments on a medium percentage of invoices.
This company's ratio of total liabilities to total assets indicates the presence of strong equity funding.
The company has more cash than short term bank borrowings.
This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	8
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	27

Current Directors

Name	Duncan Morgan Roberts	Date of Birth	14/01/1957
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	24/06/1998
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Paul Iran Walker	Date of Birth	20/10/1951
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	05/01/1994
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Diana Jane Bishop	Date of Birth	25/05/1958
Officers Title	Dr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	21/02/1994
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	John Martin	Date of Birth	18/08/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/01/2007
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Robert William Prestidge	Date of Birth	11/11/1960
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	21/05/1998
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Rowena Dawn Innocent	Date of Birth	11/09/1970
Officers Title	Mrs	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	10/08/2011
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Eoghan Pol O'Lionaird	Date of Birth	24/09/1966
Officers Title	Mr	Nationality	Irish
Present Appointments	1	Function	Director
Appointment Date	24/03/2014
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Giles Simcock	Date of Birth	19/10/1971
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	01/10/2014
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Robert William Prestidge	Date of Birth	11/11/1960
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	21/05/1998
Address	Malvern Instruments Ltd Enigma Business Park, Grovewood Road, Malvern, Worcestershire, WR14 1XZ
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SPECTRIS GROUP HOLDINGS LTD	GBP	272,290	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£83,720,000	1%	£82,855,000	2.4%	£80,937,000	20.1%	£67,387,000	19.1%	£56,602,000
Export	£77,912,000	1%	£77,152,000	1.6%	£75,964,000	20.9%	£62,835,000	21.2%	£51,836,000
Cost of Sales	£33,393,000	-2.1%	£34,124,000	8.1%	£31,567,000	21%	£26,096,000	23.8%	£21,081,000
Gross Profit	£50,327,000	3.3%	£48,731,000	-1.3%	£49,370,000	19.6%	£41,291,000	16.2%	£35,521,000
Wages & Salaries	£13,354,000	8%	£12,369,000	10.3%	£11,211,000	14.8%	£9,768,000	16%	£8,421,000
Directors Emoluments	£1,526,000	32.2%	£1,154,000	-21%	£1,460,000	45.9%	£1,001,000	4.3%	£960,000
Operating Profit	£17,247,000	3.1%	£16,727,000	-9%	£18,376,000	31.2%	£14,009,000	3.6%	£13,516,000
Depreciation	£1,249,000	20.1%	£1,040,000	37.6%	£756,000	-18.3%	£925,000	-2.7%	£951,000
Audit Fees	£40,000	5.3%	£38,000	-	£38,000	-	£38,000	-	£38,000
Interest Payments	-	-100%	£1,000	-75%	£4,000	-	-	-	-
Pre Tax Profit	£17,363,000	2.5%	£16,945,000	-8.5%	£18,515,000	31.5%	£14,078,000	3.8%	£13,565,000
Taxation	-£3,378,000	10%	-£3,752,000	23%	-£4,872,000	-56.4%	-£3,115,000	31.8%	-£4,570,000
Profit After Tax	£13,985,000	6%	£13,193,000	-3.3%	£13,643,000	24.4%	£10,963,000	21.9%	£8,995,000
Dividends Payable	-	-	-	-	-	-	-	-100%	£4,940,000
Retained Profit	£13,985,000	6%	£13,193,000	-3.3%	£13,643,000	24.4%	£10,963,000	170.4%	£4,055,000

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£23,339,000	226.9%	£7,140,000	-2.3%	£7,307,000	13.9%	£6,418,000	4.6%	£6,136,000
Intangible Assets	£96,000	-90.7%	£1,027,000	-55.1%	£2,285,000	-32.3%	£3,373,000	-13.4%	£3,894,000
Total Fixed Assets	£23,435,000	186.9%	£8,167,000	-14.9%	£9,592,000	-2%	£9,791,000	-2.4%	£10,030,000
Stock	£8,584,000	1.7%	£8,443,000	-6%	£8,984,000	67.1%	£5,378,000	26.9%	£4,237,000
Trade Debtors	£8,682,000	20.6%	£7,200,000	6.5%	£6,760,000	16.6%	£5,796,000	-11%	£6,510,000
Cash	£1,929,000	-51.6%	£3,984,000	134.2%	£1,701,000	-59.3%	£4,178,000	28.3%	£3,256,000
Other Debtors	£47,083,000	0.3%	£46,930,000	31.3%	£35,744,000	70.9%	£20,918,000	115.3%	£9,718,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£66,278,000	-0.4%	£66,557,000	25.1%	£53,189,000	46.6%	£36,270,000	52.9%	£23,721,000
Trade Creditors	£6,408,000	17.7%	£5,445,000	-10.9%	£6,109,000	17.8%	£5,185,000	37.5%	£3,771,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£4,825,000	-3.3%	£4,992,000	18.4%	£4,215,000	64.3%	£2,566,000	47.5%	£1,740,000
Miscellaneous Current Liabilities	£7,594,000	0.8%	£7,536,000	-17%	£9,084,000	-0.1%	£9,092,000	-12.8%	£10,425,000
Total Current Liabilities	£18,827,000	4.8%	£17,973,000	-7.4%	£19,408,000	15.2%	£16,843,000	5.7%	£15,936,000
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£272,000	-	£272,000	-	£272,000	-	£272,000	-	£272,000
P & L Account Reserve	£70,505,000	25.1%	£56,370,000	31.1%	£42,992,000	49.1%	£28,837,000	65.4%	£17,434,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£109,000	-	£109,000	-	£109,000	-	£109,000	-	£109,000
Shareholder Funds	£70,886,000	24.9%	£56,751,000	30.8%	£43,373,000	48.4%	£29,218,000	64%	£17,815,000

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£70,790,000	27%	£55,724,000	35.6%	£41,088,000	59%	£25,845,000	85.7%	£13,921,000
Working Capital	£47,451,000	-2.3%	£48,584,000	43.8%	£33,781,000	73.9%	£19,427,000	149.5%	£7,785,000
Total Assets	£89,713,000	20.1%	£74,724,000	19%	£62,781,000	36.3%	£46,061,000	36.5%	£33,751,000
Total Liabilities	£18,827,000	4.8%	£17,973,000	-7.4%	£19,408,000	15.2%	£16,843,000	5.7%	£15,936,000
Net Assets	£70,886,000	24.9%	£56,751,000	30.8%	£43,373,000	48.4%	£29,218,000	64%	£17,815,000

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£70,886,000	24.9%	£56,751,000	30.8%	£43,373,000	48.4%	£29,218,000	64%	£17,815,000
Number of Employees	306	10.9%	276	11.7%	247	8.3%	228	14%	200

Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	20.74	20.45	22.88	20.89	23.97
Current ratio	3.52	3.70	2.74	2.15	1.49
Sales/Net Working Capital	1.76	1.71	2.40	3.47	7.27
Gearing %	0	0	0	0	0
Equity in %	79.10	77	71.70	68.40	59.70
Creditor Days	27.86	23.92	27.47	28	24.25
Debtor Days	37.74	31.63	30.40	31.30	41.86
Liquidity/Acid Test	3.06	3.23	2.27	1.83	1.22
Return On Capital Employed %	24.49	29.85	42.68	48.18	76.14
Return On Total Assets Employed %	19.35	22.67	29.49	30.56	40.19
Current Debt Ratio	0.26	0.31	0.44	0.57	0.89
Total Debt Ratio	0.26	0.31	0.44	0.57	0.89
Stock Turnover Ratio %	10.25	10.19	11.09	7.98	7.48
Return on Net Assets Employed %	24.49	29.85	42.68	48.18	76.14

Report Notes

There are no notes to display

Status History

No Status History found

Event History

Date	Description
23/10/2014	New Board Member Mr G. Simcock appointed
01/08/2014	New Accounts Filed
26/06/2014	Mr J.S. McCaskie has left the board
17/05/2014	Annual Returns
07/04/2014	Mr J.C. Webster has left the board
07/04/2014	New Board Member Mr E.P. O'Lionaird appointed
19/06/2013	New Accounts Filed
29/05/2013	Annual Returns
14/07/2012	New Accounts Filed
19/05/2012	Annual Returns
15/08/2011	Mr E.N. Lewis has left the board
15/08/2011	New Board Member Mrs R.D. Innocent appointed
22/06/2011	New Accounts Filed
07/06/2011	Annual Returns
29/05/2010	Annual Returns

Previous Company Names

Date	Previous Name
09/05/1990	CRAY INSTRUMENTS AND CONTROL LIMITED
28/02/1989	MALVERN INSTRUMENTS LIMITED

Writ Details

No writs found

Statistics

Group	27 companies
Linkages	45 companies
Countries	In 7 countries

Summary

Holding Company	SPECTRIS GROUP HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SPECTRIS PLC

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SPECTRIS PLC	02025003	31.12.2014	Y	£1,173,700,000
SERVOMEX LIMITED	01938746	31.12.2013	N
BRUEL & KJAER UK LIMITED	04066051	31.12.2013	N	£7,953,000
NOVISIM LIMITED	05269664	31.12.2013	N	£242,889
NEWPORT ELECTRONICS INC	N/A	-	-
OMEGA ENGINEERING, INC		-	-	$20,000,000
NEWPORT ELECTRONICS...	01457039	31.12.2013	N	£2,000,000
OMEGA ENGINEERING LI...	02564017	31.12.2013	N	£13,005,000
AGEMONT LIMITED	03046375	31.12.2013	N	£2,000
OMEGA TECHNOLOGIES...	02775272	31.12.2013	N	£576,000
PANALYTICAL LIMITED	01005071	31.12.2013	N	£5,461,318
PARTICLE MEASURING SYS...	00895810	31.12.2013	N
SPECTRIS GROUP HOLDING...	01104312	31.12.2013	N
BRUEL & KJAER VTS LI...	01539186	31.12.2013	N	£19,989,000
HBM UNITED KINGDOM L...	01589921	31.12.2013	N	£10,007,000
MALVERN INSTRUMENTS...	01020602	31.12.2013	N	£83,720,000
NANOSIGHT LIMITED	04599525	30.06.2014	N	£6,999,632
VISCOTEK EUROPE LI...	02865266	31.12.2013	N
NDC TECHNOLOGIES LIM...	00630998	31.12.2013	N	£23,467,000
SERVOMEX GROUP LIMITED	02170458	31.12.2013	N	£38,685,000
SPECTRIS UK HOLDINGS...	04451903	31.12.2013	N
SPECTRIS US HOLDINGS...	04451883	31.12.2013	N
BURNFIELD LIMITED	01522736	31.12.2013	N	£13,641,000
SPECTRIS TECHNOLOGIES INC		-	-
SPECTRIS UK	06493959	31.12.2013	N	£13,641,000
SPECTRIS FINANCE L...	03834606	31.12.2013	N
SPECTRIS PENSION TRUST...	02486608	31.12.2013	N

Mortgage Details

Mortgage Type:	DEED OF ACCESSION AND SUPPLEMENTAL CHARGE
Date Charge Created:	17/11/89
Date Charge Registered:	07/12/89
Date Charge Satisfied:	23/03/93
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	(SEE FORM M395 REF M625C FOR FULL DETAILS) FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY
Mortgage Type:	TRADE MARKS MORTGAGE
Date Charge Created:	17/11/89
Date Charge Registered:	29/11/89
Date Charge Satisfied:	23/03/93
Status:	SATISFIED
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE OTHERCOMPANIES NAMED THEREIN TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL TRADE MARKS AND OTHER PARTICULAR ASFULLY DESCRIBED IN FORM M395 AND CONTINUATION SHEETS (SEE DOEM395 FOR FULL DETAILS).

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
John Simon McCaskie	0	1
Richard Haldane Stokes Montanaro	7	42
Richard Haldane Stokes Montanaro	7	42
David Peter Charles Tidsall	6	250
Bernard Albert Eastwell	1	6
Alan Richard Bragginton	0	1
Christopher Martin Hughes	0	6
David John Watson	1	2
David William Thompson	9	14
David James Campbell	2	7
David James Campbell	2	7
Sulakhan Sahota	0	3
John Patrick Stewart Curran	1	3
HOCKLEY COURT INVESTMENT MANAGEMENT LIMITED	0	16
Clive John Snowdon	10	75
Graham John Parsons	7	162
James Barry Wilson	0	1
James Charles Webster	20	26
Gregory Paul Davidson	0	4
David Aslin	0	4
Andrew John Plant	5	7
Richard William Hall	4	3
John Stefan Burmicz	2	3
Craig Timothy Howarth	0	2
Terry Alan Cooper	3	4
Edgar Neil Lewis	0	1
HENLEY INVESTMENT MANAGEMENT LIMITED	1	14
Average Invoice Value	Ł1347.80
Invoices available	1172
Paid	1122
Outstanding	50

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	826	156	85	53	2
Outstanding	45	0	0	0	5

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.19
UK Pound	1	Rs.100.58
Euro	1	Rs.72.08

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

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.

Name	Number	Latest Key Financials	Turnover
HOTTINGER BALDWIN MESSTECHNIK GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 1147	31.12.2013	€139,546,455
SPECTRIS GERMANY GMBH	HRB 8553	31.12.2013
CINTEX GROUP LIMITED	03191077	31.07.2002
BRUEL & KJAER FRANCE	786491555	31.12.2013	€16,573,963
BTG INSTRUMENTS AB	5560458308	31.12.2013	235,603 KSEK
MALVERN INSTRUMENTS GMBH	HRB 243995	31.12.2013	€10,360,120
OMEGA ENGINEERING GMBH	HRB 241720	31.12.2013
BRÜEL & KJAER VIBRO GMBH	HRB 6803	31.12.2013
BRÜEL & KJAER GMBH	HRB 21090 HB	31.12.2013	€16,334,946
PANALYTICAL GMBH	HRB 13251	31.12.2013	€13,903,031
NDC INFRARED ENGINEERING GMBH & CO. KG	HRA 84349	31.12.2009
SERVOMEX GMBH	HRB 93707	31.12.2012
FUSION UV SYSTEMS GMBH	HRB 103190	31.12.2011
PARTICLE MEASURING SYSTEMS GERMANY GMBH	HRB 91681	31.12.2013
MALVERN INSTRUMENTS NORDIC AB	5565255410	31.12.2013	27,752 KSEK
NDC TECHNOLOGIES SA	477760038	31.12.2013	€3,673,779
PANALYTICAL GMBH	HRB 8554	-
SPECTRIS GMBH SENSOREN UND SYSTEME	HRB 8539	-
BRÜEL & KJAER VIBRO HOLDING GMBH	HRB 8459	-
N-TRON CORP		-	$23,600,000