MIRA INFORM REPORT

Report No. :	489280
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	TESCAN BRNO, S.R.O.
Registered Office :	Libusina Tffda 816/1 623 00 Brno
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	31.05.2013
Com. Reg. No.:	C 78909
Legal Form :	Private limited company
Line of Business :	Manufacture of instruments and appliances for measuring, testing and navigation. Development, research, manufacture and delivery of apparatusses and \ scientific devices - raster electron microscopes and related \ applications.
No. of Employees :	250

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Czech Republic	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

Company identification

TESCAN Brno, s.r.o.	telephone	00420/ 530 353 211
Libusina tffda 816/1	telefax	00420/ 530 353 415
623 00 Brno	e-mail	info@tescan.cz
Czech Republic	Web	www.tescan.com

Crefo Nr.	9214878463	Registration:	Krajsky soud v Brne
Statistical Nr.	01733214	Registration Nr.	C 78909
Tax Nr.	CZ01733214	Status	activ

Economic situation

Business connection	Business connections are permissible	(21)
Terms of payment	Regular	(22)

Basic information

Legal form

Private limited company

Founded

31/05/2013 as Private limited company

Registration

31/05/2013, Krajsky soud v Brne, C 78909

Statistical Nr.: 01733214

Tax Nr.: CZ01733214

Registered names

Valid from Trade name(s) Valid until

31/05/2013 TESCAN Brno, s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9210023555	TESCAN ORSAY HOLDING, a.s. Statistical Nr.: 41600240 Libusina tffda 863/21, 623 00 Brno Czech Republic Phone Nr.: 00420/ 530 353 411 Fax: 00420/547 130 415 E-mail: sales@tescan.cz WWW: www.tescan.com	06/11/2013	200,000 CZK
Total capital			200,000 CZK

Registered capital

Date Currency Value

31/05/2013 CZK 200,000

Management

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Management
9214937817	Ing. Antonfn Sedlacek (birth date 18/03/1972) Executive Manager Topolky 1969/30, 616 00 Brno Czech Republic	14/06/2017
9210023559	Ing. Petr Perina (birth date 24/10/1949) Executive Manager Kronova 841/31, 621 00 Brno Czech Republic	31/05/2013

Company addresses

Valid from	Address	Valid until
	Libusina trfda 816/1, 623 00 Brno, Kohoutovice, Czech Republic
31/05/2013	Libusina tffda 816/1, 623 00 Brno, Czech Republic

Business activities

Main activity	Nace
Manufacture of instruments and appliances for measuring, testing and navigation	26.51
Additional activities	Nace
Development, research, manufacture and delivery of apparatusses and \ scientific devices - raster electron microscopes and related \ applications.

Economic data

Turnover and Employees

Date	Turnover	Employees
2013	actual sales 462,249,000 CZK	173 employees
2014	actual sales 1,102,944,000 CZK	181 employees
2015	actual sales 1,550,315,000 CZK	215 employees
2016	actual sales 1,297,547,000 CZK	213 employees
2017		250 employees
2018		250 employees

annual sales 2013: 5 months of activity

Import / Export

	Import	Export
Percentage	Unknown	95%
Countries	European Union	USA, China, South Korea

Properties

Name	Detail	Currency	Value
	Property of the company Libusina tffda 863/21, Brno - Kohoutovice 623 00, Czech Republic TESCAN ORSAY HOLDING, a.s. Registry court			Unknown

contractual right of lien

Supplementary data

Remarks

The company is a holder of ISO 9001 and ISO 14001 certificates.

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of Creditreform and others) are currently monitored. In the year 2013, the inquired company was separated from the company TESCAN ORSAY HOLDING, a.s., ICC 41600240. As independent subject it is active since August 2013.

At present the mother company is engaged in administration of subsidiary companies and own real estates and in economic consultancy.

The shareholder TESCAN ORSAY HOLDING, a.s. has 57 employees, share capital CZK 33.430.000,-annual sales (2016) CZK 216.365.000,-

Contact:

Alena Dolezalova, finance and staff manager,

phone: 00420/ 530 353 425, 00420/ 776 757 482, e-mail:

alena.dolezalova@tescan.cz

Banks

Code	Bank name / Address	Account Nr.
2600	Citibank Europe plc, organizacnf slozka	2509680108/2600
2600	Citibank Europe plc, organizacnf slozka	2509680204/2600
2600	Citibank Europe plc, organizacnf slozka	2509680300/2600
2600	Citibank Europe plc, organizacnf slozka	2509681004/2600
6200	Commerzbank Aktiengesellschaft, pobocka Praha	50104836/6200
0100	KomerCnl banka, a.s.	107-5125330217/0100
0100	KomerCnl banka, a.s.	7116110297/0100
0100	KomerCnl banka, a.s.	94-716800257/0100

Main indices

Payment experience and credit opinion

Terms of payment	Regular	(22)
Business connection	Business connections are permissible	(21)

Business development

Company development	Positive company development	(20)
Order situation	Satisfactory order situation	(30)

Events

No negative events registered.

Per 31/01/2018 the company was examined in a Central register of executions and no records were found

Balances

Balance

Dec 31, 2016 The enclosed balance of 2016 company's own data, it is authenticated by the auditor.

Dec 31, 2015 The enclosed balance of 2015 from business register, ..

Dec 31, 2014 The enclosed balance of 2014 from business register, ..

Dec 31, 2013 The enclosed balance of 2013 from business register, ..

		31/12/2016	31/12/2015	31/12/2014	31/12/2013
Name	Ref.	1000	1000	1000	1000
		CZK	CZK	CZK	CZK
		balance	balance	balance	balance
TOTAL ASSETS		2,406,812	2,589,422	2,610,059	2,610,354
Receivables for subscriptions		0		0	0
Fixed assets		1,595,356	1,681,226	1,825,971	1,943,627
Intangible fixed assets		4,277	3,413	1,964	734
Incorporation expenses				0	0
Research and development				0	0
Valuable rights		3,780
Software		3,669	3,353	1,955	661
Other valuable rights		111	0	9	73
Goodwill			0	0
Other intangible fixed assets				0	0
Other intangible fixed assets
Advance payments for intangible fixed assets and intangible fixed assets under construction		497
Advance payments for intangible fixed assets				0	0
Intangible fixed assets under construction		497	60	0	0
Tangible fixed assets		1,591,079	1,677,813	1,824,007	1,942,893
Lands and Constructions		268
Lands				0	0
Constructions		268	337	0	0
Equipment		90,567	48,640	66,198	56,872
Adjustment to acquired assets		1,500,244	1,628,836	1,757,429	1,886,021
Other tangible fixed assets
Perennial corps				0	0
Breeding and draught animals				0	0
Other tangible fixed assets				0	0
Advance payments for tangible fixed assets and tangible fixed assets under construction
Advance payments for tangible fixed assets				0	0
Tangible fixed assets under construction			0	380	0
Long-term financial assets		0		0	0
Shares - controlled organizations				0	0
Shares in accounting units with substantial influence				0	0
Other securities and shares				0	0
Loans - controlled and controlling organizations, substantial influence				0	0
Other financial investments				0	0
Financial investments acquired				0	0
Shares - controlled and controlling organizations
Loans - controlled and controlling organizations
Shares - substantial influence
Loans - substantial influence
Other securities and shares
Other loans
Other financial investments
Other financial investments
Advance payments for long-term financial assets				0	0
Current assets		810,084	906,395	781,405	662,837
Inventory		336,877	319,452	386,225	305,752
Materials		131,393	116,155	134,567	101,784
Work in progress and semi-products		150,671	146,192	183,357	129,932
Finished products and merchandise		54,758
Finished products		33,056	56,657	67,714	73,731
Merchandise		21,702	280	0	0
Animals		0		0	0
Advance payments for inventory		55	168	587	305
Receivables		393,147
Long-term receivables		18,468		0	0
Trade receivables		18,468		0	0
Receivables - controlled and controlling organizations				0	0
Receivables from accounting units with substantial influence				0	0
Deferred tax receivable				0	0
Other receivables
Receivables from partners				0	0
Long-term deposits given				0	0
Estimated receivable				0	0
Other receivables				0	0
Short-term receivables		374,679	361,652	271,213	215,643
Trade receivables		315,022	298,621	197,631	171,844
Receivables - controlled and controlling organizations				0	0
Receivables from accounting units with substantial influence				0	0
Other receivables		59,657
Short-term financial assets			225,291	123,967	141,442
Receivables from partners				0	0
Receivables from social security and health insurance				0	0
Due from state - tax receivable		35,071	46,857	63,031	32,956
Short-term deposits given		194	273	224	93
Estimated receivable		1,494	0	3,330	2,385
Other receivables		22,898	15,901	6,997	8,365
Short-term financial assets		0
Shares - controlled and controlling organizations
Other short-term financial assets
Cash and bank accounts		80,060
Cash		313	234	245	363
Bank accounts		79,747	225,057	123,722	141,079
Short-term securities and ownership interests				0	0
Short-term financial assets acquired				0	0
Accruals		1,372	1,801	2,683	3,890
Deferred expenses		1,372	1,111	2,683	3,890
Complex deferred costs			0	0
Deferred income		690	0	0
TOTAL LIABILITIES		2,406,812	2,589,422	2,610,059	2,610,354
Equity		1,884,885	2,008,279	2,023,653	2,127,955
Registered capital		200	200	200	200
Registered capital		200	200	200	200
Ownership interests (-)			0	0
Changes of registered capital ( +/-)			0	0
Share premium and capital funds		1,821,706	1,821,706	1,921,706	2,430,050
Share premium			0	0
Capital funds		1,821,706
Other capital funds		1,821,706	1,821,706	1,921,706	2,430,050
Differences from revaluation of assets and liabilities ( +/- )				0	0
Diferences from revaluation in tranformation of companies (+/-)				0	0
Diferences from tranformation of companies ( +/-)
The differences from valuation on transformation of business corporations
Funds from earnings		0		0	0
Other reserve funds				0	0
Statutory and other funds				0	0
Profit / loss - previous years (+/-)		1,373	0	64,965	-358,277
Retained earnings from previous years		1,373	0	56,050	67
Accumulated losses from previous years (-)				0	-358,344
Other profit / loss - previous years (+/-)
Profit / loss - current year (+/-)		61,606	186,373	36,782	55,982
Decided on advance for payment of a profit share (-)
Liabilities		513,164	577,525	583,134	480,419
Reserves		1,321	60,556	27,372	18,965
Reserves for pension and similar payables				0	0
Income tax reserves			59,656	27,110	18,900
Reserves under special statutory regulations				0	0
Other reserves		1,321	900	262	65
Payables		511,843
Long-term payables		282,954	310,743	333,528	358,199
Issues bonds				0	0
Exchangeable obligations
Other bonds
Liabilities to credit institutions				0	0
Long-term advances received				0	0
Trade payables				0	0
Long-term notes payables				0	0
Payables - controlled and controlling organizations				0	0
Payables to accounting units with substantial influence				0	0
Deferred tax liability		282,954	310,743	333,528	358,199
Other payables
Payables to partners				0	0
Estimated payables				0	0
Other payables				0	0
Short-term payables		228,889	206,226	222,234	103,255
Issues bonds				0	0
Exchangeable obligations
Other bonds
Payables to banks				0	0
Short-term deposits received		20,714	11,033	36,257	26,433
Trade payables		137,927	111,154	131,080	60,763
Short-term notes payables
Payables - controlled and controlling organizations			25,000	0	0
Payables to accounting units with substantial influence				0	0
Other payables		70,248
Bank loans and financial accommodations				0	0
Payables to partners				0	0
Short-term accommodations				0	0
Payroll		8,317	10,552	5,391	5,410
Payables to social securities and health insurance		5,100	6,552	3,240	3,086
Due from state - tax liabilities and subsidies		1,787	4,841	3,685	1,075
Estimated payables		29,375	9,899	12,583	3,396
Other payables		25,669	27,195	29,998	3,092
Accruals		8,763	3,618	3,272	1,980
Accrued expenses				0	0
Deferred revenues		8,763	3,618	3,272	1,980

Profit and loss accounts

Dec 31, 2016 The enclosed profit/loss account of 2016 company's own data, it is authenticated by the auditor. Dec 31, 2015 The enclosed profit/loss account of 2015 from business register,..

Dec 31, 2014 The enclosed profit/loss account of 2014 from business register,..

Dec 31, 2013 The enclosed profit/loss account of 2013 from business register,..

Name	Ref.		31/12/2016 1000 CZK profit/loss account		31/12/2015 1000 CZK profit/loss account		31/12/2014 1000 CZK profit/loss account		31/12/2013 1000 CZK profit/loss account
Turnover			1,297,547		1,550,315		1,102,944		462,249
Revenues from own products and services			1,176,811		1,418,768		1,102,944		462,249
Revenues from sold goods			120,736		131,547		0		0
Production consumption			1,017,904
Expenses on sold goods			117,155		123,223		0		0
Sale margin					8,324		0		0
Production					1,393,549		1,198,642		478,108
Consumption of material and energy			586,686		565,804		589,848		224,410
Services			314,063		362,346		309,507		95,586
Added value					473,723		299,287		158,112
Change in inventory of own products (+/-)			-9,957		-38,354		56,973		-15,232
Capitalization (-)			-59,894		13,135		38,725		31,091
Production consumption					928,150		899,355		319,996
Personnel expenses			133,149		136,938		109,400		50,517
Wages and salaries					98,684		78,155		36,858
Wages and salaries			97,276
Renumeration of board members					2,280		2,280		830
Social security, healt insurance and other expenses			35,873
Social security expenses and health insurance			32,770		33,965		27,145		12,157
Other expenses			3,103		2,009		1,820		672
Value adjustments in the operational area			176,926
Value adjustments of intagible and tangible fixed assets			148,757
Value adjustments of intagible and tangible fixed assets - permanent			148,757		146,986		159,947		51,020
Value adjustments of intagible and tangible fixed assets - temporary
Stock value adjustments			27,466
Receivable value adjustments			703
Revenues from disposals of fixed assets and materials					54,037		18,035		3,366
Other operating revenues			25,848
Other operating expenses					632		37,930		116
Revenues from disposals of fixed assets			12,690		53,957		17,891		3,360
Revenues from disposals of materials			74		80		144		6
Net book value of disposed fixed assets and materials					18,181		4,560		389
Other operating revenues			13,084
Other operating expenses			4,733
Transfer of operating revenues							0		0
Transfer of operating expenses							0		0
Net book value of sold fixed assets			3,415		18,123		4,421		368
Net book value of sold material			71		58		139		21
Taxes and fees			65		53		62		28
Change in operating reserves and adjustments and complex deferred costs ( + / -)					-2,021		847		4,917
Reserves and complex deferred costs			421
Other operating revenues					13,157		64,538		11,899
Other operating expenses			761
Operating profit / loss			60,534		240,148		69,114		66,390
Revenues from sales of securities and ownership interests							0		0
Sold securities and ownership interests							0		0
Revenues from long-term financial assets							0		0
Revenues from long-term financial assets -shares
Revenues from shares in controlled and managed organizations and in accounting units with substantial influence							0		0
Revenues from shares - controlled and controlling organizations
Revenues from others securities and ownership interests							0		0
Revenues from other long-term financial assets							0		0
Other revenues from shares
Revenues from short-term financial assets					225,291		0		0
Expenses associated with financial assets							0		0
Costs spent for sold shares
Revenues from other long-term financial assets
Revenues from other long-term financial assets -controlled and controlling organizations
Revenues from other long-term financial assets
Costs related to other fixed financial assets
Revenues from revaluation of securities and derivatives					32,283		18,199		8,848
Cost of revaluation of securities and derivatives					20,852		46,526		10,469
Interest revenues
Interest revenues - controlled and controlling organizations
Other interest revenues
Value adjustments and reserves in the financial area							0		0
Interest expenses	249				142		84		0
Interest revenues				0		290		1
Interest expenses - controlled and controlling organizations		249
Other interest expenses
Other financial revenues				44,993		83,853		25,812
Other financial reveneus		40,739
Other financial expenses				72,748		84,631		15,778
Other financial expenses		38,091
Transfer of financial revenues						0		0
Transfer of financial expenses						0		0
Profit / loss from financial operations (transactions ) (+/-)		2,399		-16,467		-28,899		8,414
Income tax on ordinary income				37,308		3,433		18,822
Profit / loss before tax (+/-)		62,933		223,681		40,215		74,804
Income tax		1,327
Due tax				60,093		28,104		18,900
Income tax - due tax		29,116
Tax deferred				-22,785		-24,671		-78
Income tax - tax deferred (+/-)		-27,789
Operating profit / loss ordinary activity				186,373		36,782		55,982
Extraordinary revenues						0		0
Extraordinary expenses						0		0
Income tax on extraordinary income						0		0
Due tax						0		0
Tax deferred						0		0
Operating profit / loss extraordinary activity						0		0
Profit/Loss after tax ( +/-)		61,606
Transfer profit (loss ) to partners (+/-)						0		0
Profit / loss of current accounting period (+/-)		61,606		186,373		36,782		55,982
Net turnover for the accounting period		1,364,134
Operating cash flow		121,943		296,994		161,345
Investment cash flow		-57,174		6,077		-28,820
Financial cash flow		-210,000		-201,747		-150,000
Receivables after due date total		75,563		67,238		67,953		16,534
Receivables more than 360 days after due date
Receivables more than 180 days after due date
Receivables more than 90 days after due date
Receivables more than 60 days after due date
Receivables more than 30 days after due date
Receivables less than 30 days after due date
Liabilities after due date total				0		0		0
Liabilities more than 360 days after due date
Liabilities more than 180 days after due date
Liabilities more than 90 days after due date
Liabilities more than 60 days after due date
Liabilities more than 30 days after due date
Liabilities less than 30 days after due date

Financial Ratios

Name	Ref.	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	1	2.61	8.64	1.54	2.87
Return on equity ROE (in %)	2	3.34	11.14	1.99	3.52
Return on sales ROS (in %)	3	4.85	14.43	3.65	16.18
Turnover of receivables (in days)	4	88.62	70.31	65.40	135.69
Turnover of liabilities (in days)	5	38.80	26.17	43.38	47.98
Turnover of inventories (days)	6	94.76	75.21	127.81	241.43
Net working capital (in ths. CZK)	7	581195.00	700169.00	559171.00	559582.00
Ratio of accounts payable to accounts receivable (in %)	8	76.81		48.80	46.73
Ratio of profit/loss to tangible assets (in%)	9	122.95	108.44	165.55	420.47
Current ratio	10			3.52	6.42
Quick ratio	11		2.85	1.78	3.46
Cash ratio	12			0.56	1.37
Debt ratio I (in %)	13	21.69	22.44	22.47	18.48
Debt ratio II (in %)	14	21.32	22.30	22.34	18.40

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.27
UK Pound	1	INR 89.72
Euro	1	INR 79.52
CZK	1	INR 3.15

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.