MIRA INFORM REPORT

Report No. :	505773
Report Date :	02.05.2018

IDENTIFICATION DETAILS

Name :	FEI CZECH REPUBLIC S.R.O.
Formerly Known As :	· DELMI, SPOL. S R.O. · PHILIPS ELECTRON OPTICS Cˇ ESKA´ REPUBLIKA S.R.O.
Registered Office :	Vlastimila Pecha 1282/12 627 00 Brno
Country :	Czech Republic
Financials (as on) :	31.12.2016
Date of Incorporation :	08.09.1992
Com. Reg. No.:	C 7300
Legal Form :	Private Limited Company
Line of Business :	Manufacture of Optical Instruments and Photographic Equipment
No. of Employees :	950 [2018]

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 :	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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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

FEI CZECH REPUBLIC S.R.O. Vlastimila Pecha 1282/12 627 00 Brno Czech Republic	Telephone Telefax E-mail Web	00420/ 533 311 111 00420/ 533 311 108 infobrno@fei.com www.fei.com
Crefo Nr. 9210017152 Statistical Nr. 46971629 Tax Nr. CZ46971629	Registration: Registration Nr. Status	Krajsky´ Soud V Brneˇ C 7300 activ

Economic situation

Business connection	Business connections appear permissible	(31)
Terms of payment	mostly no complaints, but occasional delays / reminders	(31)

Basic information

Legal form

Private Limited Company

Founded

08/09/1992 as Private limited company

Registration

08/09/1992, Krajsk´y soud v Brnˇ e, C 7300

Statistical Nr.: 46971629

Tax Nr.: CZ46971629

Registered Names

Valid From	Trade Name(S)	Valid Until
21/12/2000	FEI CZECH REPUBLIC S.R.O.
Valid From	Former Name(S)	Valid Until
08/09/1992	DELMI, SPOL. S R.O.	14/03/1996
14/03/1996	PHILIPS ELECTRON OPTICS Cˇ ESKA´ REPUBLIKA S.R.O.	21/12/2000

Owners and Capital

Crefo Nr.

Name / Address / Status

From

Share

Shareholders

9214220821	FEI CPD B.V. Achtseweg Noord 5, 5651GG Eindhoven, Gebouw AAE Netherlands	09/06/2015	1,500,000 CZK
Total capital			1,500,000 CZK

Registered Capital
Date	Currency	Value
22/09/1993	CZK	1,500,000

Management

Crefo Nr.	Name / Address / Status	Since
Management
9217132159	Hynek Peˇrina (birth date 18/05/1978) Executive Manager U S´ypky 621/7, 691 83 Drnholec Czech Republic	15/09/2017
9214834420	Ing. Aleˇs Hor´ak (birth date 28/09/1975) confidential clerk Dillingerova 1909/15, 621 00 Brno Czech Republic	26/09/2017
9214937498	Petrus Thomas Adrianus Van Der Zande (birth date 20/02/1966) Executive Manager Nieuwe Molenweg 53, Halsteren Netherlands	15/09/2017
9214937497	Ralf Oliver Schlegel (birth date 02/09/1966) Executive Manager Hanna-Kunath-Strasse 11, 28199 Bremen Germany	15/09/2017
9210189653	RNDr. Petr Stˇrelec (birth date 23/06/1964) confidential clerk Podol´ı 314, 664 03 Podol´ı u Brna Czech Republic	10/04/2014

Company Addresses

Valid from	Address	Valid Until
09/06/2015	Vlastimila Pecha 1282/12, 627 00 Brno, Czech Republic
08/09/1992	E.Voracˇicke´ 24, Brno, Czech Republic	14/11/1995
14/11/1995	Jundrovska´ 31, Brno, Czech Republic	14/04/1999
14/04/1999	Podnikatelska´ 4, Brno, Czech Republic	05/03/2004
05/03/2004	Podnikatelska´ 2956/6, Brno, Czech Republic	10/04/2014
10/04/2014	Podnikatelska´ 2956/6, 612 00 Brno, Czech Republic	01/09/2014
01/09/2014	Vlastimila Pecha 1282/12, 627 00 Brno, Czech Republic	09/06/2015

Business Activities

Main activity	Nace
Manufacture of optical instruments and photographic equipment	26.70

Additional activities

Development, manufacture and sale of electron microscopes as well as \ of appliances with current carriers for research and processing of \ micro-structures.

Economic Data

Turnover and Employees

Date	Turnover	Employees
2006	actual sales 1,864,832,000 CZK
2007	actual sales 2,516,488,000 CZK
2008	actual sales 2,606,648,000 CZK	285 employees
2009	actual sales 2,605,910,000 CZK	290 employees
2010	actual sales 3,064,600,000 CZK	307 employees
2011	actual sales 6,056,387,000 CZK	398 employees
2012	actual sales 7,458,598,000 CZK	478 employees
2013	actual sales 7,502,452,000 CZK	526 employees
2014	actual sales 7,088,605,000 CZK	559 employees
2015	actual sales 8,216,390,000 CZK	598 employees
2016	actual sales 8,564,360,000 CZK	634 employees
2017		800 employees
2018		950 employees

Import/Export

	Import	Export
Percentage	Unknown	100 %
Countries	European Union, USA	European Union, USA, Hong Kong

Supplementary Data

Remarks

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.

Since 2016 the company FEI Czech Republic s.r.o. is a member of the

group Thermo Fisher Scientific.

From the middle of the year 2010 till the end of the year 2011, there

was gradual shifting of production of one range of microscopes from

Eindhoven in Netherlands to the production plant in Brno.

For the year 2016 the company expects increase of revenues (increase

of sale of apparatusses SDB, SEM and TEM).

18.9.2014 - new technological facility was opened in Brno-Cˇ ernovicke´

terasy, investition: CZK 400 million.

Research/development expenses:

year 2016 CZK 368.212.000,-

year 2015 CZK 269.884.000,-

year 2014 CZK 213.247.000,-

year 2013 CZK 185.915.000,-

Contact:

Ing. Aleˇs Hor´ ak, financial accountant,

phone: 00420/ 533 311 115, e-mail: ales.horak@fei.com

Dagmar Peclov´ a, wages accountant,

phone: 00420/ 533 311 126, 00420/ 736 530 816

Banks

Code	Bank name / Address	Account Nr.
		NL12RBOS0588238368
		NL34HSBC0786496746
		NL36RBOS0588256366
		NL95HSBC0786497297
8150	HSBC Bank PLC - Pobocˇka Praha	2236703107/8150
2700	UniCredit Bank Czech Republic and Slovakia, a.s.	373519024/2700

Main Indices

Payment Experience and Credit Opinion

Terms of payment	mostly no complaints, but occasional delays / reminders	(31)
Business connection	Business connections appear permissible	(31)
Business Development
Company development	Positive company development	(20)
Order situation	Satisfactory order situation	(30)

Events

No negative events registered.

Per 24/04/2018 the company was examined in a Central register of executions and no were found.

Balances

Auditor

Crefo Nr.	Name / Address / Status	Since	Power of Attorney
Auditor

Crefo Nr.	Name / Address / Status	Since	Power of attorney
9210059030	PricewaterhouseCoopers Audit, s.r.o. Statistical Nr.: 40765521 Hveˇzdova 1734/2c, Praha, 140 00, Czech Republic telephone: 00420/ 251151111 telefax: 00420/ 251156111 e-mail: pricewaterhousecoopers.cz@cz.pwc.com Web: www.pwc.com/cz

Balances

Dec 31, 2016 The enclosed balance of 2016 from business register, it is authenticated by the auditor.

Dec 31, 2015 The enclosed balance of 2015 from business register, it is authenticated by the auditor.

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

Dec 31, 2013 The enclosed balance of 2013 from business register, it is authenticated by the auditor.

Name	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
TOTAL ASSETS	5,388,475	4,531,838	4,110,888	3,370,208
Receivables for subscriptions	0		0	0
Fixed assets	886,058	876,922	819,214	449,357
Intangible fixed assets	12,464	6,025	4,137	18,914
Incorporation expenses			0
Research and development			0
Valuable rights	10,797
Software	10,797	6,025	4,137	18,914
Other valuable rights			0
Goodwill			0
Other intangible fixed assets			0
Other intangible fixed assets
Advance payments for intangible fixed assets and intangible fixed assets under construction	1,667
Advance payments for intangible fixed assets			0
Intangible fixed assets under construction	1,667		0
Tangible fixed assets	873,594	870,897	815,077	430,443
Lands and Constructions	547,493
Lands			0	0
Constructions	547,493	552,265	556,326	42,330
Equipment	291,796	230,261	215,162	114,552
Adjustment to acquired assets			0
Other tangible fixed assets
Perennial corps			0
Breeding and draught animals			0
Other tangible fixed assets			0
Advance payments for tangible fixed assets and tangible fixed assets under construction	34,305
Advance payments for tangible fixed assets			0	120,863
Tangible fixed assets under construction	34,305	88,371	43,589	152,698

Name	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
Long-term financial assets	0		0	0
Shares - controlled organizations			0
Shares in accounting units with substantial influ- ence			0
Other securities and shares			0
Loans - controlled and controlling organizations, substantial influence			0
Other financial investments			0
Financial investments acquired			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
Current assets	4,464,587	3,607,558	3,238,570	2,906,445
Inventory	1,401,782	1,383,850	1,349,032	1,137,848
Materials	383,049	484,912	506,359	394,629
Work in progress and semi-products	853,078	794,570	716,324	595,791
Finished products and merchandise	165,655
Finished products	165,655	104,368	126,349	147,428
Merchandise			0
Animals			0
Advance payments for inventory			0
Receivables	3,031,358
Long-term receivables	69,436	77,731	86,955	9,363
Trade receivables			0
Receivables - controlled and controlling organiza- tions			0
Receivables from accounting units with substan- tial influence			0
Deferred tax receivable	69,436	77,731	86,955	9,363
Other receivables
Receivables from partners			0
Long-term deposits given			0
Estimated receivable			0
Other receivables			0
Short-term receivables	2,961,922	1,799,925	1,473,718	1,270,520
Trade receivables	2,653,239	1,520,233	1,396,201	1,220,890

Name	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
Receivables - controlled and controlling organiza- tions			0
Receivables from accounting units with substan- tial influence			0
Other receivables	308,683
Short-term financial assets		346,052	328,865	488,714
Receivables from partners			0
Receivables from social security and health insur- ance			0
Due from state - tax receivable	42,304	55,505	37,490	37,244
Short-term deposits given	2,255	8,607	5,187	2,353
Estimated receivable	250,826	192,957	5,559	4,621
Other receivables	13,298	22,623	29,281	5,412
Short-term financial assets
Shares - controlled and controlling organizations
Other short-term financial assets
Cash and bank accounts	31,447
Cash	87	97	87	87
Bank accounts	31,360	345,955	328,778	488,627
Short-term securities and ownership interests			0
Short-term financial assets acquired			0
Accruals	37,830	47,358	53,104	14,406
Deferred expenses	37,830	47,358	53,104	14,406
Complex deferred costs			0
Deferred income			0
TOTAL LIABILITIES	5,388,475	4,531,838	4,110,888	3,370,208
Equity	3,072,022	2,766,403	2,509,760	2,144,807
Registered capital	1,500	1,500	1,500	1,500
Registered capital	1,500	1,500	1,500	1,500
Ownership interests (-)			0
Changes of registered capital ( +/- )			0
Share premium and capital funds	357,179	357,179	357,804	360,699
Share premium			0
Capital funds	357,179
Other capital funds	357,179	357,179	357,179	357,179
Differences from revaluation of assets and liabili- ties ( +/- )			625	3,520
Diferences from revaluation in tranformation of companies (+/-)			0
Diferences from tranformation of companies ( +/-)
The differences from valuation on transformation of business corporations

Name	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
Funds from earnings	0		0	150
Other reserve funds			0	150
Statutory and other funds			0
Profit / loss - previous years (+/-)	2,407,724	2,150,457	1,782,608	1,527,200
Retained earnings from previous years	2,407,724	2,150,457	1,782,608	1,527,200
Accumulated losses from previous years (-)			0
Other profit / loss - previous years (+/-)
Profit / loss - current year (+/-)	305,619	257,267	367,848	255,258
Decided on advance for payment of a profit share (-)
Liabilities	2,316,453	1,765,435	1,601,128	1,225,115
Reserves	20,369	23,407	39,959	7,862
Reserves for pension and similar payables			0
Income tax reserves			0
Reserves under special statutory regulations			0
Other reserves	20,369	23,407	39,959	7,862
Payables	2,296,084
Long-term payables	0		0	449,799
Issues bonds			0
Exchangeable obligations
Other bonds
Liabilities to credit institutions			0	0
Long-term advances received			0
Trade payables			0
Long-term notes payables			0
Payables - controlled and controlling organizations			0	449,799
Payables to accounting units with substantial in- fluence			0
Deferred tax liability			0
Other payables
Payables to partners			0
Estimated payables			0
Other payables			0
Short-term payables	2,296,084	1,466,285	1,561,169	767,454
Issues bonds			0
Exchangeable obligations
Other bonds
Payables to banks	172,190	275,743	0	0
Short-term deposits received			0
Trade payables	1,636,850	758,813	971,149	481,179
Short-term notes payables
Payables - controlled and controlling organizations	238,755	534,263	235,328

Name	31/12/2016 1000 CZK balance	31/12/2015 1000 CZK balance	31/12/2014 1000 CZK balance	31/12/2013 1000 CZK balance
Payables to accounting units with substantial in- fluence			0
Other payables	248,289
Bank loans and financial accommodations		275,743	0	0
Payables to partners			0
Short-term accommodations			0	0
Payroll	24,956	24,024	21,500	19,017
Payables to social securities and health insurance	13,313	12,051	10,866	9,461
Due from state - tax liabilities and subsidies	14,399	4,487	9,959	13,587
Estimated payables	168,701	123,999	241,477	233,906
Other payables	26,920	8,648	70,890	10,304
Accruals	0		0	286
Accrued expenses			0
Deferred revenues			0	286

Profit and loss accounts

Dec 31, 2016 The enclosed profit/loss account of 2016 from business register, it is authenticated by the auditor.

Dec 31, 2015 The enclosed profit/loss account of 2015 from business register, it is authenticated by the auditor.

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, it is authenticated by the auditor.

Name	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	8,564,360	8,216,390	7,088,605	7,502,452
Revenues from own products and services	8,564,360	8,216,390	7,088,605	7,502,452
Revenues from sold goods			0	0
Production consumption	7,659,470
Expenses on sold goods			0	0
Sale margin			0	0
Production		8,294,559	7,220,832	7,513,014
Consumption of material and energy	3,757,688	3,503,684	3,527,631	3,411,287
Services	3,901,782	3,897,761	2,814,453	3,319,720
Added value		893,114	878,748	782,007
Change in inventory of own products (+/-)	-161,457	56,265	99,454	-30,962
Capitalization (-)	-33,323	21,904	32,773	41,524
Production consumption		7,401,445	6,342,084	6,731,007
Personnel expenses	513,361	479,567	408,898	365,907
Wages and salaries		348,379	296,988	263,269
Wages and salaries	372,630
Renumeration of board members			0

Name	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
Social security, healt insurance and other ex- penses	140,731
Social security expenses and health insurance	132,084	114,041	97,453	87,562
Other expenses	8,647	17,147	14,457	15,076
Value adjustments in the operational area	209,344
Value adjustments of intagible and tangible fixed assets	119,967
Value adjustments of intagible and tangible fixed assets - permanent	120,177	102,386	124,200	83,665
Value adjustments of intagible and tangible fixed assets - temporary	-210
Stock value adjustments	89,377
Receivable value adjustments
Revenues from disposals of fixed assets and materials		220,249	192,849	162,061
Other operating revenues	253,039
Other operating expenses		45,337	23,905	30,917
Revenues from disposals of fixed assets	61	1,283	138	20
Revenues from disposals of materials	234,963	218,966	192,711	162,041
Net book value of disposed fixed assets and materials		160,141	122,112	127,053
Other operating revenues	18,015
Other operating expenses	206,638
Transfer of operating revenues			0
Transfer of operating expenses			0
Net book value of sold fixed assets		493	57
Net book value of sold material	149,814	159,648	122,055	127,053
Taxes and fees	1,066	935	676	732
Change in operating reserves and adjustments and complex deferred costs ( + / - )		17,214	47,725	16,084
Reserves and complex deferred costs	-3,038
Other operating revenues		19,620	19,613	3,605
Other operating expenses	58,796
Operating profit / loss	423,366	327,403	363,694	323,315
Revenues from sales of securities and ownership interests			0
Sold securities and ownership interests			0
Revenues from long-term financial assets			0
Revenues from long-term financial assets - shares
Revenues from shares in controlled and managed organizations and in accounting units with sub- stantial influence			0

Name	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
Revenues from shares - controlled and controlling organizations
Revenues from others securities and ownership interests			0
Revenues from other long-term financial as- sets			0
Other revenues from shares
Revenues from short-term financial assets			0
Expenses associated with financial assets			0
Costs spent for sold shares
Revenues from other long-term financial as- sets
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			0	19,331
Cost of revaluation of securities and derivatives		128,580	63,551
Interest revenues	250
Interest revenues - controlled and controlling or- ganizations
Other interest revenues	250
Value adjustments and reserves in the finan- cial area			0
Interest expenses	6,251	4,467	4,783	4,124
Interest revenues		128	222	141
Interest expenses - controlled and controlling or- ganizations	3,699
Other interest expenses	2,552
Other financial revenues		103,015	45,431	0
Other financial reveneus	11,829
Other financial expenses			0	38,773
Other financial expenses	65,155
Transfer of financial revenues			0
Transfer of financial expenses			0
Profit / loss from financial operations ( trans- actions ) (+/-)	-59,327	-29,904	-22,681	-23,425
Income tax on ordinary income		40,232	-26,835	44,632
Profit / loss before tax (+/-)	364,039	297,499	341,013	299,890
Income tax	58,420
Due tax		30,861	50,078	50,747
Income tax - due tax	50,125
Tax deferred		9,371	-76,913	-6,115

Name	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
Income tax - tax deferred (+/-)	8,295
Operating profit / loss ordinary activity		257,267	367,848	255,258
Extraordinary revenues			0
Extraordinary expenses			0
Income tax on extraordinary income			0
Due tax			0
Tax deferred			0
Operating profit / loss extraordinary activity			0	0
Profit/Loss after tax ( +/- )	305,619
Transfer profit ( loss ) to partners (+/-)			0
Profit / loss of current accounting period (+/-)	305,619	257,267	367,848	255,258
Net turnover for the accounting period	8,829,478
Operating cash flow	253,586	-401,012	539,705	600,971
Investment cash flow	-167,362	-154,709	-483,007	-292,117
Financial cash flow	-297,276	123,400	-216,547	50,378
Receivables after due date total	1,362,283	388,687	208,553	249,992
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		44,304	235,238	76,515
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	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Return on total assets ROA (in %)	6.76	6.56	8.30	8.90
Return on equity ROE (in %)	11.85	10.75	13.59	13.98
Return on sales ROS (in %)	4.25	3.62	4.81	4.00
Turnover of receivables (in days)	113.08	67.53	71.89	59.40
Turnover of liabilities (in days)	69.76	33.71	50.01	23.41
Turnover of inventories (days)	59.74	61.48	69.46	55.36
Net working capital (in ths. CZK)	1996313.00	1865530.00	1677401.00	2138991.00
Ratio of accounts payable to accounts receivable (in %)	132.02		99.97	105.15

Name	31/12/2016	31/12/2015	31/12/2014	31/12/2013
Ratio of profit/loss to tangible assets (in%)	10.35	10.67	11.56	5.99
Current ratio	1.81	2.07	2.07	3.79
Quick ratio		1.23	1.15	2.29
Cash ratio		0.20	0.21	0.64
Debt ratio I (in %)	42.99	38.96	38.95	36.36
Debt ratio II (in %)	42.99	38.96	38.95	36.35

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
CZK	1	INR 3.12

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

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)

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