MIRA INFORM REPORT

Report No. :	509771
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	LABORATORY IMAGING S.R.O.
Registered Office :	Za drahou 171/17, 102 00 Praha
Country :	Czech Republic
Financials (as on) :	31.03.2017
Date of Incorporation :	11.01.1991
Com. Reg. No.:	C 745
Legal Form :	Private limited company
Line of Business :	Computer programming activities
No. of Employees :	55 [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 :	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 (30.09.2017)	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 name and address

Laboratory Imaging s.r.o.

Za drahou 171/17
102 00 Praha

telephone: 00420/ 272 081 400
telefax: 00420/ 271 732 657
e-mail: lim@lim.cz
Web: www.lim.cz

COMPANY SUMMARY

Company development

Positive company development

(20)

Order situation	Satisfactory order situation	(30)
Terms of payment	Regular	(29)

Business connection

Business connections are permissible

(21)

Legal form

Private limited company

Foundation	11/01/1991 - Private limited company
Comp. Register	11/01/1991, Městský soud v Praze, RegNr.: C 745 Statistical number: 14890925 Tax number: CZ14890925

Share Capital	11/01/1991	CZK	210 000,-
	15/08/2016	CZK	1 000 000,-

Shareholders	Laboratory Imaging Systems s.r.o. (Statistical number: 05701805) Za drahou 171/17, 102 00 Praha	CZK	980 000,-
	Nikon Corporation Shinagawa Intercity Tower C, 2-15-3, Konan, Minato-ku, Tokio, Japan	CZK	20 000,-

Management	Dalibor Mikeš (06.11.1975) Na pasece 201/3, 160 00 Praha Executive Manager
	Ing. Josef Mikeš (21.06.1946) Na Pasece 201/3, Praha 6 Executive Manager

	Ing. Miroslav Svoboda (03.04.1963) Pod Školkou 398, 254 01 Jílové u Prahy Executive Manager
General Data	Development and delivery of systems of computer processing and storage of image data, service and consultancy in the sphere of processing and analysis of image data for the sphere of healthcare, biology, research and criminology.

Main activity: Computer programming activities	(62.01)
Former name(s) Laboratory Imaging, spol. s.r.o. Beginning of validity: 11.01.1991 End of validity: 16.08.2016

Trade name(s) Laboratory Imaging s.r.o. Beginning of validity: 16.08.2016
Export: European Union South Korea China Taiwan	88%

Import:
European Union
USA

General contacts:
telephone:
00420/ 272 081 400
telefax:
00420/ 271 732 657
e-mail:
lim@lim.cz
Web:
www.lim.cz

Address:
Za drahou 171/17, 102 00 Praha
Beginning of validity: 15.08.2016

Na Pasece 201/3, Praha 6
Beginning of validity: 13.03.1992
End of validity: 15.08.2016

Na Pasece 202/3, Praha 6
Beginning of validity: 11.01.1991
End of validity: 13.03.1992

Branches of the business:
Cacovická 602/28, 614 00 Brno

Staff	2003	20 employees
	2004	20 employees

2005	21 employees
2013	45 employees

2014	48 employees
2015	48 employees

2016	53 employees
2017	54 employees

	2018	55 employees
Annual Sales	2002		actual sales	CZK	50 281 000,-

2003	actual sales	CZK	57 114 000,-
2004	actual sales	CZK	59 750 000,-

2008	actual sales	CZK	100 308 000,-
2009	actual sales	CZK	108 702 000,-

2010	actual sales	CZK	100 228 000,-
2012	actual sales	CZK	124 518 000,-

2013	actual sales	CZK	102 190 000,-
2014	actual sales	CZK	138 919 000,-

2015	actual sales	CZK	162 779 000,-
2016	actual sales	CZK	150 815 000,-

2017	actual sales	CZK	137 326 000,-
VAT-payer since 1.4. - 31.3. turnover stated by 31.3.

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.

In consequence of division of the company Laboratory Imaging s.r.o. by split-off and merger, a part of property was transferred to the company Laboratory Imaging Systems s.r.o., Za drahou 171/17, Hostivař, 102 00 Praha 10, IČO: 057 01 805, as successor company, based on Project on division from 27.2.2017. Transferred were financials CZK 80 mllion, EUR 3 million, land LV 1382, Hostivař and real esttate Za Drahou 171/17 102 00 Praha 10 - Hostivař. Determining day: 1.4.2017.

Bankers

Komerční banka, a.s. Account number: 104149061/0100 Československá obchodní banka, a. s. Account number: 727373/0300 Account number: CZ2603000000000478433593

(0100) (0300)

Financials

balance	31.03.2014 (CZK)	31.03.2015 (CZK)	31.03.2016 (CZK)	31.03.2017 (CZK)
TOTAL ASSETS	262 808 000	280 620 000	315 789 000	346 559 000
Receivables for subscriptions			0	0
Fixed assets	47 328 000	47 007 000	54 719 000	54 401 000
Intangible fixed assets	14 062 000	14 894 000	13 787 000	13 871 000
Incorporation expenses			0
Research and development			0
Valuable rights				13 871 000
Software	12 288 000	14 894 000	13 787 000	13 871 000
Goodwill			0
Other intangible fixed assets			0
Advance payments for intangible fixed assets			0
Intangible fixed assets under construction	1 774 000		0
Tangible fixed assets	33 266 000	32 113 000	30 604 000	30 112 000
Lands and Constructions				27 337 000
Lands	5 454 000	5 454 000	5 454 000	5 454 000
Constructions	24 809 000	23 787 000	22 765 000	21 883 000
Equipment	2 986 000	2 855 000	2 375 000	2 723 000
Adjustment to acquired assets			0
Other tangible fixed assets				10 000
Perennial corps			0
Breeding and draught animals			0
Other tangible fixed assets	17 000	17 000	10 000	10 000
Advance payments for tangible fixed assets and tangible fixed assets under construction				42 000
Advance payments for tangible fixed assets			0
Tangible fixed assets under construction			0	42 000
Long-term financial assets	0	0	10 328 000	10 418 000
Shares - controlled organizations			0
Shares in accounting units with substantial influence			0
Other securities and shares			10 328 000
Loans - controlled and controlling organizations, substantial influence			0
Other financial investments			0
Financial investments acquired			0
Other securities and shares				10 418 000
Advance payments for long-term financial assets			0
Current assets	214 496 000	233 240 000	260 776 000	291 810 000
Inventory	11 978 000	12 567 000	13 309 000	14 988 000
Materials			0
Work in progress and semi-products	400 000		0
Finished products and merchandise				14 856 000
Finished products			0
Merchandise	11 578 000	12 137 000	13 309 000	14 856 000
Animals			0
Advance payments for inventory		430 000	0	132 000
Receivables				36 137 000
Long-term receivables	0	0	0	0
Trade receivables			0
Receivables - controlled and controlling organizations			0
Receivables from accounting units with substantial influence			0
Deferred tax receivable			0
Receivables from partners			0
Long-term deposits given			0
Estimated receivable			0
Other receivables			0
Short-term receivables	30 545 000	30 127 000	40 107 000	36 137 000
Trade receivables	25 778 000	28 642 000	29 839 000	31 651 000
Receivables - controlled and controlling organizations			0
Receivables from accounting units with substantial influence			0
Other receivables				4 486 000
Short-term financial assets	171 973 000	190 546 000	209 814 000
Receivables from partners		4 000	0
Receivables from social security and health insurance			0
Due from state - tax receivable	101 000	274 000	5 406 000	3 767 000
Short-term deposits given	4 666 000	1 200 000	1 348 000	719 000
Estimated receivable			0
Other receivables		7 000	1 060 000
Cash and bank accounts				240 685 000
Cash	139 000	195 000	259 000	285 000
Bank accounts	171 834 000	190 351 000	209 555 000	240 400 000
Short-term securities and ownership interests			0
Short-term financial assets acquired			0
Accruals	984 000	373 000	294 000	348 000
Deferred expenses	984 000	373 000	294 000	348 000
Complex deferred costs			0
Deferred income			0
TOTAL LIABILITIES	262 808 000	280 620 000	315 789 000	346 559 000
Equity	251 419 000	270 806 000	306 968 000	339 584 000
Registered capital	210 000	210 000	210 000	1 000 000
Registered capital	210 000	210 000	210 000	1 000 000
Ownership interests (-)			0
Changes of registered capital ( +/- )			0
Share premium and capital funds			0	0
Share premium			0
Other capital funds			0
Differences from revaluation of assets and liabilities ( +/- )			0
Diferences from revaluation in tranformation of companies (+/-)			0
Funds from earnings	1 229 000	1 229 000	1 229 000	1 229 000
Other reserve funds	21 000	21 000	21 000	21 000
Statutory and other funds	1 208 000	1 208 000	1 208 000	1 208 000
Profit / loss - previous years (+/-)	202 424 000	209 982 000	269 367 000	303 439 000
Retained earnings from previous years	202 424 000	209 982 000	269 367 000	303 439 000
Accumulated losses from previous years (-)			0
Profit / loss - current year (+/-)	47 556 000	59 385 000	36 162 000	33 916 000
Liabilities	11 369 000	9 799 000	8 802 000	6 626 000
Reserves	0	0	0	0
Reserves for pension and similar payables			0
Income tax reserves			0
Reserves under special statutory regulations			0
Other reserves			0
Payables				6 626 000
Long-term payables	329 000	465 000	387 000	476 000
Issues bonds			0
Liabilities to credit institutions	0	0	0
Long-term advances received			0
Trade payables			0
Long-term notes payables			0
Payables - controlled and controlling organizations			0
Payables to accounting units with substantial influence			0
Deferred tax liability	329 000	465 000	387 000	476 000
Payables to partners			0
Estimated payables			0
Other payables			0
Short-term payables	11 040 000	9 334 000	8 415 000	6 150 000
Issues bonds			0
Payables to banks	0	0	0
Short-term deposits received	1 293 000	381 000	15 000	421 000
Trade payables	622 000	181 000	1 114 000	232 000
Payables - controlled and controlling organizations			0
Payables to accounting units with substantial influence			0
Other payables				5 497 000
Bank loans and financial accommodations	0	0	0
Payables to partners	34 000		0
Short-term accommodations	0	0	0
Payroll	1 949 000	2 326 000	2 457 000	2 246 000
Payables to social securities and health insurance	1 164 000	1 329 000	1 503 000	1 374 000
Due from state - tax liabilities and subsidies	5 007 000	4 906 000	3 110 000	1 635 000
Estimated payables	219 000	211 000	216 000	236 000
Other payables	752 000		0	6 000
Accruals	20 000	15 000	19 000	349 000
Accrued expenses		11 000	5 000	12 000
Deferred revenues	20 000	4 000	14 000	337 000
profit/loss account	31.03.2014 (CZK)	31.03.2015 (CZK)	31.03.2016 (CZK)	31.03.2017 (CZK)
Turnover	138 919 000	162 779 000	150 815 000	137 326 000
Revenues from own products and services	95 656 000	114 842 000	105 230 000	109 049 000
Revenues from sold goods	43 263 000	47 937 000	45 585 000	28 277 000
Production consumption				26 078 000
Expenses on sold goods	26 137 000	25 006 000	23 709 000	16 699 000
Sale margin	17 126 000	22 931 000	21 876 000
Production	104 605 000	123 642 000	114 465 000
Consumption of material and energy	2 672 000	2 738 000	2 314 000	2 324 000
Services	7 292 000	7 207 000	6 701 000	7 055 000
Added value	111 767 000	136 628 000	127 326 000
Change in inventory of own products (+/-)	-352 000	-400 000	0
Capitalization (-)	9 301 000	9 200 000	9 235 000	-9 448 000
Production consumption	9 964 000	9 945 000	9 015 000
Personnel expenses	51 105 000	59 573 000	66 776 000	67 521 000
Wages and salaries	37 905 000	44 336 000	50 089 000
Wages and salaries				50 575 000
Renumeration of board members			0
Social security, healt insurance and other expenses				16 946 000
Social security expenses and health insurance	12 669 000	14 677 000	16 118 000	16 341 000
Other expenses	531 000	560 000	569 000	605 000
Value adjustments in the operational area				11 719 000
Value adjustments of intagible and tangible fixed assets				11 720 000
Value adjustments of intagible and tangible fixed assets - permanent	9 968 000	10 798 000	12 260 000	11 720 000
Receivable value adjustments				-1 000
Revenues from disposals of fixed assets and materials	903 000	486 000	23 000
Other operating revenues				1 954 000
Other operating expenses	578 000	626 000	564 000
Revenues from disposals of fixed assets	756 000	419 000	23 000	176 000
Revenues from disposals of materials	147 000	67 000	0
Net book value of disposed fixed assets and materials	61 000	257 000	0
Other operating revenues				1 778 000
Other operating expenses				511 000
Transfer of operating revenues			0
Transfer of operating expenses			0
Net book value of sold fixed assets	61 000	257 000	0
Net book value of sold material			0
Taxes and fees	1 271 000	70 000	86 000	156 000
Change in operating reserves and adjustments and complex deferred costs ( + / - )			1 227 000
Other operating revenues	752 000	3 610 000	2 358 000
Other operating expenses				355 000
Operating profit / loss	50 439 000	69 400 000	48 794 000	42 899 000
Revenues from sales of securities and ownership interests			0
Sold securities and ownership interests			0
Revenues from long-term financial assets	0	0	72 000
Revenues from shares in controlled and managed organizations and in accounting units with substantial influence			0
Revenues from others securities and ownership interests			72 000
Revenues from other long-term financial assets	0	0	0
Revenues from short-term financial assets			0
Expenses associated with financial assets			0
Revenues from other long-term financial assets				90 000
Revenues from other long-term financial assets				90 000
Revenues from revaluation of securities and derivatives			0
Cost of revaluation of securities and derivatives			0
Interest revenues				51 000
Other interest revenues				51 000
Value adjustments and reserves in the financial area			0
Interest expenses			0
Interest revenues	64 000	33 000	123 000
Other financial revenues	9 407 000	4 974 000	195 000
Other financial reveneus				149 000
Other financial expenses	1 344 000	935 000	4 312 000
Other financial expenses				1 180 000
Transfer of financial revenues			0
Transfer of financial expenses			0
Profit / loss from financial operations ( transactions ) (+/-)	8 127 000	4 072 000	-3 922 000	-890 000
Income tax on ordinary income	11 303 000	14 087 000	8 710 000
Profit / loss before tax (+/-)	58 928 000	73 472 000	44 872 000	42 009 000
Income tax				8 093 000
Due tax	11 098 000	13 951 000	8 787 000
Income tax - due tax				8 005 000
Tax deferred	205 000	136 000	-77 000
Income tax - tax deferred (+/-)				88 000
Operating profit / loss ordinary activity	47 263 000	59 385 000	36 162 000
Extraordinary revenues	362 000		0
Extraordinary expenses			0
Income tax on extraordinary income	69 000	0	0
Due tax	69 000		0
Tax deferred			0
Operating profit / loss extraordinary activity	293 000	0	0
Profit/Loss after tax ( +/- )				33 916 000
Transfer profit ( loss ) to partners (+/-)			0
Profit / loss of current accounting period (+/-)	47 556 000	59 385 000	36 162 000	33 916 000
Net turnover for the accounting period				139 570 000
Operating cash flow				43 397 000
Investment cash flow				-11 226 000
Financial cash flow				-1 300 000
Receivables after due date total	1 615 000	211 000	1 929 000	2 111 000
Receivables more than 180 days after due date	78 000	37 000	1 227 000	1 226 000
Liabilities after due date total	-46 000	16 000	-28 000	0
Liabilities more than 180 days after due date	-48 000	-37 000

Balance indices		31.03.2014	31.03.2015	31.03.2016	31.03.2017
Return on total assets ROA (in %)	a62/r1 * 100	22,42	26,18	14,21	12,12
Return on equity ROE (in %)	a62/r68 * 100	23,44	27,13	14,62	12,37
Return on sales ROS (in %)	a62/a1 * 100	42,42	45,14	29,75	30,59
Turnover of receivables (in days)	r49/a1 * 365	67,73	64,22	72,22	84,13
Turnover of liabilities (in days)	r103/a1 * 365	1,63	0,41	2,70	0,62
Turnover of inventories (days)	r32/a1 * 365	31,47	28,18	32,21	39,84
Net working capital (in ths. CZK)	r31 - r102 - r116 - r117	203 456,00	223 906,00	252 361,00	285 660,00
Ratio of accounts payable to accounts receivable (in %)	(r39+r48) / (r91+r102) * 100	268,67	307,45	455,66	545,38
Ratio of profit/loss to tangible assets (in%)	r3 / a1 * 100	34,07	28,88	36,28	39,61
Current ratio	r31 / (r102+r116+r117)	19,43	24,99	30,99	n/a
Quick ratio	(r58+r48) / (r102+r116+r117)	18,34	23,64	29,70	n/a
Cash ratio	r58 / (r102+r116+r117)	15,58	20,41	24,93	n/a
Debt ratio I (in %)	(1-r68/r67) * 100	4,33	3,50	2,79	2,01
Debt ratio II (in %)	r85/r67 * 100	4,33	3,49	2,79	1,91

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.44
UK Pound	1	INR 89.89
Euro	1	INR 79.00
CZK	1	INR 3.03

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	SYL

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.