MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION DETAILS
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Name : |
ELEKTA
LIMITED |
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Registered Office : |
LINAC HOUSE, FLEMING WAY, CRAWLEY, WEST
SUSSEX, RH10 9RR. |
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Country : |
United
Kingdom |
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Financials (as on) : |
30/04/2005 |
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Date of Incorporation : |
02.09.1996 |
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Com. Reg. No.: |
03244454 |
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Legal Form : |
Private
Limited |
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Line of Business : |
The manufacture and sale of medical
capital equipment and associated software for the treatment of cancer. |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Identification Details
Subject Reported on ELEKTA LIMITED
Address LINAC
HOUSE, FLEMING WAY, CRAWLEY, WEST SUSSEX, RH10 9RR.
Telephone 01293 544 422
Web Address www.elekta.com
Creditline Recommendations
GBP
20m-49m financial strength rating based on net worth plus net current
assets/liabilities
Monthly Credit Guide GBP 475,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration Number 03244454
Date of Incorporation 02/09/1996
Registered Office LINAC HOUSE, FLEMING WAY,
CRAWLEY, WEST SUSSEX, RH10
9RR.
History 21/10/2003 : The Registered Office address changed
from LINAC HOUSE, FLEMING WAY, CRAWLEY, WEST SUSSE.
22/07/2003
: Change of name from ELEKTA ONCOLOGY SYSTEMS
LTD.
8/04/1997
: The Registered Office address changed from 1 FLEET
PLACE,
LONDON, EC4M 7WS.
30/01/1997
: Change of name from REFAL 496 LIMITED.
Date of Last Annual
Return to Registry 02/09/2006
Accounts The last filed accounts at Companies
House are those to 30/04/2005
Accounting Reference
Date 30/04
Operations
Activities The manufacture and sale of
medical capital equipment and associated software for the treatment of cancer.
Nace Code 3310
Premises Rented,Offices,Factory
Staff Employed 419
Import Countries No Import Activity
Export Countries No Export Activity
Bankers HSBC BANK PLC
Address 9 THE BOULEVARD, CRAWLEY, WEST SUSSEX, RH10
1UT.
Sort Code 401822
Auditors Deloitte & Touche LLP
Associated Companies ELEKTA
INSTRUMENTS LTD
Public Record Information
Summary
of CCJ's/Scottish Decrees
No
CCJs/Scottish Decrees are recorded in our file.
Summary of Mortgages, Charges and
Satisfactions
Total Number of Mortgages/Charges Registered 1
Number Outstanding 0
Number Partially Satisfied 0
Number Satisfied 1
Date of Latest Mortgage Created 10/05/2000
Date of Latest Satisfaction 19/03/2001
Details of most recent Mortgages,
Charges and Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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19/03/2001 |
12/05/2000 |
10/05/2000 |
Mortgage |
395 |
Fred Hutchinson Cancer Research Center |
It
should be noted that there is no legal requirement to file satisfaction details
of mortgages/charges at Companies House.
Other Filings and Notices
Date Source Description
12/10/2006 Companies House
Gazette Change among the directors of
a company
14/11/2005 Companies House
Gazette Change among the directors of
a company
14/06/2003 Companies House
Gazette Change among the directors of
a company
11/11/2002 Companies House
Gazette Change among the directors of
a company
07/03/2002 Companies
House Gazette Resolutions which give,
vary, revoke or renew an authority
for
the purposes of section 80
07/03/2002 Companies House
Gazette Alteration in memorandum or
articles of association
05/11/2001 Companies House
Gazette Change among the directors of
a company
15/02/2001 Companies House
Gazette Change among the directors of
a company
03/01/2001 Companies House
Gazette Change among the directors of
a company
18/08/1999 Companies House
Gazette Change among the directors of
a company
06/08/1999 Companies House
Gazette Change among the directors of
a company
25/02/1999 Companies House
Gazette Change among the directors of
a company
24/12/1998 Companies House
Gazette Change among the directors of
a company
30/05/1998 Companies House
Gazette Alteration in memorandum or
articles of association
30/05/1998 Companies House
Gazette Resolutions which give, vary,
revoke or renew an authority
for
the purposes of section 80
03/06/1997 Companies House
Gazette Change among the directors of
a company
07/05/1997 Companies House
Gazette Change among the directors of
a company
04/04/1997 Companies House
Gazette Change among the directors of
a company
Company Secretary
Secretary JEFFREY ROBERT BOYMAN
Address 64 SURREY GROVE, SUTTON, SURREY, SM1 3PN.
Country of Origin UNITED KINGDOM
Date of Birth 22/09/1948
Appointment Date 15/08/2002
Other Directorships ELEKTA HOLDINGS LIMITED
Directors
Director JOSEPH K JACHINOWSKI
Address 760 DOLORES STREET, SAN FRANCISCO,
CALIFORNIA 94110.
Country of Origin USA
Date of Birth 16/07/1955
Appointment Date 24/09/2006
Chief Executive JOHAN AXEL EDVIN
ALFRED SEDIHN
Address 14 ANESTADSGATHN, LINKOPING, 5872 3.
Country of Origin SWEDEN
Date of Birth 14/05/1965
Appointment Date 01/11/2005
Director NILS CHRISER SVERKER GLANS
Address AVSTYCKNINGSVAGEN 18, JARFALLA SE-175-50.
Country of Origin SWEDEN
Date of Birth 21/10/1944
Appointment Date 19/03/2003
Financial Controller
JEFFREY ROBERT BOYMAN
Address 64 SURREY GROVE, SUTTON, SURREY, SM1 3PN.
Country of Origin UNITED KINGDOM
Date of Birth 22/09/1948
Appointment Date 15/08/2002
Other Directorships ELEKTA HOLDINGS LIMITED
Director PER HAKAN BERGSTROM
Address TRYFFELSTIGEN 2, NYKOPING, S-611 63.
Country of Origin SWEDEN
Date of Birth 17/01/1956
Appointment Date 01/10/2001
Other Directorships ELEKTA HOLDINGS LIMITED
Director VOLKER STEIBER
Address 195 PINE CREEK ROAD, WALNUT CREEK,
CALIFORNIA 94598.
Country of Origin GERMANY
Date of Birth 02/04/1943
Appointment Date 07/02/1997
Other Directorships ELEKTA HOLDINGS LIMITED
Share Capital
Shares Ordinary GBP 1.00
Issued Number 22,201,001
Principal Shareholder 22,201,001 Elekta Holdings Ltd
The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.
Holding Company ELEKTA HOLDINGS LIMITED
Ultimate Parent ELEKTA AB (PUBL), a company
incorporated in SWEDEN
Payment Analysis
Aged Debtor Analysis
The Aged Debtor Analysis
represents the current exposure position of the subject company. The summary
shows the total amounts current and outstanding to all contributing trade
suppliers.
Aged Debtor Analysis Summary
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Outstanding Balance Past Terms |
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Trade Suppliers |
Avg Terms (Days) |
Avg Credit Limit |
Outst Balance |
Current |
+1 Month |
+2 Months |
+3 Months |
>3 Months |
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2 |
22 |
64000 |
9848 |
9848 |
0 |
0 |
0 |
0 |
Invoice
Experience
The
data below represents how the subject has been trading with its suppliers, at
an invoice level, over the last 12 months. Any invoice in the tables below that
is currently open/outstanding will also be included in the aged debt analysis.
Experiences
Last 4 Quarters
Past due in days (%)
Amount Number Within
Terms <30 <60 <90 >90
Over 25,000 GBP 0 0 0 0 0 0
20,000 to 24,999 GBP 0 0 0 0 0 0
15,000 to 19,999 GBP 0 0 0 0 0 0
10,000 to 14,999 GBP 0 0 0 0 0 0
5,000 to 9,999 GBP 0 0 0 0 0 0
Less than 5,000 GBP 2 100.000 0 0 0 0
Invoice Experience
The
following 2 tables represent invoices to show trends in payment performance.
The first show invoices in percent by quarter and the second represents the
Graydon Payment score compared to industry for the last 6 months.
Payment
Analysis in Percent per Quarter
Quarter
Payments Made 1/2006 2/2006 3/2006 4/2006
According to terms 0 0 100 0
Up to 30 days late 0 0 0 0
30 to 60 days late 0 0 0 0
60 to 90 days late 0 0 0 0
Over 90 days late 0 0 0 0
Payment
Scores Last 6 Months-Compared to Industry
Month 5/2006 6/2006 7/2006 8/2006 9/2006 10/2006
Company 0 0 0 0 8.0 0
Lower Quartile 7.0 6.4 7.0 7.0 8.0 N/A
Median 8.0 7.0 7.5 7.5 8.0 N/A
Upper Quartile 8.0 7.9 8.0 8.0 8.0 N/A
Graydon
Payment scores range between 1.0 and 8.0. An 8.0 is a perfect score achieved
through payment of all invoices according to terms. This information should be
used in conjunction with other aspects of this report. A 0 score indicates no
payment experiences recorded for that month.
Financial Data
Profit and Loss
The
following figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/04/2005 30/04/2004 30/04/2003 30/04/2002
Currency GBP GBP GBP GBP
SALES 106755 96104 84463 76852
Cost of goods sold 65770 59708 52686 50409
GROSS PROFIT 40985 36396 31777 26443
Wages and Salaries 14793 13187 11835 10500
Directors Emoluments 154 163 175 179
Auditors Fees 108 80 92 82
Trading Profit 9481 7618 10368 7811
Depreciation 1048 705 947 1020
OPERATING PROFIT 8433 6913 9421 6791
Non Trading Income 80 (678) (664) (640)
Interest Payable 865 960 1225 1447
PRE TAX PROFIT 7648 5275 7532 4704
Taxation 2040 1644 2094 2518
PROFIT AFTER TAX 5608 3631 5438 2186
RETAINED PROFITS 5608 3631 5438 2186
Balance Sheet
The
following figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/04/2005 30/04/2004 30/04/2003 30/04/2002
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 17220 17323 17611 19289
Tangible Assets 8885 8273 7847 8811
Fixed Assets 5574 4067 2259 2326
Intermediate assets 3006 3901 5146 6180
Due From Group 305 305 442 305
Intangible Assets 8335 9050 9764 10478
TOTAL CURRENT ASSETS 69948 55790 49229 52161
Trade debtors 9480 6525 7775 8443
Stocks 16443 14450 12236 11639
Other Current Assets 44025 34815 29218 32079
Misc Current Assets 2369 996 982 1278
Due From Group 32319 26163 23884 25911
Cash 9337 7656 4352 4890
TOTAL ASSETS 87168 73113 66840 71450
TOTAL CURRENT LIABILITIES 48992 41694 39360 48635
Trade creditors 10966 9069 9113 9244
Short Term Loans 28591 23200 20723 27875
Other Finance 15 128 249 420
Due To Group 28576 23072 20474 27455
Other Liabilities 9435 9425 9524 11516
WORKING CAPITAL 20956 14096 9869 3526
TOTAL LONG TERM LIABS 11736 10587 10279 11052
Long Term Loans 8542 8500 8589 9663
Other Finance 42 89 1163
Due To Group 8500 8500 8500 8500
Other Liabilities 3194 2087 1690 1389
NET ASSETS/(LIABILITIES) 26440 20832 17201 11763
SHARE CAPITAL + RESERVES 26440 20832 17201 11763
Share Cap + Sundry Res 22201 22201 22201 22201
Issued Share Capital 22201 22201 22201 22201
Profit and Loss account 4239 (1369) (5000) (10438)
SHAREHOLDERS FUNDS 26440 20832 17201 11763
CAPITAL EMPLOYED 38176 31419 27480 22815
Financial Comparison
The
following figures are shown in units of 1000
Number of Weeks 52 52 52 52
Accounts Date 30/04/2005 30/04/2004 30/04/2003 30/04/2002
Currency GBP GBP GBP GBP
Directors Remuneration 154 163 175 179
Auditors Remuneration 108 80 92 82
Liquid Assets 18817 14181 12127 13333
Net Working Capital 20956 14096 9869 3526
Long Term Debt(>12 Months) 8542 8500 8589 9663
Other Deferred Liabs 3194 2087 1690 1389
Tangible Net Worth(T.N.W) 18105 11782 7437 1285
Equity 26440 20832 17201 11763
Number of Years Trading 9 8 7 6
Number of Employees 419 384 352 325
Profit per Employee 18253 13737 21397.7 14473.8
Sales per Employee 254785.2 250270.8 239951.7 236467.7
Key Credit Ratios
The
following figures are shown as Ratios or Percentages
Accounts Date 30/04/2005 30/04/2004 30/04/2003 30/04/2002
Current Ratio 1.4 1.3 1.3 1.1
Long Term Debt/T.N.W 0.5 0.7 1.2 7.5
Pre Tax Profit Margin% 7.2 5.5 8.9 6.1
Gross Profit% 38.4 37.9 37.6 34.4
Debtors Days (D.S.O) 32 25 34 40
Creditors Days (D.P.O) 37 34 39 44
Quick Ratio 1.1 1 0.9 0.8
W.I.P/Inventory Days 91.3 88.3 84.8 84.3
Return on Investment% 12.8 11.4 18.2 12.1
Return on Assets% 8.8 7.2 11.3 6.6
T.N.W/Total Assets% 20.8 16.1 11.1 1.8
Return on Capital% 20 16.8 27.4 20.6
Rtn on Shareholders Funds% 28.9 25.3 43.8 40
Working Capital/Sales% 19.6 14.7 11.7 4.6
Borrowing Ratio% 205.1 269.1 394.1 2921.2
Equity Gearing% 43.5 39.8 34.7 19.7
Stock Turnover 6.5 6.7 6.9 6.6
Days Purchases Outstanding 60.9 55.4 63.1 66.9
Key Industry Sector Trends
Year 2006 2005 2004 2003
Sample Size 83 641 752 733
Pre-Tax Profit Margin 4.7 0.8 (2.8) (10.4)
Current Ratio 1.9 1.8 1.7 1.7
Borrowing Ratio 53.6 14.3 (7.1)
Return on Capital 20.7 18.5 17.6 17.2
Creditors Days 34 48 88 127
Above
figures relate to companies in 1992 Standard Industry Classification (Nace)
sector : Manufacture of medical and surgical equipment and orthopaedic
appliances
Financial Summary
Auditors
Qualification
The
Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on
the accounts for the period ended 30/04/2005.
Turnover
Turnover
has increased by 11 %, a growth of GBP 10,651,000 in the period.
Operating
Profit
Totalled
GBP 8,433,000. In the year prior a Profit of GBP 6,913,000 was achieved.
Pre
Tax Profit
The
subject's profit increased by 44 % in the year.
Working
Capital
The
company's working capital has increased by 49 % in the period.
Net
Worth
Net
worth has increased by 27 % and now stands at GBP 26,440,000.
Fixed
Assets
The
subject's fixed assets reduced during the year by GBP 103,000 to GBP 17,220,000
and are now 19 % of total assets compared with 23 % in the previous year.
Long
Term Liabilities
The
company's long term liabilities increased during the period by 10% and are now
44 % of net worth compared with 51 % in the previous period.
Long
Term Liabilities
Long
term liabilities are now 13 % of total liabilities compared with 14 % in the
previous period.
Long Term
Liabilities
Long
term liabilities are 31 % of capital employed, a decrease of 3 % over the
previous period.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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