MIRA INFORM REPORT

Report Date :

10.07.2007

IDENTIFICATION DETAILS

Name :	JOHNSON MATTHEY PLC
Registered Office :	40-42 Hatton Garden, London, EC1N 8EE
Country :	United Kingdom
Financials (as on) :	31.03.2006
Date of Incorporation :	14/04/1891
Com. Reg. No.:	00033774
Legal Form :	Public Limited Liability Company (GB)
Line of Business :	Speciality chemical company    Manufacture of paints, varnishes and similar coatings, printing ink and mastics

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	JOHNSON MATTHEY PLC
Ultimate Holding Company	JOHNSON MATTHEY PLC
Trading Address	40-42 HATTON GDN,LONDON,EC1N 8EE
Telephone	020-7269-8400

Risk Score	Low Risk - There is a high degree of confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   30,000,000
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   396,266,700
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Significant Event

RESULTS: The following results for the year ended 3103.2007 were reported in the national press on 08-06-07; Figures are in pounds sterling unless otherwise stated and comparatives are for the corresponding period. Turnover 6,152m (4,574m

Lloyds TSB Bank Plc, PO Box 217, 72 Lombard St, London EC3P 3BT. 300002 National Westminster Bank PLC, 21 Lombard St, London EC3P 3AR 600001

Official Company Data

Legal Form	Public Limited Liability Company (GB)
Registration Number	00033774
Date of Incorporation	14/04/1891
Registered Office	40-42 Hatton Garden, London, EC1N 8EE
Date of Last Annual Return to Registry	25/07/2006
Activities	Speciality chemical company
Accounts	The last filed accounts cover the period to 31/03/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
25/07/2006	Annual Return
31/03/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	JOHN NICHOLAS SHELDRICK
Occupation	COMPANY DIRECTOR
Address	13,  CASTLE HILL AVENUE , BERKHAMSTED , HERTS , HP4 1HJ
Country of Origin	BRITISH
Date of Birth	07/09/1949
Appointment Date	25/07/1992
Other Appointments	JOHNSON MATTHEY PLC, MATTHEY FINANCE LIMITED, JOHNSON MATTHEY INVESTMENTS LIMITED, CASCADE BIOCHEM LIMITED, JOHNSON MATTHEY (CM) LIMITED, JOHNSON MATTHEY AMERICA HOLDINGS LIMITED, JOHNSON MATTHEY PRECIOUS METALS LIMITED, GKN PLC, JOHNSON MATTHEY FUEL CELLS LIMITED, MACFARLAN SMITH LIMITED, MECONIC LIMITED
DIRECTOR	CHARLES DORSEY MACKAY  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	8,  ALEXANDER SQUARE , LONDON , SW3 2AY
Country of Origin	BRITISH
Date of Birth	14/04/1940
Appointment Date	27/01/1999
Other Appointments	JOHNSON MATTHEY PLC, TDG PLC
DIRECTOR	MICHAEL BAILEY DEARDEN  (One or more of this director's other companies has adverse information related to it)
Occupation	CHIEF EXECUTIVE
Address	LODGE WAY HOUSE ,  LODGE WAY HARLESTONE ROAD , NORTHAMPTON , NN5 7UG
Country of Origin	BRITISH
Date of Birth	15/09/1942
Appointment Date	01/04/1999
Other Appointments	JOHNSON MATTHEY PLC, TRAVIS PERKINS PLC, WEIR GROUP PLC(THE)
DIRECTOR	NEIL ANDREW PATRICK CARSON
Occupation	COMPANY DIRECTOR
Address	8,  HILLS AVENUE , CAMBRIDGE , CB1 7XA
Country of Origin	BRITISH
Date of Birth	15/04/1957
Appointment Date	01/08/1999
Other Appointments	JOHNSON MATTHEY PLC, JOHNSON MATTHEY FUEL CELLS LIMITED
DIRECTOR	DAVID WILLIAM MORGAN
Occupation	COMPANY DIRECTOR
Address	THE OLD PARSONAGE ,  ROLVENDEN , CRANBROOK , KENT , TN17 4LS
Country of Origin	BRITISH
Date of Birth	17/10/1957
Appointment Date	01/08/1999
Other Appointments	JOHNSON MATTHEY PLC, DAVY PROCESS TECHNOLOGY INTERNATIONAL LIMITED, MATTHEY FINANCE LIMITED, ACMA LIMITED, DAVY PROCESS TECHNOLOGY LIMITED, JOHNSON MATTHEY INVESTMENTS LIMITED, CASCADE BIOCHEM LIMITED, AVOCADO RESEARCH CHEMICALS LIMITED, MICROCINA UK LIMITED, JOHNSON MATTHEY (CM) LIMITED, JOHNSON MATTHEY PRINT LIMITED, JOHNSON MATTHEY CERAMICS & MATERIALS LIMITED, JOHNSON MATTHEY SERVICES LIMITED, MICROCINA HOLDINGS EUROPE LIMITED, MATTHEY HOLDINGS LIMITED, VSF RESIN & VARNISH LIMITED, JOHNSON MATTHEY AMERICA HOLDINGS LIMITED, JOHNSON MATTHEY PRECIOUS METALS LIMITED, FUEL CELL TODAY LIMITED, PANELFORTH LIMITED, JOHNSON MATTHEY FUEL CELLS LIMITED, KATALCO LIMITED, TRACERCO LIMITED, SYNETIX LIMITED, DAVY PROCESS TECHNOLOGY RESEARCH LIMITED, ALFA AESAR CHINA LIMITED, MACFARLAN SMITH LIMITED, MECONIC LIMITED
DIRECTOR	IAN CHARLES STRACHAN  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	30,  BLOOMFIELD TERRACE , LONDON , SW1W 8PQ
Country of Origin	BRITISH CITIZEN
Date of Birth	07/04/1943
Appointment Date	23/01/2002
Other Appointments	JOHNSON MATTHEY PLC, ROLLS-ROYCE PLC, REUTERS GROUP PLC, XSTRATA PLC, ROLLS-ROYCE GROUP PLC
DIRECTOR	ALAN MATTHEW THOMSON
Occupation	FINANCIAL DIRECTOR
Address	765,  FINCHLEY ROAD , LONDON , NW11 8DS
Country of Origin	AMERICAN
Date of Birth	06/09/1946
Appointment Date	24/09/2002
Other Appointments	JOHNSON MATTHEY PLC, SMITHS INDUSTRIES OVERSEAS LIMITED
DIRECTOR	ROBERT JORIS WILLEM WALVIS  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	OLD RECTORY ,  SHIPTON OLIFFE , CHELTENHAM , GLOS , GL54 4HU
Country of Origin	BRITISH
Date of Birth	09/02/1947
Appointment Date	24/09/2002
Other Appointments	JOHNSON MATTHEY PLC, BALFOUR BEATTY PLC, 147 HOLLAND PARK AVENUE LIMITED
DIRECTOR	LAWRENCE CRAIG PENTZ
Occupation	COMPANY DIRECTOR
Address	1,  NORMAN TERRACE AGAMEMNON ROAD , LONDON , NW6 1BU
Country of Origin	AMERICAN
Date of Birth	18/05/1955
Appointment Date	01/08/2003
Other Appointments	JOHNSON MATTHEY PLC
DIRECTOR	PELHAM NIGEL HAWKER
Occupation	COMPANY DIRECTOR
Address	THE DOVE HOUSE ,  RECTORY LANE FOWLMERE , ROYSTON , HERTS , SG8 7TJ
Date of Birth	13/05/1953
Appointment Date	01/08/2003
Other Appointments	JOHNSON MATTHEY PLC, DAVY PROCESS TECHNOLOGY INTERNATIONAL LIMITED, ACMA LIMITED, DAVY PROCESS TECHNOLOGY LIMITED, AVOCADO RESEARCH CHEMICALS LIMITED, DAVY PROCESS TECHNOLOGY RESEARCH LIMITED, ALFA AESAR CHINA LIMITED
DIRECTOR	JOHN MICHAEL MIDDLECOTT BANHAM
Occupation	COMPANY CHAIRMAN
Address	34,  HORNTON STREET , LONDON , W8 4NR
Country of Origin	BRITISH
Date of Birth	22/08/1940
Appointment Date	01/01/2006
Other Appointments	JOHNSON MATTHEY PLC, INVESCO PLC, SOUTH WEST ENTERPRISE LTD , PENBERTH DEVELOPMENTS LIMITED, CYCLACEL GROUP PLC , ECI PARTNERS LLP, WESTCOUNTRY MANAGEMENT LLP
SECRETARY	MR  SIMON FARRANT
Address	36 MYCENAE ROAD,  , LONDON , SE3 7SG
Country of Origin	BRITISH
Date of Birth	12/06/1961
Appointment Date	01/05/1999

Recently Resigned Directors (last 3)

DIRECTOR	HENRY MICHAEL PEARSON MILES
Occupation	COMPANY DIRECTOR
Address	8B , HARLEY GARDENS , LONDON , - -
Country of Origin	BRITISH
Date of Birth	19/04/1936
Resignation Date	31/03/2006
DIRECTOR	CHRISTOPHER RICHARD NIGEL CLARK
Occupation	COMPANY DIRECTOR
Address	30 , MARRYAT ROAD , LONDON , - -
Country of Origin	BRITISH
Date of Birth	29/01/1942
Resignation Date	20/07/2004
DIRECTOR	HUGH ROYSTON JENKINS
Occupation	INVESTMENT DIR
Address	67 , LIMERSTON STREET , LONDON , - -
Country of Origin	BRITISH
Date of Birth	09/11/1933
Resignation Date	16/07/2003

Share Summary

Share information is not held for this company.

Mortgages and Charges

Total Registered	13
Total Outstanding	2
Total Satisfied	11
Most Recent Mortgage	16/08/1985

Date Registered	20/08/1985
Type	9999
Date Created	16/08/1985
Lender	MORGAN GUARANTY TRUST COMPANY
Secured On	ALL MONEYS DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ANY OF THE COMPANIES NAMED THEREIN TO MORGAN GUARANTY TRUST COMPANY AS AGENT UNDER THE TERMS OF A MEDIUM TERM FINANCING AGREEMENT DATED 16.8.85 THE GENERAL TRADING AGREEMENT DATED 16.8.85 AND THIS CHARGE.
Details	ALL RIGHTS, TITLES, INTERESTS AND BENEFITS IN ANY SHARES IN ANY PRESENT OR FUTURE DIRECT OR INDIRECT SUBSIDIARY OF JOHNSON MATTHEY PUBLIC LIMITED COMPANY (SEE DOC M31 FOR FURTHER DETAILS)
Satisfied?	Fully
Date Registered	20/08/1985
Type	9999
Date Created	16/08/1985
Lender	MORGAN GUARANTY TRUST COMPANY
Secured On	ALL MONEYS DUE OR TO BECOME DUE FROM THE COMPANY AND/OR ALL OR ANY OF THE COMPANIES NAMED THEREIN TO MORGAN GUARANTY TRUST COMPANY AS SPECIAL TRUSTEE OR AGENT FOR THE BANK
Details	ALL RIGHTS TITLES BENEFITS AND INTERESTS (SEE DOC M312)
Satisfied?	Fully
Date Registered	30/04/1985
Type	9999
Date Created	24/04/1985
Lender	WILLIAMS & GLYN'S TRUST COMPANY LIMITED
Secured On	3,000,000 6 1/2% MORTGAGE DEBENTURE STOCK 1985/90 AND 4,500,000 8 1/2% MORTGAGE DEBENTURE STOCK 1985/95 AS DEFINED THEREIN OF THE COMPANY SECURED BY A TRUST DEED DATED 15TH NOVEMBER 1963 AND DEEDS SUPPLEMENTAL THERETO AND ALL OTHER MONEYS SECURED BY THE 1985 DEED AS DEFINED
Details	L/HOLD INTEREST OWNED BY THE COMPANY IN 73-83 HATTON GARDEN CAMDEN LONDON ALL BUILDINGS AND ERECTIONS AND FIXTURES AND FIXED PLANT AND THE MACHINERY. TOGETHER WITH THE OTHER PROPERTY AND PARTICULARS AS DETAILED ON DOC M395 (SEE DOC M395 FOR FULL DETAILS)
Satisfied?	Fully
Date Registered	30/04/1985
Type	403A
Date Created	24/04/1985
Lender	WILLIAMS & GLYN'S TRUST COMPANY LIMITED
Secured On	3,000,000 6 1/2% MORTGAGE DEBENTURE STOCK 1985/90 AND 4,500,000 8 1/2% MORTGAGE DEBENTURE STOCK 1985/95 AS DEFINED THEREIN OF THE COMPANY SECURED BY A TRUST DEED DATED 15TH NOVEMBER 1963 AND DEEDS SUPPLEMENTAL THERETO AND ALL OTHER MONEYS SECURED BY THE 1985 DEED AS DEFINED
Details	L/HOLD INTEREST OWNED BY THE COMPANY IN 73-83 HATTON GARDEN CAMDEN LONDON ALL BUILDINGS AND ERECTIONS AND FIXTURES AND FIXED PLANT AND THE MACHINERY. TOGETHER WITH THE OTHER PROPERTY AND PARTICULARS AS DETAILED ON DOC M395 (SEE DOC M395 FOR FULL DETAILS)
Satisfied?	Fully
Date Registered	24/02/1926
Type	403A
Satisfied?	Fully
Date Registered	24/02/1926
Type	9999
Satisfied?	No
Date Registered	12/04/1912
Type	9999
Satisfied?	No
Date Registered	12/04/1912
Type	403A
Satisfied?	Fully
Date Created	15/11/1963
Satisfied?	Fully
Date Created	31/10/1967
Satisfied?	Fully
Date Created	16/08/1985
Satisfied?	Fully
Date Created	09/11/1984
Satisfied?	Fully
Date Created	09/11/1984
Satisfied?	Fully
Date Created	29/11/1984
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Speciality chemical company
Sic Code	Description
2430	Manufacture of paints, varnishes and similar coatings, printing ink and mastics
2414	Manufacture of other organic basic chemicals
Staff Employed	7718
Auditors	KPMG Audit PLC
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/03/2006	31/03/2005	31/03/2004	31/03/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
SALES	4,755,900	758,900	4,492,900	4,323,900
Export Sales	4,755,900	-	4,492,900	4,323,900
Cost of goods sold	4,343,700	409,800	4,128,400	3,968,000
GROSS PROFIT	412,200	349,100	364,500	355,900
Other Expenses	85,900	85,700	83,200	73,400
General administration costs (-)	97,600	100,600	93,600	98,400
Wages and Salaries	270,600	269,600	262,300	240,142
Depreciation	70,800	66,500	63,300	54,400
Net Operating Profit(Loss)	228,700	162,800	187,700	184,400
Non Trading Income	8,300	19,200	10,200	9,000
Other financial income	8,700	10,000	6,700	10,900
Total Non Trading Income	17,000	29,200	16,900	20,100
Interest expenses & similar (-)	31,700	32,500	26,200	22,100
Other financial charges	200	28,500	400	6,300
Financial Expenses	31,900	61,000	26,600	28,400
PRE TAX PROFIT	213,800	131,000	178,000	176,100
Other Taxation	100	16,200	30,100	36,700
Taxation	62,400	27,800	27,800	17,800
PROFIT AFTER TAX	151,300	87,000	120,100	121,600
Net Profit	151,300	88,200	121,800	122,000
Dividends Payable	60,400	59,800	57,400	55,500
RETAINED PROFITS	90,900	28,400	64,400	66,500

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/03/2006	31/03/2005	31/03/2004	31/03/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	Yes	Yes	Yes	Yes
TOTAL FIXED ASSETS	1,194,600	999,200	1,022,200	976,600
Land & buildings	268,200	186,400	180,000	159,800
Plant, machinery & equipment	392,900	418,500	428,100	441,300
Intermediate Assets	10,200	6,600	5,500	6,400
Other long term assets	79,600	33,500	31,500	-
Intangible Assets	443,700	354,200	377,100	369,100
TOTAL CURRENT ASSETS	971,300	860,000	912,800	1,047,700
Stocks	345,800	416,500	417,300	438,400
Trade Debtors	425,200	321,700	320,200	317,700
Other Receivables	26,600	21,300	37,900	22,400
Prepaid expenses	26,700	20,400	23,900	146,100
Cash	133,000	78,700	106,500	100,400
Marketable Securities	100	600	1,600	15,300
Tax Recoverable	3,600	800	5,400	1,700
own shares	10,300	-	-	5,000
TOTAL ASSETS	2,165,900	1,859,200	1,935,000	2,024,300
TOTAL CURRENT LIABILITIES	554,800	481,800	532,800	560,500
Trade Creditors	203,900	153,900	151,500	180,600
Bank Overdraft	7,900	36,500	46,200	46,200
Taxes	66,000	16,300	54,700	39,700
Other Current Liabilities	161,900	136,400	161,500	161,900
Hire Purchase	300	300	300	300
Accruals & deferred income	114,800	97,300	79,000	93,200
WORKING CAPITAL	416,500	378,200	380,000	487,200
TOTAL LONG TERM LIABS	573,000	516,000	540,000	568,200
Minority Interest	6,400	7,300	9,400	10,800
Taxation	49,700	29,700	20,400	66,600
Total Hire Purchase / Leasing	3,400	-	4,000	4,200
Other Long Term Liabilities	513,500	67,500	55,700	34,400
NET ASSETS/(LIABILITIES)	1,611,100	1,377,400	1,402,200	1,463,800
SHARE CAPITAL + RESERVES	1,038,100	861,400	862,200	895,600
Issued Share Capital	220,200	219,500	220,600	219,500
Share Premium Accounts	144,400	139,800	137,100	131,800
Reserves	-34,500	-31,400	-24,400	5,000
Profit and Loss account	708,000	533,500	528,900	539,300
SHAREHOLDERS FUNDS	1,038,100	861,400	862,200	895,600
CAPITAL EMPLOYED	1,611,100	1,377,400	1,402,200	1,463,800
TANGIBLE NET WORTH	594,400	507,200	485,100	526,500

Key Credit Ratios

Accounts Date	31/03/2006	31/03/2005	31/03/2004	31/03/2003
Current Ratio	1.75	1.78	1.71	1.87
Profit Before Tax	0.04	0.17	0.04	0.04
Creditors Days (D.P.O)	17.13	137.08	13.39	16.61
Quick Ratio	-	-	-	-
Return on Assets	13.10	8.94	11.70	10.68
T.N.W/Total Assets	0.27	0.27	0.25	0.26
Return on Capital	0.20	0.13	0.18	0.16
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.01	0.05	0.06	0.05
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 527% in the period. Turnover totaled GBP  4,755,900,000 for the period.
Operating Profit	Totaled GBP  228,700,000 In the period prior a profit of GBP   162,800,000 was achieved.
Pre Tax	The subject made a profit of GBP  213,800,000 compared with a profit of GBP  131,000,000 in the previous period.
Working Capital	The company's working capital improved in the period by 10%
Tangible Net Worth	Net worth increased by 87,200,000 during the period and now stands at GBP  594,400,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  56,200,000 to GBP  661,100,000 and are now 31% of total assets compared with 33% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 12% and are now 115% of net worth compared with 119% in the previous period
Long Term Liabilities	Long term liabilities are now 31% of total assets compared with 33% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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