MIRA INFORM REPORT

Report Date :

09.05.2007

IDENTIFICATION DETAILS

Name :	THOMAS SWAN SCIENTIFIC EQUIPMENT LTD
Registered Office :	Buckingway Business Pk, Andreson Rd Swavesey, Cambridge, CB4 5FQ
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	17/08/1999
Com. Reg. No.:	03827293
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Scientific apparatus and instruments manufacturers.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	THOMAS SWAN SCIENTIFIC EQUIPMENT LTD
Holding Company	AIXTRON AKTIENGESELLSCHAFT
Trading Address	BUCKINGWAY BUSINESS PK, ROWLES WAY, SWAVESEY, CAMBRIDGE, CB24 4FQ
Telephone	01223-519444

Credit Limit	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	03827293
Date of Incorporation	17/08/1999
Registered Office	Buckingway Business Pk, Andreson Rd Swavesey, Cambridge, CB4 5FQ
Date of Last Annual Return to Registry	17/08/2006
Activities	Scientific apparatus and instruments manufacturers.
Accounts	The last filed accounts cover the period to 31/12/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
17/08/2006	Annual Return
31/12/2006	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	PAUL KENT HYLAND
Occupation	ENGINEER
Address	SOERSER WEG 115 52070,  AACHEN GERMANY ,
Country of Origin	BRITISH
Date of Birth	20/10/1953
Appointment Date	31/05/2002
Other Appointments	AMBER MEDICAL LTD , AMBER MEDICAL MANUFACTURING LTD, AMBER MEDICAL DISTRIBUTION LTD, THOMAS SWAN SCIENTIFIC EQUIPMENT LTD
DIRECTOR	BERND  SCHULTE
Occupation	COMPANY DIRECTOR
Address	VON-GOERSCHEN-STRASSE 22,  AACHEN, GERMANY,
Date of Birth	22/08/1962
Appointment Date	01/09/2003
Other Appointments	THOMAS SWAN SCIENTIFIC EQUIPMENT LTD
DIRECTOR	WOLFGANG  BREME
Occupation	DIPL KFM
Address	KAISERBERG 9,  RATINGEN, GERMANY,
Country of Origin	GERMAN
Date of Birth	15/05/1960
Appointment Date	31/03/2005
Other Appointments	THOMAS SWAN SCIENTIFIC EQUIPMENT LTD
SECRETARY	MR  ROGER HUNTER
Address	66 HIGHSETT,  CAMBRIDGE,  CAMBRIDGESHIRE, CB2 1NZ
Country of Origin	BRITISH
Appointment Date	01/04/2006

Recently Resigned Directors (last 3)

DIRECTOR	CHRISTOPHER CHARLES DODSON
Occupation	ACCOUNTANT
Address	AN DER KAPELLE 6 , GERMANY , - -
Country of Origin	BRITISH
Date of Birth	10/08/1952
Resignation Date	31/03/2005
DIRECTOR	DR HOLGER  JUERGENSEN
Address	AIXTRON AG , D52072 AACHEN , GERMANY , - -
Country of Origin	GERMAN
Date of Birth	20/06/1957
Resignation Date	31/05/2002
DIRECTOR	KIM  SCHINDELHAUER
Address	52070 , AACHEN , GERMANY , - -
Country of Origin	GERMAN
Date of Birth	28/05/1953
Resignation Date	31/05/2002

Share Summary

Share information is not held for this company.

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Scientific apparatus and instruments manufacturers.
Sic Code	Description
2612	Shaping and processing of flat glass
Staff Employed	65
Auditors	Deloitte & Touche LLP
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	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	21,808	21,785	26,787	22,719
Export Sales	21,808	21,785	26,787
Other operating income	645
Cost of goods sold	16,873	16,304	22,458	19,832
GROSS PROFIT	4,936	5,481	4,330	2,887
General administration costs (-)	3,672	5,243	5,412	5,394
Wages and Salaries	2,914	3,034	3,069	2,980
Depreciation	244	328	1,763	1,776
Net Operating Profit(Loss)	1,909	238	-1,083	-2,506
Non Trading Income	15	15	1	3
Total Non Trading Income	15	15	1	3
Interest expenses & similar (-)	3	281
Other financial charges	243	352	224
Financial Expenses	246	281	352	224
PRE TAX PROFIT	1,678	-28	-1,434	-2,728
Other Taxation	226	152	-25
Taxation	0	0	0
PROFIT AFTER TAX	1,452	-181	-1,410	-2,728
Net Profit	1,452
Dividends Payable	0	0	0	0
RETAINED PROFITS	1,452

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	6,876	7,501	5,888	7,553
Land & buildings	425	616	680
Plant, machinery & equipment	306	898	411	512
Intangible Assets	6,145	6,209	4,861	6,361
TOTAL CURRENT ASSETS	15,245	10,640	12,756	12,170
Stocks	9,448	6,579	6,361	8,504
Trade Debtors	2,293	2,854	1,649	1,559
Other Receivables	68	56	719	455
Prepaid expenses	138	101	2,101	1,536
Cash	2,515	974	1,925	116
Tax Recoverable	304	77
own shares	479
TOTAL ASSETS	22,120	18,141	18,645	19,723
TOTAL CURRENT LIABILITIES	14,554	6,806	7,897	7,515
Trade Creditors	5,890	3,089	4,049	4,068
Taxes	66	69	78	85
Other Current Liabilities	8,100	3,225
Accruals & deferred income	498	422	3,714	2,892
WORKING CAPITAL	691	3,835	4,859	4,655
TOTAL LONG TERM LIABS	40	5,900	5,950	6,000
Taxation	40
NET ASSETS/(LIABILITIES)	7,566	11,336	10,748	12,207
SHARE CAPITAL + RESERVES	7,525	5,435	4,798	6,207
Issued Share Capital	13,500	13,500	13,500	13,500
Reserves	688	50
Profit and Loss account	-6,663	-8,115	-8,702	-7,293
SHAREHOLDERS FUNDS	7,525	5,435	4,798	6,207
CAPITAL EMPLOYED	7,565	11,335	10,748	12,207
TANGIBLE NET WORTH	1,381	-773	-64	-154

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.05	1.56	1.62	1.62
Profit Before Tax	0.08	0.00	-0.05	-0.12
Creditors Days (D.P.O)	127.42	69.15	65.81	74.87
Quick Ratio	-	-	-	-
Return on Assets	10.50	-0.24	-10.40	-20.42
T.N.W/Total Assets	0.06	-0.04	0.00	-0.01
Return on Capital	1.18	-0.01	-0.24	-0.47
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.35	0.00	0.00	0.00
Stock Turnover	0.01	0.01	0.01	0.01

Financial Summary

Turnover	Turnover increased by more than 0% in the period. Turnover totalled GBP  21,808,000 for the period.
Operating Profit	Totalled GBP  1,909,000 In the period prior a profit of GBP   238,000 was achieved.
Pre Tax	The subject made a profit of GBP  1,678,000 compared with a loss of GBP  28,000 in the previous period.
Working Capital	The company's working capital decreased in the period by 82%
Tangible Net Worth	Net worth increased by 2,154,000 during the period and now stands at GBP  1,381,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  168,000 to GBP  730,000 and are now 3% of total assets compared with 5% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 91% and are now 39% of net worth compared with -818% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 35% 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%)

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