MIRA INFORM REPORT

Report Date :

07.11.2007

IDENTIFICATION DETAILS

Name :	AMERICAN SCIENCE & ENGINEERING
Registered Office :	829 Middlesex TPKE Billerica, Ma 01821-3907
Country :	United States
Date of Incorporation :	09/29/1958
Com. Reg. No.:	839068691
Legal Form :	Institutions
Line of Business :	Measuring and controlling Devices

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 :	2 days beyond terms
Litigation :	Clear

Company Information

AMERICAN SCIENCE & ENGINEERING
829 MIDDLESEX TPKE
BILLERICA, MA 01821-3907
(978) 262-8700

Business Identification Number:

839068691

File Established:

03/1993

Date of Incorporation:

09/29/1958

SIC code:

MEASURING & CONTROLNG DEVICES, NE - 3829

Executive Summary

  Intelliscore for AMERICAN SCIENCE & ENGINEERING

59.52

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

100

High risk

Low risk

MEDIUM RISK
41% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

	NUMBER OF TRADES NET 1-30 TERMS
	NUMBER OF CURRENT ACCOUNTS
	NUMBER OF DEROGATORY PUBLIC RECORD ACCOUNTS
	NUMBER OF TRADES WITH A HIGH BALANCE TO HIGH CREDIT RATIO

  Current DBT range compared to all industries*

2 DBT
($15,800 Balance)

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 6 DBT

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings: details (FILED 11/05-02/06)

2

Judgment filings:

0

Total collections: details (PLACED 07/04-02/06)

2

Sum of legal filings:

$28,616

UCC filings: details (FILED 04/03-08/05)

5

Cautionary UCC filings present?

Yes**

Trade Information

Monthly average DBT:

1

Highest DBT previous 6 months:

2

Highest DBT previous 5 quarters:

5

Total continuous trades:

15

Current continuous trade balance:

$15,800

Trade balance of all trades (38):

$218,200

Average balance previous 5 quarters:

$8,940

Highest credit amount extended: details

$10,600

6 month balance range:

$5,400 - $17,900

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

90+

60

30

2

1

2

1

2

2

2

0

Apr07

May07

Jun07

Jul07

Aug07

Sep07

Current

  Quarterly DBT trends (previous 5 quarters)

90+

60

30

5

3

2

2

2

0

3Q06

4Q06

1Q07

2Q07

3Q07

Performance Analysis

Predicted DBT for 01/02/2008: 2 DBT

Payment Trend Indication:
Are Stable

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, 0000000, and CREDIT

Legal Filings and Collections

Collections
Date Placed	Status	Original Balance	Outstanding Balance	Date Closed	Agency	Agency Phone
02/2006	Open Account	$1,500	$1,500		NCO GROUP	(800) 735-6008
07/2004	Paid in Full	$0	Undisclosed	08/2004	CITI - OFFICE DEPOT COLLECTION	(800) 767-0048

Tax Liens
File Date	Filing Type	Status	Amount	Filing Number	Jurisdiction
02/03/2006	County Tax Lien	Filed	$19,246	18795446	SANTA CLARA RECORDER
11/07/2005	County Tax Lien	Filed	$9,370	18666121	SANTA CLARA RECORDER

Trade Payment Information

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
ADVERTISNG	10/2007		NET 30		$0						CUST 4 YR
+BUS SERVCS	10/2007		NET 7	$6,400	$3,800	100%
CONST MACH	10/2007		NET		$0
+DP EQUIP	09/2007		NET 30	$7,000	$200	100%
ELEC SUPLR	09/2007*				$0
EQUIPMENT	10/2007		NET PRX		$0
FINCL SVCS	10/2007	11/2002		$7,700	$0
GENL MERCH	10/2007		CREDIT	$1,000	$0
+INDUS MACH	08/2007		NET 30	$10,600	$10,600	94%		6%
+INDUS SUPL	10/2007	09/2007	NET 30	$700	$700	75%	25%				CUST 8 YR
LUMBR&WOOD	08/2007		NET 30	$3,200	$0
OFFC SUPPL	10/2007	05/2005	CREDIT		$0						ACCTCLOSED
=PACKAGING	10/2007		NET 30	$1,000	$500	100%					CUST 21 YR
SAFTY PROD	09/2007		NET 30	<$100	$0						CUST 2 YR
TELECOM	10/2007	03/2005	NET EOM	$8,900	$0						CUST 9 YR
TRUCK DLR	10/2007		CONTRCT	$1,100	$0

Trade Payment Totals

Trade Payment Experiences				Account Status Days Beyond Terms
Type	Lines Reported	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
Continuously Reported	15	$47,700	$15,800	95%	1%	4%			DBT: 2
Newly Reported	1	$0	$0						DBT: 0
Trade Lines Totals	16	$47,700	$15,800	95%	1%	4%			DBT: 2

Additional Payment Experiences

Trade Payment Experiences (Trade Lines With an (*) after date are newly reported)						Account Status Days Beyond Terms
Business Category	Date Reported	Last Sale	Payment Terms	Recent High Credit	Balance	Cur	1-30	31-60	61-90	91+	Comments
+AIR TRANS	06/2006	06/2006		$11,800	$11,800	100%					CUST 31 YR
+AIR TRANS	11/2006		NET 30	$171,400	$171,400	99%				1%	CUST 21 YR
BUS SERVCS	03/2005	03/2005	NET 30		$0
+CELLUL/PAG	07/2005	05/2005	NET 30	$600	$300	81%	19%				CUST 1 YR
+CELLUL/PAG	11/2004		NET 30	$300	$300	100%					CUST 6 YR
=COMPUTERS	06/2006	05/2006		$43,900	$12,400		100%
ELEC EQUIP	11/2006		NET 30	$1,100	$0
ELEC MFG	06/2005		NET 30		$0
ELEC SUPLR	04/2005		VARIED		$0
FINCL SVCS	12/2005		VARIED	$20,300	$0						ACCTCLOSED
FREIGHT	06/2007		VARIED	$1,400	$0
INDUS SUPL	05/2005		NET 30		$0						CUST 5 YR
+MOTR TRANS	12/2005	10/1999	VARIED	$25,200	$3,200	100%
+OFFC EQUIP	05/2006	05/2006	NET 30	$3,600	<$100	100%					CUST 8 YR
OFFC SUPPL	11/2005	01/2001	CREDIT		$0						CUST 6 YR
PACKAGING	01/2006	03/1999	NET 30		$0
+PRNTG&PUBL	02/2005		NET 30	$10,600	$2,100	100%
=SERVICES	01/2005		VARIED	$800	$800	67%	33%
TELECOM	07/2005	01/2005	NET 30		$0						CUST 10 YR
TRANSPORTN	11/2004		VARIED		$0
TRUCK DLR	01/2007	09/2006	NET 30	$1,600	$0						CUST 8 YR
UTILITY	11/2005		NET 15	<$100	$0

Monthly Payment Trends

Payment Trends Analysis
MEASURING & CONTROLNG DEVICES, NE INDUSTRY SIC: 3829

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

2

$15,800

95%

1%

4%

SEP07

84%

6

2

$17,800

96%

4%

AUG07

85%

6

2

$16,500

96%

4%

JUL07

85%

6

1

$8,500

93%

7%

JUN07

85%

5

2

$5,400

88%

12%

MAY07

83%

6

1

$6,000

92%

8%

APR07

85%

5

2

$6,300

88%

12%

Quarterly Payment Trends

Payment History - Quarterly Averages				Account Status Days Beyond Terms
Quarter	Months	DBT	Balance	Cur	1-30	31-60	61-90	91+
Q3 - 07	JUL-SEP	2	$14,200	96%	1%	3%
Q2 - 07	APR-JUN	2	$5,900	89%	11%
Q1 - 07	JAN-MAR	2	$9,300	94%	2%	4%
Q4 - 06	OCT-DEC	3	$8,600	92%	3%	5%
Q3 - 06	JUL-SEP	5	$6,700	88%	7%	3%		2%

UCC Profile

The UCC Filings are summarized and listed below.

UCC Summary		Filings
Date Range	Year	Cautionary UCCs^**	Total Filed	Released/ Term'd	Cont	Amended/ Assigned
JUL - PRESENT	2007
JAN - JUN	2007
JUL - DEC	2006			1
JAN - JUN	2006
JUL - DEC	2005	1	1
PRIOR TO JUL	2005	1	4
Total		2	5	1

** Cautionary UCC Filings include one or more of the following collateral:
Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

  UCC Filings

UCC FILED Date: 08/26/2005

Filing Number: 200541593490

Jurisdiction: SEC OF STATE MASSACH

Secured Party: HSBC BANK USA, NATIONAL ASSOCIATION NY BUFFALO 14203 ONE HSB

Collateral: ACCTS REC, EQUIP, FURN & FIX, INVENTORY, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 08/15/2003

Filing Number: 200323082170

Jurisdiction: SEC OF STATE MASSACH

Secured Party: SILICON VALLEY BANK CA SANTA CLARA 95054 3003 TASMAN DRIVE

Collateral: 

UCC FILED Date: 08/15/2003

Filing Number: 200323084840

Jurisdiction: SEC OF STATE MASSACH

Secured Party: SILICON VALLEY BANK CA SANTA CLARA 95054 3003 TASMAN DR.

Collateral: 

UCC FILED Date: 08/15/2003

Filing Number: 200323085090

Jurisdiction: SEC OF STATE MASSACH

Secured Party: SILICON VALLEY BANK CA SANTA CLARA 95054 3003 TASMAN DRIVE

Collateral: 

UCC FILED Date: 04/22/2003

Filing Number: 200320023860

Jurisdiction: SEC OF STATE MASSACH

Secured Party: IOS CAPITAL, LLC GA MACON 31210 1738 BASS RD.

Collateral: HEREAFTER AQUIRED PROP, EQUIP, UNDEFINED

UCC TERMINATED Date: 12/07/2006

Filing Number: 200653090650

Original Filing Date: 01/01/2001

Original Filing Number: 2005415934

Original Filing State: MA

Jurisdiction: SEC OF STATE MASSACH

Secured Party: HSBC BANK USA, NATIONAL ASSOCIATION NY BUFFALO 14203 ONE HSB

Collateral: 

Commercial Finance Relationships

  Leasing Relationships

Leasing Company: NON-DISCLOSED

Origination Date: 02/2005

Original Lease Amount: $8,568

Lease Product Type: EQUIPMENT

Lease Close Date: 05/2010

Lease Term: 64 Months

Current Scheduled Amount Due: $133

Amount of Overdue Payments: $0

Remaining Balance: $4,080

Late Payments: 0

Company Background Information

  Corporate Registration

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF MASSACHUSETTS

State of Origin: MA

Date of Incorporation: 09/29/1958

Current Status: Active

Business Type: Institutions - Profit

Charter Number: 042240991

Agent: WILLIAM GRIECO

 Additional Company Background Information

Operating Information

Business Type: Institutions

Primary SIC Code: MEASURING & CONTROLNG DEVICES, NE - 3829

Secondary SIC Code: X-RAY APPARATUS AND TUBES - 3844

Additional SIC Code: 8900 - 8711

Number of Employees: 243

Sales: $40,000,000

Standard and Poor's Information

Balance sheet for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Cash and equivalent	0	93,870	36,363
	Receivables - net	0	25,868	30,970
	Inventory	0	20,943	25,632
	Other current assets	0	13,243	1,957
	Total current assets	0	153,924	94,922
	Fixed assets - net	0	18,717	3,329
	Investments	0	0	0
	Other assets	0	748	36
	Total assets	0	173,389	98,287
	Debt due in 1 year	0	787	0
	Notes payable	0	0	0
	Accounts payable	0	6,659	6,743
	Taxes payable	0	0	0
	Other current liabilities	0	21,447	23,247
	Total current liabilities	0	28,893	29,990
	Long term debt	0	9,630	0
	Other liabilities	0	4,668	6,727
	Net worth	0	130,198	61,570
	Total liab. and net worth	0	173,389	98,287

Operating statement for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Net sales	0	163,604	88,314
	Cost of goods sold	0	84,417	56,592
	Gross income on sales	0	79,187	31,722
	Expenses	0	33,418	20,455
	Pre-tax income	0	45,769	11,267
	Taxes	0	15,983	82
	After tax income	0	29,786	11,185
	Extraord. inc. & discont'd ops	0	0	0
	Net income	0	29,786	11,185

Critical data and ratios for fiscal year ending: DEC 31 Data current through: 03/20/2007 ($ Thousands)
		2006	2005	2004
	Tangible net worth	0	130,198	61,570
	Net working capital	0	125,031	64,932
	Current ratio (times)	5.3	3.1	0.0
	% Total debt to tang. n.w.	33.1	59.6	0.0
	% Current debt to tang. n.w.	22.1	48.7	0.0
	% After tax inc. to tang. n.w.	22.8	18.1	0.0
	% After tax inc. to net sales	18.2	12.6	0.0
	Net sales to inventory (times)	7.8	3.4	0.0
	CGS to inventory (times)	90.5	165.3	0.0
	Avg. days sales outstanding (days)	0.0	0.0	0.0

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.	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