MIRA INFORM REPORT

Report Date :

15.04.2008

IDENTIFICATION DETAILS

Name :	THERMO ELECTRON LIMITED
Registered Office :	Solaar House, 19 Mercers Row, Cambridge, CB5 8BZ
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	30.06.1983
Com. Reg. No.:	01735858
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Medical equipment wholesalers, subject deals with blood chemistry analysis systems, micropipettes and diagnostic test equipment, manufactured by its parent company.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP   1,861,800
Status :	Very Good
Payment Behaviour :	Usually Correct
Litigation :	Clear

Company Identification Details

Subject Reported on	THERMO ELECTRON LIMITED
Ultimate Holding Company	THERMO ELECTRON LTD
Trading Address	UNIT 5, THE RINGWAY CTR,EDISON RD,BASINGSTOKE,RG21 6YH
Telephone	01223-347402

	There is every confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   1,861,800
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   15,618,900
	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	01735858
Date of Incorporation	30/06/1983
Registered Office	Solaar House, 19 Mercers Row, Cambridge, CB5 8BZ
Date of Last Annual Return to Registry	16/04/2007
Activities	Medical equipment wholesalers, subject deals with blood chemistry analysis systems, micropipettes and diagnostic test equipment, manufactured by its parent company.
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 31/12/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
16/04/2007	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	RICHARD STANLEY TIPPINS
Occupation	MANAGING DIRECTOR
Address	SOLAAR HOUSE 19,  MERCERS ROW , CAMBRIDGE , CB5 8BY
Country of Origin	BRITISH
Date of Birth	11/09/1953
Appointment Date	27/04/1992
Other Appointments	THERMO ELECTRON LIMITED, VANGUARD SYSTEMS LIMITED
DIRECTOR	JAMES ROBERT EWEN COLEY  (One or more of this director's other companies has adverse information related to it)
Occupation	SOLICITOR
Address	SOLAAR HOUSE 19,  MERCERS ROW , CAMBRIDGE , CB5 8BY
Country of Origin	BRITISH
Date of Birth	02/08/1960
Appointment Date	07/04/2003
Other Appointments	ABGENE LIMITED, ABGENE UK LIMITED, ADVANCED BIOENZYMES LIMITED, ADVANCED BIOPLASTICS LIMITED, ADVANCED BIOTECHNOLOGIES LIMITED, ANALYTICAL PRECISION PRODUCTS LIMITED, ANGLIA SCIENTIFIC INSTRUMENTS LIMITED, APOGENT ROBOTICS GROUP LIMITED, APOGENT ROBOTICS LIMITED, APOGENT UK LIMITED, BEST CHECKWEIGHERS LIMITED, BRITLOWES LIMITED, CAC LIMITED, CENDUIT LIMITED, CHROMACOL LIMITED, COHESIVE TECHNOLOGIES (UK) LIMITED, COLE-PARMER INSTRUMENT COMPANY LIMITED, COMDATA SERVICES LIMITED, COMMENDSTAR LIMITED, COMTEST LIMITED, CONSUMER AND VIDEO HOLDINGS LIMITED, DENLEY INSTRUMENTS LIMITED, DOUBLECAPE HOLDING LIMITED, DOUBLECAPE LIMITED, E-C APPARATUS LIMITED, EGS GAUGING LTD, ELECTROTHERMAL ENGINEERING LIMITED, EPSOM GLASS INDUSTRIES LIMITED, EQUIBIO LIMITED, ERIE U.K. LIMITED, FINISHLONG LIMITED, FISHER CLINICAL SERVICES UK LIMITED, FISHER MAYBRIDGE HOLDINGS LIMITED, FISHER SCIENTIFIC HOLDING U.K., LIMITED, FISHER SCIENTIFIC OXOID HOLDINGS LTD, FISHER SCIENTIFIC U.K., LIMITED, FISHER SCIENTIFIC UK HOLDING COMPANY 2, FISHER SCIENTIFIC UK HOLDING COMPANY LIMITED, FORMA SCIENTIFIC LIMITED, FSIR HOLDINGS (UK) LIMITED, FSUK HOLDINGS LIMITED, G V INSTRUMENTS LIMITED, G. & M. PROCTER LIMITED, GORING KERR DETECTION LIMITED, GREENSECURE PROJECTS LIMITED, H T X LIMITED, H.P.L.C. TECHNOLOGY COMPANY LIMITED, HAAKE LIMITED, HELMET SECURITIES LIMITED, HITECH ELECTROCONTROLS LIMITED (only 1st 50 directorships shown)
DIRECTOR	KEVIN NEIL WHEELER  (One or more of this director's other companies has adverse information related to it)
Occupation	TAX MANAGER
Address	SOLAAR HOUSE 19,  MERCERS ROW , CAMBRIDGE , CB5 8BY
Country of Origin	BRITISH
Date of Birth	24/12/1958
Appointment Date	07/04/2003
Other Appointments	ABGENE LIMITED, ADVANCED BIOENZYMES LIMITED, ADVANCED BIOTECHNOLOGIES LIMITED, ANALYTICAL PRECISION PRODUCTS LIMITED, ANGLIA SCIENTIFIC INSTRUMENTS LIMITED, APOGENT UK LIMITED, BEST CHECKWEIGHERS LIMITED, BRITLOWES LIMITED, CAC LIMITED, CENDUIT LIMITED, CHROMACOL LIMITED, COHESIVE TECHNOLOGIES (UK) LIMITED, COLE-PARMER INSTRUMENT COMPANY LIMITED, COMDATA SERVICES LIMITED, COMMENDSTAR LIMITED, COMTEST LIMITED, CONSUMER AND VIDEO HOLDINGS LIMITED, DENLEY INSTRUMENTS LIMITED, DOUBLECAPE HOLDING LIMITED, DOUBLECAPE LIMITED, E-C APPARATUS LIMITED, EGS GAUGING LTD, ELECTROTHERMAL ENGINEERING LIMITED, EPSOM GLASS INDUSTRIES LIMITED, EQUIBIO LIMITED, ERIE U.K. LIMITED, FINISHLONG LIMITED, FISHER CLINICAL SERVICES UK LIMITED, FISHER MAYBRIDGE HOLDINGS LIMITED, FISHER SCIENTIFIC HOLDING U.K., LIMITED, FISHER SCIENTIFIC OXOID HOLDINGS LTD, FISHER SCIENTIFIC U.K., LIMITED, FISHER SCIENTIFIC UK HOLDING COMPANY 2, FISHER SCIENTIFIC UK HOLDING COMPANY LIMITED, FORMA SCIENTIFIC LIMITED, FSIR HOLDINGS (UK) LIMITED, FSUK HOLDINGS LIMITED, G V INSTRUMENTS LIMITED, G. & M. PROCTER LIMITED, GORING KERR DETECTION LIMITED, GREENSECURE PROJECTS LIMITED, H T X LIMITED, H.P.L.C. TECHNOLOGY COMPANY LIMITED, HAAKE LIMITED, HELMET SECURITIES LIMITED, HITECH ELECTROCONTROLS LIMITED, HYBAID LIMITED, HYCLONE UK LIMITED, I.Q. (BIO.) LIMITED, INNAPHASE LIMITED (only 1st 50 directorships shown)
SECRETARY	MS  NICOLA WARD
Address	THERMO FISHER SCIENTIFIC,  SOLAAR HOUSE, 19 MERCERS ROW , CAMBRIDGE , CAMBRIDGESHIRE , CB5 8BY
Country of Origin	BRITISH
Date of Birth	01/06/1962
Appointment Date	07/04/2003
SECRETARY	A G SECRETARIAL LTD
Address	100 BARBIROLLI SQUARE,  , MANCHESTER , M2 3AB
Country of Origin
Appointment Date	07/04/2003

Recently Resigned Directors (last 3)

DIRECTOR	CLIVE ANDREW LAING
Occupation	DIRECTOR
Address	SOLAAR HOUSE 19 , MERCERS ROW , CAMBRIDGE , - -
Country of Origin	BRITISH
Date of Birth	23/06/1963
Resignation Date	30/04/2007
DIRECTOR	JAMES IAN PERKINS
Occupation	GENERAL MANAGER
Address	21 , ALMOND WAY , LUTTERWORTH , LEICS , - -
Country of Origin	BRITISH
Date of Birth	14/12/1940
Resignation Date	01/12/2004
DIRECTOR	LARRY PETER HENTKOWSKI
Occupation	ACCOUNTANT
Address	108 , WINDY PAINT DRIVE , OHIO , USA , - -
Country of Origin	AMERICAN
Date of Birth	16/12/1953
Resignation Date	07/04/2003

Share Summary

Share information is not held for this company.

Mortgages and Charges

Total Registered	1
Total Outstanding	0
Total Satisfied	1
Most Recent Mortgage	29/10/1991

Date Registered	07/11/1991
Type	395
Date Created	29/10/1991
Lender	BARCLAYS BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Medical equipment wholesalers, subject deals with blood chemistry analysis systems, micropipettes and diagnostic test equipment, manufactured by its parent company.
Sic Code	Description
5170	Other wholesale
Staff Employed	104
Auditors	PricewaterhouseCoopers LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	National Westminster Bank PLC
Sort Codes	600404
Bankers	Barclays Bank PLC
Sort Codes	200000

Financial Data

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
Units	000	000	000	000
Consolidated?	No	No	No	No
SALES	30,943	26,997	17,678	14,498
Export Sales	7,301	10,904	3,551	3,990
Cost of goods sold	16,245	12,100	13,809	11,005
GROSS PROFIT	14,698	14,897	3,869	3,493
Other Expenses	3,859	4,799	2,617	1,856
General administration costs (-)	8,187	8,057	1,396	1,069
Wages and Salaries	8,889	8,943	3,190	2,479
Depreciation	461	753	95	132
Net Operating Profit(Loss)	2,652	2,041	-144	568
Non Trading Income	735	533	135	208
Total Non Trading Income	735	533	135	208
Interest expenses & similar (-)	38	18	-	-
Financial Expenses	38	18	0	0
PRE TAX PROFIT	3,349	2,556	-9	776
Other Taxation	217	-310	-229	-4
Taxation	0	0	-331	0
PROFIT AFTER TAX	3,132	2,866	551	780
Net Profit	3,132	2,866	551	780
Dividends Payable	0	0	0	0
RETAINED PROFITS	3,132	2,866	551	780

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
Units	000	000	000	000
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	2,834	945	669	238
Land & buildings	1,922	188	91	78
Plant, machinery & equipment	912	757	270	160
TOTAL CURRENT ASSETS	30,183	25,608	11,827	9,821
Stocks	2,276	1,957	2,073	1,578
Trade Debtors	5,524	3,456	2,896	1,506
Other Receivables	346	357	-	10
Prepaid expenses	545	402	125	115
Group Loans	7,426	6,641	5,113	4,575
Cash	13,448	11,960	1,369	2,007
Tax Recoverable	618	835	251	30
TOTAL ASSETS	33,017	26,553	12,496	10,059
TOTAL CURRENT LIABILITIES	18,262	15,031	4,639	2,753
Trade Creditors	867	352	217	190
Taxes	390	200	-	-
Other Current Liabilities	2,562	1,006	943	825
Due From Group	9,973	9,716	2,179	903
Accruals & deferred income	4,470	3,757	1,300	835
WORKING CAPITAL	11,921	10,577	7,188	7,068
TOTAL LONG TERM LIABS	698	799	0	0
Other Long Term Liabilities	698	799	-	-
NET ASSETS/(LIABILITIES)	14,755	11,522	7,857	7,306
SHARE CAPITAL + RESERVES	14,057	10,723	7,857	7,306
Issued Share Capital	300	300	300	300
Profit and Loss account	13,757	10,423	7,557	7,006
SHAREHOLDERS FUNDS	14,057	10,723	7,857	7,306
CAPITAL EMPLOYED	14,755	11,522	7,857	7,306
TANGIBLE NET WORTH	14,057	10,723	7,549	7,306

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.65	1.70	2.55	3.57
Profit Before Tax	0.11	0.09	0.00	0.05
Creditors Days (D.P.O)	19.48	10.62	5.74	6.30
Quick Ratio	1.53	1.57	2.10	2.99
Return on Assets	10.14	9.63	-0.07	7.71
T.N.W/Total Assets	0.43	0.40	0.60	0.73
Return on Capital	22.70	22.18	-0.11	10.62
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.20	0.13	-	-
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	134.88	147.63	61.45	37.68

Financial Summary

Turnover	Turnover increased by more than 15% in the period. Turnover totalled GBP  30,943,000 for the period.
Operating Profit	Totalled GBP  2,652,000 In the period prior a profit of GBP   2,041,000 was achieved.
Pre Tax	The subject made a profit of GBP  3,349,000 compared with a profit of GBP  2,556,000 in the previous period.
Working Capital	The company's working capital improved in the period by 13%
Tangible Net Worth	Net worth increased by 3,334,000 during the period and now stands at GBP  14,057,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  1,889,000 to GBP  2,834,000 and are now 9% of total assets compared with 4% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 13% and are now 5% of net worth compared with 7% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 3% 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.	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