MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	ELEKTA LIMITED
Formerly Known As :	ELEKTA ONCOLOGY SYSTEMS LTD.
Registered Office :	Linac House, Flaming Way, Crawley West Sussex, Rh10 9rr.
Country :	United Kingdom
Financials (as on) :	30.04.2011
Date of Incorporation :	02.09.1996
Com. Reg. No.:	03244454
Legal Form :	Private Limited
Line of Business :	The manufacture and sale of medical capital equipment and associated software for the treatment of cancer.
No. of Employees :	516

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

Maximum Credit Limit :	GBP 1,125,000
Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Identification Details

Subject Reported on	ELEKTA LIMITED
Registration Number	03244454
Address	LINAC HOUSE, FLEMING WAY, CRAWLEY, WEST SUSSEX, RH10 9RR.
Telephone	01293 544 422
Web Address	www.elekta.com

Creditline Recommendations

Monthly Credit Guide GBP 1,125,000

Official Company Data

Legal Form	Private Limited
Registration Number	03244454
Subject Status	Trading
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	02/09/2011
Accounts	The last filed accounts at Companies House are those to 30/04/2011
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	516
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 LLP
Associated Companies	ELEKTA INSTRUMENTS LTD

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
2	11	24

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
22/12/2011	Miscellaneous
07/12/2011	Miscellaneous
21/09/2011	Miscellaneous
21/09/2011	Miscellaneous
16/09/2011	Miscellaneous
09/09/2011	Miscellaneous
18/08/2011	Miscellaneous
18/08/2011	Miscellaneous
12/08/2011	Miscellaneous
12/08/2011	Miscellaneous
22/07/2011	Miscellaneous
27/06/2011	Miscellaneous
07/06/2011	Miscellaneous
12/04/2011	Miscellaneous
12/04/2011	Miscellaneous
11/04/2011	Miscellaneous
11/04/2011	Miscellaneous
10/04/2011	Miscellaneous
10/04/2011	Miscellaneous
21/03/2011	Miscellaneous
15/03/2011	Miscellaneous
15/03/2011	Miscellaneous
04/03/2011	Miscellaneous
02/03/2011	Miscellaneous
26/11/2010	Miscellaneous

Public Record Information

Summary of CCJ's/Scottish Decrees

Period	Last 72 Months
Amount Summary	6,900
Count Summary	1
Unsettled Amount Summary	6,900
Highest Amount Summary	6,900	0	0

Details of the most recent CCJ's/Scottish Decrees

Date	Amount	Type	Case No	Satisfied	Court
12/10/2007	6,900	Judgment	7HH01601		HAYWARDS HEATH

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

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
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

20/10/2011	Companies House Gazette	Notification of any change among the company's directors
25/02/2010	Companies House Gazette	Any amendment to company's articles (including every resolution or agreement required to be embodied in or annexed to copies of the company's articles issued by
10/02/2010	Companies House Gazette	Notification of any change among the company's directors
03/08/2009	Companies House Gazette	Change among directors of a company
05/12/2008	Companies House Gazette	Change among directors of a company
01/12/2007	Companies House Gazette	Change among directors of a company
12/10/2006	Companies House Gazette	Change among directors of a company
14/11/2005	Companies House Gazette	Change among directors of a company
14/06/2003	Companies House Gazette	Change among directors of a company
11/11/2002	Companies House Gazette	Change among directors of a company
07/03/2002	Companies House Gazette	Resolutions which give vary
07/03/2002	Companies House Gazette	Alteration in memorandum or articles of association
05/11/2001	Companies House Gazette	Change among directors of a company
15/02/2001	Companies House Gazette	Change among directors of a company
03/01/2001	Companies House Gazette	Change among directors of a company
18/08/1999	Companies House Gazette	Change among directors of a company
06/08/1999	Companies House Gazette	Change among directors of a company
25/02/1999	Companies House Gazette	Change among directors of a company
24/12/1998	Companies House Gazette	Change among directors of a company
30/05/1998	Companies House Gazette	Alteration in memorandum or articles of association

Company Secretary

Secretary	CATHERINE GERALDINE REGAN
Service Address	22 KEATS CLOSE, HORSHAM, WEST SUSSEX, RH12 5PL.
Country of Origin	IRISH REPUBLIC
Date of Birth	03/01/1964
Appointment Date	06/07/2009

Directors

Director	PER HAKAN BERGSTROM
Service 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
Financial Controller	JEFFREY ROBERT BOYMAN
Service 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
Chief Executive	JOHAN AXEL EDVIN ALFRED SEDIHN
Service Address	19 WIMBLEHURST ROAD, HORSHAM, WEST SUSSEX, RH12 2EA.
Country of Origin	SWEDEN
Date of Birth	14/05/1965
Appointment Date	01/11/2005
Other Directorships	ELEKTA HOLDINGS LIMITED
Director	MR LARS OLOF SANDEN
Service Address	LINAC HOUSE, FLEMING WAY, CRAWLEY, WEST SUSSEX, RH10 9RR.
Country of Origin	SWEDEN
Date of Birth	14/06/1962
Appointment Date	05/02/2010
Director	MR LUTZ HAGEN SCHAEFER
Service Address	LINAC HOUSE, FLEMING WAY, CRAWLEY, WEST SUSSEX, RH10 9RR.
Country of Origin	GERMANY
Date of Birth	10/03/1967
Appointment Date	05/10/2011

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

Financial Data– Statutory Accounts

For annual accounts images, view the Document Image list

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/04/2011	30/04/2010	30/04/2009	30/04/2008
Currency	GBP	GBP	GBP	GBP
SALES	305198	266820	218295	170858
Export			218295	170858
Cost of goods sold	197716	167295	135000	113982
GROSS PROFIT	107482	99525	83295	56876
Wages and Salaries	23932	21044	21200	17866
Directors Emoluments	549	441	296	349
Auditors Fees	93	90	82	114
Trading Profit	31886	35508	24315	11013
Depreciation	1728	1703	1468	1500
OPERATING PROFIT	30158	33805	22847	9513
Non Trading Income	40	24	349	416
Interest Payable	1105	746	2445	1125
PRE TAX PROFIT	29093	33083	20751	8804
Taxation	7087	9085	3979	2595
PROFIT AFTER TAX	22006	23998	16772	6209
Dividends Payable		25000		14000
RETAINED PROFITS	22006	(1002)	16772	(7791)

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/04/2011	30/04/2010	30/04/2009	30/04/2008
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	14429	13112	14019	15224
Tangible Assets	10381	8349	8541	9032
Fixed Assets	7375	5343	5535	6026
Intermediate assets	3006	3006	3006	3006
Intangible Assets	4048	4763	5478	6192
TOTAL CURRENT ASSETS	180634	156790	130439	111009
Trade debtors	59452	42373	33863	26753
Stocks	20347	23447	18527	18838
Other Current Assets	100835	90970	78049	65418
Misc Current Assets	7402	4863	4144	4506
Due From Group	93433	86107	73905	60912
TOTAL ASSETS	195063	169902	144458	126233
TOTAL CURRENT LIABILITIES	113542	109962	83508	81776
Trade creditors	25654	21633	25174	25618
Short Term Loans	34590	41197	35169	45851
Bank Overdraft	6046	5811	1062	13557
Other Finance			3	13
Due To Group	28544	35386	34104	32281
Other Liabilities	53298	47132	23165	10307
WORKING CAPITAL	67092	46828	46931	29233
TOTAL LONG TERM LIABS	15634	16059	16067	16346
Long Term Loans	13500	13500	13500	13503
Other Finance				3
Due To Group	13500	13500	13500	13500
Other Liabilities	2134	2559	2567	2843
NET ASSETS/(LIABILITIES)	65887	43881	44883	28111
SHARE CAPITAL + RESERVES	65887	43881	44883	28111
Share Cap + Sundry Res	22201	22201	22201	22201
Issued Share Capital	22201	22201	22201	22201
Profit and Loss account	43686	21680	22682	5910
SHAREHOLDERS FUNDS	65887	43881	44883	28111
CAPITAL EMPLOYED	81521	59940	60950	44457

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/04/2011	30/04/2010	30/04/2009	30/04/2008
Currency	GBP	GBP	GBP	GBP
Directors Remuneration	549	441	296	349
Auditors Remuneration	93	90	82	114
Liquid Assets	59452	42373	33863	26753
Net Working Capital	67092	46828	46931	29233
Long Term Debt(>12 Months)	13500	13500	13500	13503
Other Deferred Liabs	2134	2559	2567	2843
Tangible Net Worth(T.N.W)	61839	39118	39405	21919
Equity	65887	43881	44883	28111
Number of Years Trading	15	14	13	12
Number of Employees	516	492	470	457
Profit per Employee	56381.8	67241.9	44151.1	19264.8
Sales per Employee	591469	542317.1	464457.4	373868.7

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/04/2011	30/04/2010	30/04/2009	30/04/2008
Current Ratio	1.6	1.4	1.6	1.4
Long Term Debt/T.N.W	0.2	0.3	0.3	0.6
Pre Tax Profit Margin%	9.5	12.4	9.5	5.2
Gross Profit%	35.2	37.3	38.2	33.3
Debtors Days (D.S.O)	71	58	57	57
Creditors Days (D.P.O)	31	30	42	55
Quick Ratio	1.4	1.2	1.3	1.1
W.I.P/Inventory Days	37.6	51.2	50.1	60.3
Return on Investment%	26	33.4	24.1	11
Return on Assets%	14.9	19.5	14.4	7
T.N.W/Total Assets%	31.7	23	27.3	17.4
Return on Capital%	35.7	55.2	34	19.8
Rtn on Shareholders Funds%	44.2	75.4	46.2	31.3
Working Capital/Sales%	22	17.6	21.5	17.1
Borrowing Ratio%	77.8	139.8	123.5	270.8
Equity Gearing%	51	34.8	45.1	28.6
Stock Turnover	15	11.4	11.8	9.1
Days Purchases Outstanding	47.4	47.2	68.1	82
Sales/Fixed Assets	41.4	49.9	39.4	28.4
Debt Gearing	21.8	34.5	34.3	61.6

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	222	815	833	831
Pre-Tax Profit Margin	2.7	4.6	2.7	(5.3)
Current Ratio	2.3	1.9	1.9	1.9
Borrowing Ratio	36.1	10.9	3.6	5
Return on Capital	23.7	20.3	21.3	22.5
Creditors Days	42	54	251	90

Above figures relate to companies in 2003 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 30/04/2011.

Turnover

Turnover has increased by 14 %, a growth of GBP 38,378,000 in the period.

Operating Profit

Totalled GBP 30,158,000. In the year prior a Profit of GBP 33,805,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 12 % over the previous year.

Working Capital

The company's working capital has increased by 43 % in the period.

Net Worth

Net worth has increased by 50 % and now stands at GBP 65,887,000.

Fixed Assets

The subject's fixed assets increased during the year by GBP 1,317,000 to GBP 14,429,000 and are now 7 % of total assets compared with 7 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 2 % and are now 24 % of net worth compared with 37 % in the previous period.

Long Term Liabilities

Long term liabilities are now 8 % of total liabilities compared with 9 % in the previous period.

Long Term Liabilities

Long term liabilities are 19 % of capital employed, a decrease of 8 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

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	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
----	NB	New Business	----

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.