MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	ELEKTA LIMITED

Formerly Known As :	ELEKTA ONCOLOGY SYSTEMS LTD

Registered Office :	Linac House, Fleming Way, Crawley, RH10 9RR

Country :	United Kingdom

Financials (as on) :	30.04.2013

Date of Incorporation :	04.10.2013

Legal Form :	Private Limited With Share Capital

Line of Business :	Manufacture and Sale of Medical Capital Equipment and Associated Software Specifically For the Treatment of Cancer.

No of Employees :	595

RATING & COMMENTS

MIRA’s Rating :

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

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

ELEKTA LIMITED

DIRECTORS/MANAGEMENT

CURRENT DIRECTORS

Name	Per Hakan Bergstrom	Date of Birth	17/01/1956
Officers Title	Mr	Nationality	Swedish
Present Appointments	2	Function	Director
Appointment Date	01/10/2001
Address	Tryffelstigen 2, Nykoping, S-611 63
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Johan Axel Edvin Alfred Sedihn	Date of Birth	14/05/1965
Officers Title	Mr	Nationality	Swedish
Present Appointments	2	Function	Director
Appointment Date	01/11/2005
Address	Wimlands Wimlands Lane, Faygate, Horsham, West Sussex, RH12 4SP
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Lutz Hagen Schaefer	Date of Birth	10/03/1967
Officers Title	Mr	Nationality	German
Present Appointments	1	Function	Director
Appointment Date	05/10/2011
Address	Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	William Dean Yaeger	Date of Birth	22/10/1961
Officers Title	Mr	Nationality	American
Present Appointments	3	Function	Director
Appointment Date	27/04/2012
Address	Linac House Fleming Way, Crawley, West Sussex, RH10 9RR
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Steven Mark Wort	Date of Birth	04/04/1963
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	08/03/2013
Address	Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Thomas Tetley Beazley	Date of Birth	26/03/1961
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	08/03/2013
Address	Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	David Ian Alexander	Date of Birth	10/03/1958
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	08/03/2013
Address	Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR
Other Actions	View Director Report	View Consumer Report	View AML Report
	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Samantha Cookman	Date of Birth	-
Officers Title	Mrs	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	08/03/2013
Address	Linac House, Fleming Way, Crawley, West Sussex, RH10 9RR

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Laurent Leksell	0	4
David Charles Carter	9	44
Jonas Serlachius	0	2
Jonas Serlachius	0	2
Frank Harris Low	0	1
Manfred Sturm	0	4
Manfred Sturm	0	4
Volker Steiber	0	2
Mans Ekelof	0	2
Fritz Harald Nils Bauer	2	3
Fritz Harald Nils Bauer	2	3
Per Gronwall	0	2
Catherine Geraldine Regan	2	24
Adrian Boxwell Leared	0	4
Adrian Boxwell Leared	0	4
Asa Maria Widholm Thunman	0	2
Jeffrey Robert Boyman	1	4
Jeffrey Robert Boyman	1	4
Nils Chriser Sverker Glans	0	1
Samantha Jane Cookman	2	1
Joseph K Jachinowski	0	1
James Peter Hoey	0	1
Lars Olof Sanden	0	1
George Russell Sandars	34	165

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 1

Outstanding 0

Satisfied 1

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

No CCJs found.

Possible CCJs Details

There are no possible CCJ details.

Writ Details

No writs found.

Mortgage Details

Mortgage Type:	MORTGAGE
Date Charge Created:	10/05/00
Date Charge Registered:	12/05/00
Date Charge Satisfied:	19/03/01
Status:	SATISFIED
Person(s) Entitled:	FRED HUTCHINSON CANCER RESEARCH CENTER
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE IN RELATION TOTHE PURCHASE AGREEMENT DATED 27 JULY 1999 (AS DEFINED) AND UNDER THIS MORTGAGE
Details:	THE EQUIPMENT AND ALL INSURANCES THEREON SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

SHARE & SHARE CAPITAL INFORMATION

TOP 20 SHAREHOLDERS

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ELEKTA HOLDINGS LTD	GBP	22,201,001	ORDINARY	1	100

GROUP STRUCTURE & AFFILIATED COMPANIES

GROUP STRUCTURE

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
ELEKTA AB (PUBL)	5561704015	30.04.2013	Y
CMS WORLDWIDE INC	N/A	-	-
ELEKTA HOLDINGS LIMITED	02699176	30.04.2013	N
ELEKTA LIMITED	03244454	30.04.2013	N	£442,470,000

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£442,470,000	25.5%	£352,547,000	15.5%	£305,198,000	14.4%	£266,820,000	22.2%	£218,295,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£285,318,000	29.2%	£220,892,000	11.7%	£197,716,000	18.2%	£167,295,000	23.9%	£135,000,000
Gross Profit	£157,152,000	19.4%	£131,655,000	22.5%	£107,482,000	8%	£99,525,000	19.5%	£83,295,000
Wages & Salaries	£34,474,000	12.4%	£30,663,000	5.2%	£29,151,000	14%	£25,578,000	10.2%	£23,215,000
Directors Emoluments	£1,113,000	94.2%	£573,000	4.4%	£549,000	24.5%	£441,000	3%	£428,000
Operating Profit	£62,521,000	19.9%	£52,130,000	72.9%	£30,158,000	-10.8%	£33,805,000	48%	£22,847,000
Depreciation	£2,773,000	28.6%	£2,157,000	24.8%	£1,728,000	1.2%	£1,708,000	16.3%	£1,468,000
Audit Fees	£76,000	-27.6%	£105,000	12.9%	£93,000	3.3%	£90,000	9.8%	£82,000
Interest Payments	£1,767,000	9.3%	£1,617,000	46.3%	£1,105,000	48.1%	£746,000	-69.5%	£2,445,000
Pre Tax Profit	£60,876,000	20.3%	£50,595,000	73.9%	£29,093,000	-12.1%	£33,083,000	59.4%	£20,751,000
Taxation	-£13,209,000	-23.2%	-£10,721,000	-51.3%	-£7,087,000	22%	-£9,085,000	-128.3%	-£3,979,000
Profit After Tax	£47,667,000	19.5%	£39,874,000	81.2%	£22,006,000	-8.3%	£23,998,000	43.1%	£16,772,000
Dividends Payable	£25,000,000	-	-	-	-	-100%	£25,000,000	-	-
Retained Profit	£22,667,000	-43.2%	£39,874,000	81.2%	£22,006,000	999.9%	-£1,002,000	-106%	£16,772,000

Balance Sheet

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Tangible Assets	£11,975,000	-11.1%	£13,466,000	29.7%	£10,381,000	24.3%	£8,349,000	-2.2%	£8,541,000
Intangible Assets	£9,602,000	-10.2%	£10,687,000	164%	£4,048,000	-15%	£4,763,000	-13.1%	£5,478,000
Total Fixed Assets	£21,577,000	-10.7%	£24,153,000	67.4%	£14,429,000	10%	£13,112,000	-6.5%	£14,019,000
Stock	£38,561,000	52.6%	£25,270,000	24.2%	£20,347,000	-13.2%	£23,447,000	26.6%	£18,527,000
Trade Debtors	£83,898,000	85%	£45,346,000	-23.7%	£59,452,000	40.3%	£42,373,000	25.1%	£33,863,000
Cash	£44,998,000	-	0	-	0	-	0	-	0
Other Debtors	£162,779,000	18.8%	£137,031,000	35.9%	£100,835,000	10.8%	£90,970,000	16.6%	£78,049,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£330,236,000	59%	£207,647,000	15%	£180,634,000	15.2%	£156,790,000	20.2%	£130,439,000
Trade Creditors	£62,982,000	65.3%	£38,094,000	48.5%	£25,654,000	18.6%	£21,633,000	-14.1%	£25,174,000
Bank Loans & Overdrafts	0	-100%	£2,216,000	-63.3%	£6,046,000	4%	£5,811,000	447.2%	£1,062,000
Other Short Term Finance	£51,578,000	58.7%	£32,506,000	13.9%	£28,544,000	-19.3%	£35,386,000	3.7%	£34,107,000
Miscellaneous Current Liabilities	£93,652,000	147.2%	£37,886,000	-28.9%	£53,298,000	13.1%	£47,132,000	103.5%	£23,165,000
Total Current Liabilities	£208,212,000	88.1%	£110,702,000	-2.5%	£113,542,000	3.3%	£109,962,000	31.7%	£83,508,000
Bank Loans & Overdrafts and LTL	£15,173,000	-13.6%	£17,553,000	-19%	£21,680,000	-0.9%	£21,870,000	27.7%	£17,129,000
Other Long Term Finance	£13,500,000	-	£13,500,000	-	£13,500,000	-	£13,500,000	-	£13,500,000
Total Long Term Liabilities	£15,173,000	-1.1%	£15,337,000	-1.9%	£15,634,000	-2.6%	£16,059,000	0%	£16,067,000

Capital & Reserves

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Called Up Share Capital	£22,201,000	-	£22,201,000	-	£22,201,000	-	£22,201,000	-	£22,201,000
P & L Account Reserve	£106,227,000	27.1%	£83,560,000	91.3%	£43,686,000	101.5%	£21,680,000	-4.4%	£22,682,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£128,428,000	21.4%	£105,761,000	60.5%	£65,887,000	50.1%	£43,881,000	-2.2%	£44,883,000

Other Financial Items

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Net Worth	£118,826,000	25%	£95,074,000	53.7%	£61,839,000	58.1%	£39,118,000	-0.7%	£39,405,000
Working Capital	£122,024,000	25.9%	£96,945,000	44.5%	£67,092,000	43.3%	£46,828,000	-0.2%	£46,931,000
Total Assets	£351,813,000	51.8%	£231,800,000	18.8%	£195,063,000	14.8%	£169,902,000	17.6%	£144,458,000
Total Liabilities	£223,385,000	77.2%	£126,039,000	-2.4%	£129,176,000	2.5%	£126,021,000	26.6%	£99,575,000
Net Assets	£128,428,000	21.4%	£105,761,000	60.5%	£65,887,000	50.1%	£43,881,000	-2.2%	£44,883,000

Cash Flow

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£143,601,000	18.6%	£121,098,000	48.5%	£81,521,000	36%	£59,940,000	-1.7%	£60,950,000
Number of Employees	595	10.8%	537	4.9%	512	4.9%	488	5.2%	464
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	HSBC BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	30/04/13	30/04/12	30/04/11	30/04/10	30/04/09
Pre-tax profit margin %	13.76	14.35	9.53	12.40	9.51
Current ratio	1.59	1.88	1.59	1.43	1.56
Sales/Net Working Capital	3.63	3.64	4.55	5.70	4.65
Gearing %	11.80	16.60	32.90	49.80	38.20
Equity in %	37.50	47.80	34.50	26.60	32.30
Creditor Days	51.81	39.33	30.59	29.51	41.97
Debtor Days	69.01	46.81	70.90	57.80	56.46
Liquidity/Acid Test	1.40	1.64	1.41	1.21	1.34
Return On Capital Employed %	42.39	41.78	35.68	55.19	34.04
Return On Total Assets Employed %	17.30	21.82	14.91	19.47	14.36
Current Debt Ratio	1.62	1.04	1.72	2.50	1.86
Total Debt Ratio	1.73	1.19	1.96	2.87	2.21
Stock Turnover Ratio %	8.71	7.16	6.66	8.78	8.48
Return on Net Assets Employed %	47.40	47.83	44.15	75.39	46.23

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
16/10/2013	New Accounts Filed
16/10/2013	New Accounts Filed
13/09/2013	Annual Returns
15/03/2013	New Board Member Mr D.I. Alexander appointed
15/03/2013	New Board Member Mr T.T. Beazley appointed
12/03/2013	Ms C.G. Regan has resigned as company secretary
12/03/2013	New Board Member Mr S.M. Wort appointed
12/03/2013	New Company Secretary Mrs S. Cookman appointed
13/12/2012	New Accounts Filed
13/12/2012	New Accounts Filed
14/09/2012	Annual Returns
26/07/2012	Mr L.O. Sanden has left the board
04/05/2012	Mr J.R. Boyman has left the board
04/05/2012	New Board Member Mr W.D. Yaeger appointed
24/10/2011	New Board Member Mr L.H. Schaefer appointed

Previous Company Names

Date	Previous Name
22/07/2003	ELEKTA ONCOLOGY SYSTEMS LTD
30/01/1997	REFAL 496 LIMITED

NOTES & COMMENTS

COMMENTARY

No exact match CCJs are recorded against the company.

Sales in the latest trading period increased 25.5% on the previous trading period.

Net Worth increased by 25% during the latest trading period.

A 51.8% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 20.3% compared to the previous trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 17 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.77
UK Pound	1	Rs.100.72
Euro	1	Rs.80.55

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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%)

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

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

Name	Number	Latest Key Financials	Turnover
ELEKTA S.P.A.	MI1972717	30.04.2012	€38,428,806
ELEKTA INSTRUMENT AB	5564920949	30.04.2013	1,473,717 KSEK
ELEKTA	414404913	30.04.2013	€30,029,933
MEDICAL INTELLIGENCE MEDIZINTECHNIK GMBH	HRB 14835	30.04.2013	€32,012,550
ELEKTA B.V.	17097384	30.04.2013
3D LINE RESEARCH AND DEVELOPMENT S.R.L.	MI1843687	31.12.2011	€2,856,160
NUCLETRON B.V.	30085856	-
ELEKTA MEDICAL	41472	30.04.2013	€25,127,863
ELEKTA NV	460510369	30.04.2013	€8,440,639
DELFT INSTRUMENTS GMBH		-
ELEKTA ASIA LTD		-
ELEKTA BMEI (BEIJING) MEDICAL EQUIPMENT CO LTD		-
ELEKTA CANADA INC		-
ELEKTA FINANCE		-
ELEKTA GMBH		-
ELEKTA HELLAS EPE		-
ELEKTA HOLDING LIMITED		-
ELEKTA HOLDING US INC		-
ELEKTA INSTRUMENT (SHANGHAI) LTD		-
ELEKTA KFT		-