MIRA INFORM REPORT

 

 

Report Date :

04.07.2007

 

IDENTIFICATION DETAILS

 

Name :

DATASCOPE CORPORATION

 

 

Registered Office :

14 Philips Parkway, Montvale, New Jersey – 07645

 

 

Country :

United States

 

 

Date of Incorporation :

10/05/1989

 

 

Legal Form :

Corporation - Public

 

 

Line of Business :

The Firm is engaged as a manufacturer of medical equipment.

 

 

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 :

Exists

 

 

 




IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name :   DATASCOPE CORPORATION

Address                        :   14 PHILIPS PARKWAY

City                              :   MONTVALE

State/Province               :   NEW JERSEY                 

In KUSD  As of              :   30/06/2006

Zip Code                       :   07465                       

ales / Revenue               :   373,000  

Country                         :   UNITED STATES             

Net Income                    :   25,843  

Telephone                     :   201 591-8100              

Total Equity                   :   293,738  

Facsimile                      :   201 307-5400              

Number of Employees    :   1,300  

Legal Form                    :   Corporation - Public

Website                        :   www.datascope.com

Maj. Shareholder            :   Mr. Lawrence Saper

Business Activity           :   The Firm is engaged as a manufacturer of medical equipment.

 

 

NOTE TO CLIENT

 

At the end of fiscal 2006, the Firm had approximately 1,300 employees worldwide. None of their employees are represented by a labor union, however the Firm believes their relationship with the employees is good at this time.

 

 

LEGAL

 

 Legal Form                               : Corporation - Public                    

 Since (D/M/Y)                           :  05/10/1989

 State/Province of Incorporation   :  DE

 Status                                      :  ACTIVE

 Previous Legal Form                  :  Company is required to publish an annual financial report.

 File Number                              :  2209780

 Incorporation Date                     :  10/05/1989                

 Entity Name                             :  DATASCOPE CORP.

 Entity Kind                               :  CORPORATION

 Entity Type                               :  GENERAL

 Residency                                :  DOMESTIC

 State                                       :  DELAWARE

 

REGISTERED AGENT INFORMATION

 

 Name                                       :  THE PRENTICE-HALL CORPORATION SYSTEM, INC.

 Address                                   :  2711 CENTERVILLE ROAD SUITE 400

 City                                         :  WILMINGTON

 County                                     :  NEW CASTLE

 State                                       :  DELAWARE

 Postal Code                             :  19808

 Phone                                      :  (302)636-5400

 ---------------------------------------------------------------------

 The Firm is also qualified to do business in New Jersey under the filing number 3407236100

 ----------------------------------------------------------------------

 The Firm is public and is traded on NASDAQ under the symbol DSCP.

 

 As of Jul. 3, 2007:

                                                US$

 Closing Price                :          $ 39.25

 52 Weeks High/Low      :          $ 39.06/$ 29.23

 Shares Outstanding      :          15,302,000

 Market Value                :          $ 600,603,500

 

 

Managers/Key Personnel

 

 Mr. Lawrence Saper                  Chairman Of The Board Of Directors

 Mr. Scott D. Kantor                    Vice Pres. &  Chief Financial Officer

 Mr. Fred Adelman                      Vice President

 Mr. Nicholas E. Barker               Vice President

 

 

OWNERS

 

 Mr. Lawrence Saper                                 18.80%       Shareholder

 Private Capital Management, Inc             12.60          Shareholder

 Systematic Financial Management L.P    5.50            Shareholder

 Barclays Global Investors, NA                  5.00            Shareholder

 

 

 Subsidiary                              Where Incorporated      % of

                                                                 Voting

                                                                 Stock

 ----------------------------------------------------------------------

 Datascope FSC, Ltd.                              Barbados         1

 

 Datascope Investment Corp.                       New Jersey       100

 

 Datascope B.V.                                   Netherlands      100

          Datascope Medical Co. Ltd.              United Kingdom   1

          Datascope S.A.R.L.                      France           100

          Datascope GmbH                          Germany          100

          InterVascular S.A.S.                    France           100

          Datascope SL                            Spain            100

          Datascope Interventional GmbH           Germany          1

 

 Bioplex Corp.                                    Delaware         100

          Bioplex Medical B.V.                    Netherlands      100

 

 Datascope Biomaterials Research B.V.             Netherlands      1

 

 Genisphere, Inc.                                 Delaware         83

 

 InterVascular Inc.                               Delaware         100

          InterVascular S.A.R.L.                  France           1

          InterVascular GmbH                      Germany          100

          Datascope Italia S.r.l.                 Italy            100

          Datascope SPRL                          Belgium          100

          Datascope Trademark Corp.               Delaware         100

          InterVascular C, Inc.                   Delaware         1

          InterVascular V, Inc.                   Delaware         100

 

 

BANKS

 

 Bank of America

 Scranton PA

 Telephone:

 Facsimile:

 Account Number:

 Account Manager:

 

The Firm has available unsecured lines of credit at June 30, 2006 totaling $99.4 million

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 AIR TRANS  07-03 07-03 0000000 50000    50000    70  30  0   0   0   CUST 14 YR

 DP EQUIP   07-05 05-07 NET 30  10400    2700     100 0   0   0   0

 

 ELEC EQUIP 07-05 06-06 NET 30  500      0        0   0   0   0   0   CUST  2 YR

 ELEC SUPLR 07-05 05-03 NET 30  1100     0        0   0   0   0   0   CUST  3 YR

 FREIGHT    07-04 06-06 VARIED  1100     0        0   0   0   0   0

 GENL MERCH 07-06 07-04 CREDIT  1500     0        0   0   0   0   0

 HEATNG& A/C 07-06 00-00 NET 30  2900     200      0   100 0   0   0

 INDUS SUPL 07-05 07-04 NET 30  18300    6200     64  36  0   0   0   CUST  1 YR

 INDUS SUPL 07-05 06-01 NET 30  19300    2500     0   0   0   100 0   CUST  3 YR

 INDUS SUPL 07-05 07-03 NET 30  57800    0        0   0   0   0   0   CUST 16 YR

 MACH DISTR 07-04 06-10 1/10N30 200      0        0   0   0   0   0   CUST  3 YR

 MED EQUIP  07-04 07-04 NET 30  20500    6400     62  38  0   0   0

 MED EQUIP  07-05 00-00 NET 30  14100    4500     100 0   0   0   0

 PACKAGING  07-06 06-10 NET 30  800      300      100 0   0   0   0   CUST 20 YR

 SAFTY PROD 07-05 00-00 NET 30  100      0        0   0   0   0   0

 TELECOM    07-05 07-04 NET EOM 500      200      100 0   0   0   0   CUST 19 YR

 TRUCK DLR  07-06 00-00 CONTRCT 5400     2700     100 0   0   0   0

 AIR TRANS  06-11 00-00 NET 30  29600    18400    54  17  15  7   7   COLLECTION

 BLDG MATRL 07-01 00-00 CREDIT  5000     300      100 0   0   0   0

 BUS SERVCS 06-10 06-10 NET 30  5300     0        0   0   0   0   0

 COMPUTERS  05-08 05-08 SPECIAL 21800    13400    81  16  0   0   3   CUST  6 YR

 COMPUTERS  07-01 02-04 CREDIT  0        0        0   0   0   0   0   ACCTCLOSED

 COMPUTERS  06-06 06-05 0000000 235700   34800    0   85  15  0   0

 ELEC DISTR 05-12 00-00 NET30   0        0        0   0   0   0   0

 ELEC EQUIP 04-11 00-00 NET 30  200      200      0   100 0   0   0

 ELECTRONIC 07-01 00-00 VARIED  17700    0        0   0   0   0   0

 FACTOR     06-04 04-04 VARIED  0        0        0   0   0   0   0

 FINCL SVCS 06-03 05-11 CONTRCT 0        0        0   0   0   0   0   SATSFTRY

 FREIGHT    05-06 03-03 VARIED  100      100      0   100 0   0   0

 LEASING    07-06 00-00 NET 30  300      0        0   0   0   0   0   CUST  4 YR

 LEASING    04-06 00-00 CONTRCT 0        0        0   0   0   0   0

 MANUFCTRNG 06-01 01-08 NET 30  200      0        0   0   0   0   0

 MED EQUIP  06-10 06-09 NET 30  3300     1000     0   100 0   0   0

 MED SUPPLY 05-09 00-00 NET 30  1800     1300     100 0   0   0   0

 MED SUPPLY 04-10 00-00 VARIED  0        0        0   0   0   0   0   ACCTSOLD

 MISC MANUF 04-11 04-09 VARIED  6300     0        0   0   0   0   0

 MOTR TRANS 05-12 05-02 NET 30  5000     0        0   0   0   0   0

 OFFC SUPPL 05-11 01-12 CREDIT  0        0        0   0   0   0   0   CUST 12 YR

 OFFC EQUIP 05-01 04-12 NET 30  1200     300      0   0   100 0   0   CUST  4 YR

 PERSNLSVCS 04-07 03-01 ROI     0        0        0   0   0   0   0

 PRNTG& PUBL 06-09 06-09 CONTRCT 4500     4400     100 0   0   0   0   CUST  2 YR

 SOAP       04-08 00-00 2/10N30 700      700      0   0   0   0   100

 TELECOM    07-05 07-04 NET 30  1900     0        0   0   0   0   0   CUST 11 YR

 TRANSPORTN 04-10 04-08 VARIED  100      100      0   0   100 0   0

 CURRENT QUARTER                203000   75700    71  26  0   3   0

 

 Payment Trends

 

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070600  0      9         7            81000    66  31  0   3   0

 20070500  0      8         5            73000    67  33  0   0   0

 20070400  0      16        4            71000    75  25  0   0   0

 20070300  0      17        0            64300    97  3   0   0   0

 20070200  0      17        0            51900    97  3   0   0   0

 20070100  0      9         2            58300    85  15  0   0   0

 

 Payment History - Quarterly Averages

 

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 First    2007              2            62400    89  11  0   0   0

 Fourth   2006              3            58300    77  23  0   0   0

 Third    2006              5            87500    89  4   3   4   0

 Second   2006              9            91700    73  19  1   7   0

 First    2006              13           71900    62  23  7   8   0

 

 

FINANCIAL INFORMATION

 

FINANCIAL FIGURES

 

 Year-End (D/M/Y):               31/03/2007         30/06/2006         30/06/2005

                                 Quarterly         Consolidated      Consolidated

 Sales / Revenues                  280,400          373,000          352,700  

 Interest Income                       -              5,446            1,717  

 Gross Margin                      156,385          208,954          205,444  

 Operating Income (Loss)            19,059           29,342           19,241  

 Interest on Loans                      87              298              304  

 Other Expenses                     -2,330           -3,737          -10,216  

 

 RESULTS

 Income before Taxes                21,981           34,490           20,654  

 Income Tax                          6,252            8,647            6,008  

 Net Income                         15,729           25,843           14,646  

 

 ASSETS

 Cash and Equivalents               13,302            9,479           12,188  

 Inventory                          58,761           58,759           54,626  

 Accounts Receivables               84,957           84,655           79,439  

 Other Current Assets               19,725           17,140           11,802  

 Total Current Assets              217,216          213,180          188,439  

 Property Plant &  Equip             82,767           85,460           87,648  

 Other Fixed Assets                 32,924           12,727           15,312  

 Total Fixed Assets                156,060          162,500          168,643  

 Intangibles                        25,986           42,016           42,870  

 Total Assets                      373,276          375,680          357,082  

 

 LIABILITIES

 Trade Creditors                    48,952           51,958           51,504  

 Other Current Liab                  4,008            3,675            3,975  

 Total Current Liab                 52,960           55,633           59,479  

 Long Term Debt                        -                -             15,009  

 Other Long Term Liab               26,699           26,309           16,729  

 Total Long Term Liab               26,699           26,309           31,738  

 Total Liabilities                  79,659           81,942           91,217  

 

 EQUITY

 Retained Earnings                 295,443          298,879          292,300  

 Total Equity                      293,617          293,738          265,865  

 

 

FINANCIAL ANALYSIS

 

                           Actual           Previous    Percentage of total assets

                           31/03/2007        30/06/2006     31/03/2007  30/06/2006

 Cash and Equivalents        13,302            9,479         3.56      2.52

 Inventory                   58,761           58,759        15.74     15.64

 Other Current Assets        19,725           17,140         5.28      4.56

 Total Current Assets       217,216          213,180        58.19     56.75

 Intangibles                 25,986           42,016         6.96     11.18

 Total Assets               373,276          375,680       100.00    100.00

 Total Current Liab          52,960           55,633        14.19     14.81

 Other Long Term Liab        26,699           26,309         7.15      7.00

 Total Liabilities           79,659           81,942        21.34     21.81

 Total Equity               293,617          293,738        78.66     78.19

 

 

CURRENT OPERATIONS

 

 NAICS Code                 :   33911     Medical Equipment and Supplies Manufacturing

 

 Number of Employees   :   1,300  

 

Business Activity           :

The Firm is engaged as a manufacturer of medical equipment.

 

Products include            : artery harvesting devices, vascular closure devices, bypass grafts, and patient monitoring systems. The Firm operates under product lines that are aggregated into segments:

 

Cardiac Assist

Monitoring Products

 

Interventional Products

Vascular Grafts

The above address owned, and is the headquarters of the Firm and consists of 38,000 square feet of office space.  The Firm also operates branches at the following locations         :

 

Fairfield, New Jersey           75,000 sq. feet, used for Cardiac Assist Owned  eadquarters and  manufacturing and                                  

                                            research and development of intra-aortic balloons

 

 Hatfield, Pennsylvania       15,000 sq. feet, used for Genisphere research Leased (until 6/30/11) and

                                            development, manufacturing and warehousing

 

 Hoevelaken, the Netherlands                        12,700 sq. feet, used for administrative

 Owned                                                       offices and the European central warehouse

 

 La Ciotat, France                                          30,000 sq. feet, used by InterVascular f

 Owned                                                       manufacturing and warehousing of vascular

                                                                  grafts and administrative offices

 

 Mahwah, New Jersey                                  130,000 sq. feet, used for:

 Owned                                                       Patient Monitoring facility - manufactur

                                                                  and warehousing of patient monitoring

                                                                  products, research and development and

                                                                  administrative offices. Manufacturing of

                                                                  cardiac assist balloon pump systems

 Mahwah, New Jersey                                  90,000 sq. feet, used for:

                                                                  Interventional Products facility -

                                                                  manufacturing, warehousing, research and

                                                                  development and distribution of

                                                                  interventional products and administrative

                                                                  offices. Warehousing, packaging and

                                                                  distribution of cardiac assist

                                                                  products. Warehousing, distribution and

                                                                  administrative offices for Inter Vascular

                                                                  products

 

 

PUBLIC RECORD

 

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP

 15 LAW DR.

 FAIRFIELD, NJ 07004

 Secured Parties: COPELCO CAPITAL, INC.

 Filing Date: 5/15/2000

 Filing Number: 1974933

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Case Type: MISCELLAN

 Date: 8/7/2001

 Defendant: LAWRENCE SAPER ALAN B ABRAMSON DAVID ALTSCHILLER JOSEPH GRAYZEL, MD

 GEORGE HELLER ARNO NASH DATASCOPE CORP

 Filing Type: CIVIL SUIT

 Number: 01-CV-03744

 Plaintiff Counsel: WILL LEVINS

 Plaintiff: DAVID B SHAEV

 Status: OPEN

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP.

 14 PHILIPS PARKWAY

 MONTVALE, NJ 07645

 Secured Parties: FLEET CAPITAL CORPORATION (FOR ITSELF AND/OR AS AGENT)

 Filing Date: 4/27/2001

 Filing Number: 2038418

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP

 15 MAC ARTHUR BLVD

 MAHWAH, NJ 07430

 Secured Parties: COPELCO CAPITAL, INC.

 Filing Date: 8/9/2000

 Filing Number: 1992165

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP

 15 LAW DRIVE

 FAIRFIELD, NJ 07004

 Secured Parties: CIT TECHNOLOGY FINANCING SERVICES, INC.

 Filing Date: 1/15/2003

 Filing Number: 21397592

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORPORATION

 1300 MACARTHUR BLVD

 MAHWAH, NJ 07430

 Secured Parties: CITICORP VENDOR FINANCE, INC.

 Filing Date: 9/14/2001

 Filing Number: 2064576

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP

 15 LAW DRIVE

 FAIRFIELD, NJ 07004

 Secured Parties: COPELCO CAPITAL, INC.

 Filing Date: 7/31/2000

 Filing Number: 1990093

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORP.

 14 PHILIPS PARKWAY

 MONTVALE, NJ 07645

 Secured Parties: FLEET CAPITAL CORPORATION

 Filing Date: 6/22/2000

 Filing Number: 1982681

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE CORPORATION

 14 PHILLIPS PKWY

 MONTVALE, NJ 07645

 Secured Parties: FLEET BUSINESS CREDIT, LLC

 Filing Date: 2/21/2002

 Filing Number: 20882396

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Debtor Address: DATASCOPE, CORP

 15M LAW DRIVE

 MONTVALE, NJ 07645

 Secured Parties: WELLS FARGO FINANCIAL LEASING, INC.

 Filing Date: 12/27/2002

 Filing Number: 21367892

 Filing Type: INITIAL FILING

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Case Type: CONDEMNATN

 Date: 4/30/2003

 Defendant: UNITED STATES OF AMERICA STATE OF NEW JERSEY DATASCOPE CORP

 Filing Type: CIVIL SUIT

 Number: L 003112 03

 Plaintiff Counsel: HUNTINGTON CARVER

 LICENSE NO: 2016663388

 Plaintiff: BOROUGH OF MONTVALE

 Status: OPEN

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Case Type: CONTRACT-EMPLOYMENT

 Date: 12/3/2003

 Defendant: VINCENT A BUCCI HEALTH POLICY ASSOCIATES INC DOE 4 JOHN DOES 1-3 JOHN

 DATASCOPE CORP, A DE CORPORATION

 Filing Type: CIVIL SUIT

 Number: L 008809 03

 Plaintiff Counsel: FAUGNO &  ASSOCIATES LLC

 LICENSE NO: 2013421969

 Plaintiff: MICHAEL BARILE

 Status: OPEN

 --------------------------------------------------------------------------------

 Name Searched: DATASCOPE CORP

 Case Type: CONTRACT-EMPLOYMENT

 Date: 7/15/2004

 Defendant: VINCENT A BUCCI HEALTH POLICY ASSOCIATES INC JOHN DOES 1-4 DATASCOPE

 CORP, A DE CORPORATION

 Filing Type: CIVIL SUIT

 Number: L 010497 04

 Plaintiff Counsel: FAUGNO &  ASSOCIATES LLC

 LICENSE NO: 2013421969

 Plaintiff: HARYASH GUGANI

 Status: OPEN

 --------------------------------------------------------------------------------

 No bankruptcy petitions were traced to the Firm, however there are legal actions filed against the Firm in public. The status is uncertain as no further information is currently available.

 

 

 

 

 

 

 

GENERAL COMMENTS

 

 Incorporated in Delaware in 1989, Data scope Corp. is engaged as a manufacturer of medical supplies.  The payment record appears prompt.  There are pending legal actions against the Firm. The Firm is considered responsible for normal business transactions.

 

 

 

 

 


 

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%)

 

 

 

 

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