MIRA INFORM REPORT

 

 

Report Date :

18.06.2011

 

IDENTIFICATION DETAILS

 

Name :

GATAN, INC.

 

 

Registered Office :

780 Commonwealth Drive Warrendale, PA 15086

 

 

Country :

United States

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.07.1992

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Laboratory Analytical Instruments

 

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 :

900 000 USD.

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United States

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation:Growing

 

 

IDENTIFICATION

 

Legal Name:

Gatan, Inc.

 

 

Legal Address

780 Commonwealth Drive

Warrendale, PA 15086

Operative Address

5794 W. Las Positas Blvd.

Pleasanton, CA 94588

Telephone:

(925) 463-0200

Registration Number :

2099092

Fax:

(925) 463-0204

Legal Form:

Corporation for Profit

Email:

info@gatan.com

Registered in:

Pennsylvania

Website:

http://www.gatan.com

Date Created:

1964

Manager:

Thomas Connelly

Date Incorporated:

July 17, 1992

Staff:

180

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Laboratory Analytical Instruments

 

 

BANKS

 

Name of the Bank

NATIONSBANK NA

 

Name of the Bank

JPMORGAN CHASE BANK

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Gatan, Inc. designs and manufactures instruments, products, and software for electron microscopes (EM) to enhance and advance EM applications.

Products/Services description:

 

 It offers specimen preparation tools, such as instruments for the EM specimen prep lab; specimen holders, including analytical, cooling and cryo transfer, environmental cell and vacuum transfer, and tomography holders, as well as heating, straining, and multiple specimen transfer holders; and cooled CCD cameras for TEM applications and the electron microscopy. The company also provides electron energy loss spectroscopy and energy-filtered TEM hardware and software that provide information about material samples, which include sample thickness, elemental and chemical composition, electronic structure and energy levels, frequency-dependent dielectric response, and element-specific radial distribution of atoms; and SEM instruments to enhance the SEM. In addition, it offers products to enhance and support scanning-mode TEM analysis; CL imaging, spectroscopy, and spectrum imaging systems for optoelectronics, advanced materials, geological, and mineralogical research, as well as cryo-SEM products; and Gatan Microscopy Suite, a data acquisition, processing, and analysis environment, as well as DigitalMicrograph software for acquiring, analyzing, and processing image data by scientists, researchers, and electron microscopy professionals. Further, Gatan provides 3View, a 3D microscopy to provide aligned image stacks; and XuM, a SEM-hosted high resolution x-ray microscope that provides an internal view of the structure of samples.

Sales are:

 

Wholesale, Retail

Clients:

 

scientists, researchers, and electron microscopy professionals.

Operations area:

 

National, International

The company imports from worldwide.

The company export to worldwide (Asia and Europe mainly)

Competitors:

 

Abbott Laboratories

Thermo Fisher Scientific Inc

Becton, Dickinson And Company

The subject employs 180 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at the above operative address. The legal address is the one registered at the Secretary of State of Pennsylvania.

The property is:

 

Owned

Comments on location:

 

The company is incorporated in Pennsylvania for historical reasons. We can find there the eastern USA sales office and a factory.

However it is headquartered in California.

 

Branches:

 

Eastern USA Sales office:

780 Commonwealth Drive

Warrendale, PA 15086

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Management:

 

President Thomas Connelly

Vice President Kevin Scudder

V Pres-fin Tom Balutis

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements. 

As of May 31, 2006, it operates as a subsidiary of Roper Industries Inc, a public company traded at the NYSE under the symbol ROP. Please find enclosed the financial statements.

Legal Fillings

 There are several UCC** files listed with the Secretary of State of California.

 

There are no legal filings listed with the District Court.

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 

For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

 Rating

 

Local credit bureau gave a correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 47 years in the business.

It is a medium sized American company, evolving in a growing sector.

Profitability is good, indebtedness is controlled, cash is normal and payments are regular.

We did not find a specific adverse record against the subject.

A credit line may be considered for 900 000 USD.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

GOOD

Public Records

NO

 

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

 

Cash

NORMAL

 

 

 

 

 

 

 

FINANCIALS

 

Income Statement  Annual Data Figures in thousands of USD

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

Total Revenue

2,386,112  

2,049,668  

2,306,371  

Cost of Revenue

1,110,986  

1,006,530  

1,118,083  

 

Gross Profit

1,275,126  

1,043,138  

1,188,288  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

760,832  

647,742  

702,127  

 

Non Recurring

-  

-  

-  

 

Others

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

514,294  

395,396  

486,161  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

633  

2,916  

3,474  

 

 

Earnings Before Interest And Taxes

514,927  

398,312  

489,635  

 

 

Interest Expense

66,533  

58,544  

53,680  

 

 

Income Before Tax

448,394  

339,768  

435,955  

 

 

Income Tax Expense

125,814  

100,287  

149,440  

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

322,580  

239,078  

286,515  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

322,580  

239,481  

286,515  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

322,580  

239,481  

286,515 

 

 

 

 

 

 

Income Statement  Quarterly Data Figures in thousands of USD

Period Ending

Mar 31, 2011

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Total Revenue

645,309  

679,479  

605,088  

567,104  

Cost of Revenue

295,213  

307,614  

283,339  

265,157  

 

Gross Profit

350,096  

371,865  

321,749  

301,947  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

208,096  

205,707  

193,516  

182,760  

 

Non Recurring

-  

-  

-  

-  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

142,000  

166,158  

128,233  

119,187  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

711  

(788)

2,631  

(1,657)

 

 

Earnings Before Interest And Taxes

142,711  

165,370  

130,864  

117,530  

 

 

Interest Expense

16,696  

16,925  

17,134  

16,293  

 

 

Income Before Tax

126,015  

148,445  

113,730  

101,237  

 

 

Income Tax Expense

37,036  

41,134  

29,467  

29,956  

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

88,979  

107,311  

84,263  

71,281  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

88,979  

107,311  

84,263  

71,281  

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

88,979  

107,311  

84,263  

71,281  

 

 

 

 

 

 

 

Balance Sheet Annual Data Figures in thousands of USD

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

270,394  

167,708  

178,069  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

511,851  

466,117  

467,413  

 

Inventory

178,559  

178,795  

185,919  

 

Other Current Assets

37,287  

58,125  

26,906  

 

Total Current Assets

998,091  

870,745  

858,307  

Long Term Investments

-  

-  

-  

Property Plant and Equipment

103,487  

109,493  

112,463  

Goodwill

2,727,780  

2,388,432  

2,118,852  

Intangible Assets

1,104,513  

868,900  

804,020  

Accumulated Amortization

-  

-  

-  

Other Assets

77,803  

57,043  

49,846  

Deferred Long Term Asset Charges

57,850  

33,123  

28,050  

 

Total Assets

5,069,524  

4,327,736  

3,971,538  

 

Liabilities

Current Liabilities

 

Accounts Payable

446,303  

365,215  

385,381  

 

Short/Current Long Term Debt

93,342  

112,796  

233,827  

 

Other Current Liabilities

-  

-  

-  

 

Total Current Liabilities

539,645  

478,011  

619,208  

Long Term Debt

1,247,703  

1,040,962  

1,033,689  

Other Liabilities

66,268  

58,974  

42,826  

Deferred Long Term Liability Charges

465,001  

328,299  

272,077  

Minority Interest

-  

-  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

2,318,617  

1,906,246  

1,967,800  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

971  

958  

919  

Retained Earnings

1,680,849  

1,395,586  

1,204,521  

Treasury Stock

(20,177)

(21,320)

(21,701)

Capital Surplus

1,045,286  

982,321  

798,486  

Other Stockholder Equity

43,978  

63,945  

21,513  

 

Total Stockholder Equity

2,750,907  

2,421,490  

2,003,738  

 

Net Tangible Assets

(1,081,386)

(835,842)

(919,134)

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.42

Euro

1

Rs.63.62

 

 

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.