MIRA INFORM REPORT
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Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NANOVEA |
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Registered Office : |
6 Morgan, Ste 156, Irvine, CA 92618-1922 |
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Country : |
United States |
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Date of Incorporation : |
January 2009 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
manufacturing industrial instruments and related products
for measuring, displaying (indicating and/or recording), transmitting, and
controlling process variables in manufacturing, energy conversion, and public
service utilities |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
$1,000 (USD) |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Nanovea
Registered Office
/ Factory
6 Morgan
Ste 156
Irvine, CA 92618-1922
United States
Tel: 949-461-9292 / 949-461-9232
E-Mail : info@nanovea.com
Web: www.nanovea.com
Location: Rented
Area: 8000 Sq.fts
Synthesis
Employees: 20 (10 in Office + 10 in Factory)
Company Type: Private Independent
Incorporation Date January
2009 (spin - off of Micro Photonics Office opened in 1997)
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 2.4
Total Assets: NA
Business Description
Establishments
primarily engaged in manufacturing industrial instruments and related products
for measuring, displaying (indicating and/or recording), transmitting, and
controlling process variables in manufacturing, energy conversion, and public
service utilities. These instruments operate mechanically, pneumatically,
electronically, or electrically to measure process variables, such as
temperature, humidity, pressure, vacuum, combustion, flow, level, viscosity,
density, acidity, alkalinity, specific gravity, gas and liquid concentration,
sequence, time interval, mechanical motion, and rotation.
Industry
Industry Scientific and Technical
Instruments
ANZSIC 2006: 2419 - Other
Professional and Scientific Equipment Manufacturing
NACE 2002: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
NAICS 2002: 334513 -
Instrument's and Related Products Manufacturing for Measuring, Displaying, and
Controlling Industrial
Process Variable
UK SIC 2003: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
US SIC 1987: 3823 - Industrial
Instruments for Measurement, Display, and Control of Process Variables; and
Related Products
Key Executives
(Emails Available)
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Name |
Title |
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Pierre Leroux Address: Laguna Hills , CA (Age: 43 Age Qualification : Master Engineer Experience : 20 years ) |
President |
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Ray Weedman |
Marketing |
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Julianne Dowis |
Information Technology |
news
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Title |
Date |
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NEW
PRODUCTS |
1-Jun-2011 |
ABI Number: 370234775
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
6 Morgan
Ste 156
Irvine, CA, 92618-1922
Orange County
United States
Tel: 949-461-9292
Web: www.nanovea.com
Sales USD(mil): 2.4
Assets USD(mil): NA
Employees : 20 (10 in Office + 10 in Factory)
Industry: Scientific
and Technical Instruments
Company Type: Private
Independent
Quoted Status: Not
Quoted
President: Pierre
Leroux
Contents
· Industry Codes
· Business Description
· Financial Data
· Additional Information
Industry Codes
ANZSIC 2006 Codes:
2010 - Glass and Glass Product Manufacturing
2419 - Other Professional and Scientific Equipment Manufacturing
NACE 2002 Codes:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
2615 - Manufacture and processing of other glass including
technical glassware
NAICS 2002 Codes:
334513 - Instrument's and Related Products Manufacturing for
Measuring, Displaying, and Controlling Industrial Process Variable
327215 - Glass Product Manufacturing Made of Purchased Glass
US SIC 1987:
3231 - Glass Products, Made of Purchased Glass
3823 - Industrial Instruments for Measurement, Display, and
Control of Process Variables; and Related Products
UK SIC 2003:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
2615 - Manufacture and processing of other glass including
technical glassware
Business
Description
Establishments
primarily engaged in manufacturing industrial instruments and related products
for measuring, displaying (indicating and/or recording), transmitting, and
controlling process variables in manufacturing, energy conversion, and public
service utilities. These instruments operate mechanically, pneumatically,
electronically, or electrically to measure process variables, such as
temperature, humidity, pressure, vacuum, combustion, flow, level, viscosity,
density, acidity, alkalinity, specific gravity, gas and liquid concentration,
sequence, time interval, mechanical motion, and rotation.
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Credit Report as of 09/01/2009
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Location |
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6 Morgan Ste: 156 |
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County: |
Orange |
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MSA: |
LA-Long Bch, CA |
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Phone: |
949-461-9292 |
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URL: |
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ABI©: |
370234775 |
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Annual Sales: |
$2,448,000 (USD) |
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Employees: |
9 |
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Facility Size(ft2): |
10,000 - 39,999 |
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Business Type: |
Private |
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Location Type: |
Single Location |
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Recommended Credit Limit * |
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$1,000
(USD) |
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Primary Line Of Business: |
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SIC: |
3823-07 -
Temperature Measuring Materials (Mfrs) |
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NAICS: |
334513 -
Industrial Process Variable Instruments |
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Secondary Lines Of Business: |
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NAICS: |
327215 - Glass
Prod Mfg Made Of Purchased Glass |
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SICs: |
3231-12 -
Scientific Apparatus & Instruments-Mfrs |
Table of Contents
Profile Links
· Similar Businesses in the Area
· Closest Neighbors
External Links
· http://nanovea.com
· Similar Businesses in the Area *
Alpine Co
617 N 17th St Ste: 100
Colorado Springs, CO 80904-3578
C-Temp Inc
13200 Estrella Ave Ste: B
Gardena, CA 90248-1529
Thermometrics Corp
18714 Parthenia St
Northridge, CA 91324-3813
Data Trace
12100 W 6th Ave
Lakewood, CO 80228-1252
Rosemount Inc
2400 Barranca Pkwy
Irvine, CA 92606-5018
Delta TRK
2770 S Satus Rd
Toppenish, WA 98948-9698
Enertechnix Inc
23616 SE 225th St
Maple Valley, WA 98038-8431
Luma Sense
Technologies Inc
3301 Leonard Ct
Santa Clara, CA 95054-2054
Marshall
Instruments Inc
2930 E LA Cresta Ave
Anaheim, CA 92806-1833
Sensitech Inc
1470 W 9th St Ste: C
Upland, CA 91786-5670
* Similar Businesses are
defined as the closest businesses sharing the same six-digit primary SIC code (
3823-07 - Temperature Measuring Materials (Mfrs)) regardless of size.
Closest Neighbors
Illumine Creations
21 Morgan
Irvine, CA 92618-2005
Mobilenet Services
18 Morgan Ste: 200
Irvine, CA 92618-2074
Adteck Media
18 Morgan
Irvine, CA 92618-2074
Lecco Technology
21 Morgan
Irvine, CA 92618-2005
Adtek Media
18 Morgan
Irvine, CA 92618-2074
Systems Division
Inc
21 Morgan
Irvine, CA 92618-2005
Gibson Management
Consultants
21 Morgan
Irvine, CA 92618-2005
Executive report
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Executives |
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President |
President |
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Marketing |
Marketing
Executive |
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Information
Technology |
Information
Executive |
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NEW PRODUCTS
Tribology &
Lubrication Technology: 01 June 2011
[What follows is
the full text of the news story.]
PORTABLE 3D NON-CONTACT
PROFILOMER
Nanovea introduces
the Jr25, 3D NonContact Portable Profilometer, the first truly portable
high-performance profilometer of its kind. V/ith an optional battery pack and carrying
case, the Jr25 provides measurement capability rarely available during field
study. It's designed to easily utilize leading-edge optical pens using superior
white light axial chromatism measurement. Nano through macro range can be
obtained during measurement (profile dimension, roughness finish texture, shape
form/topography, flatness warpage, volume area, step-height depth thickness and
others) on a wider range of geometries and materials than any other
profilometer and now with true portable capability. The Jr25 weighs less than
5.5 kilograms, as the operator can safely place it onto the surface under
inspection. It can measure an area up to 25 mm ? 25 mm and, depending on the
optical pen, a depth up to 27 mm and resolution down to 5 nm. Focusing of the
surface is achieved manually with a smooth touch micrometer and 30 mm travel
range. Surfaces of almost any type can be measured regardless of reflective/no
reflective, transparent/opaque or specular/diffusive the material is.
Nanovea
Irvine, Calif.
(949) 461-9292
HIGH-PERFORMANCE FLUID IMPROVES AUTOMATIC
TRANSMISSIONS IN CARS AND TRUCKS
Lubrication
Engineers, Inc., has upgraded its automatic transmission fluid with an uptreated
additive package, including its proprietary Monolec wear-reducing additive. The
new Monolec Syn Multi-Vehicle ATF (1150) is a versatile, high-performance
product suitable for regular- to severe-duty use in a variety of automatic
transmissions in passenger cars and trucks. Replacing LE's previous ATF, this
new fully synthetic formulation is suitable for use in a variety of ATFs by
several leading major automotive manufacturers. Monolec Syn Multi-Vehicle ATF
ensures smooth shifting, reduced friction and wear on parts, efficient
operation in cold temperatures, longer fluid life and a significant decrease in
maintenance costs over competitive ATFs. It also prevents thickening and
formation of sludge and varnish deposits and sists condensation and acid formation.
POLARIS RELEASES NEW VERSION OF WEB-BASED DATA
SOFTWARE APPLICATION
POLARIS
Laboratories introduces HORIZON 4, the company's newest version of its
Web-based data management software application. Horizon 4 features a
customizable dashboard in which users can monitor key program performance
indicators at a glance and get access to their favorite data management reports
with just one click. According to Polaris, users can also input missing
information while viewing fluid analysis reports on-screen and immediately
request a re-evaluation of the data. The interactivity allows the laboratory to
make a more thorough, accurate, in-depth analysis of the sample in much less
time. Other new features include online sample submission, unlimited user
e-mail subscriptions for customized report delivery, multilanguage translation
and enhanced security.
POLARIS
Laboratories
Indianapolis, Ind.
(877) 872-6926
www.polarislabs.com
SYLUS PROFILER OFFERS FASTER SCANNING PERFORMANCE
Bruker Corp.
introduces Dektak XT, the tenth generation of its revolutionary stylus
profiler. According to Bruker, Dektak XT is the first production system with
sustained repeatability of under five anqstroms. Dektak XT has a unique,
single-arch design with enhanced metrology features such as the first 64-bit,
parallel processing software architecture (Bruker's Vision 64 operating and
analysis software) and the first true-color, highdefinition resolution camera.
Dektak XT delivers industry-leading nanometer-scale film thickness and surface
texture measurements with improved gage repeatability and up to 40% faster scan
performance. Dektak XT provides optimal results for a wide range of metrology
applications where the combination of repeatable nanoscale measurements,
throughput and low total cost of ownership is essential.
Bruker Corp. -
Nano Surfaces Business
Tucson, Ariz.
(520) 741-1044
CLEAR GREASE GUNS: BETTER EFFICIENCY AND REDUCES
CROSS CONTAMINATION
An estimated 60% to
80% of bearing failures are caused by grease cross contamination. In the world
of lubrication reliability, Kany Innovations Inc., introduces Clear Grease
Guns, which are designed to prevent costly mistakes by providing affordable
insurance and taking cross contamination out of the equation. Cfear Grease Guns
are available in piston grip and lever style versions with the new Mini Clear
Grease Gun and Clear Suction tube that will be introduced later this year,
according to Kany Innovations. The high-impact, fracture-resistant
polycarbonate tubes are available for purchase with the Clear Grease Guns or
separately to fit many popular existing grease gun styles. The collars are made
of durable T6061 aircraft aluminum and come in a variety of coiors for secondary
identification and have been approved for use by all branches of the U.S.
military.
Kany Innovations
Inc.
Temecula, Calif.
(877) 848-0005
www.cleargreaseguns.com
RELEASE AGENT TARGETS HEAT-CURED SILICONE RUBBER
APPLICATIONS
Huron
Technologies, Inc., introduces Release Coating 7880, a water-based release
coating designed for use in heat-cured, silicone rubber applications. Developed
specifically for engine gaskets, Release Coating 7880 provides an easy release
which prevents tearing of silicone rubber during demolding. This specially
formulated release agent offers high-quality molded parts, easy release that
eliminates tearing during demolding, prevents surface flaws such as knit line
defects and minimizes buildup that increases the number of cycles between mold
cleaning. Release Coating 7880 can be used at mold temperatures of 320 F to 380
F and works equally well with single or multiple mold cavities. Available in
five-gallon containers, 55-gallon drums or 275-gallon totes.
Huron
Technologies, Inc.
Information parted by:
Name :
Pierre Leroux
Designation : President
Contact No.: : 949-461-9292
Other information
Trading Terms:
Selling Terms : L/C
Types of customers: End Users
Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating
Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's
other economic, external, and monetary credit attributes, which form the basis
for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more balanced
and dynamic economic growth in an era of fiscal stringency and private-sector
deleveraging (ibid). A new political consensus might (or might not) emerge
after the 2012 elections, but we believe that by then, the government debt
burden will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S. population's
demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The
U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would mainly
affect outlays for civilian discretionary spending, defense, and Medicare. We
understand that this fall-back mechanism is designed to encourage Congress to
embrace a more balanced mix of expenditure savings, as the committee might
recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is finally
agreed to until the end of 2011, and Congress and the Administration could
modify any agreement in the future. Even assuming that at least $2.1 trillion
of the spending reductions the act envisages are implemented, we maintain our
view that the U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the revisions
show that the recent recession was deeper than previously assumed, so the GDP
this year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we will
issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.89 |
|
UK Pound |
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.