MIRA INFORM REPORT
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Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
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Name : |
IMATION CORP |
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Registered Office : |
Corporation Service Company, 2711 Centerville Road Suite 400,
Wilmington, New Castle, De 19808 |
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Country : |
United States |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.03.1996 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
It provides data storage and security products, electronics and accessories |
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 : |
USD 1,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Imation Corp |
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Address in the order: |
P O Box 64742, Saint Paul, Mn 55164-0742, Norflok |
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Legal Name: |
IMATION CORP |
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Legal Address |
CORPORATION SERVICE COMPANY 2711 Centerville Road Suite 400, Wilmington, New Castle, DE 19808, USA |
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Operative Address |
1 Imation Way, Oakdale, MN 55128, USA (Headquarters) |
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Telephone: |
+1 (651) 704-4000 |
ID : |
2606609 |
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Fax: |
+1 (651) 704-6692 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
Delaware |
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Website: |
Date Created: |
1996 |
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Manager: |
Mark E. Lucas, CEO |
Date Incorporated: |
March 26th 1996 |
|
Staff: |
1,115 |
Stock: |
38,819,639 |
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|
|
Value: |
$.01 per share |
|
Activity: |
It provides data storage and security products, electronics and
accessories. |
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BANKS
|
Name of the Bank |
THE BANK OF NEW YORK |
BUSINESS
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HISTORY |
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The company was created in 1996. |
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PRINCIPAL ACTIVITY |
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It provides data storage and security products, electronics and
accessories. |
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Products/Services description: |
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Its products include optical media products comprising CDs, DVDs, and
Blu-ray recordable media primarily for recording high-definition video
content; magnetic tape media products used in enterprise data centers,
network servers, and small to medium sized businesses; data protection
products, such as the DataGuard rf tape tracking system and the Secure Scan
system that enable companies to track and monitor the location and health of
the data cartridges in their libraries; and other traditional storage
products consisting of optical drives, and audio and video tape media. The company also offers flash memory and hard disk drive products,
including USB flash drives, removable hard disk drives, external hard disk
drives, and solid state drives; and electronics and accessories consisting of
audio electronics, such as portable CD players and iPod clock radios, video
electronics, and CD and DVD jewel cases and headphones. |
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Sales are: |
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Wholesale |
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Brands: |
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Imation, Memorex, XtremeMac, and TDK Life |
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Clients: |
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Profesionals of the Industry. |
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Operations area: |
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National, International |
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The company export to Americas, Europe, North Asia and South Asia |
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Trade References: |
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The person contacted refused to provide the names of their suppliers
for us to check the trade references. |
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Competitors: |
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Some of its competitores are: International Business Machines Corp. Hewlett-Packard Company Dell Inc. Cisco Systems, Inc. Among others |
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The subject employs 1,115 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at 1 Imation Way, Oakdale, MN 55128, USA |
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Business Overview: |
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Demand is tied to consumer and business income. The profitability of
individual computer companies depends on purchasing and production
efficiencies, and on technological expertise. Large companies have economies
of scale in purchasing and production. Small companies can compete
successfully by specializing in certain products or by developing superior
technology. The industry is capital-intensive: annual revenue per employee is
about $460,000. US imports of computer equipment amount to nearly $100 billion,
more than half from China. Exports are about $45 billion, with more than a
third going collectively to Mexico and Canada. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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YES |
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Capital: |
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Breakdown % of Shares Held by All Insider and 5%
Owners: 21% % of Shares Held by Institutional &
Mutual Fund Owners: 69% % of Float Held by Institutional &
Mutual Fund Owners: 88% Number of Institutions Holding Shares: 128 |
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Shareholders Parent Company(ies): |
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Major Direct Holders Holder - Shares Reported TDK CORP 7,590,764 Jun 10, 2011 LUCAS MARK E 282,561
May 4, 2011 ZELLER PAUL R 100,122
May 9, 2011 RUSSOMANNO FRANK P 92,303 May 5, 2010 HART LINDA W 69,716 May 4, 2011 Top Institutional Holders (%) WELLS FARGO & COMPANY 8.92 DIMENSIONAL FUND ADVISORS LP 8.37 PRIVATE CAPITAL MANAGEMENT, INC. 4.10 VANGUARD GROUP, INC. (THE) 3.68 BlackRock Institutional Trust Company,
N.A. 3.11 THOMSON HORSTMANN & BRYANT, INC. 2.66 Hawkeye Capital Management LLC 2.49 KESTREL INVESTMENT MANAGEMENT CORPORATION 2.32 ADVISORY RESEARCH, INC. 2.21 SMITH (DONALD) & COMPANY INC. 2.08 Top Mutual Fund Holders (%) DFA U.S. SMALL CAP VALUE SERIES 4.05 THIRD AVENUE SMALL-CAP VALUE FUND 1.84 VANGUARD SMALL-CAP INDEX FUND 1.23 FIDELITY SELECT PORTFOLIOS - COMPUTERS 0.95 ISHARES RUSSELL 2000 INDEX FD 0.94 VANGUARD TOTAL STOCK MARKET INDEX FUND 0.87 Valic Company I-Small Cap Special Values
Fd 0.82 VANGUARD SMALL CAP VALUE INDEX FUND 0.73 Columbia Fds Ser Tr I-Columbia Small Cap
Core Fd 0.58 ISHARES RUSSELL 2000 VALUE INDEX FD 0.55 |
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Management: |
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Mr. Mark E. Lucas , Chief Executive Officer and President Mr. Paul R. Zeller Chief Financial Officer and Vice President Dr. Subodh K. Kulkarni Ph.D., Chief Technology Officer and Vice
President of OEM and Emerging Mr. Gregory J. Bosler , Vice President of Global Bus Mr. Scott J. Robinson , Chief Accounting Officer, Vice President and Corporation Controller |
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Related Companies: |
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Imation Enterprises Corp Imation Electronics Mexico Imation Latin America Corp Imation Mexico S.A. de C.V. Imation do Brasil Ltda Imation Chile S.A. Imation Latin America Marketing S.A.
Imation Mercosur Trading S.A. Imation Funding Corp Imation Government LLC Memorex Products Inc. Imation Online Services Corporation IMN Data Storage LLC Imation Data Storage Holdings CV Imation Europe BV TME GmbH Imation Deutschland GmbH Imation U.K. Limited Imation S.r.l. Imation Middle East FZE Imation Polska Sp. Z.O.O. Memorex Products Europe Ltd. Imation Holdings Pte Ltd. Imation Asia Pacific Pte Ltd. Imation ANZ Pty Ltd. Imation (Australia) Pty Ltd Imation Singapore Pte Ltd. Imation (Malaysia) SDN BHD Imation India Private Ltd. Imation Corporation Japan Imation Korea, Inc. Imation Hong Kong Ltd. Imation (Shanghai) Co. Ltd. Imation (Guangzhou) International Co. Ltd. Imation Information Technology (Beijing) Ltd. Memorex Products (Taiwan) Inc. Imation (Thailand) Ltd. Among others. |
Financials - COMMERCIAL TRENDS AND FORECAST
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The subject is a public company traded at NYSE:IMN. Please find
enclosed the financial statements. |
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We have contacted a representative at the Accounts Payable Department,
who refused to provide us any financial data on grounds of confidentiality. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
|
USD |
2010 |
|
Turnover |
1,460,900,000 |
|
Operating Income |
69,700,000 |
|
Net Income |
158,500,000 |
|
Current Assets |
841,200,000 |
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Fixed Assets |
409,800,000 |
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Net worth |
781,700,000 |
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Liabilities |
469,300,000 |
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The cash flow is |
NORMAL |
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Legal Fillings |
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There are several UCC** files listed with
the Secretary of State of Minnesota. There are various claims, lawsuits, and pending
actions against the Company and its subsidiaries incident to the operations
of its business. It is the opinion of management, after consultation with
counsel, that the ultimate resolution of such claims, lawsuits and pending
actions will not have a material adverse effect on the Company’s consolidated
financial position, results of operations or liquidity. 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. |
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Final Opinion |
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The subject is a big sized US company as
it currently has a staff of 1,115 employees. It was incorporated for business in 1996. Therefore,
it has more than 14 years of experience. IMATION CORP is a public company traded at
NYSE. It is a leading global technology company dedicated to helping people
and organizations store, protect and connect their digital world. Its
portfolio of data storage and security products, electronics and accessories
reaches customers in more than 100 countries through a powerful global
distribution network. The business's global brand portfolio includes Imation,
Memorex, XtremeMac, TDK Life on Record, and MXI Security brands. There is current payment experience. Credit line may be considered for USD
1,500,000-. |
SUMMARY
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Profitability |
VERY GOOD |
Public Records |
YES |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Position |
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Accounts Payable Department |
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Comments |
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We have contacted a male representative at the company's and he refused
to provide any information on ground of confidentiality. |
Standard
& Poor’s
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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.49.18 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
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.