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Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DATASCOPE CORP. |
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Registered Office : |
c/o Corporate Service Company, |
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Country : |
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Year of Establishment : |
1964 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject operates as a medical device company |
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No. of Employees : |
500 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
United States - ECONOMIC OVERVIEW
The
|
Source : CIA |
Company name: DATASCOPE CORP.
Address:
Telephone: +1
973-244-6100
Fax: +1 973-244-6279
Website: www.datascope.com
Reg. address: c/o
Corporate Service Company
Corporate ID#: 2209780
State:
Judicial form: Corporation – Profit
Date incorporated: October
5, 1989
Date founded: 1964
Stock: -
Value: -
Name of manager: Christian
KELLER
Business:
Datascope Corp. operates as a medical device company that engages in the
development, manufacture, and marketing of products for clinical health care
markets in interventional cardiology and radiology, cardiovascular and vascular
surgery, and critical care.
The company’s principal product lines include Cardiac Assist and
Vascular Products. The Cardiac Assist product line consists of intra-aortic
balloon pumps and catheters, endoscopic vessel harvesting products, and the
safeguard assisted pressure device.
Its intra-aortic balloon pump system is used in the treatment of cardiac
shock, acute heart failure, and irregular heart rhythms, as well as for cardiac
support in open-heart surgery, coronary angioplasty, and stenting; and balloon
catheter serves as the pumping device within the patient’s aorta.
The Vascular products include knitted and woven polyester vascular grafts
and patches for reconstructive vascular and cardiovascular surgery, peripheral
vascular stent products, and stent grafts.
Its peripheral vascular products are used by vascular surgeons and
interventional radiologists for the treatment of peripheral aterial disease.
The company also offers life science research products primarily for use in
newly developed kinds of detection assays. It sells its products through direct
sales representatives and independent distributors primarily to physicians,
hospitals, and other medical institutions worldwide.
The company was founded in 1964 and is headquartered in
The Company exports to Central and
EIN: 13-2529596
Staff: 500
Operations & branches:
At the headquarters, we
find a large laboratory, warehouse and office, owned.
Shareholders:
P.O
SE-305 05 Getinge
The company operates in three segments: Medical Systems, Extended Care,
and Infection Control.
The company was founded in 1904 and is headquartered in
Management:
Christian KELLER, President and CEO
Christian Keller has been Chief Executive Officer and President of
Datascope Corp. since January 30, 2009. Mr. Keller serves as Chairman of the
Management Board, Chief Executive Officer and President of MAQUET
Cardiopulmonary AG.
Mr. Keller served as Getinge since November 2001.
He served as President of Maquet Cardiopulmonary AG since December 2005.
Mr. Keller also served as the Managing Director of Medikomp GmbH from May
2000 to December 2004, President and Chief Executive Officer of Maquet Critical
Care AB from January 2005 to August 2005, and Managing Director of Medikomp
GmbH from September 2005 to November 2005.
Antonio LAUDANI, Vice President and COO.
Mr. Antonino Laudani M.D., has been Vice President and Chief Operating
Officer of Datascope Corp. since February 2005 and October 21, 2007
respectively.
Dr. Laudani serves as Chief Operating Officer of Eurocor GmbH.
Dr. Laudani served as the Managing Director of Eurocor GmbH. Dr. Laudani
served as Group President of Cardiac Assist and InterVascular Inc. from
February 2005 to October 20, 2007. From January 2005 to April 2005, Dr. Laudani
served as Group Vice President of Sales for Cardiac Assist, InterVascular and Interventional
Products for Europe, the Middle East and
Dr. Laudani also served as Independent Consultant from February 2002 to
April 2002. He served as Vice President of Marketing for Tyco Healthcare for
EMEA from June 1999 to January 2002, where he was in charge of R&D and
non-hospital product sales for EMEA. He served as an European Marketing
Director of J&J Medical Europe. Dr. Laudani received an M.D. degree cum
laude from the University of Catania, Italy in 1983 and did two years
internship.
Henry M. Scaramelli has been Chief Financial Officer of Datascope Corp.,
since August 2007 and its Vice President of Finance since September 2003. Mr.
Scaramelli has been Acting Vice President of Finance, Interventional Products
Division and InterVascular Group at Datascope Corp., since June 2004. He served
as Corporate Controller of Operations of Datascope Corp. from September 2003 to
August 2007and served as its Acting Chief Financial Officer from April 4, 2007
to ... August 2007. From July 2002 to August 2003, Mr. Scaramelli served as
Group Vice President, Finance for the Cardiac Assist Division and
InterVascular, Inc. From October 1996 to June 2002, Mr. Scaramelli served as
Vice President, Finance for the Cardiac Assist Division.
In
On a direct call, a
financial assistant controlled the present report and confirmed sales 2011 in
the range of USD 48,000,000=
He added that all
financials are consolidated into the parent company.
On October 17, 2012, for the nine months 2012, on consolidated basis,
the company’s net sales increased by 13.3% to SEK 16,4 33 million against SEK
14,500 million, and grew organically by 3.2%.
Operating profit was SEK 2,415 million against SEK 2,264 million a year
ago.
Profit before tax was SEK 1,989 million against SEK 1,913 million a year
ago.
Net profit attributable to parent company's shareholders was SEK 1,465
million or SEK 6.15 per share against SEK 1,410 million or SEK 5.92 per share a
year ago.
Cash flow from operations was SEK 2,228 million against SEK 2,074
million a year ago. Investments in tangible fixed assets were SEK 655 million
against SEK 383 million a year ago. EBITA was SEK 2,870 million against SEK
2,596 million a year ago. EBITA before restructuring was rose by 9.7% to SEK
2,906 million against SEK 2,650 million a year ago. Return on equity was 17.8%
against 17.3% a year ago. For the quarter, on standalone basis, the company
reported operating loss of SEK 46 million against SEK 36 million a year ago.
Profit after financial items was SEK 678 million against loss after financial
items of SEK 122 million a year ago. Profit before tax was SEK 678 million
against loss before tax of SEK 122 million a year ago. Net profit was SEK 472
million against net loss of SEK 97 million a year ago. For the nine months, on
standalone basis, the company reported operating loss of SEK 99 million against
SEK 98 million a year ago. Profit after financial items was SEK 968 million
against loss after financial items of SEK 125 million a year ago. Profit before
tax was SEK 968 million against loss before tax of SEK 125 million a year ago.
Net profit was SEK 680 million against net loss of SEK 102 million a year ago.
The company continued favorable earnings outlook for 2012.
Banks: Bank of
...
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
Several
Standard
& Poor’s
|
|
|
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.
The
transfer and convertibility (T&C) assessment of the
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
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
The
political brinksmanship of recent months highlights what we see as
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+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.20 |
|
UK Pound |
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.