MIRA
INFORM REPORT
|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
COMTECH EF DATA CORP. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Year of Establishment : |
1985 |
|
|
|
|
Legal Form : |
Private Subsidiary Company |
|
|
|
|
Line of Business : |
Subject develops an assortment of satellite communications
equipment for commercial and government applications. |
|
|
|
|
No. of Employees : |
800 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Comtech EF Data Corp.
Tel: (480) 333-2200
Fax: (480) 333-2540
Registration data
Employees: 800
Company Type: Private
Subsidiary
Corporate Family: 20
Companies
Ultimate Parent: Comtech
Telecomm. Corp.
Incorporation Date: 1985
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 9.0
Total Assets: NA
Business Description
Comtech EF Data develops an assortment of satellite
communications equipment for commercial and government applications. It offers
a wide range of products, including satellite modems, modem accessories,
performance enhancement proxies, vipersat network products, digicast products.
It also provides a variety of converters, transceivers, terminals and blockup
converters. Located in
Industry
Industry Communications Services
ANZSIC 2006: 5809 - Other
Telecommunications Services
NACE 2002: 6420 -
Telecommunications
NAICS 2002: 517410 - Satellite
Telecommunications
US SIC 1987: 4899 -
Communications Services, Not Elsewhere Classified
Key Executives
(Emails Available)
|
Name |
Title |
|
Robert Mccollum |
President |
|
Larry Dumouchel |
Vice President & Chief Financial Officer |
|
Bob Hansen |
Senior Vice President-Global Sales & Marketing |
|
Pete Lorbeck |
Information Technology |
|
Ted Binkowski |
Senior Vice President-Operations |
News
|
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Tel: (480) 333-2200
Fax: (480) 333-2540
Sales USD(mil): 9.0
Assets USD(mil): NA
Employees: 800
Industry: Communications Services
Incorporation Date: 1985
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
President: Robert
Mccollum
Contents
Industry Codes
Business Description
Product Codes
Financial Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
5809 - Other Telecommunications Services
2422 - Communication Equipment Manufacturing
NACE 2002 Codes:
6420 - Telecommunications
3220 - Manufacture of television and radio transmitters and apparatus
for line telephony and line telegraphy
NAICS 2002 Codes:
517410 - Satellite Telecommunications
334210 - Telephone Apparatus Manufacturing
US SIC 1987:
4899 - Communications Services, Not Elsewhere Classified
3661 - Telephone and Telegraph Apparatus
32201 - Manufacture of telegraph and telephone apparatus and
equipment
6420 - Telecommunications
Business
Description
Satellite Communications Products & Systems Mfr
More Business
Descriptions
NEstablishments primarily engaged in manufacturing radio and television
broadcasting and communications equipment. Important products of this industry
are closed-circuit and cable television equipment; studio equipment; light
communications equipment; transmitters, transceivers and receivers (except
household and automotive); cellular radio telephones; communication antennas;
receivers; RF power amplifiers; and fixed and mobile radio systems.
Comtech EF Data develops an assortment of satellite
communications equipment for commercial and government applications. It offers
a wide range of products, including satellite modems, modem accessories,
performance enhancement proxies, vipersat network products, digicast products.
It also provides a variety of converters, transceivers, terminals and blockup
converters. Located in
Designer and manufacturer of data and RF equipment for satellite communications, including modems, network monitor and control software, TCP/IP performance enhancement proxy, converters, solid state power amplifiers, transceivers and terminals. Software runs on multiple platforms. Products are sold to telemedicine, oil and gas, mining/exploration, SNG/flyways, distance learning, disaster recovery, maritime/shipping, broadcasters, and enterprise solutions companies.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Credit Report as of 11/01/2011
|
Location |
|
|
|
|
|
|
|
|
County: |
Maricopa |
|
MSA: |
|
|
|
|
|
Phone: |
480-333-2200 |
|
Fax: |
480-333-2540 |
|
URL: |
|
|
|
|
|
ABI©: |
301158341 |
|
|
|
|
Annual Sales: |
$9,000,000 (USD) |
|
Employees: |
600 |
|
|
|
|
Facility Size(ft2): |
40,000+ |
|
|
|
|
Business Type: |
Private |
|
Location Type: |
Subsidiary |
|
Corp. Affiliation: |
Comtech Telecommunications |
|
Primary Line of
Business: |
|
|
SIC: |
3663-05 - Satellite Equipment & Systems-Mfrs |
|
NAICS: |
334220 - Broadcast & Wireless Communications Equip |
|
Secondary Lines
of Business: |
|
|
NAICS: |
541613 - Marketing Consulting Svcs |
|
|
443112 - Radio, Tv & Other Electronics Stores |
|
SICs: |
5731-07 - Satellite Equipment & Systems-Retail |
|
|
8742-13 - Marketing Programs & Services |
|
|
9999-66 - Federal Government Contractors |
|
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
|
|||||||||||||||
|
Corporate
Family |
Corporate
Structure News: |
|
|
Comtech
Telecomm. Corp. |
|
Comtech EF Data Corp. |
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Melville, NY |
United States |
Communications Equipment |
612.4 |
1,268 |
|
|
Subsidiary |
Tempe, AZ |
United States |
Communications Services |
9.0 |
800 |
|
|
Subsidiary |
Dayton, OH |
United States |
Retail (Technology) |
27.4 |
80 |
|
|
Branch |
San Diego, CA |
United States |
Audio and Video Equipment |
32.0 |
60 |
|
|
Subsidiary |
Saint-Laurent, QC |
Canada |
Communications Services |
6.5 |
27 |
|
|
Branch |
Germantown, MD |
United States |
Electronic Instruments and Controls |
7.1 |
7 |
|
|
Subsidiary |
Phoenix, AZ |
United States |
Communications Equipment |
134.2 |
187 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Communications Equipment |
|
150 |
|
|
Subsidiary |
Milwaukee, WI |
United States |
Electronic Instruments and Controls |
|
40 |
|
|
Subsidiary |
Boca Raton, FL |
United States |
Nonclassifiable Industries |
|
3 |
|
|
Subsidiary |
Melville, NY |
United States |
Communications Equipment |
|
180 |
|
|
Subsidiary |
Germantown, MD |
United States |
Communications Services |
|
100 |
|
|
Branch |
Colorado Springs, CO |
United States |
Engineering Consultants |
|
|
|
|
Subsidiary |
Orlando, FL |
United States |
Communications Equipment |
|
100 |
|
|
Subsidiary |
Ashburn, VA |
United States |
Aerospace and Defense |
|
40 |
|
|
Branch |
Littleton, CO |
United States |
Aerospace and Defense |
10.5 |
32 |
|
|
Subsidiary |
Moscow, ID |
United States |
Semiconductors |
10.0 |
25 |
|
|
Subsidiary |
Saint Cloud, FL |
United States |
Communications Equipment |
0.6 |
22 |
|
|
Subsidiary |
Fremont, CA |
United States |
Communications Services |
16.2 |
20 |
|
|
Subsidiary |
Topsfield, MA |
United States |
Electronic Instruments and Controls |
2.4 |
12 |
Executive report
|
Executives |
|
|
|
|
||||||||
|
President |
President |
|
||||||||
|
|||||||||||
|
Senior Vice President-Operations |
Operations Executive |
|
|
|||||||
|
|||||||||||
|
Vice President & Chief Financial
Officer |
Finance Executive |
|
|
|||||||
|
|||||||||||
|
Director-Customer Relations |
Sales Executive |
|
|
|||||||
|
Manager-Inside Sales |
Sales Executive |
|
|
|||||||
|
Manager-Inside Sales, Latin America |
Sales Executive |
|
|
|||||||
|
Senior Vice President-Global Sales & Marketing |
Sales Executive |
|
|
|||||||
|
|||||||||||
|
Director-Inside Sales, Government |
Sales Executive |
|
|
|||||||
|
|||||||||||
|
Manager-Inside Sales, Asia Pacific |
Sales Executive |
|
|
|||||||
|
|||||||||||
|
Vice President-Sales, Latin America |
Sales Executive |
|
|
|||||||
|
|||||||||||
|
Manager-Inside Sales, U.S. & Canada |
Sales Executive |
|
|
|||||||
|
Vice President-Sales, EMEA |
Sales Executive |
|
|
|||||||
|
Director-West & US & Canada |
International Executive |
|
|
|||||||
|
Senior Vice President-Strategic Marketing & Business Development |
Marketing Executive |
|
|
|||||||
|
|||||||||||
|
Marketing |
Marketing Executive |
|
|
|||||||
|
|||||||||||
|
Marketing |
Marketing Executive |
|
|
|||||||
|
Media Contact |
Corporate Communications Executive |
|
|
|||||||
|
|||||||||||
|
Media Contact |
Public Relations Executive |
|
|
|||||||
|
Help Desk |
Information Executive |
|
|
|||||||
|
Information Technology |
Information Executive |
|
|
|||||||
|
Senior Vice President-New Technology |
Information Executive |
|
|
|||||||
|
|||||||||||
|
Information Technology |
Information Executive |
|
|
|||||||
|
Senior Vice President-Engineering |
Engineering/Technical Executive |
|
|
|||||||
|
|||||||||||
|
Director-Government Programs |
Government/Public Affairs Executive |
|
|
|||||||
|
Vice President-DoD Programs |
Other |
|
|
|||||||
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+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
UK Pound |
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.83 |
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.