|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
VERTAFORE, INC. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Year of Establishment : |
1969 |
|
|
|
|
Legal Form : |
Corporation – Profit |
|
|
|
|
Line of Business : |
provides software and information solutions to the
insurance industry |
|
|
|
|
No. of Employees : |
1,200 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
United States - ECONOMIC OVERVIEW
The
|
Source : CIA |
Company name: VERTAFORE, INC.
Address:
Telephone: +1
425-402-1000
Fax: +1 425-402-9569
Website: www.vertafore.com
Corporate ID#: 2079636
State:
Judicial form: Corporation – Profit
Date incorporated: 12-27-1985
Date founded: 1969
Stock: 1,500
shares common
Value: No
par value
Name of manager: UEuan
C. MENZIES
Business:
Vertafore, Inc. provides software and information solutions to the
insurance industry.
The company offers AIM, AMS360, BenefitPoint, FinancePro, InStar, Prime,
and Sagitta, which are insurance business management software solutions;
WorkSmart, ImageRight, and CBDDoc that are content management and workflow
software tools; and PL Rating, PolicyRater, Portal Server, Prevail Network,
TransactNOW, and Transit Server, which are connectivity and rating software
solutions. It also provides Siron, a producer lifecycle management software
solution; Phoenix and PremiumBill, which are policy administration and billing
software tools; ClientConnect, a self-service online portal that provides its
clients’ customers access to risk management and employee benefits resources;
Producer Plus, a commercial lines software tool that helps agents to sell and
retain commercial accounts; and ReferenceConnect, an online reference library
for the insurance industry.
In addition, it offers support, training, and implementation services
for its solutions, as well as custom programming, consulting, data migration,
online hosting, and network design and support services.
The company serves insurance agents, brokers, MGAs, carriers, and
reinsurers in the
Vertafore, Inc. was formerly known as AMS Holding Group and changed its
name in November 2004.
The company was founded in 1969 and is headquartered in
EIN: 33-0972565
Staff: 1,200
Operations & branches:
At the headquarters, we
find the corporate office, on lease.
The Company maintains
branches located in
Shareholders:
Vertafore's former owners, private-equity firms Hellman & Friedman
and JMI Equity, sold the company to investor TPG Capital for USD 1.4 billion on
June 2010.
TPG CAPITAL L.P.
Ph: 817-871-4000
Fx: 817-871-4010
Incorporated in
ID# 5067734
TPG Capital is one of the world's largest private equity firms, with
stakes in financial services, technology, media, health care, retail, and other
industries. The firm participates in leveraged buyouts, recapitalizations, and
other transactions, typically holding on to its investments for five to seven
years. It also takes an active role in its holdings when necessary. TPG has
some USD 48 billion in assets under management and stakes in such notable
enterprises as Avaya, Freescale Semiconductor, Neiman Marcus, Sabre Holdings,
SunGard Data Systems, and Univision. Affiliate TPG Growth specializes in
middle-market and growth equity investments. TPG Capital was founded in 1992.
Management:
Euan C. MENZIES is the Chairman, President and CEO.
Euan C. Menzies has been Chief Executive Officer of AMS Services Inc.
since May 2001 and Chief Executive Officer of Vertafore Inc. since May 2001 and
served as its President since September 2000.
He served as President and Chief Operating Officer of AMS Services, Inc.
from September 2000 to November 2008. He served as Chief Financial Officer of
Actix Ltd. Mr. Menzies was responsible for all strategic and day to day financial
and administrative aspects of Actix's business. From 1987 to 2000, Mr. Menzies
was a Senior Executive with Thomson Corporation, where he held a number of
general management positions, as the Chief Executive Officer and President of
Thomson's tax and regulatory division (RIA Group). From February 2000 to
September 2000, he served as Chairman and Chief Executive Officer of iClick, an
Internet-based software and services company in the human resources sector. Mr.
Menzies has 14-years experience in finance and accounting of which the last
seven have been in commercial roles in the telecommunications sector. After six
years with Price Waterhouse in the
Mr. Menzies is a Chartered Accountant in the
Al DHAENE, Senior Vice President & Chief Financial Officer.
Mr. Dhaene served as Senior Vice President and Chief Financial Officer
of Pulse Engineering, Inc. since January 2009. Mr. Dhaene joined Pulse in
January of 2009 with over 25 years of experience. Prior to joining pulse, he
served as Senior Vice President and Chief Financial Officer for the World Wide
Ultrasound Group of Philips Royal. His prior experience includes senior
management ... positions overseeing accounting, financial, manufacturing and
operational functions with Robert Bosch GmbH and PEPSICO. He began his career
in the Management Development Program of Ford Motor Company. In 2001 he was
awarded an Economic Ambassadorship from the Governors Office of the State of
He holds a Bachelors of Accounting degree from
John MORROW is Secretary and Treasurer.
In
On a direct call, a financial
assistant controlled the present report.
Sales declared for year
2011 is in the range of USD 113,500,000= verse
USD 85,000,000= in 2010.
The business is profitable.
Banks: Credit Suisse
Bank of
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: 117828181809
Date filed: 08-19-2011
Secured Party: CREDIT SUISSE AG
File number: 117282182052
Date filed : 08-19-2011
Secured Party: Bank of
1 Bryant Park,
|
|
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
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
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
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
Standard & Poor's
transfer T&C assessment of the
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
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.