|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMETEK, INC. |
|
|
|
|
Registered Office : |
1100 Cassatt Road, Berwyn, PA 19312 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
08.05.1986 |
|
|
|
|
Legal Form : |
Public Company |
|
|
|
|
Line of Business : |
Manufactures and sells electronic instruments and electromechanical devices |
|
|
|
|
No. of Employees : |
13,700 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United States |
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 US has the largest and most technologically powerful economy
in the world, with a per capita GDP of $49,800. In this market-oriented
economy, private individuals and business firms make most of the decisions, and
the federal and state governments buy needed goods and services predominantly
in the private marketplace. US business firms enjoy greater flexibility than
their counterparts in Western Europe and Japan in decisions to expand capital
plant, to lay off surplus workers, and to develop new products. At the same
time, they face higher barriers to enter their rivals' home markets than
foreign firms face entering US markets. US firms are at or near the forefront
in technological advances, especially in computers and in medical, aerospace,
and military equipment; their advantage has narrowed since the end of World War
II. The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. Since 1975, practically all the gains in household income have
gone to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Crude oil prices doubled between
2001 and 2006, the year home prices peaked; higher gasoline prices ate into
consumers' budgets and many individuals fell behind in their mortgage payments.
Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market,
soaring oil prices caused a drop in the value of the dollar and a deterioration
in the US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012 the federal government reduced the growth of spending
and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required
major shifts in national resources from civilian to military purposes and
contributed to the growth of the budget deficit and public debt. Through 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that will extend coverage to an additional 32 million American
citizens by 2016, through private health insurance for the general population
and Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act,
a law designed to promote financial stability by protecting consumers from
financial abuses, ending taxpayer bailouts of financial firms, dealing with
troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. In December 2012, the Federal
Reserve Board announced plans to purchase $85 billion per month of
mortgage-backed and Treasury securities in an effort to hold down long-term
interest rates, and to keep short term rates near zero until unemployment drops
to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%.
Long-term problems include stagnation of wages for lower-income families,
inadequate investment in deteriorating infrastructure, rapidly rising medical
and pension costs of an aging population, energy shortages, and sizable current
account and budget deficits - including significant budget shortages for state
governments.
Source
: CIA
Company name: AMETEK, INC.
Address: 1100 Cassatt Road, Berwyn, PA 19312
- USA
Telephone: +1
310-647-2121
Fax: +1 215-323-9337
Website: www.ametek.com
Corporate ID#: 2090570
State: Delaware
Judicial form: Public Company (NYSE = AME)
Date incorporated: May 8,
1986
Stock: The number of
shares of the registrant’s Common Stock
outstanding as of 06-30-2013 was 244,224,416.
Value: USD 0.01= par value
Name of manager: Frank
S. HERMANCE
Business:
AMETEK, Inc. manufactures and sells electronic instruments and
electromechanical devices in North America, Europe, Asia, and South America.
The company operates in two segments, Electronic Instruments Group and
Electromechanical Group.
The Electronic Instruments Group segment produces instrumentation for
various electronic applications used in transportation industries, including
aircraft cockpit instruments and displays; airborne electronics systems; and
pressure, temperature, flow, and liquid-level sensors for commercial airlines
and aircraft, and jet engine manufacturers.
This segment also provides analytical instrumentation for the medical,
laboratory, and research markets, as well as instruments for food service
equipment and measurement and monitoring instrumentation for various process
industries; instruments and instrument panels for heavy trucks, heavy
construction, and agricultural vehicles; and ultraprecise measurement
instrumentation and thermoplastic compounds for automotive, appliance, and
telecommunications applications.
The Electromechanical Group segment produces brushless air-moving motors
for aerospace, mass transit, medical equipment, computer, and business machine
applications. It also offers metal powders and alloys in powder, strip, and
wire forms for electronic components, aircraft, and automotive products, as
well as heat exchangers and thermal management subsystems. In addition, this
segment supplies hermetically sealed connectors, terminals, and headers, as
well as offers air-moving electric motors and motor-blower systems for floor
care appliances and outdoor power equipment manufacturers.
The company markets its products through direct sales force, sales
representatives, and distributors.
AMETEK, Inc. was founded in 1930 and is based in Berwyn, Pennsylvania.
EIN: 14-1682544
Staff: 13,700
Operations & branches:
At above address, we find
the corporate headquarters.
The Company maintains
numerous factories and offices in the U.S. and worldwide, including the one
located in Newark, DE.
Shareholders:
The Company is listed with the NYSE under symbol AME.
Major institutional and mutual fund shareholders include:
|
Columbia Wanger Asset Management, L.P. |
5.68% |
|
Vanguard Group, Inc. (The) |
5.16% |
|
FMR, LLC |
4.36% |
|
Price (T.Rowe) Associates Inc |
3.48% |
|
State Street Corporation |
3.19% |
Management:
Frank S. HERMANCE is the Chairman and CEO
Mr. Frank S. Hermance serves as the Chairman and Chief Executive Officer
of Ametek Aerospace & Defense Inc. Mr. Hermance serves as the Chief
Executive Officer of Drake Air, Inc. Mr. Hermance serves as the Chief Executive
Officer of Ametek Specialty Metal Products. He has been Chief Executive Officer
of AMETEK Inc., a Holding Company of Penn Engineering Motion Technologies since
September 1999 and served as Chief Executive officer of Southern Aeroparts,
Inc. since January 1, 2001. (AMETEK Inc. Accquired HCC Industries in 2005). He
served in different roles at AMETEK Inc. Where he served as the President from
November 1996 to December 2000, Chief Executive Officer from September 1999 to
December 2000, Chief Operating Officer from January 1996 to September 1999 and
Executive Vice President from January 1996 to November 1996.
Mr. Hermance served as President of Precision Instruments Group of
AMETEK Inc. from 1994 to November 1996 and Group Vice President from 1990 to
1994. Prior to AMETEK, he served as General Manager of Tektronix's Waveform
Measurement division. He served as Senior Vice President for Operations of
Combustion Engineering's Taylor Instrument Company, a producer of analytical
instruments. Mr. Hermance serves as Chairman of Ametek Specialty Metal Products
and Drake Air, Inc. He serves as Chairman of Greater Philadelphia Alliance for
Capital and Technologies. He serves as Chairman of the Board and Director of
Manufacturers Alliance/MAPI, Inc. He has been Chairman of the Board of AMETEK
Inc. at Atlas Material Testing Technology LLC. since January 1, 2001. He serves
as a Trustee of Manufacturers Alliance/MAPI, Inc. He has been a Director of
IDEX Corp. since January 5, 2004. Mr. Hermance serves as a Trustee of the
Rochester Institute of Technology. He serves as a Director of Ametek Specialty
Metal Products, UGI Corp. and Drake Air, Inc. He has been a Director of CTB
International Corp. since 1997. He has been a Director of Ametek Inc. since
1999. He has both a Master of Science in Electrical Engineering and a Bachelor
of Science in Electrical Engineering from the Rochester Institute of
Technology.
John J. MOLINELLI is Executive Vice President and CFO.
David ZAPICO is Executive Vice President and COO.
Subsidiaries &
Partnership: Numerous in the U.S. and worldwide.
On attachment:
- 10K 2012
- 2nd 10Q 2013
On August 7, 2013, Ametek Inc. announced unaudited consolidated earnings
results for the second quarter and six months ended June 30, 2013.
For the quarter, net sales were $878,809,000, operating income was
$202,613,000, income before income taxes was $181,792,000 and net income was
$128,321,000 or $0.52 per diluted share against net sales were $825,898,000,
operating income was $184,978,000, income before income taxes was $164,287,000
and net income was $113,687,000 or $0.47 per diluted share for the same period
a year ago. Operating cash flow in the quarter was strong at $128 million, up
11% over last year's second quarter.
Capital expenditures were $11 million for the quarter.
For the six months, net sales were $1,761,662,000, operating income was
$399,848,000, income before income taxes was $358,180,000 and net income was $253,467,000
or $1.03 per diluted share against net sales were $1,653,050,000, operating
income was $367,754,000, income before income taxes was $325,986,000 and net
income was $223,837,000 or $0.92 per diluted share for the same period a year
ago. Operating cash flow was $285 million, up 11% from the first half of 2012.
For the full year 2013, the company expects revenue to be up mid-single
digits on a percentage basis from 2012.
The company expects earnings for 2013, to be at the low end of its
previous guidance range of $2.08 to $2.12 per diluted share, reflecting the
weak economic environment.
Free cash flow to be approximately 115% of net income.
Operating cash flow to be about $665 million.
The company to spend about $65 million on CapEx and $600 million of free
cash flow to basically deploy.
Depreciation and amortization is expected to be approximately $118
million. Tax rate to be between 29% and 30%.
For the third quarter of 2013, the company expects its sales to be up
mid-single digits on a percentage basis over last year's third quarter. The
company expects its earnings to be approximately $0.51 to $0.52 per diluted
share, an increase of 9% to 11% over last year's third quarter of $0.47 per
diluted share.
Banks: JPMorgan Chase Bank
Bank of America
PNC Bank
SunTrust Bank
Wells Fargo Bank
Legal filings & complaints:
As of today date, there are several legal filings pending with various
Courts.
Secured debts summary (UCC):
Several
Trade references:
Date reported: June 2013
High credit: USD 100,000+
Now owing: 0
Past due: 0
Last purchase: May 2013
Line of business: Office supply
Paying status: On terms
Date reported: June 2013
High credit: USD 15,000,000+
Now owing: 0
Past due: 0
Last purchase: May 2013
Line of business: Payroll
Paying status: As agreed
Date reported: June 2013
High credit: USD 6,000
Now owing: 0
Past due: 0
Last purchase: May 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made on terms.
Other comments:
The Company maintains a
strong business.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.