MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SP INDUSTRIES, INC. |
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Registered Office : |
935 Meams Street, Warminster, PA 18974 |
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Country : |
United States |
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Date of Incorporation : |
06.11.1996 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Manufactures equipment and specialty glassware for pharmaceutical,
scientific and life sciences, biotechnology, educational, industrial, and original
equipment manufacturer markets |
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No. of Employees : |
375 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United
States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
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Source : CIA |
Your order on: SP SCIENTIFIC
This is a business
name used by:
Company name: SP INDUSTRIES, INC.
Address: 935 Meams Street, Warminster, PA
18974 - USA
Telephone: +1
215-672-7800
Fax: +1 215-672-7807
Website: www.spindustries.com
Corporate ID#: 2680741
State: Delaware
Judicial form: Corporation – Profit
Date incorporated: November
6, 1996
Stock Value: 1.086.430
actions ŕ $0.01
130.570 actions ŕ $0.01
300.000
actions convertibles ŕ $0.01
Name of manager: Charles
L. GRANT
Business:
SP Industries, Inc. manufactures equipment and specialty glassware for
pharmaceutical, scientific and life sciences, biotechnology, educational,
industrial, and original equipment manufacturer markets.
It offers pharmaceutical production and research freeze dryers and their
sub-components, pharmaceutical lyophilizers, chillers, centrifugal evaporators
and concentrators, NMR and EPR consumables and accessories, laboratory
glassware and equipment, glassware washers, temperature control and thermal
management systems, and solvent evaporators. The company also provides sample
coolers, microplates, automated loading and unloading systems, spectroscopy
supplies, custom precision glassware, glassware repairs, chambers and
condensers, heat transfer shelves, refrigeration skids, vacuum isolation
valves, autoloaders for vial handling, flow tubes, custom research glassware,
and pilot plant reactors.
In addition, SP Industries, Inc. engages in the custom design and
fabrication of precision glass components for applications, including lasers,
medical instruments, fiber optics, and microwaves; and offers product support,
including training and technical assistance.
The company sells its products through a sales and service network
world-wide. SP Industries, Inc. was incorporated in 1996 and is headquartered
in Warminster, Pennsylvania with satellite support facilities and sales offices
in the United States.
The company also has manufacturing facilities in Buena and Vineland, New
Jersey; Gardiner and Stone Ridge, New York; Warminster, Pennsylvania; and
Suffolk, United Kingdom.
No name of foreign suppliers available.
EIN: 22-3479662
Staff: 375
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains
branches located in Buena and Vineland, New Jersey; Gardiner and Stone Ridge, New York;
Warminster, Pennsylvania; and Suffolk, United Kingdom.
Shareholders:
GRAHAM PARTNERS
3811 West Chester Pike, Building 2, Suite
200
Newtown Square, PA 19073 - USA
Graham Partners is the private equity arm of The Graham Group
specializing in acquisitions, management-led buyouts, growth financings, and
recapitalizations of privately held middle market companies. The firm typically
invests in companies that are benefiting raw materials, technology or product
substitution conversions taking place within the end markets served and possess
proprietary manufacturing technologies, sharing a common end market or
manufacturing process with an industrial business the firm has owned or
operated. It seeks to invest in manufacturing companies that produce products
utilized in a wide variety of end markets including: industrial and consumer
products; packaging; medical products; building products; agriculture; home and
outdoor products; transportation and logistics; capital equipment; sports and
leisure products; aerospace/defense; foods and beverages; packaging; energy
related products; water management; and chemicals and materials.
The firm also invests in other industrial technologies and services.
It seeks to invest in companies based in the United States and also
considers investments in companies based in Canada and Western Europe.
The firm typically invests between $10 million and $100 million in
equity and the balance via debt and can invest higher than $100 million through
co-investments. Within the water management sector, the firm typically makes an
equity investment between $20 million and $100 million. Within the building
products sector, it typically makes equity investments between $25 million and
$100 million. It invests in companies with annual revenues between $30 million
and $500 million; minimum EBITDA margins of ten percent; and minimum EBITDA of
$5 million for new platforms. The firm prefers to make control investments but
also considers taking minority stake in certain situations. Graham Partners was
founded in 1988 and is based in Newton Square, Pennsylvania.
Management:
Charles L. GRANT is the President, Director and CEO
He serves as a General Partner at Riverlake Partners, LLC. Mr. Grant has
been the President and Chief Executive Officer of SP Industries Inc. since
2003. From 1993 to 2003, he served as the Segment President at SPX Corporation.
From 1992 to 1993, he served as an Executive Vice President and the
Chief Financial Officer at Continuum Workflow Technology, Inc. He has an
extensive background with multi-industry start ups and restructuring as well as
global experience in China, Asia, and Europe. His areas of particular expertise
include: mergers and acquisitions and strategic leadership. He began his
career in 1973 at Price Waterhouse, where he served as a Senior Accountant and
Consultant until 1978. From 1978 to 1987, he continued his accounting career at
Becton Dickinson, where he held several senior accounting positions.
From 1987 to 1998, he served as the Vice President of Finance and
Administration and Chief Financial Officer at Capital Cities and ABC, Inc. From
1988 to 1992, Mr. Grant served as the President of Photon Technology
International in South Brunswick. He serves as the Chairman of O'Currance
Teleservices, Inc. and SP Industries, Inc. Mr. Grant is a C.P.A. from Connecticut
and New Jersey. He received his B.S. and B.A Degree from Northeastern
University at Boston and his M.B.A. from Columbia University.
Mr. Grant also received several post graduate certificates from the
Harvard University.
Jeffrey HOFFMAN is the CFO.
As far as we know,
they are involved in other local corporations, including:
GENEVAC INC.
815 Route 28, Gardiner, NY 12525
GENEVAC LIMITED
Farthing Road, Ipswich, Suffolk, IP1 5AP, UNITED KINGDOM
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report but deferred any financials.
Sales declared for year
2012 is in the range of USD 32,000,000=
The business is said to be profitable.
Banks: Bank of America
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: 2008120102883
Date filed: 11-26-2008
Lapse date: 11-26-2013
Secured party: Leaf Funding
Inc.
2005
Market Street, Philadelphia, PA 19103