|
Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CURTISS WRIGHT CORP. |
|
|
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Registered Office : |
13925 Ballantyne Corporate Place, Suite 400, Charlotte, NC 28277 |
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Country : |
United States |
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|
|
Financials (as on) : |
31.12.2013 (Consolidated) |
|
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Date of Incorporation : |
09.08.1929 |
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Legal Form : |
Public Company |
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Line of Business : |
· Provider of engineered products and services to the defense, power generation, oil and gas, commercial aerospace, and general industrial markets worldwide. · Subject operates through three segments including Flow Control, Controls, and Surface Technologies Segments Subject product
ranges includes: · Valves · Pumps · Motors · Generators Instrumentation · Controls · Actuation · Drive Sensors · Embedded Computing · Metal Treatment |
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|
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No of Employees : |
10,000 (2013) |
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
was designed to 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 (Fed) 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
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and
inflation had not crossed the previously stated thresholds. 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.
|
Source : CIA |
Company name: CURTISS WRIGHT CORP.
Address: 13925 Ballantyne Corporate Place,
Suite 400
Charlotte, NC 28277 - USA
Telephone: +1
973-541-3700
Fax: +1 973-541-3699
Website: www.curtisswright.com
Corporate ID#: 0265416
State: Delaware
Judicial form: Public Company (NYSE = CW)
Date incorporated: August 9,
1929
Stock: 48,023,652
shares (issued and outstanding as of 01-31-2014)
Value: USD
1= par value
Name of manager: David
C. ADAMS
Business:
Curtiss-Wright Corporation provides engineered products and services to
the defense, power generation, oil and gas, commercial aerospace, and general
industrial markets worldwide.
Subject product
ranges includes:
· Valves
· Pumps
· Motors
· Generators Instrumentation
· Controls
· Actuation
· Drive Sensors
· Embedded Computing
· Metal Treatment
It operates through three segments: Flow Control, Controls, and Surface
Technologies.
The Flow Control
segment designs, manufactures, distributes, and services a range of engineered
flow control products, including valves, pumps, motors, generators,
instrumentation, shipboard systems, vessels, and control electronics, as well as
energy production and processing solutions.
Its product groups comprise electro-mechanical systems, nuclear group
products, oil and gas systems, and marine and power products.
This segment serves the naval defense, power generation, oil and gas,
and industrial sectors.
The Controls
segment designs, develops, and manufactures mechanical systems, drive systems,
and mission-critical embedded computing products and sensors for use in the
aerospace, defense, and industrial industries. Its product groups include
defense solutions, flight systems, avionics and industrial products, and
integrated sensing
products.
The Surface
Technologies segment provides various metallurgical services, which
include shot peening, laser peening, coatings, anodizing, heat treating, and
analytical services. This segment offers its services to the aerospace,
automotive, construction equipment, oil and gas, petrochemical, and metal
working industries. The company also provides replacement equipment,
aftermarket parts, and testing services to the owner/operators of nuclear power
plants and the original equipment manufacturers (OEMs), who supply critical
components to the nuclear industry.
Curtiss-Wright Corporation was founded in 1929 and is headquartered in
Charlotte, North Carolina.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
EIN: 13-0612970
Staff: 10,000 (2013)
Operations & branches:
At the headquarters, we
find the corporate office, owned.
The Company maintains several
facilities in the U.S. and worldwide, including the one located:
10 Water View Blvd,
Parsippany, NJ 07054
Ph: +1 973-541-3700
Shareholders:
The Company is listed with
the NYSE under symbol CW.
As of 12-31-2013, 79% of the stock was held by institutional and mutual
fund owners, including:
|
BlackRock Fund Advisors |
5.67% |
|
Vanguard Group, Inc. (The) |
5.49% |
|
Allianz Asset Management AG |
5.33% |
|
Dimensional Fund Advisors LP |
5.23% |
|
Gamco Investors Inc |
4.90% |
Management:
David C. ADAMS is the President and CEO.
David C. Adams has been the President of Curtiss-Wright Corporation
since October 12, 2012 and as its Chief Executive Officer since August 1, 2013.
Mr. Adams served as the Chief Operating Officer of Curtiss-Wright
Corporation from October 12, 2012 to July 31, 2013. He served as the President
of Curtiss-Wright Controls at Curtiss-Wright Corporation from June 2005 to
November 2008. Mr. Adams served as Co-Chief Operating Officer of Curtiss-Wright
Corp. at Curtiss-Wright Controls, Inc. from November 17, 2008 to October 12,
2012.
Mr. Adams served as Vice President of Curtiss-Wright Corp. from November
15, 2005 to November 2008. He served as President of Curtiss-Wright Controls
Inc., the Motion Control segment of Curtiss-Wright Corporation from June 9,
2005 to November 2008. He led global strategy including fostering internal
innovation, developing cross-market applications and acquiring pioneering
technologies to achieve their full potential in high- performance markets. Mr.
Adams has more than 31 years of experience in the aerospace, defense and
electronics technology markets. Mr. Adams served as Senior Vice President of
Electronic Systems from February 2004 to June 2005 and also served as Group
Vice President, Integrated Sensing from April 2002 to February 2004, and
Director of Business Development within the Motion Control Segment at
Curtiss-Wright Corp. Prior to joining Curtiss-Wright Controls in 2000 as
Director of Business Development, Mr. Adams served in senior business
development roles for Goodrich and Lucas Aerospace for approximately 10 years.
He had more than 11 years of experience in sales, engineering, business
development and program management roles. He has been a Director of
Curtiss-Wright Corporation since August 2013. He serves as a Member of Board of
Governors at Aerospace Industries Association.
Mr. Adams holds a Bachelor of Science Degree from California State
University and a Master Degree in Business Administration from California Lutheran
University.
Martin R. BENANTE has been the Executive Chairman and Director of
Curtiss-Wright Corporation since April 2000 and 1999 respectively.
Glenn E. TYNAN is Vice President and CFO.
Thomas P. QUINLY is the COO.
Subsidiaries and
Partnership:
|
Curtiss Wright Controls Inc. |
|
Delaware |
|
Curtiss-Wright Electro-Mechanical Corporation |
|
Delaware |
|
Curtiss-Wright Flow Control Corporation |
|
New York |
|
Dy4 Systems, Inc. (DY4 Canada) |
|
Ontario |
|
Metal Improvement Company, LLC |
|
Delaware |
|
Tapco International Inc. |
|
Delaware |
|
Currency in |
As of: |
Dec
31 |
Dec
31 |
Dec
31 |
Dec
31 |
|
TOTAL REVENUES |
1,854.5 |
2,016.7 |
2,097.7 |
2,510.8 |
|
|
NET INCOME |
102.2 |
126.4 |
113.8 |
138.0 |
|
On attachment: 10K 2013
Banks: Bank of America
Wells Fargo Bank
JPMorgan Chase Bank
Legal filings
& complaints:
As of today date, there are more than 30 legal filing pending with various
Courts, involving the Company as plaintiff or defendant.
Secured debts summary (UCC):
None(in North Carolina)
Trade references:
Date reported: March 2014
High credit: USD 50,000
Now owing: 0
Past due: 0
Last purchase: February 2014
Line of business: Office supply
Paying status: 6 days beyond terms
Date reported: March 2014
High credit: USD 12,000,000
Now owing: 0
Past due: 0
Last purchase: February 2014
Line of business: Payroll
Paying status: As agreed
Date reported: March 2014
High credit: USD 3,000
Now owing: 0
Past due: 0
Last purchase: February 2014
Line of business: Telecommunications
Paying status: 2 days beyond terms
Domestic credit history:
Domestic credit history appears as follow:
|
Monthly Payment Trends - Recent Activity |
|
|
National Credit Bureaus
gave a correct credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 5 to 10 days beyond terms.
Other comments:
The Company maintains its
business.
The bank confirmed a
regular account.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
01-29-2014.
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.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.