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Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
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Name : |
HYDRANAUTICS |
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Registered Office : |
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Country : |
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Date of Incorporation : |
30.06.1975 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Manufacturer of Membrane Products for the Water Treatment
Industry in the |
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No. of Employees |
275 + Part Time |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
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Source
: CIA |
HYDRANAUTICS
Telephone: +1
760-901-2500
Fax: +1
760-901-2578
Website: www.membranes.com
Corporate ID#: C0739226
State:
Judicial form: Corporation
– Profit
Date incorporated: 06-30-1975
Stock: -
Value: -
Name of manager: Brett ANDREWS
Business:
Hydranautics, Inc. develops and manufactures
membrane products for the water treatment industry in the
It offers HYDRAcap MAX that provides treatment to reverse osmosis and nanofiltration of water; ESNA1-LF, nanofiltration membranes, which are used for softening applications and the removal of pesticides, bacteria, and viruses; energy-saving polyamide membranes; CPA membranes that provide salt rejection rates; seawater composite membranes, which are used for seawater desalination; low fouling composite membranes that reduce fouling in wastewater and surface water; and HYDRAcap, which is used to treat surface, ground, sea, and waste water. The company also provides DairyRO membranes that are used for pre-concentrating milk and whey, concentrating whey UF permeate, and polishing whey and milk RO permeate for plant reuse; and SanRO Membrane, which is used in USP water purification systems.
In addition, it offers DairyUF membranes for
fractionating, purifying, and dewatering of milk and cheese whey; and for whey
protein concentration before evaporating and spray-drying. The company’s
products are used in various applications in potable water, boiler feedwater,
industrial process water, wastewater and surface water treatment, seawater
desalination, electronic rinse water, agricultural irrigation, and
pharmaceuticals.
It offers its products through distributors in Europe,
Hydranautics, Inc. was founded in 1963 and is based in
Hydranautics, Inc. operates as a subsidiary of Nitto Denko Corp.
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
Suppliers include:
HATTORI TAKESHI CO., LTD.
2-16-8,NISHIKI, NAKA-KU
EIN: 95-2949422
Staff: 275 + part
time
Operations & branches:
At the headquarters, we find a factory, warehouse and office, owned.
The Company maintains several branches in the
Shareholders:
NITTO DENKO AMERICA INC.
which is a subsidiary of:
NITTO DENKO CORPORATION
Grand Front Osaka, Tower A, 32-33 Floor,
4-20, Ofuka-cho
Kita-ku,
Management:
Brett ANDREWS has been Chief Executive
Officer and Managing Director of Hydranautics in October 2013.
He served as its Vice President of Sales
& Marketing, President and Chief Operating Officer. Mr. Andrews has over 18
years of experience in the water treatment chemical field. He served as Global
Business Manager for Nalco's membrane strategic business unit.
Mr. Andrews is a graduate of
K. Scott JACKSON serves as Vice President of
Business Operations.
He held senior management roles in the
desalination and membrane application industry for more than 24 years, with
extensive experience in new and emerging technology companies.
Mr. Jackson began his professional career in
the U.S. House of Representatives where he served as Senior Legislative Analyst
active in a variety of public policy issues.
Subsidiaries
And partnership: None
In
On a direct call, a financial assistant controlled the present report.
Sales declared for year 2013 is in the range of USD 150,000,000=
The business is profitable.
Banks: Bank of
Legal filings & complaints:
As of today date, there is no legal filing
pending with the Courts.
Secured debts summary (UCC):
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Trade references:
Date reported: March
2014
High credit: USD
25,000
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
350,000
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
2,000
Now owing: 0
Past due: 0
Last purchase: February
2014
Line of business: Telecommunications
Paying status: 5 days
beyond terms
Domestic credit history:
Domestic credit history appears as follow:
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Monthly
Payment Trends - Recent Activity
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National Credit Bureaus gave a medium 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.
International
credit history:
Payments of imports are currently made with
an average of 2 to 5 days beyond terms.
Other comments:
The Company maintains a regular business.
The bank confirmed some late payments.
The Company is in good standing.
This means that all local and federal taxes were paid on due date.
The risk is medium.
Our opinion:
A business connection may be conducted but we suggest you to check
regularly the way of payments.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.