MIRA
INFORM REPORT
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Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MTS SYSTEMS CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
28.06.2014 |
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Date of Incorporation : |
12.09.1966 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject Supplies Test System and Industrial Position Sensors. |
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No of Employees : |
2,299 |
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 : |
No Complaints |
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 |
Company name & ADDRESS
MTS SYSTEMS
CORPORATION
Address:
Telephone: +1
952-937-4000
Fax: +1 952-937-4515
Website: www.mts.com
Corporate ID#: 1K-817
State:
Judicial form: Public Company (Nasdaq = MTSC)
Date incorporated: September
12, 1966
Stock: 64,000,000
shares
15,138,290 shares issued and outstanding, as
of 06-28-2014
Value: USD
0.25= par value
Name of manager: JEFFREY
A. GRAVES
ACTIVITIES
& OPERATIONS
Business:
MTS Systems Corporation supplies test systems and industrial position
sensors in the
The company’s Test segment provides testing solutions, including road
simulators for durability simulation; tire performance and rolling resistance
measurement systems; moving road-plane systems and balances use for
aerodynamics measurements in wind tunnels; systems for the physical
characterization of materials, such as ceramics, composites, and steel; and
systems to test durability and performance of implants, prostheses, and other
medical and dental materials and devices. This segment also offers products,
systems, and software to perform static and fatigue testing of aircraft and
space vehicles; systems for structural engineering, including high force static
and dynamic testing; and seismic simulation tables to test the designs of
structures and set building codes.
In addition, it provides various accessories and spare parts, as well as
installation, calibration, maintenance, training, and consulting services. This
segment serves automobile, truck, motorcycle, motorsports vehicle, construction
equipment, agricultural equipment, rail, and off-road vehicle manufacturers and
their suppliers, as well as power generation, aerospace, bio-medical, wind
energy, structural engineering, petroleum, and other industries.
The company’s Sensors segment manufactures products utilizing
magnetostriction technology for manufacturers of plastic injection molding
machines, steel mills, fluid power, oil and gas, medical, wood product
processing equipment, mobile equipment, and energy industries. It also offers
products to measure fluid displacement for customers in the process industries.
The company sells its products through direct sales organization, and
independent representatives and distributors, as well as through the Internet
and catalogs.
MTS Systems Corporation was founded in 1966 and is headquartered in
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
EIN: 41-0908057
Staff: 2,299 (as of 12-31-2013)
Operations & branches:
At the headquarters, we
find an extra-large factory, warehouse and office, on 420,000 sq. ft. owned.
The Company maintains
several branches in the
SHAREHOLDERS & MANAGERS
Shareholders:
The Company is listed with the Nasdaq under symbol MTSC.
As of 06-30-2014, 90% of the stock was held by institutional and mutual
fund owners, including:
|
Mairs & Power Inc |
11.77% |
|
Mairs & Power Growth Fund Inc |
7.93% |
|
Vanguard Group, Inc. (The) |
6.34% |
|
Royce & Associates, LLC |
5.61% |
|
BlackRock Fund Advisors |
5.06% |
Management:
Jeffrey A. GRAVES is the President, Director and CEO.
Dr. Jeffrey A. Graves, PhD, has been the Chief Executive Officer of MTS
Systems Corp. since May 7, 2012. Dr. Graves served as the President of C&D
Technologies Inc., since July 5, 2005. Dr. Graves has 25 years of experience in
power systems and standby power storage, electronic components and
technologically advanced aircraft components. Over the course of his career,
his functional responsibilities have ranged from research and development to
design engineering to global operations and business development.
For nearly a decade, he has served in Chief Executive Officer position
at public companies. He served as Chief Executive Officer of C&D
Technologies Inc., since July 5, 2005. Dr. Graves served as the Chief Executive
Officer and President of KEMET Corporation (Formerly, KEMET Electronics
Corporation) from October 2002 to January 25, 2005. He served as the Chief
Operating Officer of Kemet Corporation from 2002 to 2003. Dr. Graves served as
Vice President of Engineering since May 2002 and served as Vice President of
Technology since he joined KEMET Corporation, from July 2001 to 2002. He served
as a Manager of Power Systems Division of General Electric Company from 1996 to
2001.
He served as Manager of Corporate Research and Development Center of
General Electric Company from 1994 to 1996. While at GE, Dr. Graves led global
teams spanning the
Prior to working for GE, Dr. Graves served various positions of
increasing responsibility at Rockwell International Corporation and Howmet
Corporation. He has been a Director of MTS Systems Corp. since May 7, 2012.
He has been Director of C&D Technologies, Inc. since December 23,
2010.
He has been a Director of Hexcel Corp. since July 13, 2007.
He has been an Independent Director of Teleflex Inc., since 2007. He
served as Director of C&D Technologies Inc. from July 5, 2005 to December
23, 2010.
Dr. Graves served as a Director of Technitrol Inc. (AKA Pulse
Electronics Corporation), from January 1, 2006 to April 2007. Dr. Graves served
as a Director of KEMET Corporation from March 2003 to January 25, 2005.
Dr. Graves completed the first Master Black Belts certified in GE's Six
Sigma Program.
Dr. Graves has a Ph.D. and M.S. in Metallurgical Engineering from the
Ms. Susan E. Knight has been Chief Financial Officer of MTS Systems Corp
and serves as its Senior Vice President. Ms. Knight served as Vice President at
MTS Systems Corp since October 2001. Ms. Knight joined MTS Systems in 2001.
She held various management and executive positions with Honeywell International
from 1977 to 2001 and served as Global Chief Financial Officer of its Home and
Building Control business unit from 2000 to 2001; Chief Financial Officer of
the North American Home and Building Control business unit from 1995 to 2000
and also served as its General Accounting Manager.
Ms. Knight served as Vice President of Finance and Controller of Home
and Building division of Honeywell. Ms. Knight held various other management
positions including Corporate Director of Financial Planning and Analysis at
Honeywell. Ms. Knight has more than 25 years in the field of finance
experience. Ms. Knight serves as Vice Chairman of Greater Minneapolis
Metropolitan Housing Corp. Ms. Knight has been a Director of SurModics Inc.
since January 2008 and Plato Learning, Inc. since September 21, 2005.
Ms. Knight serves on the Board of The Greater Metropolitan Housing
Corporation. She is a graduate of
The Board of Directors includes:
- David J.
- Jeffrey A.
- Barb J. SAMARDZICH
- Gail P. STEINEL
- Emily Maddox LIGETT
- Jean-Lou CHAMEAU
- David JOHNSON
- Chung Hun YU
Subsidiaries and
Partnership:
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MTS Japan Ltd. |
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Japan |
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MTS Sensor Technology Corp |
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Japan |
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MTS Korea, Inc. |
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South Korea |
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MTS Systems (China) Co., Ltd. |
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China (PRC) |
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MTS Systems GmbH |
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Germany |
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MTS Systems Norden AB |
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Sweden |
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MTS Systems Ltd. |
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United Kingdom |
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MTS Systems Srl |
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Italy |
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MTS Holdings France, SARL |
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France |
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MTS Systems SAS |
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France |
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MTS Sensor Technologie GmbH and Co. KG |
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Germany |
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MTS Automotive Sensors GmbH |
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Germany |
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MTS Sensor Technologie und Verwaltungs-GmbH |
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Germany |
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MTS Systems (Hong Kong), Inc. |
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Minnesota |
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MTS Systems Switzerland GmbH |
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Switzerland |
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MTS Testing Systems (Canada) Ltd. |
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Ontario |
FINANCIALS
On attachment:
- 10K 2012-2013
- 3rd 10Q 2014
On August 4, 2014, MTS Systems Corporation reported unaudited
consolidated earnings results for the third quarter and nine months ended June
28, 2014.
For the quarter, the company reported revenue of $145,471,000 against
$135,059,000 a year ago. Income from operations was $17,398,000 against
$16,428,000 a year ago. Income before income taxes was $17,193,000 against
$16,783,000 a year ago. Net income was $14,144,000 or $0.92 per diluted share
against $11,547,000 or $0.72 per diluted share a year ago.
Net income excluding restructuring charges and R&D tax benefits was
$12,663,000 or $0.82 per share.
For the nine months, the company reported revenue of $421,224,000
against $414,644,000 a year ago.
Income from operations was $43,899,000 against $52,108,000 a year ago.
Income before income taxes was $42,826,000 against $51,817,000 a year
ago.
Net income was $31,068,000 or $2.01 per diluted share against
$36,391,000 or $2.29 per diluted share a year ago. For 2014, the company expects
revenue to be $570 to $580 million and earnings per share, excluding the
restructuring charge, to be $3.20 to $3.35 per share.
Banks
U.S. Bank
HSBC Bank USA
Wells Fargo Bank
JPMorgan Chase Bank
LEGAL FILINGS
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
None
COMPANY
CREDIT HISTORY
TRADE REFERENCES:
Date reported: July 2014
High credit: USD 13,000
Now owing: 0
Past due: 0
Last purchase: June 2014
Line of business: Office supply
Paying status: 5 days beyond terms
Date reported: July 2014
High credit: USD 3,200,000+
Now owing: 0
Past due: 0
Last purchase: June 2014
Line of business: Payroll
Paying status: As agreed
Date reported: July 2014
High credit: USD 2,200
Now owing: 0
Past due: 0
Last purchase: June 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 medium credit rating.
According to our credit analysts, during the last 6 months, domestic
paments were made with an average of 5 to 8 days beyond terms.
INTERNATIONAL
CREDIT HISTORY:
Payments of imports are currently made on terms.
OTHER COMMENTS:
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
11-21-2013.
The risk remains 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.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.