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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PERK-UP, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.01.1964 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is provides a range of specialty bags, such as glassine and barbeque in plain and printed designs for takeout foods. |
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No of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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|
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
|
Source
: CIA |
Company name: PERK-UP,
INC.
Address:
Telephone: +1
914-580-3200
Fax: +1 914-580-3248
Website: www.kariout.com
Corporate ID#: 172757
State:
Judicial form: Corporation – Profit
Date incorporated: January
8, 1964
Stock: 200,000
shares common
Value: USD
0.01= par value
Name of manager: Paul
EPSTEIN
Business:
The Company is using the business names:
- KARI-OUT CO
-
Founded in 1964, Kari-Out Company serves the food service industry.
The company has a staff of more than 200 people and has locations
throughout the
It provides a range of condiments in several different sizes.
Kari-Out Co. offers a variety of bottled goods ranging from hot sauce to
vinegar. The company provides a range of specialty bags, such as glassine and
barbeque in plain and printed designs for takeout foods.
Kari-Out Co. offers moist towelettes for cleaning hands and face without
soap and water. In addition, the company provides ingredient for the cooking
and baking needs. It also offers a range of janitorial and cleaning products
ranging from pot brushes to powdered soaps.
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
The Company imports mainly from
EIN: 13-1997372
Staff: 200+
Operations & branches:
At the headquarters, we
find the corporate office, on lease.
The Company maintains
several branches in the
Shareholders:
This is a EPSTEIN family
owned and managed Company.
Management:
Howard EPSTEIN is the President.
Paul EPSTEIN is the CEO.
Subsidiaries And partnership: n/a
In
On a direct call, nobody
accepted to answer our questions.
We sent a fax but no answer
received.
Sales declared for year
2013 is in excess of USD 10,000,000+ (same as 2012)
The business is said to be
profitable.
Banks: Israel Discount Bank of
Bank of the West
…
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
Several
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.
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.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIS |
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.