MIRA INFORM REPORT

Report No. :	502310
Report Date :	09.04.2018

IDENTIFICATION DETAILS

Name :	RESPIRONICS, INC.
Registered Office :	251 Little Falls Drive, Wilmington, New Castle, De, 19808
Country :	United States
Financials (as on) :	2016 (Summarized)
Year of Establishment :	1976
Legal Form :	Corporation
Line of Business :	· Subject develops, manufactures, and distributes products for sleep and respiratory markets. · It offers non-invasive ventilation systems, homecare pulse oximetry systems, oxygen concentrators, portable home ventilators, CPAP and BiPAP therapy devices, masks, diagnostic sleep systems, titration systems, screening devices, oral appliances, peak flow meters, spacer/holding chambers, nebulizers and compressors, and allergy products.
No. of Employees :	4,900 Employees

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.

In the US, 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, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

Long-term problems for the US 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.

The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.

The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. 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, Congress passed and former 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. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

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 FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.

In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.

In July 2010, the former 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 dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.

In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.

Source : CIA

STATUTORY INFORMATION
Legal Name:	RESPIRONICS, INC.
Trade Name:	RESPIRONICS, INC.
ID:	2028915
Date Created:	1976
Date Incorporated:	2/22/1984
Legal Address:	251 LITTLE FALLS DRIVE, WILMINGTON, NEW CASTLE,DE, 19808, USA
Operative Address:	1010 Murry Ridge Lane Murrysville, PA 15668-8525 United States
Telephone:	724-387-5200
Fax:	724-387-5001
Legal Form:	CORPORATION
Email:	-
Registered in:	PENNSYLVANIA
Website:	www.respironics.com
Contact:	Jim Laikem - President
Staff:	4,900 Employees
Activity:	SIC Code: 3842, Orthopedic, Prosthetic, and Surgical Appliances and Supplies NAICS Code: 339113, Surgical Appliance and Supplies Manufacturing
Banks BANK OF AMERICA
History Respironics, Inc. was founded in 1976 and is headquartered in Murrysville, Pennsylvania.
Parent Company:	As of March 13, 2008, Respironics Inc. was acquired by: Philips Holding USA Inc. 1251 Avenue of the Americas New York, NY 10020 United States
PRINCIPAL ACTIVITY
Respironics, Inc. develops, manufactures, and distributes products for sleep and respiratory markets.
Products/Services description:	It offers non-invasive ventilation systems, homecare pulse oximetry systems, oxygen concentrators, portable home ventilators, CPAP and BiPAP therapy devices, masks, diagnostic sleep systems, titration systems, screening devices, oral appliances, peak flow meters, spacer/holding chambers, nebulizers and compressors, and allergy products. The company offers its products through online.
Brands:	Philips Respironics
Sales are:	Wholesale
Clients:	Praxair Mexico SA De Cv Infra Sa de Cv Pfizer S.A. Oxigenos De Colombia Ltda Linde Colombia S.A. Técnica Electromedica Madhura Medical Equipment
Suppliers:	Philips Electronics Hong Kong Limited Providence Enterprise Ltd. Philips GmBh Gvs Filter Technology Uk Flaem Nuova S.P.A.
Operations area:	National and International
The company imports from	CHINA GERMANY UNITED KINGDOM ITALY
The company exports to	MEXICO COLOMBIA INDIA
The subject employs	4,900 Employees
Payments:	Regular
LOCATION
Headquarters :	1010 Murry Ridge Lane Murrysville, PA 15668-8525 United States
Comments on Address:	The address given in the order is a branch location.
Branches:	The company has several branches. Some of them are: Respironics, Inc. (Branch Location) 174 Tech Center Drive # 100 Mount Pleasant, PA 15666 , USA Respironics, Inc. (Branch Location) 2039 Concourse Dr Saint Louis, Missouri 63146-4118 United States Respironics, Inc. (Branch Location) 175 Chstain Meadows Ct Nw Kennesaw, Georgia 30144-3724 United States
Related Companies:	The company has offices in Tokyo, Japan; Sân Paolo, Brazil; Kowloon, Hong Kong; Shanghai and Shenzhen, the People’s Republic of China; Herrsching, Germany; Botany, Sydney; Zofingen, Switzerland; Cedex and Paris, France; Desio, Italy; and Chichester, the United Kingdom.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company does not disclose information on shareholders. The following information has been provided by private sources and could not be confirmed: As of March 13, 2008, Respironics Inc. was acquired by: Philips Holding USA Inc. 1251 Avenue of the Americas New York, NY 10020 United States
Management:	Jim Laikem - President Gerald E McGinnis - Chair Member Steve Rusckowski – Chief Executive Officer
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Revenue	1,4B
Cash flow	Normal
LEGAL FILINGS
PATENTS	Valve apparatus Patent number: 4913401 Abstract: A valve apparatus for installation in a fluid conveying conduit which is operable by deformation of valve elements to open and permit fluid flow therethrough. Type: Grant Filed: January 26, 1989 Date of Patent: April 3, 1990 Assignee: Respironics, Inc. Inventor: Patrick M. Handke Microspectrometer gas analyzer Publication number: 20030043373 Abstract: A robust, compact spectrometer apparatus for determining respective concentrations or partial pressures of multiple gases in a gas sample with single as well as multiple and even overlapping, absorption or emission spectra that span a wide spectral range. Type: Application Filed: August 23, 2002 Publication date: March 6, 2003 Applicant: Respironics, Inc. Inventor: James T. Russell Breathing gas delivery method and apparatus Patent number: 6029664 Abstract: A method of detecting changes in a person's respiration between inspiration and expiration by monitoring of gas flow characteristics. Type: Grant Filed: March 25, 1997 Date of Patent: February 29, 2000 Assignee: Respironics, Inc. Inventors: Ronald J. Zdrojkowski, Mark Estes
GOVERNMENT CONTRACTS	Government Contractor: RESPIRONICS, INC. Name & Address: 1010 MURRY RIDGE LN MURRYSVILLE, PA 15668-8517 Number of Defense Contracts Awarded : 131 Dollar Amount of Defense Contracts Awarded: $1,866,706
CASES	Mills v. Respironics Inc et al Plaintiff: James Mills Defendant: Respironics Inc and Lincare Inc Cross_claimant: Lincare Inc Cross_defendant: Respironics Inc Case Number: 0:2016cv03931 Filed: December 16, 2016 Court: South Carolina District Court Office: Rock Hill Office County: Lancaster Presiding Judge: Joseph F Anderson Nature of Suit: Personal Injury- Product Liability Cause of Action: 28:1441 Jury Demanded By: Both WINEGARDEN v. RESPIRONICS, INC. Plaintiff: JOHN WINEGARDEN Defendant: RESPIRONICS, INC. Case Number: 2:2016cv00477 Filed: April 20, 2016 Court: Pennsylvania Western District Court Office: Pittsburgh Office County: Allegheny Presiding Judge: Lisa Pupo Lenihan Nature of Suit: Employment Cause of Action: 42:2000 Jury Demanded By: Plaintiff Short v. Respironics, Inc. Plaintiff: Timothy Short Defendant: Respironics, Inc. Case Number: 2:2013cv11900 Filed: April 29, 2013 Court: Michigan Eastern District Court County: Monroe Referring Judge: David R. Grand Presiding Judge: Denise Page Hood Nature of Suit: Labor: Family and Medical Leave Act
TRADEMARKS	SPEAKEASY MEDICAL APPARATUS, NAMELY, EXERCISE STRESS TESTING MASK WORN BY PATIENTS WHILE CONDUCTING STRESS TESTS Owned by: RESPIRONICS INC. Serial Number: 73721618 REVIVEEASY MEDICAL APPARATUS, NAMELY, PHARYNGEAL TRACHAEL LUMEN AIRWAY Owned by: RESPIRONICS INC. Serial Number: 73721628 Image Trademark MEDICAL APPARATUS, NAMELY, CONTINOUS POSITIVE AIRWAY PRESSURE NASAL EQUIPMENT FOR THE TREATMENT OF SLEEP APNEA; DISPOSABLE… Owned by: RESPIRONICS INC. Serial Number: 73733038 WALLABY MEDICAL APPARATUS, NAMELY, PHOTOTHERAPY UNITS FOR THE TREATMENT OF BILIRUBIN'S DISEASE Owned by: RESPIRONICS INC. Serial Number: 73799950 BIPAP MEDICAL APPARATUS, NAMELY, CONTINUOUS POSITIVE AIRWAY PRESSURE PATIENT VENTILATION EQUIPMENT Owned by: RESPIRONICS INC. Serial Number: 73803561 INTUBEEASY LARYNGOSCOPES Owned by: RESPIRONICS INC. Serial Number: 74012982
RENEWAL HISTORY	No found.
UCC	Date: 04/06/2018 Processing Date: 03/30/2018 Filer Name: CHARLES A WEBER Respironics, Inc. Debtors Murray Ridge Plant, 1001 Murry Ridge Lane Murrysville PA 15668 Decatur Mold, Tool & Eng., Inc. Secured Parties PO Box 387 North Vernon IN 47274 Transaction History 2016092700177 09/26/2016 09/26/2021 Initial RESPIRONICS, INC. DECATUR MOLD, TOOL & ENG., INC.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
Founded in 1976, Respironics Inc. is an organization in the Surgical Appliance and Supplies Manufacturing Industry headquartered in Murrysville, PA. The company has 4,900 employees and generates an estimated $1.4 billion USD in annual revenue. The company operates nationally and internationally, mainly exporting to Mexico, Colombia and India. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	George
POSITION	Sales
COMMENTS	He confirmed the name of the company, the address of the headquarters and location, the date of creation of the company, the number of employees and the name of the President.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.99
UK Pound	1	INR 90.96
Euro	1	INR 79.51
USD	1	INR 64.88

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.