MIRA INFORM REPORT

Report No. :	486303
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	UFS CORPORATION
Registered Office :	330 North 400 East, Valparaiso, IN, 46383
Country :	United States
Date of Incorporation :	1977
Legal Form :	Corporation
Line of Business :	Subject is a manufacturer of electrode position paint equipment and control technology instruments.
No. of Employees :	11

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
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 $57,300. 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 nearly 55% 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, making this 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 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 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.

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 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 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%. 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 further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. 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 US GDP growth below 2%, the Fed has opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.

Source : CIA

STATUTORY INFORMATION
Legal Name:	UFS CORPORATION
Trade Names:	UFS CORPORATION
ID:	51287649
Date Created:	1977
Date Incorporated:	1977
Legal Address:	330 North 400 East Valparaiso, IN, 46383 United States
Operative Address:	330 North 400 East Valparaiso, IN, 46383 United States
Telephone:	(219) 464-2027
Fax:	(219) 464-8646
Legal Form:	Corporation
Email:	info@ufsc.com
Registered in:	ILLINOIS
Website:	www.ufsc.com
Contact:	H. Frederick Hess – President
Staff:	11
Activity:	NAICS 1: Other Industrial Machinery Manufacturing SIC 1: Paint Making Machinery
Banks:	BANK OF AMERICA
History:	The company was founded in 1977.
PRINCIPAL ACTIVITY
	UFS CORPORATION is a manufacturer of electrode position paint equipment and control technology instruments.
Products/Services description:	The company supplies tubular anode cells.
Brands:	UFS
Sales are:	Wholesale
Clients:	United Parcel Service de Mexico S.A. de C.V. Eisenmann India Private Limited Brus Refrigeration Of Colombia Ltda. Omnibus Bb Transportes Sa.
Suppliers:	Norddeutsche Seekabelwerke Gmbh
Operations area:	National and International
The company imports from	GERMANY
The company exports to	MEXICO INDIA COLOMBIA ECUADOR
The subject employs	11 employees
Payments:	No Complaints
LOCATION
Headquarters :	330 North 400 East Valparaiso, IN, 46383 United States
Comments on Address:	This business is located at 330 N 400 E, a commercial address in Valparaiso, IN. The industrial property was last sold on March 21, 2006 for $332,500 USD. The light industrial facility has an estimated value of $484,163 USD, which is 42% below the $837,022 United States dollars average for industrial properties nearby. When the building was last assessed in 2011, the assessment value was $472,100 USD. With 8,732 square feet of space, this building is much larger than most industrial properties in the 46383 zip code - the average in the area is 2,956 square feet.
Branches:	No other branches were found.
Related Companies:	The company has several partners. Some of them are: Morind Adriano de Camargo, 56 CEP 04581-020 São Paulo - SP – Brazil JMX WORKS Plot Number 83 Sector 8 IMT Manesar Gurgaon Haryana , India -122050 Membracon (UK) Ltd Derwent House 42-46 Waterloo Road Wolverhampton West Midlands, WV1 4XB, United Kingdom
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This is a private company. The major holder is: Mr. Frederick H Hess III
Management:	H. Frederick Hess – President Jeff Dickerson – Product Engineer Ms. Cheryl Cebhardt - Treasurer Julia Hess
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Revenue	2.500.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	Electrocoat painting method using guarded tubular membrane electrode cells Patent number: 5591316 Abstract: A method of electrocoat painting using tubular guarded membrane electrode cells. An object-to-be-electrocoat painted, or counter-electrode, is positioned or moved into a paint bath. Electrical current flow is induced between the membrane electrode cells and the counter-electrodes through the tubular guard, with the tubular guard having openings of a type that particularly allow for the flow of electricity between the electrode cells and the counter-electrode for a substantially continuous flow of paint particles around the membrane electrode cells. After painting, the counter-electrode is removed from the paint bath. Flushing fluid may be passed through the membrane electrode cells. Type: Grant Filed: June 5, 1995 Date of Patent: January 7, 1997 Assignee: UFS Corporation Inventors: H. Frederick Hess, Jr., H. Frederick Hess, III Membrane guard for a membrane electrode cell Patent number: 5468361 Abstract: A guard for a membrane electrode cell in an electrocoat paint system that separates the counter-electrode, the object being painted, from the membrane shell housing that surrounds the electrode, which is located inside the membrane. The guard is of a grid-like structure with openings that have rounded edges and allows for the flow of electricity between the electrode and the counter-electrode and for a substantially continuous flow of paint particles around the membrane electrode cell. The guard is made from a durable, flexible, non-conducting material that is impervious to the temperature conditions and acids, solvents and other compounds often found in electrocoating paint baths. Embodiments of the present invention include an externally affixed guard, an integral guard and a rigid membrane guard. Type: Grant Filed: September 23, 1994 Date of Patent: November 21, 1995 Assignee: UFS Corporation Inventors: H. Frederick Hess, Jr., H. Frederick Hess, III Membrane guard for a membrane electrode cell Patent number: 5213671 Abstract: A guard for a membrane electrode cell in an electrocoat paint system that separates the counter-electrode, the object being painted, from the membrane shell housing that surrounds the electrode, which is located inside the membrane. The guard is of a grid-like structure with openings that have rounded edges and allows for the flow of electricity between the electrode and the counter-electrode and for a substantially continuous flow of paint particles around the membrane electrode cell. The guard is made from a durable, flexible, non-conducting material that is impervious to the temperature conditions and acids, solvents and other compounds often found in electrocoating paint baths. Embodiments of the present invention include an externally affixed guard, an integral guard and a rigid membrane guard. Type: Grant Filed: April 1, 1991 Date of Patent: May 25, 1993 Assignee: UFS Corporation Inventors: H. Frederick Hess, Jr., H. Frederick Hess, III Membrane electrode assemblies and electropaint systems incorporating same Patent number: 7897021 Abstract: Described are novel systems for electrodeposition of paint on counter-electrodes, and membrane electrode assemblies for incorporation into such systems. In certain embodiments of the invention, electrode enclosures such as C-shaped or box-shaped enclosures include membranes sealed to secondary structural members by bonding. In other embodiments, membrane electrode cells having bumpers are mounted within paint baths in a manner wherein the bumpers are forcibly biased against the exterior wall of the bath, thereby stabilizing the position of the cells. In still further embodiments, tubular electrode cells are provided with internal valves allowing the release of liquid trapped within the tubular electrodes into the membrane shell. In this manner, removal of the electrodes for maintenance, replacement or other purposes is facilitated. Type: Grant Filed: October 31, 2006 Date of Patent: March 1, 2011 Assignee: UFS Corporation Inventors: H. Frederick Hess, Jr., Steven Jovanovic, James E. Rittel, Jr., H. Frederick Hess, III
GOVERNMENT CONTRACTS	No found.
CASES	No records found.
TRADEMARKS	No records found.
RENEWAL HISTORY	No records found.
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1977, Ufs Corporation is a small organization in the special industry machinery manufacturers industry located in Valparaiso, IN. It has 11 full time employees and generates an estimated $2.5 million in annual revenue. The company operates nationally and internationally, mainly importing from Germany. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	NA
POSITION	Secretary
COMMENTS	The secretary confirmed address, manager’s name, activity, experience and website. She said there were no executives in the office for further details.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.52
UK Pound	1	INR 86.05
Euro	1	INR 76.53
US Dollar	1	INR 63.61

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TPT

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.