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MIRA INFORM REPORT
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Report No. : |
487850 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SP INDUSTRIES, INC. |
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Registered Office : |
2711 Centerville Rd Suite 400, Wilmington,
New Castle DE 19808 |
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Country : |
United States |
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Date of Incorporation : |
11.06.1996 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject designs and manufactures laboratory
equipment, pharmaceutical manufacturing solutions, laboratory supplies and
instruments. |
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No. of Employees : |
634 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous
Rating (30.06.2017) |
Current
Rating (30.09.2017) |
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United States |
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 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%.
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Source
: CIA |
STATUTORY INFORMATION
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Legal Name: |
SP INDUSTRIES, INC. |
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Trade Name: |
SP INDUSTRIES |
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ID: |
2680741
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Date Created: |
1996 |
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Date Incorporated: |
11/6/1996 |
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Legal Address: |
2711
Centerville Rd Suite 400 |
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Operative Address: |
935 Mearns Road |
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Telephone: |
1-800-523-2327 |
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Fax: |
1-215-672-7800 |
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Legal Form: |
Corporation |
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Email: |
NA |
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Registered in: |
DELAWARE |
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Website: |
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Contact: |
William E. Downs Chief Executive Officer and President |
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Staff: |
634 |
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Industry: |
Scientific
& Technical Instruments Manufacturing Industry |
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Banks
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Bank of America |
The company does not disclose its banking details |
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HISTORY
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The company was
established in 1996. |
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PRESS RELEASES |
SP Industries, Inc. Key Developments SP Industries, Inc. Appoints Ian Whitehall
as Chief Marketing Officer Apr 4 17 SP Industries, Inc. has announced the
appointment of Ian Whitehall as Chief Marketing Officer managing and
directing all global marketing for the company's three divisions SP Scientific,
SP Scienceware and SP Ableware. Whitehall, who joined SP in 2005 through the
company's acquisition of Genevac Ltd. from Thermo Fisher Scientific has
served as Chief Sales Officer since 2016. Whitehall has 29 years of
experience in the Pharmaceutical and Biotechnology industries. Prior to
joining SP Industries, Whitehall held scientific positions at Lonza Biologics
and GSK before moving to commercial roles with Beckman Coulter. SP Industries, Inc. Appoints Robert (Rob)
Darrington as Vice President of Marketing for the SP Scientific Division Apr 4 17 SP Industries, Inc. announced that Robert
(Rob) Darrington has joined SP Industries as Vice President of Marketing for
the SP Scientific division. Darrington was most recently Senior Sales &
Marketing Manager for Prior Scientific Ltd. from 2014-2016 and his experience
also includes several years with Genevac Ltd. prior to, and after the
company's acquisition by SP Industries in 2005. SP Industries, Inc. Names Whitehall as
Chief Sales Officer May 2 16 SP Industries, Inc. announced the
appointment of Ian Whitehall as Chief Sales Officer managing and directing
all global sales programs for the company's three divisions, SP Scientific,
SP Scienceware and SP Ableware. Most recently EVP for SP Scientific Sales
& Service, Whitehall joined the company in 2005 when the company acquired
Genevac LTD. from Thermo-Fisher Scientific. As a member of the SP Leadership
team Ian has been instrumental in expanding the portfolio of biological drug
manufacturing equipment offerings, driving the growth in the global
marketplace as well as integrating and realizing synergies between equipment
and consumables brands. Whitehall has 28 years of experience in the
Pharmaceutical and Biotechnology industries. |
PRINCIPAL ACTIVITY
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SP Industries, Inc. designs and
manufactures laboratory equipment, pharmaceutical manufacturing solutions,
laboratory supplies and instruments. |
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Products/Services description: |
SP Scientific |
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Brands: |
FTS SYSTEMS |
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Sales are: |
Wholesale |
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Clients: |
The company serves the pharmaceutical and
aeronautic industry, healthcare, and OEM markets. |
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Suppliers: |
Corning Bv |
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Operations area: |
National |
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The company imports from |
The Netherlands |
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The subject employs |
634 employees |
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Payments: |
Slow but correct |
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LOCATION
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Headquarters : |
935 Mearns Road |
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Branches: |
3538 Main
Street |
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Related Companies: |
Genevac UK |
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Competitors: |
Scientific
Systems, Inc. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company operates as a subsidiary of: Harbour Group |
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Management: |
Mr. William E. Downs Chief Executive Officer and President Mr. Jeffrey Hoffman Chief Financial Officer Mr. Brian H. Wright Chief Operating Officer Jerry Bart Vice President of Advanced Technology Mr. Lee Royle Director of Human Resources and Treasurer |
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FINANCIAL INFORMATION
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The company does
not public its financial statements. The following information has been
provided by our private sources: |
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USD 2015 |
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Revenue |
201 054 000 |
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Cash Flow |
Normal |
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LEGAL FILINGS
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Government Contracts |
National
Institutes of Health |
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Legal |
Davis et al v.
SP Industries, Inc. |
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Patents |
Method of
inducing nucleation of a material |
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Trademarks |
VIRTIS |
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SUMMARY
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Founded in 1996, SP Industries, Inc. is a
large-sized organization in the analytical instrument manufacturers industry
located in Warminster, PA. It has an estimated $201.054 million in
yearly revenue and 634 employees. SP Industries Inc has additional support facilities
and sales offices throughout the United States and internationally.
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RISK INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but correct |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW |
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NAME |
Rachel |
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POSITION |
Operations |
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COMMENTS |
The person confirmed name, address and website.
She confirmed management and group. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.89 |
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1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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USD |
1 |
INR 63.80 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.