MIRA INFORM REPORT

Report No. :	487499
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	EMC PUBLISHING, LLC
Registered Office :	2345 Rice Street, Suite 230, Roseville, MN 55113, USA
Country :	United States
Date of Incorporation :	1954
Legal Form :	Corporation
Line of Business :	Subject develops, produces, and markets textbooks and supporting multimedia programs for K-12 and post-secondary schools in the United States.
No. of Employees :	200

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 :	Good
Payment Behaviour :	Regular
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 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:	EMC PUBLISHING, LLC
Trade Names:	EMC PUBLISHING, LLC
ID:	2217267-3
Date Created:	1954
Date Incorporated:	02/07/2007
Legal Address:	2345 Rice Street, Suite 230 Roseville, MN 55113 USA
Operative Address:	875 Montreal Way St Paul, MN 55102 USA
Telephone:	800-328-1452
Fax:	800-328-4564
Legal Form:	Corporation
Email:	educate@emcp.com
Registered in:	MINNESOTA
Website:	www.emcp.com
Contact:	Mr. Eric Cantor - Chairman and Chief Executive Officer
Staff:	200
Activity:	NAICS 1: Book Publishers SIC 1: Textbooks: Publishing Only, Not Printed On Site
Banks:	BANK OF AMERICA
History:	The company was founded in 1954 and is based in St. Paul, Minnesota.
Key Developments:	EMC Presents at American Meteorological Society 98th Annual Meeting, Jan-06-2018 through Jan-11-2018 Jan 8 18 EMC Presents at American Meteorological Society 98th Annual Meeting, Jan-06-2018 through Jan-11-2018. Venue: Austin Convention Center, Austin, Texas, United States. Presentation Date & Speakers: Jan-08-2018, Michiko Masutani, Rahul Mahajan. Pure Storage and EMC Settle All Litigation Oct 19 16 Pure Storage and EMC have agreed to settle all litigation between the two companies. The specific terms of the settlement are confidential, but include a payment to Dell, the dismissal of all litigation between the parties, mutual releases and a license to the disputed patent. EMC Presents at China Investor Conference - Macau 2016, Nov-04-2016 10:30 AM Oct 14 16 EMC Presents at China Investor Conference - Macau 2016, Nov-04-2016 10:30 AM. Venue: Grand Hyatt, Macau, China. Speakers: Pony Ma, Great China CTO.
Parent Company:	EMC Publishing, LLC is a division of: New Mountain Learning Llc 875 Montreal Way Saint Paul, MN 55102-4245 United States
PRINCIPAL ACTIVITY
	EMC Publishing, LLC develops, produces, and markets textbooks and supporting multimedia programs for K-12 and post-secondary schools in the United States.
Products/Services description:	The company offers K-12 textbook programs that connect learners and teachers in world languages, business education, literature and language arts, and social studies with supplementary and multimedia materials; and various print and digital resources that provide foundations of language learning through video-based tools, authentic cultural videos, eBooks, and world languages, such as Spanish, French, German, Chinese, Italian, Japanese, and Arabic. It also provides various applied learning solutions in the areas of computer applications, business education, applied science, social studies, career and life skills, anatomy, physiology, and biotechnology concepts. In addition, the company offers technology solutions that include Passport, a digital world language learning environment that allows teachers to capture and measure student progress with performance-based tasks and assessments; Bookshelf, a multiplatform eBook solution that connects to various pages of textbooks and workbooks, as well as audio and video content; i-Culture that offers authentic news articles, documentary-style videos, and songs; Flipgrid, a video collaboration tool that enables users to create grids of short questions, and invite others to respond through recorded videos; Avenue, an e-assessment platform for building custom language tasks to capture, evaluate, archive, and visualize progress of video-based learner performances; all-flash array products; and ELPAC that allows teachers to assess students with multi-level online assessments in reading, listening, writing, and speaking.
Brands:	EMC
Sales are:	Wholesale
Clients:	Schools and Learning Institutions
Suppliers:	Pearson Malaysia Sdn Bhd Skyart (Hong Kong) Printing And Pac ELI S.r.l.
Operations area:	National and International
The company imports from	MALAYSIA CHINA ITALY
The subject employs	200 employees
Payments:	Regular
LOCATION
Headquarters :	875 MONTREAL WAY ST PAUL, MN 55102 USA
Comments on Address:	This business is located at 875 Montreal Way, a commercial address in Saint Paul, MN. The warehouse was last sold on January 01, 1980. The warehouse has an estimated value of $5.86 million USD, which places it among the most valuable 10% of warehouses in the area. When the building was last assessed in 2012, the assessment value was $5.69 million USD. With 123,233 square feet of space, this building is one of the largest warehouses in the 55102 zip code. The average warehouse in the area has around 2,956 square feet.
Branches:	No other branches were found.
Related Companies:	No related companies were found.
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 obtained through private sources: EMC Publishing, LLC is a division of: New Mountain Learning Llc 75 Montreal Way Saint Paul, MN 55102-4245 United States This information was confirmed by the company.
Management:	Mr. Eric Cantor - Chairman and Chief Executive Officer Paul Austin - Chief Technology Officer of The Federal Unit Mr. Mick Demakos - Chief Digital Officer Mr. Bill Madden - Senior Vice President of Product Development Mr. John Finney - Chief Commercial Officer
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Revenue	17.000.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	No found.
GOVERNMENT CONTRACTS	No records found.
CASES	No records found.
TRADEMARKS	Image Trademark educational books, pamphlets, and printed cards for instruction in a variety of subjects Owned by: EMC Publishing, LLC Serial Number: 74080774 THE FUTURE OF FLUENCY Catalog ordering services and online ordering services in the field of books and software, all relating to world languages… Owned by: EMC Publishing, LLC Serial Number: 85965828 ¡QUÉ CHÉVERE! Downloadable ebooks in the field of Spanish language instruction and Spanish language instruction teaching materials; audio… Owned by: EMC Publishing, LLC Serial Number: 86177745 PASSPORT Educational services, namely, development and dissemination of educational tools, content and materials to teachers, professors… Owned by: EMC Publishing, LLC Serial Number: 86314950
RENEWAL HISTORY	02/07/2007 Original Filing - Limited Liability Company (Domestic) 02/07/2007 Limited Liability Company (Domestic) Conversion 02/07/2007 Limited Liability Company (Domestic) Business Name (Business Name: EMC Publishing, LLC) 08/30/2007 Global Registered Office and/or Agent - Limited Liability Company (Domestic) 2/5/2015 Registered Office and/or Agent - Limited Liability Company (Domestic) 1/1/2018 Conversion to 322C Due to Statute Mandate – Limited Liability Company (Domestic)
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1954, Emc Publishing, Llc is a mid-sized organization in the book publisher’s industry located in Saint Paul, MN. It has 200 full time employees and generates an estimated $17 million in annual revenue. The company operates nationally and internationally, mainly importing from Malaysia, China and Italy. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Alex
POSITION	Sales
COMMENTS	He confirmed the name of the parent company, the address of the headquarters and location, the date of creation of the company, the number of employees and the name of the Chief Executive Officer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22
US Dollar	1	INR 63.66

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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