MIRA INFORM REPORT

Report No. :	516022
Report Date :	23.06.2018

IDENTIFICATION DETAILS

Name :	OPEX CORPORATION
Registered Office :	820 Bear Tavern Rd ,West Trenton, NJ, 08628, USA
Country :	United States
Date of Incorporation :	27.09.1973
Legal Form :	Corporation
Line of Business :	Subject designs and manufactures document imaging and scanning, warehouse automation, and high-speed mailroom automation solutions for financial services, healthcare, government, retail, nonprofit, utilities, service bureaus, insurance, telecommunications, fulfillment operations, and university/educational marketplaces around the world.
No. of Employees :	980

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 :	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 (31.12.2017)	Current Rating (01.04.2018)
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:	OPEX CORPORATION
Trade Names:	OPEX CORPORATION OPEX POSTAL TECHNOLOGIES OPEX INCOMING AND SCANNING
ID:	6652160000
Date Created:	1973
Date Incorporated:	09/27/1973
Legal Address:	820 Bear Tavern Rd ,West Trenton, NJ, 08628, USA
Operative Address:	305 Commerce Drive Moorestown, NJ 08057-4234 United States
Telephone:	856-727-1100
Fax:	856-727-1955
Legal Form:	Corporation
Email:	-
Registered in:	NEW JERSEY
Website:	www.opex.com
Contact:	Mr. David Stevens - Chief Executive Officer and President
Staff:	980
Activity:	SIC Code:3579, Office Machines
Banks:	BANK OF AMERICA
History:	OPEX Corporation was founded in 1973 and is based in Moorestown, New Jersey. It has additional offices in the United Kingdom, France, and Germany.
Key Developments:	CCube Solutions Partners with Opex Corporation to Provide the NHS with High performance EDMS and document Scanning Workstation Technology Aug 15 16 CCube Solutions announced that it has signed a reseller agreement with Opex Corporation to sell a combined EDMS and document scanning workstation solution to the NHS. This will help Trusts digitise legacy patient medical records and make this information available to clinicians and other health professionals at the point of care. It supports the Government's drive that the NHS should be using technology to improve productivity, reduce costs and ultimately enhance patient care.
PRINCIPAL ACTIVITY
	OPEX Corporation designs and manufactures document imaging and scanning, warehouse automation, and high-speed mailroom automation solutions for financial services, healthcare, government, retail, nonprofit, utilities, service bureaus, insurance, telecommunications, fulfillment operations, and university/educational marketplaces around the world.
Products/Services description:	It offers document scanners, payment processors, mail scanners, mail extractors, mail sorters, and omation envelopeners; and support and services.
Brands:	OPEX
Sales are:	Wholesale
Clients:	Conceptos En Productividad Empresarial S.A. De C.V. Logistica Y Sistemas De Calidad SA De Cv
Suppliers:	Mainsail Mould Co., Ltd
Operations area:	National and International
The company imports from	CHINA
The company exports to	MEXICO
The subject employs	980 employees
Payments:	Regular
LOCATION
Headquarters :	305 Commerce Drive Moorestown, NJ 08057-4234 United States
Comments on Address:	-
Branches:	Opex Corporation 835 LANCER DR MOORESTOWN, NJ, 08057-4225 United States
Related Companies:	OPEX UNITED KINGDOM 29/32 Queensbrook Bolton Technology Exchange Spa Road Bolton, BL1 4AY UK OPEX FRANCE Les Fjords – Bâtiment Vega 19, avenue de Norvège ZA de Courtaboeuf 91140 Villebon-sur-Yvette, France OPEX GERMANY Auf der Lug 8 71726 Benningen am Neckar, Germany
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: The major holders of this company are: Mr. Albert Stevens Mrs. Joanna Stevens
Management:	Mr. David Stevens - Chief Executive Officer and President Mr. Mark Stevens - Chief Operations Officer Mr. Albert Stevens- Chairman of the Board Mark Smith - Director of Strategic Alliances David Kammeyer - Treasurer
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Estimated Net Assets	86.700.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	Content activated envelope extraction Patent number: 4353197 Abstract: At the content extraction location radiant energy is transmitted through the spread-open envelope. Change in this transmitted energy due to content extraction is sensed and activates removal of the envelope from the extraction location. Type: Grant Filed: March 3, 1980 Date of Patent: October 12, 1982 Assignee: Opex Corporation Inventors: Albert F. Stevens, Paul E. Haley Content activated envelope extraction Patent number: 4124968 Abstract: At the content extraction location radiant energy is transmitted through the spread-open envelope. Change in this transmitted energy due to content extraction is sensed and activates removal of the envelope from the extraction location. Type: Grant Filed: July 8, 1977 Date of Patent: November 14, 1978 Assignee: Opex Corporation Inventors: Albert F. Stevens, Paul E. Haley METHOD AND APPARATUS FOR SORTING OR RETREIVING ITEMS Publication number: 20140031972 Abstract: A method and apparatus are provided for sorting or retrieving items to/from a plurality of destinations areas. The items are loaded onto one of a plurality of independently controlled delivery vehicles. The delivery vehicles follow a track that guides the delivery vehicles to/from the destination areas, which are positioned along the track. Once at the appropriate destination area, an item is transferred between the delivery vehicle and the destination area. Type: Application Filed: April 9, 2013 Publication date: January 30, 2014 Inventor: Opex Corporation
GOVERNMENT CONTRACTS	Government Contractor: OPEX CORPORATION Name & Address: 305 COMMERCE DR MOORESTOWN, NJ 08057-4215 Number of Defense Contracts Awarded : 19 Dollar Amount of Defense Contracts Awarded: $484,005
CASES	Garcia v. Opex Corporation Plaintiff: Mailon Garcia Defendant: Opex Corporation Case Number: 5:2017cv01068 Filed: October 23, 2017 Court: Texas Western District Court Office: San Antonio Office Presiding Judge: Orlando L. Garcia Nature of Suit: Civil Rights: Jobs Cause of Action: 28:1331 Fed. Question: Employment Discrimination Jury Demanded By: Plaintiff Jackson County, Missouri v. OPEX Corporation et al Plaintiff: Jackson County, Missouri Defendant: OPEX Corporation and KeyMark, Inc. Counter_claimant: KeyMark, Inc. Counter_defendant: Jackson County, Missouri Case Number: 4:2013cv01223 Filed: December 20, 2013 Court: Missouri Western District Court Office: Kansas City Office County: Jackson Presiding Judge: Dean Whipple Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: Both
TRADEMARKS	OPEX ENVELOPE OPENING MACHINES Owned by: OPEX CORPORATION Serial Number: 72457495 VERIFIER Apparatus for Empty Envelope Verification, Outgoing Mail Verification and Presorting During Mail Opening Owned by: OPEX CORPORATION Serial Number: 73423706 OMATION MAIL OPENING MACHINES, MACHINES FOR VERIFYING THE PRESENCE OR ABSENCE OF CONTENTS IN ENVELOPES, MACHINES FOR SORTING ENVELOPES… Owned by: OPEX CORPORATION Serial Number: 73594796 P2E Scanning computer software for use in converting paper images to electronic format Owned by: OPEX CORPORATION Serial Number: 78126115 SILENT KEYER Readers/verifiers and computer software for use in sorting documents in the postal mailing field Owned by: OPEX CORPORATION Serial Number: 78160289 S2L Mail processing computer software Owned by: OPEX CORPORATION Serial Number: 78172894 MINI SCOR Mail opening machines Owned by: OPEX CORPORATION Serial Number: 78811041
RENEWAL HISTORY	Annual Report Month: SEPTEMBER Last Annual Report Filed: 09/19/2017 Year: 2017
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1973, Opex Corporation is an organization in the Office Machines Industry headquartered in Moorestown, NJ. The company has 980 regular employees and generates an estimated $86.7 million USD in annual estimated net assets. It operates nationally and internationally, mainly importing from China. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Wanda
POSITION	Sales
COMMENTS	She 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 Chief Executive Officer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.77
UK Pound	1	INR 89.95
Euro	1	INR 78.85
US Dollar	1	INR 67.86

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

INFORMATION DETAILS

Analysis Done by :	NIS
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.