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MIRA INFORM REPORT
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Report No. : |
509099 |
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Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AMERICAN DIAGNOSTIC CORPORATION |
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Registered Office : |
55 Commerce Drive Hauppauge, New York, 11788-3931, Usa |
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Country : |
United States |
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Financials (as on) : |
2016 (Summarized) |
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Date of Incorporation : |
16.11.1983 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject is engaged in manufacturing of medical, surgical, ophthalmic,
and veterinary instruments and apparatus. |
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No. of Employees : |
110 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 $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.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
AMERICAN DIAGNOSTIC CORPORATION |
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Trade Names: |
AMERICAN DIAGNOSTIC CORPORATION |
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ID: |
881231 |
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Date Created: |
1983 |
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Date Incorporated: |
NOVEMBER 16, 1983 |
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Legal Address: |
55 COMMERCE DRIVE HAUPPAUGE, NEW YORK, 11788-3931, USA |
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Operative Address: |
55 COMMERCE DRIVE HAUPPAUGE, NEW YORK, 11788-3931, USA |
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Telephone: |
1-631-273-9600 |
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Fax: |
1-631-273-9659 |
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Legal Form: |
CORPORATION |
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Email: |
info@adctoday.com |
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Registered in: |
NEW YORK |
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Website: |
www.adctoday.com |
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Contact: |
MARC BLITSTEIN – Chief Executive Officer |
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Staff: |
110 |
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Activity: |
SIC Code 3841, Surgical and Medical Instruments and
Apparatus NAICS Code 339112, Surgical and Medical Instrument
Manufacturing |
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Banks: |
BANK OF AMERICA |
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History: |
American Diagnostic Corporation was founded in 1983
by Marc Blitstein and Neal Weingart. |
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PRINCIPAL
ACTIVITY
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The company's line of business includes the
manufacturing of medical, surgical, ophthalmic, and veterinary instruments
and apparatus. |
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Products/Services description: |
The company offers stethoscopes, Blood Pressure
Measurement Devices, Thermometry, Vital Signs Monitors, Pulse Oximeters, Penlights,
Caseware, Laryngoscopes, Instruments and Accessories. |
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Brands: |
ADC®, Medicut™, Adscope®, Proscope™, Diagnostix™,
Prosphyg™, Adtemp™, Multikuf™, Adlite™, Pocket Pal™, Responder™, Adcuff™,
System 5™, Adflow™, Adview®, E-Sphyg™, and Adimals® |
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Sales are: |
Wholesale |
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Clients: |
Nova Medica Ltda Katty Guzman Q/Biomedical INT Enraf Medica Eirl Mannah Srl. Bustamante Reyes Mary Esther. |
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Suppliers: |
Rudolf Riester Gmbh Microlife American Trading Corp Yuyao Densway Medical Instruments Invotech Excel FZCO. Pt. Sugih Instrumendo Abadi |
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Operations area: |
National and International |
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The company imports from |
GERMANY TAIWAN CHINA UNITED ARAB EMIRATES INDONESIA |
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The company exports to |
COLOMBIA BOLIVIA PERU PARAGUAY ECUADOR |
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The subject employs |
110 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
55 COMMERCE DRIVE HAUPPAUGE, NEW YORK, 11788-3931, USA |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
ADC (UK) Limited Unit 6, Fareham Enterprise Centre Newgate Lane Fareham Hants, UK P014 1TH |
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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 major holders of this company are: Neal Weingart |
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Management: |
MARC BLITSTEIN – Chief Executive Officer |
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FINANCIAL
INFORMATION
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The company does not make
its financial statements public. The following information has been provided
by private sources: |
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USD 2016 |
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Estimated Net Assets |
3.360.000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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CASES |
No found. |
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TRADEMARKS |
AMERICAN DIAGNOSTIC CORPORATION MEDICAL INSTRUMENTS, PARTS AND ACCESSORIES, NAMELY,
STETHOSCOPES, STETHOSCOPE REPLACEMENT PARTS, BLOOD PRESSURE UNITS
SPHYGMOMANOMETERS… Owned by: AMERICAN DIAGNOSTIC CORPORATION Serial Number: 75398197 ADC MEDICAL INSTRUMENTS, PARTS AND ACCESSORIES, NAMELY,
STETHOSCOPES, STETHOSCOPE REPLACEMENT PARTS, BLOOD PRESSURE UNITS
SPHYGMOMANOMETERS… Owned by: AMERICAN DIAGNOSTIC CORPORATION Serial Number: 75437715 MEDICUT Medical shears for use by Emergency Medical Technicians
("EMTs") Owned by: AMERICAN DIAGNOSTIC CORPORATION Serial Number: 86722691 ADC MEDICAL INSTRUMENTS, PARTS AND ACCESSORIES, NAMELY,
PULSE OXIMETERS, NON-INVASIVE BLOOD PRESSURE MONITORS, STETHOSCOPES,… Owned by: AMERICAN DIAGNOSTIC CORPORATION Serial Number: 87591279 |
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RENEWAL HISTORY |
Filing Date Name
Type Entity Name AUG 08, 1990 Actual AMERICAN DIAGNOSTIC CORPORATION NOV 16, 1983 Actual AMERICAN DIAGNOSTIC CORP. |
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UCC |
Debtor Names: AMERICAN
DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE, HAUPPAUGE, NY 11788-3931, USA Secured Party Names: CROWN
CREDIT COMPANY 44 S WASHINGTON STREET, NEW BREMEN, OH 45869-0000,
USA File no. File
Date Lapse Date Filing Type 154976 07/02/2002 07/02/2007 Financing Statement Debtor Names: AMERICAN
DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE, HAUPPAUGE, NY 11788, USA Secured Party Names: CITIBANK,
N.A. ONE COURT SQUARE 43RD FLOOR, LONG ISLAND CITY, NY
11120, USA File no. File
Date Lapse Date Filing Type 200402125116530 02/12/2004 02/12/2009 Financing Statement 200812126323919 12/12/2008 02/12/2014 Continuation 201310216110750 10/21/2013 02/12/2019 Continuation Debtor Names: AMERICAN
DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE, HAUPPAUGE, NY 11788, USA Secured Party Names: CROWN
CREDIT COMPANY 40 S. WASHINGTON STREET, NEW BREMEN, OH 45869, USA File no. File
Date Lapse Date Filing Type 200706255616454 06/25/2007 06/25/2012 Financing Statement Debtor Names: AMERICAN
DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE, HAUPPAUGE, NY 11788, USA Secured Party Names: CROWN
CREDIT COMPANY 40 S. WASHINGTON STREET, NEW BREMEN, OH 45869, USA File no. File
Date Lapse Date Filing Type 200806195691463 06/19/2008 06/19/2013 Financing Statement Debtor Names: AMERICAN
DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE , HAUPPAUGE, NY 11788, USA AMERICAN DIAGNOSTIC CORPORATION 55 COMMERCE DRIVE, HAUPPAUGE, NY 11788, USA Secured Party Names: JPMORGAN
CHASE BANK, N.A. P. O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA File no. File
Date Lapse Date Filing Type 200901235077690 01/23/2009 01/23/2014 Financing Statement 201205105549891 05/10/2012 01/23/2014 Financing Statement Amendment 201308295923981 08/29/2013 01/23/2019 Continuation 201508105885592 08/10/2015 01/23/2019 Termination |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 1983, American Diagnostic Corporation is
an organization in the Surgical and Medical Instrument Manufacturing Industry
headquartered in Hauppaugue, NY. The company has 110 regular employees and generates
an estimated $3.6 million USD in annual estimated net assets. It operates nationally and internationally, mainly
exporting to Colombia, Bolivia, Peru, Paraguay and Ecuador. It is ACTIVE in business with no negative records. |
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Tina |
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POSITION |
Sales |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.31 |
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1 |
INR 91.24 |
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Euro |
1 |
INR 80.50 |
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US Dollar |
1 |
INR 80.57 |
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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DIV |
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Report Prepared
by : |
DNS |
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.