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MIRA
INFORM REPORT
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Report No. : |
509741 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SCIENTIFIC SYSTEMS, INC. |
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Registered Office : |
349 Science Park Road State College PA 16803 Centre |
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Country : |
United States |
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Date of Incorporation : |
1967 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject is designs and manufactures
displacement piston pumps for analytical, clinical, preparative, and
fluid-metering applications. |
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No. of Employees : |
57 |
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+ |
Low Risk |
Business dealings permissible with low
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: |
Scientific Systems, Inc. |
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Trade Name: |
Teledyne SSI |
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ID: |
6583479 |
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Date Created: |
1967 |
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Date Incorporated: |
07/21/2017 |
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Legal Address: |
349 Science Park Road State College PA 16803 Centre USA |
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Operative Address: |
349 North Science Park Road, State College, PA 16803, United States |
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Telephone: |
814-234-7311 |
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Fax: |
814-234-2469 |
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Legal Form: |
Corporation |
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Email: |
NA |
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Registered in: |
Pennsylvania, USA |
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Website: |
ssihplc.com |
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Contact: |
Andrew Charney, Chairman of the Board and Treasurer |
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Staff: |
57 Employees |
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Activity: |
SIC CODE: 3826, Laboratory
Analytical Instruments NAICS CODE: 334516, Analytical Laboratory Instruments Manufacturing |
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BANKS: |
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BANK OF THE WEST |
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HISTORY: |
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The company was founded in 1967 and is based in State College,
Pennsylvania. As of July 20, 2017, Scientific Systems, Inc. operates as a
subsidiary of Teledyne Instruments, Inc. |
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Key Developments: |
Teledyne to Acquire Scientific Systems, Inc. THOUSAND OAKS, Calif. – July 13, 2017 – Teledyne Technologies
Incorporated (NYSE:TDY) announced today that its subsidiary, Teledyne
Instruments, Inc., has entered into an agreement to acquire assets of
Scientific Systems, Inc. (SSI). Headquartered in State College, Pa., SSI
manufactures precision components and specialized subassemblies used
primarily in analytical and diagnostic instrumentation, such as High
Performance Liquid Chromatography (HPLC) systems and specific medical
devices. Terms of the transaction were not disclosed. |
PRINCIPAL ACTIVITY |
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Scientific Systems, Inc. designs and manufactures displacement piston
pumps for analytical, clinical, preparative, and fluid-metering applications.
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Products/Services description: |
Next Generation Pump Column Packing System HF Class LD Class LS Class Binary LS Class LS Lite Class LU Class M1 Class MX Class MX Lite Class Post Column Reactor PR Class Supercritical |
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Brands: |
Everywhereyoulook |
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Sales are: |
Wholesale |
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Clients: |
DISTRIBUIDORA RAUL ARTEAGA SA DE CV Al Tec Soluciones para Cromatografia SA de CV Distribuidora Raul Arteaga SA de CV |
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Suppliers: |
NA |
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Operations area: |
National and International |
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The company imports from |
No import records |
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The company exports to |
Mexico |
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The subject employs |
57 Employees |
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Payments: |
Regular |
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LOCATION |
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Headquarters : |
349 North Science Park Road, State College, PA 16803, United States |
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Branches: |
The company does not have branches |
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Main Competitors |
Prochemtech International Inc |
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Related Companies: |
The company does not have related companies |
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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: |
As of July 20, 2017, Scientific Systems,
Inc. operates as a subsidiary of: Teledyne Instruments, Inc. 16830 Chestnut Street City of Industry, CA 91748 United States Ultimate Parent Company: TELEDYNE TECHNOLOGIES INCORPORATED 1049 Camino Dos Rios Thousand Oaks, CA 91360 USA Teledyne Technologies Incorporated
announced unaudited consolidated earnings results for the fourth quarter and
full year of 2017. For the quarter, the company reported
sales of $704.4 million an increase of 27.4% compared with sales of $552.9
million, for the same period a year ago. Operating income was $98.4 million,
an increase of 39.6% compared to $70.5 million for the same period a year
ago. Income before income taxes was $88.3 million, an increase of 46.9%
compared to $60.1 million for the same period a year ago. Net income was
$67.6 million, an increase of 27.5% compared to $53.0 million for the fourth
quarter of 2016, an increase of 27.5%. The fourth quarter of 2017 included net
discrete income tax benefits of $6.0 million, and also includes provisional
charges of $4.7 million as a result of the Tax Cuts and Jobs Act of 2017
(“Tax Act”). The fourth quarter of 2016 includes $7.9 million in acquisition
related costs for the acquisition of e2v technologies plc (“e2v”). The fourth
quarter of 2016 also included net discrete income tax benefits of $9.4
million. Diluted earning per common share was
$1.84 compared to $1.48 for the same period of a year ago. Capital
expenditures for the fourth quarter of 2017 were $18.0 million, compared with
$42.7 million for the same period a year ago. Cash flow provided by operating
activities was $126.4 million compared to $66.3 million for the same period a
year ago. It ended the quarter with $1.0 billion of net debt. For the full
year, the company reported sales of $2603.8 million, an increase of 21.1%
compared to $2,149.9 million for the same period a year ago. Operating income
was $335.6 million, an increase of 31.2% compared to $253.8 million for the
same period a year ago. Income before tax was $287 million, an increase of
18.9% compared to $241.3 million for the same period a year ago. Net income was $227.2 million, an
increase of 19% compared to $190.9 million for the same period a year ago.
GAAP earnings per diluted share of $6.26, adjusted earnings per diluted share
of $6.93, excluding pretax charges of $27.0 million ($0.54 per share) related
to the e2v acquisition and estimated after-tax charges of $4.7 million ($0.13
per share) related to U.S. tax reform. Capital expenditures were $58.5
million compared to $87.6 million for the same period a year ago. Cash flow
provided by operating activities was $374.7 million compared to $317 million
for the same period a year ago. For the first quarter of 2018 the
company expects GAAP diluted earnings per share will be in the range of $1.5
to $1.55. For the full year 2018, the company expects GAAP diluted earnings
per share to be in range of $7.51 to $7.61. The 2018 full year estimated tax
rate is 21.5% before discrete items, which are currently expected to be lower
in 2018 than in prior periods. CapEx is expected at $80 million. Free cash
flow post-CapEx is expected to be $300 million plus. |
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Management: |
Andrew Charney, Chairman of the Board and Treasurer Franklin Menna |
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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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Assets (estimated) |
8 590 000 |
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Cash flow |
Normal |
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LEGAL FILINGS
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Lawsuits: |
Lanbo Instrument Tianjin Co., LTD v. Scientific Systems, Inc. Plaintiff: Lanbo Instrument Tianjin Co., LTD Defendant: Scientific Systems, Inc. Case Number: 4:2009cv00436 Filed: March 9, 2009 Court: Pennsylvania Middle District Court Office: Contract: Other Office County: Centre Presiding Judge: John E. Jones Nature of Suit: None Cause of Action: Diversity Jury Demanded By: 28:1332 Diversity-Breach of Contract |
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UCC: |
DEBTOR SCIENTIFIC SYSTEMS, INC. SECURED PARTY TECH FINANCIAL SERVICES, INC. 04/07/2014 04/07/2019 2014040702297 DEBTOR SCIENTIFIC SYSTEMS, INC. SECURED PARTY BANK OF THE WEST Amendment - Assignment 2014041408066 /14/2014 04/07/2019 2017061301745 Amendment - Termination Secured Party 06/13/2017
04/07/2019 |
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Sanctions List Search: |
The company is not listed in the OFAC list. |
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SUMMARY |
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Scientific Systems Inc is a privately held company in State College,
PA and is a Single Location business. Categorized under Chromatographic Equipment, Laboratory Type. Our records
show it was established in 1967 and incorporated in PA. Current estimates show this company has an annual estimated assets of
USD 8.5 and employs a staff of approximately 57. The company mainly exports to Mexico, but does not show any import
records. It is ACTIVE in PENNSYLVANIA, USA; with no negative records. |
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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 |
NA |
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POSITION |
Operator |
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COMMENTS |
He confirmed name and was unwilling to give out further information
and hung up. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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US Dollar |
1 |
INR 67.99 |
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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VAR |
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Report Prepared
by : |
TRU |
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.