MIRA INFORM REPORT

Report No. :	510643
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	TINIUS OLSEN TESTING MACHINE COMPANY
Registered Office :	Easton Rd, Willow Grove, PA 19090
Country :	United States
Date of Incorporation :	1880
Legal Form :	Corporation
Line of Business :	Subject manufactures and supplies static tension and/or compression materials testing machines.
No. of Employees :	92

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 :	Satisfactory
Payment Behaviour :	No Complaints
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 (30.09.2017)	Current Rating (31.12.2017)
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 $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:	TINIUS OLSEN TESTING MACHINE COMPANY
Trade Names:	TINIUS OLSEN TESTING MACHINE COMPANY
ID:	259800
Date Created:	1880
Date Incorporated:	November 25, 1912
Legal Address:	Easton Rd Willow Grove, PA 19090, USA
Operative Address:	1065 Easton Road Horsham, PA 19044-8009 United States
Telephone:	215-675-7100
Fax:	215-441-0899
Legal Form:	CORPORATION
Email:	info@tiniusolsen.com
Registered in:	PENNSYLVANIA
Website:	www.tiniusolsen.com
Contact:	C ROBERT TAIT III - President
Staff:	92
Activity:	SIC Code 3589, Service Industry Machinery, NEC
Banks
BANK OF AMERICA
History
The company was founded in 1880 and is based in Horsham, Pennsylvania.
Key Developments:	Tinius Olsen Links with Axxicon Jun 9 16 Tinius Olsen has signed an agreement giving the company exclusive distribution rights to Axxicon's quick-change mold products in the Americas. The AIM Quick Change Mold System is a multi-functional injection mold with interchangeable inserts, used on conventional injection molding machines and capable of producing plastic samples for quality specimen tests to international standards. These types of specimen tests are commonly used to determine key properties such as tensile strength, Izod and Charpy impact strength, hardness, flammability, shrinkage, and gloss/color matching. The AIM Quick Change Mold System fully complies with all the requirements for an ASTM or ISO approved injection mold, with emphasis being placed on greater standardization and uniformity of specimen tests. Tinius Olsen and Axxicon enable manufacturers operating in a global arena to ensure that a product's performance is consistent wherever it is made or sold.
PRINCIPAL ACTIVITY
Tinius Olsen Testing Machine Company manufactures and supplies static tension and/or compression materials testing machines.
Products/Services description:	It offers impact testers, electromechanical materials testing machines, horizontal testers, static hydraulic materials testing machines, special application materials testing machines, heat deflection and vicat penetration testers, hardness testers, stiffness testers, and folding endurance testers. The company also offers suture testers, environmental chambers and furnaces, dart drop impact testers, extensometers, used equipment, gripping system, mechanical instrumentation and accessories, dilatometers, torsion testers, bench top materials testing machines, melt indexers, food testers, computer-assisted data acquisition and machine control systems, and system upgrades. Its products are used to perform tests on raw materials, such as metals, polymers, textiles, rubbers, adhesives, food, and finished components.
Brands:	TINIUS OLSEN
Sales are:	Wholesale
Clients:	Grupo Interconsult SA De Cv Comercializadora Y Servicios Tecnicos Super L SA De Cv Iacna México, S. de R.L. de C.V. Deacero SA De Cv Ppg Industries De Mexico S.A. De C.V. Imocom S.A Industrias Ferrotodo Ltda. Universidad Tecnica De Cotopaxi. A W Faber Castell Peruana S A Hwkessel Sac Cimplast Saci.
Suppliers:	NA
Operations area:	National and International
The company exports to	MEXICO COLOMBIA BOLIVIA ECUADOR PERU PARAGUAY
The subject employs	92 employees
Payments:	No complaints
LOCATION
Headquarters :	1065 Easton Road Horsham, PA 19044-8009 United States
Comments on Address:	-
Branches:	No other branches were found.
Related Companies:	Tinius Olsen TMC Shanghai Ltd Building 2, No.123, 1165 Nong Jindu Road South Metropolis Industrial Park Minghang District, Shanghai, P.R. China Tinius Olsen India Pvt Ltd. J3 SDF, NSEZ Noida Phase 2 U.P.201305 India Tinius Olsen Ltd. - United Kingdom 6 Perrywood Business Park, Honeycrock Lane, Salfords (Near Redhill), Surrey RH1 5DZ, England
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: C ROBERT TAIT III ROBERT TAIT JR
Management:	C ROBERT TAIT III - President ROBERT TAIT JR – Board Member DAVID G WHEELER - Secretary MARK S HELTON - Treasurer
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by outside sources:
USD 2016
Estimated Net Assets	16,800,000
Cash Flow	Normal
LEGAL FILINGS
PATENTS	Impact Tester Publication number: 20150052972 Abstract: An impact tester includes a pendulum rotatable about a first axis from a latched position to an impact position. The pendulum is configured to impact a test specimen in the impact position. A safety return arm is rotatable about a second axis generally parallel to the first axis. The safety return arm is configured to lift the pendulum to the latched position, allow the pendulum to swing from the latched position toward the impact position, and selectively stop the pendulum between the latched position and the impact position. Type: Application Filed: August 19, 2014 Publication date: February 26, 2015 Applicant: TINIUS OLSEN TESTING MACHINE COMPANY Inventors: Earl A. Ruth, John C. Ivory Impact tester having a safety return arm Patent number: 9377386 Abstract: An impact tester includes a pendulum rotatable about a first axis from a latched position to an impact position. The pendulum is configured to impact a test specimen in the impact position. A safety return arm is rotatable about a second axis generally parallel to the first axis. The safety return arm is configured to lift the pendulum to the latched position, allow the pendulum to swing from the latched position toward the impact position, and selectively stop the pendulum between the latched position and the impact position. Type: Grant Filed: August 19, 2014 Date of Patent: June 28, 2016 Assignee: TINIUS OLSEN TESTING MACHINE COMPANY Inventors: Earl A. Ruth, John C. Ivory
GOVERNMENT CONTRACTS	Government Contractor: TINIUS OLSEN TESTING MACHINE COMPANY Name & Address: 1065 EASTON RD HORSHAM, PA 19044-3300 Number of Defense Contracts Awarded : 113 Dollar Amount of Defense Contracts Awarded:$2,923,525
CASES	No records found.
TRADEMARKS	LOCAP PHYSICAL TESTING MACHINES USED IN TESTING SPECIMENS FOR TENSION, COMPRESSION OR FLEXURE Owned by: TINIUS OLSEN TESTING MACHINE COMPANY Serial Number: 72271664 TO PHYSICAL TESTING MACHINES-NAMELY, BRINELL HARDNESS; RUBBER HARDNESS; UNIVERSAL-HYDRAULIC, MACHINES FOR TESTING IN TENSION… Owned by: TINIUS OLSEN TESTING MACHINE COMPANY, INC. Serial Number: 71651141
RENEWAL HISTORY	No records found.
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
Founded in 1880, Tinius Olsen Testing Machine Company is an organization in the Service Industry Machinery Industry headquartered in Horsham, PA. The company has 92 regular employees. It operates nationally and internationally, mainly exporting to Mexico, Colombia, Bolivia, Ecuador, Peru and Paraguay. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Natalie
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 President.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07
USD	1	INR 68.38

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	KET

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.