MIRA INFORM REPORT

 

 

Report Date :

28.11.2008

 

IDENTIFICATION DETAILS

 

Name :

P & H MINING EQUIPMENT INC

 

 

Registered Office :

4400 West National Avenue, Milwaukee, WI 53214

 

 

Country :

United States

 

 

Date of Incorporation :

3.11.1971

 

 

Com. Reg. No.:

Delaware 0776210

 

 

Legal Form :

Corporation - Profit

 

 

Line of Business :

Manufacture and Service of Pace-Setting Large Excavating and Drilling Machines

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

Company Name       

 

P&H MINING EQUIPMENT INC

 

Company acronym:     

 

 

Contact Information

 

Address

4400 West National Avenue

Milwaukee, WI 53214

USA

Telephone

414-671-4400

Fax

414-671-7604

Website

www.phmining.com

 

 

Registration Data

 

Date of Registration

November 3rd, 1971

Registration number

Delaware 0776210

Legal address

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801 - USA

Legal Form

Corporation - Profit

Share Capital

1,500 shares common

Other Registration Data

-

 

 

Shareholders with Shares

 

Shareholder Names

Share%

JOY GLOBAL INC.

100 E. XWisconsin Avenue

Milwaukee, WI 53202

 

100

 

 

Board/Executive

 

Name

Mark E. READINGER

Position within the company

President

 

Name

Kenneth J. STARK

Position within the company

Secretary

 

 

Changes in Registration Data

 

None recorded

 

 

Activities (realistic and officials)

 

P&H Mining Equipment is a global leader in the manufacture and service of pace-setting large excavating and drilling machines used to mine copper, coal, iron ore, silver, gold, diamonds, oilsands, phosphate, molybdenum, potash and other minerals and bedded materials. Ninety percent of the world s surface mines utilize P&H equipment.

 

The company was founded in Milwaukee in 1884. P&H Mining operates 24 hours a day, 365 days a year in harsh climates and at all altitudes. P&H offers three major product lines - electric mining shovels, rotary blasthole drills and walking draglines. P&H s manufactures its brawny equipment in Milwaukee, Australia, Brazil, South Africa and at a Japanese affiliate plant more than1.2 million square feet of factory in all. A highly skilled workforce averaging almost 30 years of service makes it possible for the company to meet such impressive engineering and manufacturing challenges.

 

 

Staff

 

Number of staff employed

2,700

 

 

 

Export/Import (Countries, goods and total values for the period)

 

Imports From

Europe, Far East

 

Exports To

Worldwide

 

 

Facilities

 

Owned

Manufacture, warehouse and office

 

Premises Size

50,000 sq. feet

 

 

 

Subsidiaries and Participation

 

Parent Company

JOY GLOBAL INC.

100 E. XWisconsin Avenue

Milwaukee, WI 53202

More than 50 percent of the electricity generated in the United States comes from coal-fired power plants. Joy Global is a worldwide mining machinery and services company. Through its market leading divisions, P&H Mining Equipment and Joy Mining Machinery, the company manufactures underground and surface mining equipment and offers aftermarket-related services. P&H Mining Equipment and Joy Mining Machinery are both recognized leaders in the design, manufacture, distribution, service and enhancement of mining machinery and equipment. Joy Global s products and related services are used extensively for the mining of coal, copper, iron, gold and other mineral resources. Headquartered in Milwaukee, the company employs more than 7,000 employees at its constituent companies throughout the world.

Public Company quoted under symbol JOYG.

 

Subsidiaries

Several

Affiliates

-

 

 

Branches

 

Address

Several branches in the U.S.

 

 

Bankers

 

Bank

Bank of America

 

 

Suppliers, Partners

 

Suppliers

Not known

Partners

Not known

 

 

Litigation, Remarks on Payment

 

Litigation

None Recorded

Remarks on Payment

No Complaints

 

Financial Information

 

Source

Bank

Figures are

Declared

Currency

USD

 

 

Months

 

Sales Figures

 

Sales

 

12

 

31/12/2007

 

260,000,000=

 

 

Reporter Comments

 

Comments

On a direct call, a financial officer declared that all figures are consolidated with the parent company.

 

 

Local Reputation

The company being investigated is believed by local reporters to be a Medium Trade Risk and to be fair.

 

The market is actually slow.

According to our credit analysts, during the last 6 months, 81% of trade experience indicates a regular payment.

Payments of imports are currently made with an average of 15 to 20   days beyond terms.

 

 

MAX CREDIT

USD 3,000,000=

 

 

CREDIT REQUIRED

 

MAXIMUM CREDIT

 

Maximum

 

 

USD 3,000,000=


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.84

UK Pound

1

Rs.76.81

Euro

1

Rs.64.38

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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