|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
THE DOW CHEMICAL COMPANY |
|
|
|
|
Registered address : |
The Corporation Trust Company, Corporation Trust Center 1209 Orange
Street Wilmington - New Castle, De 19801 |
|
|
|
|
Country : |
United States |
|
|
|
|
Financials (as on) : |
30.12.2011 |
|
|
|
|
Year of Establishment : |
1897 |
|
|
|
|
Legal Form : |
Corporation for Profit |
|
|
|
|
Line of Business : |
Manufactures and supplies chemical products. |
|
|
|
|
No. of Employees : |
2821 employees |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
--- |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
United
States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Federal Economic Risk: Nil |
Currency: USD |
|
Legal Name: |
THE DOW CHEMICAL COMPANY |
||
|
Trade Name: |
DOW |
||
|
Legal Address |
THE CORPORATION TRUST COMPANY CORPORATION TRUST CENTER 1209 ORANGE STREET WILMINGTON - NEW CASTLE DE 19801 - USA(INCORPORATORS) |
||
|
Operative Address |
2030 Dow Center, Midland, MI 48674 -United States (HEADQUARTERS) |
||
|
Mailing Address |
4520 Ashman Street, PO Box 1206, Midland, MI 48642, USA |
||
|
Telephone: |
+1(800) 258 - 2436 // +1(989) 636 - 1000 |
ID : |
0414128 |
|
Fax: |
+1(989) 832 - 1465 // +1 989-832-1556 |
Legal Form: |
Corporation for Profit |
|
Email: |
Registered in: |
Delaware |
|
|
Website: |
Date Created: |
1897 |
|
|
Manager: |
Mr. Andrew N. Liveris - President and CEO |
Date Incorporated: |
June 11, 1947 |
|
Staff: |
51,705 |
Stock: |
1,185,372,31 shares common stock |
|
SIC Code : |
2821 |
Value: |
USD 36.00 per common share |
|
Activity: |
Manufactures and supplies chemical
products. |
||
|
Name of the Bank |
FIFTH THIRD BANK |
|
Location |
38 FOUNTAIN SQUARE PLAZA MD 109 CINCINNATI OH 45263-
0001 |
|
HISTORY |
|
|
|
THE DOW CHEMICAL COMPANY was founded in 1897. Press releases The Dow Chemical Company and Mucell Extrusion LLC Enter Exclusive
Agreement to License Dow's Foamed Films Patent Portfolio Aug 7 12 The Dow Chemical Company announced that MuCell will exclusively
license Dow's Thin Foamed Films Patent family, using MuCell innovative
Foaming technology to create physically foamed films for all film
applications. |
|
PRINCIPAL ACTIVITY |
|
|
|
The Dow Chemical Company manufactures and supplies chemical products
used as raw materials in the manufacture of customer products and services
worldwide. |
|
Products/Services description: |
|
|
|
Its Electronic and Functional Materials segment offers materials for
chemical mechanical planarization, chemical processing aids and
intermediates, electronic displays, food and pharmaceutical processing and
ingredients, home and personal care ingredients, hygiene and infection
control, photolithography, printed circuit boards, process and materials
preservation, semiconductor packaging, and electronic and industrial
finishing. The company’s Coatings and Infrastructure Solutions segment provides
construction chemical solutions and building-integrated photovoltaics; raw
materials for architectural paints and industrial coatings; technologies for
water purification, desalination, and separation solutions; and specialty
monomer products. Its Agricultural Sciences segment offers agricultural crop protection
and plant biotechnology products, pest management solutions, and seeds,
traits, and oils. The company’s Performance Materials segment produces ethanolamines,
ethyleneamines, isopropanolamines, and chelants; chlorinated organic
products; polyurethane foams and systems; epoxy resins and intermediates;
oxygenated solvents; polyglycols and surfactants; and polyurethane raw
materials. Its Performance Plastics segment offers performance elastomers and
plastomers, specialty copolymers, and synthetic rubber; semiconductive and
insulation material for power cable insulation; sticking and bonding
solutions and specialty films; polyethylene-based solutions; and
polypropylene products. The company’s Feedstocks and Energy segment provides caustic soda,
chlorine, ethylene dichloride, hydrochloric acid, and vinyl chloride monomer;
ethylene oxide and ethylene glycol; and benzene, butadiene, butylene, cumene,
ethylene, octane, propylene, and styrene. |
|
Sales are: |
|
|
|
Wholesale |
|
Brands: |
|
|
|
The following are trademarks or service marks of The Dow Chemical
Company and certain affiliated companies of Dow: ACRYSOL, ACUDYNE, ACULYN, ACUMER, ACuPLANE, ACRYLIGARD, ACUSOL,
ADCOTE, ADSORBSIA, ADVALUBE, ADVAPAK, ADVASTAB, AERIFY, AFFINITY, AIRSTONE, AMBERCHROM,
AMBERJET, AMBERLITE, AMBERLYST, AMPLIFY, ANGUS, AR, ASC METATIN, ASPUN,
ATTANE, AQUA-LAM, AQUASET, AQUCAR, AUROLECTROLESS, AUTOMATE, AVANSE,
BETAFOAM, BETAFORCE, BETAMATE, BETASEAL, BETATECH, BIOBAN, CARBITOL,
CARBOWAX, CARBOWAX SENTRY, CELLOSIZE, CELLOSOLVE, CLEAR+STABLE, COMPAXX,
CONTINUUM, COPPER GLEAM, CYCLOTENE, D.E.H., D.E.N., D.E.R., DESIGNED
DIFFUSION, DIPRANE, DOW, DOW SYMBIO, DOWANOL, DOWEX, DOWEX OPTIPORE, DOWFAX,
DOWFROST, DOWLEX, DOWTHERM, DUOLITE, DURAGREEN, DURAMAX, DURAMOULD, DURAPLUS,
DURELAST, ECHELON, ECOLIBRIUM, ECOSMOOTH, ECOSOFT, ECOSURF, ENDURANCE,
ENFORCER, ENGAGE, ENHANCER, ENLIGHT, ELITE, EPIC, ETHOCEL, EVOQUE, FASTRACK,
FILMTEC, FORMASHIELD, FORTEGRA, FROTH-PAK, GLUTEX, GREAT STUFF, HYPERKOTE,
HYPERLAST, HYPOL, IMPAXX, INFUSE, INSITE, INSPIRE, INSTA-STIK, INTEGRAL,
INTERVIA, ISONATE, KATHON, KLARIX, MAINCOTE, METHOCEL, MICROFILL, MOR-FREE,
NEOLONE, NORDEL, NYLOPAK, OPTICITE, OPTIDOSE, OPTOGRADE, OPULYN, OROTAN,
OUDRA, PAPI, PARALOID, POLYOX, POWERHOUSE, PRIMACOR, PRIMAL, PRIMENE,
PROCITE, PROGLYDE, PROLOGIC, PURAGUARD, RHOPLEX, ROBOND, ROMAX, ROPAQUE,
ROVACE, SAFECARE, SARAN, SARANEX, SATISFIT, SEALUTION, SERFENE, SHAC,
SI-LINK, SILVADUR, SOFTCAT, SOLDERON, SOLTERRA, SOLTEX, SPECFLEX, STYROFOAM,
SUNSPHERES, SURECEL, SYNALOX, TAMOL, TERGITOL, THERMAX, TILE BOND,
TRAFFIDECK, TRENCHCOAT, TRITON, TRYCITE, TUFLIN, TYBRITE, TYMOR, TYRIN, UCAR,
UCARE, UCARHIDE, UCON, UNIGARD, UNIPOL, UNIVAL, VENPURE, VERDISEAL, VERSAIR,
VERSENE, VERSIFY, VINYZENE, VISIONPAD, VORACOR, VORACTIV, VORAFORCE, VORALUX,
VORAMER, VORANATE, VORANOL, VORASURF, VORATEC, VORATHERM, VORATRON, WALOCEL,
WALSRODER, WEATHERMATE The following are trademarks or service marks of Dow AgroSciences LLC and
certain affiliated companies of Dow AgroSciences LLC: BRODBECK, CLINCHER,
DAIRYLAND SEED, DELEGATE, DITHANE, FORTRESS, GARLON, GLYPHOMAX, GRANITE,
HERCULEX, HYLAND SEEDS, KEYSTONE, LAREDO, LONTREL, LORSBAN, MILESTONE,
MUSTANG, MYCOGEN, NATURALYTE, NEXERA, PFISTER SEEDS, PHYTOGEN, PRAIRIE BRAND
SEEDS, PROFUME, REFUGE ADVANCED, RENZE SEEDS, SENTRICON, SIMPLICITY, STARANE,
TELONE, TORDON, TRACER, TRIUMPH, VIKANE, WIDESTRIKE |
|
Clients: |
|
|
|
The products offer by the company are used by the manufacture of
customer products and services industry. |
|
Suppliers: |
|
|
|
Dow Europe GmbH Bachtobelstrasse 3, Horgen, Switzerland, 8810 |
|
Operations area: |
|
|
|
National, International |
|
The company imports from Worldwide, depending on the demand |
|
|
The company exports to Worldwide, depending on the demand |
|
|
Trade References: |
|
|
|
We could not obtain supplier information from North America or near
regions for us to check trade references. |
|
The subject employs 51,705 employee(s) |
|
|
Comments on staff: |
|
|
|
Personnel count was 51,705 at December 31, 2011. |
|
PAYMENTS |
|
|
|
made on a 60 days basis - monitored over the last 12 months |
|
LOCATION |
|
|
Headquarters |
|
|
|
2030 DOW CENTER, MIDLAND, MI 48674, USA |
|
Comments on location: |
|
|
|
The company is incorporated in Delaware for tax purposes. However, it is headquartered in Michigan. |
|
Branches: |
|
|
|
The company has more than 50 branches in USA and manufacturing
facilities in over 214 cities, in 37 countries across the globe. |
|
Business Overview: |
|
|
|
The US chemicals industry includes about 10,000 companies with
combined annual revenue of about $700 billion. Major companies include Dow,
DuPont, Eastman Chemical, ExxonMobil Chemical, and Huntsman. The US industry is
concentrated: the 50 largest firms generate more than half of industry
revenue. |
- Manager - Related
Companies
|
Listed at the stock exchange: |
|
|
|
YES |
|
Capital: |
|
|
|
Breakdown % of Shares Held by All Insider and 5% Owners: 0% % of Shares Held by Institutional & Mutual Fund Owners: 70% % of Float Held by Institutional & Mutual Fund Owners: 70% Number of Institutions Holding Shares: 770 |
|
Shareholders Parent Company(ies): |
|
|
|
Major Direct Holders Holder Shares LIVERIS ANDREW N 839,254 FREIWALD GREGORY M 360,239 HALLER HEINZ 315,953 GAMBRELL MICHAEL R 136,988 MERSZEI GEOFFERY E 229,813 Top Institutional Holders Holder
Shares Capital Research Global Investors 97,643,100 WELLINGTON MANAGEMENT COMPANY, LLP 64,017,882 VANGUARD GROUP, INC. (THE) 49,181,433 STATE STREET CORPORATION 42,881,125 DODGE & COX INC 32,218,533 BlackRock Institutional Trust Company, N.A. 31,140,295 Capital World Investors 124,085,526 Bank of New York Mellon Corporation 16,265,121 NORTHERN TRUST CORPORATION 14,599,843 FMR LLC
14,393,624 Top Mutual Fund Holders Holder
Shares INVESTMENT COMPANY OF AMERICA 42,502,000 WASHINGTON MUTUAL INVESTORS FUND 33,092,826 GROWTH FUND OF AMERICA INC 29,368,700 FUNDAMENTAL INVESTORS INC 24,107,900 DODGE & COX STOCK FUND 18,361,145 VANGUARD/WELLINGTON FUND INC. 15,528,400 AMERICAN BALANCED FUND 15,220,000 VANGUARD TOTAL STOCK MARKET INDEX FUND 14,445,623 CAPITAL WORLD GROWTH AND INCOME FUND 14,407,000 HARTFORD CAPITAL APPRECIATION FUND 13,648,880 As regards on the clients special request, we informed that the
Company’s independent auditors, Deloitte & Touche LLP , with direct
access to the Company’s Board of Directors through its Audit Committee, have
audited the consolidated financial statements prepared by the Company. |
|
Management: |
|
|
|
A. N. Liveris, Director, President, Chief Executive Officer and
Chairman of the Board J. M. Fettig, Lead Director A. A. Allemang, Director J. K. Barton, Director J. A. Bell, Director P. Polman, Director D. H. Reilley, Director J. M. Ringler, Director R. G. Shaw, Director P. G. Stern, Director B. H. Franklin, Director J. B. Hess, Director R. C. Edmonds, Vice President and Controller W. H. Weideman, Executive Vice President and Chief Financial Officer |
|
Related Companies: |
|
|
|
The company has international presence. A list of its subsidiaries for 2011 is attached to the report. |
- COMMERCIAL TRENDS AND FORECAST
|
The subject is a public company traded at the
stock exchange. Please find enclosed the financial statements. |
|
Legal Fillings |
|
There are several UCC** files listed with
the Secretary of State of Delaware: Filing Number: 2012 2045039 Filing Date: 05-29-2012 Secured Party: MILLER TOOL & DIE CO. Filing Number: 2012 1926353 Filing Date: 05-18-2012 Secured Party: HI TECH MOLD &
ENGINEERING, INC. Filing Number: 2011 3568279 Filing Date: 09-16-2011 Secured Party: HI TECH MOLD &
ENGINEERING, INC. Filing Number: 2011 3596585 Filing Date: 09-08-2011 Secured Party: STILES MACHINERY, INC. Filing Number: 2011 3337378 Filing Date: 08-29-2011 Secured Party: HI TECH MOLD &
ENGINEERING, INC. There are various claims, lawsuits, and
pending actions against the Company and its subsidiaries incident to the
operations of its business. It is the opinion of management, after
consultation with counsel, that the ultimate resolution of such claims,
lawsuits and pending actions will not have a material adverse effect on the
Company’s consolidated financial position, results of operations or
liquidity. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* The last annual report was filed on Feb
19, 2010. For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
|
Local credit bureau gave a Correct credit
rate. The company is in Good Standing. This
means that all local and federal taxes were paid on due date. |
|
|
Final Opinion |
|
|
|
The Dow Chemical Company was founded in
1897. It is a large size company, with 51,705 employees,
which manufactures and supplies chemical products used as raw materials in
the manufacture of customer products and services worldwide. The company has more than 50 branches in
USA and manufacturing facilities in over 214 cities, in 37 countries across
the globe. According to the financial figures for
2011 the company´s profitability is correct and its indebtness is controlled. |
|
|
|
||
|
Profitability |
CORRECT |
Public |
NO |
|
Indebtedness |
CONTROLLED |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
|
Comments |
|
|
|
We tried to contact the company´s accounts payable manager several
times but we were transferred to voice mail. We left a message but it has not
been answered yet. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.