|
Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
HILL-ROM COMPANY, INC. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Year of Establishment : |
1975 |
|
|
|
|
Legal Form : |
Corporation – Profit |
|
|
|
|
Line of Business : |
Subject engages in the manufacture and distribution of patient care
equipment. |
|
|
|
|
No. of Employees : |
910 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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United States - ECONOMIC OVERVIEW
The
|
Source : CIA |
Company name: HILL-ROM COMPANY, INC.
Address:
Telephone: +1
812-934-7777
Fax: +1 812-934-8189
Website: www.hill-rom.com
Corporate ID#: 198112-634
State:
Judicial form: Corporation – Profit
Date incorporated: 12-22-1981
Date founded: 1975
Stock: -
Value: -
Name of manager: John
J. GREISCH
Business:
Hill-Rom Company, Inc. engages in the manufacture and distribution of
patient care equipment.
The company's products and services include patient care beds,
stretchers, therapeutic surfaces and devices, patient flow and workflow
solutions, nurse communication systems, headwalls, and facility assessments.
The company also provides asset management programs and on-demand
medical equipment rental services through its services centers in the
The company was founded in 1975 and is headquartered in
Hill-Rom Company, Inc. operates as a subsidiary of Hill-Rom, Inc. and
Advanced Respiratory, Inc.
No name of suppliers listed.
The Company exports to Central and
EIN: -
Staff: 910
Operations & branches:
At the headquarters, we find
the corporate headquarters of the group.
The Company maintains
several manufacturing facilities in the
Shareholders:
HILL-ROM, INC.
ADVANCED RESPIRATORY, INC.
Both are wholly owned subsidiaries of:
HILL-ROM HOLDINGS, INC.
Hill-Rom Holdings, Inc. manufactures and provides medical technologies
and related services for the health care industry in
It sells its products primarily to acute and extended care health care
facilities through direct sales force and distributors. The company was
formerly known as Hillenbrand Industries, Inc. and changed its name to Hill-Rom
Holdings, Inc. in March 2008. Hill-Rom Holdings, Inc. was founded in 1969 and
is headquartered in
The Company is listed with the NYSE under symbol HRC.
Management:
John J. GRIESCH is the President, Director and CEO of the group.
Mr. John J. Greisch has been the Chief Executive Officer and President
of Hill-Rom Holdings, Inc. and Hill-Rom Canada Ltd. since January 8, 2010. Mr.
Greisch has 30 years of corporate finance and operational leadership
experience. Mr. Greisch served as the President of International Operations and
Corporate Vice President of Baxter International Inc. from May 2006 to May 1,
2009. Mr. Greisch served as a Vice President of Tisco, Inc. Mr. Greisch served
as the Chief Financial ... Officer of Baxter International Inc., since June 21,
2004 and served as its Principal Accounting Officer. He served as Senior Vice
President of Baxter International Inc., since July 2004.
He also served as the President of BioScience of Baxter International
Inc., since January 2004. He served as Corporate Vice President of Baxter World
Trade Corporation and Baxter Healthcare Corporation from January 2004 to July
2004. Mr. Greisch served as a Vice President of Finance and Strategy for the
BioScience business. He joined Baxter in 2002, as a Vice President of Finance
for Baxter's Renal business. He served as President and Chief Executive Officer
of FleetPride Corporation. Mr. Greisch served as President and Chief Executive
Officer of FleetPride Corporation, after completing a distinguished 11-year
career at The Interlake Corporation, serving in a variety of roles, including
Chief Financial Officer, Treasurer, President of its largest business and
president of its European operations/Materials Handling Group.
He began his business career with Price Waterhouse. He has been a
Director of Hill-Rom Holdings, Inc. since January 8, 2010. He served as a
Director of TomoTherapy Incorporated since January 31, 2008 until January 8,
2010.
He is a Certified Public Accountant. Mr. Greisch received a Bachelor's
degree in Business Administration from
Richard G. KELLER and Joseph A. McGOWAN IV are Vice Presidents.
Michael MACEK is Treasurer
Susan R. LICHTENSTEIN is Secretary.
Subsidiaries:
- NaviCare Systems, LLC
- Hill-Rom International, Inc.
- MEDIQ/PRN Life Support Services, LLC
- Liko North America, LLC
- Hill-Rom Logistics, LLC
In
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into HILL-ROM HOLDINGS, INC.
(10K 2010-2011 on attachment)
For fiscal year ending September 2012, revenue was $1,634 million
compared to $1,592 million for the prior year, an increase of 3 percent on an
as reported basis and 4 percent on a constant currency basis.
Adjusted earnings per diluted share for fiscal 2012 were $2.24 compared
to $2.27 in 2011, a decrease of 1 percent.
Reported earnings per diluted share for the full year were $1.94
compared to $2.09 for the prior year, a decrease of 7 percent.
Full year operating cash flow was $262 million, compared to $223 million
in the prior year.
Banks: Union Bank, N.A
Harris Trust and
Savings Bank
Citibank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
File number: 2322803
Date filed: 05-05-2000
Lapse date: 05-05-2015
Secured Party: Toshiba
America Information Systems, Inc.
File number: 200300001770666
Date filed: 02-27-2003
Lapse date: 02-27-2018
Secured Party: Omnova
Solutions Inc.
File number: 201200008033049
Date filed: 08-31-2012
Lapse date: 08-31-217
Secured Party: OCE
Financial Services, Inc.
5450 North Cumberland,
Standard
& Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
The
transfer and convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The
political brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to effectively
address the rising U.S. public debt burden in a manner consistent with a 'AAA'
rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the
Standard & Poor's
transfer T&C assessment of the
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
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.