|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CTB INC |
|
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Registered Office : |
611 North Higbee Street Milford |
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Country : |
2000 |
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Year of Incorporation : |
1952 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturing and marketing of agricultural systems and solutions. |
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No. of Employees : |
1 100 |
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 |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful
economy in the world, with a per capita GDP of $49,800. In this market-oriented
economy, 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, they face higher barriers to enter their rivals' home markets than
foreign firms face entering US markets. US firms are at or near the forefront
in technological advances, especially in computers and in medical, aerospace,
and military equipment; their advantage has narrowed since the end of World War
II. The onrush of technology largely explains 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. 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 nearly 55% of US consumption. 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. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). 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 the US
Congress passed and 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. 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 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that will extend coverage to an additional 32 million American
citizens by 2016, through private health insurance for the general population
and Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
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 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 drops
to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%.
Long-term problems 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 - including significant budget shortages for state
governments.
Source
: CIA
|
IDENTIFICATION |
|||
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Ordered as: |
CHORE TIME BROCK
INTERNATIONAL |
||
|
Address in the order: |
A DIVISION OF CBT INC 407 NORTH MAIN STREET P.O BOX 2000 MILFORD IN
46542-2000 USA |
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Comments on data supplied: |
Dear client: Chore-Time Brock Internacional is a non-incorporated unit of CTB, Inc.,
and the address provided, is the branch where Chore-Time Brock Internacional
has operations. Therefore this report will be done under the name "CTB,
Inc.". |
||
|
Legal Name: |
CTB INC |
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Trade Name: |
CHORE TIME BROCK |
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|
Legal Address |
611 North Higbee Street |
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Postal Town |
Milford |
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Post Code |
2000 |
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Primary Geographic Area |
Indiana |
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Country |
US |
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Operative Address |
611 North Higbee Street, P.O. Box 2000 Milford, IN 46542-2000 U.S.A |
||
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Telephone: |
+1 574-658-4191 |
ID : |
1995091067 |
|
Fax: |
+1 866 658-5460 |
Legal Form: |
Corporation for Profit |
|
Email: |
info@ctbinc.com |
Registered in: |
US |
|
Website: |
www.brockmfg.com / www.ctbinc.com |
Date Created: |
1952 |
|
Manager: |
Mr. Don J. Steinhilber Chief Financial
Officer |
Date Incorporated: |
September 22nd 1995 |
Management:
Mr. Don J. Steinhilber
Chief Financial Officer
Mr. Michael J. Kissane
Secretary
Mr. George W. Murdoch
Executive Vice President - International Business
Vice Presidents
Douglas Niemeyer, Vice President - Egg Production Systems
Art Shively, Vice President
William Mabee, Vice President of Ctb Inc and Corporate Controller of Ctb
Inc
Greg Schomott, Vice President of Sales
Mark Lantz, Vice President - Grain Systems Business
Eileen Gabriele, Vice President
Directors
Dianne Driessen, Director Business Development
Paul Spurgeon, Director of Human Resources
Mechele Neeley-Scholis, Human Resources Director
Cindy Ross, Director - Human Resources
Brenda Williams, Director of Applications
Holly Heffner, Director Sto BCM
Bob Emerson, Director of Technology Solutions
Catherine Ronayne, Director, Marketing Marcom Services
Bradley Dunbaugh, Project Director Operations
Caryl Chocola, Director
Frank Hermance, Director
Julio Sanclemente, Senior Recruiter
J. Chocola, Chairman of the Board
Michael Fitch, Director
Robert Valencourt, Information Technology Manager
Larry Greene, Director
David Horing, Director
Michael Kissane, Secretary
Lynn Cole, Senior Programmer Analyst
Mr. Charles Klein, Director
Steve Crim, Information Technology Executive
CxOs
Dick Freeman, Chief Financial Officer
Don Steinhilber, Chief Financial Officer, Vice President and Treasurer
Sandor Nagy, Chief Operating Officer
Vincent Loncto, Chief Financial Officer
Randy Everler, Chief Financial Officer
Executive Vice Presidents
George Murdoch, Executive Vice President - International Business
Robert Bahash, Executive Vice President
GM/Managing Directors
Marc Plastow, General Manager, International Business Unit
Chuck Klippel, Vice President and General Manager
Chief Executive Officer
Victor Mancinelli, Chief Executive Officer, President and Director
|
Legal Fillings |
|
There are several UCC** files
listed with the Secretary of State of Indiana, Illinois, Mississippi. There are no legal filings listed with the District Court. THE COMPANY IS NOT LISTED ON THE OFAC LIST.* 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. |
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Shareholders Parent Company(ies): |
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CTB is a wholly owned subsidiary of Berkshire Hathaway Inc. |
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PAYMENTS |
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No Complaints |
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Public |
NO |
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Payments |
No Complaints |
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Clients: |
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Their clients are companies related to the market where they develop. |
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Operations area: |
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National, International, Local |
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The company imports from worldwide |
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The company export to worldwide depending on the demand |
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Trade References: |
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Despite our research we could not get information about local
suppliers to confirm the trade references. |
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Competitors: |
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LINPAC Group Limited Behlen Mfg. Co. Hog Slat, Incorporated |
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N/a
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Financials - COMMERCIAL TRENDS AND
FORECAST |
|
As a private company the subject does not publish any financial
statements. |
|
We have contacted Ms. Chris Rong who refused to provide us any
financial data on grounds of confidentiality. |
|
However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and financial
institutions working with the company. |
|
Currency |
DATE |
|
USD |
2012 |
|
Turnover |
600 000 000 |
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The cash flow is |
Normal |
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Comments on
the financial data: The financial information for 2012 was not verified by
the company. |
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FINANCIAL SUMMARY |
|
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Profitability |
N.A. |
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Indebtedness |
CONTROLLED |
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Cash |
NORMAL |
N/a
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Staff: |
1 100 |
Stock: |
N.A. |
|
|
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Value: |
N.A. |
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Activity: |
agricultural systems and solutions. |
||
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BANKS |
|
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Name of the Bank |
Bank of America |
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Comments |
This information was not verified by the company. |
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BUSINESS HISTORY |
|
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|
CTB INC was created in 1952. The company has the following assumed names: 10/13/1995 CBT VENTURES,
INC. (Former) 1/11/2002 CTB
LOGISTICS (Assumed)) 2/1/2002 BEARD
INDUSTRIES (Assumed)) 2/13/2004 CTB
ADVERTISING (Assumed)) 3/9/2004 BROCK
MANUFACTURING GRAIN CONDITIONING GROUP
(Assumed)) 4/5/2005 CHORE-TIME EGG
PRODUCTION SYSTEMS (Assumed)) 4/5/2005 CHORE-TIME
HOG PRODUCTION SYSTEMS (Assumed)) 4/5/2005 CHORE-TIME
POULTRY PRODUCTION SYSTEMS (Assumed)) 4/5/2005 CHORE-TIME
BROCK INTERNATIONAL (Assumed)) 4/5/2005 BROCK GRAIN
SYSTEMS (Assumed)) 6/26/2006 BROCK
INDUSTRIAL SYSTEMS (Assumed)) 10/19/2007 PIGTEK PIG
EQUIPMENT GROUP, A DIVISION OF CTB, INC.
(Assumed)) 1/6/2011 SHORE SALES
COMPANY (Assumed) 1/6/2011 SHORE SALES
COMPANY, A DIVISION OF CTB, INC.
(Assumed) 2/4/2011 SHORE
MEASURING SYSTEMS, A DIVISION OF CTB, INC.
(Assumed) 2/7/2011 SHORE
MEASURING SYSTEMS (Assumed) 1/11/2013 CHORE-TIME
GROUP (Assumed) 1/16/2013 CHORE-TIME (Assumed) 2012 CTB acquired the assets of Martin Industries, Corp. and its related
subsidiaries with locations in Des Moines and Sheffield, Iowa, and Vincennes,
Indiana. The company is a leading designer and manufacturer of grain handling
equipment and related structures, under the LeMar and Riley brand names. 2002 CTB became a wholly owned subsidiary of Berkshire Hathaway Inc. |
|
PRINCIPAL ACTIVITY |
|
|
|
CTB International Corp. engages in designing, manufacturing, and
marketing agricultural systems and solutions. |
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Products/Services description: |
|
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|
The company offers poultry, egg, pig, grain, and equine systems. Its products
comprise air cleaning systems, air inlets, air scrubbing systems,
architectural doors and windows, augers, bin/silo accessories, biological air
scrubbers, brooders, bucket elevators, bulk storage bins/silos, catwalks and
support towers, chemical air scrubbers, combination air scrubbers, controls,
drinkers, egg collectors, egg counters, electronic sow feeding products, and
environmental controls. |
|
Sales are: |
|
|
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Wholesale |
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The subject employs 1 100 employees |
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Comments on staff: |
|
|
|
The number of employees was not verified by the company. |
LOCATION
Headquarters
The company has the headquarters located at:
611 North Higbee Street, P.O. Box 2000 Milford, IN 46542-2000 U.S.A.
Branches:
Chore-Time Brock Internacional
a división de CTB, Inc.
407 North Main Street
Apartado Postal 2000
Milford, IN 46542-2000 EE.UU.
Tel. +1 574.658.9323
Fax +1 574.658.9296 o +1 574.658.3471
Ironwood Division
1235 Wall Street
Ironwood, MI 49938
USA
Phone: (906) 932-5025
Fax: (906) 932-4356
Two Rivers Division
2800 18th Street
Two Rivers, WI 54241
USA
Phone: (920) 793-3060
Fax: (920) 793-5227
LeMar Industries
2070 NE 60th Ave.
Des Moines, IA 50313
USA
PIGTEK® Pig Equipment Group
A Division of CTB, Inc.
410 North Higbee Street,
P.O. Box 2000, Milford, IN
46542-2000 U.S.A.
Phone +1.574.658.5000
Fax +1.574.658.5325
E-Mail: info@pigtek.net
Roxell USA, Inc.
A Subsidiary of CTB, Inc.
720 Industrial Park Drive
Anderson, MO 64831 U.S.A.
Phone: +1 417 845-6065 or 800 704-7356
Fax: +1 417 845-6069
E-Mail: info.usa@roxell.com
LeMar Industries
A Division of CTB, Inc.
2205 S Old Decker Rd
Vincennes, IN 47591
812-886-5500
Shore Measuring Systems
A Division of CTB, Inc.
1112 Enterprise Dr.
Rantoul, IL 61866
Phone: 217-892-2544
Toll-Free: 800-837-0863
Fax: 217-892-4281
Business Overview:
Companies in this industry manufacture agricultural equipment and
machinery, as well as commercial turf and lawn care equipment. Major companies
include AGCO, Deere, Great Plains Manufacturing, and Lindsay Corporation (all
based in the US), along with Claas KGaA (Germany), CNH Global (the
Netherlands), Kubota (Japan), Mahindra & Mahindra (India), and Shifeng
Group and YTO Group (China).
Demand for agricultural machinery is driven by farm income and crop
production projections for the next season and can vary highly year to year.
The profitability of individual companies depends on the volume of products
sold, since many manufacturing costs are fixed. Big companies have large economies
of scale, especially in manufacturing tractors and combines. Small companies
can be successful by making specialized equipment, especially tractor
attachments. The US industry is highly concentrated: the 50 largest companies
generate more than 80 percent of revenue.
Listed at the stock exchange:
NO
|
Person Interviewed |
||
|
|
Ms. Chris Rong |
|
|
Position |
||
|
|
Assistant |
|
|
Comments |
||
|
|
Ms. Chris Rong, confirmed the locations, legal name, creation date, activity.
However he refused to provide further information for this report on grounds
of confidentiality. |
|
|
Final Opinion |
||
|
|
CTB International Corp. engages in designing, manufacturing, and
marketing agricultural systems and solutions. This company would operate with about 1100 employees. This company has 60 years of experience in the market where they
develop. |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.