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Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ASHLAND SPECIALTY INGREDIENTS G.P. |
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Registered Office : |
8145 Blazer Drive, Wilmington, DE 19808 |
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Country : |
United States |
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Date of Incorporation : |
06.11.2008 |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject offers industry-leading products, technologies and resources for
solving formulation and product-performance challenges in key markets
including personal and home care, pharmaceutical, food and beverage,
coatings, construction, energy and other industries |
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No. of Employees : |
1,000+ |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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United
States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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.
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Source : CIA |
Company name: ASHLAND SPECIALTY INGREDIENTS G.P.
Address: 8145 Blazer Drive, Wilmington, DE
19808 - USA
Telephone: +1
302-594-5000
Fax: +1 302-992-7507
Website: www.ashland.com
Accounts Payable
Departments
P O Box 3756 Dublin OH-43016-0387, United States
Corporate ID#: 4620387
State: Delaware
Judicial form: General Partnership
Date incorporated: November
6, 2008
Stock: -
Value: -
Name of manager: Michael
S. ROE
Business:
Ashland Specialty Ingredients offers industry-leading products,
technologies and resources for solving formulation and product-performance
challenges in key markets including personal and home care, pharmaceutical,
food and beverage, coatings, construction, energy and other industries. Using
natural, synthetic and semisynthetic polymers derived from plant and seed
extract, cellulose ethers and vinyl pyrrolidones, Ashland Specialty Ingredients
offers comprehensive and innovative solutions for today’s demanding consumer
and industrial applications.
ASHLAND INC., the parent company, is doing business with countries registered under “Office of Foreign
Assets Control (OFAC)” and not listed with the under “Specially Designed
National (SDN)” list which includes both
individuals and entities, whose property is blocked, to assist the public in
complying with the various sanctions programs administered by OFAC.
Suppliers include:
ASHLAND INDUSTRIES EUROPE GMBH
RHEINWEG 11 SCHAFFHAUSEN 8200
GUANGZHOU TINCI MATERIALS TECHNOLOGY CO.,LTD
NO. 8 KANGDA ROAD, DONGCH ENG ZONE YUNPU INDUSTRY DISTRICT, GUANGZHOU
CHINA
EIN: -
Staff: 1,000+
Operations & branches:
At the headquarters, we
find the corporate office, on lease.
There are 30 manufacturing sites and 20 technology centers worldwide.
Shareholders:
ASHLAND INC.
50 East River Center Boulevard
Covington, KY 41012 - United States
Ashland Inc., a specialty chemical company, provides specialty
chemicals, technologies, and insights for customer needs worldwide.
The Company is listed with
the NYSE under symbol ASH.
Management:
Luis FERNANDEZ-MORENO (age 51) is Senior Vice President of Ashland and
President of Specialty Ingredients and has served in such capacities since
October 2013. He previously served as Vice President of Ashland and President
of Water Technologies from November 2012 until October 2013. During the past
five years, he has served as Executive Vice President of Arch Chemicals, Inc.,
where he was responsible for the wood protection and HTH water products
businesses, as Business Group Vice President, Dow Coating Materials and in a
series of leadership positions with Rohm & Haas, including directing
businesses such as paint and coating materials, plastic additives and printing
technologies.
Michael S. ROE is Vice President.
Dan ROSENTHAL is the Manager
Subsidiaries
And Partnership:
None
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent company which reported the following:
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(In millions) |
2013 |
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2012 |
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2011 |
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Sales |
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$ |
2,616 |
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$ |
2,878 |
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$ |
1,256 |
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Operating income |
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$ |
281 |
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$ |
457 |
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$ |
171 |
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(fiscal year ending
September)
2013 compared to 2012
Specialty Ingredients’ sales decreased $262 million, or 9%, to $2,616
million in 2013 compared to $2,878 million in 2012, primarily a result of lower
pricing, which decreased sales $136 million, or 5%. The decline in
pricing was principally within the energy market where significant price
declines occurred as a result of much weaker demand in the current year for
certain guar products. Volume decreased $24 million, or 1%, during 2013
compared to 2012 as metric tons sold decreased to 392.1 thousand. Changes in
product mix decreased sales $89 million, or 3%, effected primarily from the
decline in
guar product demand, while unfavorable currency exchange decreased sales
$13 million.
Gross profit during 2013 decreased $162 million compared to
2012. The current year included a $31 million loss on certain guar
inventory, as well as a $22 million gain resulting from Ashland’s settlement of
an insurance claim. The prior year included a noncash charge of $28 million
related to the fair value assessment of inventory acquired from ISP at the date
of acquisition. Increased raw material
costs and lower prices resulted in gross profit decline of $132 million, while
volume and product mix combined to decrease gross profit by $42 million.
Unfavorable currency exchange decreased gross profit by
$7 million. In total, gross profit margin during 2013
decreased 2.9 percentage points to 30.1% compared to 2012.
During 2013, Specialty Ingredients’ guar-based products business
incurred an approximately $190 million decline in gross profit compared to the
prior year due to a $31 million loss on the sale of certain higher cost guar
inventory purchased in the prior year, lower margins as a result of improved
guar supply and reduced customer stocking levels. The higher cost guar powder
products during 2012 also caused certain customers during the current year to
search for alternative, lower cost products and to buy directly from suppliers.
Selling, general and administrative expenses (which include research and
development expenses throughout the business segment discussion and
analysis) increased $25 million, or 5%, during 2013 as compared to
2012, primarily due to increased research and development expense of $33
million, which included $41 million and $13 million in noncash impairment
charges for 2013 and 2012, respectively, related to certain IPR&D assets
purchased as part of the acquisition of ISP. Equity and other income increased
$12 million in 2013 compared to 2012 primarily due to income of $13 million
recorded during 2013 to resolve a claim.
Operating income totaled $281 million for the current year compared to
$457 million in 2012. EBITDA decreased $178 million, from $722 million in
2012 to $544 million in 2013. Adjusted EBITDA decreased $213
million, from $763 million in 2012 to $550 million in 2013. Adjusted
EBITDA margin decreased 5.5 percentage points in 2013 from 26.5% in 2012 to
21.0% in 2013.
Banks: Citibank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
None