|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANIXTER INC. |
|
|
|
|
Registered Office : |
2301 Patriot Blvd, Glenview, IL 60026 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
27.09.1967 |
|
|
|
|
Legal Form : |
Corporation – Profit |
|
|
|
|
Line of Business : |
distribution of communication products, electrical
and electronic wire and cable, and fasteners and other inventory parts to
original equipment manufacturers |
|
|
|
|
No. of Employees : |
8,300 (for the group) |
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 : |
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) |
|
United
States |
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 US has the largest and most technologically powerful economy in the world,
with a per capita GDP of $48,100. 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. 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
increased another 50% between 2006 and 2008. In 2008, soaring oil prices
threatened inflation and caused a deterioration in the US merchandise trade
deficit, which peaked at $840 billion. In 2009, with the global recession
deepening, oil prices dropped 40% and the US trade deficit shrank, as US
domestic demand declined, but in 2011 the trade deficit ramped back up to $803
billion, as oil prices climbed once more. The global economic downturn, the
sub-prime mortgage crisis, investment bank failures, falling home prices, and
tight credit 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; total government revenues
from taxes and other sources are lower, as a percentage of GDP, than that of
most other developed countries. The wars in Iraq and Afghanistan required major
shifts in national resources from civilian to military purposes and contributed
to the growth of the US budget deficit and public debt - through 2011, the
direct costs of the wars totaled nearly $900 billion, according to US
government figures. In March 2010, President OBAMA signed into law the Patient
Protection and Affordable Care Act, a health insurance reform bill 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. Long-term problems include inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an aging
population, sizable current account and budget deficits - including significant
budget shortages for state governments - energy shortages, and stagnation of
wages for lower-income families.
|
Source : CIA |
This is a business
name used by:
Company name: ANIXTER INC.
Address: 2301 Patriot Blvd, Glenview, IL 60026
- USA
Telephone: +1
224-521-8000
Fax: +1 302-636-5454
Website: www.anixter.com
Corporate ID#: 0664128
State: Delaware
Judicial form: Corporation – Profit
Date incorporated: 09-27-1967
Stock: -
Value: -
Name of manager: Robert
ECK
Business:
Anixter, Inc. engages in the distribution of communication products,
electrical and electronic wire and cable, and fasteners and other inventory
parts to original equipment manufacturers.
It supplies network cabling systems; physical security solutions;
networking, wireless, and voice products; electrical and electronic wire and
cable; and fasteners and class “c” products. The company also offers sourcing,
logistics, inventory management, product enhancement and packaging, and
multi-site rollout and technology deployment solutions. It offers
communications products to companies or institutions that operate an internal
communications network, central switching office, or data center; electrical
and electronic wire and cable to contractors and end users for maintenance and
installation of industrial facilities; wire, cable, fasteners, and other
components to manufacturers who use these components within the products they
manufacture.
The company was incorporated in 1967 and is based in Glenview, Illinois
with an additional office in Salvador.
Anixter, Inc. operates as a subsidiary of Anixter International, Inc.
On February 26, 2013, Exacq Technologies, Inc. has entered into a sales
and marketing global agreement with international distributor, Anixter, Inc.
The new partnership solidifies the existing relationship between the two
companies who have already built a solid foundation in North America and will
help to accelerate Exacq's targeted growth worldwide.
On April 30, 2012, Anixter International Inc. announced that through its
wholly owned subsidiary, Anixter, Inc., it has closed an offering of $350
million of 5.625% senior notes due 2019. Anixter International Inc. will fully
and unconditionally guarantee the notes, which will be unsecured obligations of
Anixter Inc. The net proceeds will be used to pay down outstanding debt under
the company's receivable securitization program and short term borrowings, as
well as provide additional liquidity for maturing indebtedness and for general
corporate purposes. The offering is being made under Anixter Inc.'s shelf
registration statement. Wells Fargo Securities, LLC, Merrill Lynch, Pierce,
Fenner and Smith Incorporated, J.P. Morgan Securities LLC and RBS Securities Inc.
are acting as joint book-running managers for the offering.
EIN: -
Staff: 8,300 (for the group)
Operations & branches:
At the headquarters, we
find the corporate headquarters of the group.
The Company maintains
several branches in the U.S. including the one located:
1664 Greengarden Road
Erie, PA 16501
Ph: +1 814-878-2300
Fx: +1 814-878-2310
Shareholders:
ANIXTER INTERNATIONAL, INC.
2301 Patriot Blvd, Glenview, IL 60026
Anixter International Inc., together with its subsidiaries, distributes
enterprise cabling and security solutions, electrical and electronic wire and
cable products, original equipment manufacturer (OEM) supply fasteners, and
other small parts.
The Company is listed with the NYSE under symbol AXE.
Management:
Mr. Robert J. Eck, Bob has been the Chief Executive Officer and
President of Anixter International Inc. since July 1, 2008. Mr. Eck has been
the Chief Executive Officer and President of Anixter Inc. of Anixter
International since July 2008. He served as the Chief Operating Officer and
Executive Vice President of Anixter International Inc., from September 12, 2007
to July 1, 2008. He joined Anixter International in 1989. He boasts a
successful 22-year career with Anixter, where he has held roles of increasing
responsibility in operations, strategy, sales and marketing, information
technology and human resources. He served as an Executive Vice President of
Enterprise Cabling and Security Solutions of Anixter from 2004 to 2007 and
oversaw annual sales growth specific to this end market of approximately 16
percent, including significant growth from it initiative to develop it security
products business. Mr. Eck served as a Senior Vice President of Physical Security
Products and Integrated Supply of Anixter since 2003. He served as Senior Vice
President of Integrated Supply Solutions at Anixter since 2002.
Mr. Eck worked with Anixter Inc., a subsidiary of Anixter International Inc.,
for 17 years in a variety of staff and commercial positions.
He has been an Independent Director of Ryder System, Inc. since May 12,
2011 and Anixter International Inc. since July 2008.
Mr. Eck is a graduate of Marquette University in Milwaukee, Wis., where
he received a bachelor's degree in economics.
Theodore DOSCH is the CFO.
Subsidiaries
And partnership:
Numerous in the U.S. and worldwide.
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent company which reported sales for
year 2012 up to USD 6,253,100,000= and a net profit of
USD 124,800,000=
Banks: Bank of America
...
Legal
filings & complaints:
State: Illinois
Case number: 1:11-cv-02684
Plaintiff: Anixter Inc et al
Defendant: Commodity Cables, Inc. et al
Edmond E. Chang, presiding
Date filed: 04/21/2011
Date of last filing: 03/20/2013
Cause: trademark infringement
Secured debts summary (UCC): Numerous UCC in various States
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
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.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The transfer and convertibility (T&C) assessment of the U.S.--our
assessment of the likelihood of official interference in the ability of
U.S.-based public- and private-sector issuers to secure foreign exchange for
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 U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
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 U.S. fiscal policy for the next few years.
The political brinksmanship of recent months highlights what we see as
America's governance and policymaking becoming less stable, less effective, and
less predictable than what we previously believed. The statutory debt ceiling
and the threat of default have become political bargaining chips in the debate
over fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while delegating
to the Select Committee decisions on more comprehensive measures. It appears
that for now, new revenues have dropped down on the menu of policy options. In
addition, the plan envisions only minor policy changes on Medicare and little
change in other entitlements,
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 U.S.'s
finances on a sustainable footing.
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 U.S. net general government debt burden (all levels of government
combined, excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to be consistent
with a 'AA+' long-term rating and a negative outlook--we now project that net
general government debt would rise from an estimated 74% of GDP by the end of
2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign
indebtedness is high in relation to those of peer credits and, as noted, would
continue to rise under the act's revised policy settings.
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 U.S. government. First, the revisions
show that the recent recession was deeper than previously assumed, so the GDP
this year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
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 U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
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.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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.