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Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AMETEK, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08.05.1986 |
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Legal Form : |
Public Company (NYSE = AME) |
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Line of Business : |
Manufactures and sells electronic instruments and electromechanical
devices |
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No. of Employees : |
13,700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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) |
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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
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Source
: CIA |
Company name: AMETEK, INC.
Address: 1100 Cassatt Road, Berwyn, PA 19312
- USA
Telephone: +1
610-647-2121
Fax: +1 215-323-9337
Website: www.ametek.com
Corporate ID#: 2090570
State:
Judicial form: Public Company (NYSE = AME)
Date incorporated: May 8,
1986
Stock:
The number of
shares of the registrant’s Common Stock
outstanding as of 09-30-2013 was
244,753,755.
Value: USD
0.01= par value
Name of manager: Frank
S. HERMANCE
Business:
AMETEK, Inc. manufactures and sells electronic instruments and
electromechanical devices in North America, Europe, Asia, and
The Electronic Instruments Group segment produces instrumentation for
various electronic applications used in transportation industries, including aircraft
cockpit instruments and displays; airborne electronics systems; and pressure,
temperature, flow, and liquid-level sensors for commercial airlines and
aircraft, and jet engine manufacturers.
This segment also provides analytical instrumentation for the medical,
laboratory, and research markets, as well as instruments for food service
equipment and measurement and monitoring instrumentation for various process
industries; instruments and instrument panels for heavy trucks, heavy
construction, and agricultural vehicles; and ultraprecise measurement
instrumentation and thermoplastic compounds for automotive, appliance, and
telecommunications applications.
The Electromechanical Group segment produces brushless air-moving motors
for aerospace, mass transit, medical equipment, computer, and business machine
applications. It also offers metal powders and alloys in powder, strip, and
wire forms for electronic components, aircraft, and automotive products, as
well as heat exchangers and thermal management subsystems. In addition, this
segment supplies hermetically sealed connectors, terminals, and headers, as
well as offers air-moving electric motors and motor-blower systems for floor
care appliances and outdoor power equipment manufacturers.
The company markets its products through direct sales force, sales
representatives, and distributors.
AMETEK, Inc. was founded in 1930 and is based in
Last news:
On October 29, 2013, AMETEK, Inc. announced that it has acquired Creaform,
Inc., a leading developer and manufacturer of innovative portable 3D
measurement technologies and a provider of 3D engineering services for
approximately $120 million.
Based near
EIN: 14-1682544
Staff: 13,700
Operations & branches:
At above address, we find
the corporate headquarters.
The Company maintains
numerous factories and offices in the
Ph: 727-536-7831
Shareholders:
The Company is listed with the NYSE under symbol AME.
Major institutional and mutual fund shareholders include:
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5.68% |
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Vanguard Group, Inc. (The) |
5.16% |
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FMR, LLC |
4.36% |
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Price (T.Rowe) Associates Inc |
3.48% |
|
State Street Corporation |
3.19% |
Management:
Frank S. HERMANCE is the Chairman and CEO
Mr. Frank S. Hermance serves as the Chairman and Chief Executive Officer
of Ametek Aerospace & Defense Inc. Mr. Hermance serves as the Chief
Executive Officer of Drake Air, Inc. Mr. Hermance serves as the Chief Executive
Officer of Ametek Specialty Metal Products. He has been Chief Executive Officer
of AMETEK Inc., a Holding Company of Penn Engineering Motion Technologies since
September 1999 and served as Chief Executive officer of Southern Aeroparts,
Inc. since January 1, 2001. (AMETEK Inc. Accquired HCC Industries in 2005). He
served in different roles at AMETEK Inc. Where he served as the President from
November 1996 to December 2000, Chief Executive Officer from September 1999 to
December 2000, Chief Operating Officer from January 1996 to September 1999 and
Executive Vice President from January 1996 to November 1996.
Mr. Hermance served as President of Precision Instruments Group of
AMETEK Inc. from 1994 to November 1996 and Group Vice President from 1990 to 1994.
Prior to AMETEK, he served as General Manager of Tektronix's Waveform
Measurement division. He served as Senior Vice President for Operations of
Combustion Engineering's Taylor Instrument Company, a producer of analytical
instruments. Mr. Hermance serves as Chairman of Ametek Specialty Metal Products
and Drake Air, Inc. He serves as Chairman of Greater Philadelphia Alliance for
Capital and Technologies. He serves as Chairman of the Board and Director of
Manufacturers Alliance/MAPI, Inc. He has been Chairman of the Board of AMETEK
Inc. at Atlas Material Testing Technology LLC. since January 1, 2001. He serves
as a Trustee of Manufacturers Alliance/MAPI, Inc. He has been a Director of
IDEX Corp. since January 5, 2004. Mr. Hermance serves as a Trustee of the
Rochester Institute of Technology. He serves as a Director of Ametek Specialty
Metal Products, UGI Corp. and Drake Air, Inc. He has been a Director of CTB
International Corp. since 1997. He has been a Director of Ametek Inc. since
1999. He has both a Master of Science in Electrical Engineering and a Bachelor
of Science in Electrical Engineering from the Rochester Institute of
Technology.
Robert MANDOS is Executive Vice President and CFO.
David ZAPICO is Executive Vice President and COO.
Subsidiaries & Partnership:
Numerous in the
On attachment:
- 10K 2012
- 3rd 10Q 2013
On October 29, 2013, Ametek Inc. announced consolidated unaudited
earnings results for third quarter and nine months ended Sept. 30, 2013.
For the quarter, the company reported net sales of $890,006,000,
operating income of $204,686,000, income before income taxes of $180,152,000,
net income of $127,864,000 or $0.52 per diluted share compared to the net sales
of $839,373,000, operating income of $188,164,000, income before income taxes
of $165,688,000, net income of $115,397,000 or $0.47 per diluted share for the
same quarter a year ago.
Capital expenditures were $16 million for the quarter. Operating cash
flow was $166 million in the third quarter, and free cash flow was $151
million, representing 118% of net income.
For the nine months, the company reported net sales of $2,651,668,000,
operating income of $604,534,000, income before income taxes of $538,332,000,
net income of $381,331,000 or $1.55 per diluted share compared to the net sales
of $2,492,423,000, operating income of $555,918,000, income before income taxes
of $491,674,000, net income of $339,234,000 or $1.39 per diluted share for the
same period a year ago. operating cash flow was $451 million and free cash flow
was $440 million, representing 109% of net income. Total debt was $1.3 billion
at September 30, down $154 million from the 2012 year-end. The company
anticipates full year 2013, revenues to be up mid-single digits on a percentage
basis from 2012. The company expected earnings for 2013 to be approximately
$2.09 per diluted share, up 11% from last year.
The company expects capital expenditures to be $60 million. The company
expects free cash flow to be approximately 113% of net income.
The company expects its tax rate to be at the low end of its prior full
year estimate of 29% to 30%. The company's expects fourth quarter 2013, sales
to be up high single digits on a percentage basis over last year's fourth
quarter, with organic sales up mid-single digits on a percentage basis. The
company estimated earnings to be approximately $0.54 per diluted share, an
increase of 10% over last year's fourth quarter of $0.49 per diluted share.
Banks: JPMorgan Chase Bank
Bank of
PNC Bank
SunTrust Bank
Wells Fargo Bank
Legal filings
& complaints:
As of today date, there are several legal filings pending with various
Courts.
Secured debts
summary (UCC):
Several
Trade references:
Date reported: October 2013
High credit: USD 100,000+
Now owing: 0
Past due: 0
Last purchase: September 2013
Line of business: Office supply
Paying status: On terms
Date reported: October 2013
High credit: USD 15,000,000+
Now owing: 0
Past due: 0
Last purchase: September 2013
Line of business: Payroll
Paying status: As agreed
Date reported: October 2013
High credit: USD 6,000
Now owing: 0
Past due: 0
Last purchase: September 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made on terms.
Other comments:
The Company maintains a
strong business.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
Standard & Poor’s
|
|
|
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.
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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.