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Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
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Name : |
BEECHCRAFT CORPORATION |
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Formerly Known As : |
HAWKER BEECHCRAFT CORPORATION |
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Registered Office : |
10511 E. Central, |
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Country : |
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Date of Incorporation : |
21.09.1993 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
designer, marketer, and supporter of aviation
products and services for businesses, governments, and individuals worldwide.
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No. of Employees : |
9,000+ |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Under Bankruptcy Proceedings |
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Payment Behaviour : |
Slow & Delayed |
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Litigation : |
Exists |
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
|
Source : CIA |
Your order on:
BEECHRAFT CORPORATION
The correct name is:
Company name: BEECHCRAFT CORPORATION
Address: 10511 E. Central,
Telephone: +1
316-676-7000
Fax: +1 316-676-8867
Website: www.beechcraft.com
Corporate ID#: 2098523
State:
Judicial form: Corporation – Profit
Date incorporated: 09-21-1993
Stock: 1,000
shares common
Value: No
par value
Name of manager: Worth
W. BOISTURE
History:
Name changed from HAWKER BEECHCRAFT
CORPORATION on 02-26-2013.
Business:
Beechcraft Corporation designs, markets, and supports aviation products
and services for businesses, governments, and individuals worldwide.
The company offers Hawker 4000, a business jet; Hawker 900XP, a midsized
business jet; Hawker 750, a light-midsize business jet; Hawker 400XP, a light
jet for the fractional market and corporations; Hawker 200; Beechcraft Premier
IA, a light jet; Beechcraft King Air 350i and Beechcraft King Air 250 aircraft;
Beechcraft King Air C90GTx; Beechcraft Baron G58, a twin-engine piston
aircraft; Beechcraft Bonanza G36, a single-engine piston; T-6 airplane; AT-6;
and Beechcraft King Air 350ER.
The company also offers special-mission aircraft for militaries and
governments; military and special mission solutions; and turn-key training
systems, such as military training aircraft.
The company offers its products through representatives in Asia, the
Asia Pacific,
The company is based in
Last news:
On September 15, 2013, Beechcraft Corporation has been awarded a
$15,907,028 modification (P00023) on contract (FA8620-11- C-3000) for 12 months
of contractor logistics support (CLS). This modification exercises option year
one for CLS from October 1, 2013 through September 30, 2014.
Exercising option year one will continue operations and avoid a break in
service. Work will be performed in
On August 16, 2013, Hawker Beechcraft Corp. announced that it was
awarded a federal contract valued at up to $18,637,181 by the U.S. Air Force
Life Cycle Management Center, Wright-Patterson Air Force Base,
On August 2, 2013, Beechcraft Corp. secured an order for up to a total
of 105 King Air 350i aircraft valued at USD 788 million from US-based private
aviation programme. Beechcraft has been named the aircraft and comprehensive
maintenance provider for Wheels Up in North America and Western Europe, with
the entire value of the deal totaling up to USD 1.4 billion. The first 35
Beechcraft King Airs will be delivered to Wheels Up between now and mid-2015
with the first nine deliveries to be made in 2013. Wheels Up will initially
focus on the
EIN: 48-0135770
Staff: 9,000+
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office.
Shareholders:
This is a private company.
Management:
Worth
has been Chief Executive Officer of Beechcraft Corp. since February 15,
2013. Mr. Boisture serves as President of Hawker Beechcraft Defense Company,
LLC. Mr. Boisture serves as Chairman of the Board at Hawker Beechcraft Inc and
served as its Chief Executive Officer.
Mr. Boisture served as Chief Executive Officer and President of Hawker
Beechcraft Notes Co., since March 2009 and as its Principal Financial Officer.
He joined HBI in 2009. He serves as Chairman of Hawker Beechcraft Corporation.
He served as Chief Executive Officer of Hawker Beechcraft Acquisition Company,
LLC since March 23, 2009 and also served as its President. He served as an
Interim Chief Financial Officer of Hawker Beechcraft Acquisition Company, LLC
from January 25, 2011 to February 2011. He served as a Senior Advisor of The
Carlyle Group. He serves as President of Intrepid Aviation LLC. He served as
President of Netjets Aviation, Inc. from 2003 to January 11, 2007. He also
served as President of NetJets Inc. from 2003 to January 2006. Mr. Boisture
served as Consultant of NetJets Inc. since January 2006. He served in several
senior capacities at General Dynamics Corporation from 1994 to 2003, including
Executive Vice President and Group Executive of Aerospace division from July
1999 to April 11, 2003. Mr. Boisture also served as Chief Operating Officer and
President of Gulfstream Aerospace Corporation of General Dynamics Corp. from
December 1998 to March 2002. He served as an Executive Vice President of
Gulfstream Aerospace Corp. from February 1994 to December 1998. Prior to
Gulfstream Aerospace Corp., he served as President and Chief Executive Officer
of British Aerospace of Corporate Jets Limited from October 1992 to 1993.
Mr. Boisture served as President and Chief Executive Officer of Butler Aviation
from early 1990 to 1992. He served as President and Chief Executive Officer of
The Carlyle Group. He served as an Executive Officer of CAE SimuFlite Inc. and
Bombardier Aerospace Inc. He was honorably discharged as a Major after 11 years
of service in
He earned his B.S. in Engineering Management from the U.S. Air Force
Academy and his M.B.A. from the
K.J. TJON is the Treasurer.
Subsidiaries And partnership:
BEECH AIRCRAFT CORPORATION
RAPID AIRCRAFT PARTS INVENTORY AND DISTRIBUTION COMPANY LLC
HAWKER BEECHCRAFT GLOBAL CUSTOMER SUPPORT LLC
HAWKER BEECHCRAFT QUALITY SUPPORT COMPANY
HBC, LLC
In
On a direct call, nobody
accepted to answer our questions.
We sent a fax but no answer
received.
However, sales estimate for
year 2012 is in the range of USD 1 Billion.
The business is said to be
profitable.
Legal filings
& complaints:
As of today date, there are several legal filing pending with various
Courts, including several bankruptcy Chapter 11 for all the group of companies.
State:
Case number: 12-11873-smb
Bankrupt: Hawker Beechcraft Corporation (former
name of Beechcraft Corporation)
Case type: bk Chapter: 11 Asset: Yes Vol: v
Judge: Stuart M. Bernstein
Date filed: 05/03/2012
Date of last filing: 10/15/2013
Secured debts summary (UCC): Numerous
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.61.28 |
|
UK Pound |
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
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.