|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PROGRESS RAIL SERVICES CORPORATION |
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|
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Registered Office : |
1600 Progress Drive, Albertville, AL 35950 |
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Country : |
United States of America |
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Date of Incorporation : |
22.12.1995 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Supplier of railroad and transit system products and services to the
rail industry in North America and internationally. |
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No of Employees : |
5,000 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United States of America |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES OF
AMERICA - 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 was designed to 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
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and
inflation had not crossed the previously stated thresholds. 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.
|
Source
: CIA |
Company name: PROGRESS RAIL SERVICES CORPORATION
Address: 1600 Progress
Drive, Albertville, AL 35950 - USA
Telephone: +1 256-593-1260
Fax: +1
256-593-1249
Website: www.progressrail.com
176-376
Alabama
Corporation – Profit
12-22-1995
USD 1,000=
William AINSWORTH
Business:
Progress Rail Services Corporation supplies railroad and transit system
products and services to the rail industry in North America and
internationally.
The company offers engineering and track products, such as rail and other
track materials, relay rails, track work products, railroad maintenance-of-way
(MOW) equipment, traffic control systems and crossing warning devices,
relays/used materials, mobile and plant welders, and vegetation control
equipment; and locomotive and railcar products, including transit and freight
locomotives, genset and repowered locomotives, used locomotives,
wheels/axles/bearings, combos/traction motors, components, and aftermarket
parts, as well as new and used railcars, and freight/tank car components.
It also distributes reconditioned flat cars and ore wagons, and rail
engine products; and operates a mainline track in the United States.
In addition, the company offers rail welding and take up, relay rail,
mobile crews, and signal design and installation services, as well as MOW
equipment sales, service, and leasing; locomotive and railcar repair,
rebuilding, and dismantling services; wreck repair, ramps and rip tracks, parts
refurbishing,
automobile scrapping, and metals brokerage services; automobile
scrapping, industrial/commercial, scrap brokerage, derailed equipment clean up
and removal, and non-ferrous recycling services; and oil and coolant analysis
services. It serves class one, short line, and transit railroad companies; and
utility companies, railroad contractors, and private car owners.
The company was founded in 1982 and is headquartered in Albertville,
Alabama with sales offices in Albertville, Alabama; and Woodridge, Illinois.
It has facilities in the United States, Canada, Mexico, Brazil, Italy,
Germany, and the United Kingdom.
The Company is also using the registered business name LINCOLN
INDUSTRIES.
As of June 19, 2006, Progress Rail Services Corporation operates as a
subsidiary of Caterpillar Inc.
Office
of the Foreign Assets Control (OFAC):
The company is not listed on the OFAC list.
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.
Suppliers include:
Bhilai Engineering Corporation Ltd
Hathkhoj, Bhilai, Chhattisgarh 490024, India
Nipha Enterprises Ltd
48, Ganga Jamuna, 28/1 Shakespeare Sarani, Kolkata 700 017,
India
59-2740308
5,000
At the headquarters, we
find a large factory, warehouse and office, owned.
The Company maintains
several branches in the U.S. including the one located:
8701 Progress Drive, Taylor
Mill, KY 41015
Ph: + 1 859-291-5466
Shareholders:
CATERPILLAR INC.
100 North East Adams Street
Peoria, IL 61629
United States
Caterpillar Inc. manufactures and sells construction and mining
equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric
locomotives worldwide.
The Company is listed with the NYSE under symbol CAT.
Management:
William P. AINSWORTH founded and has been President and Chief Executive
Officer of Progress Rail Services Corporation since 1993.
He also serves as the Chief Executive Officer and President of
Electro-Motive Diesel, Inc. He has been Vice President of Caterpillar Inc.
since December 12, 2006. He joined Caterpillar in 2006. He has several years of
experience in the recyclable metal brokerage industry. Mr. Ainsworth founded
Steel Processing Services, Inc. and served as its President and Chief Executive
Officer.
He began his professional career with the Atlanta office of Luria
Brothers, a national scrap metal brokerage firm. In 1979, he returned to his hometown
of Birmingham, Ala joining Erman Howell, a national scrap metal brokerage firm,
as a regional trader. In 1981, he opened the Birmingham office of Amex Steel, a
regional scrap metal brokerage firm based in Corpus Christi, Texas.
As Vice President - Trading, he was responsible for all trading
throughout the U. S., as well as acquiring material for export to Mexico.
He serves as a Director of Progress Rail Services Corporation.
Mr. Ainsworth graduated from Auburn University in 1978 with a B.S. degree
in Marketing.
Bernard GRANEY is Vice President, Director and CFO
J. DUANE CANTRELL is Vice President and Director
|
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Fenton, MI |
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MC Cook, IL |
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 gave estimate revenue for
year 2013 in the range of USD 300,000,000=
He confirmed that all
financials are consolidated into the parent company which reported the
following:
|
Currency in |
As
of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
TOTAL REVENUES |
42,588.0 |
60,138.0 |
65,875.0 |
55,656.0 |
|
|
NET INCOME |
2,700.0 |
4,928.0 |
5,681.0 |
3,789.0 |
|
Banks: JPMorgan Chase Bank
…
Legal filings & complaints:
As of today date, there are several legal
filing pending with various Courts involving the Company as plaintiff or
defendant.
Secured debts summary (UCC):
File
number Secured
Party
|
DELL FINANCIAL SERVICES
L.L.C. |
|
|
AIR LIQUIDE INDUSTRIAL
U.S. LP |
|
|
NEXAIR LLC |
|
|
THE MCPHERSON COMPANIES,
INC. |
|
|
THE MCPHERSON COMPANIES,
INC. |
|
|
HOLT CAT |
|
|
THE MCPHERSON COMPANIES,
INC. |
|
|
THE MCPHERSON COMPANIES,
INC. |
|
|
AIR LIQUIDE INDUSTRIAL
U.S. LP |
|
|
TIMEPAYMENT CORPORATION |
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JPMORGAN CHASE BANK, N.A. |
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|
U.S. BANK EQUIPMENT
FINANCE, A DIVISION OF U.S. BANK |
Trade references:
Date reported:
December 2013
High credit:
USD 50,000
Now owing: 0
Past due: 0
Last purchase: November 2013
Line of business: Office
supply
Paying status: 12
days beyond terms
Date reported:
December 2013
High credit: USD
6,000,000
Now owing: 0
Past due: 0
Last purchase: November 2013
Line of business: Payroll
Paying status: As
agreed
Date reported:
December 2013
High credit:
USD 5,000
Now owing: 0
Past due: 0
Last purchase: November 2013
Line of business:
Telecommunications
Paying status: 8
days beyond terms
Domestic credit history:
Domestic credit history
appears as follow:
Monthly Payment Trends - Recent Activity
|
Date |
Up
to 30 DBT |
31-60
DBT |
61-90
DBT |
>90
DBT |
||
|
08/13 |
$1,361,300 |
60% |
22% |
15% |
1% |
2% |
|
09/13 |
$1,302,300 |
56% |
23% |
17% |
1% |
3% |
|
10/13 |
$1,423,400 |
66% |
20% |
10% |
1% |
3% |
|
11/13 |
$1,284,300 |
69% |
17% |
11% |
1% |
2% |
|
12/13 |
$1,312,500 |
58% |
28% |
12% |
1% |
1% |
|
01/14 |
$1,204,000 |
65% |
20% |
13% |
1% |
1% |
National Credit Bureaus
gave a medium credit rating.
According to our credit analysts, during the last 6 months, domestic payments
were made with an average of 12 days beyond terms.
International credit history:
Payments of imports are currently made with an average of 2 to 5 days
beyond terms.
Other comments:
We noted a slowdown in
business in 2013.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
10-17-2013.
The risk is medium.
Our opinion:
A business connection may
be conducted but we suggest you to check regularly the way of payments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.50 |
|
|
1 |
Rs. 101.91 |
|
Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.