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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
DOVER CORPORATION |
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Registered Office : |
3005 Highland Parkway, Downers Grove, IL 60515 |
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Country : |
United States |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.04.1947 |
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Legal Form : |
Public Company |
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Line of Business : |
· Engaged in manufacturing and selling a range of specialized products and components, and provides related consumables and services. · Subject operates in four segments including Communication Technologies, Energy, Engineered Systems, and Printing and Identification. The
Communication Technologies segment engages in the design and manufacture of products
and components in the consumer electronics, medical technology,
aerospace/defense, and telecom/other markets. The Energy
segment provider of engineered solutions for the extraction
and handling of oil and gas in the drilling, production, and downstream
markets. The Engineered
Systems segment Engaged in designs and manufactures pumps, compressors, and chemical
proportioning and dispensing products The Printing and
Identification segment provider of precision marking and coding, printing, dispensing, soldering and coating equipment, and related consumables and services to fast moving consumer goods and industrial markets. |
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No of Employees : |
35,000 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 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 (Fed) 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: NORRISEAL
Address: 11122 West Little York, Houston, TX
77041 - USA
Telephone: +1
713-466-3552
Fax: +1 713-896-7386
Website: www.norriseal.com
Name of manager: Robert
FUNK
Business:
This is a branch
of:
DOVER CORP.
3005 Highland
Parkway, Ste 200
Downers Grove, IL
60515 - USA
Norriseal is an ISO 9001-certified manufacturer of Level, Pressure and Temperature
Control Products, Control Valves, Butterfly Valves, Check Valves and
Regulators.
For more than four decades, Norriseal products have set performance
standards in oil and gas production, gas transmission, refining, chemical
processing, marine, power generation and other industrial applications.
Our opinion:
Please, see the report on DOVER CORP.
Company name: DOVER CORPORATION
Address: 3005 Highland Parkway,
Downers Grove, IL 60515 - USA
Telephone: +1
630-541-1540
Fax: +1 630-743-2671
Website: www.dovercorporation.com
Corporate ID#: 0412823
State: Delaware
Judicial form: Public Company (NYSE = DOV)
Date incorporated: 04-22-1947
Stock: 172,017,999
shares issued and outstanding
(as of
02-14-2014)
Value: USD
1= par value
Name of manager: Robert
A. LIVINGSTON
Business:
Dover Corporation manufactures and sells a range of specialized products
and components, and provides related consumables and services.
The company operates in four segments: Communication Technologies,
Energy, Engineered Systems, and Printing and Identification.
The Communication Technologies segment engages in the design and
manufacture of products and components in the consumer electronics, medical
technology, aerospace/defense, and telecom/other markets. This segment offers
micro-acoustic audio input and output components principally used in personal
mobile handsets; advanced miniaturized receivers and electromechanical
components for use in hearing aids; connectors for use in medical devices and
bio processing applications; specialized components for use in implantable
devices and medical equipment; precision
engineered components and aftermarket parts; and frequency control components
for wired and wireless network base station communications.
The Energy segment provides engineered solutions for the extraction and
handling of oil and gas in the drilling, production, and downstream markets.
The Engineered Systems segment designs and manufactures pumps, compressors, and
chemical proportioning and dispensing products. This segment also manufactures
products and systems serving the refrigeration and food equipment, and other
industrial markets.
The Printing and Identification segment provides precision marking and
coding, printing, dispensing, soldering and coating equipment, and related
consumables and services to fast moving consumer goods and industrial markets.
It offers marking and coding products used for printing variable information on
food, beverage, consumer goods, and pharmaceutical products, as well as bar
code and portable printers, and fluid dispensing related products.
The company sells its products directly and through a network of
distributors worldwide.
Dover Corporation was founded in 1947 and is headquartered in Downers
Grove, Illinois.
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.
EIN: 53-0257888
Staff: 35,000
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office, owned.
Shareholders:
As of 12-31-2013, 93% of the stock was held by institutional and pension
fund owners, including:
|
Vanguard Group, Inc. (The) |
5.46% |
|
State Street Corporation |
5.22% |
|
Harris Associates L.P. |
4.46% |
|
Franklin Resources, Inc |
3.70% |
|
Capital Research Global Investors |
3.23% |
Management:
Robert A. LIVINGSTON has been the Chief Executive Officer and President
at Dover Corporation since December 1, 2008 and July 1, 2008 respectively.
Mr. Livingston served as the Chief Executive Officer and President of
Dover Engineered Systems, Inc. from July 2007 to July 2008. He served as the
Chief Executive Officer and President of Dover Electronics Inc., a subsidiary
of Dover Corp. from October 1, 2004 to July 2007. Mr. Livingston served as the
Chief Operating Officer of Dover Corp. from July 1, 2008 to December 2008 and
served as its Vice President from July 2007 to July 1, 2008. He served as the
President of Vectron International Inc. from January 2001 to October 2004.
Mr. Livingston served as an Executive Vice President of Dover Technologies
International Inc. since April 1998 and served as its Chief Financial Officer.
He joined Dover with the acquisition of K&L Microwave in 1983.
Mr. Livingston has been a Director of Dover Corp. since December 1,
2008.
He has a B.S. in Business Administration and Mathematics from Salisbury
University.
Brad M. CEREPAK has been Chief Financial Officer of Dover Corp. since
August 1, 2009 and has been its Senior Vice President since May 2011.
He served as Vice President of Finance at Dover Corp. since June 8,
2009.
Subsidiaries and
Partnership:
Several subsidiaries in the U.S. and worldwide.
10K 2013 on attachment
On January 30, 14
Dover Corporation reported consolidated earnings results for full year
ended December 31, 2013.
For the year, the company reported revenue of $8,729,813,000 against
$8,104,339,000 for the same period in the last year. Operating earnings were
$1,353,932,000 against $1,265,377,000 for the same period in the last year.
Earnings before provision for income taxes and discontinued operations were
$1,237,412,000 against $1,137,571,000 for the same period in the last year.
Earnings from continuing operations were $965,805,000 or $1.22 per diluted
share against $833,119,000 or $5.57 per diluted share for the same period in
the last year. Net earnings were $1,003,129,000 or $5.78 per diluted share
against $811,070,000 or $4.41 per diluted share for the same period in the last
year. Adjusted diluted earnings per common share from continuing operations
were $5.28 against $4.44 for the same period in the last year. Adjusted
earnings from continuing operations were $916,067,000 against $816,982,000 for
the same period in the last year. Net cash provided by operating activities of
continuing operations was $1,178,685,000 against $1,261,160,000 for the same
period in the last year. Capital expenditures were $236,833,000 against
$297,012,000 for the same period in the last year.
Free cash flow was $941,852,000 against $964,148,000 for the same period
in the last year. Net debt was $2,024,597,000 as at December 31, 2013 against
$2,000,040,000 as at December 31, 2012. In all, excluding Knowles, the
company expects full year 2014 organic growth of 3% to 4% complemented by
acquisition growth of 2%, resulting in revenue growth of 5% to 6%.
The benefits of its lean and productivity initiatives leverage on
volume, and a lower share count from its ongoing repurchase program will drive
solid EPS growth. As a result, the company anticipates 2014 full year diluted
EPS from continuing operations to be in the range of $4.60 to $4.80 on a pro
forma basis excluding Knowles and related spin-off costs. At the mid-point, its
guidance represents a 9% increase. Interest expense is expected to be about
$133 million, $13 million higher the last year, principally driven by a recent
bond issuance.
The company’s full year tax rate is anticipated to be around 31%,
reflecting the mix of geographic earnings after the spin of Knowles and down
about 60 basis points from the 2013 pro forma adjusted rate. Capital
expenditure should be about 2.5% of revenue, up 40 basis points from last year
on a pro forma basis and reflective of increased investment in consolidation
and productivity projects. The company expects its 2014 free cash flow will be
approximately 11% of revenue.
Banks: First National Bank
Bank One
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): None (in Illinois)