MIRA
INFORM REPORT
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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
DRESSER, INC. |
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Registered Office : |
c/o General Eleectric |
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Country : |
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Date of Incorporation : |
18.12.1998 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Manufactures, and markets power, fluids, and gas regulating and monitoring products. |
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No. of Employees : |
9,100 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 and address
Company name: DRESSER,
INC.
Principal office: c/o General Eleectric
Telephone: +1 713-462-4500
Headquarters:
Telephone: +1 972-361-9800
Fax: +1 972-361-9903
Website: www.dresser.com
Corporate ID#: 2981572
State:
Judicial form: Corporation – Profit
Date incorporated: 12-18-1998
Stock
value: USD 139,173,000=
Name of
manager: John P. RYAN
ACTIVITIES
& OPERATIONS
Business:
Dresser, Inc. designs, manufactures, and markets power, fluids, and gas regulating and monitoring products.
The company offers valves, actuators, meters, pumps, switches, regulators, piping products, compressors, control valves, pressure relief valves, blowers and rotary gas meters, natural gas-fueled engines, retail fuel dispensers and retail point of sale systems, and air and gas handling equipments.
Additionally, it provides pipe coupling and fitting, product designing, maintenance, and project consulting services.
Dresser caters to the oil and gas, power generation, fueling, and water treatment industries.
The company formerly known as Dresser Equipment Group, Inc. changed its name to Dresser, Inc. in April, 2001.
Dresser, Inc. was founded in 1998 and is headquartered in
As of February 1, 2011, Dresser, Inc. operates as a subsidiary of General Electric Company.
The Company is also doing business as DRESSER ROOTS.
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
Suppliers include:
DRESSER MACHINERY
(SUZHOU) CO. LTD
NO 81, Suhong Zhong Road Suzhou industrial park Suzhou, Jiangsu 215021 China
EIN: 75-2795365
Staff: 9,100
Operations & branches:
At the
headquarters, we find the corporate office, on lease.
The Company
maintains 22 branches in the
Ph: +1
512-388-8311
SHAREHOLDERS & MANAGERS
Shareholders:
GENERAL ELECTRIC COMPANY
3135
General Electric Company operates as a technology and financial services company worldwide.
The company’s Energy Infrastructure segment offers wind turbines; gas and steam turbines and generators; integrated gasification combined cycle systems; aircraft engine derivatives; nuclear reactors, fuel, and support services; oil and gas extraction and mining motors and control systems; aftermarket services; water treatment solutions; power conversion infrastructure technology and services; and integrated electrical equipment and systems.
The Company is listed with the NYSE under symbol GE.
Sales 2013: USD 100,542,000,000=
Net profit: USD 13,057,000,000=
Management:
John P. RYAN is the President, Director and CEO
Mr. John P. Ryan has been Chief Executive Officer and President of Dresser Inc. since May 2007 and December 20, 2004 respectively. Mr. Ryan served as President of Dresser Wayne and as Vice President of Dresser Inc.
He served as Chief Operating Officer of Dresser Inc. from December 20, 2004 to May 2007. Mr. Ryan joined Dresser Inc. as a National Accounts Sales Manager in 1987, worked in Field Sales and National Sales and served as Vice President of Sales since 1991. Prior to working at Dresser Wayne, Mr. Ryan worked for 10 years with Goulds Pumps Inc. in various sales capacities in Singapore and the
He served as a Director of Dresser Inc.
Mr. Marty R. KITTRELL has been the Chief Financial Officer and Executive Vice President of Dresser Inc. since September 1, 2008. Mr. Kittrell has over 25 years of experience as a Chief Financial Officer. He has served in the role of Chief Financial Officer at several public companies. Mr. Kittrell also has extensive experience with mergers and acquisitions, and capital markets transactions. Mr. Kittrell served as the Chief Financial Officer and Executive Vice President of Andrew Corporation from October 2003 to December 2007.
Mr. Kittrell served as Vice President of Strategic Planning of Andrew Corp. from June 2002 to September 2003. He served as a the Chief Financial Officer, Vice President and Secretary of Celiant Corp. From 1997 to 2000, Mr. Kittrell held various executive positions at BlueStar Battery Systems International, Worldtex Inc. and Enfinity Corp. Prior to that, he served as the Chief Financial Officer and Vice President of Powerware Corp. (formerly known as Exide Electronics Group Inc.) from 1989 to 1997, Treasurer since 1989 and also served as its Assistant Secretary since 1991. He has been a Director of On Assignment Inc. since September 4, 2012. Mr. Kittrell has been a Director of NiSource Inc. since May 8, 2007.
He serves as Unit Board Member of American Electronics Association.
He practiced accounting with a national accounting firm and
is an active Member of the AICPA, the National Association of Corporate
Directors, Financial Executives International and the National Investor
Relations Institute. He serves as a Member of Midewest Council at The
Technology Association of America. He is a Member of Financial Executives
International (FEI), National Investor Relations Institute, Institute of
Management Accountants and
He is a Certified Public Accountants from American Institute of Certified Public Accountants.
Mr. Kittrell holds a B.S. degree in Accounting from
Subsidiaries
And partnership: Several
in
FINANCIALS
In
On a direct
call, a financial assistant controlled the present report and confirmed that
all financials are consolidated into the parent company.
However,
estimate revenue for year 2013 is in excess of USD 2 billion.
More than 65% of Dresser's revenues are derived from
operations outside the
The
business is said to be profitable.
Banks: First
Bank of
...
LEGAL FILINGS
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): Several in various States.
Haut du formulaire
COMPANY
CREDIT HISTORY
Trade
references:
Date
reported: August 2014
High
credit: USD 50,000+
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Office supply
Paying
status: On terms
Date
reported: August 2014
High
credit: USD 15,000,000+
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Payroll
Paying
status: As agreed
Date
reported: August 2014
High
credit: USD 12,000
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Telecommunications
Paying
status: On terms
Domestic
credit history:
Domestic
credit history appears as follow:
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Monthly
Payment Trends - Recent Activity |
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National
Credit Bureaus gave a correct credit rating.
According to our credit analysts, during the last 6 months, domestic payments were made with an average of 2 days beyond terms.
International credit history:
Payments of imports are currently 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.
Last report
was filed on 07-22-2014.
The risk is
low.
Our
opinion:
A business connection
may be conducted.
Standard & Poor’s
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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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
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|
1 |
Rs.100.06 |
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Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.