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Report No. : |
335532 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
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Name : |
CHURCH & DWIGHT CO. INC. |
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Registered Office : |
500 Charles Ewing Blvd, Ewing, NJ 08628 |
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Country : |
United States |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
14.12.1925 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject is develops, manufactures, and markets household, personal
care, and specialty products |
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No. of Employee : |
4,145 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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 US has the most technologically powerful economy in the world, with a per capita GDP of $54,800. In 2014, however, US GDP ran second to China’s, when compared on a Purchasing Power Parity basis; the US lost the top spot, where it had stood for more than a century. In the US, 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 has been a driving factor in 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. But the globalization of trade, and especially the rise of low-wage producers, has put additional downward pressure on wages and upward pressure on the returns to capital. 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 2014, the direct costs of the wars totaled more than $1.5 trillion, 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 dropped below 6.5% or inflation rose 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 ended the purchases during the summer of 2014. 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.
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Source
: CIA |
CHURCH &
DWIGHT CO. INC.
500 Charles Ewing Blvd, Ewing, NJ 08628 - USA
Telephone: +1
609-806-1200
Fax: +1 609-497-7269
Website: www.churchdwight.com
Corporate ID#: 0193615
State: Delaware
Judicial form: Public Company (NYSE = CHD)
Date incorporated: 12-14-1925
Stock: 130,948,538
shares issued and outstanding as if 07-31-2015
Value: USD
1= par value
Name of manager: James
R. CRAIGIE
Business:
Church & Dwight Co., Inc. develops, manufactures, and markets
household, personal care, and specialty products in the United States.
The company operates through three segments: Consumer Domestic, Consumer
International, and Specialty Products Division (SPD).
The Consumer Domestic segment offers household products, such as baking
soda, carpet and cat litter deodorizers, clumping cat litters, washing soda,
fabric softeners, daily shower cleaners, cleaning products, dishwashing
detergents and boosters, laundry and cleaning solutions, and bathroom cleaners,
as well as powder, liquid, and unit dose laundry detergents; and personal care
products comprising toothpastes and oral rinses, home pregnancy and ovulation
test kits, deodorants and antiperspirants, toothbrushes, shampoos, dietary
supplements, depilatories, lotions, creams, waxes, oral analgesics, nasal
saline moisturizers, and feminine hygiene products, as well as condoms, lubricants,
and vibrating products.
The Consumer International segment sells personal care, household, and
over-the-counter products in international markets, such as Canada, France,
Australia, China, the United Kingdom, Mexico, and Brazil.
The SPD segment offers specialty chemicals, such as performance grade
sodium bicarbonate, and potassium carbonate and bicarbonate; animal nutrition
products, including feed grade sodium bicarbonate, rumen fermentation
enhancers, feed grade potassium carbonate, rumen bypass fat and lysine, omega 3
and 6 essential fatty acids, natural sodium sesquicarbonate, and refined
functional carbohydrate. This segment also provides specialty cleaners, such as
aqueous cleaners and deodorizers for commercial and industrial applications.
The company sells its products through supermarkets, mass merchandisers,
wholesale clubs, drugstores, convenience stores, home stores, dollar and pet
stores, and other specialty stores, as well as through Websites.
The company was founded in 1846 and is headquartered in Ewing, New
Jersey.
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.
No name of foreign suppliers available.
EIN: 13-4996950
Staff: 4,145
Operations & branches:
At the headquarters, we
find the corporate office.
The Company maintains several
branches in the U.S.
The Company is listed with
the NYSE under symbol CHD.
As of 06-30-2015, 83% of
the stock was held by institutional and mutual fund owners, including:
|
Vanguard Group, Inc. (The) |
7.25% |
|
Neuberger Berman Group, LLC |
4.29% |
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State Street Corporation |
3.72% |
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BlackRock Fund Advisors |
3.50% |
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BlackRock Institutional Trust Company,
N.A. |
3.21% |
James R. CRAIGIE, also known as Jim, has been the Chief Executive Officer
of Church & Dwight Co. Inc. since May 2007. Mr. Craigie served as an
Interim President of Domestic Personal Care Division at Church & Dwight Co.
Inc. since March 18, 2005. He served as the Chief Executive Officer of Callaway
Golf Ball Operations, Inc and served as its President. He served as the
President of Church & Dwight Co. Inc. from July 6, 2004 to May 2007. He
served as Chief Executive Officer and President of The Top-Flite Golf Company.
Mr. Craigie served as the President and Chief Executive Officer of
Spalding Sports Worldwide from December 1998 to September 2003. He joined
Church & Dwight Co. Inc in 2004. He served 15 years with Kraft
Foods/General Foods Inc. and served President and Executive Vice President of
Beverage and Desserts Division of Kraft Foods, Rye Brook, NY (food services)
from October 1997 to December 1998, and as an Executive Vice President and
General Manager of Beverages Division, he also headed General Kraft Foods from
November 1994 to September 1997. He served as an Executive Vice President and
General Manager of Dinners and Enhancers Division, Kraft Foods, from February
1994 to October 1994. He served as the Vice President and General Manager of
Pollio Dairy Products, Mineola, NY from March 1993 to January 1994. He served
six years as a Commissioned officer with the U.S. Navy and Department of
Energy.
He selected as representative in contract administration and negotiation
issues involving design and construction contracts for nuclear powered ships
and submarines. Mr. Craigie has been an Executive Chairman of Church &
Dwight Co. Inc., since May 3, 2007 and has been its Executive Director since
July 6, 2004. Mr. Craigie has decades of consumer product experience,
particularly in the food, household and personal care markets. He has been a
Director at Solazyme, Inc. since September 05, 2013. He has been a Director of
Bloomin' Brands, Inc. since November 15, 2013 and serves as its Lead
Independent Director. He has been a Director of WKI Holding Company, Inc. since
January 2003. He serves as a Director of Acosta Sales and Marketing Company.
Mr. Craigie serves on the boards of Church and Dwight; and the
Gettysburg Foundation, a non-profit foundation involved with restoring the
Gettysburg battlefields. He served as a Director at Meredith Corp. since 2006
until May 7, 2014. He served as a Director of World Kitchen Inc. He served as a
Director of Nielsen Media Research Inc. since 1998. He served as a Director of
Spalding Sports Worldwide.
Mr. Craigie holds an Undergraduate Degree from the University of
Rochester, and an MBA from Harvard University, where he was a Baker Scholar.
Matthew FARRELL is the COO and CFO.
On August 4, 2015, Church & Dwight Co. Inc. has announced that
effective January 1, 2016, Richard A. Dierker will succeed Matthew Farrell as
Executive Vice President Finance and Chief Financial Officer. As previously
announced, Mr. Farrell, currently Chief Operating Officer and Chief Financial
Officer, will become Chief Executive Officer at that time. Mr. Dierker joined Church
& Dwight in 2009 and is currently Vice President, Corporate Finance, with
day-to-day responsibility for most operations of the global finance function.
Subsidiaries And partnership:
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Armkel Holding (Netherlands) B.V. |
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Netherlands |
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Armkel Canada (Netherlands) B.V. |
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Netherlands |
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Church & Dwight Canada Corp. |
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Canada |
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Church & Dwight (Beijing) Trading Company Limited |
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China |
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Church & Dwight (Australia) Pty Ltd |
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Australia |
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Quimica Geral do Nordeste S.A. |
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Brazil |
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Armkel Brasil Cosmeticos Ltda. |
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Brazil |
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Church & Dwight do Brasil Ltda |
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Brazil |
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Church & Dwight Distribuidora HPC Ltda |
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Brazil |
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Armkel Company (France) S.A.S. |
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France |
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Sofibel S.A.S. |
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France |
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Church & Dwight (U.K.) Limited |
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United Kingdom |
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Church & Dwight Servicios de R.L. de C.V. |
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Mexico |
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Church & Dwight S. de R.L. de C.V. |
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Mexico |
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Carter Products (N.Z.) Inc. |
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New Zealand |
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Church & Dwight (Hong Kong) Limited |
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Hong Kong |
On August 4, 2015, Church & Dwight Co. Inc. reported unaudited
consolidated earnings results for the second quarter and six months ended June
30, 2015.
For the 2nd quarter, the company has reported net income of
$73.7 million, or $0.55 per diluted share, compared to $88.8 million, or $0.65
per diluted share a year ago.
Net sales were $847.1 million, compared to $808.3 million a year ago.
Income from operations was $142.3 million against $138.2 a year ago.
Income before income taxes was $119.5 million against $135.0 million a
year ago.
For the six months, the company's net income was $180.9 million, or
$1.35 per diluted share, compared to $191.4 million, or $1.38 per diluted share
a year ago. Net sales were $1,659.4 million, compared to $1,590.3 million a
year ago. Income from operations was $314.4 million against $300.2 a year ago.
Income before income taxes was $284.8 million against $291.7 million a
year ago. Net cash from operating activities was $248.4 million against $206.8
a year ago, a $41.6 million increase from the prior year primarily due to a
smaller increase in working capital and higher cash earnings.
Capital expenditures were $34 million against $17.1 million a year ago,
a $16.9 million increase from the prior year period.
The company expects third quarter earnings per share of $0.87-$0.88.
The company expects approximately 2% organic sales growth and 5% EPS
growth in the second half of the year. For the full year 2015, the company
continues to expect organic sales growth of approximately 3% in 2015 behind new
product introductions on core business. The company expects gross margin to
expand by approximately 25 to 35 basis points. The company expects to achieve
7-9% adjusted EPS growth in 2015, despite the F/X headwinds.
The company’s full year outlook for capital expenditures remains at $70
million.
The company expects the full year effective tax rate to be approximately
34.5%, excluding the pension and impairment charges.
Cash from operations in excess of $570 million.
Banks: Wells Fargo Bank
Bank of New Mellon Trust
Legal filings & complaints:
State: North Carolina
Case number: 3:15-cv-00214-FDW-DSC
Plaintiff: PGI Polymer, Inc.
Defendant: Church & Dwight Co., Inc. et
al
Frank D. Whitney, presiding
David S. Cayer, referral
Date filed: 05/08/2015
Date of last filing: 08/03/2015
Cause: Trademark infringement
State: New York
Case number: 1:14-cv-02275-JGK-DCF
Plaintiff: Scantibodies Laboratory, Inc.
Defendant: Church & Dwight Co., Inc.
John G. Koeltl, presiding
Debra C. Freeman, referral
Date filed: 04/02/2014
Date of last filing: 07/30/2015
Cause: Account receivable
State: New York
Case number: 1:14-cv-00585-AJN
Plaintiff: Church & Dwight Co., Inc.
Defendant: SPD Swiss Precision Diagnostics
GMBH
Alison J. Nathan, presiding
Date filed: 01/29/2014
Date of last filing: 08/06/2015
Cause: Trademark infringement
Secured debts summary (UCC): 3
UCC (in New Jersey)