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Report No. : |
327147 |
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Report Date : |
22.06.2015 |
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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Date of Incorporation : |
22.04.1947 |
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Legal Form : |
Public Company |
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Line of Business : |
Manufactures and Sells a range of specialized products and components,
and provides related consumables and services. |
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No. of Employees : |
27,000 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exist |
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 |
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: 160,382,513
shares issued and outstanding
(as of 04-14-2015)
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: 27,000
Operations & branches:
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:
11122 West Little York
Houston, TX 77041
Shareholders:
As of 03-31-2015, 88% 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.
On attachment:
- 10K 2014
- 1st 10Q 2015
On April 21, 2015, Dover announced that for the first quarter ended
March 31, 2015, revenue was $1.7 billion, a decrease of 5% from the prior
year.
The decrease in revenue was driven by an organic revenue decline of 6%
and a 4% unfavorable impact from foreign exchange, offset in part by 5% growth
from acquisitions. Earnings from continuing operations were $117.2 million, a
decrease of 31% as compared to $170.0 million for the prior year period.
Diluted earnings per share ("EPS") for the first quarter ended
March 31, 2015 was $0.72, compared to $0.99 EPS in the prior year period,
representing a decrease of 27%. Excluding discrete tax benefits recognized in
the prior year period, EPS from continuing operations for the first quarter of
2015 decreased 26% from an adjusted EPS of $0.97 in the prior year period.
Net earnings for the quarter ended March 31, 2015, were $209.5
million, or
$ 1.28 EPS, which included earnings from discontinued operations of
$92.3 million, or $0.57 EPS, compared to net earnings of $160.1 million, or
$0.93 EPS, for the same period of 2014, which included a loss from discontinued
operations of $9.9 million, or $0.06 EPS.
First quarter 2015 earnings from discontinued operations included a gain
of $87.4 million, or $0.53 EPS, resulting from the disposition of a business
held for sale.
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)