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MIRA INFORM REPORT
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Report No. : |
502842 |
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Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
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Name : |
APACHE INDUSTRIAL SERVICES INC |
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Registered Office : |
1675 S State St Ste B, Dover, Kent, De, 19901 |
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Country : |
United States |
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Financials (as on) : |
2016 (Summarized) |
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Date of Incorporation : |
27.07.2009 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject provides industrial services that include coatings
and linings, fireproofing, scaffolding, installation, and abatement |
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No. of Employees : |
360 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
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, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US 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.
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 such as China, has put additional downward pressure on wages and upward pressure on the return 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 more than 50% of US consumption and oil has a major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. 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, Congress passed and former 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. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
APACHE INDUSTRIAL SERVICES INC |
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Trade
Names: |
APACHE INDUSTRIAL SERVICES INC |
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ID: |
4673229 |
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Date Created: |
2009 |
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Date Incorporated: |
7/27/2009 |
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Legal Address: |
1675 S STATE ST STE B, DOVER, KENT, DE,
19901, USA |
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Operative Address: |
250 Assay Street Suite 400 Houston, TX 77044, USA |
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Telephone: |
713-450-9307 (281) 609-8800 |
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Fax: |
713-450-2447 |
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Legal Form: |
CORPORATION |
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Email: |
- |
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Registered in: |
DELAWARE |
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Website: |
www.apacheip.com |
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Contact: |
Douglas B. Lee - President |
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Staff: |
360 |
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Activity: |
SIC Code 1541, General
Contractors-Industrial Buildings and Warehouses NAICS Code 236220, Commercial and
Institutional Building Construction |
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Banks: |
BANK OF AMERICA |
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History: |
The company was incorporated in 2009 and
is based in Houston, Texas. |
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Key Developments: |
PNC provides $100M in financing to
Apache Industrial Services By Patty Tascarella – Senior Reporter, Pittsburgh Business
Times Apr 12, 2017, 9:22am PNC Capital Markets and PNC Bank
participated in transaction. |
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PRINCIPAL
ACTIVITY
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Apache Industrial Services, Inc.
provides industrial services that include coatings and linings, fireproofing,
scaffolding, installation, and abatement. |
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Products/Services description: |
The
company offers abrasive blasting services, including robotic blasting,
mineral abrasive blasting, water washing, water jetting, and high frequency
induction stripping for coal and copper slag, garnet, starblast, walnut hull,
glass bead, sodium bicarbonate, and other media; protective and marine
coatings and lining services; and fireproofing services that include epoxy
fireproofing, pour/spray/trowel, cementitious, precast, lightweight,
reinforced, CUF, and hand-packing for vessels, rigs, pipes, structures, and
off-shore systems. It also provides shop painting services; insulation
services using thermal, acoustic, cryogenic, and configurable blankets for
personnel protection, piping, equipment, and machinery, as well as aluminum
and stainless steel jacketing services; lead, asbestos, and mold containment
and abatement services; power/petrochemical plant maintenance, and plant/unit
painting and coating services; and metalizing services. In addition, the
company offers refractory installations for new and existing industrial
furnaces, incinerators, and boilers; and designs, installs, dismantles,
sells, and rents scaffolding systems for various applications. |
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Brands: |
Apache Industrial Services |
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Sales are: |
Wholesale |
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Clients: |
It serves petrochemical, tank storage, process
plant, refining, chemical, pipeline, power generation, oil drilling and
production, steel fabrication, water/wastewater, pipe fabrication, offshore
and marine, oil and gas transportation, and specialty commercial markets. |
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Suppliers: |
Babcock & Wilcox De Monterrey S.A. Jiayu H.s.s.import And Export Co.,Ltd |
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Operations area: |
National |
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The company
imports from |
MEXICO CHINA |
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The company exports to |
No export found. |
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The subject employs |
360 employees |
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Payments: |
Slow but Correct |
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LOCATION
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Headquarters : |
250 ASSAY ST STE 500 HOUSTON, TX, 77044-3507 United States |
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Comments on Address: |
- |
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Branches: |
Apache Industrial Services, Inc. 3426 HIGHWAY 90 WESTLAKE, LA, 70669-7911 United States Apache Industrial Services, Inc. 1479 SUNRAY RD INGLESIDE, TX, 78362-4942 United States |
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Related Companies: |
No related companies were found. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose
information on shareholders. The following information has been provided by
private sources and could not be confirmed: |
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Management: |
Douglas B. Lee - President Delin N. Manuel - Vice President Mr. Michael J. Knigin - Chief Executive
Officer Pam Cranston - Controller |
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FINANCIAL
INFORMATION
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The company
does not make its financial statements public. The following information has
been provided by private sources: |
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USD 2016 |
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Sales |
142.000.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
Scaffold bracket Patent number: 9574357 Abstract: Various implementations described
herein are directed to a scaffold bracket. In one implementation, the
scaffold bracket may include a mounting bracket having a first face and a
second face opposite of the first face. The scaffold bracket may also include
a first scaffolding node attached to the first face and configured to couple
to a first member. The scaffold bracket may further include a second
scaffolding node attached to the first face and configured to couple to a
second member. Type: Grant Filed: October 10, 2013 Date of Patent: February 21, 2017 Assignee: Apache Industrial Services,
Inc. Inventors: Burt Hulett, David Bretherton |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
Dunn v. Apache Industrial Services, Inc.
et al Plaintiff: Geraldine Dunn Defendant: Apache Industrial Services,
Inc., Phillips 66 Company and Team Industrial Services, Inc. Case Number: 3:2017cv01681 Filed: December 1, 2017 Court: Louisiana Middle District Court Office: Baton Rouge Office Nature of Suit: Labor: Fair Standards Cause of Action: 15:1938 Fair Labor
Standards Act Jury Demanded By: Plaintiff Pascale v. Apache Industrial Services
Inc et al Plaintiff: Timothy P Pascale Defendant: Apache Industrial Services
Inc and Paul B Brown Case Number: 2:2016cv01724 Filed: December 15, 2016 Court: Louisiana Western District Court Office: Lake Charles Office County: Calcasieu Referring Judge: Kathleen Kay Presiding Judge: Patricia Minaldi Nature of Suit: Other Personal Injury Cause of Action: 28:1332 Jury Demanded By: Defendant Alfred Miller Contracting Co v. Apache
Industrial Services Inc Plaintiff: Alfred Miller Contracting Co Defendant: Apache Industrial Services
Inc Case Number: 2:2016cv00812 Filed: June 9, 2016 Court: Louisiana Western District Court Office: Lake Charles Office County: Calcasieu Referring Judge: Kathleen Kay Presiding Judge: James T Trimble Nature of Suit: Patent Cause of Action: 28:1338 Jury Demanded By: Plaintiff |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC
list. |
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SUMMARY
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Founded in 2009, Apache Industrial
Services Inc. is an organization in the Commercial and Institutional Building
Construction Industry headquartered in Houston, Texas. The company has 360 regular employees
and generates an estimated $142 million USD in annual revenue. The company operates nationally, mainly
importing from Mexico and China. It is ACTIVE in business with high credit
risk. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but Correct |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
April |
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POSITION |
Receptionist |
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COMMENTS |
She confirmed the name of the company, the
address of the headquarters and location, the date of creation of the
company, the number of employees and the name of the President. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.35 |
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1 |
INR 92.70 |
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Euro |
1 |
INR 80.80 |
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US Dollar |
1 |
INR 65.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.