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MIRA INFORM REPORT
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Report No. : |
484412 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PRINCE ENERGY LLC |
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Registered Office : |
160 Greentree Dr Ste 101 Dover Kent De
19904 |
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Country : |
United States |
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Date of Incorporation : |
30.01.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engages in grinding, drying, sizing, blending, and bagging drilling
fluids products that are used for seepage and lost circulation control in the
drilling fluid segment of the petroleum industry. |
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No. of Employees : |
700 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 $57,300. 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 nearly 55% 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, making this 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 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 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.
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 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 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 further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. 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 US GDP growth below 2%, the Fed has opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
PRINCE ENERGY LLC |
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TradeName: |
PRINCE ENERGY |
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ID: |
4650271 |
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Date Created: |
1947 |
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Date Incorporated: |
1/30/2009 |
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Legal Address: |
160 GREENTREE DR STE 101 DOVER Kent DE 19904 |
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Operative Address: |
15311 Vantage Parkway West, Suite 350 Houston, TX 77032 USA |
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Telephone: |
(713) 673-5176 |
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Fax: |
(713) 955-5398 |
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Legal Form: |
Limited Liability Company |
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Email: |
info@princecorp.com sales@princecorp.com csenergy@princecorp.com |
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Registered in: |
DELAWARE |
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Website: |
www.princecorp.com/energy |
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Contact: |
Chris Hernandez |
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Staff: |
700 |
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Activity: |
NAICS 1: All Other Support Services SIC 1: Grinding, Precision: Commercial Or Industrial |
Banks
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BANK OF AMERICA |
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The Company does not make its banking details public |
History
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Prince Energy LLC was formerly known as Grinding and
Sizing Company LLC and changed its name to Prince Energy LLC. The company was formed through a series of
acquisitions since 2003, however; its experience dates back to 1947 and is
based in Houston, Texas. As of December 14, 2012, Prince Energy LLC operates
as a subsidiary of Prince Minerals, Inc. |
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Press Release: |
Acquisition of E&E Chemical
and Service Company, LLC by Prince Energy LLC Houston, November 18, 2015 -
Prince Energy LLC, a subsidiary of Prince International Corporation
(“Prince”), has acquired substantially all of the assets of E&E Chemical
and Service Company, LLC (“E&E”). Headquartered in Houston,
Texas, Prince is an innovative, high-growth company with a longstanding tradition
of providing high-level customer and technical service to a variety of
industries worldwide, including Oil and Gas. E&E was founded in 1994 to
develop and distribute specialty chemicals for the oil and gas exploration,
mining, construction and environmental drilling, and construction markets.
E&E is also a supplier of patented mixed metal oxide (MMO) chemistries.
The combined businesses will provide a broader platform of products and
E&E’s customers will have strengthened technical support. |
PRINCIPAL
ACTIVITY
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Prince Energy LLC engages in grinding, drying,
sizing, blending, and bagging drilling fluids products that are used for
seepage and lost circulation control in the drilling fluid segment of the
petroleum industry. |
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Products/Services description: |
The company offers grinding/pulverizing,
sizing/screening, blending, bagging, reclamation/rework, packaging,
pelletizing, product development, and equipment fabrication services for the
industrial chemical industry. It also provides third party testing services. |
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Brands: |
The company does not have brands |
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Sales are: |
WHOLESALE |
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Clients: |
Brick, glass, foundries, steel, oil & gas,
specialty coatings, agriculture, water treatment, and numerous other
industrial applications. |
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Suppliers: |
Materiales Refractarios Internacionales Sa De Cv Mexico |
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Operations area: |
National |
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The company imports from |
Mexico |
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The company exports to |
No export found |
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The subject employs |
700 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
15311 Vantage Parkway West, Suite 350 Houston, TX 77032 USA |
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Comments: |
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Branches: |
The Company does not have branches |
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Related Companies: |
Prince Energy LLC acquired substantially all of the assets
of E&E Chemical and Service Company, LLC. Sales Offices: North America Atlanta, GA Baltimore, MD Birmingham, AL Calgary, AB Charleston, SC Columbus, OH Dallas- Fort Worth, TX Dunedin, FL Evansville, IN Houston, TX Indianapolis, IN Milwaukee, WI Philadelphia, PA Pittsburgh, PA San Luis Obispo, CA St. Louis, MO Tampico, Mexico Europe Bruges, Belgium Cambiago, Italy Lauda- Königshofen, Germany Paris, France Stoke-on-Trent, U.K. Tertre, Belgium South America Buenos Aires, Argentina São Paulo, Brazil Sete Lagoas, Brazil Africa Durban, South Africa Asia-Pacific Bangkok, Thailand Denpasar, Indonesia Melbourne, Australia Nanning, China Shanghai, China Tianjin, China |
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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: |
Prince International Corporation 21 West 46th Street Fourteenth Floor New York, NY 10036 United States |
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Management: |
Mr. Ron Rose Chief Executive Officer Mr. John Oliver Managing Director Mr. Kim Scott Plant Manager of Reliable Equipment Plant Mr. Ron Chastain Plant Manager of Lufkin Plant Mr. Doc Ezell Vice President of Sales & Marketing |
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FINANCIAL
INFORMATION
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The company does not make its financial statements
public. The following information was provided by private sources: |
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USD 2016 |
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Revenue |
90 000 000 |
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Cash flow |
Normal |
LEGAL
FILINGS
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PATENTS |
No records found |
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GOVERNMENT CONTRACTS |
No records found |
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CASES |
No records found |
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TRADEMARKS |
HORIZONTAL BEADS Drilling lubricants, namely, lubricating beads of
various specific gravity for use in extended reach drilling, directional… Serial Number: 85069534 PRONTO PLUG Chemical additives for oil well drilling fluid Serial Number: 85753585 FIBERFLUID Chemical additives for oil well drilling fluid Serial Number: 85753588 |
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RENEWAL HISTORY |
No records found |
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UCC |
No records found |
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SUMMARY
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Formed through a series of acquisitions since 2003,
Prince is a portfolio company of private equity funds affiliated with
Palladium Equity Partners, LLC. Prince’s products enjoy widespread use in brick, glass,
foundries, steel, oil & gas, specialty coatings, agriculture, water
treatment, and numerous other industrial applications. Prince operates 19 processing facilities and 10
offices located across North America, South America, Europe, and Africa The company imports from Mexico, with no export
records. It is active in TEXAS, with no negative records. |
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW
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NAME |
Bryan |
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POSITION |
Management |
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COMMENTS |
The person contacted confirmed address, name, parent
group, estimated staff and management. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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USD |
1 |
INR 63.34 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
POJ |
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
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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.