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MIRA INFORM REPORT
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Report No. : |
510124 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
CRAY INC. |
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Registered Office : |
711 Capitol Way S Ste 204, Olympia, Wa, 98501-1267 |
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Country : |
United States |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
12.07.1987 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject is engaged in designs, develops, manufactures, markets, and services
computing systems, and data analytics and artificial intelligence solutions. |
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No. of Employees : |
1,273 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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: |
CRAY INC. |
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TradeName: |
CRAY INC. |
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ID: |
601 058 422 |
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Date Created: |
1987 |
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Date Incorporated: |
12/07/1987 |
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Legal Address: |
711 CAPITOL WAY S STE 204, OLYMPIA, WA, 98501-1267,
UNITED STATES |
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Operative Address: |
901 Fifth Avenue Suite 1000 Seattle, WA 98164 United States |
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Telephone: |
206-701-2000 |
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Fax: |
206-701-2500 |
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Legal Form: |
CORPORATION |
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Email: |
crayinfo@cray.com |
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Registered in: |
WASHINGTON |
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Website: |
www.cray.com |
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Contact: |
Mr. Peter J. Ungaro - CEO, President & Director |
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Staff: |
1,273 Employees |
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Activity: |
SIC Code 7373, Computer Integrated Systems Design NAICS Code 541512, Computer Systems Design Services |
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Banks: |
Wells Fargo Bank, National Association DELL FINANCIAL SERVICES, L.P. GFC LEASING, A DIVISION OF GORDON F Sillicon Valley Bank |
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History: |
Cray Inc. was founded in 1987 and is headquartered
in Seattle, Washington. The company was formerly known as Tera Computer
Company and changed its name to Cray Inc. in 2000. |
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Key Developments: |
Cray Inc. and Wells Fargo Bank Executes Second
Amendment to Credit Agreement Apr 25 18 On April 20, 2018, Cray Inc. and Wells Fargo Bank,
National Association executed a Second Amendment to Credit Agreement to that
certain Amended and Restated Credit Agreement between Cray and Wells Fargo
Bank dated January 7, 2016. Pursuant to the Amendment, the Credit Facility
was reduced from $50.0 million to $15.0 million, and will be secured by a
first priority lien on up to $15 million of Cray's investments account held
with Wells Fargo Bank. Cray Inc. to Report Q1, 2018 Results on May 01, 2018 Apr 24 18 Cray Inc. announced that they will report Q1, 2018
results at 1:15 PM, Pacific Standard Time on May 01, 2018 |
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PRINCIPAL
ACTIVITY
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Cray Inc., together with its subsidiaries, designs,
develops, manufactures, markets, and services computing systems, and data
analytics and artificial intelligence solutions. |
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Products/Services description: |
It operates through Supercomputing, Storage and Data
Management, Maintenance and Support, and Engineering Services and Other
segments. The company offers a range of Cray XC series supercomputers,
including Cray XC40, Cray XC50, and Cray XC50-AC; Cray CS series
supercomputers comprises Cray CS500 and Cray CS-Storm; and analytics
products, such as Cray Urika-GX platform used for production-class big data
analytics workloads. It also provides storage and data management products
comprising cray clusterstor storage systems that embeds the Lustre parallel
file system and other software in an optimal configuration; and Cray DataWarp
applications accelerator, a DataWarp technology that addresses a problem
experienced by supercomputing customers. In addition, the company offers
custom engineering solutions; and customer support services consisting of
hardware and software maintenance, applications support, installation project
management, system installation and de-installation, site preparation, and
technical training for its systems, as well as ancillary services in
application consulting, third-party software support, site engineering,
on-site analysts for defined projects, and specialized training. Cray Inc.
sells its products through direct sales force and a partner network of global
and regional resellers. It serves clients ranging from government agencies or
funded research laboratories, academic institutions, and commercial entities
in North America, South America, Asia, Europe, the Middle East, Australia, and
Africa. |
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Brands: |
CRAY |
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Sales are: |
Wholesale |
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Clients: |
Intel Tecnologia De Mexico SA De Cv Xyratex Mexico S.A. De C.V. |
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Suppliers: |
Dongguan Solum Electronics Co. Sumsung Electro Mechanics Co Ltd Aavid Thermalloy Systems (Dongguan) Ltd. Taiwan Line Tek Electronic Co Ltd Appro Korea Cray Japan Inc. |
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Operations area: |
National and International |
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The company imports from |
CHINA TAIWAN JAPAN |
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The company exports to |
MEXICO |
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The subject employs |
1,273 Employees |
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Payments: |
Slow |
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LOCATION
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Headquarters : |
901 Fifth Avenue Suite 1000 Seattle, WA 98164 United States |
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Branches: |
Alabama Cray Inc. 98 Jay Drive Madison, AL 35758, USA Maryland Cray Inc. 6230 Old Dobbin Lane, Suite 230 Columbia, MD 21045-5884, USA Virginia Cray Inc. 241 18th Street, Suite 610 Arlington, VA 22202, USA |
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Subsidiaries: |
Appro Federal, Inc. - U.S./California State Appro International, Inc. - U.S./California State CCH1 LLC - U.S./Washington State CCH2 LLC - U.S./Washington State Cray Australia Pty. Limited - Australia Cray Brazil, Inc. - U.S./Washington State Cray Canada ULC - Canada Cray China Limited - Hong Kong Cray Computadores do Brasil Ltda. - Brazil Cray Computer Deutschland GmbH - Germany Cray Computer Finland Oy - Finland Cray Computer GmbH - Switzerland Cray Computer SARL - France Cray Computer Spain, S.L. - Spain Cray Holding Inc. - U.S./Washington State Cray Italy S.r.l. - Italy Cray Japan, Inc. - U.S./Washington State Cray Korea Co., Ltd. - South Korea Cray Korea, Inc. - U.S./Washington State Cray Netherlands B.V. - Netherlands Cray New Zealand Limited - New Zealand Cray Saudi Arabia Limited - Kingdom of Saudi Arabia Cray Supercomputer Singapore Pte. Ltd. - Singapore Cray Supercomputers (India) Private Limited - India Cray Supercomputers (Israel) Ltd. - Israel Cray Taiwan, Inc. - U.S./Washington State Cray-Tera Sweden AB - Sweden Cray U.K. Limited - United Kingdom YarcData LLC - U.S./Washington State |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
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Market Capital: |
Yes: Cray Inc. (CRAY) |
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Outstanding Shares: |
1.086B |
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Shareholders: |
40,475,586 |
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Management: |
Mr. Peter J. Ungaro - CEO, President & Director Mr. Brian C. Henry - CFO & Exec. VP Mr. Michael C. Piraino - Sr. VP of Administration,
General Counsel and Corporate Secretary Mr. Charles A. Morreale - Sr. VP of Field Operations Mr. Efstathios Papaefstathiou - Sr. VP of R&D |
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FINANCIAL
INFORMATION
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We attach company’s last financial statements. Cray Inc. reported unaudited consolidated earnings results
for the first quarter ended March 31, 2018. For the quarter, total revenue was $79,594,000
against $59,031,000 a year ago. Loss from operations was $24,860,000 against
$32,281,000 a year ago. Loss before income taxes was $24,529,000 against $30,361,000
a year ago. Net loss was $25,008,000 against $19,215,000 a year
ago. Basic net loss per basic and diluted common share was $0.62 against
$0.48 a year ago. Non-GAAP net loss was $21.4 million against $28.4
million a year ago. Non-GAAP diluted net loss per common share was $0.53
against $0.71 a year ago. Non-GAAP operating loss was $21.2 million against
$29.4 million a year ago. For 2018, while a wide range of results remains
possible, Cray continues to expect revenue to grow in the range of 10%-15%
over 2017. GAAP gross profit is expected to be about $2 million
lower than non-GAAP gross profit. Based on this outlook, Cray’s effective
GAAP and non-GAAP tax rates for 2018 are both expected to be in the
low-single digit range, on a percentage basis. Revenue is expected to be
about $110 million for the second quarter of 2018. |
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LEGAL FILINGS |
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PATENTS |
TRANSVERSE COOLING SYSTEM AND METHOD Publication number: 20130128459 Abstract: A system and method for cooling a plurality
of electronics cabinets having horizontally positioned electronics
assemblies. The system includes at least one blower configured to direct air
horizontally across the electronics assemblies, and at least one intercooler
configured to extract heat from the air flow such that the system is room
neutral, meaning that the ambient temperature remains constant during
operation of the system. A plurality of chassis backplanes and power supplies
may also include an intercooler, wherein the intercoolers are electronically
controlled such that the system is room neutral. Type: Application Filed: November 19, 2012 Publication date: May 23, 2013 Applicant: CRAY INC. Inventor: Cray Inc. "OR" BIT MATRIX MULTIPLY VECTOR
INSTRUCTION Publication number: 20120072704 Abstract: A processor is operable to execute a bit
matrix multiply instruction. In further examples, the processor is operable
to perform a vector bit matrix multiply instruction, and is a part of a
computerized system. Type: Application Filed: February 3, 2011 Publication date: March 22, 2012 Applicant: Cray Inc. Inventors: Timothy J. Johnson, Gregory J. Faanes INCLUSIVE OR BIT MATRIX TO COMPARE MULTIPLE
CORRESPONDING SUBFIELDS Publication number: 20100318591 Abstract: A computer system is operable to identify
subfields that differ in two data elements using a bit matrix compare
function between a first matrix filled with pattern elements and a reference
pattern. Type: Application Filed: June 11, 2010 Publication date: December 16, 2010 Applicant: Cray Inc. Inventor: William F. Long Electrical connector assembly for use with variable
thickness circuit boards Patent number: 6409538 Abstract: A casing assembly is provided for clamping
to circuit boards of various thicknesses. Type: Grant Filed: November 28, 2000 Date of Patent: June 25, 2002 Assignee: Cray Inc. Inventors: Alexander I. Yatskov, Stephen V. R.
Hellriegel |
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GOVERNMENT CONTRACTS |
Government Contractor: CRAY INC. Name & Address: 901 5TH AVE STE 1000 SEATTLE, WA 98164-2058 Number of Defense Contracts Awarded: 37 Dollar Amount of Defense Contracts Awarded:
$149,695,922 |
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CASES |
Raytheon Company v. Cray, Inc. Plaintiff: Raytheon Company Defendant: Cray, Inc. Mediator: Hesha Abrams Counter_claimant: Cray, Inc. Counter_defendant: Cray, Inc. and Raytheon Company Case Number: 3:2018cv00318 Filed: May 2, 2018 Court: Wisconsin Western District Court Office: Madison Office County: Out of State Presiding Judge: William M. Conley Referring Judge: Stephen L. Crocker Nature of Suit: Patent Cause of Action: 35:271 Patent Infringement Jury Demanded By: Both Raytheon Company et al v. Cray Inc. Plaintiff: Raytheon Company Defendant: Cray Inc. Petitioner: Adaptive Computing Enterprises Mediator: Hesha Abrams Case Number: 2:2016mc00898 Filed: August 24, 2016 Court: Utah District Court Office: Central Office County: Salt Lake Presiding Judge: Dale A. Kimball Referring Judge: Brooke C. Wells Nature of Suit: Other Statutory Actions Cause of Action: Motion to Quash Jury Demanded By: None Raytheon Company v. Cray, Inc. Plaintiff: Raytheon Company Defendant: Cray, Inc. Case Number: 2:2016cv00423 Filed: April 22, 2016 Court: Texas Eastern District Court Office: Marshall Office County: Harrison Presiding Judge: Rodney Gilstrap Referring Judge: Roy S. Payne Nature of Suit: Patent Cause of Action: 35:271 Jury Demanded By: Plaintiff |
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TRADEMARKS |
CRAY Computers Owned by: Cray Inc. Serial Number: 73444803 UNICOS COMPUTER PROGRAMS RECORDED ON MAGNETIC MEDIA AND
USER MANUALS THEREFOR Owned by: Cray Inc. Serial Number: 73596658 SUPERCLUSTER computer programs used to link multiple computers
over high speed channels, and instruction manuals for use therewith Owned by: Cray Inc. Serial Number: 74160488 MPP APPRENTICE computer program recorded on magnetic media; namely,
a software tool used for performance analysis and optimization, and… Owned by: Cray Inc. Serial Number: 74277600 LIBSCI computer software consisting of a library of
mathematical and scientific numerical subroutines for use in computer
programming… Owned by: Cray Inc. Serial Number: 74563146 UNICOS/MK computer programs recorded on magnetic media for use
as an operating system for a supercomputer, and user manuals sold therewith… Owned by: Cray Inc. Serial Number: 74703534 |
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Renewal History: |
Filing Number Filing
Date Time Filing Type 0009867570 12/08/2017
12:00:00 AM ANNUAL REPORT 0002271598 06/06/2017
03:00:15 PM STATEMENT OF CHANGE 0009073632 12/15/2016
12:00:00 AM ANNUAL REPORT 0002117412 04/28/2016
09:52:35 AM STATEMENT OF CHANGE 0008969005 12/07/2015
12:00:00 AM ANNUAL REPORT 0008451451 12/17/2014
12:00:00 AM ANNUAL REPORT 0008471554 08/29/2014
12:00:00 AM STATEMENT OF CHANGE 0008028411 07/15/2013
12:00:00 AM ANNUAL REPORT |
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UCC: |
File Number: 2001-178-0349 Secured Party: DELL FINANCIAL SERVICES, L.P. Debtor Party: CRAY INC Type: Initial File Date: 06/27/2001 Lapse Date: 06/27/2021 File Number: 2016-334-7792-8 Secured Party: DELL FINANCIAL SERVICES L.L.C. Debtor Party: CRAY INC Type: Amendment to 2001-178-0349 File Date: 11/29/2016 Lapse Date: 06/27/2021 File Number: 2009-176-7498-5 Secured Party: GFC LEASING, A DIVISION OF GORDON F Debtor Party: CRAY INC Type: Initial File Date: 06/25/2009 Lapse Date: 06/25/2019 File Number: 2012-293-1109-4 Secured Party: Silicon Valley Bank Debtor Party: CRAY INC Type: Initial File Date: 10/19/2012 Lapse Date: 10/19/2017 |
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SUMMARY
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Cray Inc., together with its subsidiaries, designs,
develops, manufactures, markets, and services computing systems, and data
analytics and artificial intelligence solutions. It operates through Supercomputing, Storage and Data
Management, Maintenance and Support, and Engineering Services and Other
segments. The company shows negative profitability in its last
financial figures. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Monica |
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POSITION |
Operator |
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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 Chief Executive Officer. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.01 |
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1 |
INR 91.24 |
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Euro |
1 |
INR 80.07 |
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US Dollar |
1 |
INR 68.25 |
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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VAR |
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Report Prepared
by : |
DNS |
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.