MIRA INFORM REPORT

 

 

Report Date :           

26.05.2011

 

IDENTIFICATION DETAILS

 

Name :

THE PNC FINANCIAL SERVICES GROUP INC

 

 

Registered Office :

One Pnc Plaza 249 5th Pnc Corp Tax Dept 27th Pittsburgh Pa 15222

 

 

Country :

United States 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.01.1983

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Bank

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

 

Status :

Good

Payment Behaviour :

Regular

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

The PNC Financial Services Group Inc

Address in the order:

11 W Market Street (Mailstop N2-Nwbm-01-5) Wilkes-Barre, PA 18768

Comments on data supplied:

Dear client:

 

The address you provided is that of a non incorporated business unit. We have learned that the company's main office is headquartered at One PNC Plaza 249 Fifth Avenue Pittsburgh, PA 15222. And the address you provided is another location of the company. That is why we proceed on making the report under that address.

Legal Name:

THE PNC FINANCIAL SERVICES GROUP INC

Legal Address

ONE PNC PLAZA 249 5TH PNC CORP TAX DEPT 27TH PITTSBURGH PA 15222

Operative Address

ONE PNC PLAZA 249 5TH PNC CORP TAX DEPT 27TH PITTSBURGH PA 15222

Telephone:

+1 (412) 762-2000

Legal Form:

Corporation for Profit

Fax:

+1 (412) 762-7829

Registered in:

Pennsylvania

Email:

N.A.

Date Created:

1922

Website:

www.pnc.com

Date Incorporated:

January 19th, 1983

Manager:

James E Rohr, Chief Executive Officer

Stock:

525,508,324  shares

Staff:

44,817 (At group level)

Value:

$1.00 Par value

Activity:

Bank

 

 

BANKS

 

Name of the Bank

SunTrust Bank

Name of the Bank

U.S. Bancorp

Name of the Bank

WACHOVIA BANK

 

 

BUSINESS

 

HISTORY

 

The PNC Financial Services Group was founded in 1922 and is headquartered in Pittsburgh, Pennsylvania.

PRINCIPAL ACTIVITY

 

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States.

 

It offers retail banking, corporate and institutional banking, asset management, and global fund processing services. The retail banking provides deposit, lending, brokerage, trust, investment management, and cash management services to consumer and small business customers.

 

The corporate and institutional banking offers lending, treasury management, and capital market products and services to mid-sized corporations, government entities, and large corporations.

 

Its lending products include secured and unsecured loans, letters of credit, and equipment leases; treasury management services comprise cash and investment management, receivables management, disbursement services, funds transfer services, information reporting, and global trade services; and capital markets-related products and services include foreign exchange, derivatives, loan syndications, mergers and acquisitions advisory services to middle-market companies, securities underwriting, and securities sales and trading.

 

The company also provides commercial loan servicing, real estate advisory, and technology solutions for the commercial real estate finance industry.

 

It manages assets on behalf of institutional and individual investors worldwide through various equity, fixed income, cash management, and alternative investment accounts and funds, as well as provides investment system outsourcing, risk management, and financial advisory services.

 

Sales are:

 

Wholesale, Retail

Clients:

 

Various industries

General clientele

 

Operations area:

 

National, Local

The company does not import

The company does not export

Comments on staff:

 

This company has 44,817 employees at group level.

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at ONE PNC PLAZA 249 5TH PNC CORP TAX DEPT 27TH PITTSBURGH PA 15222

Branches:

 

The company has several branches all over the US including:

 

11 W Market Street  Wilkes-Barre, PA 18768

 

Among many others.

 




Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

 

Breakdown

% of Shares Held by All Insider and 5% Owners: 0%

% of Shares Held by Institutional & Mutual Fund Owners: 78%

% of Float Held by Institutional & Mutual Fund Owners: 78%

Number of Institutions Holding Shares: 763

Shareholders Parent Company(ies):

 

Top Institutional Holders:

 

WELLINGTON MANAGEMENT COMPANY, LLP

STATE STREET CORPORATION

BARROW, HANLEY MEWHINNEY & STRAUSS, INC.

VANGUARD GROUP, INC. (THE)

MARSICO CAPITAL MANAGEMENT, LLC

BlackRock Institutional Trust Company, N.A.

EATON VANCE MANAGEMENT

FMR LLC

Ameriprise Financial, Inc.

Invesco Ltd.

 

 

Top Mutual Fund Holders:

 

VANGUARD/WINDSOR II

VANGUARD/WELLINGTON FUND INC.

EATON VANCE LARGE CAP VALUE PORTFOLIO

VANGUARD TOTAL STOCK MARKET INDEX FUND

VANGUARD 500 INDEX FUND

GROWTH FUND OF AMERICA INC

VANGUARD INSTITUTIONAL INDEX FUND-INSTITUTIONAL INDEX FD

SPDR S&P 500 ETF Trust

FIDELITY EQUITY-INCOME FUND

Columbia Fds Ser Tr-Columbia Marsico 21st Century Fd

Management:

 

James E. Rohr, CEO

Joseph C. Guyaux, President

Richard J. Johnson, CFO

William S. Demchak, Vicepresident

E. William Parsley III, Chief Investment Officer

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the stock exchange NYSE under ticker symbol "PNC" . Please find enclosed the financial statements.

We have contacted a male representative, who refused to provide us any information stating that all the relevant information is on their website.

Comments on the financial data: Annual Income Statement
Year over year, PNC Financial Services Group Inc. has seen revenues fall from $3.8B to $3.3B. This along with an increase in SGA costs has led to a reduction in the bottom line from $1.5B to $882.0M.


Quarterly Income statement
Compared to the same quarter last year, PNC Financial Services Group Inc. has been able to grow revenues from $593.0M to $1.8B. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs from 132.72% to 86.80%. This was a driver that led to a bottom line growth from $248.0M to $579.0M.


Quarterly Balance Sheet
PNC Financial Services Group Inc. uses little or no debt in its capital structure and may have less financial risk than the industry aggregate.

Legal Fillings

 There are 79 UCC files listed with the Secretary of State of Pennsylvania.

The company is defendant in various pending lawsuits and proceedings and is subject to various other claims arising in the normal course of its business. Although the outcome of these lawsuits and proceedings cannot be predicted with certainty at this time, it is believed that the ultimate disposition of such suits will not have a material adverse effect on the company.

 

 

The company was implicated in a legal filing and has been condemned.

 

 

Federal Tax Lien filed on 06/03/2010 for $76,798.00.    

Court: ALLEGHENY COUNTY CVL 

 

 

The last annual report was filed on March 1st, 2011.

 

For information:

 

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

Press release

 

PNC Earns $559 Million in Third Quarter and $1.3 Billion Year-To-Date

 

 

Strong quarterly earnings and capital growth

Credit quality deterioration eases

 

 

PITTSBURGH, Oct. 22 /PRNewswire-FirstCall/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $559 million, or $1.00 per diluted common share, for the third quarter of 2009 compared with net income of $207 million, or $.14 per diluted common share, for the second quarter of 2009. For the first nine months of 2009, the company earned net income of $1.30 billion, or $2.17 per diluted common share. Net income was $1.16 billion, or $3.23 per diluted common share, for the first nine months of 2008.

 

 

"PNC continued to demonstrate its resiliency in the economic downturn with strong third quarter earnings growth," said James E. Rohr, chairman and chief executive officer. "Once again we delivered pretax pre-provision earnings significantly in excess of our credit costs resulting in growth in capital. We strengthened our balance sheet which we believe is well positioned as the economy begins to recover and the pace of credit quality deterioration eases. Sales across the franchise were strong and we see growing momentum as we added clients and deepened customer relationships in the quarter. We are building on the value of our combined company and are well prepared for the first wave of National City client conversions in early November. As our results demonstrate, we continue to execute against our plans to deliver significant shareholder value now and in the future."

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

For information:

 

* 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.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains records on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

 

 

Rating

 

Local credit bureau gave a correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This is a big sized company with 44,817 employees at group level, and 89 years of experience.

 

There were several legal filings found against the company.

 

This is a public company that trades at the stock exchange NYSE under ticker symbol PNC.

 

The company gave a good profitability for the year 2010.

However the revenue decreased on a 11% compared to the year 2009.

 

A credit line may be considered for USD 2,000,000

 




SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public Records

YES

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Person Interviewed

 

Male representative

Comments

 

He refused to provide us any information stating that all the relevant information is on their website.

 

Financial

 

Income Statement

View: Annual Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

Total Revenue

17,096,000  

19,231,000  

9,886,000  

Cost of Revenue

963,000  

1,741,000  

1,485,000  

 

Gross Profit

-  

-  

8,401,000  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

8,613,000  

9,073,000  

4,430,000  

 

Non Recurring

-  

-  

-  

 

Others

2,502,000  

3,930,000  

1,723,000  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

-  

-  

2,248,000  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

-  

 

 

Earnings Before Interest And Taxes

5,018,000  

4,487,000  

2,248,000  

 

 

Interest Expense

957,000  

1,262,000  

1,005,000  

 

 

Income Before Tax

4,061,000  

3,225,000  

1,243,000  

 

 

Income Tax Expense

1,037,000  

867,000  

361,000  

 

 

Minority Interest

15,000  

44,000  

-  

 

 

 

 

Net Income From Continuing Ops

3,024,000  

2,358,000  

882,000  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

373,000  

45,000  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

3,011,000  

2,003,000  

882,000  

 

Preferred Stock And Other Adjustments

(401,000)

(444,000)

-  

 

 

 

Net Income Applicable To Common Shares

2,610,000  

1,559,000  

882,000  

 

 

 

 

Balance Sheet

View: Annual Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

74,699,000  

69,317,000  

19,330,000  

 

Short Term Investments

-  

-  

2,881,000  

 

Net Receivables

-  

-  

-  

 

Inventory

-  

-  

-  

 

Other Current Assets

-  

-  

-  

 

Total Current Assets

-  

-  

-  

Long Term Investments

224,508,000  

223,415,000  

235,413,000  

Property Plant and Equipment

-  

-  

-  

Goodwill

8,149,000  

9,505,000  

8,868,000  

Intangible Assets

2,604,000  

3,404,000  

2,820,000  

Accumulated Amortization

-  

-  

-  

Other Assets

20,412,000  

22,373,000  

21,769,000  

Deferred Long Term Asset Charges

-  

-  

-  

 

Total Assets

264,284,000  

269,863,000  

291,081,000  

 

Liabilities

Current Liabilities

 

Accounts Payable

3,188,000  

3,590,000  

3,949,000  

 

Short/Current Long Term Debt

16,742,000  

16,992,000  

23,279,000  

 

Other Current Liabilities

183,390,000  

186,922,000  

192,865,000  

 

Total Current Liabilities

-  

-  

-  

Long Term Debt

-  

-  

29,305,000  

Other Liabilities

5,380,000  

7,523,000  

14,035,000  

Deferred Long Term Liability Charges

-  

-  

-  

Minority Interest

2,596,000  

2,625,000  

2,226,000  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

234,042,000  

239,921,000  

265,659,000  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

2,682,000  

2,354,000  

2,261,000  

Retained Earnings

15,859,000  

13,144,000  

11,461,000  

Treasury Stock

(572,000)

(513,000)

(597,000)

Capital Surplus

12,704,000  

16,919,000  

16,246,000  

Other Stockholder Equity

(431,000)

(1,962,000)

(3,949,000)

 

Total Stockholder Equity

30,242,000  

29,942,000  

25,422,000  

 

Net Tangible Assets

19,489,000  

17,033,000  

13,734,000  

 

 

 

 

Income Statement

View: Quarterly Data

All numbers in thousands

 

Period Ending

Mar 31, 2011

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Total Revenue

4,038,000  

4,373,000  

4,084,000  

4,350,000  

Cost of Revenue

182,000  

205,000  

233,000  

244,000  

 

Gross Profit

-  

-  

-  

-  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

2,070,000  

2,340,000  

2,158,000  

2,002,000  

 

Non Recurring

-  

-  

-  

-  

 

Others

421,000  

442,000  

486,000  

823,000  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

-  

-  

-  

-  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

-  

-  

 

 

Earnings Before Interest And Taxes

1,365,000  

1,386,000  

1,207,000  

1,281,000  

 

 

Interest Expense

225,000  

265,000  

253,000  

194,000  

 

 

Income Before Tax

1,140,000  

1,121,000  

954,000  

1,087,000  

 

 

Income Tax Expense

308,000  

301,000  

179,000  

306,000  

 

 

Minority Interest

5,000  

3,000  

(2,000)

9,000  

 

 

 

 

Net Income From Continuing Ops

837,000  

820,000  

775,000  

776,000  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

328,000  

22,000  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

837,000  

434,000  

1,103,000  

798,000  

 

Preferred Stock And Other Adjustments

(4,000)

(25,000)

(7,000)

(26,000)

 

 

 

Net Income Applicable To Common Shares

833,000  

397,000  

1,094,000  

786,000  

 

 

 

 

 

Balance Sheet

View: Quarterly Data

All numbers in thousands

 

Period Ending

Mar 31, 2011

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

68,875,000  

74,699,000  

70,649,000  

65,394,000  

 

Short Term Investments

-  

-  

-  

-  

 

Net Receivables

1,359,000  

-  

-  

-  

 

Inventory

-  

-  

-  

-  

 

Other Current Assets

-  

-  

-  

-  

 

Total Current Assets

-  

-  

-  

-  

Long Term Investments

220,449,000  

224,508,000  

222,724,000  

216,520,000  

Property Plant and Equipment

-  

-  

-  

-  

Goodwill

8,146,000  

8,149,000  

8,166,000  

9,410,000  

Intangible Assets

2,618,000  

2,604,000  

2,352,000  

2,728,000  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

21,177,000  

20,412,000  

20,658,000  

22,242,000  

Deferred Long Term Asset Charges

-  

-  

-  

-  

 

Total Assets

259,378,000  

264,284,000  

260,133,000  

261,695,000  

 

Liabilities

Current Liabilities

 

Accounts Payable

3,078,000  

3,188,000  

3,134,000  

2,757,000  

 

Short/Current Long Term Debt

14,362,000  

16,742,000  

16,232,000  

17,626,000  

 

Other Current Liabilities

181,990,000  

183,390,000  

179,183,000  

178,799,000  

 

Total Current Liabilities

-  

-  

-  

-  

Long Term Debt

-  

-  

-  

-  

Other Liabilities

5,597,000  

5,380,000  

5,387,000  

8,722,000  

Deferred Long Term Liability Charges

-  

-  

-  

-  

Minority Interest

2,585,000  

2,596,000  

2,624,000  

2,613,000  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

228,246,000  

234,042,000  

230,091,000  

233,318,000  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

-  

-  

-  

-  

Common Stock

2,682,000  

2,682,000  

2,680,000  

2,678,000  

Retained Earnings

16,640,000  

15,859,000  

15,114,000  

14,073,000  

Treasury Stock

(584,000)

(572,000)

(552,000)

(557,000)

Capital Surplus

12,703,000  

12,704,000  

12,654,000  

12,625,000  

Other Stockholder Equity

(309,000)

(431,000)

146,000  

(442,000)

 

Total Stockholder Equity

31,132,000  

30,242,000  

30,042,000  

28,377,000  

 

Net Tangible Assets

20,368,000  

19,489,000  

19,524,000  

16,239,000  

 

 

Currency in USD.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.31

Euro

1

Rs.63.70

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.