|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ILLINOIS TOOL WORKS INC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.06.1961 |
|
|
|
|
Legal Form : |
Public Company |
|
|
|
|
Line of Business : |
Manufactures a range of industrial products and equipment |
|
|
|
|
No. of Employees : |
60,000 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
-- |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC
OVERVIEW
The
Source
: CIA
NOTE :
INSTRON CORPORATION was incorporated in
ID# 042057203, merged into ILLINOIS TOOL WORKS, INC. on 12-31-2006
Company name: ILLINOIS TOOL WORKS INC.
Headquarters:
Telephone: +1 847-724-7500
Fax: +1 847-657-4261
Website: www.itwinc.com
Corporate ID#: 0568702
State:
Judicial form: Public Company (NYSE = ITW)
Date incorporated: 06-19-1961
Date founded: 1912
Stock: 447,880,450 shares issued and outstanding
(as of 06-30-2013)
Value: USD
0.01= par value
Name of manager: Scott
SANTI
Business:
Illinois Tool Works Inc. manufactures a range of industrial products and equipment worldwide.
The company’s Transportation segment offers metal and plastic components, fasteners, and assemblies; fluids and polymers; fillers and putties; polyester coatings, and patch and repair products; and truck remanufacturing and related parts and service.
The Industrial Packaging segment offers steel and plastic strapping and related tools and equipment; plastic stretch film and related equipment; paper and plastic products that protect goods in transit; and metal jacketing products.
The company’s Food Equipment segment provides warewashing, cooking, refrigeration, and food processing equipment; and kitchen exhaust, ventilation, and pollution control systems.
The Power Systems & Electronics segment provides arc welding equipment; metal arc welding consumables; metal solder materials for PC board fabrication; equipment and services for microelectronics assembly; electronic components and component packaging; and airport ground support equipment.
The company’s Construction Products segment offers anchors, fasteners, and related fastening tools for wood, metal, and concrete applications; metal plate truss components, and related equipment and software; and packaged hardware and other products for retail.
The Polymers & Fluids segment provides adhesives, chemical fluids, epoxy and resin-based coating products, hand wipes and cleaners, and pressure-sensitive adhesives and components.
The company’s Decorative Surfaces segment offers laminate for furniture, office and retail space, and countertops; and laminate flooring and worktops.
In addition, the company offers plastic reclosable packages and bags, and consumables; plastic andmetal fasteners, and components; foil and film products; product coding and marking, paint spray, and static and contamination control equipment; and swabs and mats.
The company was founded in 1912 and is based in
Ph:
781-575-5684
EIN: 36-1258310
Staff: 60,000
Operations & branches:
At the
headquarters, we find a large factory, warehouse and office, owned.
The Company
maintains numerous branches in the
Shareholders:
The Company is listed with the NYSE under symbol ITW.
As of 06-30-2013, 80% of the stock was held by institutional and mutual fund owners, including:
|
Northern Trust
Corporation |
8.60% |
|
State Farm Mutual
Automobile Insurance Co |
5.17% |
|
Vanguard Group, Inc.
(The) |
5.07% |
|
State Street Corporation |
4.25% |
|
Harris Associates L.P. |
3.75% |
Management:
Mr. E. Scott Santi has been the Chief Executive Officer at Illinois Tool Works Inc. since November 2012 and as its President since October 2012.
Mr. Santi served as the Chief Operating Officer of Illinois Tool Works Inc. from October 12, 2012 to November 18, 2012. Mr. Santi served as the
President of J & B Aviation Services Inc. He joined Illinois Tool Works Inc. in 1983 and also served as its has been an Executive Vice President since 2004 and held various sales, marketing and general management positions with the construction products, machined components, and welding businesses during his 22 years with Illinois Tool Works Inc. Mr. Santi has spent his entire career with Illinois Tool Works Inc., he joined it in 1983 as a Sales Representative for Illinois Tool Works Inc.'s Buildex division which manufactures fasteners for the commercial construction market.
From 1985 to 1994, Mr. Santi progressed through a series of sales and marketing management assignments at Buildex and at ITW's Paslode division. Since 1995, he served as General Manager of ITW's Vortec division.
He served as Vice President and General Manager of ITW's Hobart Ground Power business since 1997, and also served as its Vice President and General Manager for all of the Hobart Brothers businesses since 1998.
In 2002, he was promoted to Group Vice President for the
Welding Products Group, adding responsibility for ITW's welding businesses in
Europe and
He has been a Director of W.W. Grainger, Inc. since April 2010 and Illinois Tool Works Inc. since November 2012. He serves as a Trustee of Manufacturers Alliance/MAPI, Inc.
Mr. Santi graduated from
Ronald D. KROPP is Vice President and CFO.
He will step down on August 9, 2013.
James H. WOOTEN is the Secretary.
Subsidiaries
&
Partnership: Numerous subsidiaries
On
attachment
- 10K 2012
- 3rd
10Q 2013
On October 21, 2013, Illinois Tool Works Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013.
For the quarter, the company reported operating revenues of $3,568 million compared to $3,733 million a year ago. Operating income was $678 million compared to $667 million a year ago. Income from continuing operations before income taxes was $628 million compared to $616 million a year ago. Income from continuing operations was $406 million or $0.90 per diluted share compared to $445 million or $0.95 per diluted share a year ago. Net income was $452 million or $1.01 per diluted share compared to $524 million or $1.12 per diluted share a year ago. Net cash provided by operating activities was $811 million compared to $635 million a year ago. Additions to plant and equipment were $79 million compared to $90 million a year ago. Free operating cash flow was $732 million compared to $545 million a year ago. Adjusted operating income was $678 million compared to $626 million a year ago. Diluted EPS was $0.99 compared to $0.89 a year ago. Adjusted operating income after taxes was $482 million compared to $452 million a year ago.
For the nine months, the company reported operating revenues of $10,581 million compared to $11,307 million a year ago. Operating income was $1,886 million compared to $1,951 million a year ago. Income from continuing operations before income taxes was $1,774 million compared to $1,830 million a year ago. Income from continuing operations was $1,223 million or $2.70 per diluted share compared to $1,312 million or $2.75 per diluted share a year ago. Net income was $1,271 million or $2.81 per diluted share compared to $1,891 million or $3.97 per diluted share a year ago. Net cash provided by operating activities was $1,820 million compared to $1,467 million a year ago. Additions to plant and equipment were $257 million compared to $274 million a year ago. Free operating cash flow was $1,563 million compared to $1,193 million a year ago. Adjusted operating income was $1,886 million compared to $1,951 million a year ago. Adjusted operating income after taxes was $1,343 million compared to $1,305 million a year ago. The company is now forecasting its full-year diluted income per share from continuing operations to be in a range of $3.56-$3.64. This EPS range assumes a full-year total revenue growth range of 1.0% to 2.0%.
For the 2013 fourth quarter, the company is forecasting diluted income per share from continuing operations to be in a range of $0.85-$0.93 and assumes a total revenue growth range of 2% to 5%. The company expects a tax rate of approximately 29% in line with prior quarter guidance. For the quarter, the company recorded an impairment of goodwill and other intangible assets of $2 million compared with $2 million for the same period a year ago.
Banks: First National Bank of
…
Legal filings & complaints: Several
Secured debts summary (UCC): Numerous
Trade
references:
Date
reported: October 2013
High
credit: USD 100,000+
Now owing: 0
Past due: 0
Last
purchase: September 2013
Line of
business: Office supply
Paying
status: 6 days beyond terms
Date
reported: October 2013
High
credit: USD 70,000,000+
Now owing: 0
Past due: 0
Last
purchase: September 2013
Line of
business: Payroll
Paying
status: As agreed
Date
reported: October 2013
High
credit: USD 16,000
Now owing: 0
Past due: 0
Last
purchase: September 2013
Line of
business: Telecommunications
Paying
status: 5 days beyond terms
Domestic
credit history:
National
Credit Bureaus gave a correct medium credit rating.
According to our credit analysts, during the last 6 months, domestic payments were made with an average of 5 days beyond terms.
International credit history:
Payments of imports are currently made with an average of 2 to 5 days beyond terms.
Other
comments:
The Company
maintains its business.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
The risk
remains low.
Our
opinion:
A business
connection may be conducted.
Standard & Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
The transfer and
convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The political
brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides that
if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada,
France, Germany, and the U.K.--we also observe, based on our base case
scenarios for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.