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Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAVISTAR INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.12.1965 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Manufactures medium and heavy trucks, and severe service vehicles. |
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No. of Employees : |
4,000+ |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
|
Source
: CIA |
Company name: NAVISTAR INC.
Address:
Telephone: +1
630-753-5000
Fax: +1 630-753-3049
Website: www.internationaltrucks.com
Corporate ID#: 0634619
State:
Judicial form: Corporation – Profit
Date incorporated: 12-22-1965
Stock: -
Value: -
Name of manager:
Business:
Navistar, Inc. manufactures medium and heavy trucks, and severe service
vehicles. It also manufactures diesel engines for various commercial truck and
bus applications; and vehicle parts. In addition, the company provides
maintenance and repair services; and emission-related service information,
customer overhaul protection, and diagnostics services. Its trucks are used in
long haul, regional haul, liquid or dry bulk, beverage, recovery, construction,
government, landscaping, pickup and delivery, utility, emergency, mixer, and
waste applications. The company sells its products, parts, and services through
a network of dealer outlets in the
Navistar, Inc. was formerly known as International Truck and Engine
Corporation.
The company was founded in 1902 and is based in Warrenville, Illinois
with parts distribution center locations in Atlanta, Georgia; Edmonton,
Alberta, Ontario, and Burlington, Canada; Joliet, Illinois; Las Vegas, Nevada;
Querètaro, Mexico; Portland, Oregon; Dubai, United Arab Emirates; York,
Pennsylvania; Johannesburg, South Africa; and Dallas, Texas. Navistar, Inc.
operates as a subsidiary of Navistar International Corporation.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom
No name of foreign suppliers available.
EIN: 36-1264810
Staff: 4,000+
Operations & branches:
At the headquarters, we
find the corporate office of the group.
The group maintains several
factories in the
Shareholders:
NAVISTAR INTERNATIONAL
CORP.
Incorporated in
ID# 2058251
Listed with the NYSE under
symbol NAV.
Management:
Troy A. Clarke has been the President of Navistar Inc. since August 2012
and has been its Chief Executive Officer since March 7, 2013. Mr. Clarke served
as the Chief Operating Officer at Navistar International Corporation from
August 2012 to March 7, 2013. He served as the President of Truck and Engine at
Navistar International Corporation from June 2012 to August 2012. He served as
President of Asia Pacific and Strategic Initiatives at Navistar International
Corporation. Mr. Clarke served as President of Asia Pacific operations at
Navistar, Inc., since April 2011 and Navistar International Corp., since April
20, 2011. He served as Group Vice President of Motors Liquidation Company since
February 4, 2004. He is 38-year automotive industry veteran.
Mr. Clarke served as President of General Motors North America since
July 1, 2006. He served as President of North American operations at Motors
Liquidation Company since July 1, 2006. He served as Group Vice President at
General Motors de Mexico, S. de R. L. de C.V since July 1, 2006. Mr. Clarke
served as Group Vice President of GM since February 4, 2004. He served as GM
Group Vice President of General Motors North America from 2006 to 2009. He
served as the President of GM Asia Pacific from June 1, 2004 to July 1, 2006
and as Vice President of General Motors North America since 2002.
He served as Group Vice President, Manufacturing and Labor Relations of
General Motors Corporation from 2001 to 2004 and was responsible for its
He served as Group Vice President of Motors Liquidation Company since
February 4, 2004. He served as Plant Manager for GM North American Operation's
Mr. Clarke remained at
Mr. Clarke is a Member of the Automotive Strategy Board. He serves as a Director
of the Alliance of Automobile Manufacturers. He serves on the board of
directors of the GM-Toyota NUMMI manufacturing joint venture in
He is GM's key executive to
Walter J. BORST is Executive Vice President and CFO
Curt A. KRAMER is Secretary.
Subsidiaries
And partnership:
|
Navistar Canada, Inc. |
|
|
Navistar Financial Corporation |
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|
IC Bus, LLC |
|
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SST Truck Company, LLC |
|
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Navistar Defense, LLC |
|
In
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent company which reported sales for
fiscal year ending October 2013 up to USD 10,617,000,000= and a net loss of USD
898,000,000=
Banks: JPMorgan Chase Bank
Legal filings
& complaints:
As of today date, there are several legal filing pending with the
various Courts, involving the Company as plaintiff or defendant.
Secured debts
summary (UCC):
|
File Number |
Filing Date |
Secured Party |
|
09/15/2011 |
COMMERCIAL TOOL & DIE, INC. |
|
|
05/02/2011 |
GENERAL ELECTRIC CAPITAL CORPORATION |
|
|
03/09/2011 |
GENERAL ELECTRIC CAPITAL CORPORATION |
|
|
03/07/2008 |
TRANS ADVANTAGE, INC. |
|
|
03/07/2008 |
TRANS ADVANTAGE, INC. |
|
|
09/19/2001 |
RUDOLF'S ENGINE LLC |
|
|
09/19/2001 |
RUDOLF'S ENGINE LLC |
Haut du formulaire
Trade references:
Date reported: January 2014
High credit: USD 40,000
Now owing: 0
Past due: 0
Last purchase: December 2013
Line of business: Office supply
Paying status: 6 days beyond terms
Date reported: January 2014
High credit: USD 5,000,000
Now owing: 0
Past due: 0
Last purchase: December 2013
Line of business: Payroll
Paying status: As agreed
Date reported: January 2014
High credit: USD 3,000
Now owing: 0
Past due: 0
Last purchase: December 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
Domestic credit history
appears as follow:
Monthly Payment Trends - Recent Activity
|
Date |
Up to 30 DBT |
31-60 DBT |
61-90 DBT |
>90 DBT |
||
|
10/13 |
$1,237,800 |
60% |
14% |
8% |
11% |
7% |
|
11/13 |
$2,205,500 |
82% |
7% |
1% |
3% |
7% |
|
12/13 |
$941,500 |
67% |
21% |
5% |
0% |
7% |
|
01/14 |
$1,636,400 |
89% |
6% |
1% |
2% |
2% |
|
02/14 |
$2,609,400 |
93% |
4% |
1% |
1% |
1% |
|
03/14 |
$3,296,300 |
93% |
4% |
1% |
0% |
2% |
National Credit Bureaus
gave a medium credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 5 to 10 days beyond terms.
International
credit history:
Payments of imports are currently made with an average of 2 to 5 days
beyond terms.
The Company is improving
its payments, but the cash remains low, due to high inventories and bad
conditions of the market.
Other comments:
The bank confirmed late
payments.
The Company is in good standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
05-28-2013.
The risk is medium.
Our opinion:
A business connection may
be conducted but we suggest you to check regularly the way of payments.
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
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
Standard & Poor's transfer T&C assessment of the
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.60.18 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.