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MIRA INFORM REPORT
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Report No. : |
493093 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PLAINS COTTON
COOPERATIVE ASSOCIATION |
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Registered Office : |
3301 East 50th St,
Lubbock, TX 79404 |
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Country : |
United Sates |
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Date of Incorporation : |
15.09.1953 |
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Legal Form : |
Cooperative Association |
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Line of Business : |
Subject is mid-sized
organization in the farm-product raw materials companies industry |
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No. of Employees : |
460 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 Sates |
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 SATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $57,300. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.
In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With US GDP growth below 2%, the Fed opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
PLAINS COTTON
COOPERATIVE ASSOCIATION |
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Trade Name: |
PLAINS COTTON COOPERATIVE
ASSOCIATION PCCA |
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ID: |
17508688987 |
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Date Created: |
1953 |
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Date Incorporated: |
09/15/1953 |
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Legal Address: |
3301 East 50th St Lubbock, TX 79404 USA |
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Operative Address: |
3301 East 50th St Lubbock, TX 79404 USA |
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Telephone: |
806-763-8011 800-333-8011 toll free |
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Fax: |
806-762-7400 |
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Legal Form: |
COOPERATIVE ASSOCIATION |
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Email: |
Jayci.Cave@pcca.com Bryan.Gregory@pcca.com |
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Registered in: |
TEXAS |
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Website: |
www.pcca.com |
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Contact: |
Kevin Brinkley, President
and Chief Executive Officer Sam Hill, Executive
Vice President and Vice President of Finance & Treasurer Wallace L.
Darneille, Registered Agent |
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Staff: |
460 |
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Activity: |
NAICS 1: Other Farm
Product Raw Material Merchant Wholesalers NAICS 2: Broadwoven
Fabric Mills NAICS 3: Farm
Product Warehousing and Storage SIC 1: Cotton
Merchants SIC 2: Denims SIC 3: Cotton
Compresses And Warehouses |
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BANKS: |
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The company does not make its
banking data public |
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HISTORY
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The company was founded in 1953 |
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Key Developments: |
During the 1970s
and 1980s PCCA transferred its system of cotton trading, used for decades, to
an electronic platform. In 1975 the PCCA introduced TELCOT, a computer-based
system that allowed buyers and sellers to trade cotton in a central place. In
addition to simplifying transactions, TELCOT extended the reach of PCCA
marketing capabilities to additional cotton merchants and textile mills. The
system incorporated all existing trading options and improved on them. The
PCCA formed TELMARK, Inc. in 1985 to provide TELCOT services to independent
ginning outfits and cotton producers in Texas and Oklahoma. This extension of
the system increased its sales volume, thus lowering operating costs. The PCCA also
introduced an Online Gin Bookkeeping (GBK) system. GBK replaced paper
bookkeeping with an electronic system designed for cotton gins. In addition
to regular payroll, financial statements, and tax accounting applications,
the system included special features like Bale Accounting. In 1987 PCCA
purchased the denim cotton mill from ACG. The mill brought more than $100
million in revenue to PCCA members in west Texas and, by this time,
southwestern Oklahoma. Acquisition of the mill provided security that the mill
would remain in operation for the long term under regional cooperation. The
acquisition furthered vertical integration of cotton processing, from cotton
field to textile market, by adding the textile mill process. In February 1989
TELCOT processed the trade of 385,599 bales of cotton in a single day, a
record that signaled the need for improvements to make the system more
efficient. That year PCCA enhanced the TELCOT system with the Electronic
Title System (ETS). In 2000, PCCA
joined with others to form The Seam®, a web-based electronic marketing system
that provides grower-owners with access to a larger number of cotton buyers. |
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PRINCIPAL
ACTIVITY
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Plains Cotton Cooperative
Association is a mid-sized organization in the farm-product raw materials
companies industry located in Lubbock, TX. |
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Products/Services description: |
Plains Cotton
Cooperative Association (PCCA) buys, sells, and markets farm products. The Company
produces cotton, as well as provides warehousing facilities. Marketing: Pool Marketing Cash Marketing Forward Contracts Buying Cotton Marketing Staff Gin Services: Scale Ticket
Software Module Tracking Marketing and
Invoicing Gin Accounting Gin Patronage Inventory Control
and Point of Sale Support and
Training Technology
Solutions In addition to
cotton marketing based in Lubbock, Texas, PCCA also owns cotton warehouse
facilities in Texas, Oklahoma and Kansas and develops and offers software programs
to local co-op gins. |
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Brands: |
NA |
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Sales are: |
Wholesale |
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Clients: |
Sintofil Ca. Ecuador Hilos De Yecapixtla Sa De Cv Mexico |
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Suppliers: |
CORDUROY SA DE CV Mexico Avery Dennison Converted Products Mexico PARRAS CONE DE MEXICO S A DE C V Mexico |
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Operations area: |
National and International |
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The company imports from |
Mexico |
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The company exports to |
Mexico and Ecuador |
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The subject employs |
460 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
3301 East 50th St Lubbock, TX 79404 USA |
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Comments: |
NA |
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Branches: |
OFFICES: Telmark LP P.O. Box 2917 Lubbock, Texas
79408 (806) 763-3000 Tel (806) 763-2011 Fax www.TelmarkCotton.com Oklahoma Field
Office P.O. Box 918 Altus, OK 73522 580-482-3227 South Texas Field
Office P.O. Box 9015 Corpus Christi, TX
78408 361-884-6677 Kansas Field Office 4441 N. Rushwood
Ct. Bel Aire, Kansas
67226 620-655-0695 Rolling Plains
Field Office P.O. Box 197 Sweetwater, TX
79556 325-236-6614 Central Texas Field
Office P.O. Box 823 Taylor, TX 76574 512-352-8011 WAREHOUSE DIVISION: PCCA Sweetwater TX Sweetwater, Big
Spring, Rule P.O. Box 197 Sweetwater, TX
79556 325-236-6614 PCCA Altus OK Altus, Liberal,
Memphis P.O. Box 918 Altus, OK 73521 580-482-3227 |
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Main Competitors |
Acg Cotton
Marketing, L.L.C. 1408 Texas Ave Cotton Bass Company 3424 59Th St Cotton Patton
Company 109 N Norwich Ave |
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Related Companies: |
PCCA is a member of
AMCOT, the National Cotton Council of America, the National Council of Farmer
Cooperatives, the International Cotton Association, and the Texas
Agricultural Cooperative Council. |
GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company. The company
does not disclose information on shareholders. We could not confirm major
holders. |
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Management: |
Kevin Brinkley, President and Chief Executive
Officer Sam Hill, Executive Vice President and
Vice President of Finance & Treasurer Greg Bell, Vice President of Admin &
HR Jay Cowart, Vice President of Warehouse
Operations Charley Triplett, Vice President of
Member Services Joe Tubb, Vice President of Information
Systems Lonnie Winters, Vice President of
Marketing John Johnson, Director of Public
Relations & Legislative Affairs and Corporate Secretary Eddie Smith, Chairman Lexie Fennell, Vice Chairman Robbie Robbins, Board of Directors Mark True, Board of Directors Charles Macha, Board of Directors Dean Vardeman, Board of Directors Dahlen Hancock, Board of Directors Steve Moore, Board of Directors Billy Eggemeyer, Board of Directors Frank DeStefano, Board of Directors Steve Bauer, Board of Directors |
FINANCIAL
INFORMATION
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The company does not make its financial statements
public. The following information has been provided by private sources: |
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USD 2015 |
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Revenue |
900,000,000 |
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Net Income |
20,500,000 |
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Total Liabilities |
50,000,000 |
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LEGAL
FILINGS
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Patents |
Goods database employing electronic
title or documentary-type title Patent number: 5063507 Abstract: A commodity trading system having
a centralized computer and data base. Each commodity, such as a bale of
cotton, is represented in the data base as a file having all the information
unique to such bale, including a title flag. The title flag field of the file
indicates whether the title to the cotton bale is carried by way of a
card-type warehouse receipt, or electronically. The electronic representation
of title eliminates the transferral of documentary type title which is
traditionally mailed to various locations to follow the trading transactions. Type: Grant Filed: September 14, 1990 Date of Patent: November 5, 1991 Assignee: Plains Cotton Cooperative
Association Inventors: James D. Lindsey, Charles D.
Hutton, Joe W. Tubb, Carol L. Shipman, Albert S. Kyle, III Method for carrying out transactions of
goods using electronic title Patent number: 5285383 Abstract: A commodity trading system
having a centralized computer and data base. Each commodity, such as a bale
of cotton, or a block of bales, is represented in the data base as a file
having all the information unique to such bale, including a title flag. The
title flag field of bale record and block record indicates whether the title
to the cotton bale, or block of bales, is carried by way of a card-type
warehouse receipt, or electronically. The electronic representation of title
eliminates the transferral of documentary type title which is traditionally
mailed to various locations to follow the trading transactions. Type: Grant Filed: October 15, 1991 Date of Patent: February 8, 1994 Assignee: Plains Cotton Cooperative
Association Inventors: James D. Lindsey, Charles D.
Hutton, Joe W. Tubb, Carol L. Shipman, Albert S. Kyle, III |
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Trademarks |
TELCOT III PC - Trademark Details Status: 710 - Cancelled - Section 8 Image for trademark with serial number
73654670 Serial Number73654670 Registration Number1468125 Word Mark TELCOT III PC Status710 - Cancelled - Section 8 Status Date2008-09-13 Filing Date1987-04-13 Registration Number1468125 Registration Date1987-12-08 Mark Drawing3S17 - Illustration: Drawing
or design which also includes word(s)/ letter(s)/number(s) 75% Reduction Design Searches051308 - Cotton plants. Published for Opposition Date1987-09-15 Attorney Name WENDELL COFFEE Law Office Assigned Location Code530 Employee Name ERSKINE, KATHRYN D TELCOT - Trademark Details Status: 710 - Cancelled - Section 8 Image for trademark with serial number
73654671 Serial Number73654671 Registration Number1468267 Word Mark TELCOT Status710 - Cancelled - Section 8 Status Date2008-09-13 Filing Date1987-04-13 Registration Number1468267 Registration Date1987-12-08 Mark Drawing1000 - Typeset:
Word(s)/letter(s)/number(s) Typeset Published for Opposition Date1987-09-15 Attorney Name WENDELL COFFEE Law Office Assigned Location Code530 Employee Name ERSKINE, KATHRYN D TELCOT III PC - Trademark Details Status: 710 - Cancelled - Section 8 Image for trademark with serial number
73655029 Serial Number73655029 Registration Number1468269 Word Mark TELCOT III PC Status710 - Cancelled - Section 8 Status Date1994-06-13 Filing Date1987-04-13 Registration Number1468269 Registration Date1987-12-08 Mark Drawing3S17 - Illustration: Drawing
or design which also includes word(s)/ letter(s)/number(s) 75% Reduction Design Searches051325 - Other plants
including bales of hay or straw. Published for Opposition Date1987-09-15 Attorney Name WENDELL COFFEE Law Office Assigned Location Code530 Employee Name ERSKINE, KATHRYN D |
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Cases |
CLABORN v. PLAINS
COTTON COOPERATIVE ASSOCIATION 2009 OK CIV APP 39 211 P.3d 915 Case Number: 105479 Decided: 02/06/2009 Mandate Issued:
04/23/2009 DIVISION I THE COURT OF CIVIL
APPEALS OF THE STATE OF OKLAHOMA, DIVISION I JAMES D. CLABORN
and DEBBIE CLABORN, Plaintiffs/Appellants, v. PLAINS COTTON
COOPERATIVE ASSOCIATION d/b/a OKLAHOMA COTTON COOPERATIVE ASSOCIATION,
Defendant/Appellee. APPEAL FROM THE
DISTRICT COURT OF JACKSON COUNTY, OKLAHOMA HONORABLE RICHARD
B. DARBY, JUDGE AFFIRMED Plains Cotton Cooperative
Association of Lubbock, Texas,plaintiff-appellant, v. Goodpasture Computer
Service, Inc., William James Godlove,richard R. Fisher, Peter H. Cushman, and
Clarencemichael Smith, Defendants-appellees, 807 F.2d 1256 (5th Cir. 1987) Annotate this Case U.S. Court of
Appeals for the Fifth Circuit - 807 F.2d 1256 (5th Cir. 1987) Jan. 21, 1987.
Rehearing and Rehearing En Banc Denied Feb. 19, 1987 Plains Cotton
Cooperative Association v. Gray et al Plaintiff: Plains
Cotton Cooperative Association Defendant: Gary
Gray and Gray Farms Inc Case Number:
5:2017fj00002 Filed: January 11,
2017 Court: Oklahoma
Western District Court Office: Oklahoma
City Office County: XX US,
Outside State Presiding Judge:
Timothy D. DeGiusti Nature of Suit:
Other Statutory Actions Cause of Action:
Civil Miscellaneous Case Jury Demanded By:
None |
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UCC |
No found |
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OFAC Sanctions
List Search |
The company
is not listed in the OFAC list. |
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SUMMARY
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Founded in 1953, Plains Cotton Cooperative
Association is a mid-sized organization in the farm-product raw materials
companies industry located in Lubbock, TX. The company has 460 full-time employees
and generates an estimated USD 890 million in annual revenue. The company imports from Mexico, and
exports to Mexico and Ecuador, operating within national and international
markets. This has been an ACTIVE company
incorporated in TEXAS in 1953. |
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW
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NAME |
Carla |
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POSITION |
Operator |
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COMMENTS |
She confirmed legal name, trade name,
website, telephone, address and principal activity. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 65.05 |
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1 |
INR 90.41 |
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Euro |
1 |
INR 79.82 |
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USD |
1 |
INR 64.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
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 |
|
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.