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MIRA INFORM REPORT
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Report No. : |
484622 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PACCAR INC |
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Registered Office : |
251 Little
Falls Drive Wilmington New Castle DE 19808, USA |
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Country : |
United States |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
1905 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject together with its subsidiaries,
designs, manufactures, and distributes light, medium, and heavy-duty
commercial trucks worldwide. |
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No. of Employees : |
23000 (2016) |
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 : |
Excellent |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $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 has 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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Order: |
BRADEN CARGC
GEARMATIC /It is a division of
PACCAR INC/ |
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Address in the
order: |
PO BOX 547,
BROKEN ARROW, BROKEN ARROW, OK USA 74013 USA |
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Legal Name: |
PACCAR INC |
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Trade Name: |
Braden Cargo
Gearmatic |
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ID: |
776583 91-0351110:
I.R.S. Employer Identification No. |
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Date Created: |
1905 |
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Date
Incorporated: |
11/19/1971 |
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Legal Address: |
251 LITTLE
FALLS DRIVE WILMINGTON
New Castle DE 19808, USA |
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Operative
Address: |
777 - 106th
Avenue N.E. |
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Telephone: |
(918)
251-8511 |
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Fax: |
(918)
259-1575 |
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Legal Form: |
Corporation |
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Email: |
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Registered in: |
DELAWARE |
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Website: |
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Contact: |
Mike Telly |
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Staff: |
On December 31,
2016, the Company had approximately 23,000 employees. |
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Industry: |
Construction
Machinery Manufacturing Industry |
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Banks |
The Bank of
New York Mellon Trust Company, N.A. |
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The Company has
line of credit arrangements of $3,431.0 of which $3,223.4 were unused at
December 31, 2016. Included in these arrangements
are $3,000.0 of syndicated bank facilities, of which $1,000.0 expires in June
2017, $1,000.0 expires in June 2020 and $1,000.0 expires
in June 2021. The Company intends to replace these credit facilities on or
before expiration with facilities of similar amounts and duration. These
credit facilities are maintained primarily to provide backup liquidity for
commercial paper borrowings and maturing medium-term notes. There were no
borrowings under the syndicated bank facilities for the year ended December
31, 2016. |
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HISTORY
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PACCAR Inc
was founded in 1905 and is headquartered in Bellevue, Washington. |
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PACCAR Inc Key
Developments PACCAR Elects Harrie
Schippers as President and Chief Financial Officer, Effective from January 1,
2018 Dec 14 17 The board of
directors of PACCAR elected Harrie Schippers as president and chief financial
officer (CFO) effective January 1, 2018. Mr. Schippers has worked at PACCAR
for 31 years and is currently executive vice president and chief financial
officer at PACCAR’s corporate offices in Bellevue, Washington. PACCAR Inc Announces
Extra Cash Dividend, Payable on January 4, 2018 and Quarterly Dividend,
Payable on March 6, 2018 Dec 5 17 PACCAR Inc.
declared an extra cash dividend in the amount of $1.20 per share, payable on
January 4, 2018, to stockholders of record at the close of business on
December 14, 2017. The board of directors also declared a regular quarterly
cash dividend in the amount of twenty-five cents $0.25 per share, payable on
March 6, 2018, to stockholders of record at the close of business on February
13, 2018. |
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PRINCIPAL ACTIVITY
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PACCAR Inc, together
with its subsidiaries, designs, manufactures, and distributes light, medium,
and heavy-duty commercial trucks worldwide. |
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Products/Services
description: |
It operates in three segments: Truck, Parts, and
Financial Services. The Truck segment offers trucks that are used for the
over-the-road and off-highway hauling of freight, petroleum, wood products,
and construction-related and other materials, as well as manufactures
engines. The company sells its trucks through a network of independent dealers
under the Kenworth, Peterbilt, and DAF nameplates. The Parts segment
distributes aftermarket parts for trucks and related commercial vehicles. The
Financial Services segment conducts full service leasing operations under the
PacLease trade name. This segment provides equipment financing and
administrative support services for its franchisees; retail loans and leasing
services for small, medium, and large commercial trucking companies, as well
as independent owner/operators and other businesses; and truck inventory
financing services to independent dealers. In addition, it offers loans and
leases directly to customers for acquisition of trucks and related equipment.
The company also manufactures and sells industrial winches under the Braden,
Carco, and Gearmatic nameplates. |
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Brands: |
BRADEN GEARMATIC |
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Sales are: |
Wholesale |
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Clients: |
KAIZEN SYSTEMS
LIMITADA |
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Suppliers: |
NA |
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Operations area:
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National and
international |
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The company
imports from |
No import |
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The company
exports to |
Colombia,
Mexico, Russia, Paraguay |
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The subject
employs |
On December 31,
2016, the Company had approximately 23,000 employees. |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
777 - 106th
Avenue N.E. |
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Comments: |
777 106th Ave
NE |
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Fleet of
Vehicles: |
Sizable
Fleet, Predominantly Tractor Trucks |
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Leases: |
The Company
leases certain facilities and computer equipment under operating leases.
Leases expire at various dates through the year 2026. At
January 1, 2017, annual minimum rent payments under non-cancelable operating
leases having initial or remaining terms in
excess of one year are $19.3, $12.2, $7.1, $4.5, $2.4 and $2.6 thereafter.
For the years ended December 31, 2016, 2015 and 2014, total
rental expenses under all leases amounted to $28.8, $30.5 and $34.5,
respectively. |
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Branches: |
PACCAR WINCH |
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Subsidiaries: |
PACCAR of Canada
Ltd. Canada PACCAR Australia
Pty. Ltd. Australia PACCAR Financial
Pty. Ltd. (b) Australia PACCAR Mexico,
S.A. de C.V. Mexico Kenworth
Mexicana, S.A. de C.V. (c) Mexico PACCAR Capital
Mexico, S.A. de C.V. (c) Mexico PACCAR Parts
Mexico, S.A. de C.V. (c) Mexico PacLease
Mexicana, S.A. de C.V. (c) Mexico PACCAR Financial
Mexico, S.A. de C.V. (d) Mexico DAF Caminhões
Brasil Indústria Ltda. (e) Brasil DAF Trucks
N.V. (e) Netherlands DAF Trucks
Vlaanderen N.V. (f) Belgium DAF Trucks
Limited (U.K.) (f) United Kingdom DAF Trucks
Deutschland GmbH (f) Germany DAF Trucks
France, S.A.R.L. (f) France DAF Vehiculos
Industriales S.A.U. (f) Spain DAF Veicoli
Industriali S.P.A. (f) Italy DAF Trucks
Polska SP.Z.O.O. (f) Poland PACCAR Trucks
U.K. Ltd. (e) England and Wales PACCAR Parts
U.K. Limited (g) England and Wales Leyland Trucks
Limited (h) England and Wales PACCAR Engine
Company Mississippi PACCAR
Financial Corp. Washington PACCAR
Financial Services Ltd. (i) Canada PACCAR
Financial Ltd. (j) Canada PACCAR Sales
North America, Inc. Delaware PACCAR
Holding B.V. (k) Netherlands PACCAR Financial
Europe B.V. (e) Netherlands PACCAR
Financial Holdings Europe B.V. (l) Netherlands PACCAR
Financial Belux BVBA (m) Belgium PACCAR
Financial Deutschland GmbH (m) Germany PACCAR
Leasing GmbH (m) Germany PACCAR
Financial Espana S.L.U. (m) Spain PACCAR
Financial France S.A.S. (m) France PACCAR
Financial Italia S.r.l. (m) Italy PACCAR
Financial PLC (m) United Kingdom PACCAR
Financial Nederland B.V. (m) Netherlands PACCAR Financial
Services Europe B.V. (m) Netherlands |
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Competitors: |
Rotork Valvekits
Inc. |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the
stock exchange: |
PACCAR Inc.
(PCAR) |
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Capital: |
The aggregate
market value of the voting stock held by non-affiliates of the registrant as
of June 30, 2016: Common Stock,
$1 par value - $17.86 billion |
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Shares
Outstanding: |
The number of
shares outstanding of the registrant’s classes of common stock, as of January
31, 2017: Common Stock,
$1 par value - 350,896,879 shares |
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Shareholders:
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Management: |
Mark C.
Pigott (63) Executive
Chairman of the Board of Directors since April 2014; Chairman and Chief
Executive Officer from 1997 to April 2014. Mr. Pigott is the brother of John
M. Pigott, a director of the Company. Ronald E.
Armstrong (61) Chief Executive Officer since April 2014; President from
January 2011 to April 2014. Gary L. Moore
(61) Executive
Vice President since January 2016; Senior Vice President from January 2015 to
December 2015; Vice President and General Manager, Kenworth Truck Company
(KW) from January 2012 to December 2014. Harrie C.A.M.
Schippers (54) Executive
Vice President and Chief Financial Officer since February 2017; Senior Vice
President from April 2016 to February 2017; Vice President of PACCAR and
President of DAF Trucks N.V. from April 2010 to April 2016. Officers are
elected annually but may be appointed or removed on interim dates. Michael T.
Barkley (61) Senior Vice
President and Controller since January 2016; Vice President and Controller
from January 2007 to December 2015. Robert A.
Bengston (61) Senior Vice
President, Financial Services since January 2014; Vice President, Financial
Services from March 2009 to December 2013. T. Kyle Quinn
(55) Senior Vice
President and General Manager, Peterbilt since January 2017; Senior Vice
President from January 2016 to January 2017; Senior Vice President and Chief
Information Officer from January 2014 to December 2015; Vice President and
Chief Information Officer from January 2010 to December 2013. Darrin C.
Siver (50) Senior Vice
President since January 2017; Vice President and General Manager, Peterbilt
from June 2013 to
January 2017; Vice President and General Manager, PACCAR Parts from May 2010 to May
2013. James D.
Clack (53) Vice
President, General Counsel and Secretary since May 2016; Assistant General
Counsel from October 2015 to May 2016; Senior Counsel from May 2014 to
October 2015; Senior Legal Counsel at Weyerhaeuser Company from December 2006
to May 2014. Marco A.
Davila (59) Vice President
since March 2015; General Manager, DAF Caminhões Brasil Indústria Ltda. from
June 2011 to February 2015. C. Michael
Dozier (51) Vice
President and General Manager, KW since April 2016; Managing Director, PACCAR
Australia from April 2013 to March 2016; Assistant General Manager -
Operations, Peterbilt from June
2009 to March 2013. R. Preston
Feight (49) Vice
President of PACCAR and President of DAF Trucks N.V. since April 2016; Vice
President and General Manager, KW from January 2015 to April 2016; Assistant
General Manager, Sales and Marketing, KW from April 2012 to December 2014;
Chief Engineer, KW from August 2008 to March 2012. Jack K.
LeVier (57) Vice President, Human Resources since June 2007. A. Lily Ley
(51) Vice
President and Chief Information Officer since January 2017; General Manager
and Chief Information Officer from January 2016 to December 2016; Assistant
General Manager - Global Applications, Information Technology Division (ITD)
from January 2015 to December 2015; Senior Director - Global Applications,
ITD from May 2010 to December 2014. |
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FINANCIAL INFORMATION
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We attach FS2016 |
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PACCAR Inc. announced consolidated earnings results for the third
quarter and nine months ended September 30, 2017. For the quarter, the company reported net sales and revenues of
$4,731.50 million compared to $3,953.20 million a year ago. Revenues were
$328.2 million compared to $296.2 million a year ago. Total income before
income taxes was $581.8 million compared to $494.9 million a year ago. Net income was $402.7 million or $1.14 per basic and diluted share
compared to $346.2 million or $0.98 per diluted share a year ago. For the
nine months, the company reported net sales and Revenue was $13,065.10
million compared to $12,079.60 million a year ago. Revenues were $936.7
million compared to $883 million a year ago. Total income before income taxes was $1,569.00 million compared to
$711.5 million a year ago. Net income was $1,086.00 million or $3.08 per
diluted share compared to $232.9 million or $0.66 per basic and diluted share
a year ago. Net cash provided by operating activities was $1,822.5 million
compared to $1,490.5 million a year ago. Payments for property, plant and
equipment were $295.9 million compared to $242.0 million a year ago. |
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LEGAL FILINGS
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Legal Records |
The Company
and its subsidiaries are parties to various lawsuits incidental to the
ordinary course of business. Management believes that the disposition of such
lawsuits will not materially affect the Company’s business or financial
condition. |
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Trademarks |
PACCAR Inc
Trademarks |
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UCC filings |
2011-242-1413-1
CG AUTOMATION & FIXTURE, INC. Initial 08/30/2011 08/30/2016 |
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SUMMARY
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Founded in
1905, PACCAR Inc, together with its subsidiaries, designs, manufactures, and
distributes light, medium, and heavy-duty commercial trucks worldwide. |
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RISK INFORMATION
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2016 Financial Highlights • Worldwide
net sales and revenues were $17.03 billion in 2016 compared to $19.12 billion
in 2015. • Truck sales
were $12.77 billion in 2016 compared to $14.78 billion in 2015, reflecting
lower industry truck sales in the U.S. and Canada,
partially offset by higher truck sales in Europe. • Parts sales
were $3.01 billion in 2016 compared to $3.06 billion in 2015, reflecting
lower demand in North America and the effect of
translating weaker foreign currencies into the U.S. dollar. • Financial
Services revenues were $1.19 billion in 2016 compared to $1.17 billion in
2015, primarily due to higher average earning
assets, partially offset by currency translation effects. • In 2016,
PACCAR earned net income for the 78th consecutive year. Net income was $521.7
million ($1.48 per diluted share) in 2016. On July
19, 2016, the European Commission (EC) concluded its investigation of all
major European truck manufacturers and reached a
settlement with DAF. Excluding the $833.0 million non-recurring,
non-tax-deductible EC charge recorded in the first half of
2016, the Company earned adjusted net income (non-GAAP) of $1.35 billion
($3.85 per diluted share) in 2016 compared to
net income of $1.60 billion ($4.51 per diluted share) in 2015. The operating
results reflect lower truck and parts sales in the U.S.,
partially offset by increased truck sales in Europe. See Reconciliation of
GAAP to Non-GAAP Financial Measures on page 33. • Capital
investments were $402.7 million in 2016 compared to $308.4 million in 2015,
reflecting additional investments for the construction
of a new DAF cab paint facility in Europe, the Peterbilt plant expansion in
Denton, Texas and a new parts distribution center (PDC) in Renton,
Washington. • After-tax
return on beginning equity (ROE) was 7.5%. Excluding the EC charge, adjusted
ROE (non-GAAP) was 19.5%. See Reconciliation
of GAAP to Non-GAAP Financial Measures on page 33. • Research
and development (R&D) expenses were $247.2 million in 2016 compared to
$239.8 million in 2015. |
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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 |
Dan |
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POSITION |
Operator |
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COMMENTS |
He confirmed
company name, address, executives, name division and experience. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 86.11 |
|
Euro |
1 |
INR 76.59 |
|
US Dollar |
1 |
INR 63.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared by
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TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.