MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPRINGS INDUSTRIES, INC. |
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Registered Office : |
7549 Graber
Road, Middleton, Wi - 53562 |
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Country : |
United States |
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Date of Incorporation : |
1887 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
Manufactures, sells and distributes wholesale window pieces. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
IDENTIFICATION & EXECUTIVE
SUMMARY
Company Name: SPRINGS INDUSTRIES, INC.
Trade Name: Springmaid;
Wamsutta
Address: 7549 GRABER
ROAD
City: MIDDLETON
State/Province: WI
Zip Code: 53562
Country: UNITED
STATES
Telephone: 608-836-1011
Facsimile: 608-836-6280
URL www.springs.com
Legal Form: Corporation -
Private
Founded (D/M/Y): 1887
Sales / Revenue: -
Net Income:
Total Equity:
Number of
Employees: 5,000
Shareholder: The Bowles Family
Business Activity: The Subject manufactures, sells
and distributes wholesale window pieces.
NOTE TO CLIENT
NOTE/SPECIAL
QUESTION: The correct provided name of the Subject is: SPRINGS INDUSTRIES, INC.
The provided address: P.O. BOX 111 corresponds to a former mailing address for a
sister company of the Subject. The Subject, however, is headquartered at the
above-noted address.
-------------------------------------------------------------------------------------------------------------------------------------------------
Mr. Steve Cable,
Chief Financial Officer, provided the following information in this report.
LEGAL
Legal Form: Corporation
- Private
Incorporation
State SC
Status: ACTIVE
Since (D/M/Y): 02/08/1895
The company is NOT
required to publish an annual financial report.
BUSINESS REGISTRY OF SOUTH CAROLINA:
Entity name: SPRINGS INDUSTRIES, INC.
DOMESTIC/FOREIGN: Domestic
STATUS: Positive
STATE OF INCORPORATION: SOUTH CAROLINA
Lucrativa
REGISTERED AGENT INFORMATION
NAME: ROBERT W SULLIVAN
ADDRESS: 205 N WHITE ST,FORT MILL, SC, 29715
REGISTRATION DATE: 08/02/1895
EFFECTIVE DATE: 08/02/1895
----------------------------------------------------------------------
BUSINESS REGISTRY OF WISCONSIN
SPRINGS INDUSTRIES, INC
Entity No.: S052481
Effective date: 04/02/1998
Period of existence: PER
Status: Incorporated/Qualified/Registered as of 04/02/1998
Type of entity: Foreign
Companies are obliged to present an annual report under laws.180.1622 WI.
Incorporation date abroad: 08/02/1895
Paid capital: $90,000
Foreign state: SC
Address of registered agent
C T CORPORATION SYSTEM
8025 EXCELSIOR DR SUITE 200
MADISON, WI 53717
MANAGERS / KEY PERSONNEL
Mr. Crandall
Bowles Chairman of
the Board & President
Mr. Ron Zabel Chief
Executive Officer
Mr. Scott Fawcett President
Mr. Steve Cable Chief Financial
Officer
Owners
The Bowles Family Majority
Heartland
Industrial Partners, LP Minority
SUBSIDIARIES
Springs Window
Fashions, Inc.
State/Province: SC
Country: UNITED STATES
Springs Decorative
Floor, Inc.
State/Province: SC
Country: UNITED STATES
AFFILIATES
Company Name: Springs Global US, Inc.
Address:
City:
State/Province: SC
Zip Code:
Country: UNITED STATES
Telephone:
Facsimile:
Company Name: Springs International Services,
Inc
Address:
City:
State/Province: SC
Zip Code:
Country: UNITED STATES
Telephone:
Facsimile:
Company Name: Spring Canada Inc.
Address:
City:
State/Province: ON
Zip Code:
Country: CANADA
Telephone:
Facsimile:
Company Name: Springs Global Participacoes
S.A.
Address:
City:
State/Province:
Zip Code:
Country: BRAZIL
Telephone:
Facsimile:
Company Name: Charles D. Owen Mfg. Co.
Address:
City:
State/Province: NC
Zip Code:
Country: UNITED STATES
Telephone:
Facsimile:
BANKS
State/Province: SC
Country: UNITED
STATES
The name of the
primary bank could not be obtained from management. J.P. Morgan Chase Bank and Wachovia
Bank National Association were mentioned as secured parties for financing.
PAYMENT HISTORY
BUSINESS DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY REPTD SALE TERMS $ $ % 30 60 90 91+ COMMENTS
---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------
ADVERTISNG 07-11 00-00 NET 30 0 0 0 0 0 0 0 CUST 4 YR
AIR TRANS 07-10 07-10 0000000 258500 80900 100 0 0 0 0 CUST 13 YR
BUREAU 07-09 07-09 NET30 500 100 100 0 0 0 0 CUST 6 YR
DAIRY PROD 07-07 00-00 NET 30 0 0 0 0 0 0 0
ELEC SUPLR 07-09 00-00 0000000 0 0 0 0 0 0 0
EQUIPMENT 07-11 00-00 NET 30 1400 0 0 0 0 0 0 CUST 15 YR
FACTOR 07-11 07-07 NET 30 0 0 0 0 0 0 0
FINCL SVCS 07-11 00-00 NET 30 0 0 0 0 0 0 0
FINCL SVCS 07-11 07-01 VARIED 2500 2500 0 0 0 0 100 CHARGE OFF
FOOD DISTR 07-10 07-10 NET 30 4800 400 100 0 0 0 0
FREIGHT 07-11 07-11 VARIED 567500 10900 49 45 4 0 2
FRGHT FWRD 07-11 06-09 NET 30 0 0 0 0 0 0 0
INDUS SUPL 07-10 07-10 NET 30 200 200 100 0 0 0 0 CUST 8 YR
LUMBR&WOOD 07-10 00-00 NET 30 2100 2100 100 0 0 0 0 CUST 95 YR
LUMBR&WOOD 07-10 07-10 VARIED 187600 10200 100 0 0 0 0 CUST 10 YR
MACH DISTR 07-10 07-07 1/10N30 300 0 0 0 0 0 0 CUST 26 YR
MANUFCTRNG 07-11 07-10 VARIED 340100 233600 74 26 0 0 0 CUST 1 YR
MISC MANUF 07-11 07-11 NET 30 44800 3500 100 0 0 0 0
MISC MANUF 07-11 00-00 NET 30 700 200 100 0 0 0 0
OFFC SUPPL 07-11 00-05 CREDIT 0 0 0 0 0 0 0 ACCTCLOSED
PACKAGING 07-11 07-10 NET 30 11700 7800 91 7 2 0 0 CUST 19 YR
SAFTY PROD 07-09 00-00 NET 30 0 0 0 0 0 0 0 CUST 14 YR
SAFTY PROD 07-11 06-09 NET 30 0 0 0 0 0 0 0 CUST 1 YR
TRANSPORTN 07-11 00-00 VARIED 0 0 0 0 0 0 0 CUST 7 YR
TRANSPORTN 07-11 00-00 NET 15 0 0 0 0 0 0 0 ACCTCLOSED
TRUCK DLR 07-11 00-00 CONTRCT 14300 14300 91 9 0 0 0
UTILITY 07-10 07-10 NET 22800 100 100 0 0 0 0 PROMPT
WAREHOUSE 07-11 07-10 VARIED 1800 1400 99 1 0 0 0
WAREHOUSE 07-11 06-10 VARIED 0 0 0 0 0 0 0 ACCTCLOSED
AIR TRANS 06-11 00-00 NET 30 24800 10300 100 0 0 0 0 CUST 22 YR
BLDG MATRL 05-03 04-09 VARIED 400 200 100 0 0 0 0
COMMUNICTN 07-02 06-08 NET 20 300 0 0 0 0 0 0 CUST 7 YR
COMPUTERS 06-06 06-05 0000000 4600 600 0 100 0 0 0
ELEC DISTR 05-02 00-00 NET 30 300 300 0 100 0 0 0
ELEC EQUIP 06-01 00-00 NET 30 0 0 0 0 0 0 0
ELEC EQUIP 05-01 99-11 NET 30 600 0 0 0 0 0 0 CUST 10 YR
ELEC SUPLR 05-04 00-00 VARIED 1200 1200 92 8 0 0 0
FACTOR 05-05 03-07 VARIED 900 800 100 0 0 0 0
FREIGHT 05-04 00-00 NET30 150400 150400 100 0 0 0 0 CUST 4 YR
FREIGHT 07-04 05-01 VARIED 500 500 0 0 100 0 0
FRGHT FWRD 06-01 00-00 NET 30 320700 142500 92 4 4 0 0
FRGHT FWRD 06-07 02-10 NET 30 200 0 0 0 0 0 0
FRGHT FWRD 06-01 06-01 VARIED 400 400 100 0 0 0 0
GIFTWARE 07-04 07-01 CONTRCT 100 0 0 0 0 0 0
HOUSEWARES 06-04 06-03 VARIED 8600 0 0 0 0 0 0
LEASING 05-03 00-00 NET 30 1400 1400 100 0 0 0 0 CUST 1 YR
LUMBR&WOOD 05-05 00-00 0 0 0 0 0 0 0 CUST 1 YR
METAL DIST 07-03 02-06 VARIED 0 0 0 0 0 0 0 CUST 18 YR
MISC MANUF 07-04 07-03 VARIED 15100 8600 0 100 0 0 0
MISC MANUF 06-08 00-00 VARIED 3400 300 45 55 0 0 0
MOTR TRANS 05-12 05-11 NET 30 39500 0 0 0 0 0 0
OFFC SUPPL 07-06 07-06 NET 1600 300 32 68 0 0 0 CUST 8 YR
OFFC SUPPL 05-11 00-04 CREDIT 0 0 0 0 0 0 0 CUST 10 YR
PAINTS 04-12 00-00 VARIED 24700 24700 99 1 0 0 0
PLUMBING 07-04 07-03 NET 10 200 100 0 100 0 0 0
PLBG&HTNG 05-01 04-12 1/10N30 1300 0 0 0 0 0 0 CUST 11 YR
SOAP 06-03 00-00 1/10N30 4700 1100 100 0 0 0 0
TEMP HELP 06-07 00-00 NET 10 3600 300 0 0 100 0 0 CUST 3 YR
TELECOM 06-10 00-00 NET 30 200 100 100 0 0 0 0
TRANSPORTN 05-12 00-00 CONTRCT 22000 10100 0 100 0 0 0
TRANSPORTN 04-11 00-00 VARIED 0 0 0 0 0 0 0
CURRENT QUARTER 1461600 368200 81 18 0 0 1
Payment Trends
INDUSTRY BUSINESS BALANCE CUR 1- 31- 61-
DATE CUR DBT DBT $ % 30 60 90 91+
-------- --- --- --- -------- --- --- --- --- ---
20071100 0 12 5 430400 76 23 0 0 1
20071000 0 12 3 499700 92 5 1 0 2
20070900 0 12 4 454800 90 7 1 0 2
20070800 0 5 3 509000 92 5 1 0 2
20070700 0 5 3 652800 90 8 1 0 1
20070600 0 6 12 716400 79 10 0 2 9
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER YEAR DBT $ % 30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Third 2007 3 464900 91 6 1 0 2
Second 2007 13 450600 83 5 0 1 11
First 2007 2 552800 90 9 1 0 0
Fourth 2006 2 376800 96 2 1 0 1
Third 2006 2 400900 95 2 2 0 1
FINANCIAL INFORMATION
Management
declined to provide any financial information and outside sources could not
provide any insight into the financial condition of the Subject.
Please note that
as a privately-held company, the Subject is not required to disclose financial
statements for public review.
CURRENT OPERATIONS
SIC Code: 2392
NAICS Code: 314129
Other Household
Textile Product Mills
Number of Employees: 5000
Business Activity:
The Subject manufactures, sells and distributes wholesale window pieces.
Products include
rods, brackets, sconces, swag holders, clip rings and blinds. Brand names
include: Nanik, Bali and Graber. Sales are geared towards the international
market.
The headquarters
is at the heading address. The Company has branches in Pennsylvania, Michigan,
Nevada and California.
PUBLIC RECORD
UNIFORM COMMERCIAL CODES:
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 N WHITE ST
FORT MILL, SC 29716
Secured Parties: VERIZON CREDIT, INC.
Filing Date: 10/17/2005
Filing Number: 051017-1105344
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 N WHITE STREET
FORT MILL, SC 29715
Secured Parties: SYMTECH, INC.
Filing Date: 9/14/2005
Filing Number: 050914-0933053
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC
205 N WHITE STREET
FORT MILL, SC 29715
Secured Parties: GENERAL ELECTRIC CAPITAL CORPORATION
Filing Date: 9/8/2005
Filing Number: 050908-1225038
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 NORTH WHITE STREET
FORT MILL, SC 29715
Secured Parties: CIT TECHNOLOGIES CORPORATION
Filing Date: 8/22/2005
Filing Number: 050822-0955058
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 N WHITE ST
FORT MILL, SC 29715
Secured Parties: CIT TECHNOLOGIES CORPORATION
Filing Date: 8/8/2005
Filing Number: 050808-1114124
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
P.O. BOX 70
FORT MILL, SC 29715
SPRINGS INDUSTRIES, INC.
P.O. BOX 70
FORT MILL, SC 29715
Secured Parties: FIRST UNION NATIONAL BANK FIRST UNION NATIONAL BANK OF SOUTH
CAROLINA WACHOVIA BANK NATIONAL ASSOCIAT
Filing Date: 7/20/2005
Filing Number: 050720-0908229
Filing Type: TERMINATION
Original Filing Number: 000928-094449A
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 NORTH WHITE STREET
FORT MILL, SC 29715
Secured Parties: CIT TECHNOLOGIES CORPORATION
Filing Date: 6/27/2005
PO BOX 70
FORT MILL, SC 29715
SPRINGS INDUSTRIES, INC.
PO BOX 70
FORT MILL, SC 29715
Secured Parties: WACHOVIA BANK NATIONAL ASSOCIATION WACHOVIA BANK NATIONAL ASSOCIATION Filing Date: 6/30/2004
Filing Number: 040630-0920281
Filing Type: CONTINUATION
Original Filing Number: 991210-100205A
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES INC
7549 GRABER RD
MIDDLETON, WI 53562-1001
Secured Parties: JP MORGAN CHASE BANK, NA, AS COLLATERAL AGENT WACHOVIA BANK NA
Filing Date: 7/5/2007
Filing Number: 070705-1430056
Filing Type: ASSIGNMENT
Original Filing Number: 070702-1441409
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES INC
7549 GRABER RD
MIDDLETON, WI 53562-1001
Secured Parties: JP MORGAN CHASE BANK, NA, AS COLLATERAL AGENT WACHOVIA BANK NA
Filing Date: 7/2/2007
Filing Number: 070702-1441409
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES INC
205 N WHITE ST
FORT MILL, SC 29715
Secured Parties: GENERAL ELECTRIC CAPITAL CORPORATION
Filing Date: 5/21/2007
Filing Number: 070521-0922068
Filing Type: INITIAL FILING
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES INC.
PO BOX 70
FORT MILL, SC 29715
SPRINGS INDUSTRIES INC.
PO BOX 70
FORT MILL, SC 29715
Secured Parties: FIRST UNION NATIONAL BANK FIRST UNION NATIONAL BANK OF SOUTH
CAROLINA WACHOVIA BANK, NATIONAL ASSOCIATION
Filing Date: 1/2/2007
Filing Number: 070102-1025487
Filing Type: TERMINATION
Original Filing Number: 000131-153118A
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC.
205 NORTH WHITE STREET
FORT MILL, SC 29715
SPRINGS INDUSTRIES, INC.
205 NORTH WHITE STREET
FORT MILL, SC 29715
Secured Parties: CHASE MANHATTAN BANK THE, AS ADMINISTRATIVE AGENT JP MORGAN CHASE BANK NATIONAL
Filing Date: 5/11/2006
Filing Number: 060511-0942309
Filing Type: TERMINATION
Original Filing Number: 010910-142251A
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC
205 NORTH WHITE STREET
FORT MILL, SC 29715
SPRINGS INDUSTRIES, INC
205 NORTH WHITE STREET
FORT MILL, SC 29715
Secured Parties: CIT TECHNOLOGIES CORPORATION SOMERSET LEASING CORP VII
Filing Date: 6/13/2006
Filing Number: 060613-0929441
Filing Type: ASSIGNMENT
Original Filing Number: 051028-1014405
Name Searched: SPRINGS INDUSTRIES INC.
Debtor Address: SPRINGS INDUSTRIES, INC
205 NORTH WHITE STREET
FORT MILL, SC 29715
SPRINGS INDUSTRIES, INC
205 NORTH WHITE STREET
FORT MILL, SC 29715
Secured Parties: CIT TECHNOLOGIES CORPORATION SOMERSET LEASING CORP VII
Filing Date: 6/13/2006
Filing Number: 060613-0929587
Filing Type: ASSIGNMENT
Original Filing Number: 051028-1014176
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NO BANKRUPTCY PETITION WAS FILED BY THE COMPANY.
COMMENTS
Springs Industries, Inc., a well-established firm, is engaged in the manufacturing
of window blinds and hardware.
Payment , though occasionally slow, are considered to be generally satisfactory and a search of public records and bankruptcy courts returned no derogatory information or record of the Company filing a bankruptcy petition. They are considered
acceptable for normal trade relations.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)