MIRA
INFORM REPORT
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Report Date : |
24.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPRINGS GLOBAL US, INC. |
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Registered Office : |
205 North White Street, Fort Mill, South Carolina 29715
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Country : |
United States |
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Date of Incorporation : |
28/10/2005 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
Manufacturer and wholesaler of home furnishings |
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 : |
Usually correct |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name : SPRINGS GLOBAL US,
INC.
Address :
205 NORTH WHITE STREET
City :
FORT MILL
State/Province :
SOUTH CAROLINA
Zip Code :
29715
Country :
UNITED STATES
Telephone : 803
547-1500
Facsimile :
803 547-3740
Legal Form :
Corporation - Private
As of :
--
Sales / Revenue : --
Net Income : --
Total Equity : --
Number of Employees : 300
Website :
www.springs.com
Business Activity :
Springs Global US, Inc. is a manufacturer and wholesaler of home furnishings in
the
United States.
NOTE TO CLIENT
Contact person: Mr. Flavio Barbosa, Chief Financial Officer.
Mr. Barbosa provided the information for this report.
LEGAL
Legal Form :
Corporation - Private
Since (D/M/Y) :
28/10/2005
State/Province of Incorporation :
DE
Status :
ACTIVE
Previous Legal Form :
Company is NOT required to publish an annual financial report.
The Company is incorporated in the state of Delaware.
File Number: 4052784
Incorporation Date / Formation Date: 10/28/2005
Entity Name: SPRINGS GLOBAL US, INC.
Entity Kind: CORPORATION
Entity Type: GENERAL
Residency: DOMESTIC
State: DE
REGISTERED AGENT
INFORMATION
Name: NATIONAL REGISTERED AGENTS, INC.
Address: 160 GREENTREE DRIVE SUITE 101
City: DOVER County: KENT
State: DE Postal Code: 19904
===============================================================
The Company is qualified in the state of South Carolina.
SPRINGS GLOBAL US, INC.
DOMESTIC / FOREIGN: Foreign
STATUS: Good Standing
STATE OF INCORPORATION / ORGANIZATION:
DELAWARE
REGISTERED AGENT INFORMATION
REGISTERED AGENT NAME: C T
CORPORATION SYSTEM
ADDRESS: 75 BEATTIE PLACE
CITY: GREENVILLE
STATE: SC
ZIP: 29601
FILE DATE: 12/09/2005
EFFECTIVE DATE: 12/09/2005
Managers/Key
Personnel
Ms. Crandall Bowles CO-
Chairman & Chief Executive Officer
Mr. Josué Gomes da Silva CO-
Chairman & Chief Executive Officer
Mr. Flavio Barbosa
Chief
Financial Officer
AFFILIATED ENTITIES
The Company has three affiliates:
Springs de Mexico S.A. de C.V.
Springs Canada Ltd.
Springs Industries Asia Inc.
Parent Companies
Parent Company: Springs
Global Participações S.A.
Montes Claros, Minas Gerais
BRAZIL
BANKS
WACHOVIA BANK
SC
Telephone: 704 715-8596
Facsimile: 704 374-2703
Account Number:
Account Manager: Bruce Rhodes
We have forwarded a fax to the above bank. The report will be updated
once we receive a response from the bank.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY
REPTD SALE TERMS $
$ % 30
60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
APPAREL
07-01 07-01 NET 45 1141700 155000
0 10 22 26 42
FACTOR
06-12 00-00 VARIED 0 0 0 0
0 0 0
LUMBR& WOOD 06-12 06-07 VARIED 127000
1800 0 0
0 0 100
COMMUN SVC 06-06 06-06 NET 30 3200
3200 35 15
24 26 0
CURRENT QUARTER 1268700
156800 0 10
22 26 42
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070200
0 8 75 156800 0 10
22 26 42
20070100
0 8 38 146600 0 24
75 0 1
20061200
0 9 16 194900 0 99
0 0 1
20061100
0 8 16 194900 0 99
0 0 1
20061000
0 8 15 349900 1 99
0 0 0
20060900
0 8 35 1800 0 35
65 0 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Fourth
2006 22 178800 0 78 21
0 1
Third
2006 35 395200 0 46 40
14 0
Second
2006 31 726500 0 54
40 6 0
First
2006 15 455000 0 100 0 0
0
Fourth
2005 15 297300 0 100 0 0
0
FINANCIAL INFORMATION
Mr. Barbosa stated he will provide a summary of the Company's
financials, however did state that the Company's net sales for 2005 was in the
US 1.8 billion range.
CURRENT OPERATIONS
NAICS Code: 42122 Home Furnishing Wholesalers
SIC Code: 5023
Number of Employees:
300
Business Activity:
Springs Global US, Inc. is a manufacturer and wholesaler of home
furnishings in the United States. The
Subject offers a complete line of sheets, towels, comforters, blankets, bed
pillows, bath rugs, window treatments and other home furnishings, home sewing
fabrics and baby products to major retailers. Major home furnishings brands
include Wamsutta, Springmaid, Nanik, Court of Versailles, Graber, Bali, Daisy
Kingdom, and Springs Baby.
The heading address is the headquarters location.
The Company operates 13 plants and distribution centers in the United
States.
PUBLIC RECORD
No derogatory legal action was filed against the Subject nor were there
any Uniform Commercial Codes that were filed by the Subject.
A search of bankruptcy courts revealed no record of the Subject filing
for bankruptcy.
GENERAL COMMENTS
SPRINGS GLOBAL US, INC. is a manufacturer and distributor of home
furnishings. Payment history indicates
some slow payment trends. Legal indicate no negative litigation taken against
the Subject. Thus, the Company is considered to be responsible for normal
business transactions.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions