MIRA
INFORM REPORT
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Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
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Name : |
EVERGREEN ENTERPRISES INC |
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Registered Office : |
5915 Midlothian Tpke Richmond, VA 23225-5917 |
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Country : |
United States |
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Year of Establishment : |
1993 |
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Legal Form : |
Private Parent |
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Line of Business : |
Wholesale of textiles |
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No. of Employees : |
150 |
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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Maximum Credit Limit : |
$ 25,000 (USD) |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
A2 |
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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 |
Company name and address
Evergreen Enterprises Inc
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Business
Description
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Evergreen Enterprises is a wholesale provider of a range of products
for homes and gardens. The company provides online order placement and
tracking services. It offers several logistics and storage solutions. The company
also provides online shopping and payment options. It offers coasters,
clocks, candleholders, mugs, and television and serving trays and cutlery
sets. Evergreen Enterprises provides aprons, cutting boards, floor mats and
furniture. It offers a variety of table linens, cushions and pillows. The
company provides wine and bar accessories that include buckets, bar sets, and
wine caddies, stoppers and racks. In addition, Evergreen Enterprises has been
in operation since 1993. The company provides products under Cypress Home and
Cape Craftsmen brands. |
Industry
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Industry |
Personal and Household Products |
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ANZSIC 2006: |
3711 - Textile Product Wholesaling |
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NACE 2002: |
5141 - Wholesale of textiles |
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NAICS 2002: |
42431 - Piece Goods, Notions, and Other
Dry Goods Merchant Wholesalers |
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UK SIC 2003: |
5141 - Wholesale of textiles |
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US SIC 1987: |
5131 - Piece Goods, Notions, and Other Dry
Good |
Key Executives (Emails Available)
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Corporate Structure News
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Evergreen
Enterprises Inc |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Richmond, VA |
United States |
Personal and Household Products |
26.6 |
150 |
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Subsidiary |
Madison, VA |
United States |
Recreational Products |
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500 |
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Subsidiary |
Madison, VA |
United States |
Retail (Specialty) |
40.0 |
300 |
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Subsidiary |
Wilmington, NC |
United States |
Personal and Household Products |
0.3 |
2 |
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Subsidiary |
Madison, VA |
United States |
Recreational Products |
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Subsidiary |
Madison, VA |
United States |
Furniture and Fixtures |
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Executives Report
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Fireside Gel Fuel
recalled
UPI Business News: 29 October 2011
[What follows is the full text of the news story.]
The U.S. Consumer
Product Safety Commission announced a voluntary recall of 23,400 bottles of
Fireside Gel Fuel due to burn and fire hazards.
The gel fuel
produced by Evergreen Enterprises of Richmond, Va., can unexpectedly splatter
and ignite, posing a fire risk, the commission said in a statement.
The recalled
bottles include pourable gel fuels in 30-ounce plastic bottles that were sold
with or without citronella oil. "Fireside" and "Gel Fuel,"
as well as "Evergreen" and "Flag & Garden" are printed
on the bottles.
The gel fuel was
sold from December 2010 through September 2011 for about $10.
Consumers were
advised to stop using the gel fuel and return the bottles to the company for a
full refund.
Consumers can call
877-558-1511 for information.
Evergreen
Enterprises Recalls Pourable Gel Fuel Due to Burn and Flash Fire Hazards
PR Newswire US: 25 October 2011
[What follows is the full text of the news story.]
WASHINGTON, Oct.
25, 2011 /PRNewswire-USNewswire/ -- The U.S. Consumer Product Safety
Commission, in cooperation with the firm named below, today announced a
voluntary recall of the following consumer products. Consumers should stop
using recalled products immediately unless otherwise instructed.ďż˝ It is
illegal to resell or attempt to resell a recalled consumer product.
(Logo:
http://photos.prnewswire.com/prnh/20030904/USCSCLOGO)
Name of product: Fireside Gel Fuel Bottles
Units: About 23,400 bottles
Distributor: Evergreen Enterprises, Richmond, Va.
Manufacturer: 2 Burn Inc., of Milwaukee ďż˝
Hazard: The pourable gel fuel can ignite unexpectedly and splatter onto
people and objects nearby when it is poured into a firepot that is still
burning. This hazard can occur if the consumer does not see the flame or is not
aware that the firepot is still ignited. Gel fuel that splatters and ignites
can pose fire and burn risks to consumers that can be fatal.
Incidents/Injuries:Evergreen Enterprises is not aware of any reports of
incidents involving Fireside Gel Fuel.
Description: This recall involves pourable gel fuels packaged in
30-ounce plastic bottles and sold with or without citronella oil. The words
"Fireside," "Gel Fuel," "Evergreen" and
"Flag & Garden" are on the container labels. The bottles were
sold by the case in quantities of 12. The gel fuel is poured into a stainless
steel or ceramic cup in the center of ceramic or glass firepots or other
decorative lighting devices and ignited. The following products are being
recalled:
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Name of product |
Size |
Model Number |
UPC |
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Fireside Gel
Fuel |
30-ounce (case
of 12) |
5G001 |
746851581199 |
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Fireside Gel
Fuel-Citronella |
30-ounce (case
of 12) |
5G002 |
746851581205 |
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Sold at: Independent Retailers from December 2010 through September 2011 for
between $9.99 and $11.99
Manufactured in: United States
Remedy: �Consumers should immediately stop using the pourable gel fuel
and return the gel fuel to the company for a full refund.
Consumer Contact: For additional information, contact Evergreen
Enterprises toll-free at (877) 558-1511 between 8:30 a.m. and 5:30 p.m. ET
Monday through Friday, or visit the company's website at www.myevergreen.com.
Photos of this product are available at
www.cpsc.gov/CPSCPUB/PREREL/prhtml12/12020.html.
For more information about gel fuels, please see:
News Release:Nine Manufacturers, Distributors Announce Consumer
Recall of Pourable Gel Fuel Due to Burn and Flash Fire Hazards (Sept. 1, 2011)
News Release: Napa Home & Garden Recalls NAPAfire and FIREGEL Pourable
Gel Fuel Due to Fire and Burn Hazards (June 22, 2011)
OnSafety Blog: Stop Using Pourable Gel Fuels (June 22, 2011)
Alert:Press Statement on Gel Fuels and Other Illuminating Fuels ďż˝
(June 14, 2011)
The U.S. Consumer
Product Safety Commission (CPSC) is still interested in receiving incident or
injury reports that are either directly related to this product recall or
involve a different hazard with the same product. Please tell us about your
experience with the product on SaferProducts.gov.
Firm's Recall Hotline: (877) 558-1511
CPSC Recall Hotline: (800) 638-2772
CPSC Media Contact: (301) 504-7908
SOURCE U.S.
Consumer Product Safety Commission
Sorry Donald--TransMedia
Group Opens Office in Beijing and Appoints Former Office Depot China Sourcing
Manager to Boost Trade
TransMedia Group
Information Technology Newsweekly: 28 September 2011
[What follows is the full text of the news story.]
Sorry Donald, the
international PR firmTransMedia Group (www.transmediagroup.com) believes it's
better to be friends with China and has opened an office in Beijing dedicated
to doing that.
The international
PR firm named Jia Jie (JieJ@transmediagroup.com) Executive VP, China-U.S.
Public Relations and Marketing. She will head its China operations and manage
subsidiary, www.chinatransmedia.com. The firm's clients in China include Cince,
operator of Yuguiyuan theme park and luxury hotel in Tianjin, China's third
largest city.
According to
TransMedia Group's founder and CEO Tom Madden, Jia will divide her time between
China and the U.S. promoting trade and commerce between U.S. and China.
"Contrary to
Trump, instead of a trade war with China, we see infinitely more benefits flowing
from a deeper friendship between our two countries," said Madden. "To
paraphrase a mascot tuna, 'Sorry, Donald, but China is not looking for pundits
with "good taste," but partners for good trade.'"
Jia Jie was born
in Tianjin, China where she graduated from Tianjin University with a bachelor's
degree in business management and MBA. In 1993 she earned a Master's degree in
computer engineering from FAU.
In China she was
director of sales and marketing at Vanke, the largest real estate developer in
China. In the U.S. she worked at Office Depot worldwide headquarters. Her
positions were E-commerce category manager, global sourcing manger.
She also was
senior director of global sourcing and the country manger in China for
EverGreen Enterprises Inc., in charge of the sourcing department of "Plow
& Hearth" and "Wind & Weather," subsidiaries of
Evergreen Enterprises Inc. In 2008 she created her own company, Top Information
Technology Co., Ltd. in Hefei, China.
Among her awards
are "Outstanding Young Business Woman" presented by the Tianjin
Government. She also was nominated for "Top 1000 Talented Business
Leaders" selected by China central government and received first "
Top 100 Talented Business Leaders" award from the government of Anhui
province.
TransMedia Group
is a full-service, multi-lingual public relations and marketing firm serving
clients worldwide since 1981.
Earlier this year,
the multi-lingual firm opened an office in Paris and expects soon to open an
office in Sao Paulo, Brazil as the PR firm's international business continues
to expand.
Media contact:
Adrienne Mazzone 561-750-9800 x210; Email: amazzone@transmediagroup.com.
McDonnell
overhauls Virginia Port Authority board
Daily Press (Newport News, VA): 22 July 2011
[What follows is the full text of the news story.]
July 22--Gov. Bob
McDonnell on Friday announced a massive overhaul of the Virginia Port
Authority's Board of Commissioners, replacing 10 of the board's 11 members with
new appointees, a majority of whom are seasoned business leaders with strong
ties to the Republican Party.
Impatient with
lackluster growth at the port and dismayed with a board that is short on
business experience and viewed as a rubber stamp, the governor inserted a group
of experienced business leaders who "understand competition, international
business and trade," said Transportation Secretary Sean T. Connaughton.
"We were
looking at the numbers and they're very clear," he said Friday.
"Every other port on the East Coast has gotten back to pre-recession
(cargo) volumes with the exception of one, and that's us. This is not meant to
be negative on the current port board members, but most of them just don't
understand" the business.
Among those
removed were the board's chairman, John G. Milliken, and vice chair, Deborah K.
Stearns. The lone board member who will remain is Michael J. Quillen, the CEO
and chairman of Alpha Natural Resources, a major coal producer based in
Abingdon.
A majority of the
new board members are executive-level business people who have been significant
contributors to Republican candidates and causes, including McDonnell's 2009
campaign for governor.
The list includes
former Del. William Fralin, a Roanoke Republican who served in the state House
from 2004 to 2010 and now is vice president of a 7,000-employee health care
firm; Jeffrey D. Wassmer, CEO of Newport News-based Spectrum Comm Inc., a
technology defense contractor; and Robert M. Stanton, a Virginia Beach
developer.
"Given the
critical importance of the port, the governor wanted to bring in a whole new
board composed of business people who understand competition and trade,"
Connaughton said. "That means people who can read a balance sheet and make
decisions based on business experience."
Connaughton said he
and the governor expect the new board members "to question everything, to
be aggressive and really, really challenge the staff" of the port
authority.
Each of the 10 new
members will be sworn in on Tuesday during the port authority's annual meeting
in Norfolk.
The wholesale
changes ordered by McDonnell are unprecedented at the Virginia Port Authority,
the state agency formed in 1952 to oversee the operations of the region's
seaports, said long-time employees and industry officials.
The port
authority's board, which oversees the direction and strategy of the state
agency and appoints and sets compensation for its executive director, serves at
the pleasure of the governor. Members are appointed to five-year terms. They
are minimally compensated for their duties.
Before Friday, all
11 of the port authority's board members were appointed by former Govs. Mark
Warner and Timothy M. Kaine, bothDemocrats.
Four board
members' terms ended on June 30. Those members -- Stephen M. Cumbie, Joe B.
Fleming, Marvin S. Friedberg and J. Granger Macfarlane II -- had continued to
serve until replacements was named.
The six who were
removed -- Milliken, Stearns, Barbara J. Fried, Mark B. Goodwin, Alan R. Jones
and Thomas M. Wolf -- had between one and three years remaining in their terms.
McDonnell was
widely expected to replace the four members whose terms expired last month, as
is typical when the governorship changes hands. But few expected the dramatic
shakeup announced on Friday.
Three board
members contacted on Thursday said they had no knowledge of McDonnell's plan to
clean house. Two others said rumors of a board makeover had been persistent
since the governor took office in January 2010.
Dismissed board
members were informed of the governor's decision on Friday and told they did
not need to attend the board's next meeting scheduled for Tuesday.
Most members of
the outgoing board played a part in hiring current port authority Executive
Director Jerry A. Bridges, oversaw the state's year-long flirtation with
privatization offers and the acquisition of a 20-year lease worth $1.2 billion
at APM Terminals Inc.'sPortsmouth marine terminal.
But the board
nearly always voted unanimously on matters before it and rarely questioned the
port authority's leadership or decisions, at least not in public sessions.
Its members
included four real estate executives, a Baptist pastor and a physical
therapist.
Despite the APM
lease and other developments, growth has been stagnant in Virginia. Through
June, year-to-date cargo volume is up an anemic 0.9 percent. The port also
figures to lose about $11 million in the APM deal between the current fiscal
year and the one that just ended.
"We expect
the new board to look at (the port authority) and get its house in order,"
Connaughton said. "This board is a business board. We look at it like a
board of directors of a multibillion-dollar business that the state is in, and
we're competing against other ports in the United States, Canada and Mexico. We
definitely have not gotten the impression that (the current board) understands
that."
The new board
includes a host of business executives, including Scott Bergeron, the manager
of the world's largest ship registry, and Frank Laughon, the chairman emeritus
of a refrigerated food company that relies on the port.
Bergeron is a
longtime Connaughton supporter. Laughon has given $113,800 to Republicans over
the last decade, including $11,000 to McDonnell in his run for governor and
$2,000 in his run for attorney general, according to the Virginia Public Access
Project, a nonprofit that tracks political donations.
Other members:
-- Wassmer, who
donated $41,005 almost exclusively to Republican causes and candidates over the
last eight years, including $7,000 to McDonnell during his run for governor.
-- Fralin, who donated
$116,429 to Republicans over the last decade, including $500 to McDonnell in
his run for attorney general.
-- Stanton, who
has donated $35,500 to Republicans since 2001, including $10,000 to McDonnell
for his run for governor and $5,000 during his run for attorney general.
-- Norfolk
attorney James M. Boyd, who has donated $41,245 to Republicans over the last
decade, including $7,000 to McDonnell for his run for attorney general.
-- Juliann J.
Clemente, president of a McLean developer who has donated $11,812 to
Republicans over the last decade, including $1,869 to McDonnell in his run for
governor.
-- Jennifer
Aument, a registered lobbyist and a vice president for Transurban USA Inc. in
Alexandria, an international toll road operator and investor.
-- John Pullen,
president of Luck Development Partners, a Richmond developer.
-- Ting Xu,
president of Richmond-based Evergreen Enterprises, the nation's largest flag
designer and wholesaler.
J. Tucker Martin,
a McDonnell spokesman, said the governor's decisions were based solely on
qualifications and experience. "They don't look at anything else," he
said, including whether they were political donors.
___
To see more of the
Daily Press, or to subscribe to the newspaper, go to http://www.dailypress.com.
Copyright (c)
2011, Daily Press, Newport News, Va.
Distributed by
McClatchy-Tribune Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail services@mctinfoservices.com,
or call 866-280-5210 (outside the United States, call +1 312-222-4544)
Anti-wind
protesters to attend Rollins wind project event
Bangor Daily News (ME): 16 July 2011
[What follows is the full text of the news story.]
July 16--LINCOLN,
Maine -- Protesters who feel that the $130 millionRollins Mountain industrial
wind facility is a blight upon the landscape will be among those on hand at the
project's ribbon-cutting on Wednesday, one of the group's organizers says.
"Two groups
should stand together to protest the ribbon-cutting of the soon-to-be
operational wind project: people from the Lincoln Lakes region who are affected
by the project and people from all over the state who strive to stop the
proliferation of industrial wind power in Maine," said Brad Blake, a
leader of the Friends of Lincoln Lakes group that has been fighting in Augusta
and in the courts to stop the northern Penobscot County project.
The
invitation-only event will be held at the Rollins site off Route 6 at 11:30 a.m.
to commemorate the completion of the project, said Travis Small, a spokesman
for First Wind, the Massachusetts-based owner of the project.
The state's first
wind site that will generate electricity for Maine's utility rate payers, the
40 1 1/2 -megawatt turbines at Rollins are just about ready to start. Financed
partially with an $81 million construction loan and a $17 million letter of
credit by Key Bank National Association and Norddeutsche Landesbank
Girozentrale, Germany's 10th largest financial institution, the project is
expected to have a maximum capacity of 60 megawatts, though such projects
typically create no more than 30 percent of their capacity.
The turbines are
on ridgelines in Burlington, Lincoln, Lee and Winn. Site clearing and other
prep work began in late September, with pouring of the turbine's concrete bases
and turbine assembly starting in October.
Nearly 200
industrial turbines -- most standing nearly 400 feet tall, from base to blade
tip -- are now spinning or being built in locations from Aroostook County to
Vinalhaven in Penobscot Bay.
The project is
among many opposed by anti-wind groups, which say such wind farms harm wildlife
and threaten human health, lower land values and are federal and state
investments of questionable worth.
The groups have
lost all of their legal fights against Rollins, but they haven't stopped
fighting, and they claim that their memberships are increasing as more projects
start around the state.
Blake said the
protesters will be there in part to "engage the media" and prevent an
imbalanced picture of such projects from emerging.
Local officials
and project proponents said that about 200 workers have been regularly
employed, and as many as 500 have done brief stints on the site, since
construction began in September 2010. Contractors said the project provided a
bounty of work for them and many town businesses. Daigle Oil, Hogan Tire Co.,
Evergreen Enterprises LLC., Access Auto & Lincoln Powersports, Clay GMC
Truck Inc., Walmart, the town's three hardware stores and its restaurants and
hotels have received a temporary but powerful infusion of business from
servicing the construction effort, business owners have said.
Town leaders said
that about $267,000 in anticipated tax-increment financing revenue generated by
the project has helped the town maintain its property tax rate at 20.12 mills
while hiring an additional police officer and making several purchases totaling
close to $500,000.
Blake predicted
that the blight such projects represent won't be apparent to local residents
until the turbines go operational, saying that noise disturbance from the
project is inevitable.
If protests occur
at the site, it won't be the first time. Anti-industrial wind protesters
picketed the project in early November, with several arrests occurring.
Prosecutors dropped charges against five protesters in May, saying in their
motion to dismiss the charges that the protesters planned to use "the
process for the purpose of political speech and protest."
"The state
feels that employing the court process for this purpose would be an unwise use
of public funds and unfair to victims of other criminal cases awaiting trial,
especially child abuse and spousal matters," the motion read.
___
To see more of the
Bangor Daily News, or to subscribe to the newspaper, go to
http://www.bangordailynews.com.
Copyright (c)
2011, Bangor Daily News, Maine
Distributed by
McClatchy-Tribune Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
Wind turbine
project boosts Lincoln economy
Bangor Daily News (ME): 25 February 2011
[What follows is the full text of the news story.]
Feb. 25--LINCOLN,
Maine -- Construction is always a job-to-job endeavor, never permanent the way
most jobs are, but about 75 percent of Brandon Matthews' employment over the
last three years has occurred on industrial wind sites such as Rollins
Mountain, he says.
At work on the
$130 million Rollins site off Route 6 since the fall, the 24-year-old
technician from S.W. Cole Engineering Inc. of Bangor figures he will get as
much as four months more work helping install the site's 40 1 1/2 -megawatt
turbines on Rollins ridgelines in Burlington, Lee, Lincoln and Winn.
"Winters are
always difficult for construction workers," Matthews said Thursday.
"A lot of us don't always have work over the winter. This definitely helps
us assuage the threat of layoffs."
The project is
among a half-dozen operating or under construction in Maine from First Wind,
whose operations include Mars Hill Wind in Aroostook County and Stetson Wind
and Stetson Wind II in Washington County. Rollins will be the first industrial
wind site in Maine to sell electricity to Maine's retail providers, First Wind
officials said.
Twenty of the
project's 40 turbines are assembled and need to be wired into the site
transmission lines and commissioned by inspectors from turbine manufacturer
General Electric Co. The rest should be assembled by late April, with the site
starting its generation of as much as 60 megawatts of electricity -- under
ideal wind conditions; such sites more typically average 20 percent to 30
percent of capacity -- by July, said Peter S. Garrett, a general superintendent
for Reed & Reed General Contractors of Woolwich, the lead contracting firm
on the job.
"It's right
on schedule," Garrett said.
The job has had
problems. Ten days of turbine rotor installations were postponed by inclement
weather -- snow and high winds. An accident injured a site subcontractor
several months ago, and workers on-site Thursday were scrambling to finish work
before a National Weather Service-predicted snowstorm dropped 6 to 10 inches of
snow on Friday.
Anti-industrial
wind protesters also picketed the project in early November, claiming that
First Wind carries huge debt and that its project will decimate land values,
threaten residents' health with its turbine sounds and vibration and blight the
ridges' pastoral beauty. They said it would not be built in Maine if not for
the tax breaks First Wind gets.
About 200 workers
have been regularly employed, and as many as 500 have done brief stints on the
site, since construction began on Sept. 20, Reed & Reed officials said,
with the site generating 150,000 hours of work as of Wednesday.
On Thursday,
workers poured tons of concrete into steel-laced pads atop which the turbine
towers, which run as high as 624 feet, will be placed. Two Sargent Corp. cement
trucks from the company's Lincoln site mixed concrete for one pad as workers
shook down the concrete within the pad's steel struts.
Construction of a
5,000-square-foot office for monitoring the site's power generation and the
laying of power cables along the site's interior roads continued.
Sargent has
manufactured an estimated 6,000 yards of concrete for the site, contractors
said, providing a bounty of work not just for Sargent but for other town
companies. Local subcontractors include H.C. Haynes Co., a land owner and
forestry company in Winn; W. T. Gardner & Sons Inc. of Lincoln; and
Treeline Inc. of Chester.
Still other local
businesses, such as Daigle Oil, Hogan Tire Co., Evergreen Enterprises LLC.,
Access Auto & Lincoln Powersports, Clay GMC Truck Inc., Walmart, the town's
three hardware stores and its restaurants and hotels have received a temporary
but powerful infusion of business from servicing the construction effort,
business owners said.
Access Auto &
Lincoln Powersports has reaped $50,000 to $60,000 from the project. Besides
doing vehicle repairs and maintenance for Reed & Reed and the job's
subcontractors, workers bought three or four snowmobiles at $10,000 each and
snowmobile parts, co-owner Peter Lyons said.
"That
estimate is probably a little light," Lyons said. "If I sat down and
figured it, it would probably be more, because you have not just the Reed &
Reed work, but also the individual workers.
"You see them
at Tim Hortons getting coffee and breakfast in the morning and at the food
stores getting things for themselves," Lyon said. "This whole thing
has provided the town a very nice economic impact in a very negative
economy."
To see more of the
Bangor Daily News, or to subscribe to the newspaper, go to
http://www.bangordailynews.com.
Copyright (c)
2011, Bangor Daily News, Maine
Distributed by
McClatchy-Tribune Information Services.
For more
information about the content services offered by McClatchy-Tribune Information
Services (MCT), visit www.mctinfoservices.com, e-mail
services@mctinfoservices.com, or call 866-280-5210 (outside the United States,
call +1 312-222-4544)
RateGain appoints
David Chestler as President, Hospitality Solutions
India PRwire: 10 February 2011
[What follows is the full text of the news story.]
India, Feb. 10 --
RateGain, a leading travel technology provider of competitive price
intelligence, channel management, reputation management & social media
marketing solutions, announces the appointment of renowned hotel industry veteran
David B. Chestler as President, Hospitality Solutions. Chestler brings more
than two decades of sales and strategic business development experience to
RateGain. He will be responsible for RateGain's operations, sales and business
development initiatives across its markets worldwide.
On David's
appointment, Bhanu Chopra, CEO RateGain said, "RateGain has been one of
the fastest growing global travel technology companies and has grown
exponentially in the last 6 years. We have become a preferred solution provider
for channel management and competitive price intelligence tools for a variety
of big brands as well as mid-sized & independent hotels across Europe, US
and Asia. David's experience and credibility will further enhance RateGain's
position to become a true global company and not merely an international
vendor. I am sure with the guidance and vision of David, RateGain will start a
new chapter of success over the next few years."
In his career spanning
more than 20 years, David has worked at senior sales & business development
positions with several other global hotel technology providers such as
BirchStreet Systems, Pegasus Solutions, Utell International, and Visual Data
Corp. Before joining RateGain, David was the Senior VP of Sales & Marketing
at BirchStreet Systems, a leading provider of hospitality industry
e-procurement and back office automation solutions that covers processes from
procurement through payment, also known as "Procure-to-Pay" [P2P]
technology. Some of their clients include Hilton Hotels' worldwide and Hilton
Supply Management, Hyatt, Marriott, Omni, Dolce, Fairmont and many of the
largest groups and chains around the world including Avendra, the world's
largest Group Purchasing Organization.
Prior to
BirchStreet, Chestler was in senior management at Dallas-based Pegasus
Solutions, Inc., one of the world's largest hotel technology providers. His
roles there included Senior Vice President of Corporate Business Development,
SVP Sales and Account Management, VP of the Solution Center and VP Global Sales
of Distribution. As the leading force in forging Pegasus' relationships with
corporate, non-profit and government partners in emerging markets, Chestler
played a critical role in supporting Pegasus' expansion globally. He led the
company's business development initiatives and worked across the organization
to ensure partner and alliance requests were aligned to corporate strategy and
priority. His areas of accountability were: sales, mergers and acquisitions,
strategic partnerships, SBU alliances and affinity programs.
Before Pegasus,
David was the general manager of Visual Data Travel Group, a division of Visual
Data Corporation (now known as On Stream Media) (NASDAQ: ONSM). Prior to that
David served for nine years with Utell International, the world's largest hotel
reservation, sales and marketing company, which is now a service of Pegasus
Solutions. Chestler was vice president of sales and development for Utell,
overseeing $400 million in annual revenue and a portfolio of 1,200 hotels.
David's marketing
experience also includes consultative work for Evergreen Enterprises and Pfizer
Pharmaceutical Company. Before that, he spent five years gaining advertising
and sales and marketing management expertise at a variety of companies
including the MCS Group, Dun and Bradstreet Corp., Burger King Corp. and Ad
Shop/Smith Winston Advertising.
Chestler holds a
bachelor's of science degree from Florida International University. He also
attended American University in Washington, D.C. Based in Dallas, Texas;
Chestler is married and has two daughters. Published by HT Syndication with
permission from India PRwire. For any query with respect to this article or any
other content requirement, please contact Editor at
htsyndication@hindustantimes.com
Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
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.
TORONTO (Standard & Poor's)
Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered
its long-term sovereign credit rating on the United States of America to 'AA+'
from 'AAA'. Standard & Poor's also said that the outlook on the long-term
rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
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 U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
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 U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
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 U.S.'s
finances on a sustainable footing.
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 U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
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 U.S. government. First, the revisions
show that the recent recession was deeper than previously assumed, so the GDP
this year is lower than previously thought in both nominal and real terms.
Consequently, the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when compared with
rebounds following previous post-war recessions. We believe the sluggish pace
of the current economic recovery could be consistent with the experiences of
countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
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 U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
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+'.
On Monday, we
will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.16 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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.