MIRA INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GIBBS INTERNATIONAL INC |
|
|
|
|
Registered Office : |
9855 Warren Abernathy Hwy, Spratanburg, South Carolina 29301 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
30.05.1974 |
|
|
|
|
Legal Form : |
Corporation for Profit |
|
|
|
|
Line of Business : |
Textile Wholesaler |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
Unknown |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United States |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GEOPOLITICS - UNITED STATES
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Federal
|
Currency: 100 USD = 69 EUR |
IDENTIFICATION
|
Ordered as: |
Gibbs International Inc |
||
|
Address in the order: |
P O Box 1727 9855 Wareen H Abernathy Highway Spartanburg South
Carolina USA SC 29301 |
||
|
|
|
||
|
Legal Name: |
Gibbs International Inc |
||
|
Legal Address |
9855 Warren Abernathy Hwy, Spratanburg, South Carolina 29301, USA |
||
|
Mailing Address |
P.O. Box 1727 Spartanburg, South Carolina 29304 USA |
||
|
Telephone: |
+1 (864) 439-0296 |
ID : |
218159 |
|
Fax: |
+1 (864) 439-7544 |
Legal Form: |
Corporation for Profit |
|
Email: |
sales@gibbsinternational.com |
Registered in: |
South Carolina |
|
Website: |
www.gibbsinternational.com |
Date Created: |
1974 |
|
Manager: |
JIMMY I GIBBS, PRESIDENT |
Date Incorporated: |
May 30th, 1974 |
|
Staff: |
30 employees |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Textile wholesaler. |
||
BANKS
|
Name of the Bank |
Carolina Alliance Bank |
|
Name of the Bank |
US Bancorp |
|
Name of the Bank |
Bank Of America |
|
Name of the Bank |
Wachowia Bank |
BUSINESS
|
HISTORY |
|
|
|
This company was created in 1974. |
|
PRINCIPAL ACTIVITY |
|
|
|
This company is a trader of textile companies with a secondary
business in industrial real estate. In the past 5 years, the company through its associates and
international agents has become engaged in global investments including
renewable energy, power generation, oil exploration, currency and commodity
hedging, as well as public infrastructure improvement projects. |
|
Products/Services description: |
|
|
|
Textile Alternative Energy Solutions Real Estate Alternative Financial/Leasing Infrastructure Medical Miscellaneous |
|
Sales are: |
|
|
|
Wholesale |
|
Clients: |
|
|
|
Various industries |
|
Operations area: |
|
|
|
National, International |
|
The company does not import |
|
|
The company does not export |
|
|
Trade References: |
|
|
|
The trade references were not confirmed with the staff. |
|
The subject employs 30 employee(s) |
|
|
PAYMENTS |
|
|
|
regular |
|
Branches: |
|
|
|
There were no branches found for this company |
Shareholders - Manager - Related Companies
|
Shareholders Parent Company(ies): |
|
|
|
The company is privately held company, and has Mr Jim Gibbs as the
main shareholder. |
|
Management: |
|
|
|
Jimmy I. Gibbs - President & CEO J. Brian Honeycutt - Executive VP - Finance & Administration Greg Boozer - Logistics John H. Gieser - VP - Mergers, Acquisitions & Real Estate Al Clark - VP - International and Domestic Sales Arlis Owen - Sales/Special Projects Gerardo Lastiri - Sales Director, Latin America John McInnish - Domestic Sales Richard "Butch" Genoble- Real Estate Sales, Leasing and Development
Bill Bridges - Director of Marketing/Special Projects Mark Smith - Auxiliary Sales Pierre Kuehnel - International Sales (Europe) Sandra Huber - Sales Assistant (Europe) Raymond Hargreaves - International Sales Rick Glow - Parts Sales Warren Battle - International Sales (Asia) Kellie McInnis - Sales Assistant Mary Lou Mann - Sales Assistant Sherry Cook - Sales Assistant Lynn Arnone - Sales Assistant |
Financials - COMMERCIAL TRENDS AND FORECAST
|
As a private company the subject does not publish any financial
statements. |
|
We have contacted a female representative who refused to provide us
any financial data on grounds of confidentiality. |
|
However our financial sources could provide us with the following data
(estimates): |
|
Currency |
DATE |
|
USD |
2010 |
|
Turnover |
6,100,000 |
|
Currency |
DATE |
|
USD |
2009 |
|
Turnover |
9,420,000 |
|
Operating Income |
218,000 |
|
Net Income |
162,000 |
|
Net worth |
2,000,000 |
|
Bank liabilities |
550,000 |
|
The cash flow is |
Normal |
|
Legal Fillings |
|
There are 139 UCC files listed with the
Secretary of State of South Carolina. There are no legal filings listed with the
District Court. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom United States citizens and permanent residents are prohibited from doing
business. ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and corporations. |
Rating
|
Local credit bureau gave a medium credit rate. |
|
|
|
|
|
The company is in Good Standing. This means that all local and federal taxes were paid on due date. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opinion |
|
|
|
|
|
|
|
|
|
|
|
This is a medium size co |
|
mpany wit 30 employees and 37 years of experience. |
|
|
|
|
|
There were no legal filings found against the company or its legal representatives. |
|
|
|
|
|
We've contacted the company but they refused to provide us any information per security purposes. |
|
|
|
|
|
Our financial source |
|
s though provided us with the financial figures for the year 2010. |
|
|
|
|
|
The company gave a correct profitability for that year, though the revenue decreased significantly on a 35% compared to last year. |
|
|
|
|
|
At this point, we suggest a credit line of USD 20,000 as |
|
a maximum, and we suggest monitoring the length of payments. |
|
|
|
|
|
|
SUMMARY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
CORRECT |
|
|
|
Public Records |
|
|
|
NO |
|
|
|
|
|
|
|
Indebtedness |
|
|
|
CONTROLLED |
|
|
|
Payments |
|
|
|
TO BE MONITORED |
|
|
|
|
|
|
|
Cash |
|
|
|
NORMAL |
|
|
|
|
|
|
|
|
|
|
APPENDIX
|
Person In |
|
terviewed |
|
|
|
|
|
|
|
|
|
Female representative |
|
|
|
|
|
|
|
Comments |
|
|
|
|
|
|
|
|
|
She refused to provide us any financial data on grounds of confidentiality. |
|
|
|
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
|
|
Unit |
|
|
|
Indian Rupees |
|
|
|
|
|
|
|
US Dollar |
|
|
|
1 |
|
|
|
Rs. |
|
44.68 |
|
|
|
|
|
|
|
UK Pound |
|
|
|
1 |
|
|
|
Rs. |
|
7 |
|
3.05 |
|
|
|
|
|
|
|
Euro1 Rs.64.29 |
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%)