MIRA INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
PARKDALE MILLS INC |
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Registered Office : |
531 Cotton Blossom Circle Gastonia NC 28054-5245 |
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Country : |
United States |
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Date of Incorporation : |
13.05.1916 |
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Com. Reg. No.: |
0110480 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufacturer of spun yarn |
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 : |
2 000 000 USD |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
PARKDALE |
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Address in the order: |
US Cotton Corporate Headquarters 531 Cotton Blossom Circle Gastonia
North Carloina |
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Comments on data supplied: |
The complete name is PARKDALE MILLS INC. |
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Legal Name: |
PARKDALE MILLS INC |
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Legal Address |
531 Cotton Blossom Circle Gastonia NC 28054-5245 USA |
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Mailing Address |
P.O. BOX 1787 GASTONIA, NORTH CAROLINA 28053 USA |
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Telephone: |
+1 (704) 874-5000 |
Registration Number : |
0110480 |
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Fax: |
+1 (704) 874-5175 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
North Carolina |
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Website: |
Date Created: |
1916 |
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Manager: |
ANDERSON W WARLICK |
Date Incorporated: |
May 13, 1916 |
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Staff: |
3000 (at group level) |
Stock: |
1200000 |
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SIC Code : |
229998 |
Value: |
N.A. |
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Activity: |
Manufacturer of spun yarn |
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BANKS
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Name of the Bank |
WACHOVIA |
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Location |
PO BOX 2705 WINSTON SALEM NC 27102 |
BUSINESS
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PRINCIPAL ACTIVITY |
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The company engages in manufacturing and marketing spun yarn in the United
States, Columbia, and Mexico. |
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Products/Services description: |
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It offers weaving, knitting, hosiery, industrial, military, and home
furnishing yarns. Organic cotton and coolmax fibers, as well as amsler, cored, and
coarse count plied yarns. |
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Sales are: |
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Wholesale |
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Clients: |
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Textile industry (Jockey International, Lands' End, L.L. Bean, and
Springmaid) |
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Operations area: |
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National, International |
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The company imports from China |
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The company export to Canada, Latin and Central America and the
Caribbean |
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Trade References: |
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The person contacted refused to provide the names of their suppliers
for us to check the trade references. |
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Competitors: |
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Ruddick Corporation Ruddick Operating Company Unifi, Inc |
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The subject employs 3000 employee(s) |
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PAYMENTS |
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made on a 55 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company is headquartered at the above address. |
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The property is: |
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Owned |
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Branches: |
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The company has 23 plants in US, located in Mt. Holly, Sparta,
Sanford, Walnut Cove, Boonville, Landis, Monroe, Belmont, Salisbury,
Thomasville, Kings Mountain, Lexington, and Gastonia, North Carolina; Hillsville,
Virginia; Alexander City, Alabama; Edgefield and Graniteville, South
Carolina; Mexico; and Colombia. |
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Business Overview: |
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The US textile manufacturing industry includes about 9,000 companies
with combined annual sales of about $60 billion. Major companies include
International Textile Group and Unifi. The industry is concentrated: the 50
largest companies generate more than 60 percent of revenue. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Management: |
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Chairman Duke Kimbrell President and CEO Anderson Warlick Eexecutive VP Charles Heilig VP Finance Cecelia Meade CECELIA MEADE, VICE PRESIDENT CONTROL & FINANCE |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted accounting department representative who
refused to provide us any financial data on grounds of confidentiality. |
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However our financial sources could provide us with the following
data: |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
699,000,000 |
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Operating Income |
23,000,000 |
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Net Income |
16,000,000 |
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Net worth |
75,000,000 |
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Liabilities |
30,000,000 |
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The cash flow is |
Normal |
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Legal Fillings |
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There are many UCC files listed with the
Secretary of State of North Carolina. There are no legal filings listed with the
District Court. The last annual report was filed on
5/24/2010. For information: 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
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Local credit bureau gave a correct credit
rate. The company is in Good Standing. This
means that all local and federal taxes were paid on due date. |
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Final Opinion |
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The company has 95 years in the business. It is a large sized American company,
evolving in a stable sector. Profitability is correct, indebtedness is
medium, cash is normal and payments are regular. We did not find a specific adverse record
against the subject. A credit line may be considered for 2 000
000 USD. |
SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
MEDIUM |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Position |
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Accounting department representative |
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Comments |
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He refused to provide us any financial information on grounds of
confidentiality. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.43 |
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Euro |
1 |
Rs.63.62 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.