MIRA
INFORM REPORT
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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
1888 MILLS, LLC |
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Registered Office : |
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Country : |
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Year of Establishment : |
2001 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Private Parent Company |
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Line of Business : |
manufacturers
of home and commercial textiles catering to the retail, hospitality and
healthcare markets |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
& address
1888 Mills, LLC
Tel: (630)
620-5222
Fax: (630)
586-9303
Toll Free: (800)
346-3660
Web: www.1888mills.com
synthesis
Employees: 35
Company Type: Private
Parent
Corporate Family: 5
Companies
Incorporation Date: 2001
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 18.4
Total Assets: NA
Business
Description
1888 Mills, LLC is one of the leading global manufacturers of home and commercial textiles catering to the retail, hospitality and healthcare markets worldwide. The company provides bath, bedding and commercial apparel and kitchen textile products. It also offers commercial products to quality hotels and healthcare facilities throughout the world. The company's hospitality brands include Magnificence, Suite Touch and green threads, among others. It is a recipient of the American Hotel Register Company Vendor of the Year award for four consecutive years from 2006 to 2009. 1888 Mills, LLC meets the needs of its global customer base through technology, research and development laboratories, centralized design, scheduling, quality control assurance and distribution.
More Business
Descriptions
Industry
Industry Personal and Household Products
ANZSIC 2006: 1333 - Cut and
Sewn Textile Product Manufacturing
NACE 2002: 1740 - Manufacture
of made-up textile articles, except apparel
NAICS 2002: 314129 - Other
Household Textile Product Mills
UK SIC 2003: 17403 - Manufacture
of household textiles
US SIC 1987: 2392 - House
furnishing, Except Curtains and Draperies
Key
Executives
(Emails Available)
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Name |
Title |
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Jon Simon |
Chief Executive Officer |
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Chief Financial Officer |
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Molly Vilhauer |
Manager-Marketing |
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Raphael Savastano |
Manager-Inforamtion Technology |
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Diane Troxwell |
Manager-Human Resources |
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
Location
Tel: (630)
620-5222
Fax: (630)
586-9303
Toll Free Tel: (800) 346-3660
Web: www.1888mills.com
Sales USD(mil): 18.4
Assets USD(mil): NA
Employees: 35
Industry: Personal
and Household Products
Incorporation Date: 2001
Company Type: Private
Parent
Quoted Status: Not Quoted
Owner: Abdul
Yaqub
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
1333 - Cut and Sewn Textile Product Manufacturing
3711 - Textile Product Wholesaling
NACE 2002 Codes:
5141 - Wholesale of textiles
1740 - Manufacture of made-up textile articles, except apparel
NAICS 2002 Codes:
314129 - Other Household Textile Product Mills
424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers
US SIC 1987:
2392 - House furnishing, Except Curtains and Draperies
5131 - Piece Goods, Notions, and Other Dry Good
17403 - Manufacture of household textiles
5141 - Wholesale of textiles
Business
Description
Linens & Towels Mfr
More Business
Descriptions
Establishments primarily engaged in manufacturing fabricated textile products, not elsewhere classified.
1888 Mills, LLC is one of the leading global manufacturers of home and commercial textiles catering to the retail, hospitality and healthcare markets worldwide. The company provides bath, bedding and commercial apparel and kitchen textile products. It also offers commercial products to quality hotels and healthcare facilities throughout the world. The company's hospitality brands include Magnificence, Suite Touch and green threads, among others. It is a recipient of the American Hotel Register Company Vendor of the Year award for four consecutive years from 2006 to 2009. 1888 Mills, LLC meets the needs of its global customer base through technology, research and development laboratories, centralized design, scheduling, quality control assurance and distribution.
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Credit Report as
of 11/01/2011
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Location |
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County: |
Du Page |
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MSA: |
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Phone: |
630-620-5222 |
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Fax: |
630-620-5499 |
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Toll Free: |
800-346-3660 |
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URL: |
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ABI©: |
445847627 |
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Employees: |
40 |
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Facility Size(ft2): |
10,000 - 39,999 |
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Business Type: |
Private |
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Location Type: |
Headquarter |
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Primary Line of Business: |
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SIC: |
2399-12 - Textile Manufacturers |
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NAICS: |
315999 - All Other Accessory & Apparel Mfg |
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Secondary Lines of Business: |
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NAICS: |
315232 - Women's Blouse & Shirt Mfg |
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423990 - All Other Durable Goods Merchant Whols |
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424330 - Women's & Children's Clothing Merchant Whols |
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SICs: |
2331-03 - Women's Apparel-Manufacturers |
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5099-01 - Exporters (Whls) |
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5137-05 - Women's Apparel-Wholesale |
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Corporate
Family |
Corporate
Structure News: |
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1888 Mills, LLC |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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1888 Mills, LLC |
Parent |
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Personal and Household Products |
18.4 |
35 |
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Feroze1888 Mills Ltd |
Subsidiary |
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Textiles - Non Apparel |
34.0 |
992 |
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1888 Mills LLC |
Branch |
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Apparel and Accessories |
49.2 |
275 |
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1888 Mills LLC |
Branch |
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Apparel and Accessories |
10.7 |
60 |
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1888 Mills LLC |
Branch |
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Textiles - Non Apparel |
1.0 |
4 |
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Executive report
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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Owner |
Chief Executive Officer |
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Chief Financial Officer |
Finance Executive |
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Manager-Human Resources |
Human Resources Executive |
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President-Retail Sales |
Sales Executive |
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Vice President-Hospitality Sales |
Sales Executive |
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Manager-Marketing |
Marketing Executive |
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Manager-Inforamtion Technology |
Information Executive |
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Manager-Development, Hospitality Division |
Business Development Executive |
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Feroze 1888
declare 20 % dividend
Daily Pak Banker (
05 October 2011
[What follows is
the full text of the news story.]
Feroze 1888
declare 20 % dividend
Balochistan Times
(
04 October 2011
[What follows is
the full text of the news story.]
Standard
& Poor’s
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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.
The transfer and convertibility
(T&C) assessment of the
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
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
The political brinksmanship of
recent months highlights what we see as
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
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
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
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
Standard & Poor's
transfer T&C assessment of the
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+'.
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.76 |
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|
1 |
Rs.86.80 |
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Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.