MIRA INFORM REPORT

 

 

Report Date :

29.11.2012

 

IDENTIFICATION DETAILS

 

Name :

WHITE GOLD COTTON MARKETING, LLC

 

 

Registered Office :

5555 Business Park South, Ste 210, Bakersfield, CA 93309

 

 

Country :

United States

 

 

Date of Incorporation :

04.02.2011

 

 

Legal Form :

LLC  

 

 

Line of Business :

Wholesaler and Distributor of Cotton

 

 

No. of Employees :

3

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United States

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

United States - ECONOMIC OVERVIEW

 

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

 

Source : CIA

 

Company name    

 

WHITE GOLD COTTON MARKETING, LLC

 

 

Address        

 

 5555 Business Park South, Ste 210, Bakersfield, CA 93309 –  USA

 

Telephone:                    +1 661-636-0280

 

Fax:                              +1 661-636-0286

 

Website:                        www.wgacotton.com

 

Corporate ID#:               201103510466

 

State:                           California

 

Judicial form:                 LLC  

 

Date incorporated:          February 4, 2011

 

Stock Value:                 A LLC has no stock

 

Name of manager:          Mark COSTA

 

 

ACTIVITIES & OPERATIONS

 

IST

 

Business:

 

Wholesaler and distributor of cotton.

The Company exports to Central and South America.

 

EIN:                  -

 

Staff:     3

 

Operations & branches:

 

At the headquarters, we find the corporate office of the group.

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

 

Mark COSTA is the Member.

 

Management:

 

Mark COSTA is the President and CEO

Mark graduated from the University of San Francisco with a Bachelor of Science degree in Human Relations and Organizational Behavior and is also a graduate of Murdoch’s International Cotton School in Memphis, Tennessee. Being the son of a cotton grower, he wanted to use his schooling in the industry he was already familiar with, and so he joined the sales department of Calcot, Ltd. in 1976. Success came quickly and after a short time he assumed the role of assistant export sales manager, a position he held until his departure in1983. It was then that he accepted the position of Vice President with another Bakersfield cotton merchandising firm where he ultimately assumed responsibility for all U.S. domestic sales. Continuing his upward climb, he later served as president of the same firm until his departure in 2002.

Since February of that year, he has served as Chief Executive Officer of White Gold Association Inc., now White Gold Cotton LLC, where his duties include oversight of all cotton trading and merchandising functions. His outside activities keep him in touch with the industry where Mr. Costa has served as a member of the board of directors for the Western Cotton Shippers Association

from 1988 to 1991 and from 1996 to 2002.

 

As far as we know, he is also the President and other corporations including:

 

WHITE GOLD COTTON, LLC

5555 Business Park South, Ste 210, Bakersfield, CA 93309

Incorporated in California on 11-20-2001

ID# 200133010003

Sales 2011:  USD 12,000,000=

 

 

FINANCIALS

 

In United States, privately held corporations are not required to publish any financials.

 

On a direct call, a sales assistant controlled the present report but deferred any financials.

We sent a fax but no answer received.

 

WHITE GOLD COTTON LLC reported sales for year 2011 is in the range of USD 12,000,000=

 

The business is said to be profitable.

 

Banks:  Rabobank

            45 E. River Park Place, Fresno, CA 93720

            Ph: 559-447-7800

 

 

LEGAL FILINGS

 

Legal filings & complaints:

 

As of today date, there is no legal filing pending with the Courts.

 

Secured debts summary (UCC):  

 

File number: 117287671959

Date filed: 10-12-2011

Secured Party: Rabobank

45 E. River Park Place, Fresno, CA 93720

 

Haut du formulaire

 

 

COMPANY CREDIT HISTORY

 

Trade references:

 

Date reported:                November 2012

High credit:                    USD 3,000

Now owing:                                0

Past due:                                  0

Last purchase:               October 2012

Line of business:            Office supply

Paying status:               On terms

 

Date reported:                November 2012

High credit:                    USD 5,000+

Now owing:                                0

Past due:                                  0

Last purchase:               October 2012

Line of business:            Payroll

Paying status:               As agreed

 

Domestic credit history:

 

Domestic credit history appears as follow:

 

Monthly Payment Trends - Recent Activity

 

Date

Balance

Current

Up to 30 DBT

31-60 DBT

61-90 DBT

>90 DBT

05/12

$3,200

100%

0%

0%

0%

0%

06/12

$3,500

100%

0%

0%

0%

0%

07/12

$3,100

100%

0%

0%

0%

0%

08/12

$3,100

100%

0%

0%

0%

0%

09/12

$3,100

100%

0%

0%

0%

0%

10/12

$3,300

100%

0%

0%

0%

0%

 

 

National Credit Bureaus gave a satisfying credit rating.

 

According to our credit analysts, during the last 6 months, payments ware prompt and regular.

 

Other comments:

 

The Company maintains a regular business.

 

The bank confirmed a regular account.

 

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

 

The risk is low.

 

Our opinion:

 

A business connection may be conducted.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.