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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
THE HILLMAN GROUP, INC. |
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Registered Office : |
10590 Hamilton Avenue, Cincinnati, OH 45231 |
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Country : |
United States |
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Year of Establishment: |
1964 |
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Legal Form : |
Corporation - Profit |
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Line of Business : |
Manufactures and distributes fasteners; keys and key accessories; letters, numbers, and signs; builder’s hardware; and engraving products to the hardware/home improvement industry. |
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No. of Employees : |
1,845 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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: THE HILLMAN GROUP, INC.
Address: 10590 Hamilton Avenue, Cincinnati,
OH 45231 - USA
Telephone: +1
513-851-4900
Fax: +1
513-851-4997
Website: www.hillmangroup.com
Corporate ID#: 2963875
State: Delaware
Judicial form: Corporation - Profit
Date incorporated: November
9, 1998
Date founded: 1964
Stock: -
Value: -
Name of manager: Max
W. HILLMAN
History:
On 06-21-2001, AXXESS
TECHNILOGIES, INC. merged with an into THE HILLMAN GROUP, INC.
On December 1, 2011, the Hillman Group
purchased certain assets of Micasa Trading Corporation, a Miami, Florida based
distributor of the OOK brand of picture hangers and related products (“Ook” or
the “Ook Acquisition”).
The initial purchase price was
approximately $15.3 million paid in cash at closing. The closing purchase price
is subject to closing adjustments for certain changes in the working capital
obtained in the Ook Acquisition as provided in the purchase agreement. In
addition, subject to fulfillment of certain performance conditions in the purchase
agreement, Hillman will pay Micasa an additional earn-out payment of up to $6.0
million in 2013.
The asset acquisition met the definition of
a business for business combinations.
Micasa was established in 1964 and
developed into a major supplier of picture hanging fasteners and innovative
parts within the retail hardware market.
The Ook brand’s excellence in this
specialty category strengthens Hillman’s
position of providing value-added products
and services to home centers and hardware retailers.
Business:
The Hillman Group, Inc. manufactures and distributes fasteners; keys and
key accessories; letters, numbers, and signs; builder’s hardware; and engraving
products to the hardware/home improvement industry.
The company offers fasteners that include anchor wires, chromes,
commercial and industrial programs, consumer package programs, refillable
assortments, and steelworks; and nuts, bolts, and socket products.
It also provides traditional, TransponderKeys/auto security,
licensed/decorative, and Axxess keys; code cutters; key accessories;
distinctions, letters and numbers, and signs; and engraving units and tags.
In addition, the company offers builder’s hardware products, such as
connections, reinforcements, interiors, security products, miniatures, hinges,
decorative doors, gates, storm and screen products, and garage doors.
Hillman is one of the largest providers of hardware-related products and
related merchandising services to retail markets in North America.
The Company’s principal business is operated through its wholly-owned
subsidiary, The Hillman Group, Inc. which had net sales of approximately $506.5
million in 2011.
The Hillman Group sells its products to hardware stores, home centers,
mass merchants, pet supply stores, and other retail outlets principally in the
United States, Australia, Canada, Mexico, Latin America and the Caribbean.
Hillman sells to about 19,000 retail customers in the US, and, to a degree,
in some 60 countries. Customers include Lowe's (its largest buyer), Home Depot,
Wal-Mart, Sears, and PetSmart.
The company was founded in 1964 and is based in Cincinnati, Ohio with
manufacturing and distribution facilities in Pompano Beach and Jacksonville,
Florida; Shafter, California; Forest Park and Solon, Ohio; Lewisville, Texas;
Goodletsville, Tennessee; Tempe, Arizona; Mississauga, Canada; and Garza
Garcia, Mexico.
The Hillman Group, Inc. operates as a subsidiary of Hillman Companies
Inc.
Suppliers include:
TAIWAN SHAN YIN INTERNATIONAL CO. LTD.
No.288, Ersheng 1st Road Kaohsiung 806, Taiwan
JASPER TRADING CO.,LIMITED
RM 605 No.198-5 Fanjiang Road, Ningbo, China
EIN: 31-1623179
Staff: 1,845
Operations & branches:
At the headquarters, we
find a large warehouse and office, on
248,200 sq. foot, owned.
The Company maintains manufacturing and distribution facilities in
Pompano Beach and Jacksonville, Florida; Shafter, California; Forest Park and
Solon, Ohio; Lewisville, Texas; Goodletsville, Tennessee; Tempe, Arizona;
Mississauga, Canada; and Garza Garcia, Mexico.
Shareholders:
THE HILLMAN COMPANIES, INC.
10590 Hamilton Avenue, Cincinnati, OH 45231
Incorporated in Delaware on 12-30-1996
ID# 2702957
Which is a subsidiary of:
OHCP HM Acquisition Corp.
Incorporated in Delaware on 04-20-2010
ID# 4812403
Which is an affiliate of:
OAK HILL CAPITAL PARTNERS LP
263 Tresser Blvd, Ste 15
Stamford, CT 06901
Incorporated in Delaware on 12-08-1998
ID# 2946686
Management:
Maw W. HILLMAN Jr. is the CEO.
Mr. Max W. Hillman, Mick, Jr. serves as the Chief Executive Officer of
Hillman Companies Inc. and its subsidiary Hillman Group Inc. Mr. Hillman serves
as the President at Hillman Companies Inc. He served as a Group Vice President
of Hillman Group Inc., from December 1991 to December 1996. Mr. Hillman served
as the Co-Chief Executive Officer of Hillman Group Inc., from 1999 to November
2001. He has been a Director of Hillman Companies Inc., since September 2001.
Mr. Hillman presently serves on the Board
of Woodstream Corp.
Mr. Hillman previously served as a director
of SunSource Technology Services Inc. and the Boards of State Industrial
Products, Inc. Mr. Hillman’s qualifications to sit on our board of directors
include his role as President and Chief Executive Officer of the Company and
formerly Co-Chief Executive Officer of Hillman Group, prior to the CHS Merger
Transaction.
Richard P. HILLMAN is the President.
Mr. Richard P. Hillman has been the President at The Hillman Group Inc.,
a subsidiary of Hillman Companies Inc., since 1991. Mr. Hillman also served as
the President of Hillman Companies Inc.
Effective May 29, 2012, Todd SPANGLER joined the company as Senior Vice President
and General Manager and will lead Hillman's Tempe, Arizona facility. Mr.
Spangler, age 42, is an operational and engineering leader with a twenty plus
year track record of continuous improvement and customer satisfaction in a
variety of manufacturing environments.
Most recently prior to joining Hillman, Mr. Spangler was Director of
Site Operations and Plant Manager for First Solar, Inc.
Subsidiaries:
All Points Industries, Inc.
Incorporated in Florida
SunSource Integrated Services de Mexico S.A. de C.V.
Incorporated in Ciudad de Mexico, Mexico
The Hillman Group Canada, Ltd.
Incorporated in the Province of Ontario, Canada
The Hillman Group Australia PTY Ltd.
Incorporated in Sydney, Australia
SunSub C, Inc.
Incorporated in Delaware
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In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and confirmed sales for year
2011 up to USD 506,526,000= and a net loss of
USD 9,779,000=
Total assets of USD
1,127,851,000=
For 3 months ending June
2012, sales were about USD 275,614,000= and a net loss of USD 1,531,000=
Banks: Bank of New York
Wells Fargo Bank
JPMorgan Chase Bank
...
Legal filings & complaints:
State: Ohio
Case number: 5:08-cv-01961-DDD
Plaintiff: Hy-Ko Products Company
Defendant: Hillman Group, Inc.
David D. Dowd, Jr, presiding
Date filed: 08/13/2008
Date of last filing: 10/04/2012
Cause: Patent infringement
State: Ohio
Case number: 5:10-cv-00992-DDD
Plaintiff: Hy-Ko Products Company
Defendant: Hillman Group, Inc. et al
David D. Dowd, Jr, presiding
Date filed: 05/04/2010
Date of last filing: 09/25/2012
Cause: Anti Trust litigation
Secured debts summary (UCC): No
UCC (in Ohio)
There are several tax liens in various States.
These are actions taken by the IRS (Internal Revenue Service) for non
payment of taxes since 2010.