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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SPRINGS GLOBAL US, LLC |
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Registered Office : |
205 N. White Street, Fort Mill, SC 29715 |
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Country : |
United States |
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Date of Incorporation : |
28.10.2005 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject designs, produces, and distributes bed and bath integrated
textile home furnishings worldwide |
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No. of Employees : |
6000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company name: SPRINGS GLOBAL US, LLC
Address: 205 N. White Street, Fort Mill, SC
29715 - USA
Telephone: +1
803-547-1500
Fax: +1 803-547-1636
Website: www.springs.com
Corporate ID#: 4052784
State: Delaware
Judicial form: Corporation – Profit
Date incorporated: 10-28-2005
Stock: -
Value: -
Name of manager: Christiano Josue Gomes de Silva
Business:
Springs Global US, Inc. designs, produces, and distributes bed and bath
integrated textile home furnishings worldwide. It offers sheets and pillow
cases, comforters, duvets, ensembles, soft decorative window fashions, quilts,
pillows, mattress pads, blankets, towels, shower curtains, bath rugs, and bath
accessories. The company sells its products through retailers primarily in
North and South America. Springs Global US, Inc. was incorporated in 2005 and
is based in Fort Mill, South Carolina. Springs Global US, Inc. operates as a
subsidiary of Springs Global Participações S.A.
The company offers products from the Wamsutta, Springmaid, Artex,
Santista, Regal and Dundee brands. It offers fabric window treatment and home
furnishing solutions for clients in North America and South America, as well as
Europe. The company operates several manufacturing facilities.
The Company imports maintain from Asia.
EIN: 20-3707005
Staff: 6,000
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, on
80,000 sq. ft. owned.
Shareholders:
Springs Global Participações S.A.
Avenue Magalhaes Pinto 4000
Montes Claros, MG 39404-166
Brazil
Springs Global Participações S.A., through its subsidiaries, engages in
the manufacture and sale of textile home furnishings primarily in Brazil, the
United States, Argentina, and Canada.
The Company is listed in Sao Paulo under symbol SGPS3.
Management:
Mr. Josué Christiano Gomes da Silva serves as the Chairman of the Board
and Chief Executive Officer of Companhia de Tecidos Norte de Minas.
Mr. da Silva has been the Chairman of the Board and Chief Executive
Officer at Springs Global Participacoes S.A. since April 30, 2008 and January
24, 2006 respectively and also serves as its Chief Financial Officer and
Investor Relations Officer. Mr. da Silva serves as the Chairman of the Board
and Chief Executive Officer at Springs Global US, Inc. He also serves as the
Chairman of the Board of Directors and Chief Executive Officer of Wembley,
S.A.; Empresa Nacional de Comércio, Rédito e Participações, S.A.; and Companhia
Tecidos Santanense. He serves as Chief Executive Officer of José Alencar Gomes
da Silva - Participações e Empreendimentos, S.A.; Fazenda do Cantagalo, Ltda.;
Wembley Palace Hotel, Ltda.; Empresa Construtora Norte de Minas, Ltda.;
and Empresa de Comércio e Participações, Ltda. He previously served as
Vice President of Companhia de Tecidos Norte de Minas. He served as Managing
Director of both Instituto de Estudos para o Desenvolvimento Industrial and
Associação Brasileira da Industria Têxtil e de Confecções. Mr. da Silva served
as Co-Chairman and Co-Chief Executive Officer of Springs Global US, Inc.
He served as Chairman of IEDI from 2005 to 2009. He serves as a Director
of Companhia de Tecidos Norte de Minas and Springs Global Participacoes S.A.
He has been a Director of Embraer SA since 2011. He also serves as a Member
of the Board of Directors of both Instituto de Estudos para o Desenvolvimento
Industrial (IEDI), and Empresários da América Latina. He serves as Deputy
Managing Director of both Federação das Industrias do Estado de São Paulo
(FIESP) and the International Textile Manufacturers Federation (ITMF).
He serves as the President of the Society of Northern Minas Fabrics, or
Coteminas. In addition, he served as 3rd Vice-President of the Federal State
Industries of Sao Paulo (FIESP), as Vice President of the International Textile
Manufactures Federation, or ITMF, and as Vice President of the Latin America
Business Council, or CEAL. He was Chairman of the Superior Industry Association
Textile and Apparel (ABIT) from 2005 to 2007 and also served as its Member.
Mr. da Silva holds a Degree in Civil Engineering from Universidade
Federal de Minas Gerais, as well as Bachelor of Law degree from Faculdade
Milton Campos. He also holds a Master of Business Administration degree from
Vanderbilt University.
Mr. Tom O'Connor serves as the President at Springs Global US Inc. and
Springs Global Participacoes S.A.
Flavio BARBOSA is the CFO
Subsidiaries
And partnership:
None
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for year
2012 is in the range of USD 120,000,000+
The business is profitable.
Banks: JPMorgan Chase Bank
...
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
Several