MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

L G SOURCING, INC.

 

 

Registered Office :

1605 Curtis Bridge Rd, North Wilkesboro, NC 28697

 

 

Country :

United States

 

 

Date of Incorporation :

13.01.1997

 

 

Legal Form :

Corporation - Profit

 

 

Line of Business :

Importer and Wholesaler of Building Material, Including Lumber, Plywood and Millwork.

 

 

No. of Employee :

30

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 $49,800. 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. Crude 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 climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn 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. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to 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. In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed, however, would keep short-term rates near zero so long as unemployment and inflation had not crossed the previously stated thresholds. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.

 

Source : CIA

 

 

Company name and address   

 

L G SOURCING, INC.

 

Address:                                   1605 Curtis Bridge Rd, North Wilkesboro, NC 28697 - USA

 

 

Telephone:                    +1 336-658-4000

 

Fax:                              +1 336-658-4766

 

Website:                       www.lgsourcing.com

 

Corporate ID#:              0415504

 

State:                           North Carolina

 

Judicial form:                Corporation - Profit

 

Date incorporated:        01-13-1997

 

Stock:                           100,000 shares common

 

Value:                           No par value

 

Name of manager:         Michael A. JONES

 

 

ACTIVITIES & OPERATIONS

 

Business:

 

LG SOURCING is importer and wholesaler of building material, including lumber, plywood and millwork.

 

Office of the Foreign Assets Control (OFAC):

 

The company is not listed on the OFAC list.

The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

Suppliers include:

 

Hangzhou Great Star Industrial Co., Ltd.

No. 35 Jiuhuan Road, Jiubao Town, Hangzhou, Zhejiang, China, 310019, China

 

 

Shanghai Huahui Electrical Co., Ltd.

No. 189 Duhui Road, Chang Qing Industrial Zone, Zhuan Qiao, Ming Hang, Shanghai, China, 201109, China

 

 

EUROPOWER INTERNATION LTD

Chungrou Industrial District, Shijie, Dongguan, Guandong, China

 

EIN:                  --

 

Staff:                30

 

 

Operations & branches:

 

At the headquarters, we find a warehouse and the corporate office, on lease.

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

 

Lowe's Companies Inc.              100%
1000 Lowes Boulevard

Mooresville, NC 28117

Ph: +1 704-758-1000

Fx: +1 336-658-4766

 

 

Lowe's Companies, Inc., together with its subsidiaries, operates as a home improvement retailer in the United States and Canada. The company offers a range of products for home decorating, maintenance, repair, remodeling, and property maintenance. It provides home improvement products in the categories of appliances, paint, lumber, flooring, building materials, millwork, lawn and landscape products, hardware, fashion plumbing, tools, lighting, seasonal living, rough plumbing, nursery, outdoor power equipment, cabinets and countertops, rough electrical, home environment, home organization, and windows and walls, as well as boards, panel products, irrigation pipes, vinyl sidings, and ladders.

 

The Company is listed with the NYSE under symbol LOW.

 

Sales 2013-2014: USD 53,417,000,000=

Net profit:      USD  2,286,000,000=

 

Management:

 

Michael A. JONES is the President.

He was named Lowe’s chief customer officer in 2014 and is responsible for company initiatives designed to differentiate Lowe’s in an omnichannel environment. He leads the U.S.-based customer experience and strategy organizations, merchandising, marketing, and digital interfaces. 

He joined Lowe’s as chief merchandising officer in January 2013 and was responsible for the merchandising offering for Lowe’s US stores and Lowes.com, as well as all global sourcing activities.

 

David R. GREEN is Vice President

Gaither M. KEENER Jr. is Secretary

Tiffany L. MASON is Treasurer.

 

As far as we know, they are not involved in other local business.

 

Subsidiaries &

Partnership:      None

 

 

FINANCIALS

 

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 that all financials are consolidated into the parent company.

 

Banks:  Bank of America

                        ...

 

LEGAL FILINGS

 

Legal filings & complaints:

 

State: Tennessee

Case number: 1:13-cv-01010-JDB-egb

Plaintiff: Hannah McNeill

Defendant: LG Sourcing, Inc. et al

J. Daniel Breen, presiding

Edward G. Bryant, referral

Date filed: 01/07/2013

Date of last filing: 10/15/2014

Cause: Product liability

 

Secured debts summary (UCC):   None

 

 

COMPANY CREDIT HISTORY

 

Trade references:

 

Date reported:               December 2014

High credit:                   USD 4,000

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Office supply

Paying status:               On terms

 

Date reported:               December 2014

High credit:                   USD 60,000+

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Payroll

Paying status:               As agreed

 

Date reported:               December 2014

High credit:                   USD 800

Now owing:                   0

Past due:                      0

Last purchase:              November 2014

Line of business:           Telecommunications

Paying status:               On terms

 

 

Domestic credit history:

 

National Credit Bureaus gave a satisfying credit rating.

 

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

 

 

International credit history:

 

Payments of imports are currently made on terms.

 

 

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.

Last report was filed on April 10, 2014.

 

The risk is low.

 

 

Our opinion:

 

A business connection may be conducted.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.63

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.