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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GP HARMON RECYCLING LLC |
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Registered Office : |
2 |
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Country : |
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Date of Incorporation : |
20.10.2006 |
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Legal Form : |
LLC |
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Line of Business : |
Subject distributes recycled fiber materials It handles a range of corrugated grades for containers and packaging applications; groundwood grades of fibers generated by pre- and post-consumer sources; office waste paper fibers that are recycled back into printing and writing paper; coated and uncoated printing and writing papers; plastics and metal pre- and post-consumer scrap; and papers used in various commercial printing and specialty applications. |
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No. of Employees : |
120 |
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 |
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Payment Behaviour : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Source
: CIA |
Company name: GP HARMON RECYCLING LLC
Address: 2
Telephone: +1 516-997-3400
Fax: +1 516-997-3409
Website: www.gpharmon.com
Corporate ID#: 0690520
State:
Judicial form: LLC
Date incorporated: 10-20-2006
Stock
Value: A LLC has no stock
Name of
manager: Marc FORMAN
Business:
GP Harmon Recycling LLC distributes recycled fiber materials
in the
It handles a range of corrugated grades for containers and packaging applications; groundwood grades of fibers generated by pre- and post-consumer sources; office waste paper fibers that are recycled back into printing and writing paper; coated and uncoated printing and writing papers; plastics and metal pre- and post-consumer scrap; and papers used in various commercial printing and specialty applications.
The company was formerly known as Harmon Associates LLC and changed its name to GP Harmon Recycling LLC on 01-16-2007.
The company was founded in 1970 and is based in
It also has operations in
GP Harmon Recycling LLC operates as a subsidiary of Georgia-Pacific LLC.
The Company is also doing business as HARMON ASSOCIATES OF NEW YORK LLC and HARMON ASSOCIATES LLC.
The Company exports to Central and South America, mainly
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
EIN: -
Staff: 120
Operations & branches:
At the
headquarters, we find the corporate office, on lease.
Shareholders:
GEORGIA-PACIFIC LLC
Georgia-Pacific LLC manufactures and markets tissue,
packaging, paper, pulp, and building products; and related chemicals. It offers
paperboard for food service items; kraft papers for making grocery, yard,
shopping, pet, and food bags; brown wrapping paper; building products that
include wood panels, engineered board products, lumber, gypsum boards, and
other related products; and cellulose and pulp to manufacture fine writing,
printing and computer paper, diapers and feminine hygiene products, baby and
other disposable wipes, coffee filters, and tea bags. The company also provides
chemicals that include wood adhesives, industrial resins, pine chemicals, and
ethyl alcohols used in building products, paper making, industrial, and
specialty application markets; tabletop food service products, including cups,
plates and bowls, cutlery, food wraps, cartons, and trays; oriented strand
board panels; wallboard and other gypsum-based products, such as fire door
components, plaster, sheathing, tile backer, roof board, and joint systems; and
containerboards, which are used in making corrugated boxes, bulk bins,
water-resistant packaging, reusable shipping pallets, and high-finish and
preprinted packaging. In addition, it provides paper, plastic, and metal waste
recovery and recycling; wood and fiber supplies; and bath tissues, remodeling
products, home and office papers, napkins, and paper towels. The company was
formerly known as Georgia-Pacific Plywood & Lumber Co. and changed its name
to Georgia-Pacific LLC in 1956. Georgia-Pacific LLC was founded in 1927 and is
headquartered in
Georgia-Pacific LLC operates as a subsidiary of Koch Industries, Inc.
Management:
Mr. Marc Forman is the President and CEO.
He has been the President at GP Harmon Recycling LLC since May
2008 and serves as its Chief Operations Officer. He has responsibility for all
of Harmon's activities globally, including recycle fiber sourcing for the
Georgia-Pacific's European and
He served as the Vice President and Chief Operations Officer of Harmon Associates from 2003 to 2008, Director of Strategic and Financial Planning of Harmon Associates from 2000 to 2003, Director of Operations of Harmon Associates, Division of Fort James Corp. from 1997 to 2000, Manager of Finance of Harmon Associates, Division of Fort Howard Corp. from 1991 to 1997, Controller and Director of Operations of Letraset USA from 1989 to 1991.
Mr. Forman served as the Vice President and Chief Financial Officer at Graphnet, Inc. from 1985 to 1989. Mr. Forman served in Various Accounting Positions, Graphic Scanning Corporation from 1980 to 1985.
He served as Director of Rebuilding Together Long Island.
Mr. Forman holds an MBA, Controllership,
Dave HORTIN is the Controller.
As far as we know, they are not involved in other corporations.
Subsidiaries
And partnership: None
In
On a direct
call, a financial assistant controlled the present report.
Sales
declared for year 2013 is in the range of USD 48,000,000=
(USD
35,200,000= in 2011)
The
business is profitable.
Banks: Bank of
...
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC): None
Haut du formulaire
Trade
references:
Date
reported: August 2014
High credit: USD 20,000
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Office supply
Paying
status: 6 days beyond terms
Date
reported: August 2014
High
credit: USD 180,000+
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of business: Payroll
Paying
status: As agreed
Date
reported: August 2014
High
credit: USD 1,000
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Telecommunications
Paying
status: 6 days beyond terms
Domestic
credit history:
Domestic
credit history appears as follow:
|
Monthly Payment
Trends - Recent Activity |
|
National
Credit Bureaus gave a better credit rating than in 2013.
Domestic payments are made with an average of 2 to 6 days beyond terms.
Other
comments:
The bank
confirmed a better account due to new export markets.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
Last report
was filed on 03-14-2014.
The risk is
low.
Our
opinion:
A business
connection may be conducted.
However, we
suggest you a report on the parent company.
Standard & Poor’s
|
|
|
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+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
Report Prepared
by : |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.