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MIRA INFORM REPORT
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Report No. : |
502607 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ASHLEY FURNITURE INDUSTRIES, INC. |
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Registered Office : |
One Ashley Way, Arcadia, WI 54612, USA |
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Country : |
United States |
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Financials (as on) : |
2016 [Summarized] |
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Date of Incorporation : |
1945 |
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Legal Form : |
Corporation |
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Line of Business : |
Manufactures Home Furniture. |
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No. of Employees : |
17,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a
per capita GDP of $59,500. US firms are at or near the forefront in
technological advances, especially in computers, pharmaceuticals, and medical,
aerospace, and military equipment; however, their advantage has narrowed since
the end of World War II. Based on a comparison of GDP measured at purchasing
power parity conversion rates, the US economy in 2014, having stood as the
largest in the world for more than a century, slipped into second place behind
China, which has more than tripled the US growth rate for each year of the past
four decades.
In the US, 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, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US 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.
The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially
the rise of low-wage producers such as China, has put additional downward
pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a
major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices
since 2013 have alleviated many of the problems the earlier increases had
created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, the US Congress established a $700 billion Troubled Asset
Relief Program (TARP) in October 2008. 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, Congress passed
and former 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. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will
have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient
Protection and Affordable Care Act (ACA), a health insurance reform that was
designed to extend coverage to an additional 32 million Americans by 2016,
through private health insurance for the general population and Medicaid for
the impoverished. Total spending on healthcare - public plus private - rose
from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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 dropped below 6.5% or inflation rose above 2.5%. The
Fed ended its purchases during the summer of 2014, after the unemployment rate
dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP.
In December 2015, the Fed raised its target for the benchmark federal funds
rate by 0.25%, the first increase since the recession began. With continued low
growth, the Fed opted to raise rates several times since then, and in December
2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the
Tax Cuts and Jobs Act, which, among its various provisions, reduces the
corporate tax rate from 35% to 21%; lowers the individual tax rate for those
with the highest incomes from 39.6% to 37%, and by lesser percentages for those
at lower income levels; changes many deductions and credits used to calculate
taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do
not obtain the minimum amount of health insurance required under the ACA. The
new taxes took effect on 1 January 2018; the tax cut for corporations are
permanent, but those for individuals are scheduled to expire after 2025. The
Joint Committee on Taxation (JCT) under the Congressional Budget Office
estimates that the new law will reduce tax revenues and increase the federal
deficit by about $1.45 trillion over the 2018-2027 period. This amount would
decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
ASHLEY FURNITURE INDUSTRIES, INC. |
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Trade Names: |
ASHLEY FURNITURE INDUSTRIES, INC. |
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ID: |
1A13888 |
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Date Created: |
1945 |
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Date Incorporated: |
March 27, 1984 |
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Legal Address: |
One Ashley Way Arcadia, WI 54612, USA |
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Operative Address: |
One Ashley Way Arcadia, WI 54612 United States |
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Telephone: |
608-323-3377 |
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Fax: |
608-323-6008 |
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Legal Form: |
Corporation |
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Email: |
- |
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Registered in: |
WISCONSIN |
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Website: |
www.ashleyfurniture.com |
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Contact: |
Mr. Todd R. Wanek - Chief Executive Officer, President and Owner |
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Staff: |
17,000 |
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Activity: |
NAICS 1: Furniture Stores NAICS 2: Reupholstery and Furniture Repair SIC 1: Furniture Stores SIC 2: Upholstery Work |
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Banks: |
BANK OF AMERICA |
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History: |
Ashley Furniture Industries, Inc. was founded in 1945 and is based in
Arcadia, Wisconsin. |
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Key Developments: |
Ashley Furniture Industries Inc. Plans to Build 850,000-Square-Foot Regional
Distribution Hub in Mesquite Mar 7 17 Ashley Furniture Industries Inc. plans to build a $65 million,
850,000-square-foot regional distribution hub in Mesquite, which will add
nearly 350 full-time employees to the region. The new development will sit on
a 358-acre tract of land at the eastern part of Mesquite at 3790 Faithon P.
Lucas Sr. Blvd. Bob Mills Furniture Accuses Ashley Furniture Industries of Improperly
Using its Trademarked “Smartbuy” Phrase Jan 24 17 Bob Mills Furniture accused Ashley Furniture Industries of improperly
using its trademarked "smartbuy" phrase. In the lawsuit, Bob Mills
said it has used its smartbuy phrase since 2008 to offer extended warranty
services for the products it sells. It trademarked the smartbuy phrase in
November, 2014, supporting documentation shows. Ashley, meanwhile, uses a
"smart buy" phrase on its website. There, it appears that phrase
advertises attractive prices on items it offers for sale. Ashley Furniture to Pay $1.75 Million to Settle Safety Citations Jun 8 16 Ashley Furniture has agreed to pay $1.75 million to settle alleged
safety violations at four of its plants, the U.S. Occupational Safety and
Health Administration said. Ashley Furniture entered into a corporate-wide
agreement aimed at protecting workers from machine hazards, The agreement
also resolves all pending citations at the company's plants in Arcadia and
Whitehall, Wisconsin, and in Ecru and Ripley, Mississippi. Under the
settlement, Ashley will retain a vice-president for safety, implement safety
measures to protect employees and submit annual status reports to OSHA during
the two-year agreement. The company also will correct all of the cited
violations. |
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PRINCIPAL
ACTIVITY
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Ashley Furniture Industries, Inc. manufactures home furniture. |
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Products/Services description: |
It offers living room furniture, such as chairs and ottomans,
entertainment centers, occasional tables, recliners, reclining sofas,
sectionals, sofas and loveseats, bars, lamps, rugs, wall art, and home
accessories. The company also provides dining room products, including Chinas
and buffets, and tables and chairs; and bedroom products, such as bedding
ensembles, beds, chests and armoires, dressers and mirrors, and youth
bedrooms. In addition, it offers mattresses, such as bed pillows and
foundations; home accents, including accent pillows; and home office
furniture, such as desks and chairs. The company sells its products through
retail partners in the United States and internationally. |
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Brands: |
Ashley Furniture |
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Sales are: |
Wholesale |
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Clients: |
Feria Asuncion SA Casa Viva Srl Aguirre Serrano Santiago Sl Horsford & Co Ltd Case Furniture Ltd Dufresne Furniture & Appliance Inc. Falabella De Colombia S A |
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Suppliers: |
Grand Wood (Vietnam) Co.,Ltd Grand Art Furniture (Viet Nam) Co., Ltd Rk Resources Co., Ltd Wang Feng Co., Ltd |
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Operations area: |
National and International |
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The company imports from |
VIETNAM |
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The company exports to |
PARAGUAY ECUADOR SAINT KITTS AND NEVIS CANADA COLOMBIA |
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The subject employs |
17,000 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
One Ashley Way Arcadia, WI 54612 United States |
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Comments on Address: |
- |
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Branches: |
The company has several branches.. Some of them are: Ashley Furniture Industries, Inc. (Branch Location) 447 Highway 346 Ecru, Mississippi 38841-9772 United States Ashley Furniture Industries, Inc. (Branch Location) 1601 Ashley Way Colton, California 92324-4003 United States Ashley Furniture Industries, Inc. (Branch Location) 15900 Highway 15 N Ripley, Mississippi 38663-9208 United States |
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Related Companies: |
No related companies were found. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders. The
following information has been provided by private sources and could not be
confirmed: The major holders of this company are: Ronald G Wanek |
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Management: |
Mr. Todd R. Wanek - Chief Executive Officer, President and Owner Ronald G Wanek – Chairman of the Board and Owner Dale Barneson - Chief Financial Officer Mr. Dwain Jansson - Vice President of Information Technology |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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USD 2016 |
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Sales |
4,800.000.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
FURNITURE ASSEMBLY JIG Publication number: 20140026389 Abstract: A furniture jig comprises a frame member positioning portion
and a spring stretcher portion with at least the positioning frame portion
having a rotating feature. The positioning frame portion may surround the
spring stretcher portion and comprises constraint members that define
receiving regions, such as slots or channels, into which furniture
components, such a box frame members, may be inserted. The receiving regions
of the jig frame maintain the furniture components upright or in other useful
orientations at least until they are affixed together. In embodiments, the
spring stretcher has a plurality of spring receiving portions on which the
ends of a spring can be releasably engaged. Support members extending from
the spring receiving portions operate to move the spring receiving portions
from a spring loading position in which the springs can positioned on the
tips to a spring attachment position where the springs are securable to the
frame members. Type: Application Filed: January 14, 2013 Publication date: January 30, 2014 Applicant: ASHLEY FURNITURE INDUSTRIES, INC. Inventor: ASHLEY FURNITURE INDUSTRIES, INC. READY TO ASSEMBLE FURNITURE SYSTEM Publication number: 20130320741 Abstract: A component interface assembly for attaching the individual
subcomponents of an RTA furniture system. Each component interface assembly
having an elongated alignment slot cut into one of the subcomponents of the
RTA furniture kit and a retention element affixed to a second corresponding
subcomponent such that the first and second subcomponents can be secured
together by inserting the retention element into the alignment slot. The
alignment slot is positioned on the first subcomponent such that positioning
the retention element for insertion into the slot aligns the second
subcomponent with the first subcomponent providing tool-less alignment and
engagement of the subcomponents. The assembled components may have cutouts on
confronting planar surfaces of the respective first and second subcomponents
providing enhanced storage for shipping the RTA furniture components. Type: Application Filed: November 23, 2012 Publication date: December 5, 2013 Applicant: Ashley Furniture Industries, Inc. Inventors: Timothy A. Brandtner, Walter Wang, Nicholas J. Robinson,
Christopher J Lejcher Ready to assemble furniture system Patent number: 9380877 Abstract: A component interface assembly for attaching the individual
subcomponents of an RTA furniture system. Each component interface assembly
having an elongated alignment slot cut into one of the subcomponents of the
RTA furniture kit and a retention element affixed to a second corresponding
subcomponent such that the first and second subcomponents can be secured together
by inserting the retention element into the alignment slot. The alignment
slot is positioned on the first subcomponent such that positioning the
retention element for insertion into the slot aligns the second subcomponent
with the first subcomponent providing tool-less alignment and engagement of
the subcomponents. The assembled components may have cutouts on confronting
planar surfaces of the respective first and second subcomponents providing
enhanced storage for shipping the RTA furniture components. Type: Grant Filed: November 23, 2012 Date of Patent: July 5, 2016 Assignee: Ashley Furniture Industries, Inc. Inventors: Timothy A. Brandtner, Walter Wang, Nicholas J. Robinson,
Christopher J. Lejcher |
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GOVERNMENT CONTRACTS |
Government Contractor: ASHLEY FURNITURE INDUSTRIES, INC. Name & Address: ONE ASHLEY WAY ARCADIA, WI 54612-1218 Number of Defense Contracts Awarded :1 Dollar Amount of Defense Contracts Awarded: $5,302 |
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CASES |
MONAHAN v. GROUP LONG TERM DISABILITY PLAN FOR EMPLOYEES OF ASHLEY
FURNITURE INDUSTRIES, INC. et al Plaintiff: JILL MONAHAN Defendant: GROUP LONG TERM DISABILITY PLAN FOR EMPLOYEES OF ASHLEY
FURNITURE INDUSTRIES, INC. and HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY Case Number: 1:2018cv00382 Filed: February 9, 2018 Court: Indiana Southern District Court Office: Indianapolis Office Referring Judge: Tim A. Baker Presiding Judge: Tanya Walton Pratt Nature of Suit: Labor: E.R.I.S.A. Cause of Action: 29:1132 E.R.I.S.A.-Employee Benefits Jury Demanded By: None Nicholas Razo v. Ashley Furniture Industries, et al Plaintiff - Appellant,: NICHOLAS RAZO, on behalf of himself and all
others similarly situated Defendant - Appellee,: ASHLEY FURNITURE INDUSTRIES, INC., a Wisconsin
corporation, ASHLEY HOMESTORES, LTD., a Wisconsin corporation and DOES,
1-100, inclusive Case Number: 17-56770 Filed: November 22, 2017 Court: U.S. Court of Appeals, Ninth Circuit Nature of Suit: Other Fraud Isaac v. Ashley Furniture Industries, Inc. et al Plaintiff: Alex Isaac Defendant: Ashley Furniture Industries, Inc. and Bargain Discount
Markets, Inc. Case Number: 1:2017cv11827 Filed: September 22, 2017 Court: Massachusetts District Court Office: Boston Office County: Suffolk Presiding Judge: Richard G. Stearns Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: Plaintiff |
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TRADEMARKS |
A ASHLEY FURNITURE INDUSTRIES, INC. lamps Owned by: Ashley Furniture Industries, Inc. Serial Number: 76649761 YOU'RE GONNA LOVE THIS PLACE! Retail store services in the field of furniture Owned by: ASHLEY FURNITURE INDUSTRIES, INC. Serial Number: 78110789 HOME ENVIRONMENTS BY A ASHLEY FURNITURE INDUSTRIES furniture Owned by: ASHLEY FURNITURE INDUSTRIES, INC. Serial Number: 76708463 HOME ENVIRONMENTS BY A ASHLEY FURNITURE INDUSTRIES retail store services in the field of furniture Owned by: ASHLEY FURNITURE INDUSTRIES, INC. Serial Number: 76708866 A ASHLEY FURNITURE INDUSTRIES FURNITURE Owned by: ASHLEY FURNITURE INDUSTRIES, INC. Serial Number: 73742836 |
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RENEWAL HISTORY |
No found. |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Ashley Furniture Industries, Inc. is a wood household furniture
company located in Arcadia, Wisconsin. The company has 17,000 employees and
generates an estimated $4.8 billion US in annual revenue. The company operates nationally and internationally, mainly importing
from Vietnam. It is ACTIVE in business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
Rachel |
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POSITION |
Operator |
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COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company, the number of employees
and the name of the Chief Executive Officer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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US Dollar |
1 |
INR 65.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.