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MIRA INFORM REPORT
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Report No. : |
491663 |
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Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
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Name : |
EDSIM LEATHER CO., INC. |
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Registered Office : |
131 West
35th Street, (14th Floor), New York, New York, 10001 |
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Country : |
United States |
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Date of Incorporation : |
02.11.1978 |
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Legal Form : |
Domestic Business Corporation |
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Line of Business : |
The company offers
leathers for the apparel, outerwear, handbag, footwear, upholstery, and
accessories markets. Subject serves customers worldwide. |
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No. of Employees : |
18 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 $57,300. 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 nearly 55% 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, making
this 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 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 2014, the direct costs of the wars totaled
more than $1.5 trillion, according to US Government figures.
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 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 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%. 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 further reduce them as
conditions warranted; the Fed ended the purchases during the summer of 2014. In
2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by
mid-2015, the lowest rate of joblessness since before the global recession
began; inflation stood at 1.7%, and public debt as a share of GDP continued to
decline, following several years of increases. 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 US GDP growth below 2%, the Fed opted to raise
rates three times since then, and in mid-June 2017, the range for the target
rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal
Name: |
EDSIM LEATHER CO., INC. |
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Trade
Name: |
EDSIM LEATHER |
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ID: |
519357 |
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Date
Created: |
1978 |
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Date
Incorporated: |
November 02, 1978 |
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Legal
Address: |
131 West 35th Street (14th Floor) New York, New York, 10001 |
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Operative
Address: |
131 West 35th Street (14th Floor) New York, New York, 10001, USA |
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Telephone:
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1 212-695-8500 |
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Fax: |
1 212-967-8318 |
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Legal
Form: |
Domestic Business Corporation |
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Email: |
INFO@EDSIM.COM |
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Registered
in: |
NEW YORK |
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Website:
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www.edsim.com |
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Contact: |
Principal Executive Office,
SIMONE KAMAIL |
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Staff: |
18 |
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Activity: |
SIC Code: 3111, Leather Tanning
and Finishing |
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BANKS
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JPMORGAN CHASE BANK, N.A. P.O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA CHEMICAL BANK 200
JERICHO QUADRANGLE, JERICHO, NY 11753-0000, USA |
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HISTORY
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The company was founded in 1978 |
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PRINCIPAL
ACTIVITY
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Edsim Leather Co., Inc. supplies leathers. |
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Products/Services description: |
The company offers leathers for the apparel, outerwear, handbag,
footwear, upholstery, and accessories markets. Edsim Leather serves customers
worldwide. |
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Brands: |
EDSIM LEATHER |
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Sales are: |
Wholesale |
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Clients: |
FASHION HANDBAG FACTORY MEXICO S DE R.L. DE C.V. Mexico Safari SA De Cv Mexico COSTURAS Y MANUFACTURAS DE TLAXCALA,S DE R.L DE C.V. Mexico |
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Suppliers: |
CURTIEMBRES FONSECA S.A. Argentina Zhejiang Jinhua Huatai Travelling China |
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Operations area: |
National and International |
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The company imports from |
China, Argentina |
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The company exports to |
Mexico |
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The subject
employs |
18 employees |
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Payments:
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No Complaints |
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LOCATION
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Headquarters
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131 WEST 35TH STREET (14TH FLOOR) NEW YORK, NEW YORK, 10001, USA |
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Comments: |
NA |
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Branches: |
No branches registered |
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Related
Companies: |
NA |
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: |
This is a private company. Major holder is: SIMONE KAMALI |
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Management: |
Simone Kamali, Owner, Chief Executive Officer Eddie Kamali, President Edmond R Kamali, Vice President Information Systems |
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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 |
2,110,000 |
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Cash
flow |
Normal |
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LEGAL
FILINGS
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Trademarks |
EDSIM LEATHER |
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Cases |
No records found |
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UCC |
1. Debtor Names: EDSIM
LEATHER CO., INC. 242 WEST 30TH
STREET, NEW YORK, NY 10018-0000, USA EDSIM LEATHER CO INC Not
Available Secured Party Names: CHEMICAL
BANK Not Available JPMORGAN CHASE BANK, N.A. P.O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA JPMORGAN CHASE BANK, N.A. P.O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA 046041 03/16/1983 03/16/1988 Financing Statement 188388 06/19/1987 03/16/1988 Financing Statement Amendment 029555 02/04/1988 03/16/1993 Continuation 215113
10/14/1992 03/16/1998 Continuation 266456 12/24/1992
03/16/1998 Financing Statement
Amendment 027578 02/05/1993 03/16/1998 Assignment 218410 10/22/1997 03/16/2003 Continuation 253627 11/12/2002 03/16/2008 Continuation 200710186017675 10/18/2007 03/16/2013 Continuation 200710236027843 10/23/2007 03/16/2013 Financing Statement Amendment 2. Debtor Names: EDSIM
LEATHER CO., INC. 14-16 PLEASANT
AVENUE, JOHNSTOWN, NY 12095-0000, USA Secured Party Names: CHEMICAL
BANK Not Available JPMORGAN CHASE BANK, N.A. P.O.BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA 027159 02/10/1994 02/10/1999 Financing Statement 189346 09/03/1998 02/10/2004 Continuation 200401205046170 01/20/2004 02/10/2009 Continuation 200809186034517 09/18/2008 02/10/2014 Continuation 200810106118447 10/10/2008 02/10/2014 Financing Statement Amendment 201309266020643 09/26/2013 02/10/2019 Continuation 3. Debtor Names: EDSIM
LEATHER COMPANY, INC. 242 WEST
30TH STREET, NEW YORK, NY 10001-0000, USA Secured Party Names: CHEMICAL
BANK 200 JERICHO QUADRANGLE,
JERICHO, NY 11753-0000, USA CHEMICAL BANK 200
JERICHO QUADRANGLE, JERICHO, NY 11753-0000, USA JPMORGAN CHASE BANK P.O.
BOX 2558, HOUSTON, TX 77252-2558, USA JPMORGAN CHASE BANK, N.A. P.O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA 108229 05/09/2002 05/09/2007 Financing Statement
134128 06/10/2002 05/09/2007 Assignment 200701175060939 01/17/2007 05/09/2012 Continuation 200701175060941 01/17/2007 05/09/2012 Financing Statement Amendment 4. Debtor Names: EDSIM
LEATHER COMPANY, INC. 242 WEST
30TH STREET, NEW YORK, NY 10001-0000, USA Secured Party Names: JPMORGAN
CHASE BANK P.O. BOX 2558, HOUSTON,
TX 77252-2558, USA JPMORGAN CHASE BANK, N.A. P.O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA 253623 11/12/2002 11/12/2007 Financing Statement 6 200706200494904 06/20/2007 11/12/2012 Continuati 200708235822704 08/23/2007 11/12/2012 Financing Statement Amendment 5. Debtor Names: EDSIM
LEATHER CO., INC. 14-16 PLEASANT
AVENUE, JOHNSTOWN, NY 12095, USA Secured Party Names: JPMORGAN
CHASE BANK P. O. BOX 2558 LPS
8-1111-301, HOUSTON, TN 77252-2558, USA J P MORGAN CHASE BANK, N.A. P. O. BOX 2558 1111 FANNIN TX2-F135, HOUSTON, TX
77252-2558, USA 200401205046221 01/20/2004 01/20/2009 Financing Statement 200808115901963 08/11/2008 01/20/2014 Continuation 200809266064858 09/26/2008 01/20/2014 Financing Statement Amendment 201308305929544 08/30/2013 01/20/2019 Continuation |
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OFAC Sanctions List Search |
The company is not listed
in the OFAC list. |
SUMMARY
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Founded in 1978,
Edsim Leather Co., Inc. is a small organization in the leather tanning and
finishing company’s industry located in New York, NY. It has 18 full time
employees and generates $2,1 million in annual revenue. The company mainly
imports from China and Argentina, exporting to Mexico. It is ACTIVE in NY,
with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW |
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NAME |
Sandy |
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POSITION |
Sales |
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COMMENTS |
The person contacted confirmed
address, major holder, staff, website, activity and imports. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.92 |
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1 |
INR 89.55 |
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Euro |
1 |
INR 79.68 |
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US Dollar |
1 |
INR 63.90 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.