|
|
|
MIRA INFORM REPORT
|
Report No. : |
493178 |
|
Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ICC CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
C/O Corporation Service Company 80 State Street |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
08.05.1985 |
|
|
|
|
Legal Form : |
Domestic Business Corporation |
|
|
|
|
Line of Business : |
Subject trades and distributes chemicals, plastics, and pharmaceuticals
in the United States and internationally. |
|
|
|
|
No. of Employees : |
1001 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
-- |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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%.
|
Source
: CIA |
STATUTORY
INFORMATION
|
|
|
Legal Name: |
ICC CHEMICAL CORPORATION |
|
Trade Name: |
ICC CHEMICAL CORPORATION |
|
ID: |
995279 |
|
Date Created: |
1985 |
|
Date Incorporated: |
8 May 1985 |
|
Legal Address: |
C/O Corporation Service Company |
|
Operative Address: |
460 Park Ave |
|
Telephone: |
|
|
Fax: |
|
|
Legal Form: |
Domestic Business Corporation |
|
Email: |
NA |
|
Registered in: |
New York |
|
Website: |
www.iccchem.com |
|
Contact: |
NAVEEN CHANDRA- CEO |
|
Staff: |
1001 |
|
Activity: |
Chemical Wholesalers Specialty Trucking Wholesale Sector |
|
|
|
|
Banks: |
BANK LEUMI USA |
|
|
|
|
History: |
ICC Chemical Corporation was created in 1986 and it is
based in New York. |
|
|
|
|
Parent Company: |
Chemical Corporation operates as a subsidiary of ICC
Industries, Inc. |
|
|
|
PRINCIPAL
ACTIVITY
|
|
|
|
ICC Chemical
Corporation trades and distributes chemicals, plastics, and pharmaceuticals in
the United States and internationally. |
|
Products/Services description: |
It offers
olefins/pygas, aromatics, acrylonitrile/acetonitrile/acetone cyanohydrine,
caustic soda, chlorine/ethylene dichloride/vinyl chloride monomer/polyvinyl,
linear alpha olefins, oxo-alcohols/plasticisers, phthalic acids, plastic
resins, synthetic fiber-resin intermediates, ethylene and propylene glycol,
solvents, oxygenated products, acetates, cumene/phenol/acetone/alpha methyl
styrene/bisphenol A, detergent intermediates, sebacic acid/antimony
trioxide/titanium dioxide, oligamers, nonyl phenol, acrylates and
intermediates, and methanol/glacial acetic acid/vinyl acetate monomer. The
company also provides isocyanuric acid/THEIC/TGIC/SDIC/TCC A,
glycerine/USP/kosher/tech, 1,4 cyclohexane dimethonal, and epoxy
resins/hardeners/curing agents/reactive diluents. In addition, it offers
organic, inorganic, specialty, and resins/paints/lacquers and commodity
chemicals, as well as polymers and additives; and active pharmaceutical ingredients
and nutritional raw materials. |
|
Brands: |
ICC Chemical Corporation |
|
Sales are: |
Wholesale and retail |
|
Clients: |
No found. |
|
Suppliers: |
INFINEUM SINGAPORE PTE., LTD. Canada LANXESS DEUTSCHLAND GMBH Germany WORLD FREIGHT CO., LTD. Thailand |
|
Operationsarea: |
National and international |
|
Thecompanyimportsfrom |
Canada Germany Thailand |
|
Thesubjectemploys |
1001 employees |
|
Payments: |
Regular |
|
|
|
LOCATION
|
|
|
Headquarters : |
460 Park Avenue New York, NY 10022 United States |
|
Branches: |
The company is based in New York, New York with
additional offices worldwide. The company also has divisions in North
America, South America, Europe, Asia, and Africa. |
|
RelatedCompanies: |
This is a single location business. |
GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
|
|
|
Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
Chemical Corporation operates as a subsidiary of: ICC Industries, Inc.460 Park Avenue New York, NY 10022 United States |
|
Management: |
NAVEEN CHANDRA- CEO Guiliano Wells- Business manager |
|
|
|
FINANCIAL
INFORMATION
|
|
|
|
The company does not make its financial statements public. The
following information has been provided by private sources: |
|
|
|
|
USD2016 |
|
|
Estimated Assets |
90 000
000 |
|
Cash flow |
Normal |
|
|
|
LEGAL
FILINGS
|
|
|
|
|
|
CASES |
1. ICC Chemical Corporation v. Nordic Tankers Trading
A/S, No. 1:2015cv09766 - Document 28 (S.D.N.Y. 2016) Court Description: OPINION AND ORDER re: 6 MOTION to
Vacate Arbitration . filed by ICC Chemical Corporation.For the reasons stated
in this Opinion, Petitioner's motion to vacate the arbitration award is
DENIED; and Respondent's cross-motion to confirm the award is GRANTED. The
Clerk of Court is directed to terminate all pending motions, adjourn all
remaining dates, and close this case. (Signed by Judge Katherine Polk Failla
on 5/11/2016) (tro) 2. Icc Chemical v. Industrial & Com. Bank of China,
886 F. Supp. 1 (S.D.N.Y. 1995) U.S. District Court for the Southern District of New
York - 886 F. Supp. 1 (S.D.N.Y. 1995) May 9, 1995 886 F. Supp. 1 (1995) ICC CHEMICAL CORPORATION, Plaintiff, v. The INDUSTRIAL AND COMMERCIAL BANK OF CHINA,
Defendant. No. 95 Civ. 3338 (SS). United States District Court, S.D. New York. May 9, 1995. Brandon T. Davis, Davis Pfahl & Fix, P.C., for
plaintiff. 3. ICC Chemical Corporation v. Vitol, Inc Plaintiff: ICC Chemical Corporation Defendant: Vitol, Inc. Case Number: 1:2009cv07750 Filed: September 8, 2009 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: P. Kevin Castel Nature of Suit: None Cause of Action: 28:1332 Diversity-Breach of
Contract Jury Demanded By: None |
|
|
|
|
UCC |
1. Debtor Names: ICC
CHEMICAL CORPORATION 460 PARK AVENUE,
NEW YORK, NY 10022-0000, USA Secured Party Names: BROWN
BROTHERS HARRIMAN & CO. 59
WALL STREET, NEW YORK, NY 10005-0000, USA BROWN BROTHERS HARRIMAN & CO. 140 BROADWAY, NEW YORK, NY 10005, USA File no. File
Date Lapse Date Filing Type 181606 09/24/2001 09/24/2006 Financing Statement 200301290208846 01/29/2003 09/24/2006 Financing Statement Amendment 200301290208860 01/29/2003 09/24/2006 Financing Statement Amendment 200603270265638 03/27/2006 09/24/2011 Continuation 201106105634234 06/10/2011 09/24/2016 Continuation 201605175588059 05/17/2016 09/24/2021 Continuation 2. Debtor Names: ICC
CHEMICAL CORPORATION 460 PARK AVENUE,
NEW YORK, NY 10022-0000, USA Secured Party Names: BROWN
BROTHERS HARRIMAN & CO. 59
WALL STREET, NEW YORK, NY 10005-0000, USA File no. File
Date Lapse Date Filing Type 184770 09/27/2001 09/27/2006 Financing Statement 007545 01/11/2002 09/27/2006 Termination 3. Debtor Names: ICC
CHEMICAL CORPORATION 460 PARK AVENUE,
NEW YORK, NY 10022, USA ICC TRADING INCORPORATED 460 PARK AVENUE, NEW YORK, NY 10022, USA ICC INDUSTRIES INCORPORATED 460 PARK AVENUE, NEW YORK, NY 10022, USA Secured Party Names: RZB
FINANCE LLC 1133 AVENUE OF THE
AMERICAS, NEW YORK, NY 10036, USA RB INTERNATIONAL FINANCE (USA) LLC (F/K.A RZB
FINANCE LLC) 1133 AVENUE OF THE AMERICAS, NEW ORK, NY 10036, USA File no. File
Date Lapse Date Filing Type 200211202603621 11/20/2002 11/20/2007 Financing Statement 200707195699685 07/19/2007 11/20/2012 Continuation 201012030656863 12/03/2010 11/20/2012 Financing Statement Amendment 201207235833883 07/23/2012 11/20/2017 Continuation 201607125835604 07/12/2016 11/20/2017 Termination 4. Debtor Names: ICC
CHEMICAL CORP 460 PARK AVENUE, NEW
YORK, NY 10022, USA Secured Party Names: THE
DEVELOPMENT BANK OF SINGAPORE, LOS ANGELES AGENCY 445 SOUTH FIGUEROA STREET, LOS ANGELES, CA 90071, USA File no. File
Date Lapse Date Filing Type 200301150107576 01/15/2003 01/15/2008 Financing Statement 200709188373856 09/18/2007 01/15/2013 Continuation 201207165809457 07/16/2012 01/15/2018 Continuation 201308025836562 08/02/2013 01/15/2018 Termination 5. Debtor Names: ICC
CHEMICAL CORPORATION 460 PARK AVENUE,
NEW YORK, NY 10022, USA Secured Party Names: BANK
LEUMI USA 420 LEXINGTON AVENUE,
NEW YORK, NY 10170, USA File no. File
Date Lapse Date Filing Type 200303100525576 03/10/2003 03/10/2008 Financing Statement |
|
|
|
SUMMARY
|
|
|
|
ICC Chemical Corporation
was created in 1986 and it is based in New York. CC Chemical
Corporation trades and distributes chemicals, plastics, and pharmaceutical
products The company has
1001 employees and generates annual revenue of 340 million dollars. The company imports
from Thailand, Germany and Canada though it does not have export records. The company appears
as ACTIVE in the records of New York. |
|
|
|
RISK
INFORMATION
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Regular |
|
CASH FLOW |
Normal |
|
STATUS |
Active |
|
|
|
|
INTERVIEW |
|
|
NAME |
Susan |
|
POSITION |
Operations |
|
COMMENTS |
She confirmed name
of the company and parent company. She also confirmed address and
incorporation date. She requested to disclose
inquiring party’s name for further details. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
|
US Dollar |
1 |
INR 64.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.