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MIRA INFORM REPORT
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Report No. : |
493255 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
POLYGAL INC. |
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Registered Office : |
1100 Bond Street Charlotte, NC 28208, USA |
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Country : |
United States |
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Date of Incorporation : |
1973 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject engages in the design, manufacture, and marketing of
polycarbonate and polypropylene structured sheets and glazing systems. |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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Status : |
Dissolved |
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Payment Behaviour : |
-- |
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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
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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 $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: |
POLYGAL INC. |
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Trade Names: |
POLYGAL INC. PLAZIT POLYGAL NORTH AMERICA |
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ID: |
0659821 |
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Date Created: |
1973 |
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Date Incorporated: |
1/15/2003 |
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Legal Address: |
1100 Bond Street Charlotte, NC 28208, USA |
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Operative Address: |
1100 Bond Street Charlotte, NC 28208, USA |
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Telephone: |
+1 704-588-3800 |
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Fax: |
+1 704-588-7400 |
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Legal Form: |
Corporation |
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Email: |
- |
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Registered in: |
NORTH CAROLINA |
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Website: |
www.polygal.com |
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Contact: |
Chai Tsadaka – Chief Executive Officer |
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Staff: |
15 |
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Activity: |
NAICS 1: Plastics Materials and Basic Forms and Shapes Merchant
Wholesalers SIC 1: Plastics Materials And Basic Shapes |
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Banks: |
BANK OF AMERICA |
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History: |
Polygal Inc. was founded in 1973. It was formerly known as Polygal
U.S.A. Inc. and changed its name in 2003. Polygal Inc was administratively
dissolved on the 15th of August, 2017 for failure to file an annual report. Both Plazit & Polygal started to manufacture extruded plastic
sheets in 1973 – a landmark year for the international plastics industry.
Plazit and Polygal merged their operations in 2011. |
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Parent Company: |
The company operates as a subsidiary of: Polygal Plastics Industries Ltd. Kibbutz Ramat Hashofet Megiddo, 19238 Israel |
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PRINCIPAL
ACTIVITY
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Polygal Inc. engages in the design, manufacture, and marketing of
polycarbonate and polypropylene structured sheets and glazing systems. |
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Products/Services description: |
It offers connection profiles, polypropylene multi wall sheets,
polycarbonate connection profiles, sealing materials, gaskets, glazing
screws, edge U-profiles, shatters, shutter systems, and fences, as well as technical
support and roof designing services. The company serves architecture, home
and environment, decoration, agriculture, and signs applications. |
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Brands: |
POLYGAL |
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Sales are: |
Wholesale |
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Clients: |
Archroma Textiles Mexico S De Rl De Pogalmexsa De Cv Plasticos Especiales Garen Sa De Cv Arkos Sistemas Arquitectonicos SA |
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Suppliers: |
Polygal Plastics Industries Ltd. |
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Operations area: |
National and International |
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The company imports from |
ISRAEL |
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The company exports to |
MEXICO COLOMBIA |
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The subject employs |
15 employees |
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Payments: |
-- |
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LOCATION
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Headquarters : |
1100 Bond Street Charlotte, NC 28208, USA |
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Comments on Address: |
This business is located at 1100 Bond St, a commercial address in Charlotte,
NC. The warehouse was last sold on October 31, 2006 for $13.7 million USD. The warehouse has an estimated value of $1.71 million USD, which is
277% higher than the $455,242 United States dollars average for warehouses in
the area. When the building was last assessed in 2012, the assessment value
was $1.71 million USD. With 101,404 square feet of space, this building is one of the largest
warehouses in the 28208 zip code. The average warehouse in the area has
around 2,956 square feet. |
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Branches: |
No other branches were found. |
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Related Companies: |
Plazit Polygal Canada 115 Applewood Crescent, Concord, ON, L4K5C1, Canada Plazit Polygal Mexico Las Cumbres, 45136 Zapopan, Jalisco, Mexico |
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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 obtained through private sources and could not
be confirmed: The company operates as a subsidiary of: Polygal Plastics Industries Ltd. Kibbutz Ramat Hashofet Megiddo, 19238 Israel |
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Management: |
Chai Tsadaka – Chief Executive Officer Tamir Lavi – President Patricia Klinger - Secretary Julie Reid - Manager |
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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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Revenue |
2.800.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
Constructional panels Patent number: 5050362 Abstract: A construction panel having first and second edge portions
arranged for interconnection with respective second and first edge portions of
similar panels, the first and second edge portions being configured for
mating engagement at at least two locations, the first edge portion including
a generally flat portion arranged to permit attachment of the edge portion to
an external support by a fastener extending through the flat portion, the
mating engagement of the first and second edge portions being such that the
generally flat portions and the fastener are covered by the second edge
portion. Type: Grant Filed: January 17, 1990 Date of Patent: September 24, 1991 Assignee: Polygal Inventors: Danny Tal, Gilad Hakim, Haim Hakim |
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GOVERNMENT CONTRACTS |
No found. |
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CASES |
No records found. |
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TRADEMARKS |
DANPALON Structural Panels for General Construction Use Owned by: Polygal U.S.A., Inc. Serial Number: 73450385 POLYGAL Structural Panels for General Construction Use Owned by: Polygal U.S.A., Inc. Serial Number: 73450386 CONTROLGAL PACKAGING MATERIALS MADE OF PLASTIC FOR USE IN THE MANUFACTURE OF
PACKAGING CONTAINERS, PARTITIONS, AND NUGGETS Owned by: Polygal U.S.A., Inc. Serial Number: 73742261 DUOGAL POLYPROPYLENE SHEETS FOR PACKAGING, DISPLAYS, AND SIGNS Owned by: Polygal U.S.A., Inc. Serial Number: 73742264 SELECTOGAL POLYCARBONATE STRUCTURED GLAZING SHEETS Owned by: Polygal U.S.A., Inc. Serial Number: 74010185 POLYCLIP POLYCARBONATE STRUCTURED GLAZING SHEETS Owned by: Polygal U.S.A., Inc. Serial Number: 74010265 POLYCLIP polycarbonate glazing panels for use in buildings Owned by: Polygal U.S.A., Inc. Serial Number: 74379577 |
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RENEWAL HISTORY |
Document Id Filing Date Filing Type Document Type Fiscal
Year 230149099 2003-01-15 Creation Filing Articles of Incorporation C200328300035 2003-10-10 Survivor Articles of Merger 2004 292 02683 2005-01-26 Annual Report Annual Report 2003-12-31 2005 283 00331 2005-10-10 Annual Report Annual Report 2004-12-31 2006 240 01023 2006-08-28 Annual Report Annual Report 2005-12-31 2007 260 01451 2007-09-17 Annual Report Annual Report 2006-12-31 C200806400808 2010-02-11 Annual Report Annual Report 2007-12-31 2009 079 00978 2010-02-11 Annual Report Annual Report 2008-12-31 2011 357 00208 2011-11-21 Annual Report Annual Report 2010-12-31 CA201008600266 2012-06-22 Annual Report Annual Report 2009-12-31 2012 312 01667 2013-06-12 Annual Report Annual Report 2013 191 00779 2013-07-10 Annual Report Annual Report 2012-12-31 C201518815051 2015-07-06 Notice Annual Report ADM Notice C201527200618 2015-09-28 Destruction Filing ADM Dissolution CA201534200051 2015-12-08 Annual Report Annual Report 2013-12-31 CA201534200052 2015-12-08 Annual Report Annual Report 2014-12-31 C201534200053 2015-12-08 Reinstatement ADM Reinstatement C201715200190 2017-05-26 Notice Annual Report ADM Notice C201722706896 2017-08-15 Destruction Filing ADM Dissolution |
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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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Founded in 1973, Polygal Inc. is a small organization in the plastics
materials and basic shape company’s industry located in Charlotte, NC. It has 15 full time employees and generates an estimated $2.7 million
in annual revenue. The company operates nationally and internationally, mainly exporting
to Mexico and Colombia. Polygal Inc. was
administratively dissolved on the 15th of August, 2017 for failure to file an
annual report. We suggest
working with guarantees and monitoring its progress for the following 12
months. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
-- |
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CASH FLOW |
Normal |
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STATUS |
Admin. dissolved |
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INTERVIEW |
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NAME |
- |
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POSITION |
- |
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COMMENTS |
We called number +1 704-588-3800 several times and received no answer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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US Dollar |
1 |
INR 64.90 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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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.