MIRA INFORM REPORT

(UPDATED REPORT)

Report No. :	493255.2
Report Date :	28.02.2018

IDENTIFICATION DETAILS

Name :	POLYGAL INC.
Registered Office :	1100 Bond Street Charlotte, NC 28208
Country :	United States
Financials (as on) :	2016 (Summarized)
Date of Incorporation :	1973
Legal Form :	Corporation
Line of Business :	Subject engages in the design, manufacture, and marketing of polycarbonate and polypropylene structured sheets and glazing systems.
No. of Employees :	15

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

D

Credit Rating	Explanation	Rating Comments
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Dissolved
Payment Behaviour :	---
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:	Polygal Inc.
Trade Names:	Polygal Inc. Plazit Polygal North America
ID:	0659821
Date Created:	1973
Date Incorporated:	1/15/2003
Legal Address:	1100 Bond Street Charlotte, NC 28208, USA
Operative Address:	1100 Bond Street Charlotte, NC 28208, USA
Telephone:	+1 704-588-3800
Fax:	+1 704-588-7400
Legal Form:	CORPORATION
Email:	-
Registered in:	NORTH CAROLINA
Website:	www.polygal.com
Contact:	Chai Tsadaka – Chief Executive Officer
Staff:	15
Activity:	NAICS 1: Plastics Materials and Basic Forms and Shapes Merchant Wholesalers SIC 1: Plastics Materials And Basic Shapes
Banks:	BANK OF AMERICA
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.
Parent Company:	The company operates as a subsidiary of: Polygal Plastics Industries Ltd. Kibbutz Ramat Hashofet Megiddo, 19238 Israel
PRINCIPAL ACTIVITY
Polygal Inc. engages in the design, manufacture, and marketing of polycarbonate and polypropylene structured sheets and glazing systems.
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.
Brands:	POLYGAL
Sales are:	Wholesale
Clients:	Archroma Textiles Mexico S De Rl De Pogalmexsa De Cv Plasticos Especiales Garen Sa De Cv Arkos Sistemas Arquitectonicos SA
Suppliers:	Polygal Plastics Industries Ltd.
Operations area:	National and International
The company imports from	ISRAEL
The company exports to	MEXICO COLOMBIA
The subject employs	15 employees
Payments:	--
LOCATION
Headquarters :	1100 Bond Street Charlotte, NC 28208, USA
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.
Branches:	No other branches were found.
Related Companies:	Plazit Polygal Canada 115 Applewood Crescent, Concord, ON, L4K5C1, Canada Plazit Polygal Mexico Las Cumbres, 45136 Zapopan, Jalisco, Mexico
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
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
Management:	Chai Tsadaka – Chief Executive Officer Tamir Lavi – President Patricia Klinger - Secretary Julie Reid - Manager
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Revenue	2.800.000
Cash flow	Normal
LEGAL FILINGS
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
GOVERNMENT CONTRACTS	No records found.
CASES	No records found.
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
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
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
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. The company’s CEO confirmed that the company has been reinstated; however, this information is not still reflected on North Carolina’s Secretary of State. We suggest working with guarantees and monitoring its progress for the following 12 months.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	--
CASH FLOW	Normal
STATUS	Admin. dissolved
INTERVIEW
NAME	Chai Tsadaka
POSITION	CEO
COMMENTS	He confirmed the name of the parent company, the address of the headquarters and location, the date of creation of the company, the number of employees and the company´s status. He said that the company was reinstated.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97
US Dollar	1	INR 65.28

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.