|
|
|
MIRA INFORM REPORT
|
Report No. : |
485634 |
|
Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TOWN & COUNTRY LINEN CORP. |
|
|
|
|
Registered Office : |
100 Park Avenue, 12th Floor, New York, New York, 10017 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
1954 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Subject is engaged in the design, manufacture, and import of table
linens and kitchen textile products |
|
|
|
|
No. of Employees : |
100 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 has 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: |
TOWN & COUNTRY LINEN CORP. |
|
Trade Names: |
TOWN & COUNTRY LIVING |
|
ID: |
154463 |
|
Date Created: |
1954 |
|
Date Incorporated: |
FEBRUARY 08, 1963 |
|
Legal Address: |
100 PARK AVENUE 12TH FLOOR NEW YORK, NEW YORK, 10017, USA |
|
Operative Address: |
475 Oberlin Avenue South Lakewood, NJ 08701 United States |
|
Telephone: |
732-364-2000 |
|
Fax: |
- |
|
Legal Form: |
CORPORATION |
|
Email: |
- |
|
Registered in: |
NEW YORK |
|
Website: |
www.tncliving.com |
|
Contact: |
Mr. David Beyda – Chief Executive Officer |
|
Staff: |
100 |
|
Activity: |
NAICS 1: Home Furnishing Merchant Wholesalers SIC 1: Homefurnishings |
|
|
|
|
|
|
Banks
|
|
|
BANK OF AMERICA |
|
|
|
|
|
|
|
History
|
|
|
Town & Country Linen Corp. was founded in 1954 and is based in
Lakewood, New Jersey. |
|
|
|
|
|
Parent Company: |
The company operates as a subsidiary of: Town And Country Holdings Inc. 475 Oberlin Ave S Ste 1, Lakewood, NJ, USA |
|
|
|
|
|
|
PRINCIPAL
ACTIVITY
|
|
|
Town & Country Linen Corp. engages in the design, manufacture, and
import of table linens and kitchen textile products. |
|
|
|
|
|
Products/Services description: |
It offers kitchen textiles, such as kitchen towels, pot holders, oven
mitts, scrubbers, aprons, silicone accessories, and rugs; and table linens,
including tablecloths, runners, placemats, napkins, and dining room chair
pads and covers. The company also provides coordinated bath supplies, such as
shower curtains, tubmats, rugs, towels, lotion pumps, tumblers, toothbrush
holders, waste baskets, and soap dishes; and bedding products, which include
comforters, duvets, sheets, pillow cases, shams, skirts, throws, decorative
pillows, coverlets, quilts, and blankets. |
|
Brands: |
kate spade CALVIN KLEIN KitchenAid CLOROX Cooking Light FIESTA The pioneer Women Town & Country Living Airia living Aquadux The Chef´s Pantry |
|
Sales are: |
Wholesale |
|
Clients: |
Importadora Primex, S.A. De C.V. |
|
Suppliers: |
Chino Sol Trading Corp. Ningbo Splendid Home Textiles Shanghai Cathaya International World Houseware Producing Co Ltd KAM International Pvt Limited Handfab A Living Maxican Export Ishwar Exports |
|
Operations area: |
National and International |
|
The company imports from |
TAIWAN CHINA PAKISTAN INDIA |
|
The company exports to |
MEXICO |
|
The subject employs |
100 employees |
|
Payments: |
Regular |
|
|
|
|
|
|
LOCATION
|
|
|
Headquarters : |
475 Oberlin Avenue South Lakewood, NJ 08701 United States |
|
Comments on Address: |
- |
|
Branches: |
Town & Country Linen Corp. (Branch Location) 295 5th Ave Ste 412 New York, New York 10016-7112 United States |
|
Related Companies: |
No related companies were found. |
|
|
|
|
|
|
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
|
|
|
Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
The company operates as a subsidiary of: Town And Country Holdings Inc. 475 Oberlin Ave S Ste 1, Lakewood, NJ, USA |
|
Management: |
Mr. David Beyda – Chief Executive Officer Rachel Barnett – Chief Operating Officer and Chief Financial Officer Marc Breslof – President Neil Mandell - Chief Merchandising Officer Lori Granata – Vice President of Product Development Radhika Gunasekera - Global Sourcing & Product Development
Executive |
|
|
|
|
|
|
FINANCIAL
INFORMATION
|
|
|
The company does not make its financial statements
public. The following information has been provided by private sources: |
|
|
|
|
|
USD 2016 |
|
|
Revenue |
8.000.000 |
|
Cash flow |
Normal |
|
|
|
|
|
|
LEGAL
FILINGS
|
|
|
|
|
|
PATENTS |
SHOWER CURTAIN FASTENER WITH INTEGRAL HOOK Publication number: 20110088231 Abstract: A shower curtain fastener comprising: a body portion adapted
to be coupled to a shower curtain rod and a shower curtain; and a hook
portion formed integrally with the body portion, the hook portion having a
first segment extending substantially vertically downward from the bottom
section of the body portion and a second segment extending outwardly to
receive items apart from the shower curtain. Type: Application Filed: October 20, 2009 Publication date: April 21, 2011 Applicant: TOWN & COUNTRY LINEN CORP. Inventors: Lou Henry, James Kwon Shower curtain fastener with integral hook Patent number: 8381374 Abstract: A shower curtain fastener includes a body portion adapted to
couple to a shower curtain rod and a shower curtain. A hook portion formed
integrally with the body portion includes a first segment extending
substantially vertically downward from the bottom section of the body portion
and a second segment extending outwardly to receive items apart from the shower
curtain. Type: Grant Filed: October 20, 2009 Date of Patent: February 26, 2013 Assignee: Town & Country Linen Corp. Inventors: Lou Henry, James Kwon CHANGEABLE MAT Publication number: 20150064388 Abstract: A mat is disclosed, and comprises a cover portion and a base
portion. The cover portion includes a lower surface having an engagement
portion. The base portion is removably coupled with the cover portion and
includes a first layer and a second resilient layer. The first layer has a
surface treatment configured to interengage the engagement portion so that
the cover portion and the base portion resist relative movement due to
lateral forcing. The second resilient layer is at least partially enclosed by
the first layer and maintained in substantial fluid separation from a
surrounding environment by the first layer. The force needed to move the
cover portion relative to the base portion laterally is greater than the
force needed to separate the cover portion from the base portion due to the
surface treatment on the first layer of the base portion. Type: Application Filed: August 30, 2013 Publication date: March 5, 2015 Applicant: Town & Country Linen Corp Inventor: Jeffrey J. Beyda Storage unit Patent number: 7992707 Abstract: A storage unit is disclosed comprising a container disposed
within a housing, the container having a cavity with an opening at the upper
end for receiving an item. A cover comprises two or more rounded cover
sections pivotally mounted between the container and the housing for movement
between an open position and a closed position, the cover sections being
biased toward the open position. Vertical downward movement of the container
toward the bottom wall of the housing causes the cover sections to overcome
the bias and rotate to the closed position. When rotating to the open
position, the cover sections recede into a receiving space between the
housing and container, thereby exposing the cavity, such that the outer form
factor of the storage unit is no larger in the open position than in the
closed position. Type: Grant Filed: March 23, 2010 Date of Patent: August 9, 2011 Assignee: Town & Country Linen Corp, Inventor: Lou Henry |
|
|
|
|
GOVERNMENT CONTRACTS |
No found. |
|
|
|
|
CASES |
Rava v. Town & Country Linen Corp. et al Plaintiff: Mary Rava Defendant: Town & Country Linen Corp., Marc Breslof, David Beyda
and Larry Langholtz Case Number: 1:2016cv07448 Filed: September 23, 2016 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: Denise L. Cote Nature of Suit: Employment Cause of Action: 42:2003 Jury Demanded By: Plaintiff Town & Country Linen Corp. v. P/Kaufmann, Inc. Plaintiff: Town & Country Linen Corp. Defendant: P/Kaufmann, Inc. Case Number: 1:2007cv03159 Filed: April 19, 2007 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: Miriam Goldman Cedarbaum Nature of Suit: Copyright Cause of Action: 17:101 Copyright Infringement Jury Demanded By: Plaintiff |
|
|
|
|
TRADEMARKS |
TOWN & COUNTRY BED SPREADS, SHEETS, AND PILLOW CASES Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 71669338 Image Trademark KITCHEN UTENSILS-NAMELY, STEAK KNIVES AND STAINLESS STEEL FLATWARE. Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 72200987 TOWN & COUNTRY LINEN dishes Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 74030683 CACHET plastic tablecloths Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 74049003 TOWN & COUNTRY LIVING dishes; namely, plates, bowls, cups and saucers, serving plates and
bowls, gravy ladles and dessert plates Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 74095303 CACHET Vinyl placemats Owned by: TOWN & COUNTRY LINEN CORP. Serial Number: 75511836 |
|
|
|
|
RENEWAL HISTORY |
Filing Date Name Type Entity Name FEB 08, 1963 Actual TOWN & COUNTRY LINEN CORP. |
|
|
|
|
UCC |
Debtor Names: TOWN & COUNTRY
LINEN CORPORATION 475 OBERLIN AVENUE SOUTH, LAKEWOOD, NJ 08701-0000, USA TOWN & COUNTRY LINEN CORP Not Available Secured Party Names: CONGRESS
FINANCIAL CORPORATION Not Available File no. File Date Lapse Date Filing Type 006467 01/11/1984 01/11/1989 Financing Statement 407243 09/02/1988 01/11/1994 Continuation 034103 02/20/1992 01/11/1994 Financing Statement Amendment 176649 08/17/1993 01/11/1999 Continuation 167056 08/04/1998 01/11/2004 Continuation 200308011415145 08/01/2003 01/11/2009 Multiple Action 200405145393409 05/14/2004 01/11/2009 Termination Debtor Names: TOWN & COUNTRY
LINEN CORPORATION 475 OBERLIN AVENUE SOUTH, LAKEWOOD, NJ 08701-0000, USA TOWN & COUNTRY LINEN CORP Not Available Secured Party Names: CONGRESS
FINANCIAL CORPORATION Not Available File no. File Date Lapse Date Filing Type 006466 01/11/1984 01/11/1989 Financing Statement 407305 09/02/1988 01/11/1994 Continuation 034101 02/20/1992 01/11/1994 Financing Statement Amendment 176648 08/17/1993 01/11/1999 Continuation 167100 08/04/1998 01/11/2004 Continuation 200308011415056 08/01/2003 01/11/2009 Multiple Action 200608100655351 08/10/2006 01/11/2009 Termination Debtor Names: TOWN & COUNTRY
LINEN CORPORATION 475 OBERLIN AVENUE SOUTH, LAKEWOOD, NJ 08701-0000, USA TOWN & COUNTRY LINEN CORP Not Available Secured Party Names: CONGRESS
FINANCIAL CORPORATION Not Available File no. File Date Lapse Date Filing Type 006468 01/11/1984 01/11/1989 Financing Statement 407242 09/02/1988 01/11/1994 Continuation 034102 02/20/1992 01/11/1994 Financing Statement Amendment 176650 08/17/1993 01/11/1999 Continuation 167058 08/04/1998 01/11/2004 Continuation 200308011415094 08/01/2003 01/11/2009 Multiple Action 200405145393346 05/14/2004 01/11/2009 Termination |
|
|
|
|
OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
|
|
|
|
|
|
SUMMARY
|
|
|
Founded in 1954, Town & Country Linen Corp. is a mid-sized
organization in the home furnishings companies industry located in Lakewood,
NJ. It has 100 full time employees and generates an estimated $7.9 million
in annual revenue. The company operates nationally and internationally, mainly importing
from Taiwan, China, Pakistan and India. It is ACTIVE in business with no
negative records. |
|
|
|
|
|
|
|
RISK
INFORMATION
|
|
|
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Regular |
|
CASH FLOW |
Normal |
|
STATUS |
Active |
|
|
|
|
INTERVIEW |
|
|
NAME |
Ben |
|
POSITION |
Sales |
|
COMMENTS |
He 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
|
USD |
1 |
INR 63.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
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.