|
|
|
MIRA INFORM REPORT
|
Report No. : |
486583 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GELMART INDUSTRIES, INC. |
|
|
|
|
Registered Office : |
251 Little Falls Drive, Wilmington, New Castle, DE, 19808, USA |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
1952 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Subject doing business as Gelmart International, designs, develops,
and manufactures intimate apparel. |
|
|
|
|
No. of Employees : |
57 |
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: |
GELMART INDUSTRIES, INC. |
|
Trade Names: |
GELMART INTERNATIONAL |
|
ID: |
780918 |
|
Date Created: |
1952 |
|
Date Incorporated: |
4/13/1972 |
|
Legal Address: |
251 Little Falls Drive, Wilmington, New Castle, DE, 19808, USA |
|
Operative Address: |
48 West 38th Street 10th Floor New York, NY 10018 United States |
|
Telephone: |
212-743-6900 |
|
Fax: |
212-725-7248 |
|
Legal Form: |
Corporation |
|
Email: |
info@gelmart.com |
|
Registered in: |
DELAWARE |
|
Website: |
www.gelmart.com |
|
Contact: |
Yossi Nasser – Chief Executive Officer |
|
Staff: |
57 |
|
Activity: |
Wholesale Sector Industry |
|
|
|
|
Banks: |
BANK OF AMERICA INTERNAL REVENUE SERVICE |
|
|
|
|
History: |
The company was founded in 1952 and is based in New York, New York with
an additional office in China. It has production facilities in China and the
Philippines. Gelmart Industries Inc. was formerly known as Philippine
American Embroideries Company and changed its name to Gelmart Industries Inc.
in April 1972. The company is doing business under the trade name Gelmart
International since 2011. |
|
|
|
|
Key Developments: |
Gelmart Now
Doing Business as Gelmart International Monday, April 11, 2011 · Gelmart Industries Inc is changing its name to Gelmart International as
part of the company’s new strategic growth plan that includes a new website,
new logo and new look. “The name change reflects our growth strategy which includes global
reach. Gelmart is no longer just a manufacturer. Today, we are a full-service
vendor partner with the ability to design and develop, source and
manufacture, merchandise and market the right product at the right time at
the right price,” said Yossi Nasser, president of the organization. “We
service each customer to the best of our ability. We don’t just sell to our
customers. There is a big difference. I believe this is why Gelmart was
honored with the Walmart Supplier of the Year Award for 2010.” Visitors to the company’s url, gelmart.com, will immediately see a
countdown to the new website launch date and a look at the new logo. The new look reflects the new direction of the company while still
paying tribute to Gelmart’s long history. Nasser states, “We never want to
lose sight of our roots. But we feel that it is important to evolve and move
forward to best service our loyal customers.” The creative team,
QuallsBenson, contributed to the rebirth of Gelmart. |
|
|
|
PRINCIPAL
ACTIVITY
|
|
|
|
Gelmart Industries Inc., doing business as Gelmart International, designs,
develops, and manufactures intimate apparel. |
|
Products/Services description: |
It offers underwear, bras, and shapewear. The company designs and
builds private label and licensed brands. |
|
Brands: |
GELMART |
|
Sales are: |
Wholesale |
|
Clients: |
Walmart, Kmart, Sears, as well as specialty stores like Avenue. |
|
Suppliers: |
Xiamen Rose Queen Garment Co.,Ltd Xiamen Unibest Import & Export Co Ltd Polywit International Ltd. Shantou Yufeng Knitteng Co Ltd Guangdong Shantou Yufeng Knitting, Co Ltd Ginza Industries Limited |
|
Operations area: |
National and International |
|
The company imports from |
CHINA INDIA |
|
The subject employs |
57 employees |
|
Payments: |
Regular |
|
|
|
LOCATION
|
|
|
Headquarters : |
48 West 38th Street 10th Floor New York, NY 10018 United States |
|
Comments on Address: |
- |
|
Branches: |
Gelmart Industries Inc. (Branch Location) 183 Madison Ave New York, New York 10016-4501 United States Gelmart Industries Inc. (Branch Location) 31 W 34Th St Fl 9 New York, New York 10001-3009 United States Gelmart Industries Inc. (Branch Location) 40 E 34th St Rm 1502 New York, New York 10016-4501 United States |
|
Related Companies: |
Gelmart Industries Philippines KM15 South Super Highway Paranaque, Metro Manila Philippines |
|
|
|
GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
|
|
|
Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
This is a private company. We were not able to confirm major holders. |
|
Management: |
Yossi Nasser – Chief Executive Officer Ken Parag – Chief Financial Officer Eve Bastug – Vice President of Merchandising Ronald Karger - Treasurer |
|
|
|
FINANCIAL
INFORMATION
|
|
|
|
The company does not make its financial
statements public. The following information has been provided by private
sources: |
|
|
|
|
USD 2016 |
|
|
Revenue |
6.000.000 |
|
Cash flow |
Normal |
|
|
|
LEGAL
FILINGS
|
|
|
|
|
|
PATENTS |
No found. |
|
|
|
|
GOVERNMENT CONTRACTS |
No records found. |
|
|
|
|
CASES |
Gelmart Industries Inc. v. Bernstein Plaintiff: Gelmart Industries Inc. Defendant: Jay Bernstein Case Number: 1:2011cv08907 Filed: December 6, 2011 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: Lewis A. Kaplan Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: Plaintiff Gelmart Industries, Inc. v. Eveready Battery Company, Inc. Plaintiff: Gelmart Industries, Inc. Defendant: Eveready Battery Company, Inc. Case Number: 1:2013cv06310 Filed: September 9, 2013 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: P. Kevin Castel Nature of Suit: Trademark Cause of Action: 15:1051 Jury Demanded By: Plaintiff |
|
|
|
|
TRADEMARKS |
YOUTHCRAFT [GIRDLES,] BRASSIERES,[ SLEEPWEAR AND LOUNGEWEAR, ALL FOR WOMEN AND
YOUNG WOMEN] Owned by: GELMART INDUSTRIES, INC. Serial Number: 73047803 CHARMFIT BRASSIERS Owned by: GELMART INDUSTRIES, INC. Serial Number: 73127332 AERO-FLEX gloves Owned by: GELMART INDUSTRIES, INC. Serial Number: 74081715 AERO-FLEX brassiers, girdles, support briefs, gloves, hats, mittens, scarves,
infants and children's wear; namely, dresses, overalls… Owned by: GELMART INDUSTRIES, INC. Serial Number: 74081896 MOTHER'S LOVE ladies intimate apparel; namely, bras Owned by: GELMART INDUSTRIES, INC. Serial Number: 74238145 ROMANTIC OCCASIONS lingerie; namely, panties, brassieres, girdles and support briefs and
gloves, hats, mittens and scarves, infants and children… Owned by: GELMART INDUSTRIES, INC. Serial Number: 74266677 |
|
|
|
|
RENEWAL HISTORY |
No records found. |
|
|
|
|
UCC |
Debtor Names: GELMART INDUSTRIES
INC Not Available Secured Party Names: INTERNAL
REVENUE SERVICE File no. File Date Refile Date Filing Type 119908 04/11/1986 01/01/2099 Federal Tax Lien 014361 01/17/1989 01/01/2099 Federal Tax Lien Release |
|
|
|
|
OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
|
|
|
SUMMARY
|
|
|
|
Founded in 1952, Gelmart Industries Inc. is a mid-sized organization
in the women's and children's clothing companies industry located in New
York, NY. It has 57 full time employees and generates an estimated $6 million in
annual revenue. The company mainly imports from China and India. It operates nationally and internationally. It is ACTIVE in business
with no negative records. |
|
|
|
RISK
INFORMATION
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Regular |
|
CASH FLOW |
Normal |
|
STATUS |
Active |
|
|
|
|
INTERVIEW |
|
|
NAME |
Lilly Miyoga |
|
POSITION |
Sales |
|
COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company and the number of
employees. She also confirmed the company´s suppliers. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.97 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
|
US Dollar |
1 |
INR 63.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.