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MIRA INFORM REPORT
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Report No. : |
486740 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ASCEND PERFORMANCE MATERIALS INC |
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Registered Office : |
251 Little Falls Drive, Wilmington, New Castle, De, 19808,
Usa |
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Country : |
United States |
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Date of Incorporation : |
1.3.2012 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject produces nylon resins and fibers. |
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No. of Employees : |
12 (2600 the whole group) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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: |
ASCEND PERFORMANCE MATERIALS INC. |
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Trade Names: |
ASCEND PERFORMANCE MATERIALS INC. |
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ID: |
5090214 |
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Date Created: |
2012 |
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Date Incorporated: |
1/3/2012 |
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Legal Address: |
251 LITTLE FALLS DRIVE, WILMINGTON, NEW CASTLE, DE,
19808, USA |
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Operative Address: |
1010 Travis St Ste 900 Houston, Texas 77002-5917 United States |
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Telephone: |
(713) 315-5700 |
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Fax: |
- |
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Legal Form: |
CORPORATION |
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Email: |
- |
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Registered in: |
DELAWARE |
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Website: |
www.ascendmaterials.com |
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Contact: |
Phil McDivitt -
President/Chief Executive Officer |
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Staff: |
12 (2600 the whole group) |
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Activity: |
NAICS 1: All Other Miscellaneous Textile Product
Mills SIC 1: Batting, Wadding, Padding And Fillings |
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Banks
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BANK OF AMERICA |
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History
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The company was founded in 2012. |
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Parent Company: |
The company operates as a subsidiary of: Ascend Performance Materials Holdings Inc. 1010 Travis St Ste 900 Houston, TX, USA |
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PRINCIPAL
ACTIVITY
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Ascend Performance Materials LLC produces nylon
resins and fibers. |
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Products/Services description: |
The Company offers basic and intermediate nylon chemicals,
including polymers and plastics, carpet fibers, intermediate chemicals, and
industrial fiber products |
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Brands: |
Ascend Performance Materials |
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Sales are: |
Wholesale |
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Clients: |
A.Schulman De Mexico S.A. De C.V. Basf Mexicana S.A. De C.V. Avantor Performance Materials, S.A. De C.V. Bajaj Healthcare Limited. C J Shah And Co. |
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Suppliers: |
Shanghai Everest International Logistics Co., Ltd. Hoyer Global Shanghai BV |
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Operations area: |
National and International |
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The company imports from |
CHINA |
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The company exports to |
MEXICO INDIA |
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The subject employs |
12 employees (2600 the whole group) |
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Payments: |
No Complaints |
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LOCATION
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Headquarters : |
1010 Travis St Ste 900 Houston, Texas 77002-5917 United States |
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Comments on Address: |
- |
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Branches: |
Chocolate Bayou, Texas FM 2917 Rd. Alvin, TX 77511 Decatur, Alabama 1050 Chemstrand Ave. Decatur, AL 35601 Foley, Alabama 518 S Bay St. Foley, AL 36535 Greenwood, South Carolina 1515 Hwy 246 S. Greenwood, SC 29646 Pensacola, Florida 3000 Old Chemstrand Rd. Cantonment, FL 32533 |
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Related Companies: |
Ascend Performance Materials Operations Llc 1010 Travis St Ste 900 Houston, Texas 77002-5917 United States Europe Ascend Performance Materials SPRL Watson & Crick Hill Park Rue Granbonpré 11 – Bâtiment H B-1435 Mont-Saint-Guibert, Belgium Asia Ascend Performance Materials (Shanghai) Co., Ltd. Unit 3602, Raffles City Office Towers 268 Xi Zang Road (M) Shanghai 200001, China |
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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 operates as a subsidiary of: Ascend Performance Materials Holdings Inc. 1010 Travis St Ste 900 Houston, TX, USA |
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Management: |
SECRETARY ANDREW
RALSTON 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 VICE PRESI ANDREW
RALSTON 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 CHAIRMAN BARRY
SIADAT 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 DIRECTOR BARRY
SIADAT 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 CHIEF PROC CAROLE
WENDT 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 CHIEF EXEC FREDERIC
M POSES 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 DIRECTOR FREDERIC
M POSES 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 VICE PRESI G
PETER DALOIA 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 DIRECTOR G
PETER DALOIA 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 DIRECTOR JACK
NORRIS 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 DIRECTOR JAMSHID
KEYNEJAD 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 VICE PRESI JOHN
FERGUSON 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 VICE PRESI KEVIN
BARTOL 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 CHIEF FINA KEVIN
BARTOL 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 PRESIDENT PHIL
MCDIVITT 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 TREASURER RIZWAN
AMANULLAH 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 VICE PRESI SCOTT
ROOK 1010 TRAVIS ST., SUITE 900 HOUSTON, TX 77002 |
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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 - ASCEND PERFORMANCE MATERIALS INC. |
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Revenue |
1.500.000 |
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Cash flow |
Normal |
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USD 2016 – ASCEND PERFORMANCE MATERIALS HOLDINGS
INC. |
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Revenue |
1B |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
All the patents found belong to its sister company: Publication number: 20170107349 Abstract: The present invention provides a
low-phosphorus polyamide compound and a process for preparing such a
polyamide. Type: Application Filed: March 19, 2015 Publication date: April 20, 2017 Applicant: Ascend Performance Materials Operations
LLC Inventors: Steven C. Manning, Roger C. Ayotte Polymerization Coupled Compounding Process Publication number: 20160319084 Abstract: Provided is a process for preparing an
improved compounded product and a compounded product prepared by the
described process. Type: Application Filed: July 15, 2016 Publication date: November 3, 2016 Applicant: Ascend Performance Materials Operations
LLC Inventors: Raymond E. FOGLE, Troy D. CALVERT,
Zachary J. CARBEN, Steven C. MANNING, Chie H. WANG, Paul A.
WHEELER, J. Marty ZABCIK Polymerization Coupled Compounding Process Publication number: 20160046766 Abstract: Provided is a process for preparing an
improved compounded product and a compounded product prepared by the
described process. Type: Application Filed: March 13, 2014 Publication date: February 18, 2016 Applicant: Ascend Performance Materials Operations
LLC Inventors: Raymond E. FOGLE, Troy D. CALVERT,
Zachary J. CARBEN, Steven C. MANNING, Chie H. WANG, Paul A. WHEELER, Marty J.
ZABCIK |
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GOVERNMENT CONTRACTS |
No found. |
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CASES |
All the cases found correspond to its sister
company: Olsen v. Ascend Performance Materials Operations,
LLC et al Plaintiff: David N Olsen Defendant: Ascend Performance Materials Operations,
LLC and Memorial Hermann Health System Case Number: 4:2016cv01394 Filed: May 17, 2016 Court: Texas Southern District Court Office: Houston Office County: Harris Presiding Judge: Kenneth M Hoyt Nature of Suit: Other Labor Litigation Cause of Action: 28:451 Jury Demanded By: Plaintiff Ascend Performance Materials Operations LLC v.
Jacobson Warehouse Companies, Inc. Plaintiff: Ascend Performance Materials Operations
LLC Defendant: Jacobson Warehouse Companies, Inc. Case Number: 4:2015cv01558 Filed: June 5, 2015 Court: Texas Southern District Court Office: Houston Office County: Harris Presiding Judge: Ewing Werlein Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: None |
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TRADEMARKS |
All the trademarks found belong to its sister
company: ASCEND PERFORMANCE MATERIALS Consulting services in the field of nylon materials
and products, namely, consulting relating to the design, engineering… Owned by: ASCEND PERFORMANCE MATERIALS OPERATIONSLLC Serial Number: 77776837 A Consulting services in the field of nylon materials
and products, namely, consulting relating to the design, engineering… Owned by: ASCEND PERFORMANCE MATERIALS OPERATIONSLLC Serial Number: 85350145 ASCEND Nylon 66 polymer in chip and flake forms for use in
the manufacture of [ films, profile extrusions ] and textile fibers Owned by: ASCEND PERFORMANCE MATERIALS OPERATIONSLLC Serial Number: 75664610 ALPHOX Chemical treatment, namely, hydroxylation of organic
compounds utilizing catalytic surface oxygen Owned by: ASCEND PERFORMANCE MATERIALS OPERATIONSLLC Serial Number: 77953256 ULTRON SDN Carpets and rugs Owned by: ASCEND PERFORMANCE MATERIALS OPERATIONSLLC Serial Number: 78901882 RENEW Synthetic fibers and filaments for use in the
manufacture of yarn for carpets Owned by: ASCEND PERFORMANCE MATERIALS LLC Serial Number: 77846775 COLORSHIELD Stain resistant synthetic fibers and filaments for
use in the manufacture of yarn for carpets Owned by: ASCEND PERFORMANCE MATERIALS LLC Serial Number: 77846780 |
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RENEWAL HISTORY |
No records found. |
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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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Ascend Performance Materials Inc. is a small organization
in the textile manufacturers industry located in Houston, TX. It opened its doors in 2012 and now has an estimated
$1.5 million in yearly revenue and 11 employees. The company operates nationally and internationally,
mainly importing from China. It is ACTIVE In business with no negative
records. |
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
- |
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POSITION |
- |
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COMMENTS |
We called number (713) 315-5700 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 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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USD |
1 |
INR 63.83 |
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 : |
POJ |
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.