MIRA INFORM REPORT

Report No. :	487816
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	EMR (USA HOLDINGS) INC.
Registered Office :	Corporation Trust Center 1209 Orange St, Wilmington, New Castle, De, 19801, USA
Country :	United States
Date of Incorporation :	07.05.2006
Legal Form :	Limited Liability Company
Line of Business :	Subject Provides Metal Recycling Services.
No. of Employees :	2027

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 :	Clear

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 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:	EMR (USA HOLDINGS) INC.
Trade Names:	EMR (USA HOLDINGS) INC.
ID:	4185575
Date Created:	2006
Date Incorporated:	7/5/2006
Legal Address:	Corporation Trust Center 1209 Orange St, Wilmington, New Castle, De, 19801, USA
Operative Address:	143 Harding Avenue 1st Floor Bellmawr, NJ 08031 United States
Telephone:	1-856-583-1830
Fax:	1-856-931-1065
Legal Form:	Limited Liability Company
Email:	usainfo@emrgroup.com
Registered in:	DELAWARE
Website:	www.emrgroup.com
Contact:	Stephanie Cion – Principal
Staff:	2027
Activity:	NAICS 1: Offices of Other Holding Companies SIC 1: Investment Holding Companies, Except Banks
Banks:	BANK OF AMERICA
History:	The company was founded in 2006.
Key Developments:	EMR USA Holdings LLC forms Joint Venture with Gold Metal Recyclers. 30 September 2011 Gold was founded in 1975 by brothers Kenny and Neil Goldberg, and has six metal recycling sites in Texas and New Mexico. The company has two main processing yards: in Dallas and Houston. The Dallas yard is supported by two feeder yards in Fort Worth and Gainesville (respectively, 40 miles and 70 miles from Dallas). The Houston yard is supported by a feeder yard in Liberty (43 miles from Houston). In 2009, the company acquired a yard in Albuquerque. EMR Eastern to make major investment in New Jersey Company expects to invest close to $150 million on project in Camden. December 20, 2016 EMR Eastern LLC, a wholly owned subsidiary of EMR (USA Holdings) Inc., has formally submitted a request to the New Jersey Economic Development Authority (NJEDA) for financial assistance to undertake a fairly significant expansion project in Camden, New Jersey. The assistance for the project will come from New Jersey’s Grow New Jersey Assistance (Grow NJ) Program, which is available to businesses creating or retaining jobs in New Jersey and making a qualified capital investment at a qualified business facility in a qualified incentive area. According to a report by the NJEDA, EMR Eastern LLC is looking to erect two new buildings and occupy 10 existing buildings in Camden, for a total of 715,000 square feet. The company initially had considered constructing seven new buildings and taking over seven existing buildings, including a waste-to-energy facility. According to the New Jersey EDA, EMR Eastern LLC’s recent submission excluded the construction of the WTE facility. That facility was estimated to cost $166 million and take up about 103,000 square feet. The decision to scale back the expansion plan has resulted in a 41 percent reduction in capital investment from its initial $253 million to $147 million. Because of the reduction, and because this is a Camden Alternative project with an award set by the amount of capital investment, a corresponding reduction in the Grow NJ award from $253 million to $149 million. There will be no overall reduction in the number of originally projected new jobs (285) or retained jobs (62), totaling 347.
Parent Company:	The company operates as a subsidiary of: European Metal Recycling Limited Sirius House Delta Crescent, Westbrook Warrington WA5 7NS United Kingdom
PRINCIPAL ACTIVITY
	EMR (USA Holdings) Llc. provides metal recycling services.
Products/Services description:	The company offers assembling, breaking up, sorting, and wholesale distribution of scrap and waste materials.
Brands:	Emr
Sales are:	Wholesale
Clients:	First Standard Enterprise Co. Metal Forest International Trade Co. Sba Metals Steel Private Limited. Barsan Peru Trading Srl
Suppliers:	Ningbo Kingmetal Imp Exp.Co.,Ltd Jinan Maotian Commerce&trade Co Ltd Mediterranean Shipping Company (Hong Kong) Ltd. European Metal Recycling Aceria Del Ecuador Ca Adelca
Operations area:	National And International
The company imports from	CHINA UNITED KINGDOM ECUADOR
The company exports to	CHINA INDIA PERU
The subject employs	2027 employees
Payments:	Regular
LOCATION
Headquarters :	143 Harding Avenue 1st Floor Bellmawr, NJ 08031 United States
Comments on Address:	-
Branches:	The company has two main processing yards: in Dallas and Houston. The Dallas yard is supported by two feeder yards in Fort Worth and Gainesville (respectively, 40 miles and 70 miles from Dallas). The Houston yard is supported by a feeder yard in Liberty (43 miles from Houston).
Related Companies:	Southern Recycling Corporate 902 Julia Street, New Orleans, LA 70113, USA Camden Iron & Metal, Inc. 143 Harding Avenue, Bellmawr, NJ 08031, USA Northern Metal Recycling 2800 Pacific Street North, Minneapolis, MN 55411, USA
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. European Metal Recycling Limited Sirius House Delta Crescent, Westbrook Warrington WA5 7NS United Kingdom
Management:	Stephanie Cion – Principal Polly Parks - Project Manager Eric Ripoli - Principal
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	550.000.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	No found.
GOVERNMENT CONTRACTS	No records found.
CASES	Southern Recycling, LLC, et al v. Heavy Machines, Inc. et al Plaintiff: Southern Recycling, L.L.C., Westport Insurance Corporation, Zurich American Insurance Company, Starr Indemnity & Liability Company and EMR USA Holdings Inc. Defendant: Heavy Machines, Inc. and Liebherr Mining & Construction Equipment, Inc. Case Number: 2:2017cv07414 Filed: August 2, 2017 Court: Louisiana Eastern District Court Office: New Orleans Office County: Orleans Presiding Judge: Lance M Africk Referring Judge: Janis van Meerveld Nature of Suit: Property Damage Product Liability Cause of Action: 28:1332 Jury Demanded By: Both
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 2006, Emr (Usa Holdings) Inc. is a large-sized organization in the holding company’s industry located in Bellmawr, NJ. It has 2,027 full time employees and generates an estimated $542 million in annual revenue. The company operates nationally and internationally, mainly importing from China, United Kingdom and Ecuador.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Mary
POSITION	Operator
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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22
US Dollar	1	INR 63.66

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

INFORMATION DETAILS

Analysis Done by :	NIS
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)

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.