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MIRA INFORM REPORT
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Report No. : |
516403 |
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Report Date : |
27.06.2018 |
IDENTIFICATION DETAILS
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Name : |
CG MACHINERY, LLC |
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Registered Office : |
40 North Main St., Suite 1700 Dayton,Oh 45423 |
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Country : |
United States |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
1983 |
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Legal Form : |
Domestic Limited Liability Company |
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Line of Business : |
Subject distributes machine tools. It offers CNC vertical and
horizontal machining centers, CNC lathes, rotary tables, mini mills, super
mini mills, trunnion tables, and indexers. |
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No. of Employees : |
30 |
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 : |
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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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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 $59,500. 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 more than 50% 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, 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 former 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 FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), 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 former 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%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. 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 continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its
various provisions, reduces the corporate tax rate from 35% to 21%; lowers the
individual tax rate for those with the highest incomes from 39.6% to 37%, and
by lesser percentages for those at lower income levels; changes many deductions
and credits used to calculate taxable income; and eliminates in 2019 the
penalty imposed on taxpayers who do not obtain the minimum amount of health
insurance required under the ACA. The new taxes took effect on 1 January 2018;
the tax cut for corporations are permanent, but those for individuals are
scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the
Congressional Budget Office estimates that the new law will reduce tax revenues
and increase the federal deficit by about $1.45 trillion over the 2018-2027
period. This amount would decline if economic growth were to exceed the JCT’s
estimate.
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Source
: CIA |
Statutory
Information
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Legal Name |
CG
MACHINERY, LLC |
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Trade Name |
HAAS
FACTORY OUTLET |
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ID |
ID
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ID Details |
3960225
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Creation Date |
1983
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Incorporation Date |
11/15/2016
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Legal Address |
40 NORTH MAIN ST., SUITE 1700 DAYTON,OH 45423 USA |
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Operative Address |
580
Madrid Avenue Torrance, CA 90501, USA |
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Telephone |
(310)
381-0750 |
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Fax |
(310)
381-0744 |
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Legal Form |
DOMESTIC
LIMITED LIABILITY COMPANY |
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E-Mail |
james.phillips@haasfactoryoutlet.com
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Registered In |
OHIO
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Website |
www.haasfactoryoutlet.com
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Contact |
Jay Phillips - General Manager |
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Staff |
30 |
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Activity |
NAICS code: 423830, Industrial Machinery and
Equipment Merchant Wholesalers |
Banks
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Name of Bank |
Reported Amount |
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BANK
OF AMERICA |
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Description |
-
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History
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History |
The company was founded in 1983. |
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Key Developments |
The company HAAS FACTORY OUTLET, LLC, ID No.
199735210087, incorporated in CALIFORNIA, USA, in 12/18/1997 was converted
out into CG MACHINERY, LLC in November, 7th, 2016. |
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Parent Company |
This is a private company. |
Principal
Activity
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General Description |
CG MACHINERY, LLC is a mid-sized organization in the
industrial machinery and equipment companies industry located in Torrance,
CA. |
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Service/Product Description |
CG MACHINERY, LLC distributes machine tools. It
offers CNC vertical and horizontal machining centers, CNC lathes, rotary
tables, mini mills, super mini mills, trunnion tables, and indexers. |
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Sales |
Wholesale
and Retail |
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Operations Area |
National
and International |
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Imports From |
INDIA
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Exports To |
MEXICO
AND INDIA |
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Employees |
30
employees |
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Payments With Suppliers |
No Complaints |
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Comments |
-
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Comments |
-
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Location
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Headquarters |
580 Madrid Avenue, Torrance, CA 90501 (The address given in the order is the headquarters
address of Phillips Corporation, which is a related company). |
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Branches |
The company has many branches in the USA, such as: 913 S Us Highway 301 Tampa, Florida USA 3315 Intertech Dr Brookfield, Wisconsin USA 549a Keystone Dr Warrendale, Pennsylvania USA 1720 N Juniper Ave Broken Arrow, Oklahoma USA 443 W Pennwood St Meridian, Idaho USA 3676 W
California Ave A117 Salt Lake City, Utah USA 501 Richardson St Simpsonville, South Carolina USA 375 Commercial Dr Buda, Texas USA |
Group
Structure and Subdiary Companies
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Listed at the stock exchange |
NO
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Capital |
NA
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Shareholders (%) |
This is a private company. Phillips Machine Tools India Pvt Ltd MIDC Kopar Khairane Navi Mumbai - 400709 Maharashtra, India |
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Management |
Jay Phillips - General Manager Arjen Sakes - Vice President Haresh Shah, Vice-President |
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Subsidiary Companies |
NA
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Related Companies |
Phillips Corporation 7390 Coca Cola Drive Hanover, MD 21076 United States Haas Automation, Inc |
Financial
Information
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General Description |
The company does not make its financial statements public.
The following information has been provided by private sources: |
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Year/Currency |
USD
2017 |
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Sales |
19.380.000
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Money Flow |
Normal
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Legal
Filings
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Lawsuits |
No
records found |
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Trademarks |
No
records found |
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Patents Registered |
No
records found |
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Renewals |
Filing Type: CONVERSION-DOMESTIC PROFIT LIMITED
LIABILITY CO Date of Filing: 11/15/2016 |
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UCC (Uniform Commercial Code) |
No
records found |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
Summary
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Summary |
Founded in 1983, Haas Factory Outlet is a mid-sized
organization in the industrial machinery and equipment companies industry
located in Torrance, CA. |
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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State |
ACTIVE
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Interview
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First Name |
- |
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Position |
- |
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Comments |
We called number (310) 381-0750 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 68.17 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.74 |
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USD |
1 |
INR 68.55 |
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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VIV |
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Report Prepared
by : |
SYL |
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
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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.