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MIRA
INFORM REPORT
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Report No. : |
496174 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BERNET
INTERNATIONAL TRADING, LLC |
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Registered Office : |
12121 Wilshire
Blvd., Suite 1200 Los Angeles CA 90025 |
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Country : |
United States |
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Financials (as on) : |
2016 |
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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 : |
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No. of Employees : |
13 |
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 : |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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: |
BERNET
INTERNATIONAL TRADING, LLC |
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Trade Name: |
BERNET
INTERNATIONAL TRADING, LLC |
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ID: |
200320010114 |
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Date Created: |
1983 |
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Date Incorporated: |
07/18/2003 |
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Legal Address: |
12121 WILSHIRE
BLVD., SUITE 1200 LOS ANGELES CA
90025 UNITED STATES |
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Operative Address: |
12121 Wilshire
Boulevard, Suite 1200 Los Angeles, CA
90025 United States |
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Telephone: |
310-873-0300 |
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Fax: |
310-873-0301 |
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Legal Form: |
DOMESTIC LIMITED LIABILITY COMPANY |
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Email: |
fiberteam@bernetintl.com fabricteam@bernetintl.com |
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Registered in: |
CALIFORNIA |
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Website: |
www.bernetintl.com |
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Contact: |
Mervyn Bernet,
Registered Agent, Chief Executive Officer & Head of Fiber Division Kevin Bernet, Chief
Operating Officer & Head of Fabric, Pre-Cut, and Garment Divisions |
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Staff: |
13 |
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Activity: |
NAICS 1: Piece
Goods, Notions, and Other Dry Goods Merchant Wholesalers SIC 1: Piece Goods
And Other Fabrics |
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BANKS: |
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The company does not make its
banking data public |
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HISTORY |
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The company was founded in 1983. |
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Key Developments: |
The roots of Bernet
International Trading date back to 1953 in Zimbabwe when Julius Bernet began
selling yarns with major textile production companies throughout the world.
Thirty years later, in 1983, Julius' sons Mervyn and Kevin joined the
business and established their own sales operation in Los Angeles in
partnership with a major Japanese trading company. The business evolved and
expanded over the years to include fiber, fabric and garment capabilities. In
2003, the Bernet family acquired the U.S. operations of its partner. |
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PRINCIPAL ACTIVITY |
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Bernet
International Trading, Llc is a small organization in the piece goods and
notion companies industry located in Los Angeles, CA. |
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Products/Services description: |
Bernet
International Trading, LLC distributes polyester stable fiber, dyed and
printed fabrics. The company is
specialized in trading textile related products ranging from the supply of
raw materials, rolls of fabric, pre-cuts, and finished garments. Fiber Products The company´s
Polyester Staple Fibers include: Virgin &
Recycled Staple Fibers: 0.7 denier to 40
deniers White, green,
brown, black colors Conjugated, spiral
or mechanical crimp styles Solid or hollow
core design Dry or Siliconized
finish Low Melt Fibers: 2 denier to 15
deniers White, Black, and
Dyed to Match 110’c to 180’c Specialty fibers
also available, including: Fire Resistant
Polyesters Water & Oil
Repellent Polyesters Crystalline Low
Melt Olefin Low Melt Polypropylene Fiber Virgin Cotton
Comber Flame Retardant
Rayon Fabric &
Pre-Cut Products Fabric Materials: 100% Cotton and
Cotton Blends 100% Rayon and
Rayon Blends 100% Polyester and
Polyester Blends 100% Nylon and
Nylon Blends Vegetable Fibers
(linen, flax, corn, soy, and more) Recycled Materials
(polyester, cotton, and more) Specialties: Artwork for
Printing Concepts and Creation Original Design
Ideas Home Sewing and
Quilting Tropical Wear
(Casual and Active Wear) Athletic Wear Fashion Final
Implementations: Home
Sewing/Quilting Home Furnishings
& Bedding Clothing Lingerie, Dresses,
Blouses Shirts, Shorts,
Pants Athletic &
Performance Fabric Accessories Bags Scarfs Hospitality and
Uniform High-Tech Fabrics Clean Room Fabrics Carbon Anti-Microbial Anti-Static |
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Brands: |
NA |
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Sales are: |
Wholesale |
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Clients: |
The company serves
customers in a variety of markets including automotive, furniture, home
furnishing, bedding, toys, hygiene, filtration, industrial, and
needle-punched non-wovens. INDUSTRIAS MARVES SA CV Mexico PACIFIC BUSINESS DEVELOPMENT, S.A. DE C.V. Mexico PELZER DE MEXICO S A DE C V Mexico |
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Suppliers: |
TAIHAN(CHINA)DYEING&PRINTING China Huvis Corp. South Korea SUNG LTD. CO., LTD. South Korea Taihan Textile Co.,
Ltd. South Korea Kanematsu Textile
Corp. Japan |
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Operations area: |
National and international |
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The company imports from |
China, South Korea
and Japan |
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The company exports to |
Mexico |
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The subject
employs |
13 employees |
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Payments: |
No Complaints |
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LOCATION |
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Headquarters : |
12121 Wilshire Boulevard, Suite 1200 Los Angeles, CA 90025 United States |
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Comments: |
NA |
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Branches: |
Warehousing and
Distribution: Lincolnton, North
Carolina Tupelo, Mississippi Los Angeles,
California Dallas County,
Texas Ft. Wayne, Indiana Allentown,
Pennsylvania |
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Main Competitors |
Jaba Supply 1486 Mateo St Textile Club 840 S San Pedro St Gallery Bridal 945 Maple Ave Nikoo Textile Co 745 Towne Ave Re-Threads Inc. 3815 Mclaughlin Ave
# 202 |
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Related Companies: |
NA |
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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: |
This is a private company. The company
does not disclose information on shareholders. The following information has
been obtained through private sources and could not be confirmed: Major holders are Mervyn Bernet and
Kevin Bernet |
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Management: |
Mervyn Bernet, Registered Agent, Chief
Executive Officer & Head of Fiber Division Kevin Bernet, Chief Operating Officer
& Head of Fabric, Pre-Cut, and Garment Divisions Julius Bernet, Fabric and Fiber
Consultant Ryan Bernet, Vice President of
Operations, Fiber Division Linda Sugiura,
Controller Kevin Lerman, Head of Garment and Accessories Production Joel Mersereau, Vice President of
Business Development, Fiber Division Jim Spaulding, Chief of Design Rusty Waterer, Sales Manager Steve Cantey, Sales Representative |
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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 |
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Revenue |
2,600,000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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Filling History: |
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Lawsuits: |
Bush v. Bernet
International Trading, LLC. et al Plaintiff: Darrel
Bush Defendant: Bernet
International Trading, LLC., CMA CGM (America) LLC., H&M Terminals Transport
Corp and The CIT Group/Commercial Svcs. Inc. Case Number:
4:2017cv00153 Filed: August 16,
2017 Court: Georgia
Southern District Court Office: Savannah
Office County: Chatham Referring Judge: G.
R. Smith Presiding Judge:
Lisa G. Wood Nature of Suit: Other
Personal Injury Cause of Action:
28:1441 Jury Demanded By:
Both |
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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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Founded in 1983, Bernet International
Trading, Llc is a small organization in the piece goods and notion companies
industry located in Los Angeles, CA. The company has 13 full-time employees
and generates an estimated USD 2.6 million in annual revenue. The company imports from China, South
Korea and Japan, and exports to Mexico, operating within national and
international markets. This has been an ACTIVE company
incorporated in CALIFORNIA in 2003. |
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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 |
NA |
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POSITION |
Operator |
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COMMENTS |
The person
contacted confirmed legal name, trade name and website. She asked the reason
of the call and refused to provide further information through the phone. She
transferred the call to a superior but nobody answered. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.96 |
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1 |
INR 90.34 |
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Euro |
1 |
INR 80.75 |
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USD |
1 |
INR 65.10 |
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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PRA |
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Report Prepared
by : |
TRU |
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.