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MIRA
INFORM REPORT
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Report No. : |
496176 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WILLIAM BARNET & SON, LLC |
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Registered Office : |
1300 Hayne St, Arcadia, Sc, 29320 |
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Country : |
United States |
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Date of Incorporation : |
1898 |
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Legal Form : |
Domestic LLC - Profit |
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Line of Business : |
Manufactures, recycles, and supplies synthetic fibers, yarn, and
polymers. |
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No. of Employees : |
350 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (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: |
WILLIAM BARNET & SON, LLC |
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Trade Name: |
BARNET |
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ID: |
44179 |
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Date Created: |
1898 |
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Date Incorporated: |
1 January 2001 |
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Legal Address: |
1300 HAYNE ST, ARCADIA, SC, 29320 United States |
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Operative Address: |
1300 Hayne Street Spartanburg, South Carolina 29301 United States |
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Telephone: |
(+1) 864 576 7154 |
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Fax: |
(+1) 864 576 3406 |
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Legal Form: |
Domestic LLC - Profit |
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Email: |
sales@barnet.com |
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Registered in: |
South Carolina |
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Website: |
www.barnet.com |
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Contact: |
William Barnet (Chairman Of The Board) |
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Staff: |
350 |
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Activity: |
NAICS 1: Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS 2: Artificial and Synthetic Fibers and Filaments Manufacturing NAICS 3: Broadwoven Fabric Mills SIC 1: Fabrics, Yarns, And Knit Goods SIC 2: Cellulosic Manmade Fibers SIC 3: Broadwoven Fabric Mills, Manmade |
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Banks: |
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Bank of America |
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The company does not disclose its bank details. |
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History: |
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The company was founded in Albany, New York, in 1898 by William
Barnet. The company’s first manufacturing plant, known as Barnet Southern,
opened in Tryon, NC in 1963. Further southern expansions established the
Worldwide Corporate Headquarters in Arcadia, SC in 1976, and additional
manufacturing in Kinston, NC in 1979. In October 1990, the company established European Headquarters,
including manufacturing and sales divisions, in Aachen, Germany. Sales
offices were opened in Hong Kong in 1995, Mumbai, India in 2002 and Shanghai,
China in 2003. |
PRINCIPAL ACTIVITY |
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William Barnet & Son, LLC manufactures, recycles, and supplies
synthetic fibers, yarn, and polymers. |
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Products/Services description: |
It offers fibers, such as staple fibers in polyester, nylon, rayon,
polypropylene, and acrylic materials for spinning, filtration, bedding,
furniture, automotive, and geotextile markets; and short cut fibers for paper
industry, wet laid nonwovens, elastomers, composites, and construction
applications. The company also provides polymers, including compounding
feedstocks; compounds; nylon, polyester (PET), and other fibers, yarns, and
filament resins; and contract manufacturing and other services. In addition,
it offers yarns, such as industrial yarns for narrow and broad fabrics,
cordage and netting, slings, hoses, reinforcements, mechanical rubber goods
(MRG), geotextiles, and industrial sewing thread applications; and antistatic
bi-component filament yarns. |
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Brands: |
Nega-Stat® BARNET |
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Sales are: |
Wholesale |
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Clients: |
Carolina Perfomance Fabrics, S.A. De C.V. Mexico Textiles Omnes S.A. Colombia |
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Suppliers: |
Fisipe Fibras Acrilicas Sa Portugal Complast, S.A. Guatemala Akra Polyestersa De Cv Mexico |
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Operations area: |
National and international |
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The company imports from |
Portugal, Guatemala, Mexico |
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The company exports to |
Mexico, Colombia |
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The subject employs |
350 employees |
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Payments: |
Regular |
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LOCATION |
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Headquarters : |
1300 Hayne Street Spartanburg, South Carolina 29301 United States |
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Branches: |
Barnet Polymers, LLC 1720 East Main Street Duncan, South Carolina 29334 Kinston Plant PO Box 3449 1411 Highway 258 North Kinston, North Carolina 28502 P.O. Box 131 Arcadia, SC 29320-0131 |
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Related Companies: |
It has manufacturing facilities and offices in North America, South
America, Europe, India, Hong Kong, and China. Barnet Latin America Condo. Bella Vista del Oeste Del Centro Comercial PACO en Escazu, 200 Sur & 50 Oeste San Jose, Costa Rica Barnet India Ltd. 412, 4th floor, Maker Bhawan No 3 New Marine Lines Mumbai 400020 India Barnet Pacific, LLC RM 09-10, 23/F., TRENDY CENTER 682 CASTLE PEAK ROAD, CHEUNG SHA WAN, KOWLOON, HONGKONG CHINA Barnet Trading (Shanghai) Co., Ltd. Room 1706-1707, Tower B The Place No. 100 Zunyi Road China, Zip: 200051 Barnet Europe W. Barnet GmbH & Co. KG Freunderweg 39 52068 Aachen Germany W. Barnet GmbH & Co. KG Eisenbahnweg 24 52068 Aachen Germany Prefil AG Roetgener Strasse 92 4730 Raeren Belgum Upcycle B.V. Hulostraat 2-4 6911 KX Pannerden Netherlands |
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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. We could not confirm major holders. |
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Management: |
William “Bill” McCrary Jr., Chairman, President, CEO Mary Moran, Vice Chairman Chuck Hall, Vice President Chris Edwards, General Manager Trevor Wise, Planning Warehouse Manager Bradley McCrary, Sales |
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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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Estimated Assets |
23,700,000 |
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Cash Flow |
Normal |
LEGAL FILINGS |
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CASES |
No records found |
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TRADEMARKS ENVIR Polyester resins, nylon resins, polypropylene resins, thermoplastic
compounds and resins in the form of pellets for use… Owned by: William Barnet & Son LLC Serial Number: 85951546 BARNET CARBON resins in extruded form for general industrial use; resins in bars,
blocks, pellets, rods, sheets and tubes for general… Owned by: William Barnet & Son LLC Serial Number: 86441400 |
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SUMMARY |
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Founded in 1898, William Barnet & Son, LLC is a large-sized
organization in the nondurable goods companies industry located in
Spartanburg, SC. It has 350 full time employees and generates an estimated $ 23.7
million in annual estimated assets. The company operates in the national and international area. William Barnet & Son has manufacturing facilities and offices in
North America, South America, Europe, India, Hong Kong, and China. The organization is ACTIVE without negative records. |
RISK INFORMATION |
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
Darlene |
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POSITION |
Human Resources |
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COMMENTS |
The person contacted confirmed address, staff number, activity and
products. |
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 65.03 |
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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NIS |
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Report Prepared
by : |
KET |
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
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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.