3decades

MIRA INFORM REPORT

Report No. :	496171
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	SPRINGS GLOBAL US, INC.

Registered Office :	Registered Agent Information Corporation Service Company 251 Little Falls Drive Wilmington, New Castle DE 19808

Country :	United States

Financials (as on) :	2016

Date of Incorporation :	28.10.2005

Legal Form :	Corporation

Line of Business :	Subject designs, manufactures, and distributes home textile products. It offers sheets and pillow cases, comforters, duvets, ensembles, soft decorative window fashions, quilts, pillows, mattress pads, blankets, towels, shower curtains, bath rugs, and bath accessories. The company sells its products through retailers primarily in North and South America.

No. of Employees :	1,600

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United States

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

Order:

SPRING GLOBAL US INC

Address in the order:

MARTINSVILLE MANUFACTURING 460 BEAVER CREEEK DRIVE MARTINSVILLE VA 24112

United States

The address in the order corresponds to one of the company´s plant.

Legal Name:

SPRINGS GLOBAL US, INC.

Trade Name:

SPRINGS GLOBAL

ID:

4052784

Date Created:

2005

Date Incorporated:

10/28/2005

Legal Address:

Registered Agent Information

Corporation Service Company

251 Little Falls Drive

Wilmington, New Castle

DE 19808

USA

Operative Address:

205 N White St

Fort Mill, SC, 29715 United States

Telephone:

(803) 547-1500

Fax:

(803) 547-1500

Legal Form:

Corporation

Email:

info@springs.com

sales@springs.com

ri@springs.com

Registered in:

DELAWARE

Website:

www.springs.com

Contact:

Josué Christiano Gomes da Silva, Chairman and Chief Executive Officer

Tom O'Connor, President

Staff:

1,600

Activity:

NAICS 1: All Other Miscellaneous Textile Product Mills

SIC 1: Linen Fabrics

BANKS:

The company does not make its banking data public

HISTORY:

The company was founded in 2005

Key Developments:

2006 - Creation of Springs Global as a result of a merger between Companhia de Tecidos Norte de Minas, with operations in South America, and Springs Industries, with operations in North America;

2007 - Initial Public Offering of Springs Global. Focus on delivering the synergies resulting from the merger.

2009 - Entering the retail market in Brazil, through the acquisition of MMartan

PRINCIPAL ACTIVITY

Springs Global Us, Inc. is a large-sized organization in the textile manufacturers industry located in Fort Mill, SC.

Products/Services description:

Springs Global US, Inc. designs, manufactures, and distributes home textile products. It offers sheets and pillow cases, comforters, duvets, ensembles, soft decorative window fashions, quilts, pillows, mattress pads, blankets, towels, shower curtains, bath rugs, and bath accessories. The company sells its products through retailers primarily in North and South America.

The Company’s manufacturing activities are focused in three main segments: bed, bath and table toppings (CAMEBA), Utility Bedding Products and Intermediate Products.

CAMEBA

The Company designs, manufactures and markets a complete line of coordinated products using its portfolio of brands and licenses combined with certain third-party brands, distributed through major retailers located mostly throughout South America. Products include bed sheets and pillowcases, tablecloths, towels, rugs and bath accessories.

Utility Bedding

This product category is represented by pillows, mattress pads, comforters and bedspreads. Main production units of these products are located in Martinsville (VA), Commerce (CA) and Bartlesville (OK), in the United States, and Blumenau, in Brazil.

Intermediary Products

The Company manufactures and sells yarns, fabrics and textile waste to clients represented mainly by small and medium garment and knitwear companies in Brazil. Additionally, the Company sells natural, dyed and printed fabrics.

Brands:

Casa Moysés (Brazil)

MMartan (Brazil)

Artex (Brazil)

Santista (Brazil)

Springmaid (USA and Canada)

Wabasso (Canada)

Texmade (Canada)

Palette (Argentina)

Arco-Íris (Argentina)

Fantasia (Argentina)

Sales are:

Wholesale

Clients:

Sears, Roebuck & Company

USA

Wal Mart Stores, Inc.

USA

Colchones Wendy S.A. De C.V.

Mexico

Suppliers:

YUSEN LOGISTICS (CHINA) CO., LTD.

China

Mijung Ind. Co., Ltd.

South Korea

RELIANCE INDUSTRIES LTD.

India

HANDFAB A LIVING

India

Operations area:

National and international

The company imports from

China, South Korea and India

The company exports to

Mexico

The subject employs

1,600 employees

Payments:

Regular

LOCATION

Headquarters :

205 N White St

Fort Mill, SC, 29715 United States

Comments:

Branches:

The company has 5 plants in USA:

Bartlesville, OL

Commerce, CA

Nashville, TN

Cartesville, GA

Martinsville, VA

The company has 2 sales offices in USA:

Fort Mill, SC

New York, NY

Main Competitors

Felters Of South Carolina Llc

5965 Highway 221

Roebuck, South Carolina

29376-3319

Related Companies:

The company has also 8 plants in Brazil, 1 sale office in Canada,1 plant in Argentina and 1 commercial/product sourcing office in Shanghai (China).

Coteminas Sa

Brazil

Coteminas Argentina Sa

Argentina

Spring Canada Holdings Llc

Canada

Ammo Varejo

Brazil

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:

Capital:

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:

Springs Global US, Inc. operates as a subsidiary of

Springs Global Participações S.A.

Av. Lincoln Alves Dos Santos 955

Brazil

Global Headquarters:

Companhia de Tecidos Norte de Minas - Coteminas.

Av. Lincoln Alves Dos Santos 955

Brazil

Major Holders of Springs Global Participações S.A.

(Currency in BRL)

Top Mutual Fund Holders
Holder	Shares	Date Reported	Value
DFA Investment Dimensions-DFA Emerging Mkts Value	33,4	Jul 30, 2017	349,029
DFA Emerging Markets Small Cap Series	18,2	Jul 30, 2017	190,189
DFA Emerging Markets Core Equity Portfolio	17,2	Jul 30, 2017	179,739
Old Westbury Small & Mid Cap Strategies Fund	14,9	Jul 30, 2017	155,704
DFA T.A. World Ex U.S. Core Equity Portfolio	12,6	Apr 29, 2017	113,777

Management:

Josué Christiano Gomes da Silva, Chairman and Chief Executive Officer

Tom O'Connor, President

Josue Gomes, Co Chief Executive Officer

Jill Torrance, Vice President Brand and Merchandising

Pedro Bastos, Vice President Operations South And Central America

Shari Gold, Vice President Creative Services

FINANCIAL INFORMATION

The company does not make its financial statements public. The following information has been provided by private sources:

USD 2016

Revenue

370M

Cash flow

Normal

We also attach the latest financial statements of Springs Global Participações S.A., which shows negative income in its last financial figures.

LEGAL FILINGS

Patents:

BLACK-OUT PANELS

Publication number: 20090032205

Abstract: Blackout panels include a first blackout panel and a second blackout panel, each having opposing inner and outer surfaces and a pair of opposing vertical edge portions and top and bottom portions. At least one of the vertical edge portions of each panel includes a first elongate fastening strip comprising hooks or loops. The elongate strip extends for at least a major portion of a length of the panel and terminates a distance of between about 5-20 inches below the top portion of the respective blackout panel.

Type: Application

Filed: July 24, 2008

Publication date: February 5, 2009

Applicant: Springs Global US, Inc.

Inventors: Barry Goodner, Barbara Koller

Collapsible storage container for fabrics and methods of using same

Patent number: 8333278

Abstract: A collapsible storage apparatus for fabrics includes a container movable between a collapsed position and a use position, and a fabric receiving member dimensioned to receive fabric wrapped therearound such that the fabric receiving member and fabric wrapped therearound can be removably stored within the container when the container is in the use position. The container is formed from two opposed side walls, two opposed end walls, and a flexible bottom section attached to bottom edge portions of the side and end walls. The two side walls are configured to fold such that the container has a flat configuration with the folded side walls sandwiched between the end walls when in the collapsed position.

Type: Grant

Filed: September 9, 2009

Date of Patent: December 18, 2012

Assignee: Springs Global US, Inc.

Inventor: Tracy A. Smith

Storage panel

Patent number: D619834

Type: Grant

Filed: April 19, 2010

Date of Patent: July 20, 2010

Assignee: Springs Global US, Inc.

Inventors: Barbara J. Koller, Christina Spatz

Comforter with removable decorative panel

Patent number: D629242

Type: Grant

Filed: December 11, 2008

Date of Patent: December 21, 2010

Assignee: Springs Global US, Inc.

Inventor: Carmen Waite

Comforter with removable decorative panel

Patent number: D637857

Type: Grant

Filed: December 16, 2010

Date of Patent: May 17, 2011

Assignee: Springs Global US, Inc.

Inventor: Carmen Waite

Flexible band for retaining folded bedding articles

Patent number: D654955

Type: Grant

Filed: September 9, 2010

Date of Patent: February 28, 2012

Assignee: Springs Global US, Inc.

Inventor: Jennifer Wynnell Vruwink

Flexible storage container for mattress pads

Patent number: D655085

Type: Grant

Filed: August 5, 2010

Date of Patent: March 6, 2012

Assignee: Springs Global US, Inc.

Inventor: Russell Holbrook

Flexible carry and display bag

Patent number: D764790

Type: Grant

Filed: May 21, 2015

Date of Patent: August 30, 2016

Assignee: Springs Global US, Inc.

Inventor: Jennifer Vruwink

Trademarks:

PACIFIC SILVERTEX

Cotton-based fabric for wrapping silver products to prevent tarninishing