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MIRA
INFORM REPORT
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Report No. : |
498137 |
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Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PROPEX OPERATING COMPANY, LLC |
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Registered Office : |
Corporation Trust Center 1209 Orange St, Wilmington, New
Castle, De, 19801 |
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Country : |
United States |
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Date of Incorporation : |
1884 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is designs, develops, and delivers performance
fabrics and materials for flood protection, transportation, commercial, golf
courses, residential, and energy and resources markets in the United Kingdom
and internationally. |
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No. of Employees : |
870 |
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 : |
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: |
PROPEX OPERATING COMPANY, LLC |
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Trade Name: |
PROPEX OPERATING COMPANY, LLC |
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ID: |
4655000 |
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Date Created: |
1884 |
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Date Incorporated: |
2/12/2009 |
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Legal Address: |
CORPORATION TRUST CENTER 1209 ORANGE ST, WILMINGTON, NEW
CASTLE, DE, 19801, USA |
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Operative Address: |
4019 Industry Drive, Chattanooga, TN, 37416, USA |
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Telephone: |
423-855-1466 |
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Fax: |
423-899-5005 |
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Legal Form: |
LIMITED LIABILITY COMPANY |
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Email: |
- |
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Registered in: |
DELAWARE |
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Website: |
www.propexglobal.com |
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Contact: |
Mr. Michael K. Gorey- Chief Executive Officer and
President |
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Staff: |
870 |
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Activity: |
NAICS 1: Broadwoven Fabric Mills SIC 1: Broadwoven Fabric Mills, Manmade |
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Banks: |
BANK OF AMERICA |
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History: |
The company was founded in
1884 and is based in Chattanooga, Tennessee with a sales office in
Chesterfield, United Kingdom. It has manufacturing facilities in Chattanooga,
Tennessee; Curitiba, Brazil; Gronau, Germany; Hazlehurst and Ringgold,
Georgia; Matehuala, Mexico; and Gyor, Hungary. Propex Operating Company, LLC
was formerly known as Propex Inc. and changed its name to Propex Operating
Company, LLC in April 2009. Propex Operating Company, LLC is a former
subsidiary of Lumite Inc. |
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Parent Company: |
The company operates as a
subsidiary of: 1110 Market St Ste 300 Chattanooga, TN, USA |
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PRINCIPAL ACTIVITY |
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Propex Operating Company, LLC designs, develops, and
delivers performance fabrics and materials for flood protection,
transportation, commercial, golf courses, residential, and energy and
resources markets in the United Kingdom and internationally. |
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Products/Services description: |
It offers geosynthetic solutions that include anchor
reinforced vegetation systems for banks of channels, streams, canals,
waterways, and steep embankment slopes; turf reinforcement mats for erosion
control applications; woven turf reinforcement mats; nonwoven geotextiles, including
fabrics for separation, drainage, cushioning, and other functions; concrete
interlayer geotextiles; geotextile paving fabrics; woven geotextiles;
self-adhesive paving strip membrane geotextiles for the treatment of local
pavement distress; and soil reinforcement solutions. The company also
provides concrete solutions, including microsynthetic fibers, blended fibers,
macrosynthetic fibers, microsynthetic fibers, and steel fibers; furnishing
solutions, such as face yarns, modular carpet tiles, composite carpet backing
products, and floor covering woven synthetic products; and thermoplastic
composites. In addition, it offers industrial packaging products that include
polyethylene raffia fabrics, flexible intermediate bulk container (FIBC)
bags, and FIBC bag fabrics. |
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Brands: |
PROPEX |
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Sales are: |
Wholesale |
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Clients: |
Propex Fabrics De Mexicosa De Cv J.F.Tolmos E.I.R.Ltda Contratistas Grals Quimica Suiza Industrial Del Ecuador Qsi Sa |
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Suppliers: |
Flexituff International Ltd. Shankar Packagings Ltd. Prism Flexible Solutions Private Ltd. Dufor Resins BV Propex Fabrics Gmbh & Co Kg |
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Operations area: |
National and International |
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The company imports from |
INDIA NETHERLANDS GERMANY |
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The company exports to |
MEXICO PERU ECUADOR |
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The subject employs |
870 employees |
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Payments: |
Regular |
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LOCATION |
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Headquarters : |
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Comments on Address: |
The address given in the order is a branch location. |
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Branches: |
Hazlehurst Facility 95 E. Jefferson Street PO Box 836 Hazlehurst, GA 31539-0451 USA Ringgold Facility 428 Rollins Industrial Boulevard Ringgold, Georgia 30736 USA |
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Related Companies: |
Brasil Facility Rua Rodolpho Hatschbach, 1581 81460-030 - Cidade Industrial de Curitiba Curitiba - PR, Brasil Germany Facility Dueppelstrasse 16 D-48599 Gronau, Germany Hungary Facility Magyarország Termelő Kft. Gesztenyefa u.2, H-9027 Győr Hungary Mexico Facility Boulevard Carlos Lazo No. 201 Apartado Postal No. 100 78760 Matehuala, S.L.P., Mexico United Kingdom Sales Office (Includes AU Sales Office) Propex House, 9 Royal Court, Basil Close Chesterfield, Derbyshire S41 7SL.UK |
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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: |
The company does not disclose information on shareholders.
The following information has been provided by private sources and could not
be confirmed: The company operates as a subsidiary of: Propex Holding, Llc 1110 Market St Ste 300 Chattanooga, TN, USA |
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Management: |
Mr. Michael K. Gorey- Chief Executive Officer and
President Mr. Mark J. Thomas - Chief Financial Officer Mr. Randal D. Powell - Chief Operating Officer Mr. Joao Alberto Panceri - Managing Director of Brazil
Region Mr. Ralph T. Bruno - Executive Vice President of Global
Sales and Marketing |
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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 Net Assets |
28.400.000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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PATENTS |
Process for fabricating polypropylene sheet Patent number: 8021592 Abstract: A process of production of a monolithic article
from a web of fibres of oriented polypropylene polymer, comprising the steps
of subjecting the web to elevated temperature and pressure sufficient to melt
a proportion of the polymer and compact it, and then cooling the compacted
web, wherein an accelerated rate of cooling is employed down to 100° C. The
process is of particular benefit when the weight average molecular weight
(Mw) of the fibers is 250,000 or below. The resultant articles have good
stiffness and strength, yet with reasonable ductility. Similar articles
cooled slowly are brittle. Type: Grant Filed: April 24, 2007 Date of Patent: September 20, 2011 Assignee: Propex Operating Company LLC Inventors: Ian M Ward, Peter J Hine Composite secondary carpet backing, method of manufacture
thereof, and carpet made therefrom Patent number: 7670660 Abstract: A two-layer secondary carpet backing including a
woven scrim layer and a fibrous layer is described. The woven scrim layer is
characterized as having a low open area and a flat weave. The two-layer
secondary backing is capable of having a non-abrasive, textile back surface.
The secondary carpet backing is also capable of having a construction that
permits high carpet manufacturing speeds due to high air permeability and is
capable of providing high dimensional stability, seam strength, and
delamination strength to tufted carpets made therefrom. Type: Grant Filed: February 27, 2006 Date of Patent: March 2, 2010 Assignee: Propex Operating Company, LLC Inventors: Hugh C. Gardner, Thomas L. Baker, Richard C.
Moon, Robert J. White, James E. Haire, Charles W. Galpin INTERLAYER HOT COMPACTION Publication number: 20130029108 Abstract: A process for the production of a polymeric
article comprises: (a) forming a ply having successive layers, namely, (i) a
first layer made up of strands of an oriented polymer material; (ii) a second
layer of a polymeric material; (iii) a third layer made up of strands of an
oriented polymeric material, wherein the second layer has a lower peak
melting temperature that of the first and third layers; (b) subjecting the
ply to conditions of time, temperature, and pressure sufficient to melt a
proportion of the fits layer, to melt the second layer entirely, and to melt
a proportion of the third layer, and to compact the ply; and (c) cooling the
compacted ply. The resultant articles have good mechanical properties yet may
be made at a lower compaction temperature than articles not employing the
second layer, leading to a more controllable manufacturing process. Type: Application Filed: July 30, 2012 Publication date: January 31, 2013 Applicant: Propex Operating Company LLC Inventors: Ian MacMillan Ward, Peter John Hine, Keith
Norris |
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GOVERNMENT CONTRACTS |
Government Contractor: PROPEX OPERATING COMPANY, LLC Name & Address: 6025 LEE HWY STE 425 CHATTANOOGA, TN 37421-2966 Number of Defense Contracts Awarded:1 Dollar Amount of Defense Contracts Awarded:$22,000 |
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CASES |
Propex Operating Company, LLC v. Adwood, Inc. Plaintiff: Propex Operating Company, LLC Defendant: Adwood, Inc. Case Number: 1:2016cv00136 Filed: May 17, 2016 Court: Tennessee Eastern District Court Office: Chattanooga Office County: Hamilton Presiding Judge: Curtis L Collier Referring Judge: Christopher H Steger Nature of Suit: Other Contract Cause of Action: 28:1330 Jury Demanded By: None Propex Operating Company, LLC v. Western Excelsior
Corporation Plaintiff: Propex Operating Company, LLC Defendant: Western Excelsior Corporation Case Number: 1:2016cv00035 Filed: February 19, 2016 Court: Tennessee Eastern District Court Office: Chattanooga Office County: Hamilton Referring Judge: Christopher H Steger Presiding Judge: Harry S Mattice Nature of Suit: Trademark Cause of Action: 15:1125 Jury Demanded By: Plaintiff W.R. Grace & Co. - Conn v. Propex Operating Company
LLC Plaintiff: W.R. Grace & Co. - Conn Defendant: Propex Operating Company LLC Case Number: 1:2012cv01402 Filed: November 5, 2012 Court: Delaware District Court Office: Wilmington Office County: XX US, Outside State Presiding Judge: Richard G. Andrews Nature of Suit: Patent Cause of Action: 28:1338 Patent Infringement Jury Demanded By: None |
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TRADEMARKS |
POLY BAC WOVEN BACKINGS FOR RUGS, CARPETS, AND THE LIKE Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 72195138 PETROMAT NON-WOVEN FABRIC FOR CONSTRUCTION PURPOSES Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 72315590 PROPEX INDUSTRIAL FABRICS FOR USE IN MAKING BAGS, COVERS,
TARPAULINS, LINERS, AND THE LIKE Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 72443875 DUON NONWOVEN FABRICS FORMED OF MANMADE OR NATURAL FIBERS Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 73068405 FIBRILON SYNTHETIC YARNS Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 73201194 AMOPAVE Nonwoven Polypropylene Fabric Underseal Used in
Conjunction with Asphalt Overlap Reconstruction Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 73321843 PETROTAC Waterproofing Membrane Comprised of an Adhesive Coated
Nonwoven Fabric Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 73363076 FIBERMESH Synthetic Fibers for Reinforcing Cement Owned by: PROPEX OPERATING COMPANY, LLC Serial Number: 73415174 |
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RENEWAL HISTORY |
No records found. |
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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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Propex Operating Company, Llc is a large-sized
organization in the manmade fabric mills industry located in Chattanooga, TN.
It opened its doors in 1884 and now has an estimated $28.4
million in yearly estimated net assets and 870 employees. The company operates nationally and internationally,
mainly importing from India, the Netherlands and Germany. It is ACTIVE in
business with no 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 |
- |
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POSITION |
- |
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COMMENTS |
We called number 423-855-1466 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 65.23 |
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1 |
INR 91.95 |
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Euro |
1 |
INR 80.34 |
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USD |
1 |
INR 64.94 |
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 : |
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
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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.