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MIRA INFORM REPORT
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Report No. : |
507531 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
GARVIN INDUSTRIES INC |
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Registered Office : |
3700 Sandra St, Franklin Park, IL 60131-1114 |
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Country : |
United States |
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Financials (as on) : |
2016 |
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Date of Incorporation : |
1980 |
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Legal Form : |
Illinois Corporation |
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Line of Business : |
Subject engaged in manufactures electrical,
low voltage and lighting products. |
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No. of Employees : |
28 |
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 (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 $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: |
GARVIN INDUSTRIES INC |
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Trade
Name: |
GARVIN ELECTRICAL MANUFACTURER |
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ID: |
52148308 |
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Date
Created: |
1980 |
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Date
Incorporated: |
1980 |
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Legal
Address: |
3700 Sandra St, Franklin Park, IL 60131-1114 USA |
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Operative
Address: |
3700 Sandra St, Franklin Park, IL 60131 USA |
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Telephone:
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(847) 455-0188 |
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Fax: |
847-455-0334 |
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Legal
Form: |
Illinois Corporation |
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Email: |
info@garvinindustries.com |
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Registered
in: |
Illinois (IL), USA |
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Website:
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www.garvinindustries.com |
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Contact: |
Bart Garvin (Owner) |
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Staff:
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28 Employees |
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Activity: |
SIC Code:3643, Current-Carrying Wiring Devices |
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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 formerly known as Sam Garvin & Company
and changed its name to Garvin Industries, Inc. Garvin Industries, Inc. was founded
in 1980 and is based in Franklin Park, Illinois |
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PRINCIPAL
ACTIVITY
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Garvin Industries, Inc. manufactures electrical, low
voltage and lighting products. |
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Products/Services
description: |
The company offers electrical junction boxes used in
branch circuit wiring, as well as accommodate electrical and low voltage
wiring devices, such as switches, receptacles, speakers, strobes, security
cameras, and light fixtures; electrical box covers used to mount various
switches, devices, light fixtures, and jacks; electrical fittings and conduit
bodies used to connect EMT, rigid, flexible metal, liquid tight, and PVC
conduits or non-metallic cables to electrical junction boxes or enclosures;
and brackets, clamps, straps, and supports that speed the installation of
electrical boxes and enclosures, pipes and conduits, low voltage cables,
light fixtures, and various other products used to build the electrical
infrastructure in buildings. It also provides electrical devices, including
duplex receptacles, decorative switches and receptacles, GFCI receptacles,
toggle switches, slide dimmers, and various industrial grade receptacles;
occupancy and vacancy sensors that reduce power consumption in rooms; threaded
fasteners, such as anchors, washers, screws, nuts, and bolts for attaching
electrical boxes and enclosures, fittings, and clamps to various surfaces;
compact fluorescent and LED lamps in various color temperatures and wattages;
and tools and installation accessories for conduit bending, wire pulling and
termination, temporary power and lighting, fire stopping, cleaning, marking,
and other routine installation procedures. In addition, the company offers
private label products for various brands; and provides custom manufacturing
services. It serves electrical, low voltage, and lighting markets through
distributors internationally. |
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Brands: |
GARVIN |
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Sales
are: |
Wholesale |
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Clients: |
MONTAJES SAVART LTDA Sigma Electric Manufacturing Corporation Pvt. Ltd. |
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Suppliers: |
HANGZHOU SINOCAN TRADING CO., LTD. Shanghai Everest International Logistics Co., Ltd. |
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Operations
area: |
National and International |
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The
company imports from |
China |
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The
company exports to |
Colombia, India |
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The subject
employs |
28 Employees |
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Payments:
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No Complaints |
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LOCATION
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Headquarters
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3700 SANDRA STREET FRANKLIN PARK, IL60131 USA |
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Comments: |
NA |
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Branches: |
The company does not have branches |
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Main
Competitors |
NA |
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Related
Companies: |
Garvin Industries Inc. China Garvin Industries Inc. India Garvin Industries Inc. Mexico |
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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.
According to our, major holders are: Bart Garvin (Owner) |
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Management:
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Bart Garvin (Owner) |
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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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Sales
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1
750 000 |
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Cash
flow |
Normal |
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LEGAL
FILINGS
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Patents |
Patents by Inventor Barton L. Garvin Barton L. Garvin has filed for patents to protect the
following inventions. This listing includes patent applications that are
pending as well as patents that have already been granted by the United
States Patent and Trademark Office (USPTO). JUNCTION BOX WITH UNIVERSAL FITMENT ARTICULATING COVER Publication number: 20180109082 Abstract: The present invention is an electrical junction
box comprising a walled enclosure having an articulating cover member. The articulating
cover member has an opening and is configured to allow an electrical device
such as switch to be coupled to the cover member and further reside within
the electrical junction box when the cover member is articulated into a
closed position. When the cover member is in an open position, an installer
has access to the backside of the electrical device and to the inside of the
junction box. The coupling to of the electrical device to the cover member
allows for support and stability of the electrical device while installing
the required electrical lines that run through the junction box to the
electrical device. Type: Application Filed: October 19, 2017 Publication date: April 19, 2018 Inventor: Barton L. Garvin UNIVERSAL LIGHTING SCONCE Publication number: 20180087729 Abstract: The present invention is a sconce configured to
have a removable mounting plate. The removable mounting plate may be removed
from the sconce and swapped with a mounting plate of a different size or
geometric profile. The installer of the sconce may choose a mounting plate
that matches the existing geometric profile of the existing in-wall junction
box and thus has the ability to adapt the single sconce to the necessary
environment. In another embodiment of the invention, the sconce is configured
to have storage space for additional mounting plates for the convenience of
the installer. In another aspect of the invention a method for replacing
mounting plates and installing the sconce is disclosed. Type: Application Filed: September 26, 2016 Publication date: March 29, 2018 Inventor: Barton L. Garvin MAGNETIC LOOP HANGER Publication number: 20180051827 Abstract: The present invention is a magnetic loop hanger
for hanging common hanging members in a construction zone, including but not
limited to, electrical wires, cables, pipe or conduit to a suitable
magnetically engageable surface. The magnetic loop hanger comprises a helical
looped wire member or a spiral wire member with a first end and a second end
and a pitch between the first and second end, an elongated member having a
proximal end and a distal end, the proximal end extending from the second
end, an enlarged mounting member formed to the distal end, and at least one
magnet coupled to the mounting member. The magnetic loop hanger is
magnetically engaged to a suitable magnetically engageable surface. The
suitable magnetically engageable surface may include a drop ceiling frame, an
I-beam, a truss, a scaffold, a pipe, a vent, a duct, or a sconce. Type: Application Filed: August 17, 2016 Publication date: February 22, 2018 Inventor: Barton L. GARVIN Electrical splice box Patent number: 9490618 Abstract: An electrical splice box comprising an enclosure
formed by a plurality of sidewalls surrounding a baseplate and extending substantially
perpendicularly from the baseplate. The enclosure has an open side opposite
the baseplate and is configured to enclose electrical splices. A cover may be
removably attached to the open side of the enclosure. A plurality of slots
are formed in at least some of the sidewalls, where at least some of the
sidewalls have at least one slot. A plurality of cable locks are removably
attached to the baseplate. Each cable lock is positioned at a corresponding
slot to receive and to hold a cable inserted into the slot. Type: Grant Filed: October 10, 2014 Date of Patent: November 8, 2016 Inventor: Barton L. Garvin ELECTRICAL SPLICE BOX Publication number: 20160105007 Abstract: An electrical splice box comprising an enclosure
formed by a plurality of sidewalls surrounding a baseplate and extending
substantially perpendicularly from the baseplate. The enclosure has an open
side opposite the baseplate and is configured to enclose electrical splices.
A cover may be removably attached to the open side of the enclosure. A
plurality of slots are formed in at least some of the sidewalls, where at
least some of the sidewalls have at least one slot. A plurality of cable
locks are removably attached to the baseplate. Each cable lock is positioned
at a corresponding slot to receive and to hold a cable inserted into the
slot. Type: Application Filed: October 10, 2014 Publication date: April 14, 2016 Inventor: Barton L. Garvin Universal electrical circuit breaker locking device Patent number: 8937259 Abstract: A universal breaker lock device for a switch
handle includes a channel adapted to accommodate the switch handle. The
channel includes a base wall, first and second side walls that extend
generally perpendicularly from the base wall, and first and second feet that
extend toward one another from distal ends of the first and second side
walls. The channel includes a width defined by a distance measured between
the first and second side walls. A lever arm extends from the base wall a
distance greater than the width of the channel. A cover, with two apertures,
is disposed on the lever arm, to prevent engagement with a fastener. A lock
may be disposed through the apertures to prevent removal of the universal
breaker lock device while in use. Type: Grant Filed: February 12, 2013 Date of Patent: January 20, 2015 Inventors: Barton L. Garvin, Walter Ejsmont Blanking device for recessed ceiling lighting fixtures Patent number: 8678625 Abstract: A ceiling blank configured to cover recessed
canister lighting fixtures. A body member covers the open end of the fixture
while an attachment apparatus secures the body member against the open end of
the fixture. The attachment apparatus includes a fixture fitting that engages
with a threaded aperture, such as a light socket, and a tension member
provides tension force between the fixture fitting and the body member,
forcing the body member against the open end of the fixture. Type: Grant Filed: January 26, 2012 Date of Patent: March 25, 2014 Inventor: Barton L. Garvin Universal switch restraint device Patent number: 8598477 Abstract: A universal restraint device for a switch handle
includes a channel adapted to accommodate the switch handle. The channel
includes a base wall, first and second side walls that extend generally
perpendicularly from the base wall, and first and second feet that extend
toward one another from distal ends of the first and second side walls. The
channel includes a width defined by a distance measured between the first and
second side walls. A lever arm extends from the base wall a distance greater
than the width of the channel. Type: Grant Filed: October 11, 2010 Date of Patent: December 3, 2013 Inventors: Barton L. Garvin, Walter Ejsmont |
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Lawsuits: |
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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The company was formerly known as Sam Garvin & Company
and changed its name to Garvin Industries, Inc. Garvin Industries, Inc. was founded
in 1980 and is based in Franklin Park, Illinois. Garvin Industries, Inc.
manufactures electrical, low voltage and lighting products. The company employs a staff of 28 Employees. It mainly imports from China and exports to Colombia and
India. It is ACTIVE in ILLINOIS, USA; with no negative records. |
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 |
GRACE |
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POSITION |
OPERATOR |
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COMMENTS |
She confirmed name, legal address, operative address, Bart
Garvin as being the owner, website and email address. She confirmed that the
company has got a brand called GARVIN. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.77 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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USD |
1 |
INR 67.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
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
·
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.