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MIRA INFORM REPORT
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Report No. : |
507369 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
RAVAGO HOLDINGS AMERICA, INC. |
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Registered Office : |
251 Little Falls Drive, Wilmington, New Castle , DE 19808 |
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Country : |
United States |
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Date of Incorporation : |
08.08.2006 |
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Legal Form : |
Corporation For Profit |
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Line of Business : |
Subject through its subsidiaries, distributes producer branded prime, private
label generic prime, off-grade, and reprocessed plastic products in North
America. |
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No. of Employees : |
650 |
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 : |
-- |
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: |
RAVAGO HOLDINGS AMERICA, INC. |
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Trade Name: |
POLYMERLINE |
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ID: |
4201814 |
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Date Created: |
2006 |
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Date Incorporated: |
8/8/2006 |
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Legal Address: |
251 Little Falls Drive, Wilmington, New Castle , DE 19808 |
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Operative Address: |
1900 Summit Tower Blvd. Suite 900 Orlando, FL 32810 |
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Telephone: |
407 875 9595 |
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Fax: |
407 659 5333 |
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Legal Form: |
Corporation For Profit |
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Email: |
- |
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Registered in: |
DELAWARE |
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Website: |
www.ravagomfg.com |
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Contact: |
Jeffrey Bittenbinder |
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Staff: |
650 |
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Activity: |
5162: Plastics materials and basic forms and shapes |
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Banks: |
The company does not make its banking data public |
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History: |
The company was founded in 2006. |
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Key Developments: |
This company has several trade names: Active CPA INTERNATIONAL Active CHANNEL PRIME ALLIANCE INTERNATIONAL Active BURCHAM INTERNATIONAL Active AMCO POLYMERS Active CHANNEL PRIME ALLIANCE Active BURCHAM LATIN AMERICA Active ENTEC INTERNATIONAL Active ENTEC POLYMERS Active GENESIS POLYMERS Active GEOCHEM INTERNATIONAL Active GENESIS POLYMERS INTERNATIONAL Active MUEHLSTEIN INTERNATIONAL Active MUEHLSTEIN Active LUHU LOGISTICS Active POLYMERLINE Active RAPID PLASTICS Active RAVAGO MANUFACTURING AMERICAS Active RAVAGO GLOBAL TRADING Active RAVAGO RECYCLING GROUP Active INDUSTRIAL RESIN RECYCLING Active RAVAGO RECYCLING SERVICES |
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Parent Company: |
Ravago Holdings America, Inc. operates as a subsidiary of : Ravago Holding S.A. 16 Rue Notre Dame Luxembourg, 2240
Luxembourg |
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PRINCIPAL
ACTIVITY
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Ravago Holdings America, Inc., through its subsidiaries, distributes
producer branded prime, private label generic prime, off-grade, and
reprocessed plastic products in North America. |
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Products/Services description: |
Polycarbonate Alloy resin, ASA acrylonitrile styrene acrylate (ASA)
polymers, Polycarbonate resin, Hylac ABS resins, Reactor and Post Industrial
Recycle (PIR), Thermoplastic Vulcanizate (TPV) TPE compounds, Styrenic Block
Copolymer TPE compounds and recycled PE and PP compounds . |
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Brands: |
AQUATUF® Echo® Enflex S EnViramid® Hylon® Hylac® |
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Sales are: |
WHOLESALE |
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Clients: |
CENTRAL CORPORATION Surinam Plastics Manufacturing N.v Rotoplas SA de CV Mexico |
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Suppliers: |
Crescent Organics Pvt. Ltd. India COMPANHIA INTEGRADA TEXTIL DE PERNA RAVAGO PETROKIMYA SATIS VE PAZARLAM |
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Operations area: |
National and International |
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The company imports from |
INDIA BRAZIL TURKEY |
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The company exports to |
North America, Latin America, Europe, Africa, the Middle East and
Asia. |
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The subject employs |
650 employees |
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Payments: |
No Complaints |
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LOCATION
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Headquarters : |
Ravago Manufacturing Americas Corporate Headquarters 1900 Summit Tower Blvd. Suite 900 Orlando, FL 32810 |
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Comments on Address: |
- |
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Branches: |
Michigan American Compounding Specialties 9984 Borderline Drive Brighton, MI 48116 Phone: 810 227 3500 Fax: 810 229 6308 Ohio Goldsmith & Eggleton 300 1st Street Wadsworth, OH 44281 Phone: 330 336 6616 Trinity Specialty Compounding 600 Oak St. West Unity, OH 43570 Phone: 877 924 9090 Fax: 419 924 9191 Tennessee RMA Manchester 405 Park Tower Drive Manchester, TN 37355 Phone: 800 459 7009 Fax: 931 728 7005 Texas Enplast Americas 616 111th Street Arlington, TX 76011 Phone: 817 635 4770 RMA Waller 18314 Mathis Rd. Waller, TX 77484 Phone: 936 463 4800 |
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Related Companies: |
Ravago S.A. Rue de Merl 76-78 Luxembourg H. Muehlstein & Co., Inc. 800 Connecticut Avenue Norwalk CT United States |
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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: |
Ravago Holdings America, Inc. operates as a subsidiary of : Ravago Sa Rue De Merl 76-78 Luxembourg |
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Management: |
Jeffrey Bittenbinder - Chief Financial Officer Mark D Lux – President Damian M Mullin – Vice President |
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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 |
3.8 B |
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Cash Flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
No found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
Burciaga v. Ravago Americas, LLC, No. 14-3020
(8th Cir. 2015) Annotate this Case Justia Opinion Summary Burciaga began working at Ravago in 2007. Howe, a customer service
manager, was her supervisor. Burciaga utilized Family Medical Leave Act
(FMLA), 29 U.S.C. 2601, leave in 2008 and 2010-2011, for the births of her
children. Burciaga received raises after each leave. After Burciaga returned
to work in 2011, she had several performance-related issues. Howe warned that
if the errors continued, she could be terminated. Burciaga requested FMLA
paperwork in 2012, for intermittent leave to care for her son. Ravago’s human
resources department approved her leave. According to Burciaga, Howe provided
her time off for appointments when she requested it and was flexible with
scheduling so she could attend appointments. Burciaga thereafter took FMLA
leave for half a day on August 8, September 5, and September 6. After
Burciaga returned from leave on September 6, she committed several shipping
errors over the following three weeks. On the 28th, Burciaga’s employment was
terminated. Howe indicated the termination was due to Burciaga’s shipping
errors. Howe also could not provide Burciaga with the specific monetary
amount her errors cost Ravago. Neither Howe nor Kramer referenced Burciaga’s
absences. The Seventh Circuit affirmed summary judgment for Ravago on her
FMLA claim. Court Description: Bye, Author, with Beam and Smith, Circuit Judges
Civil case - Family Medical Leave Act. Assuming plaintiff made a prima facie
case of FMLA discrimination, the employer established a legitimate,
non-discriminatory basis for the discharge(errors in plaintiff's work), which
plaintiff failed to show was a pretext for discrimination; plaintiff failed
to present sufficient evidence demonstrating that fellow employees were
similarly situated and treated differently, as the employees plaintiff
pointed to as similarly situated were not similarly situated with respect to their
experience and the nature and frequency of their errors. |
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TRADEMARKS |
RAVAGO RISK SOLUTIONS Services of facilitating and managing the sale of polymers in bulk at
a fixed price for a period of time in the nature of… Owned by: Ravago Holdings America, Inc. Serial Number: 85037918 |
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RENEWAL HISTORY |
Report Year Filed Date 2015 04/27/2015 2016 04/28/2016 2017 04/25/2017 |
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UCC |
No records found. |
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SUMMARY
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Founded in 2006, Ravago Holdings America, Inc. is a large-sized
organization in the plastics materials and basic shape company’s industry
located in Orlando, FL. It has 650 full time employees and generates an estimated $3.8 billion
in annual revenue. It mainly imports from India, Brazil and Turkey and it operates
nationally and internationally. It is ACTIVE in business with no negative
records. |
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RISK
INFORMATION
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The company reported $354 million of borrowings against its $870
million asset-based revolving credit facility and, after considering the
impact of letters of credit and collateral restrictions, nearly $500 million
of availability at March 31, 2016. The ABL credit agreement has a springing
fixed charge coverage ratio set at 1.1x if availability falls below 15% of
the commitment, which is not projected. It is expected that the company will
not subject to the springing financial covenant over the next two years.
Following the close of the refinancing, Ravago will have extended the
revolver's maturity to June 2021. The new $325 million term loan due 2023 is
expected to be covenant light. Ravago does not have a history of paying
dividends even though its business model requires low capex spending. |
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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 |
Natalie |
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POSITION |
Secretary |
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COMMENTS |
She confirmed the name of the parent company, the address of the
headquarters and the locations, the date of creation of the company and the
name of the president. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.08 |
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1 |
INR 91.14 |
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Euro |
1 |
INR 80.00 |
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US Dollar |
1 |
INR 67.34 |
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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DIV |
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Report Prepared
by : |
TPT |
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.