Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL
Summary 1 / 2

Haverline Industrial Constructors, LLC

Duluth, Georgia · Georgia LLC · est. 2011-03-14 · NAICS 236220 · 62 employees

ProjectAuto parts plant expansion, Georgia (Jackson County)

Client
Hanbit Auto Parts Georgia, Inc.
Contract
$8,500,000
As of
2026-09-19
Valid to
2026-12-19 (3 mo)

TBG grade · total

Cond. 55Qual. 70DCBA0100
74.8 / 100
B

D 0 · C 50 · B 65 · A 80+

PQ decision

Qualified

Qualified ≥ 70 · Conditional ≥ 55 · triggers 0 / 9

Disqualifiers · caps

0 / 9

Limits

Est. contract $8.5MConservative

Single-project limit

$9.1M
$10M

Covers est. contract $8.5M · conservative $8.1M

Aggregate limit

$45.0M
$50M

Capped by bonding limit · conservative $20.8M

Available capacity

$16.6M
$20M

Aggregate − backlog $28.4MConservative $-7.7M

Risk

Low

Backlog 63% · finance score rate 77%

SevereHighModerateLow

Completeness

94%

Required 16 / 16 · public records 19 · interviews 5

Categories

Weights 40 · 40 · 20 standard

R Record30.1 / 4075%
F Finances30.7 / 4077%
C Reputation14.0 / 2070%

Reputation

5 interviews · 2 no reply · all designated by the contractor (consent form) · list rule met

4.0 / 5Owner average (n = 3)3 / 3Would rehire32.5 daysDays to pay subs
1234512345Schedule4.0Comms4.3Quality4.0Staff3.7Changes3.7Subs4.0Site4.3Disputes4.3

Weight options

Owner’s choice · category score rate × weight

Used

Standard40 · 40 · 20

404020

74.8

B

Record-led50 · 30 · 20

503020

74.7

B

Finance-led30 · 50 · 20

305020

75.0

B

Key flags

3 / 5

Overall opinion · contract conditions

For the project (≈$8.5M · manufacturing plant expansion), scale, region, type and Korean-owner experience are confirmed, and all three owner references would rehire. Liquidity and bonding capacity are ample, but leverage is only fair and the lagging safety indicators (TRIR · DART) are well above the peer average, so a corrective action plan is an appropriate condition. Total 74.8 · Grade B · PQ Qualified (not conditional).

  1. ①Submit a safety CAP
  2. ②Lien-waiver clause for sub pay
  3. ③Fresh surety letter at contract
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL
Summary 2 / 2

23-item rating

RatingStrong7Good13Fair3Poor0
Verif.Verified10Partial4Submitted9
RRecord10 items30.1 / 40
R1Good

Verified ÷
contract (3y)

5.6 / 8
R2Strong

Largest job ÷
contract

4.0 / 4
R3Good

Same type ·
same trade

3.5 / 5
R4Strong

In-state
jobs · license

3.0 / 3
R5Strong

Korean jobs ·
language

5.0 / 5
R6Strong

Concurrent
capacity

2.0 / 2
R7Good

Key staff ·
organization

2.8 / 4
R8Fair

Lagging
(TRIR ·
DART · EMR)

2.0 / 5
R9Good

Leading
(programs)

1.4 / 2
R10Fair

Certs ·
quality

0.8 / 2
FFinances9 items30.7 / 40
F1Good

Statements
level · span

2.8 / 4
F2Good

Liquidity
(CR ·
WC)

4.9 / 7
F3Fair

Leverage

2.0 / 5
F4Good

Profit ·
growth

3.5 / 5
F5Good

Size fit
(rev ÷ job)

2.8 / 4
F6Strong

Backlog vs
agg. limit

5.0 / 5
F7Strong

Bonding limit
(Single ·
Aggregate)

6.0 / 6
F8Strong

Insurance
(COI limits)

3.0 / 3
F9Good

Liens ·
judgm. · UCC

0.7 / 1
CReputation4 items14.0 / 20
C1Good

Owner
interviews

5.6 / 8
C2Good

Sub/supplier
interviews

2.8 / 4
C3Good

Public
reputation

3.5 / 5
C4Good

Disclosure
consistency

2.1 / 3

Color = rating · symbol = verification mark · the three rows (record 10 · finances 9 · reputation 4) share one width (10 cells · left-aligned)

CodeItemRatingScoreBasisMark
RRecordsubtotal30.1 / 40
R1Verified record ÷ contract (3 yrs)Good5.6 / 8Confirmed 6 jobs $34.0M ÷ $8.5M = 4.00×
R2Largest completed job ÷ contractStrong4.0 / 4$9.6M ÷ $8.5M = 1.13
R3Same type · same trade recordGood3.5 / 5Manufacturing plant · same type confirmed 4
R4In-state record · licenseStrong3.0 / 3Georgia completions confirmed 6 · GC license valid
R5Korean owners · Korean languageStrong5.0 / 5Korean-affiliated confirmed 2 · Korean-speaking PM 1
R6Concurrent capacityStrong2.0 / 2Active 4 ÷ 3 PMs = 1.33
R7Key staff · organizationGood2.8 / 43 PMs avg 12 yrs · super changed once
R8Safety lagging (TRIR · DART · EMR)Fair2.0 / 5TRIR 3.67 = 1.93× BLS · DART 2.10 = 1.75×
R9Safety leading (written · mgmt)Good1.4 / 2Written programs 7/9 · 17-question 13
R10Certs · quality systemFair0.8 / 2No certification · not in CertSearch
FFinancessubtotal30.7 / 40
F1Statement level · spanGood2.8 / 4Review, 3 yrs (2023–2025)
F2Liquidity (current ratio · WC)Good4.9 / 7Current ratio 1.80 · working capital $5.3M
F3LeverageFair2.0 / 5Debt-to-equity 1.53
F4Profit · growthGood3.5 / 5Net margin 3.1% · growth +15%/yr
F5Size fit (revenue ÷ contract)Good2.8 / 4$41.5M ÷ $8.5M = 4.88×
F6Backlog vs aggregate limitStrong5.0 / 5Backlog 63% · finance score rate 77% → Low
F7Bonding limit (single · aggregate)Strong6.0 / 6Single $15M = 1.76× · remaining $16.6M
F8Insurance (COI limits)Strong3.0 / 3All required limits met · SBWC valid
F9Liens · judgments · UCCGood0.7 / 1Lien 1 released (2022) · judgments 0
CReputationsubtotal14.0 / 20
C1Owner interviewsGood5.6 / 8Owners (3) avg 4.04 · rehire 3/3
C2Sub · supplier interviewsGood2.8 / 42 avg 4.05 · paid in 32.5 days · work again 2/2
C3Public reputationGood3.5 / 5OSHA Serious 1 (2019 · outside 3 yrs) · 1 lawsuit closed
C4Disclosure · document consistencyGood2.1 / 36 of 7 match · minor headcount gap

Disqualifiers · caps

Triggered 0 / 9 → no disqualifier or cap · grade final

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

01General

Company profile · verification marks

635
  1. G-1
  2. G-2
  3. G-3
  4. G-4
  5. G-5
  6. G-6
  7. G-7
  8. G-8
  9. G-9
  10. G-10
  11. G-11
  12. G-12
  13. G-13
  14. G-14

The contractor’s identity · registration · license · organization · labor · business relationships. Not scored — only facts checked against official records are recorded.

LocationDuluth, Georgia
Entity typeGeorgia LLC
Founded2011-03-14
NAICS236220
Employees62

Company profilechecked against official records · 2026-09-19

Marks — confirmed in public records · partly confirmed · per contractor submission

IDItemDetailMark
G-1Legal name · type · former namesHaverline Industrial Constructors, LLC · Georgia LLC · no former names (eCorp)
G-2Registration status · dateActive / Compliance · formed 2011-03-14 · reg. agent on file · 2026 annual filing done
G-3HeadquartersDuluth, GA 30096 (Gwinnett County) — eCorp address matches the submitted address
G-4Principals · officers · ownershipJ. Park (Managing Member · CEO) · M. Choi (CFO) · D. Reynolds (Secretary) / J. Park 70% · M. Choi 30% — no parent company (not in SEC EDGAR)
G-5Headcount · union62 (roster) · ITA 2024 annual average 58 · non-union (open shop)
G-6Main trades · NAICSMfg plants · warehouses · offices — new builds and expansions (GC) · concrete and steel management self-performed · finishes subcontracted · NAICS 236220 nonresidential
G-7Licenses (by state)GA General Contractor (Unlimited) · GCCO expires 2027-06-30 · 1 qualifying agent on file · no discipline · no AL · SC license
G-8Self-perform · subcontract planSelf-perform: earthwork management · concrete · steel management · project management / Subcontract: electrical · mechanical · plumbing · finishes
G-9Labor · immigration complianceE-Verify since 2012 (MOU copy matches) · H-2B 0 · no staffing-agency contracts · sub I-9 procedure submitted · no immigration-enforcement reports
G-10Diversity certificationNone (no MBE · WBE · DBE)
G-11Vehicle safety (FMCSA)USDOT registered · 3 inspections in 24 mo · OOS in normal range · crashes 0
G-12Bank · surety · insurerBank credit line $2.0M (per statements) · surety 9 yrs (per letter) · insurer 6 yrs
G-13Points of contact1 estimating/contracts contact · 1 Korean-speaking PM · website (reference only)
G-14Other (on request)Cyber · ESG · drug testing · personal certs · site safety audit — not requested by client
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

02Record

Project experienceWeight 40

Record subtotal

30.1 / 40score rate 75%

R1Good
R2Strong
R3Good
R4Strong
R5Strong
R6Strong
R7Good
R8Fair
R9Good
R10Fair

Only submitted projects whose existence is confirmed in public records (permits · notices of commencement · public procurement · OSHA site · bond disclosures), third-party-signed documents or owner confirmation are counted; we look at scale · type · region · Korean-owner experience · staff · safety · certifications.

Item scoring10 items · Strong 100% · Good 70% · Fair 40% · Poor 0%

CodeItemDetailRatingScoreMark
R1Verified jobs (3 yrs) ÷ contractConfirmed 6 jobs $34.0M ÷ $8.5M = 4.00× (public records 5 · documents 1 · unverified 1)Good5.6 / 8
R2Largest job ÷ est. contract$9.6M ÷ $8.5M = 1.13Strong4.0 / 4
R3Same facility type · same tradeMfg plants, same type 4 (P-1 · P-3 · P-4 · P-7) · concrete · steel self-performed, finishes subbedGood3.5 / 5
R4In-state record · license6 Georgia completions · GC license valid (2027-06-30)Strong3.0 / 3
R5Korean owners · Korean languageKorean-affiliated confirmed 2 (EMMA · map check) · Korean-speaking PM 1 (per roster)Strong5.0 / 5
R6Concurrent capacity (jobs ÷ PMs)Active 4 ÷ 3 PMs = 1.33Strong2.0 / 2
R7Key staff · organization3 PMs avg 12 yrs · 4 supers 9 yrs · engineers 6 (<10) · owner interview I-3: super changed onceGood2.8 / 4
R8Safety lagging (TRIR · DART · EMR)TRIR 3.67 = 1.93× BLS 2362 · DART 2.10 = 1.75× · EMR 0.94 · fatalities 0Fair2.0 / 5
R9Safety leading (written · system)Written programs 7/9 (no confined-space · drug program) · 17-question 13 · part-time safety managerGood1.4 / 2
R10Certs · quality systemNo cert · quality procedures · not in CertSearchFair0.8 / 2
Record subtotal score rate 75%30.1 / 40
RatingStrong100%Good70%Fair40%Poor0%Verif.VerifiedPartialSubmitted

Key staff · organizationper org chart · roster · cross-checked with owner interviews

R6 StrongR7 Good
PM3 · avg 12 yrs’ experience · full-time · 1 Korean-speaking (per roster)
Superintendents4 · avg 9 yrs’ experience · one superintendent change confirmed in owner interview I-3
Engineers · technical6 (Good ≥ 5 · Strong ≥ 10)
Concurrent capacityActive 4 ÷ 3 PMs = 1.33 (Strong ≤ 2.0)

Rating R6 · R7R6 Strong (1.33 ≤ 2.0) · R7 Good (engineers 6 < 10 · super changed once)

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Project verification7 submitted — how confirmed, and rating

R1 Good
No.ProjectOwner · type · roleAmountDoneHow confirmedRating
P-1Auto plant expansion
(Jackson Co.)KR		Korean tier-1 ·
mfg plant · GC		$9.6M2024-11
  • Permit (Jackson EnerGov ·
    GC’s name · final inspection OK)
  • GC named in EMMA bond disclosure
Public record
P-2New warehouse
(Gwinnett Co.)		US logistics ·
warehouse · GC		$5.2M2023-09
  • Permit (Gwinnett Accela · GC)
  • OSHA 2023 inspection site matches
Public record
P-3Electronics plant
refit (Hall Co.)KR		Korean tier-2 ·
mfg plant · GC		$3.1M2022-12
  • Permit (Hall Co. · GC’s name)
Public record
P-4Food plant expansion
(Barrow Co.)		US food co. ·
mfg plant · GC		$7.8M2025-06
  • Permit (Barrow Co. · GC’s name)
  • GSCCCA NOC recorded —
    GC named
Public record
P-5New office bldg
(Fulton Co.)		US developer ·
office · GC		$5.4M2024-03
  • Permit (Fulton · GC’s name · CO)
Public record
P-6Cold-storage refit
(Alabama)		US logistics ·
warehouse · GC		$4.2M2023-05
  • No county permit portal ·
    no OSHA site record
  • Owner: no reply ×3 · no documents
Unverified
P-7Equipment footings
(Gwinnett Co.)		US manufacturer ·
mfg plant · GC		$2.9M2025-02
  • Interior work · no permit required
  • Contract · final bill · signed
    completion cert → documents
Documents

Confirmed (3 yrs) $34.0M · submitted $38.2M · records 5 · docs 1 · unverified 1 · Korean 2 · Georgia 6 · largest $9.6M (2024)

Completed project valueshow confirmed vs est. contract · 3 yrs · 7 submitted

R1 GoodR2 Strong

Public recordDocuments · ownerUnverified (excluded)

0246810$MP-1Auto parts plant expansion (Jackson Co.)$9.6MP-2New warehouse (Gwinnett Co.)$5.2MP-3Electronics plant interior renovation (Hall Co.)$3.1MP-4Food plant expansion (Barrow Co.)$7.8MP-5New office building (Fulton Co.)$5.4MP-6Cold-storage renovation (Alabama)$4.2MP-7Small plant equipment foundations (Gwinnett Co.)$2.9MEst. contract $8.5M

How we confirm —

① Public records: GC-named permits on county portals · final inspections · COs, recorded NOCs, public bid · contract records, USAspending subcontracts ($30,000+), OSHA inspection addresses, EMMA bond disclosures, lien · preliminary notices.

② Documents: contract + final bill + owner/architect-signed completion certificate (AIA G704) or lien waiver — third-party-signed only.

③ Owner · GC interview. Non-permitted private work (interior · remodels) and sub roles often lack ①, so ② · ③ confirm them. P-6 (Alabama · no portal · owner unresponsive · no documents) is “unverified” and excluded; re-rated if evidence arrives.

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Safety lagging3-yr total vs BLS 2024 peer average (2362 nonresidential building)

R8 Fair

Contractor — 300A, 3 yrs · matches ITA public dataBLS peer average (NAICS 2362)

01234TRIRDART3.671.902.101.201.93×1.75×

Injury record by year300A as submitted · checked against ITA data

R8 Fair
YearHoursRecordableDARTFatalTRIRDARTITA
2023121,0003204.963.31Match
2024128,4002103.121.56Match
2025131,9002103.031.52ITA due 2026-03
3 yrs381,3007403.672.103-yr total

TRIR = recordable cases × 200,000 ÷ total hours · DART = days-away/transfer/restricted cases × 200,000 ÷ total hours (per 100 workers/yr)

Rating R8 = Fair — TRIR is 1.93× the BLS peer rate (1.9) (≤ 2.0× band), DART 1.75×, EMR 0.94 ≤ 1.25, fatalities 0. Highwire flags anything over 25% above benchmark and owners typically require EMR ≤ 1.0 → a corrective action plan (CAP) condition is recommended. Independent check of the OSHA severe-injury (SIR) · fatality databases: none.

EMR trendinsurer letter (submitted ) · 1.0 = industry average

R8 Fair
1.000.900.801.0 = industry avg0.8720240.9120250.942026

An EMR below 1.0 earns a workers’ comp premium credit versus peers. Three straight years of increase (0.87 → 0.94) warrant watching, and the three 2023 injuries may feed into the next rating.

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Safety leading9 written safety programs — “held” only if a copy was submitted (submitted )

R9 Good
ProgramStatusBasis
①Hazard comm. (HazCom)Held29 CFR 1926.59 → 1910.1200(e) written program required
②Emergency action plan (EAP)Held1926.35 — written required (oral allowed for ≤ 10 employees)
③Fire preventionHeld1926.24 · 1926.150 — site program required (written per 1910.39)
④Respiratory protectionHeld1926.103 → 1910.134(c) written required (when respirators are used)
⑤Silica exposure control planHeld1926.1153(g)(1) written required (concrete · masonry cutting etc.)
⑥Confined space programNot held1926.1203(d) written required (permit-space entry)
⑦Fall protection program · planHeldSubpart M · 1926.502(k) written plan (if alternative) — owners expect written
⑧Accident prev. · trainingHeld1926.20(b) · 1926.21 — program required, written is customary
⑨Drug · alcohol programNot heldNot an OSHA requirement — ISN · Highwire (advanced initiative) · owner practice

Management system, 17 questions · safety managerself-assessment based on Highwire’s published items

R9 Good

17-question self-assessment

13 / 17

Written programs

7 / 9
Full-time safety mgrPart-time (one PM covers safety · not a dedicated full-time role)
Programs not held⑥ Confined space program (needed for applicable work) · ⑨ Drug · alcohol program (owner practice)

Rating R9Good — written 7 / 9 · 17-question 13 · part-time safety manager (Strong: 8 / 9 · 14 · full-time)

Certs · quality systemauthenticity checked in IAF CertSearch

R10 Fair
Contractor’s claimISO 9001 — replied “in preparation” · no certificate copy
IAF CertSearchNot listed (checked 2026-09-19)
qualityQuality control procedures submitted (internal document)

Rating R10Fair — no certification · quality procedures submitted (Poor = claimed cert not in CertSearch + no copy)

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

03Finances

Weight 40

Finances subtotal

30.7 / 40score rate 77%

F1Good
F2Good
F3Fair
F4Good
F5Good
F6Strong
F7Strong
F8Strong
F9Good

Liquidity · leverage · profitability · scale are assessed from three years of CPA-reviewed statements, and capacity to pay is confirmed from bonding · insurance · lien records. Ratios are calculated from the contractor-submitted statements (); bonding · insurance · liens are cross-checked with the surety · workers’ comp board · county records.

Item scoring9 items · Strong 100% · Good 70% · Fair 40% · Poor 0%

CodeItemDetailRatingScoreMark
F1Statement level · spanReview, 3 yrs (2023–2025)Good2.8 / 4
F2Liquidity — current ratio · working capitalCurrent ratio 1.80 · working capital $5.3MGood4.9 / 7
F3Leverage — debt-to-equity (total liabilities ÷ equity)Debt-to-equity 1.53Fair2.0 / 5
F4Profitability · growth — net margin (3-yr total) · revenue growthNet margin 3.1% · revenue growth +15%/yrGood3.5 / 5
F5Size fit — annual revenue ÷ est. contract$41.5M ÷ $8.5M = 4.88×Good2.8 / 4
F6Backlog vs aggregate limit (risk rating)Standard aggregate limit $45.0M vs backlog $28.4M (63%) · finance score rate 77% → LowStrong5.0 / 5
F7Bonding limit — single ÷ est. contract · aggregate remainingSingle $15M = 1.76× · remaining $16.6M ≥ $8.5M · letter issued 35 days agoStrong6.0 / 6
F8Insurance — COI limits metAll required limits met · additional insured Y · SBWC validStrong3.0 / 3
F9Pay health — liens · judgments · UCCLien 1 released (2022) · judgments 0 · UCC normalGood0.7 / 1
Finances subtotal score rate 77%30.7 / 40
RatingStrong100%Good70%Fair40%Poor0%Verif.VerifiedPartialSubmitted
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Financial statements, 3 yearsCPA-reviewed, 3 yrs · review report 2026-04-10 (single entity · not consolidated)

F1 Good
Item202320242025Trend
Revenue$31,200,000$36,800,000$41,500,000
Net income$900,000$1,100,000$1,400,000
Net margin2.9%3.0%3.4%
Revenue growth—17.9%12.8%

Latest year (2025)

Current assets

$11,900,000

Current liabilities

$6,600,000

Total liabilities

$9,800,000

Equity

$6,400,000

Cash

$3,100,000

Credit line

$2,000,000

Financial ratiosposition against thresholds

F2 GoodF3 FairF4 Good

Current ratio

1.80Good

PoorFairGoodStrong1.001.502.00

Leverage

1.53Fair

StrongGoodFairPoor1.001.502.00

Net margin (3-yr total)

3.1%Good

PoorFairGoodStrong0.0%2.0%4.0%

Key Metrics 10TradeTapp format · calculated

Single-project limit (standard)

$9,125,000

Largest completed job (2024)

$9,600,000

Aggregate limit (standard)

$45,000,000

Net cash flow (2025 · net income proxy)

$1,400,000

Reported backlog (2026-09)

$28,400,000

EMR (2026)

0.94

Working capital (2025)

$5,300,000

Recordable rate TRIR (3 yrs)

3.67

Revenue (2025)

$41,500,000

DART (3 yrs)

2.10

Bonding · insurancesurety letter = submitted · workers’ comp = confirmed with the state board

F7 StrongF8 Strong
Surety · letterPiedmont Surety & Guaranty Co. (A.M. Best A−) · issued 2026-08-15 (35 days ago · valid within 90 days)
Single / Aggregate$15,000,000 / $45,000,000 · utilization not stated in the letter — remaining = aggregate − backlog
COIGL $1M / $2M · Auto $1M · WC statutory · EL $1M · Umbrella $10M · additional insured Y · expires 2027-03-31
RequiredGL $1M/$2M · Auto $1M · EL $1M · Umbrella $5M → all met
Workers’ compGA SBWC lookup valid · insurer matches the COI
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Pay healthGSCCCA liens · judgments · UCC

F9 Good
Liens (5 yrs)1 — filed 2022-06 by an electrical sub → released 2022-07 (circumstances confirmed in interview I-4)
Judgments (FiFa)0
UCC3 — bank blanket lien 1 (2021 · continuing) · equipment leases 2 → normal structure

Single · aggregate limitsstandard = basis for rating · conservative = basis for conditions

Est. contract $8.5M

SingleAggregate
Standard (TradeTapp formula)
$9.1M$10M

25% × 3-yr avg revenue · letter $15.0M

$45.0M$50M

Letter cap — formula $51.9M > letter $45.0M

Conservative (Highwire · surety practice)
$8.1M$10M

Avg of 3 largest contracts in 3 yrs

$20.8M$50M

50% × latest annual revenue

Formulas — standard: single = MIN(k × largest completed job · 4 × working capital · 25% × 3-yr avg revenue), aggregate = MIN(10 × equity · working capital ÷ 7.5% · 125% × annual revenue). Conservative: single = MIN(avg of 3 largest in 3 yrs · 3 × working capital · 25% × annual revenue), aggregate = MIN(4 × equity · 7 × working capital · 50% × annual revenue). Neither exceeds the surety letter limits · available = aggregate limit − backlog. Inputs: largest completed job $9.6M · working capital $5.3M · equity $6.4M · revenue 2025 $41.5M · 3-yr avg $36.5M · k = 1.5 (liquidity Good).

Backlog vs aggregate limitrisk rating (standard limits)

F6 Strong

backlog ÷ aggregate limit = 63% · backlog + project = 82%

Conservative $20.8MAggregate $45.0MBacklog $28.4MProject $8.5M01020304050$M
SevereHighModerateLow
Backlog ≤ limit—Finance score ≤ 29%30 ~ 50%≥ 51%
Limit < backlog < 2×≤ 29%30 ~ 49%50 ~ 69%≥ 70%
Backlog ≥ 2×≤ 49%≥ 50%——

Standard: backlog 63% ≤ 100% · finance score rate 77% → Low (F6 Strong). Under the conservative limits the aggregate limit is $20.8M < backlog, so adding the project available capacity turns negative (−$7.7M) — a condition of “start after backlog burns down” or “re-confirm the aggregate limit by surety letter” applies.

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

04Reputation

Weight 20

Reputation subtotal

14.0 / 20score rate 70%

C1Good
C2Good
C3Good
C4Good

Interviews that ask owners and subs directly (12 pts) plus public-record reputation · disclosure consistency (8 pts). Interviewees are limited to the owners · subs · suppliers the contractor designated on its “reference list · consent form” (list rule: owners of the 3 largest completed jobs in 3 yrs · the 2 largest sub contracts); the contractor itself and undesignated third parties are not interviewed. Contacts are verified via main numbers · LinkedIn before the call and recorded anonymously.

Item scoring4 items · Strong 100% · Good 70% · Fair 40% · Poor 0%

CodeItemDetailRatingScoreMark
C1Reputation — owner interviewsOwners (3) avg 4.04 · rehire 3/3 · list rule met (top 3)Good5.6 / 8
C2Reputation — sub · supplier interviewsSub · supplier (2, top 2 contracts) avg 4.05 · paid in 32.5 days avg · work again 2/2Good2.8 / 4
C3Public-record reputation — violations · enforcement · lawsuits · complaints · mediaOSHA Serious 1 (2019 · outside 3 yrs) · 1 lawsuit closed · enforcement 0 · complaints 0 · media 0Good3.5 / 5
C4Disclosure · document consistency6 of 7 match · minor headcount gapGood2.1 / 3
Reputation subtotal score rate 70%14.0 / 20
RatingStrong100%Good70%Fair40%Poor0%Verif.VerifiedPartialSubmitted

Owner interviews8 dimensions, average 1–5 · n = 3

C1 Good

Average

4.04

Average

Schedule4.0Quality4.0Changes3.7Site4.3Comms4.3Staff3.7Subs4.0Disputes4.312345
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Subs · suppliersn = 2

C2 Good

Average

4.05 / 5

Avg days to pay

32.5 days

Would work again

2 / 2
IDRespondentAveragePaid inAgain
I-4Electrical sub3.835 daysY
I-5Steel supplier4.330 daysY

Interview notesrespondents identified only by role · organization type · project (anonymous)

C1 GoodC2 Good
I-14.3 / 5

Rehire Y

NPS 8

Owner · construction deputy managerKorean tier-1 supplier (P-1)

Completion was six weeks late, but they flagged the equipment delivery issue early and finish quality was good. The three change orders were reasonably priced. Having a Korean-speaking PM made reporting to headquarters easy.

2026-09-15 · phone 25 min · KoreanListed (consent 4.4) · verified via owner’s main number

I-24.0 / 5

Rehire Y

NPS 7

Owner · facilities directorUS logistics company (P-2)

All change orders were documented. At this size ($5M range) we would use them again, but above $20M I think more vetting is needed.

2026-09-16 · video 20 min · EnglishListed (consent 4.4) · matches permit owner · main number verified

I-33.9 / 5

Rehire Y (if same PM)

NPS 7

Owner · plant managerKorean tier-2 supplier (P-3)

The superintendent changed once mid-project and the handover could have been better. The result was fine, and with the same PM we would hire them again.

2026-09-17 · phone 15 min · KoreanListed (consent 4.4) · employment confirmed on LinkedIn

I-43.8 / 5

Again Y

Paid in 35 days

Sub · electrical sub ownertop-2 sub contract · 2022 lien history

In 2022 we were paid more than 45 days late once and filed a lien; it was cleared right away. Since then money comes within 35 days on average. We would work with them again.

2026-09-16 · phone 15 min · EnglishListed (consent 4.4 · list rule) · checked against GSCCCA lien record

I-54.3 / 5

Again Y

Paid in 30 days

Supplier · steel supplier salestop-2 sub · supply contract

They generally keep to 30-day terms. Site material receiving is well organized.

2026-09-17 · phone 10 min · EnglishListed (consent 4.4) · main number verified

Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

No response · declinednot scored

Owner · P-4 food company facilities3 attempts (9/15 · 9/17 · 9/18) · no response
Sub · mechanical sub2 attempts · declined to respond (company policy)

Public reputationOSHA · enforcement · lawsuits · complaints · media

C3 Good
SourceFindingMark
OSHA2019-04-11 Planned · Serious 1 — 1926.501(b)(13) fall protection ·
$4,200 → paid · closed / 2023-08-22 Complaint · no violation · closed		Watch
Environment (ECHO · GA EPD)No registered facility · no enforcement order—
Wages (WHD)Cases 0 · no repeat-violator flag—
Sanctions (all)
(Violation Tracker)		0—
Federal exclusion (SAM)None—
Lawsuits (5 yrs)State civil case 1 (2020 defendant · sub pay · settled 2021) · federal 0Watch
BBBA− (not accredited) · complaints 0 in 3 yrs—
Media (secondary source)No adverse media—

Disclosure · submitted documents ↔ public recordsC4

C4 Good
ItemContractor disclosed · submittedPublic recordsRating
Lawsuits (5 yrs)1 disclosed (2020 sub pay dispute · closed)Court record 1Match
Liens (5 yrs)1 disclosed (2022 · released)GSCCCA 1Match
Sanctions · exclusionsNoneSAM · WHD · VT noneMatch
Terminations · unfinishedNoneNo conflict in interviews · recordsMatch
Fatality · severe injury (5 yrs)NoneSIR · fatality DB noneMatch
Headcount62 disclosedITA 2024 annual avg 58Minor gap
License · entity infoCopies submittedMatch GOALS · eCorp recordsMatch
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

05Gaps

scope · formulas

S1 Documents

17 / 18

missing1

S2 Public records

19

Watch3unverifiable2

S3 Interviews

5

No response · declined2

Documents not received, public-record items with findings or that could not be verified, and their effect on the ratings. Items confirmed without findings appear in the relevant sections.

Scope3 sources · what this report relies on

S1Documents17 / 18 received (required 16 / 16) · received 2026-09-08–15
S2Public records19 checked (2026-09-19) — entity · license · federal exclusion · OSHA (inspections · ITA · severe injury) · environment · wages · sanctions · liens · judgments · UCC · courts · E-Verify · workers’ comp · certifications · BBB · permits · bond disclosures · vehicles · media
S3Interviews5 (owners 3 · sub · supplier 2) · no response · declined 2 · all designated by the contractor (reference consent form 4.4) · the contractor itself and undesignated third parties not interviewed
Not usedContractor website · marketing material · self-published claims — projects · certifications · headcount · revenue — not used as evidence for anything · media reports flagged only, as a secondary source

Missing documents and effect1 (all required documents received)

R10 Fair
DocumentSourceStatusEffect
ISO certificate copyOpt.missingR10 certs · quality “Fair” (no certification · procedures only)
— not met if the owner requires ISO 9001

Public records — findings · unverifiable items and effect5 (of 19 checked · the rest without findings)

SourceFindingSourceEffect
OSHA IMISInspections 2 · Serious 1 (2019 ·
$4,200 paid) · 2023 no violation		Watch (>3y)C3 public reputation — outside 3 yrs,
one minor case → “Good” (not Strong)
GSCCCA liens ·
judgm. · UCC		Lien 1 (2022-06, electrical sub ·
released 2022-07) · judgments 0 ·
UCC 3 (bank blanket 1 · leases 2)		WatchF9 pay health “Good” (not Strong) ·
claimant sourced for C2 interview ·
flag — lien-waiver clause recommended
Gwinnett courts ·
CourtListener RECAP		State civil case 1 (2020 defendant
· sub pay dispute · settled 2021)
· federal 0		Watch (closed)C3 stays “Good” (1 closed case) ·
matches C4 disclosure
IAF CertSearchNot listed (contractor: 9001
in preparation · no certificate)		unverifiableR10 “Fair” — claim withdrawn, so not
“Poor” · not met if ISO is required
County permit portals
(Jackson · Gwinnett ·
Hall · Barrow ·
Fulton) · Alabama		5 of 7 matched to permits ·
inspections passed · P-6 Alabama
has no permit portal		P-6 unverifiedP-6 $4.2M excluded from the R1 total →
6 jobs $34.0M (4.0× · Good). If P-6
is confirmed, 4.5× — rating unchanged
Verification Report · Haverline Industrial Constructors, LLCTBG-VR-2026-0919-01 · CONFIDENTIAL

Not checked · disclaimer

This report is an opinion as of the inquiry date and does not guarantee contract performance. It is for the client only; the contractor receives only the items to improve and its completeness score.

Formula summary

Item scoring

Strong100%
Good70%
Fair40%
Poor0%

× weight

Category subtotals

RRecord30.1 / 40
FFinances30.7 / 40
CReputation14.0 / 20

standard 40 · 40 · 20

Total

74.8 / 100

Grade A ≥ 80 ·
B ≥ 65 · C ≥ 50 · D

Grade · PQ

DCBA5570

BQualified

Qualified ≥ 70 · Conditional ≥ 55

Item scoring Strong 100% · Good 70% · Fair 40% · Poor 0% × weight → category subtotals (record 40 · finances 40 · reputation 20) → total 100. Weight options (owner’s choice in the intake survey): standard 40·40·20 · record-led 50·30·20 · finance-led 30·50·20 — category score rate × chosen weight. Grade A ≥ 80 · B ≥ 65 · C ≥ 50 · D. PQ Qualified ≥ 70 · Conditional ≥ 55. Disqualifiers G1–G3 · G5 · G7 → D, caps G4 · G6 → C, G8 → B, G9 → provisional. Limit = minimum of the formula candidates surety letter limit · available = aggregate limit − backlog. Risk = TradeTapp table (percentile → finance score rate).