MIRA
INFORM REPORT
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Report Date : |
6th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FORGINGS FLANGES & FITTINGS, LLC |
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Registered Office : |
6875 Fulton Street, Houston, Texas 77022, United States |
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Country : |
United States |
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Date of Incorporation : |
13.09.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributor of carbon steel, chrome, and low temp flanges and fittings. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE
SUMMARY
Company Name : FORGINGS FLANGES & FITTINGS, LLC
Trade Name(s) : FFF, LLC
Address : 6875 FULTON STREET
City : HOUSTON
State/Province : TEXAS
Zip Code : 77022
Country : UNITED STATES
Telephone : 713 695-5400
Facsimile : 713 695-4016
Legal Form : Limited Liability Company
Website : www.fffinc.net
Maj. Shareholder : Global Stainless Supply, Inc.
@rating Opinion :
Business Activity : The Company is a master distributor of carbon steel, chrome, and low
temp flanges and fittings.
As of :
Sales / Revenue :
Net Income :
Total Equity :
Number of Employees : 34
NOTE TO CLIENT
Contacted Ms. Elaine Armitage, Financial Controller.
LEGAL
Legal Form : Limited Liability Company
Since (D/M/Y) : 13/09/2006
State/Province of Incorporation : DE
Status : ACTIVE
Previous Legal Form:
Company is NOT required to publish an annual financial report.
The Firm was organized in Delaware under the following registration:
Company Information : FORGINGS, FLANGES & FITTINGS, LLC
350 N SAINT PAUL ST, DALLAS, TX 75201-4201
Status : IN GOOD STANDING NOT FOR DISSOLUTION OR
WITHDRAWAL through December 26, 2007
Registered Agent : C T CORPORATION SYSTEM
350 NORTH ST. PAUL ST., DALLAS, TX 75201
Registered Agent Resignation Date :
State of Incorporation : DE
File Number : 0800713807
Charter/COA Date : September 28, 2006
Charter/COA Type : COA
Taxpayer Number : 32020721612
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The Subject is qualified to conduct business in Texas under the following registration:
Company Information : FORGINGS, FLANGES & FITTINGS, LLC
350 N SAINT PAUL ST, DALLAS, TX 75201-4201
Status : IN GOOD STANDING NOT FOR DISSOLUTION OR
WITHDRAWAL through December 26, 2007
Registered Agent : C T CORPORATION SYSTEM
350 NORTH ST. PAUL ST., DALLAS, TX 75201
Registered Agent Resignation Date :
State of Incorporation : DE
File Number : 0800713807
Charter/COA Date : September 28, 2006
Charter/COA Type : COA
Taxpayer Number : 32020721612
Managers/Key Personnel
Mr. William Bootz Chief Executive Officer
Mr. Danny Lee President
Mr. Stan Lee Vice President
OWNERS
Global Stainless Supply, Inc. 85.00% Shareholder
Mr. Danny Lee 7.50 Shareholder
Mr. Stan Lee 7.50 Shareholder
AFFILIATED ENTITIES
Affiliated companies include:
Forgings, Flanges & Fittings, L.P.
Parent Companies
Parent Company: Global Stainless Supply, Inc.
TX
UNITED STATES
Ultimate Parent : Sumitomo Corporation of America
600 Third Avenue
NYC NY 10016
UNITED STATES
Telephone: 212 207-0700
BANKS
Bank of America
Houston TX
Telephone:
Facsimile:
Account Number:
Account Manager: Mark Montgomery
The bank stated that they need an account number before any information will be released on commerical accounts which could not be obtained.
PAYMENT HISTORY
BUSINESS DATE
LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD SALE TERMS $
$ % 30
60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS
06-11 06-11 0000000 300 300 100 0
0 0 0 CUST 26 YR
BLDG MATRL 06-12 06-11 CREDIT 7000
100 100 0 0
0 0
FACTOR
06-11 03-06 NET 30 0 0 0 0 0
0 0 CUST 4 YR
FACTOR
06-09 00-11 NET 30 0 0 0 0 0
0 0
FREIGHT
06-09 06-06 VARIED 11300 0
0 0 0 0 0
FREIGHT
06-08 01-03 VARIED 1000 1000
100 0 0 0
0
FRGHT FWRD 06-11 06-11 NET 15 1100
100 100 0 0
0 0 SATSFTRY
PETROLEUM
06-12 06-11 VARIED 3200 1000
100 0 0 0
0 CUST 18 YR
Payment
Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20061200
0 15 1 3900 96 4
0 0 0
20061100
0 14 1 3100 95 5
0 0 0
20061000
0 14 1 4000 96 4
0 0 0
20060900
0 14 5 5000 70
30 0 0 0
Payment
History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Third
2006 8 8100 47 53 0
0 0
Second
2006 13 4400 67 6 27
0 0
First
2006 1 4100 94 6 0
0 0
Fourth
2005 1 5500 92 8
0 0 0
FINANCIAL INFORMATION
Ms. Armitage stated that annual sales for Forgings, Flanges & Fitting, LLC for the month of December 2006, were in the US$2.3 million range.
HISTORY
Established in 1983 as Forgings, Flanges & Fittings, Inc. On February 24, 2006, the registration was converted to a limited partnership; Forgings, Flanges & Fittings L.P. In September 2006, a limited liability company was formed; Forgings, Flanges & Fittings, LLC which is the current operating entity. Ms. Elaine Armitage, Financial Controller, stated that Forgings, Flanges & Fittings L.P. still has an active registration, however is now dormant.
On September 22, 2006, Sumitomo Corporation of America completed an acquisition of the assets of Forgings, Flanges & Fittings, establishing Forgings, Flanges Fittings, LLC as a subsidiary of global Stainless Supply, Inc. The management team retained equity in the new company and has stayed on to manage the operations.
CURRENT OPERATION
NAICS Code: 33351 Metalworking Machinery Manufacturing
NAICS Code: 4218 Machinery, Equipment and Supplies Wholesalers
NAICS Code: 33211 Forging and Stamping
Number of Employees: 34
Business Activity
The Company is a master distributor of carbon steel, chrome, and low temp flanges and fittings. Forgings, Flanges and Fittings, LLC, is a leading supplier and wholesale of piping products including industry approved import flanges, buttweld fittings, and forged steel fittings to the oil and gas, pipeline, refining and processing industries. The Company represents some of the most approved manufacturers in the world.
The Company has headquarters at 6875 Fulton Street Houston, Texas. The square footage for the facility is 50,000 square feet.
PUBLIC RECORD
No public were traced to Forgings, Flanges & fittings, LLC.
GENERAL COMMENTS
The Subject is engaged as a supplier of industry-approved import flanges, buttweld fittings, and forged steel fittings to the oil and gas, pipeline, refining, and processing industries. The payment record appears satisfactory and nothing of a negative nature was reported or noted.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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