MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOLLISTON LLC |
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Registered Office : |
905 Holliston Mills Road, Church Hill, TN 37642 |
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Country : |
United States |
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Date of Incorporation : |
16.08.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufactures Materials
Publishing, Security and Speciality Packaging |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
HOLLISTON LLC. Dba ICG Holliston |
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Address: |
905 Holliston
Mills Road, Church
Hill, TN 37642, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (423) 357-6141 + 1 (423) 357-8840 0556282 Tennessee Lawrence C. Maston,
President |
Date founded: |
Aug 16, 2007
Limited Liability Company 225 employees |
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Legal form: |
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Staff: |
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Business: |
Manufactures materials publishing, security and speciality packaging. |
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BANKS
Bank of America
BUSINESS
Business & Operations:
Holliston Llc. is also
doing business as ICG Holliston.
Holliston Llc. isn't going to
tell you to wait until it comes out in paperback. The company produces fabrics
for various coating applications.
Holliston is a maker of book cloth used to cover books ranging from
best-sellers to textbooks and loose-leaf binders.
Other products include cloth and vinyl substrates used for applications such
as labels, cloth tapes, abrasive backing, and packaging.
Customers include the building materials, publishing, packaging, and
album, looseleaf industries.
The company, formerly Industrial Coatings Group, or ICG, acquired
Holliston Mills in 1998; both companies were founded in the late 1800s. The
company has sold its sign and banner business line to Avery Dennison.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The director of the company
is:
Lawrence C. Maston,
President.
The parent company is Versa
Capital Management, Inc.
Versa Capital Management, Inc.
2929 Arch St,
Philadelphia, PA
19104-2857,
United States
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Holliston Llc. does not publish any financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
28,200,000 |
LEGALS
On
August 20, 2007, Chrysalis Capital Partners, Philadelphia, PA, a private equity
firm focused on 'special situation' investments, announced that its affiliate,
Holliston LLC, has completed the acquisition of substantially all of the assets
of The Holliston Mills Inc, Church Hill, TN. Holliston LLC will maintain its
operations in Church Hill. Lawrence Maston, President and CEO of The Holliston
Mills, Inc. will continue in the same role for Holliston LLC. The business was
sold pursuant to a court order auction and section 363 sale of assets under the
U.S. Bankruptcy Code. The U.S. Bankruptcy Court in Delaware approved the sale
to Chrysalis on July 30, 2007 (see article above).
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
0 UCC Filings
RATING
Our final opinion:
This is a medium company
working worldwide.
Taking into account the recent bankruptcy litigation, any credit has to
require guarantees.
We suggest caution.
Unsecured
creditors of ICG/Holliston Mills Inc. filed objections to its
debtor-in-possession (DIP) financing terms, claiming that insiders have ties to
the lender and thus create a conflict of interest, according to the Associated
Press.
Privately-held
ICG/Holliston Mills Inc., the nation's leading maker of cloth book covers,
filed in May for bankruptcy protection, listing assets of $28 million and debts
of $27.5 million, according to AP. Holliston Mills and ICG (Industrial Coatings
Group), founded as separate companies in the late 1800s, merged in 1998 to
become ICG/Holliston.
advertisement
The creditors said that Agarista ICG Lending LLC, the company's proposed DIP
lender, also was serving as a "stalking-horse bidder" for the
company's auction in July — putting up an initial bid in an arrangement with
the seller that gives the bidder incentives, but is mainly designed to allow another
party to step up and participate in an auction or negotiate a deal. Agarista is
an affiliate of buyout firm Chrysalis Capital Partners LP
Disputes
over DIP financing arrangements are common. But such battles have been
relatively rare of late, given the historically low level of defaults.
Creditors
in this case objected that some of ICG/Holliston's top executives have personal
interests in Agarista ICG Lending, according to AP. For example, ICG/Holliston
chief executive Lawrence Maston was said to have made a $100,000 investment in
Agarista on about May 14.
Under the
DIP loan, ICG/Holliston would receive up to $2 million in new financing.
However, the arrangement provided for the company to sell its assets to Agarista
quickly, without an open sales process, the creditors said, calling the
$11.5-million credit-based arrangement with Agarista a "quick, inexpensive
sale to itself," according to AP.
"These
motions appear to be a thinly disguised effort by Agarista, acting as the
prepetition secured lender and seller, to convey substantially all of the
debtor's assets in exchange for an apparently low noncash credit bid," the
creditors committee said in its court filing, said AP. The creditors added that
the company still has not disclosed what type of recovery it expects after the
company pays off its DIP loan.
"The debtors motion provides no indication if, and to what extent, general unsecured creditors may receive a distribution at the conclusion of this case," the committee said in court documents, acc
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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. |
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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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)