MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARDONE INDUSTRIES, INC. |
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Registered Office : |
5501 Whitaker Ave Philadelphia PA19124-0 |
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Country : |
United States |
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Date of Incorporation : |
6.7.1973 |
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Legal Form : |
Corporation For Profit |
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Line of Business : |
Remanufacturing of
Automotive Parts |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
EUR 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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Maximum |
2,000,000 EUR |
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 100 = 64 € Satisfying |
IDENTIFICATION
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Company Name: |
CARDONE INDUSTRIES, INC. |
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Address: |
5501 WHITAKER
AVE PHILADELPHIA PA
19124-0 USA |
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Phone: Facsimile: ID: State: Managers: |
215-912-3000 215-912-3700 56449 PENNSYLVANIA Mr. Michael CARDONE Co-Founder |
Date founded: |
6/7/1973 Corporation For Profit N.A. N.A. 4,000 Employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Remanufacturing of automotive parts |
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BANKS
PNC BANK
BUSINESS
Business:
Cardone Industries engages in remanufacturing automotive parts.
The company offers brakes, drive train, electronics, motors, pumps, electrical,
power train, engines, and steering components. It also offers automotive tools
and accessories.
The company was founded in 1970 and is headquartered in Philadelphia,
Pennsylvania
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The company is privately
held.
Mr. Michael Cardone
Co-Founder
Leo Edward Chief Financial
Officer
Spuler Timothy Vice
Persident
Mark Spuler Officer
Bretta Joseph Vice
Persident
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
As a privately held company, Cardone Industries is not obliged to
publish financial information.
However our
financial sources provided us with the following figures.
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Sales for the year 2007 are
in the range of USD =$ 373,300,000
There are numerous active
UCC files listed with the Secretary of State of Pennsylvania in favor of banks,
leasing companies or financial institutions.
A litigation search shows no significant
legal actions in the name of the subject firm.
RATING
Local credit bureau gave a good credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is good.
Trend of payments:
Payments are made usually on 35 days net as monitored during the last 12
months.
We estimate that
the Company doesn't present any risk.
A credit line may
be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Good Controlled Good |
PUBLIC PAYMENTS |
No Regular |
ADVISED
CREDIT
2,000,000 EUR
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.30 |
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UK Pound |
1 |
Rs.86.13 |
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Euro |
1 |
Rs.68.72 |
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%)