MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TUBE CITY IMS CORPORATION |
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Registered Office : |
12 Monongahela
Avenue, P.O Box 2000, Glassport, PA - 15045 |
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Country : |
United States |
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Date of Incorporation : |
04.05.1987 |
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Legal Form : |
Corporation – Private |
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Line of Business : |
Engaged as a provider of outsourced services to the steel industry. |
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 : |
Slow but correct |
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Litigation : |
Clear |
IDENTIFICATION
& EXECUTIVE SUMMARY
Company Name: TUBE CITY IMS CORPORATION
Trade Name:
Address: 12 Monongahela Avenue, P.O Box 2000
City: Glassport
State/Province: PA
Zip Code: 15045
Country: UNITED STATES
Telephone: 412-678-6141
Facsimile: 412 678-2210
URL www.tubecityims.com
Founded (D/M/Y):
In K USD as of :
Sales / Revenue: -
Net Income:
Total Equity:
Number of
Employees: 2,000
Legal Form: Corporation - Private
Shareholder: Onex Partners L.P.
Business Activity: TUBE CITY IMS CORPORATION is engaged as a provider
of outsourced
services
to the steel industry. The Company operates 66 steel mills
throughout the US, Canada and Europe.
NOTE TO CLIENT
NOTE: The provided
name U S FERROUS TRADING DIVISION (TUBE CITY DIVISION), located at 165 West
Putnam Ave., Greenwich, CT 06830 is a division of TUBE CITY IMS CORPORATION.
Since we do not report on divisions, the subsequent report follows for: TUBE
CITY IMS CORPORATION.
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Mr. Michael
Koller, Controller, provided the following information in this report.
LEGAL
Legal Form: Corporation - Private
Incorporation
State DE
Status: ACTIVE
Since (D/M/Y): 04/05/1987
The company is
required to publish an annual financial report.
DELAWARE CORPORATE REGISTRY:
File Number: 2125188
Incorporation Date/Formation Date: 05/04/1987(mm/dd/yyyy)
Entity Name: TUBE CITY IMS CORPORATION
Entity Kind: CORPORATION
Entity Type: GENERAL
Residency: DOMESTIC
State: DELAWARE
REGISTERED AGENT INFORMATION
Name: THE CORPORATION TRUST COMPANY
Address: CORPORATION TRUST CENTER
1209 ORANGE STREET
City: WILMINGTON
County:
NEW CASTLE
State:
DE
Postal Code:
19801
Phone:
(302)658-7581
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PENNSYLVANIA CORPORATE REGISTRY:
Entity Type FOREIGN BUSINESS CORPORATION
Entity Name TUBE CITY IMS CORPORATION
Entity No. 2001714
Filing Date 01/16/1991
Letter of Consent No
Address % C T CORPORATION SYSTEM
7 PENN CENTER
1635 MARKET ST STE 1120
PHILADELPHIA Pennsylvania
USA 19103
County Philadelphia
Jurisdiction DELAWARE
Limited Authority No
MANAGERS / KEY
PERSONNEL
Mr. Michael Coslov Chairman & Chief Executive Officer
Mr. Joseph Curtin Co-President
Mr. Raymond
Kalouche Co-President
Mr. Thomas E.
Lippard (SVP & CFO) Senior Vice President
Mr. Daniel E.
Rosati Vice Pres. &
Chief Financial Officer
Mr. Michael Koller Controller
Owners
Onex Partners L.P. Majority
Parent Companies
Parent Company: Onex Partners L.P.
Address:
City:
State/Province: ON
Zip Code:
Country: CANADA
SUBSIDIARIES
International Mill
Service, Inc.
Address: 1155
Business Center Dr.
City: Horsham
State/Province: PA
Zip Code: 19044-345
Country: UNITED STATES
Telephone: 215-956-5500
Facsimile: 215-956-5589
Tube City, LLC
Address: 12 Monongahela Ave
City: Glassport
State/Province: PA
Zip Code: 15045
Country: UNITED STATES
Telephone: 412-678-6141
Facsimile: 412-678-2210
BANKS
State/Province: PA
Country: UNITED STATES
Telephone: 312 904-6100
The Subject is
engaged in senior secured credit facilities providing for a seven-year, $165
million senior secured term loan credit facility and a seven-year, $20 million
senior secured synthetic letter of credit.
PAYMENT HISTORY
BUSINESS DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY REPTD SALE TERMS $ $ % 30 60 90 91+ COMMENTS
---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------
BUS SERVCS 07-11 00-00 NET 7 1100 0 0 0 0 0 0
COMMUN EQP 07-11 00-00 NET 30 100 0 0 0 0 0 0
FACTOR 07-11 00-00 NET 30 5500 0 0 0 0 0 0 CUST 1 YR
HARDWARE 07-11 00-00 CREDIT 2000 0 0 0 0 0 0
INDUS MACH 07-09 00-00 NET 30 13500 2100 100 0 0 0 0
INDUS MACH 07-09 00-00 NET30 11500 6000 0 96 4 0 0
IRON&STEEL 07-11 00-00 NET 30 3900 900 0 100 0 0 0
MACH DISTR 07-10 07-09 1/10N30 2500 400 100 0 0 0 0 CUST 2 YR
MED SUPPLY 07-11 00-00 VARIED 16300 14800 92 1 0 0 7
OPTIC SUPL 07-11 00-00 NET EOM 500 500 100 0 0 0 0 CUST 1 YR
PLUMBING 07-09 07-09 NET 10 3600 200 100 0 0 0 0
AUTO PARTS 06-04 06-03 VARIED 1200 500 94 6 0 0 0
INDUS MACH 07-04 07-04 NET 30 12500 12500 100 0 0 0 0
LAUNDRY 06-10 00-00 NET 30 800 0 0 0 0 0 0
METAL 06-07 06-06 VARIED 148800 64400 0 70 0 30 0 CUST 1 YR
RENTALS 06-10 00-00 NET 10 800 800 47 50 3 0 0
TELECOM 06-08 00-00 NET 30 200 100 0 0 0 0 100 PAYS-SLOW
CURRENT QUARTER 60500 24900 67 28 1 0 4
Payment Trends
INDUSTRY BUSINESS BALANCE CUR 1- 31- 61-
DATE CUR DBT DBT $ % 30 60 90 91+
-------- --- --- --- -------- --- --- --- --- ---
20071100 0 0 9 26000 67 28 1 0 4
20071000 0 0 9 31500 64 31 1 1 3
20070900 0 0 7 24300 76 20 0 0 4
20070800 0 0 8 28900 74 19 4 0 3
20070700 0 0 10 30800 53 44 0 0 3
20070600 0 0 5 20800 92 3 0 1 4
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER YEAR DBT $ % 30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Third 2007 8 25800 72 22 2 0 4
Second 2007 8 18000 68 29 0 0 3
First 2007 15 1600 3 97 0 0 0
Fourth 2006 13 7100 41 49 5 5 0
Third 2006 31 18600 42 31 2 4 21
FINANCIAL
INFORMATION
In K USD
Year-End
(D/M/Y) 30/09/2007
Income Statement Quarterly
Global Net Sales 435,270
Cost of Goods Sold 426,925
Gross Profit 8,345
Net Income (Loss) of the Year (897)
Assets
Pre-paid Expenses 145,860
Inventories 36,273
Trade Accounts Receivable 180,950
Short Term Investments 8,719
Cash and Cash Equivalents 4,622
Other Current Assets 3,994
Total Current Assets 234,558
Tangible Assets 5,341
Intangible Assets 330,810
Property, Plant and Equipment 169,138
Total Fixed Assets 666,592
Other Assets 15,443
Total Assets 901,150
Liabilities
Advanced Payments Received 23,834
Prepayments and Deferred Charges 15,633
Trade Accounts Payable 140,866
Current Liabilities 19,982
Other Current Liabilities 3,071
Total Current Liabilities 241,086
Due to Banks 37,700
Long Term Loans 387,974
Long Term Deferred Taxes 38,833
Other Long Term Liabilities 17,862
Total Long Term Liabilities 444,669
Total Liabilities 685,755
Equity
Total Equity 215,395
FINANCIAL
INDICATORS
Year-End
(D/M/Y) 30/09/2007
Quick
Ratio 0.82
Current
Ratio 0.97
Return
on Sales -0.00
Return
on Assets
Return
on Equity
Debt
to Equity 3.18
Solvency 0.92
A/R
Turns
Mr. Koller stated
that the Subject currently has public debt and as a result, the above unaudited
financial figures (given in USD thousands) were obtained via the Subject's 10-Q
filings with the Securities and Exchange Commission.
HISTORY
The Subject was
purchased by Onex Partners L.P., a private equity firm on January 25, 2007.
CURRENT OPERATIONS
SIC Code: 3324
NAICS Code: 331512
Steel Investment Foundries
Number of
Employees: 2000
Business Activity:
TUBE CITY IMS
CORPORATION is engaged as a provider of outsourced services to the steel
industry. The Company operates 66 steel mills throughout the US, Canada and
Europe.
The headquarters
is located at the heading address. The Subject has additional branch locations
and divisions nationwide.
PUBLIC RECORD
UNIFORM COMMERCIAL CODES:
Filing Number: 2005110402487
Filing Date: 11/04/2005
Filing Time: 11:10PM
Expiration Date: 20101104
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
308 NORTH OFFICE BUILDING
HARRISBURG, PA 17120
DEBTOR INFORMATION
Debtor(s): TUBE CITY IMS CORPORATION
12 MONONGAHELA AVENUE
GLASSPORT, PA 15045
SECURED PARTY OR CREDITOR INFORMATION
Secured Party: CITICAPITAL COMMERCIAL CORPORATION
BRANCH 8201 RIDGEPOINT DRIVE
IRVING, TX 75063
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Filing Number: 53341873
Filing Date: 10/21/2005
Filing Time: 3:29PM
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF YORK STS
DOVER, DE 19901
DEBTOR INFORMATION
Debtor(s): TUBE CITY IMS CORPORATION
12 MONONGAHELA AVENUE
GLASSPORT, PA 15045
SECURED PARTY OR CREDITOR INFORMATION
Secured Party: BEAR STEARNS CORPORATE LENDING INC., AS SECOND LIEN COLLATERAL AGENT 383 MADISON AVENUE
NEW YORK, NY 10179
COLLATERAL INFORMATION
Collateral Type: UNSPECIFIED
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Filing Number: 2005052004216
Filing Date: 05/19/2005
Filing Time: 8:00PM
Expiration Date: 20100519
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
308 NORTH OFFICE BUILDING
HARRISBURG, PA 17120
DEBTOR INFORMATION
Debtor(s): TUBE CITY IMS
PO BOX 70
MINGO JUNCTION, OH 43938
SECURED PARTY OR CREDITOR INFORMATION
Secured Party: RECO EQUIPMENT, INC.
20620 ROUTE 19 NORTH
CRANBERRY TWP, PA 16066
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NO BANKRUPTCY PETITION WAS FILED BY THE COMPANY
COMMENTS
TUBE CITY IMS CORPORATION is a well-established provider of outsourced services
to the steel industry. Payment, though occasionally slow,
are considered
to be generally satisfactory and a search of public
records and bankruptcy courts returned no derogatory information or record of the Company
filing a bankruptcy petition.
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%)