MIRA
INFORM REPORT
|
Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SEAMAN PAPER COMPANY OF
MASSACHUSETTS, INC. |
|
|
|
|
Registered Office : |
35 Wilkins Road, Gardner, MA 01440 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
23.12.1954 |
|
|
|
|
Com. Reg. No.: |
042184201 |
|
|
|
|
Legal Form : |
Corporation - Profit |
|
|
|
|
Line of Business : |
Manufacturers of Paper |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Average 2 to 5 days beyond terms |
|
|
|
|
Litigation : |
Clear |
Company
Name
SEAMAN PAPER COMPANY OF MASSACHUSETTS, INC.
Company acronym:
-
Contact Information
|
Address |
35 Wilkins Road Gardner, MA 01440 USA |
|
Telephone |
978-939-2146 |
|
Fax |
978-939-2359 |
|
Website |
www.satinwrap.com |
Registration Data
|
Date of Registration |
12-23-1954 |
|
Registration number |
042184201 |
|
Legal address |
51 Main Street Otter River, MA 01436 USA |
|
Legal Form |
Corporation - Profit |
|
Share Capital |
|
|
Other Registration Data |
|
Shareholders
with Shares
|
Shareholder Names |
Share% |
|
Jones Family |
100 |
Board/Executive
|
Name |
George D. JONES III |
|
Position within the company |
President & CEO |
|
Name |
James JONES |
|
Position within the company |
Secretary and Marketing
Executive |
|
Name |
Joseph LICHWELL |
|
Position within the company |
CFO |
Changes in
Registration Data
None recorded
Activities
(realistic and officials)
Seaman Paper Company of Massachusetts is one of the leading paper
manufacturers in the United States. Privately owned and operated, Seaman Paper
Company features two paper mills, an eight-color printing press, water
depollution plant, and primary water clarifier and secondary treatment system.
Seaman Paper founded Garlock Printing and Converting Corporation in 1987,
producing solid color wrapping tissues. Built on more than 80,000-square-feet
of space, the company has more than six central-impression flexographic
printing presses, a full array of converting equipment for sheeting, folding
and rewinding of printed tissue paper, gift wrap, and mylar films. It offers
expertise in sheeting, waxing, automated folding for resale packaging,
shredding, drum sheeting, consumer resale rolls, creped tissue products, and
small roll converting. Operational for more than 50 years, Seaman Paper Company
s products include crystallized, foodservice, wrapping and gemstone tissues,
display and fixtures, and footwear tissues.
Staff
|
Number of staff employed |
100 |
Export/Import
(Countries, goods and total values for the period)
|
Imports From |
Europe, Far East |
|
Exports To |
- |
Facilities
|
Owned Rented |
Manufacture, warehouse and office |
|
Premises Size |
87,000 sq. feet |
Subsidiaries
and Participation
|
Parent Company |
- |
|
Subsidiaries |
Garlock Printing & Converting Corp. 154 Fredette Street, Gardner, MA 01440 (minority interest) |
|
Affiliates |
- |
Branches
|
Address |
- |
Bankers
|
Bank |
BayBank |
|
address |
7 New England Executive Park, Burlington, MA |
Suppliers,
Partners
|
Suppliers |
Not known |
|
Partners |
Not known |
Litigation,
Remarks on Payment
|
Litigation |
None Recorded |
|
Remarks on Payment |
No Complaints |
Financial
Information
|
Source |
Bank |
|
Figures are |
Estimate |
|
Currency |
USD |
|
Months |
Sales Figures |
Sales |
|
12 |
31/12/2007 |
75,000,000 |
Reporter Comments
|
Comments |
No information could be obtained from the
Company. |
|
Local Reputation |
The company being investigated is believed by local reporters to be a Low Trade Risk and to be fair. According to our credit analysts, during the last 6 months, 93% of
trade experience indicates a regular payment. Payments of imports are currently made with an average of 2 to 5 days
beyond terms. |
|
MAX CREDIT |
USD 200,000= |
|
CREDIT REQUIRED |
MAXIMUM CREDIT |
|
Maximum |
USD 200,000= |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)