MIRA
INFORM REPORT
|
Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BLUFF CITY STEEL, INC. |
|
|
|
|
Registered Office : |
1175 Harbor Avenue,
Memphis, TN 38113 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
11.04.1996 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Supplier and Processor of Carbon and Steel Coil and Bar Products for
the Defense, Automotive and Construction Markets. |
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 500,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company name
BLUFF CITY STEEL, INC.
Address
1175 Harbor Avenue, Memphis, TN 38113 – USA
Telephone : 901-946-1005
Fax : 901-948-6266
Website : www.bluffcitysteel.com
summary
|
Corporate
ID# : State : Judicial
form : Date
founded : Stock : Value: Name of manager: |
2612741 Delaware LLC April 11, 1996 - - Joseph HIGDON |
ACTIVITIES
& OPERATIONS
|
Business Staff: |
The Company is doing
business as BCS INDUSTRIES LLC. Founded in 1995, BCS Industries is a supplier and processor of carbon
and steel coil and bar products for the defense, automotive and construction
markets. The company offers hot rolled coils, wires, and coated and annealed
rods in various specifications. Its bar products are available in several
shapes, including round, square and hexagon. BCS Industries products are used in fasteners, hand tools, bolts and
home appliances. The company is a member of the American Wire Producers Association and
the Industrial Fasteners Institute. 180 |
|
Operations & branches: |
At above address, we find
a large manufacture, warehouse and office, on 33,000 sq. feet, owned. The Company maintains a
branch located: Chicago Wire On August 14, 2007, BCS Industries LLC purchased the carbon
cold-heading wire product line of Ugitech USA, a subsidiary of
Schmolz+Bickenbach AG, Dusseldorf, Germany for an undisclosed price. The deal
included the acquisition of an approximately 30,000-square-foot distribution
facility that Ugitech operates in Batavia, Illinois. |
SHAREHOLDERS & MANAGERS
|
Shareholders : |
This is a privately held and managed company. |
|
Management : |
Joseph HIGDON is the
President and CEO. Ms. Kathy CARVER is the
CFO. |
|
Subsidiaries & Partnership : |
BCS Metal Prep, LLC BCS Cuyahoga, LLC |
FINANCIALS
|
In United States,
privately held corporations are not required to publish any financials. On a direct call, nobody
was available to answer our questions. We sent a fax but no
answer was received. However, sales estimate
for year 2007 is in the range of USD 40,000,000= The business is said to
be profitable. |
Banks
Bank of America
LEGAL FILINGS
|
Legal filings
& complaints : |
As of today date, there
is no legal filings pending with the District Courts. |
|
Secured debts
summary (UCC) : |
There are several UCC
files listed. |
MARKET
ANALYSIS & FORECAST
|
In the United State,
during the year 2007: - 20% of the corporations
in same branch were developing the business on a medium risk of late payment, - 80% on a high risk of
late payment. - 28% of them saw sales
stable versus last 3 years - 72% declining A high percentage of late
payment may indicate that companies in this industry are experiencing cash
flow problems, that suppliers generally accept late payment as part of doing
business, or that on-time payment is not customary in this industry. Companies entering such
markets should not expect to be paid on time. The market appears to be
slow. |
COMPANY
CREDIT HISTORY
|
According to our credit analysts, during the last 6 months, 82% of
trade experience indicates a regular payment. Payments of imports are currently made with an average of 20 to 30
days beyond terms. The Company is improving
its payments, but the cash is low, due to high inventories and bad conditions
of the market. The banks and financial
institutions confirmed delays of payment. The risk is medium. Our opinion: We suggest you to be
careful. |
|
CREDIT REQUIRED |
MAXIMUM CREDIT |
|
Maximum |
USD 500,000= |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. |
|
UK Pound |
1 |
Rs. |
|
Euro |
1 |
Rs. |
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%)