MIRA
INFORM REPORT
|
Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
PFI LLC |
|
|
|
|
Registered Office : |
523 Pleasant St. Bldg. # 10, Attleboro, MA 02703 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
April 1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Distributes Fasteners, Rivets and Hose Clamps. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1,500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company name
PFI LLC
Address
523 Pleasant St.
Bldg. # 10, Attleboro, MA 02703 – USA
Telephone : 508-431-1120
Fax : 508-431-1114
Website : www.vertexdistribution.com
summary
|
Corporate
ID# : State : Judicial
form : Date
founded : Stock : Value: Name of manager: |
000124242 Rhode Island LLC April 1990 - - David HIRSCH |
ACTIVITIES
& OPERATIONS
|
History: Business Staff: |
PFI LLC is doing business
as: - VERTEX FASTENERS - VERTEX DISTRIBUTION On June 2008, business
was relocated from 327 Pine Street, Pawtucket, RI 02860, to
above address. On August 28, 2008, DXP Enterprises, Inc. (NASDAQ:DXPE) announced the completion of the
acquisition of PFI, LLC. The purchase price of
approximately $65 million was financed with
borrowings from a new USD 200 million senior credit facility. PFI, LLC distributes fasteners, rivets and hose clamps. 440 |
|
Operations & branches: |
At above address, we find
THE Corporate office, owned. The Company maintains
branches located: 1680 Elmhurst Road 3502 Yale Street 7620 Hub Parkway 600 Progress Ind. Blvd. Suite 207 20525 Nordoff St. Suite 42 3301-J Woodpark Blvd. 2721 E. Adamo Drive 918 B 113th St. |
SHAREHOLDERS & MANAGERS
|
Shareholders : |
DXP Enterprises Inc. Phone: 713-996-4700 DXP Enterprises, Inc., together with its subsidiaries, engages in the
distribution, maintenance, repair, and operation (MRO) of products,
equipment, and services to industrial customers in the United States. It operates in two segments, MRO and
Electrical Contractor. The MRO segment provides MRO products, equipment, and integrated
services consisting of technical design expertise and logistics capabilities
to industrial customers. It provides various MRO products in the fluid
handling equipment, bearing, power transmission equipment, general mill,
safety supply, and electrical products categories, as well as offers integrated
services, such as system design, fabrication, installation, repair, and
maintenance. This segment serves
general manufacturing, oil and gas, petrochemical, service and repair, and
wood products industries, as well as
mining, construction, chemical, municipal, food and beverage, agricultural, and pulp and paper industries. The Electrical Contractor segment sells various electrical products,
such as wire conduit, wiring devices, electrical fittings and boxes,
signaling devices, heaters, tools, switch gear, lighting, lamps, tape, lugs,
wire nuts, batteries, fans, and fuses to electrical contractors. The company
was founded in 1908 and is headquartered in Houston, Texas. |
|
Management : |
David HIRSCH is the
President and CEO. Chuck GRIFFITH is the
CFO. |
|
Subsidiaries & Partnership : |
None |
FINANCIALS
In United States, privately
held corporations are not required to publish any financials.
The sales and EBITDA (earnings before interest, taxes, depreciation and amortization)
for the year ended May 3, 2008 were approximately USD 71.9 million and USD 13.3
million, respectively.
EBITDA was calculated as income before tax of approximately USD 10.8
million, plus interest of approximately $2.2 million, plus depreciation and
amortization of approximately USD 0.3 million.
Banks
Wells Fargo Bank
300 Commercial Street
Boston, TX 02109
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:
- 80% of the corporations
in same branch were developing the business on a medium risk of late payment,
- 20% on a high risk of
late payment.
- 80% of them saw sales
stable versus last 3 years
- 4% declining
- 16% growing
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
stable.
COMPANY
CREDIT HISTORY
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 days beyond
terms.
The Company maintains a
regular business.
The bank and financial
institutions confirmed a correct credit history.
The risk is low.
Our opinion:
A business connection may
be conducted.
|
CREDIT REQUIRED |
MAXIMUM CREDIT |
|
Maximum |
USD 1,500,000= |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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%)