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MIRA INFORM REPORT

 

 

Report Date :            

13.04.2011

 

IDENTIFICATION DETAILS

 

Name :

CHASE CORPORATION

 

 

Formerly Known As :

Chase & Sons

 

 

Registered Office :

19 Highland Av Randolph Ma 02368.

 

 

Country :

United States 

 

 

Financials (as on) :

30.08.2010

 

 

Date of Incorporation :

30.08.1963

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Insulators and Insulation Materials, Electrical

 

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 3,000,000

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Chase Coating & Laminating

Address in the order:

19 Highland Avenue Randdolphma 02368 4508 781 2600

USA

Comments on data supplied:

Dear client:

The company's name you provided is that of a non incorporated business unit, after we've contacted the company. They confirmed us that Chase Coating & Laminating was that of a division of the main company called Chase Corp located in 19 HIGHLAND AV RANDOLPH MA 02368.

That is why we proceed on making the report under that name.

Legal Name:

CHASE CORPORATION

Legal Address

19 HIGHLAND AV RANDOLPH MA 02368.

Operative Address

Bethany House 26 Summer Street Bridgewater, MA 02324

Telephone:

+1(508) 279-1789

ID :

042108507

Fax:

+1 (508) 697-6419

Legal Form:

Corporation for Profit

Email:

info@chasecorp.com

Registered in:

Massachusetts

Website:

www.chasecorp.com

Date Created:

1946

Manager:

Peter R Chase, CEO

Date Incorporated:

August 30st, 1963

Staff:

305

Stock:

8,946,701 Shares

 

 

Value:

$0,10 Par Value

Activity:

Insulators and Insulation Materials, Electrical

 

 

BANKS

 

Name of the Bank

First National Bank Of Boston

 

BUSINESS

 

HISTORY

 

The company was created in the year 1946. The company was formerly known as Chase & Sons. and it changed its name to Chase corporation in the year 1988.The company currently has two divisions: Chase Coating & Laminating, and Chase specialty coating

PRINCIPAL ACTIVITY

 

The company engages in the manufacture and sale of specialty tapes, laminates, sealants, and coatings, as well as in the provision of contract assembly services for the electronics industry worldwide.

 

 

Products/Services description:

 

The subject offers insulating and conducting materials for the manufacture of electrical and telephone wire and cable, electrical splicing, and terminating and repair tapes, which are marketed to wire and cable manufacturers; protective pipe coating tapes and other protectants for valves, regulators, casings, joints, metals, concrete, and wood.

Sales are:

 

Wholesale

Clients:

 

Oil companies

Pipeline companies

Other related industries

Operations area:

 

National, International, Local

The company imports from Europe

The company export to Worldwide

LOCATION

Headquarters

 

The company is headquartered at Bethany House 26 Summer Street Bridgewater, MA 02324.

Branches:

 

The company has the following branches:

 

-295 University Avenue Westwood, MA 02090

-19 Highland Avenue Randolph, MA 02368

-Goya Industrial Park Cudworth Rd. Webster, MA 01570

-138 Wittenburg Industrial Drive Taylorsville, NC 28681

-2100 Broad St, Cranston, RI 02905

-6 Way Rd. Middlefield, CT 06455

-128 First Street, Blawnox Pittsburgh, PA 15238

-201 Zeta Drive Pittsburgh, PA 15238

 

Among others.



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

Breakdown

% of Shares Held by All Insider and 5% Owners: 28%

% of Shares Held by Institutional & Mutual Fund Owners: 44%

% of Float Held by Institutional & Mutual Fund Owners: 61%

Number of Institutions Holding Shares: 35

Shareholders Parent Company(ies):

 

Top Institutional Holders:

 

ROYCE & ASSOCIATES, LLC

ATHENA CAPITAL MANAGEMENT, INC.

WELLINGTON MANAGEMENT COMPANY, LLP

DALTON, GREINER, HARTMAN, MAHER & COMPANY

DIMENSIONAL FUND ADVISORS LP

FMR LLC

BlackRock Institutional Trust Company, N.A.

VANGUARD GROUP, INC. (THE)

Robeco Investment Management, Inc.

Forward Uniplan Advisors, Inc.

 

Top Mutual Fund Holders:

FIDELITY LOW-PRICED STOCK FUND

ROYCE TOTAL RETURN FUND

Robeco Inv Fds-Robeco Boston Partners Long/Short Equity Fd

Gamco Westwood Mighty Mites Fd

DFA U.S. MICRO CAP SERIES

VANGUARD TOTAL STOCK MARKET INDEX FUND

Unified Series Trust-Auer Growth Fd

BRIDGEWAY FDS INC-ULTRA SMALL COMPANY MARKET FD

VANGUARD EXTENDED MARKET INDEX FUND

DFA U.S. SMALL CAP SERIES

Management:

 

Peter R. Chase, CEO

Adam P. Chase, COO

Kenneth L. Dumas, CFO



Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the stock exchange AMEX under ticker symbol "CCF". Please find enclosed the financial statements.

We have contacted Michelle who clarified that 'Chase Coating & Laminating\' was a division of the main company. She also agreed the company's headquarter but refused to provide us any financial data on grounds of confidentiality.

Legal Fillings

 There are 180 UCC** files listed with the Secretary of State of Massachusetts.

 

There are no legal filings listed with the District Court.

 

The last annual report was filed on  11/15/2010.

 

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 

For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.



Rating

 

Local credit bureau gave a Correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

This company was formerly known as Chase & Sons, it changed its name to Chase Corporation in the year 1988. It has been in business for 65 years. It has a staff of 305 employees which makes it a medium sized company.

 

There were no legal filings found against the company or its legal representatives.

 

This is a public company that trades at the stock exchange AMEX.

 

The company gave a good profitability for the year 2010.

 

Therefore a credit line may be considered for USD 3,000,000

 

 

 

SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public Records

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

 




 

 

 

Income Statement

View: Annual Data

All numbers in thousands

 

Period Ending

Aug 31, 2010

Aug 31, 2009

Aug 31, 2008

Total Revenue

118,743  

91,236  

132,478  

Cost of Revenue

74,828  

62,261  

89,680  

 

Gross Profit

43,915  

28,975  

42,797  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

27,151  

20,814  

23,951  

 

Non Recurring

-  

499  

-  

 

Others

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

16,764  

7,662  

18,847  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

52  

458  

477  

 

 

Earnings Before Interest And Taxes

16,816  

8,120  

19,324  

 

 

Interest Expense

360  

17  

40  

 

 

Income Before Tax

16,456  

8,103  

19,284  

 

 

Income Tax Expense

5,730  

2,788  

6,910  

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

10,726  

5,315  

12,374  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

1,790  

1,070  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

12,516  

6,385  

12,374  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

12,516  

6,385  

12,374  

 

 

 

 

 

Balance Sheet

View: Annual Data

All numbers in thousands

 

Period Ending

Aug 31, 2010

Aug 31, 2009

Aug 31, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

17,340  

11,643  

3,917  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

18,913  

15,007  

20,279  

 

Inventory

14,678  

13,941  

16,461  

 

Other Current Assets

2,465  

607  

767  

 

Total Current Assets

53,396  

41,198  

41,424  

Long Term Investments

-  

-  

825  

Property Plant and Equipment

27,414  

23,219  

21,905  

Goodwill

17,437  

14,606  

15,131  

Intangible Assets

17,942  

4,497  

5,875  

Accumulated Amortization

-  

-  

-  

Other Assets

6,892  

6,282  

5,137  

Deferred Long Term Asset Charges

120  

1,264  

-  

 

Total Assets

123,201  

91,066  

90,297  

 

Liabilities

Current Liabilities

 

Accounts Payable

16,536  

13,083  

17,864  

 

Short/Current Long Term Debt

4,400  

-  

-  

 

Other Current Liabilities

-  

-  

-  

 

Total Current Liabilities

20,936  

13,083  

17,864  

Long Term Debt

12,667  

-  

-  

Other Liabilities

6,547  

6,245  

3,351  

Deferred Long Term Liability Charges

1,520  

1,525  

2,895  

Minority Interest

-  

-  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

41,670  

20,853  

24,111  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

878  

871  

840  

Retained Earnings

76,173  

65,416  

62,202  

Treasury Stock

-  

-  

-  

Capital Surplus

9,210  

7,489  

4,277  

Other Stockholder Equity

(4,730)

(3,563)

(1,132)

 

Total Stockholder Equity

81,531  

70,213  

66,186  

 

Net Tangible Assets

46,152  

51,110  

45,180  

 

 

 

 

Income Statement

View: Quarterly Data

All numbers in thousands

 

Period Ending

Nov 30, 2010

Aug 31, 2010

May 31, 2010

Feb 28, 2010

Total Revenue

31,267  

18,997  

39,626  

35,856  

Cost of Revenue

20,060  

9,292  

25,132  

25,364  

 

Gross Profit

11,207  

9,705  

14,494  

10,492  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

6,588  

5,898  

7,672  

7,222  

 

Non Recurring

-  

-  

-  

-  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

4,619  

3,807  

6,822  

3,270  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

116  

(22)

99  

(134)

 

 

Earnings Before Interest And Taxes

4,735  

3,785  

6,921  

3,136  

 

 

Interest Expense

93  

101  

100  

99  

 

 

Income Before Tax

4,642  

3,684  

6,821  

3,037  

 

 

Income Tax Expense

1,717  

1,106  

2,422  

1,137  

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

2,925  

2,578  

4,399  

1,900  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

1,790  

-  

(274)

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

2,925  

4,368  

4,399  

1,626  

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

2,925  

4,368  

4,399  

1,626  

 

 

 

 

 

Balance Sheet

View: Quarterly Data

All numbers in thousands

 

Period Ending

Nov 30, 2010

Aug 31, 2010

May 31, 2010

Feb 28, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

16,895  

17,340  

4,321  

3,333  

 

Short Term Investments

-  

-  

-  

-  

 

Net Receivables

17,039  

18,913  

22,173  

19,636  

 

Inventory

17,964  

14,678  

18,476  

16,313  

 

Other Current Assets

1,239  

2,465  

1,002  

2,440  

 

Total Current Assets

53,137  

53,396  

45,972  

41,722  

Long Term Investments

-  

-  

-  

-  

Property Plant and Equipment

27,343  

27,414  

28,082  

28,349  

Goodwill

17,488  

17,437  

22,973  

23,109  

Intangible Assets

17,435  

17,942  

18,145  

19,630  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

6,997  

6,892  

6,547  

6,488  

Deferred Long Term Asset Charges

118  

120  

-  

-  

 

Total Assets

122,518  

123,201  

121,719  

119,298  

 

Liabilities

Current Liabilities

 

Accounts Payable

17,059  

16,536  

16,033  

13,427  

 

Short/Current Long Term Debt

4,400  

4,400  

4,400  

4,400  

 

Other Current Liabilities

-  

-  

150  

-  

 

Total Current Liabilities

21,459  

20,936  

20,583  

17,827  

Long Term Debt

10,817  

12,667  

13,683  

18,708  

Other Liabilities

6,676  

6,547  

6,742  

6,616  

Deferred Long Term Liability Charges

1,589  

1,520  

3,716  

3,751  

Minority Interest

-  

-  

-  

-  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

40,541  

41,670  

44,724  

46,902  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

-  

-  

-  

880  

Common Stock

895  

878  

883  

-  

Retained Earnings

75,967  

76,173  

71,805  

67,406  

Treasury Stock

-  

-  

-  

-  

Capital Surplus

9,557  

9,210  

9,478  

8,515  

Other Stockholder Equity

(4,442)

(4,730)

(5,171)

(4,405)

 

Total Stockholder Equity

81,977  

81,531  

76,995  

72,396  

 

Net Tangible Assets

47,054  

46,152  

35,877  

29,657  

 

 

Currency in USD.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.